SPHERA FUNDS MANAGEMENT LTD. Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BMRN	BIOMARIN PHARMACEUTICAL INC	147,000	$8,736	1.7%	$54.44	0.0%	COM	09061G101
XBI	SPDR SERIES TRUST	70,000	$8,535	1.6%	—	—	PUT	78464A870
RARE	ULTRAGENYX PHARMACEUTICAL IN	350,000	$8,050	1.6%	$34.60	-4.9%	CALL	90400D108
SRRK	SCHOLAR ROCK HLDG CORP	158,265	$6,972	1.3%	$37.51	0.0%	COM	80706P103
BCRX	BIOCRYST PHARMACEUTICALS INC	837,889	$6,536	1.3%	$7.23	0.0%	COM	09058V103
NICE	NICE LTD	55,700	$6,296	1.2%	$144.78	—	CALL	653656108
VOR	VOR BIOPHARMA INC	410,417	$5,368	1.0%	$18.62	0.0%	COM NEW	929033207
KOD	KODIAK SCIENCES INC	175,500	$4,907	0.9%	$20.48	0.0%	COM	50015M109
TNGX	TANGO THERAPEUTICS INC	544,563	$4,825	0.9%	$8.62	0.0%	COM	87583X109
TARA	PROTARA THERAPEUTICS INC	650,000	$3,465	0.7%	$5.56	0.0%	COM STK	74365U107
BIOA	BIOAGE LABS INC	243,035	$3,215	0.6%	$8.86	0.0%	COM	09077V100
ZIM	ZIM INTEGRATED SHIPPING SERV	136,005	$2,887	0.6%	$16.77	0.0%	SHS	M9T951109
EVMN	EVOMMUNE INC	166,147	$2,844	0.5%	$18.78	0.0%	COM SHS	30054Y107
NRIX	NURIX THERAPEUTICS INC	124,000	$2,352	0.5%	$14.37	0.0%	COM	67080M103
ASND	ASCENDIS PHARMA A/S	11,000	$2,346	0.5%	$213.24	—	SPONSORED ADR	04351P101
TENX	TENAX THERAPEUTICS INC	190,111	$2,317	0.4%	$8.70	0.0%	COM NEW	88032L605
CTNM	CONTINEUM THERAPEUTICS INC	173,475	$1,983	0.4%	$11.41	0.0%	CL A	21217B100
MDGL	MADRIGAL PHARMACEUTICALS INC	3,300	$1,922	0.4%	$510.76	0.0%	COM	558868105
DTIL	PRECISION BIOSCIENCES INC	396,116	$1,648	0.3%	$5.68	0.0%	COM NEW	74019P207
TRDA	ENTRADA THERAPEUTICS INC	110,942	$1,140	0.2%	$10.28	—	COM	29384C108
TNYA	TENAYA THERAPEUTICS INC	1,500,000	$1,067	0.2%	$1.36	0.0%	COM	87990A106
STTK	SHATTUCK LABS INC	195,212	$713	0.1%	$2.39	0.0%	COM	82024L103
PALI	PALISADE BIO INC	184,100	$433	0.1%	$1.92	0.0%	COM	696389402
PRLD	PRELUDE THERAPEUTICS INC	122,752	$356	0.1%	$1.69	0.0%	COM	74065P101
MREO	MEREO BIOPHARMA GROUP PLC	255,400	$106	0.0%	$0.42	—	SPON ADS	589492107
PMN	PROMIS NEUROSCIENCES INC	11,807	$81	0.0%	$9.76	0.0%	COM SHS	74346M505

Increased Positions (32)

COGT COGENT BIOSCIENCES INC 2.6%

Value ($000) $13,444 (+850.2%) Shares 378,500 (+284.2%) Est. Cost $22.83 Unrealized +23.1%

SNDX SYNDAX PHARMACEUTICALS INC 3.1%

Value ($000) $16,021 (+168.6%) Shares 762,563 (+96.7%) Est. Cost $17.41 Unrealized +0.2%

MLYS MINERALYS THERAPEUTICS INC 3.1%

Value ($000) $16,294 (+95.4%) Shares 449,003 (+104.2%) Est. Cost $26.42 Unrealized +51.8%

WVE WAVE LIFE SCIENCES LTD 1.3%

Value ($000) $6,939 (+1795.9%) Shares 408,166 (+716.3%) Est. Cost $9.91 Unrealized +2.6%

BBIO BRIDGEBIO PHARMA INC 1.6%

Value ($000) $8,241 (+289.4%) Shares 107,746 (+164.4%) Est. Cost $50.32 Unrealized +30.5%

BIIB BIOGEN INC 3.2%

Value ($000) $16,673 (+43.9%) Shares 94,738 (+14.5%) Est. Cost $159.11 Unrealized +2.7%

ENPH ENPHASE ENERGY INC 1.2%

Value ($000) $5,977 (+532.6%) Shares 186,500 (+598.5%) Est. Cost $33.07 Unrealized -2.1%

APLS APELLIS PHARMACEUTICALS INC 1.2%

Value ($000) $6,304 (+337.6%) Shares 250,961 (+294.2%) Est. Cost $26.90 Unrealized -12.8%

