Palo Alto Investors LP Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CMPX	COMPASS THERAPEUTICS INC	2,532,419	$13,599	1.9%	$4.62	0.0%	COM	20454B104
ANNX	ANNEXON INC	2,384,192	$11,969	1.7%	$3.82	0.0%	COM	03589W102
CAPR	CAPRICOR THERAPEUTICS INC	226,304	$6,531	0.9%	$13.06	0.0%	COM NEW	14070B309
BCAX	BICARA THERAPEUTICS INC	298,575	$5,025	0.7%	$17.08	0.0%	COM	055477103
XENE	XENON PHARMACEUTICALS INC	96,519	$4,326	0.6%	$42.00	0.0%	COM	98420N105
INSP	INSPIRE MEDICAL SYSTEMS INC	8,772	$809	0.1%	$95.68	0.0%	COM	457730109
CMPS	COMPASS PATHWAYS PLC ADR	115,616	$798	0.1%	$6.90	—	SPONSORED ADS	20451W101
—	GENERATION BIO CO	15,047	$85	0.0%	$5.68	—	COM	37148K209

Increased Positions (11)

PTCT PTC THERAPEUTICS INC 9.6%

Value ($000) $68,661 (+29.7%) Shares 903,916 (+4.8%) Est. Cost $46.25 Unrealized +57.1%

ANAB ANAPTYSBIO INC 4.7%

Value ($000) $33,453 (+62.2%) Shares 690,032 (+2.5%) Est. Cost $19.77 Unrealized +97.2%

DYN DYNE THERAPEUTICS INC 4.0%

Value ($000) $28,796 (+80.3%) Shares 1,472,197 (+16.6%) Est. Cost $13.00 Unrealized +45.7%

IRON DISC MEDICINE INC 3.5%

Value ($000) $25,209 (+70.1%) Shares 317,456 (+41.5%) Est. Cost $61.08 Unrealized +38.3%

MIRM MIRUM PHARMACEUTICALS INC 1.7%

Value ($000) $12,356 (+160.5%) Shares 156,421 (+141.8%) Est. Cost $48.52 Unrealized +47.9%

SNDX SYNDAX PHARMACEUTICALS INC 2.3%

Value ($000) $16,693 (+65.7%) Shares 794,507 (+21.3%) Est. Cost $15.82 Unrealized +10.3%

DNLI DENALI THERAPEUTICS INC 1.5%

Value ($000) $10,587 (+78.7%) Shares 641,239 (+57.2%) Est. Cost $15.17 Unrealized +11.3%

CDNA CAREDX INC 1.3%

Value ($000) $9,010 (+96.0%) Shares 478,220 (+51.2%) Est. Cost $15.10 Unrealized +10.9%

ALKS ALKERMES PLC 0.9%

Value ($000) $6,787 (+23.0%) Shares 242,560 (+31.9%) Est. Cost $24.20 Unrealized +23.8%

NVCR NOVOCURE LTD 2.3%

Value ($000) $16,796 (+3.5%) Shares 1,298,964 (+3.4%) Est. Cost $34.92 Unrealized -63.2%

