Tetragon Partners GP Ltd Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PRAX	PRAXIS PRECISION MEDICINES I	22,952	$6,765	1.4%	$186.22	0.0%	COM NEW	74006W207
RAPT	RAPT THERAPEUTICS INC	131,770	$4,463	0.9%	$31.06	0.0%	COM NEW	75382E208
AGIO	AGIOS PHARMACEUTICALS INC	162,018	$4,410	0.9%	$35.08	0.0%	COM	00847X104
HRMY	HARMONY BIOSCIENCES HLDGS IN	82,824	$3,099	0.7%	$32.88	0.0%	COM	413197104
NKTR	NEKTAR THERAPEUTICS	69,287	$2,929	0.6%	$55.96	0.0%	COM NEW	640268306
MPLT	MAPLIGHT THERAPEUTICS INC	164,525	$2,890	0.6%	$16.75	0.0%	COM	56565P103
SLN	SILENCE THERAPEUTICS PLC	365,369	$2,221	0.5%	$6.08	—	ADS	82686Q101
ZVRA	ZEVRA THERAPEUTICS INC	192,518	$1,725	0.4%	$9.46	0.0%	COM NEW	488445206
—	AVADEL PHARMACEUTICALS PLC	43,763	$943	0.2%	$21.55	—	COM SHS	G29687103

Increased Positions (7)

PATH UIPATH INC 60.3%

Value ($000) $286,006 (+26.1%) Shares 17,450,000 (+2.9%) Est. Cost $14.57 Unrealized +6.8%

ARWR ARROWHEAD PHARMACEUTICALS IN 1.4%

Value ($000) $6,436 (+128.0%) Shares 96,935 (+18.4%) Est. Cost $26.19 Unrealized +87.1%

FOLD AMICUS THERAPEUTICS INC 0.8%

Value ($000) $3,713 (+288.8%) Shares 260,771 (+115.1%) Est. Cost $8.57 Unrealized +14.7%

KRYS KRYSTAL BIOTECH INC 0.6%

Value ($000) $2,913 (+238.8%) Shares 11,814 (+142.6%) Est. Cost $185.41 Unrealized +13.5%

DYN DYNE THERAPEUTICS INC 1.0%

Value ($000) $4,851 (+71.8%) Shares 247,997 (+11.1%) Est. Cost $11.94 Unrealized +58.6%

ALKS ALKERMES PLC 0.8%

Value ($000) $3,950 (+46.9%) Shares 141,172 (+57.5%) Est. Cost $29.01 Unrealized +3.2%

AMLX AMYLYX PHARMACEUTICALS INC 0.7%

Value ($000) $3,296 (-6.1%) Shares 272,828 (+5.6%) Est. Cost $5.99 Unrealized +126.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PATH	UIPATH INC	17,450,000 (+2.9%)	$286,006 (+26.1%)	60.3%	$14.57	+6.8%	CL A	90364P105
ARWR	ARROWHEAD PHARMACEUTICALS IN	96,935 (+18.4%)	$6,436 (+128.0%)	1.4%	$26.19	+87.1%	COM	04280A100
FOLD	AMICUS THERAPEUTICS INC	260,771 (+115.1%)	$3,713 (+288.8%)	0.8%	$8.57	+14.7%	COM	03152W109
KRYS	KRYSTAL BIOTECH INC	11,814 (+142.6%)	$2,913 (+238.8%)	0.6%	$185.41	+13.5%	COM	501147102
DYN	DYNE THERAPEUTICS INC	247,997 (+11.1%)	$4,851 (+71.8%)	1.0%	$11.94	+58.6%	COM	26818M108
ALKS	ALKERMES PLC	141,172 (+57.5%)	$3,950 (+46.9%)	0.8%	$29.01	+3.2%	SHS	G01767105
AMLX	AMYLYX PHARMACEUTICALS INC	272,828 (+5.6%)	$3,296 (-6.1%)	0.7%	$5.99	+126.8%	COM	03237H101

Exited Positions (25)