HELP CYBIN INC 1.3%

Value ($000) $6,753 (+209.6%) Shares 825,576 (+122.9%) Est. Cost $7.99 Unrealized -19.4%

IMTX IMMATICS N.V 1.7%

Value ($000) $9,042 (+82.0%) Shares 861,105 (+47.7%) Est. Cost $10.79 Unrealized -6.5%

SLNO SOLENO THERAPEUTICS INC 1.2%

Value ($000) $6,311 (+124.4%) Shares 136,314 (+227.6%) Est. Cost $60.72 Unrealized -9.7%

ORIC ORIC PHARMACEUTICALS INC 1.6%

Value ($000) $8,216 (+58.6%) Shares 1,004,378 (+132.7%) Est. Cost $10.24 Unrealized +12.4%

CLYM CLIMB BIO INC 0.7%

Value ($000) $3,729 (+326.6%) Shares 932,247 (+114.4%) Est. Cost $3.04 Unrealized -20.9%

— ASTRIA THERAPEUTICS INC 0.9%

Value ($000) $4,656 (+154.6%) Shares 355,725 (+41.6%) Est. Cost $9.38 Unrealized —

ACAD ACADIA PHARMACEUTICALS INC 1.1%

Value ($000) $5,668 (+78.4%) Shares 212,202 (+42.5%) Est. Cost $20.17 Unrealized +18.5%

VSTM VERASTEM INC 0.5%

Value ($000) $2,653 (+283.7%) Shares 343,678 (+338.9%) Est. Cost $8.31 Unrealized +7.3%

NVMI NOVA LTD 3.0%

Value ($000) $15,712 (+12.0%) Shares 47,846 (+9.0%) Est. Cost $222.80 Unrealized +44.3%

ACOG ALPHA COGNITION INC 0.7%

Value ($000) $3,690 (+67.3%) Shares 567,616 (+67.6%) Est. Cost $5.90 Unrealized +7.2%

AMD ADVANCED MICRO DEVICES INC 0.7%

Value ($000) $3,863 (+54.4%) Shares 18,040 (+16.6%) Est. Cost $146.37 Unrealized +53.4%

SNY SANOFI SA 2.2%

Value ($000) $11,607 (+12.0%) Shares 239,515 (+9.1%) Est. Cost $46.29 Unrealized —

AVGO BROADCOM INC 0.7%

Value ($000) $3,376 (+56.1%) Shares 9,755 (+48.8%) Est. Cost $322.55 Unrealized +10.7%

CAMT CAMTEK LTD 0.8%

Value ($000) $4,200 (+37.7%) Shares 39,498 (+36.0%) Est. Cost $94.70 Unrealized +18.6%

CLDX CELLDEX THERAPEUTICS INC NEW 1.3%

Value ($000) $6,512 (+21.2%) Shares 239,764 (+15.4%) Est. Cost $31.56 Unrealized -16.5%

MDWD MEDIWOUND LTD 0.8%

Value ($000) $4,252 (+27.4%) Shares 230,347 (+24.3%) Est. Cost $18.41 Unrealized -0.7%

KURA KURA ONCOLOGY INC 0.6%

Value ($000) $3,070 (+41.3%) Shares 295,522 (+20.4%) Est. Cost $16.72 Unrealized -37.2%

SEDG SOLAREDGE TECHNOLOGIES INC 1.1%

Value ($000) $5,670 (+8.7%) Shares 196,536 (+39.4%) Est. Cost $21.86 Unrealized +59.5%

VYGR VOYAGER THERAPEUTICS INC 0.3%

Value ($000) $1,335 (+43.1%) Shares 339,761 (+70.1%) Est. Cost $4.37 Unrealized —

IBIT ISHARES BITCOIN TRUST ETF 0.3%

Value ($000) $1,492 (+7.0%) Shares 30,055 (+40.1%) Est. Cost $54.00 Unrealized —

ELDN ELEDON PHARMACEUTICALS INC 0.6%

Value ($000) $3,220 (-2.9%) Shares 2,132,131 (+66.5%) Est. Cost $2.84 Unrealized -16.4%

JANX JANUX THERAPEUTICS INC 0.4%

Value ($000) $2,178 (+3.8%) Shares 157,840 (+83.9%) Est. Cost $35.72 Unrealized -34.2%

ELVN ENLIVEN THERAPEUTICS INC 0.7%

Value ($000) $3,492 (+2.3%) Shares 226,765 (+36.0%) Est. Cost $20.68 Unrealized -3.6%