RARE ULTRAGENYX PHARMACEUTICAL IN 1.5%

Value ($000) $10,610 (-4.5%) Shares 461,294 (+24.8%) Est. Cost $31.21 Unrealized +5.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PTCT	PTC THERAPEUTICS INC	903,916 (+4.8%)	$68,661 (+29.7%)	9.6%	$46.25	+57.1%	COM	69366J200
ANAB	ANAPTYSBIO INC	690,032 (+2.5%)	$33,453 (+62.2%)	4.7%	$19.77	+97.2%	COM	032724106
DYN	DYNE THERAPEUTICS INC	1,472,197 (+16.6%)	$28,796 (+80.3%)	4.0%	$13.00	+45.7%	SPONSORED ADS	26818M108
IRON	DISC MEDICINE INC	317,456 (+41.5%)	$25,209 (+70.1%)	3.5%	$61.08	+38.3%	COM	254604101
MIRM	MIRUM PHARMACEUTICALS INC	156,421 (+141.8%)	$12,356 (+160.5%)	1.7%	$48.52	+47.9%	COM	604749101
SNDX	SYNDAX PHARMACEUTICALS INC	794,507 (+21.3%)	$16,693 (+65.7%)	2.3%	$15.82	+10.3%	COM	87164F105
DNLI	DENALI THERAPEUTICS INC	641,239 (+57.2%)	$10,587 (+78.7%)	1.5%	$15.17	+11.3%	COM	24823R105
CDNA	CAREDX INC	478,220 (+51.2%)	$9,010 (+96.0%)	1.3%	$15.10	+10.9%	COM	14167L103
ALKS	ALKERMES PLC	242,560 (+31.9%)	$6,787 (+23.0%)	0.9%	$24.20	+23.8%	COM	G01767105
NVCR	NOVOCURE LTD	1,298,964 (+3.4%)	$16,796 (+3.5%)	2.3%	$34.92	-63.2%	COM	G6674U108
RARE	ULTRAGENYX PHARMACEUTICAL IN	461,294 (+24.8%)	$10,610 (-4.5%)	1.5%	$31.21	+5.4%	COM	90400D108

Exited Positions (3)

ALNY ALNYLAM PHARMACEUTICALS INC 2.1%

Value ($000) $14,738 Shares 32,320 Est. Cost $260.36 Unrealized +70.0%

RNA AVIDITY BIOSCIENCES INC 0.7%

Value ($000) $4,785 Shares 109,831 Est. Cost $29.81 Unrealized +116.7%

— GENERATION BIO CO 0.0%

Value ($000) $92 Shares 15,047 Est. Cost $2.82 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ALNY	ALNYLAM PHARMACEUTICALS INC	32,320	$14,738	2.1%	$260.36	+70.0%	—	02043Q107
RNA	AVIDITY BIOSCIENCES INC	109,831	$4,785	0.7%	$29.81	+116.7%	—	05370A108
—	GENERATION BIO CO	15,047	$92	0.0%	$2.82	—	—	37148K100

Decreased Positions (10)

FOLD AMICUS THERAPEUTICS INC 10.3%

Value ($000) $74,130 (+75.3%) Shares 5,205,767 (-3.0%) Est. Cost $9.63 Unrealized +2.1%

BIIB BIOGEN INC 4.5%

Value ($000) $32,307 (+24.2%) Shares 183,571 (-1.1%) Est. Cost $256.18 Unrealized -36.2%

AGIO AGIOS PHARMACEUTICALS INC 0.8%

Value ($000) $5,784 (-45.7%) Shares 212,499 (-20.0%) Est. Cost $33.17 Unrealized +5.8%

BMRN BIOMARIN PHARMACEUTICAL INC 6.2%

Value ($000) $44,350 (+8.6%) Shares 746,256 (-1.0%) Est. Cost $83.16 Unrealized -34.5%

IOVA IOVANCE BIOTHERAPEUTICS INC 2.7%

Value ($000) $19,429 (+17.5%) Shares 7,116,676 (-6.6%) Est. Cost $4.09 Unrealized -43.4%

TSHA TAYSHA GENE THERAPIES INC 0.9%

Value ($000) $6,508 (+59.7%) Shares 1,183,195 (-5.0%) Est. Cost $1.87 Unrealized +159.1%

NUVB NUVATION BIO INC 0.7%

Value ($000) $4,821 (+27.7%) Shares 538,079 (-47.3%) Est. Cost $2.12 Unrealized +192.8%

ALGN ALIGN TECHNOLOGY INC 0.9%

Value ($000) $6,483 (+13.2%) Shares 41,520 (-9.2%) Est. Cost $150.48 Unrealized -4.8%

GOSS GOSSAMER BIO INC 1.9%

Value ($000) $13,862 (-3.5%) Shares 4,471,592 (-18.2%) Est. Cost $1.58 Unrealized +80.7%