— ALIBABA GROUP HLDG LTD 36.9%

Value ($000) $174,848 Shares 95,000,000 Est. Cost $1.28 Unrealized —

HYG ISHARES TR 12.4%

Value ($000) $59,017 Shares 726,900 Est. Cost $76.94 Unrealized —

— LITHIUM ARGENTINA AG 5.2%

Value ($000) $24,563 Shares 27,109,000 Est. Cost $0.81 Unrealized —

— CABLE ONE INC 4.4%

Value ($000) $20,773 Shares 21,255,000 Est. Cost $0.98 Unrealized —

— PROGRESS SOFTWARE CORP 4.3%

Value ($000) $20,594 Shares 20,500,000 Est. Cost $1.00 Unrealized —

— OATLY GROUP AB 3.9%

Value ($000) $18,418 Shares 20,020,027 Est. Cost $0.73 Unrealized —

— FIRST MAJESTIC SILVER CORP 1.7%

Value ($000) $7,968 Shares 7,500,000 Est. Cost $0.80 Unrealized —

— CELCUITY INC 1.6%

Value ($000) $7,443 Shares 5,550,000 Est. Cost $1.34 Unrealized —

TARS TARSUS PHARMACEUTICALS INC 1.6%

Value ($000) $7,429 Shares 125,000 Est. Cost $27.50 Unrealized +171.5%

HYG ISHARES TR 1.2%

Value ($000) $5,924 Shares 72,961 Est. Cost $76.94 Unrealized —

SRRK SCHOLAR ROCK HLDG CORP 0.9%

Value ($000) $4,390 Shares 117,882 Est. Cost $31.83 Unrealized +17.8%

TECX TECTONIC THERAPEUTIC INC 0.8%

Value ($000) $3,824 Shares 243,728 Est. Cost $29.77 Unrealized -37.6%

ABVX ABIVAX SA 0.5%

Value ($000) $2,547 Shares 30,000 Est. Cost $84.90 Unrealized —

ACAD ACADIA PHARMACEUTICALS INC 0.4%

Value ($000) $1,837 Shares 86,071 Est. Cost $18.31 Unrealized +30.5%

HBM HUDBAY MINERALS INC 0.4%

Value ($000) $1,780 Shares 117,500 Est. Cost $8.40 Unrealized +101.4%

CCJ CAMECO CORP 0.3%

Value ($000) $1,344 Shares 16,015 Est. Cost $46.98 Unrealized +91.4%

RLAY RELAY THERAPEUTICS INC 0.2%

Value ($000) $1,165 Shares 223,123 Est. Cost $3.81 Unrealized +87.3%

TECK TECK RESOURCES LTD 0.2%

Value ($000) $793 Shares 18,068 Est. Cost $36.41 Unrealized +19.0%

KROS KEROS THERAPEUTICS INC 0.1%

Value ($000) $680 Shares 43,000 Est. Cost $34.32 Unrealized -48.9%

LAR LITHIUM ARGENTINA AG 0.1%

Value ($000) $668 Shares 200,000 Est. Cost $3.02 Unrealized +57.1%

RARE ULTRAGENYX PHARMACEUTICAL IN 0.1%

Value ($000) $533 Shares 17,718 Est. Cost $29.99 Unrealized +9.7%

WBI WATERBRIDGE INFRASTRUCTURE L 0.1%

Value ($000) $504 Shares 20,000 Est. Cost $23.45 Unrealized -1.0%

NXE NEXGEN ENERGY LTD 0.1%

Value ($000) $376 Shares 42,000 Est. Cost $7.37 Unrealized +19.8%

DSX/WS DIANA SHIPPING INC 0.0%

Value ($000) $23 Shares 233,400 Est. Cost $0.55 Unrealized —

SONWQ SONDER HOLDINGS INC 0.0%

Value ($000) $0 Shares 18,898 Est. Cost $0.74 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	ALIBABA GROUP HLDG LTD	95,000,000	$174,848	36.9%	$1.28	—	—	01609WBG6
HYG	ISHARES TR	726,900	$59,017	12.4%	$76.94	—	PUT	464288513
—	LITHIUM ARGENTINA AG	27,109,000	$24,563	5.2%	$0.81	—	—	53680QAA6
—	CABLE ONE INC	21,255,000	$20,773	4.4%	$0.98	—	—	12685JAE5
—	PROGRESS SOFTWARE CORP	20,500,000	$20,594	4.3%	$1.00	—	—	743312AB6
—	OATLY GROUP AB	20,020,027	$18,418	3.9%	$0.73	—	—	67421JAC2
—	FIRST MAJESTIC SILVER CORP	7,500,000	$7,968	1.7%	$0.80	—	—	32076VAD5
—	CELCUITY INC	5,550,000	$7,443	1.6%	$1.34	—	—	15102KAA8
TARS	TARSUS PHARMACEUTICALS INC	125,000	$7,429	1.6%	$27.50	+171.5%	—	87650L103
HYG	ISHARES TR	72,961	$5,924	1.2%	$76.94	—	—	464288513
SRRK	SCHOLAR ROCK HLDG CORP	117,882	$4,390	0.9%	$31.83	+17.8%	—	80706P103
TECX	TECTONIC THERAPEUTIC INC	243,728	$3,824	0.8%	$29.77	-37.6%	—	878972108
ABVX	ABIVAX SA	30,000	$2,547	0.5%	$84.90	—	—	00370M103
ACAD	ACADIA PHARMACEUTICALS INC	86,071	$1,837	0.4%	$18.31	+30.5%	—	004225108
HBM	HUDBAY MINERALS INC	117,500	$1,780	0.4%	$8.40	+101.4%	—	443628102
CCJ	CAMECO CORP	16,015	$1,344	0.3%	$46.98	+91.4%	—	13321L108
RLAY	RELAY THERAPEUTICS INC	223,123	$1,165	0.2%	$3.81	+87.3%	—	75943R102
TECK	TECK RESOURCES LTD	18,068	$793	0.2%	$36.41	+19.0%	—	878742204
KROS	KEROS THERAPEUTICS INC	43,000	$680	0.1%	$34.32	-48.9%	—	492327101
LAR	LITHIUM ARGENTINA AG	200,000	$668	0.1%	$3.02	+57.1%	—	H5012F103
RARE	ULTRAGENYX PHARMACEUTICAL IN	17,718	$533	0.1%	$29.99	+9.7%	—	90400D108
WBI	WATERBRIDGE INFRASTRUCTURE L	20,000	$504	0.1%	$23.45	-1.0%	—	940923105
NXE	NEXGEN ENERGY LTD	42,000	$376	0.1%	$7.37	+19.8%	—	65340P106
DSX/WS	DIANA SHIPPING INC	233,400	$23	0.0%	$0.55	—	—	Y2066G138
SONWQ	SONDER HOLDINGS INC	18,898	$0	0.0%	$0.74	—	—	83542D110