NVO NOVO-NORDISK A S 1.1%

Value ($000) $5,886 (+0.4%) Shares 115,677 (+9.5%) Est. Cost $90.28 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
COGT	COGENT BIOSCIENCES INC	378,500 (+284.2%)	$13,444 (+850.2%)	2.6%	$22.83	+23.1%	COM	19240Q201
SNDX	SYNDAX PHARMACEUTICALS INC	762,563 (+96.7%)	$16,021 (+168.6%)	3.1%	$17.41	+0.2%	COM	87164F105
MLYS	MINERALYS THERAPEUTICS INC	449,003 (+104.2%)	$16,294 (+95.4%)	3.1%	$26.42	+51.8%	COM	603170101
WVE	WAVE LIFE SCIENCES LTD	408,166 (+716.3%)	$6,939 (+1795.9%)	1.3%	$9.91	+2.6%	SHS	Y95308105
BBIO	BRIDGEBIO PHARMA INC	107,746 (+164.4%)	$8,241 (+289.4%)	1.6%	$50.32	+30.5%	COM	10806X102
BIIB	BIOGEN INC	94,738 (+14.5%)	$16,673 (+43.9%)	3.2%	$159.11	+2.7%	COM	09062X103
ENPH	ENPHASE ENERGY INC	186,500 (+598.5%)	$5,977 (+532.6%)	1.2%	$33.07	-2.1%	COM	29355A107
APLS	APELLIS PHARMACEUTICALS INC	250,961 (+294.2%)	$6,304 (+337.6%)	1.2%	$26.90	-12.8%	COM	03753U106
HELP	CYBIN INC	825,576 (+122.9%)	$6,753 (+209.6%)	1.3%	$7.99	-19.4%	COM NEW	23256X407
IMTX	IMMATICS N.V	861,105 (+47.7%)	$9,042 (+82.0%)	1.7%	$10.79	-6.5%	SHS	N44445109
SLNO	SOLENO THERAPEUTICS INC	136,314 (+227.6%)	$6,311 (+124.4%)	1.2%	$60.72	-9.7%	COM	834203309
ORIC	ORIC PHARMACEUTICALS INC	1,004,378 (+132.7%)	$8,216 (+58.6%)	1.6%	$10.24	+12.4%	COM	68622P109
CLYM	CLIMB BIO INC	932,247 (+114.4%)	$3,729 (+326.6%)	0.7%	$3.04	-20.9%	COM	28658R106
—	ASTRIA THERAPEUTICS INC	355,725 (+41.6%)	$4,656 (+154.6%)	0.9%	$9.38	—	COM	04635X102
ACAD	ACADIA PHARMACEUTICALS INC	212,202 (+42.5%)	$5,668 (+78.4%)	1.1%	$20.17	+18.5%	COM	004225108
VSTM	VERASTEM INC	343,678 (+338.9%)	$2,653 (+283.7%)	0.5%	$8.31	+7.3%	COM NEW	92337C203
NVMI	NOVA LTD	47,846 (+9.0%)	$15,712 (+12.0%)	3.0%	$222.80	+44.3%	COM	M7516K103
ACOG	ALPHA COGNITION INC	567,616 (+67.6%)	$3,690 (+67.3%)	0.7%	$5.90	+7.2%	COM NEW	02074J501
AMD	ADVANCED MICRO DEVICES INC	18,040 (+16.6%)	$3,863 (+54.4%)	0.7%	$146.37	+53.4%	COM	007903107
SNY	SANOFI SA	239,515 (+9.1%)	$11,607 (+12.0%)	2.2%	$46.29	—	SPONSORED ADR	80105N105
AVGO	BROADCOM INC	9,755 (+48.8%)	$3,376 (+56.1%)	0.7%	$322.55	+10.7%	COM	11135F101
CAMT	CAMTEK LTD	39,498 (+36.0%)	$4,200 (+37.7%)	0.8%	$94.70	+18.6%	ORD	M20791105
CLDX	CELLDEX THERAPEUTICS INC NEW	239,764 (+15.4%)	$6,512 (+21.2%)	1.3%	$31.56	-16.5%	COM NEW	15117B202
MDWD	MEDIWOUND LTD	230,347 (+24.3%)	$4,252 (+27.4%)	0.8%	$18.41	-0.7%	SHS NEW	M68830112
KURA	KURA ONCOLOGY INC	295,522 (+20.4%)	$3,070 (+41.3%)	0.6%	$16.72	-37.2%	COM	50127T109
SEDG	SOLAREDGE TECHNOLOGIES INC	196,536 (+39.4%)	$5,670 (+8.7%)	1.1%	$21.86	+59.5%	COM	83417M104
VYGR	VOYAGER THERAPEUTICS INC	339,761 (+70.1%)	$1,335 (+43.1%)	0.3%	$4.37	—	COM	92915B106
IBIT	ISHARES BITCOIN TRUST ETF	30,055 (+40.1%)	$1,492 (+7.0%)	0.3%	$54.00	—	SHS BEN INT	46438F101
ELDN	ELEDON PHARMACEUTICALS INC	2,132,131 (+66.5%)	$3,220 (-2.9%)	0.6%	$2.84	-16.4%	COM	28617K101
JANX	JANUX THERAPEUTICS INC	157,840 (+83.9%)	$2,178 (+3.8%)	0.4%	$35.72	-34.2%	COM	47103J105
ELVN	ENLIVEN THERAPEUTICS INC	226,765 (+36.0%)	$3,492 (+2.3%)	0.7%	$20.68	-3.6%	COM	29337E102
NVO	NOVO-NORDISK A S	115,677 (+9.5%)	$5,886 (+0.4%)	1.1%	$90.28	—	ADR	670100205