STOK STOKE THERAPEUTICS INC 0.3%

Value ($000) $2,286 (-7.7%) Shares 72,022 (-31.7%) Est. Cost $6.06 Unrealized +396.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FOLD	AMICUS THERAPEUTICS INC	5,205,767 (-3.0%)	$74,130 (+75.3%)	10.3%	$9.63	+2.1%	COM	03152W109
BIIB	BIOGEN INC	183,571 (-1.1%)	$32,307 (+24.2%)	4.5%	$256.18	-36.2%	SPONSORED ADS	09062X103
AGIO	AGIOS PHARMACEUTICALS INC	212,499 (-20.0%)	$5,784 (-45.7%)	0.8%	$33.17	+5.8%	COM	00847X104
BMRN	BIOMARIN PHARMACEUTICAL INC	746,256 (-1.0%)	$44,350 (+8.6%)	6.2%	$83.16	-34.5%	COM	09061G101
IOVA	IOVANCE BIOTHERAPEUTICS INC	7,116,676 (-6.6%)	$19,429 (+17.5%)	2.7%	$4.09	-43.4%	COM NEW	462260100
TSHA	TAYSHA GENE THERAPIES INC	1,183,195 (-5.0%)	$6,508 (+59.7%)	0.9%	$1.87	+159.1%	COM	877619106
NUVB	NUVATION BIO INC	538,079 (-47.3%)	$4,821 (+27.7%)	0.7%	$2.12	+192.8%	COM CL A	67080N101
ALGN	ALIGN TECHNOLOGY INC	41,520 (-9.2%)	$6,483 (+13.2%)	0.9%	$150.48	-4.8%	COM	016255101
GOSS	GOSSAMER BIO INC	4,471,592 (-18.2%)	$13,862 (-3.5%)	1.9%	$1.58	+80.7%	COM	38341P102
STOK	STOKE THERAPEUTICS INC	72,022 (-31.7%)	$2,286 (-7.7%)	0.3%	$6.06	+396.2%	COM	86150R107

Unchanged Positions (20)