Decreased Positions (6)

KGEI KOLIBRI GLOBAL ENERGY INC 5.7%

Value ($000) $27,253 (-30.4%) Shares 6,934,504 (-1.9%) Est. Cost $4.16 Unrealized +4.6%

ANNX ANNEXON INC 2.2%

Value ($000) $10,203 (+58.4%) Shares 2,032,455 (-3.8%) Est. Cost $4.39 Unrealized -12.8%

MBX MBX BIOSCIENCES INC 1.0%

Value ($000) $4,521 (+45.3%) Shares 143,327 (-19.4%) Est. Cost $13.37 Unrealized +81.5%

CLDX CELLDEX THERAPEUTICS INC NEW 1.4%

Value ($000) $6,622 (-15.7%) Shares 243,800 (-19.7%) Est. Cost $24.77 Unrealized +6.3%

IMVT IMMUNOVANT INC 0.9%

Value ($000) $4,224 (+39.1%) Shares 166,187 (-11.8%) Est. Cost $19.39 Unrealized +15.0%

AXSM AXSOME THERAPEUTICS INC 1.0%

Value ($000) $4,919 (-12.8%) Shares 26,934 (-42.0%) Est. Cost $96.47 Unrealized +44.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KGEI	KOLIBRI GLOBAL ENERGY INC	6,934,504 (-1.9%)	$27,253 (-30.4%)	5.7%	$4.16	+4.6%	COM NEW	50043K406
ANNX	ANNEXON INC	2,032,455 (-3.8%)	$10,203 (+58.4%)	2.2%	$4.39	-12.8%	COM	03589W102
MBX	MBX BIOSCIENCES INC	143,327 (-19.4%)	$4,521 (+45.3%)	1.0%	$13.37	+81.5%	COM	55287L101
CLDX	CELLDEX THERAPEUTICS INC NEW	243,800 (-19.7%)	$6,622 (-15.7%)	1.4%	$24.77	+6.3%	COM NEW	15117B202
IMVT	IMMUNOVANT INC	166,187 (-11.8%)	$4,224 (+39.1%)	0.9%	$19.39	+15.0%	COM	45258J102
AXSM	AXSOME THERAPEUTICS INC	26,934 (-42.0%)	$4,919 (-12.8%)	1.0%	$96.47	+44.7%	COM	05464T104

Unchanged Positions (6)

AUTL AUTOLUS THERAPEUTICS PLC 4.0%

Value ($000) $18,905 Shares 9,500,000 Est. Cost $4.56 Unrealized —

LYFT LYFT INC 4.1%

Value ($000) $19,370 Shares 1,000,000 Est. Cost $17.70 Unrealized +17.5%

PHVS PHARVARIS N V 1.1%

Value ($000) $5,400 Shares 194,612 Est. Cost $16.81 Unrealized +43.3%

CXM SPRINKLR INC 3.6%

Value ($000) $17,116 Shares 2,200,000 Est. Cost $11.64 Unrealized -34.7%

SNOW SNOWFLAKE INC 0.5%

Value ($000) $2,194 Shares 10,000 Est. Cost $209.17 Unrealized +16.7%

WK WORKIVA INC 2.7%

Value ($000) $12,938 Shares 150,000 Est. Cost $68.78 Unrealized +28.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AUTL	AUTOLUS THERAPEUTICS PLC	9,500,000	$18,905	4.0%	$4.56	—	SPON ADS	05280R100
LYFT	LYFT INC	1,000,000	$19,370	4.1%	$17.70	+17.5%	CL A COM	55087P104
PHVS	PHARVARIS N V	194,612	$5,400	1.1%	$16.81	+43.3%	COM	N69605108
CXM	SPRINKLR INC	2,200,000	$17,116	3.6%	$11.64	-34.7%	CL A	85208T107
SNOW	SNOWFLAKE INC	10,000	$2,194	0.5%	$209.17	+16.7%	COM SHS	833445109
WK	WORKIVA INC	150,000	$12,938	2.7%	$68.78	+28.7%	COM CL A	98139A105