Exited Positions (41)

NICE NICE LTD 4.4%

Value ($000) $22,788 Shares 157,400 Est. Cost $144.78 Unrealized —

— MERUS N V 2.7%

Value ($000) $14,123 Shares 150,000 Est. Cost — Unrealized —

QQQ INVESCO QQQ TR 2.7%

Value ($000) $13,784 Shares 22,960 Est. Cost $600.37 Unrealized —

— CIDARA THERAPEUTICS INC 1.9%

Value ($000) $9,576 Shares 100,000 Est. Cost $45.34 Unrealized —

— CIDARA THERAPEUTICS INC 1.4%

Value ($000) $7,253 Shares 75,743 Est. Cost $45.34 Unrealized —

BBIO BRIDGEBIO PHARMA INC 1.3%

Value ($000) $6,752 Shares 130,000 Est. Cost $50.32 Unrealized +30.5%

CLBT CELLEBRITE DI LTD 1.1%

Value ($000) $5,540 Shares 298,948 Est. Cost $15.71 Unrealized +14.3%

RAPP RAPPORT THERAPEUTICS INC 0.9%

Value ($000) $4,679 Shares 157,533 Est. Cost $17.84 Unrealized +55.1%

QURE UNIQURE NV 0.8%

Value ($000) $4,378 Shares 75,000 Est. Cost $18.16 Unrealized +112.5%

IMVT IMMUNOVANT INC 0.8%

Value ($000) $4,139 Shares 256,743 Est. Cost $19.52 Unrealized +14.3%

ENGN ENGENE HOLDINGS INC 0.7%

Value ($000) $3,445 Shares 504,409 Est. Cost $7.77 Unrealized +3.2%

RZLT REZOLUTE INC 0.7%

Value ($000) $3,421 Shares 363,947 Est. Cost $3.37 Unrealized +132.5%

PRAX PRAXIS PRECISION MEDICINES I 0.6%

Value ($000) $3,069 Shares 57,901 Est. Cost $51.58 Unrealized +261.0%

AMZN AMAZON COM INC 0.6%

Value ($000) $3,021 Shares 13,760 Est. Cost $141.58 Unrealized +61.6%

SRPT SAREPTA THERAPEUTICS INC 0.6%

Value ($000) $2,891 Shares 150,000 Est. Cost — Unrealized —

META META PLATFORMS INC 0.6%

Value ($000) $2,882 Shares 3,924 Est. Cost $353.49 Unrealized +88.8%

ORA ORMAT TECHNOLOGIES INC 0.5%

Value ($000) $2,791 Shares 29,000 Est. Cost $76.19 Unrealized +43.5%

IDYA IDEAYA BIOSCIENCES INC 0.5%

Value ($000) $2,721 Shares 100,000 Est. Cost $24.19 Unrealized +31.8%

TVTX TRAVERE THERAPEUTICS INC 0.5%

Value ($000) $2,433 Shares 101,800 Est. Cost — Unrealized —

ROIV ROIVANT SCIENCES LTD 0.4%

Value ($000) $2,294 Shares 151,600 Est. Cost $12.38 Unrealized +59.4%

CEVA CEVA INC 0.4%

Value ($000) $2,141 Shares 81,085 Est. Cost $28.62 Unrealized -14.2%

TECX TECTONIC THERAPEUTIC INC 0.4%

Value ($000) $1,819 Shares 115,908 Est. Cost $20.64 Unrealized -10.0%

PCVX VAXCYTE INC 0.3%

Value ($000) $1,801 Shares 50,000 Est. Cost $33.13 Unrealized +35.0%

IMNM IMMUNOME INC 0.3%

Value ($000) $1,724 Shares 147,200 Est. Cost $9.95 Unrealized +76.4%

MIST MILESTONE PHARMACEUTICALS IN 0.3%

Value ($000) $1,640 Shares 820,000 Est. Cost $1.76 Unrealized +22.5%

QURE UNIQURE NV 0.3%

Value ($000) $1,453 Shares 24,900 Est. Cost $18.16 Unrealized +112.5%

GPCR STRUCTURE THERAPEUTICS INC 0.3%

Value ($000) $1,400 Shares 50,000 Est. Cost $22.34 Unrealized —

BHVN BIOHAVEN LTD 0.3%

Value ($000) $1,368 Shares 91,155 Est. Cost $33.08 Unrealized -62.6%

BCAX BICARA THERAPEUTICS INC 0.3%

Value ($000) $1,354 Shares 85,747 Est. Cost $11.75 Unrealized +45.4%

TRVI TREVI THERAPEUTICS INC 0.2%

Value ($000) $1,182 Shares 129,200 Est. Cost $6.22 Unrealized +85.8%

SABS SAB BIOTHERAPEUTICS INC 0.2%

Value ($000) $1,138 Shares 566,395 Est. Cost $2.26 Unrealized +45.5%

LRMR LARIMAR THERAPEUTICS INC 0.2%

Value ($000) $841 Shares 260,385 Est. Cost $6.69 Unrealized -41.9%

ROIV ROIVANT SCIENCES LTD 0.1%

Value ($000) $644 Shares 42,571 Est. Cost $12.38 Unrealized +59.4%

— 89BIO INC 0.1%

Value ($000) $583 Shares 39,675 Est. Cost $13.61 Unrealized —

ELDN ELEDON PHARMACEUTICALS INC 0.1%

Value ($000) $518 Shares 200,000 Est. Cost $2.84 Unrealized -16.4%