INSM INSMED INC 11.9%

Value ($000) $85,189 Shares 489,482 Est. Cost $17.79 Unrealized +925.7%

ACAD ACADIA PHARMACEUTICALS INC 9.2%

Value ($000) $66,348 Shares 2,484,031 Est. Cost $26.96 Unrealized -11.4%

UTHR UNITED THERAPEUTICS CORP 3.9%

Value ($000) $28,351 Shares 58,186 Est. Cost $89.23 Unrealized +421.9%

ACRS ACLARIS THERAPEUTICS INC 0.7%

Value ($000) $4,716 Shares 1,566,840 Est. Cost $1.44 Unrealized +75.3%

TVTX TRAVERE THERAPEUTICS INC 0.6%

Value ($000) $4,231 Shares 110,719 Est. Cost $23.56 Unrealized +38.0%

PYXS PYXIS ONCOLOGY INC 0.2%

Value ($000) $1,193 Shares 1,037,421 Est. Cost $2.98 Unrealized +18.2%

ORKA ORUKA THERAPEUTICS INC 0.3%

Value ($000) $1,818 Shares 59,985 Est. Cost $14.82 Unrealized +88.0%

CRSP CRISPR THERAPEUTICS AG 0.3%

Value ($000) $2,162 Shares 41,226 Est. Cost $38.70 Unrealized +54.8%

EHTH EHEALTH INC 1.0%

Value ($000) $7,045 Shares 1,531,429 Est. Cost $38.13 Unrealized -88.4%

PRTA PROTHENA CORP PLC 1.8%

Value ($000) $12,611 Shares 1,320,510 Est. Cost $20.95 Unrealized -51.4%

EW EDWARDS LIFESCIENCES CORP 0.4%

Value ($000) $2,868 Shares 33,640 Est. Cost $72.66 Unrealized +13.0%

BCYC BICYCLE THERAPEUTICS PLC-ADR 0.2%

Value ($000) $1,565 Shares 221,071 Est. Cost $16.07 Unrealized —

AKTX AKARI THERAPEUTICS PLC-ADR 0.0%

Value ($000) $42 Shares 146,024 Est. Cost $1.22 Unrealized —

URGN UROGEN PHARMA LTD 0.1%

Value ($000) $574 Shares 24,500 Est. Cost $27.01 Unrealized -19.7%

BNTX BIONTECH SE-ADR 0.3%

Value ($000) $1,867 Shares 19,614 Est. Cost $118.77 Unrealized —

NBIX NEUROCRINE BIOSCIENCES INC 0.4%

Value ($000) $2,570 Shares 18,117 Est. Cost $129.01 Unrealized +12.3%

PRQR PROQR THERAPEUTICS NV 0.1%

Value ($000) $381 Shares 188,807 Est. Cost $2.18 Unrealized +7.0%

HUM HUMANA INC 0.1%

Value ($000) $1,021 Shares 3,985 Est. Cost $369.63 Unrealized -29.3%

ALDX ALDEYRA THERAPEUTICS INC 0.2%

Value ($000) $1,168 Shares 225,465 Est. Cost $5.95 Unrealized -13.6%

ABEO ABEONA THERAPEUTICS INC 0.1%

Value ($000) $574 Shares 108,865 Est. Cost $6.04 Unrealized -16.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
INSM	INSMED INC	489,482	$85,189	11.9%	$17.79	+925.7%	COM	457669307
ACAD	ACADIA PHARMACEUTICALS INC	2,484,031	$66,348	9.2%	$26.96	-11.4%	COM	004225108
UTHR	UNITED THERAPEUTICS CORP	58,186	$28,351	3.9%	$89.23	+421.9%	COM	91307C102
ACRS	ACLARIS THERAPEUTICS INC	1,566,840	$4,716	0.7%	$1.44	+75.3%	COM	00461U105
TVTX	TRAVERE THERAPEUTICS INC	110,719	$4,231	0.6%	$23.56	+38.0%	COM SHS	89422G107
PYXS	PYXIS ONCOLOGY INC	1,037,421	$1,193	0.2%	$2.98	+18.2%	COM	747324101
ORKA	ORUKA THERAPEUTICS INC	59,985	$1,818	0.3%	$14.82	+88.0%	COM	687604108
CRSP	CRISPR THERAPEUTICS AG	41,226	$2,162	0.3%	$38.70	+54.8%	NAMEN AKT	H17182108
EHTH	EHEALTH INC	1,531,429	$7,045	1.0%	$38.13	-88.4%	COM	28238P109
PRTA	PROTHENA CORP PLC	1,320,510	$12,611	1.8%	$20.95	-51.4%	COM CL A	G72800108
EW	EDWARDS LIFESCIENCES CORP	33,640	$2,868	0.4%	$72.66	+13.0%	COM	28176E108
BCYC	BICYCLE THERAPEUTICS PLC-ADR	221,071	$1,565	0.2%	$16.07	—	COM	088786108
AKTX	AKARI THERAPEUTICS PLC-ADR	146,024	$42	0.0%	$1.22	—	COM	00972G207
URGN	UROGEN PHARMA LTD	24,500	$574	0.1%	$27.01	-19.7%	COM	M96088105
BNTX	BIONTECH SE-ADR	19,614	$1,867	0.3%	$118.77	—	COM	09075V102
NBIX	NEUROCRINE BIOSCIENCES INC	18,117	$2,570	0.4%	$129.01	+12.3%	COM	64125C109
PRQR	PROQR THERAPEUTICS NV	188,807	$381	0.1%	$2.18	+7.0%	SHS EURO	N71542109
HUM	HUMANA INC	3,985	$1,021	0.1%	$369.63	-29.3%	COM	444859102
ALDX	ALDEYRA THERAPEUTICS INC	225,465	$1,168	0.2%	$5.95	-13.6%	SPONSORED ADR	01438T106
ABEO	ABEONA THERAPEUTICS INC	108,865	$574	0.1%	$6.04	-16.7%	COM NEW	00289Y206