MLTX MOONLAKE IMMUNOTHERAPEUTICS 0.1%

Value ($000) $509 Shares 71,010 Est. Cost $52.12 Unrealized -77.4%

CMMB CHEMOMAB THERAPEUTICS LTD 0.1%

Value ($000) $472 Shares 179,425 Est. Cost $2.63 Unrealized —

ARWR ARROWHEAD PHARMACEUTICALS IN 0.1%

Value ($000) $431 Shares 12,496 Est. Cost $19.90 Unrealized +146.3%

DSGN DESIGN THERAPEUTICS INC 0.0%

Value ($000) $165 Shares 21,918 Est. Cost $5.01 Unrealized +56.3%

— PROMIS NEUROSCIENCES INC 0.0%

Value ($000) $125 Shares 295,187 Est. Cost $1.96 Unrealized —

MLTX MOONLAKE IMMUNOTHERAPEUTICS 0.0%

Value ($000) $72 Shares 10,000 Est. Cost $52.12 Unrealized -77.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NICE	NICE LTD	157,400	$22,788	4.4%	$144.78	—	—	653656108
—	MERUS N V	150,000	$14,123	2.7%	—	—	CALL	N5749R100
QQQ	INVESCO QQQ TR	22,960	$13,784	2.7%	$600.37	—	—	46090E103
—	CIDARA THERAPEUTICS INC	100,000	$9,576	1.9%	$45.34	—	CALL	171757206
—	CIDARA THERAPEUTICS INC	75,743	$7,253	1.4%	$45.34	—	—	171757206
BBIO	BRIDGEBIO PHARMA INC	130,000	$6,752	1.3%	$50.32	+30.5%	CALL	10806X102
CLBT	CELLEBRITE DI LTD	298,948	$5,540	1.1%	$15.71	+14.3%	—	M2197Q107
RAPP	RAPPORT THERAPEUTICS INC	157,533	$4,679	0.9%	$17.84	+55.1%	—	75383L102
QURE	UNIQURE NV	75,000	$4,378	0.8%	$18.16	+112.5%	PUT	N90064101
IMVT	IMMUNOVANT INC	256,743	$4,139	0.8%	$19.52	+14.3%	—	45258J102
ENGN	ENGENE HOLDINGS INC	504,409	$3,445	0.7%	$7.77	+3.2%	—	29286M105
RZLT	REZOLUTE INC	363,947	$3,421	0.7%	$3.37	+132.5%	—	76200L309
PRAX	PRAXIS PRECISION MEDICINES I	57,901	$3,069	0.6%	$51.58	+261.0%	—	74006W207
AMZN	AMAZON COM INC	13,760	$3,021	0.6%	$141.58	+61.6%	—	023135106
SRPT	SAREPTA THERAPEUTICS INC	150,000	$2,891	0.6%	—	—	CALL	803607100
META	META PLATFORMS INC	3,924	$2,882	0.6%	$353.49	+88.8%	—	30303M102
ORA	ORMAT TECHNOLOGIES INC	29,000	$2,791	0.5%	$76.19	+43.5%	—	686688102
IDYA	IDEAYA BIOSCIENCES INC	100,000	$2,721	0.5%	$24.19	+31.8%	—	45166A102
TVTX	TRAVERE THERAPEUTICS INC	101,800	$2,433	0.5%	—	—	CALL	89422G107
ROIV	ROIVANT SCIENCES LTD	151,600	$2,294	0.4%	$12.38	+59.4%	CALL	G76279101
CEVA	CEVA INC	81,085	$2,141	0.4%	$28.62	-14.2%	—	157210105
TECX	TECTONIC THERAPEUTIC INC	115,908	$1,819	0.4%	$20.64	-10.0%	—	878972108
PCVX	VAXCYTE INC	50,000	$1,801	0.3%	$33.13	+35.0%	—	92243G108
IMNM	IMMUNOME INC	147,200	$1,724	0.3%	$9.95	+76.4%	—	45257U108
MIST	MILESTONE PHARMACEUTICALS IN	820,000	$1,640	0.3%	$1.76	+22.5%	—	59935V107
QURE	UNIQURE NV	24,900	$1,453	0.3%	$18.16	+112.5%	—	N90064101
GPCR	STRUCTURE THERAPEUTICS INC	50,000	$1,400	0.3%	$22.34	—	CALL	86366E106
BHVN	BIOHAVEN LTD	91,155	$1,368	0.3%	$33.08	-62.6%	—	G1110E107
BCAX	BICARA THERAPEUTICS INC	85,747	$1,354	0.3%	$11.75	+45.4%	—	055477103
TRVI	TREVI THERAPEUTICS INC	129,200	$1,182	0.2%	$6.22	+85.8%	CALL	89532M101
SABS	SAB BIOTHERAPEUTICS INC	566,395	$1,138	0.2%	$2.26	+45.5%	—	78397T202
LRMR	LARIMAR THERAPEUTICS INC	260,385	$841	0.2%	$6.69	-41.9%	—	517125100
ROIV	ROIVANT SCIENCES LTD	42,571	$644	0.1%	$12.38	+59.4%	—	G76279101
—	89BIO INC	39,675	$583	0.1%	$13.61	—	—	282559103
ELDN	ELEDON PHARMACEUTICALS INC	200,000	$518	0.1%	$2.84	-16.4%	PUT	28617K101
MLTX	MOONLAKE IMMUNOTHERAPEUTICS	71,010	$509	0.1%	$52.12	-77.4%	—	61559X104
CMMB	CHEMOMAB THERAPEUTICS LTD	179,425	$472	0.1%	$2.63	—	—	16385C203
ARWR	ARROWHEAD PHARMACEUTICALS IN	12,496	$431	0.1%	$19.90	+146.3%	—	04280A100
DSGN	DESIGN THERAPEUTICS INC	21,918	$165	0.0%	$5.01	+56.3%	—	25056L103
—	PROMIS NEUROSCIENCES INC	295,187	$125	0.0%	$1.96	—	—	74346M406
MLTX	MOONLAKE IMMUNOTHERAPEUTICS	10,000	$72	0.0%	$52.12	-77.4%	CALL	61559X104

Decreased Positions (26)

PRAX PRAXIS PRECISION MEDICINES I 2.3%

Value ($000) $11,790 (+344.9%) Shares 40,000 (-20.0%) Est. Cost $51.58 Unrealized +261.0%

TSEM TOWER SEMICONDUCTOR LTD 2.8%

Value ($000) $14,385 (-36.2%) Shares 122,513 (-60.7%) Est. Cost $40.41 Unrealized +138.3%

TEVA TEVA PHARMACEUTICAL INDS LTD 6.8%

Value ($000) $35,065 (+15.2%) Shares 1,123,525 (-25.4%) Est. Cost $15.12 Unrealized —

RARE ULTRAGENYX PHARMACEUTICAL IN 1.3%

Value ($000) $6,914 (-34.8%) Shares 300,623 (-14.7%) Est. Cost $34.60 Unrealized -4.9%

CYTK CYTOKINETICS INC 1.1%

Value ($000) $5,828 (-34.4%) Shares 91,717 (-43.2%) Est. Cost $40.28 Unrealized +54.4%

VRNS VARONIS SYS INC 0.3%

Value ($000) $1,722 (-59.5%) Shares 52,500 (-29.0%) Est. Cost $55.48 Unrealized -24.3%

DYN DYNE THERAPEUTICS INC 1.5%

Value ($000) $7,685 (+42.4%) Shares 392,894 (-7.9%) Est. Cost $19.51 Unrealized -2.9%

SVRA SAVARA INC 1.4%

Value ($000) $7,104 (+47.4%) Shares 1,178,164 (-12.8%) Est. Cost $3.82 Unrealized +28.3%

LLY ELI LILLY & CO 1.9%

Value ($000) $9,715 (+26.8%) Shares 9,040 (-10.0%) Est. Cost $258.77 Unrealized +269.3%

FBRX FORTE BIOSCIENCES INC 1.0%

Value ($000) $5,069 (-28.8%) Shares 185,869 (-60.8%) Est. Cost $8.61 Unrealized +103.7%

GPCR STRUCTURE THERAPEUTICS INC 0.6%

Value ($000) $2,852 (-41.4%) Shares 41,000 (-76.4%) Est. Cost $22.34 Unrealized —

TRVI TREVI THERAPEUTICS INC 1.4%

Value ($000) $7,494 (+27.2%) Shares 598,534 (-7.1%) Est. Cost $6.22 Unrealized +85.8%

FOLD AMICUS THERAPEUTICS INC 1.8%

Value ($000) $9,375 (+20.0%) Shares 658,377 (-33.6%) Est. Cost $6.45 Unrealized +52.2%

RVMD REVOLUTION MEDICINES INC 0.8%

Value ($000) $4,182 (+49.2%) Shares 52,500 (-12.5%) Est. Cost $39.15 Unrealized +67.5%

PHVS PHARVARIS N V 0.3%

Value ($000) $1,775 (-40.4%) Shares 63,953 (-46.4%) Est. Cost $22.21 Unrealized +8.5%

ANNX ANNEXON INC 1.3%

Value ($000) $6,607 (+20.7%) Shares 1,316,212 (-26.6%) Est. Cost $5.27 Unrealized -27.5%

MAZE MAZE THERAPEUTICS INC 0.6%

Value ($000) $2,976 (-25.6%) Shares 71,843 (-53.5%) Est. Cost $12.04 Unrealized +185.5%

CATX PERSPECTIVE THERAPEUTICS INC 0.2%

Value ($000) $962 (-45.0%) Shares 349,973 (-31.4%) Est. Cost $10.22 Unrealized -72.1%

TSHA TAYSHA GENE THERAPIES INC 0.4%

Value ($000) $2,025 (+51.7%) Shares 368,146 (-9.8%) Est. Cost $2.17 Unrealized +123.5%

JSPR JASPER THERAPEUTICS INC 0.2%

Value ($000) $888 (-40.7%) Shares 485,401 (-22.9%) Est. Cost $3.38 Unrealized -40.5%

ESLT ELBIT SYS LTD 0.6%

Value ($000) $3,085 (-10.2%) Shares 5,340 (-20.8%) Est. Cost $410.78 Unrealized +21.9%

VTYX VENTYX BIOSCIENCES INC 0.3%

Value ($000) $1,626 (+18.8%) Shares 180,114 (-59.1%) Est. Cost $5.44 Unrealized +37.4%

AMGN AMGEN INC 0.5%

Value ($000) $2,455 (-8.4%) Shares 7,500 (-21.1%) Est. Cost $287.24 Unrealized +10.0%

JNJ JOHNSON & JOHNSON 1.4%

Value ($000) $7,415 (-2.1%) Shares 35,831 (-12.2%) Est. Cost $136.97 Unrealized +43.8%

DAWN DAY ONE BIOPHARMACEUTICALS I 0.3%

Value ($000) $1,355 (+9.6%) Shares 145,371 (-17.1%) Est. Cost $13.06 Unrealized -36.0%

PEPG PEPGEN INC 0.2%

Value ($000) $791 (-0.2%) Shares 121,467 (-29.2%) Est. Cost $1.43 Unrealized +262.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PRAX	PRAXIS PRECISION MEDICINES I	40,000 (-20.0%)	$11,790 (+344.9%)	2.3%	$51.58	+261.0%	CALL	74006W207
TSEM	TOWER SEMICONDUCTOR LTD	122,513 (-60.7%)	$14,385 (-36.2%)	2.8%	$40.41	+138.3%	SHS NEW	M87915274
TEVA	TEVA PHARMACEUTICAL INDS LTD	1,123,525 (-25.4%)	$35,065 (+15.2%)	6.8%	$15.12	—	SPONSORED ADS	881624209
RARE	ULTRAGENYX PHARMACEUTICAL IN	300,623 (-14.7%)	$6,914 (-34.8%)	1.3%	$34.60	-4.9%	COM	90400D108
CYTK	CYTOKINETICS INC	91,717 (-43.2%)	$5,828 (-34.4%)	1.1%	$40.28	+54.4%	COM NEW	23282W605
VRNS	VARONIS SYS INC	52,500 (-29.0%)	$1,722 (-59.5%)	0.3%	$55.48	-24.3%	COM	922280102
DYN	DYNE THERAPEUTICS INC	392,894 (-7.9%)	$7,685 (+42.4%)	1.5%	$19.51	-2.9%	COM	26818M108
SVRA	SAVARA INC	1,178,164 (-12.8%)	$7,104 (+47.4%)	1.4%	$3.82	+28.3%	COM	805111101
LLY	ELI LILLY & CO	9,040 (-10.0%)	$9,715 (+26.8%)	1.9%	$258.77	+269.3%	COM	532457108
FBRX	FORTE BIOSCIENCES INC	185,869 (-60.8%)	$5,069 (-28.8%)	1.0%	$8.61	+103.7%	COM NEW	34962G208
GPCR	STRUCTURE THERAPEUTICS INC	41,000 (-76.4%)	$2,852 (-41.4%)	0.6%	$22.34	—	SPONSORED ADS	86366E106
TRVI	TREVI THERAPEUTICS INC	598,534 (-7.1%)	$7,494 (+27.2%)	1.4%	$6.22	+85.8%	COM	89532M101
FOLD	AMICUS THERAPEUTICS INC	658,377 (-33.6%)	$9,375 (+20.0%)	1.8%	$6.45	+52.2%	COM	03152W109
RVMD	REVOLUTION MEDICINES INC	52,500 (-12.5%)	$4,182 (+49.2%)	0.8%	$39.15	+67.5%	COM	76155X100
PHVS	PHARVARIS N V	63,953 (-46.4%)	$1,775 (-40.4%)	0.3%	$22.21	+8.5%	COM	N69605108
ANNX	ANNEXON INC	1,316,212 (-26.6%)	$6,607 (+20.7%)	1.3%	$5.27	-27.5%	COM	03589W102
MAZE	MAZE THERAPEUTICS INC	71,843 (-53.5%)	$2,976 (-25.6%)	0.6%	$12.04	+185.5%	COM	578784100
CATX	PERSPECTIVE THERAPEUTICS INC	349,973 (-31.4%)	$962 (-45.0%)	0.2%	$10.22	-72.1%	COM NEW	46489V302
TSHA	TAYSHA GENE THERAPIES INC	368,146 (-9.8%)	$2,025 (+51.7%)	0.4%	$2.17	+123.5%	COM SHS	877619106
JSPR	JASPER THERAPEUTICS INC	485,401 (-22.9%)	$888 (-40.7%)	0.2%	$3.38	-40.5%	COM NEW	471871202
ESLT	ELBIT SYS LTD	5,340 (-20.8%)	$3,085 (-10.2%)	0.6%	$410.78	+21.9%	ORD	M3760D101
VTYX	VENTYX BIOSCIENCES INC	180,114 (-59.1%)	$1,626 (+18.8%)	0.3%	$5.44	+37.4%	COM	92332V107
AMGN	AMGEN INC	7,500 (-21.1%)	$2,455 (-8.4%)	0.5%	$287.24	+10.0%	COM	031162100
JNJ	JOHNSON & JOHNSON	35,831 (-12.2%)	$7,415 (-2.1%)	1.4%	$136.97	+43.8%	COM	478160104
DAWN	DAY ONE BIOPHARMACEUTICALS I	145,371 (-17.1%)	$1,355 (+9.6%)	0.3%	$13.06	-36.0%	COM	23954D109
PEPG	PEPGEN INC	121,467 (-29.2%)	$791 (-0.2%)	0.2%	$1.43	+262.6%	COM	713317105

Unchanged Positions (15)

AZN ASTRAZENECA PLC 2.4%

Value ($000) $12,416 Shares 135,060 Est. Cost $54.50 Unrealized —

SKYE SKYE BIOSCIENCE INC 0.1%

Value ($000) $359 Shares 478,928 Est. Cost $10.78 Unrealized -86.5%

MRK MERCK & CO INC 1.0%

Value ($000) $5,116 Shares 48,600 Est. Cost $73.08 Unrealized +27.6%

HOWL WEREWOLF THERAPEUTICS INC 0.1%

Value ($000) $397 Shares 626,810 Est. Cost $13.12 Unrealized -90.7%

GSK GSK PLC 1.2%

Value ($000) $5,983 Shares 122,000 Est. Cost $35.22 Unrealized —

— SOLAREDGE TECHNOLOGIES INC 0.9%

Value ($000) $4,699 Shares 4,000,000 Est. Cost $1.33 Unrealized —

NVS NOVARTIS AG 1.0%

Value ($000) $5,101 Shares 37,000 Est. Cost $92.00 Unrealized —

APRE APREA THERAPEUTICS INC 0.0%

Value ($000) $230 Shares 270,000 Est. Cost $6.22 Unrealized -80.2%

BMY BRISTOL-MYERS SQUIBB CO 0.2%

Value ($000) $944 Shares 17,500 Est. Cost $52.58 Unrealized -9.6%

CRVS CORVUS PHARMACEUTICALS INC 0.6%

Value ($000) $3,139 Shares 407,709 Est. Cost $6.17 Unrealized +27.8%

TLT ISHARES TR 0.8%

Value ($000) $4,097 Shares 47,000 Est. Cost — Unrealized —

ABBV ABBVIE INC 1.1%

Value ($000) $5,771 Shares 25,256 Est. Cost $93.90 Unrealized +142.3%

PFE PFIZER INC 0.4%

Value ($000) $2,141 Shares 86,000 Est. Cost $36.55 Unrealized -31.5%

— APPLIED THERAPEUTICS INC 0.0%

Value ($000) $5 Shares 50,000 Est. Cost $6.63 Unrealized —

OKUR ONKURE THERAPEUTICS INC 0.0%

Value ($000) $175 Shares 60,454 Est. Cost $15.14 Unrealized -80.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AZN	ASTRAZENECA PLC	135,060	$12,416	2.4%	$54.50	—	SPONSORED ADR	046353108
SKYE	SKYE BIOSCIENCE INC	478,928	$359	0.1%	$10.78	-86.5%	COM NEW	83086J200
MRK	MERCK & CO INC	48,600	$5,116	1.0%	$73.08	+27.6%	COM	58933Y105
HOWL	WEREWOLF THERAPEUTICS INC	626,810	$397	0.1%	$13.12	-90.7%	COM	95075A107
GSK	GSK PLC	122,000	$5,983	1.2%	$35.22	—	SPONSORED ADR	37733W204
—	SOLAREDGE TECHNOLOGIES INC	4,000,000	$4,699	0.9%	$1.33	—	NOTE 2.250% 7/0	83417MAE4
NVS	NOVARTIS AG	37,000	$5,101	1.0%	$92.00	—	SPONSORED ADR	66987V109
APRE	APREA THERAPEUTICS INC	270,000	$230	0.0%	$6.22	-80.2%	COM NEW	03836J201
BMY	BRISTOL-MYERS SQUIBB CO	17,500	$944	0.2%	$52.58	-9.6%	COM	110122108
CRVS	CORVUS PHARMACEUTICALS INC	407,709	$3,139	0.6%	$6.17	+27.8%	COM	221015100
TLT	ISHARES TR	47,000	$4,097	0.8%	—	—	CALL	464287432
ABBV	ABBVIE INC	25,256	$5,771	1.1%	$93.90	+142.3%	COM	00287Y109
PFE	PFIZER INC	86,000	$2,141	0.4%	$36.55	-31.5%	COM	717081103
—	APPLIED THERAPEUTICS INC	50,000	$5	0.0%	$6.63	—	COM	03828A101
OKUR	ONKURE THERAPEUTICS INC	60,454	$175	0.0%	$15.14	-80.2%	COM CL A	68277Q105