SABBY MANAGEMENT, LLC Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	ABIVAX SA	160	$2,158	3.1%	—	—	CALL	00370M903
BLNK	BLINK CHARGING CO	2,125,958	$1,418	2.0%	$1.45	0.0%	COM	09354A100
BTM	BITCOIN DEPOT INC	1,001,384	$1,292	1.9%	$15.34	0.0%	COM	09174P105
ABVX	ABIVAX SA	7,026	$947	1.4%	$134.85	—	ADS	00370M103
TPST	TEMPEST THERAPEUTICS INC	178,592	$513	0.7%	$7.07	0.0%	COM	87978U207
BDRX	BIODEXA PHARMACEUTICALS PLC	190,658	$433	0.6%	$2.27	—	ADS	59564R880
ZONE	CLEANCORE SOLUTIONS INC	1,448,598	$377	0.5%	$0.84	0.0%	CL B	184492106
JZXN	JIUZI HOLDINGS INC	187,951	$325	0.5%	$1.73	—	SHS	G51400151
GVH	GLOBAVEND HOLDINGS LIMITED	178,645	$257	0.4%	$4.28	0.0%	SHS	G3R39B116
SPY	SPDR S&P 500 ETF	335	$228	0.3%	$681.92	—	ETF	78462F103
TIRX	TIAN RUIXIANG HLDGS LTD	624,551	$226	0.3%	$0.36	—	CL A	G8884K136
NVA	NOVA MINERALS LTD	29,858	$182	0.3%	$6.10	—	ADS	66982D104
PMCB	PHARMACYTE BIOTECH INC	100,000	$72	0.1%	$0.90	0.0%	COM	71715X203
BNBX	BNB PLUS CORP	54,000	$66	0.1%	$3.19	0.0%	COM	03815U607

Increased Positions (9)

— SPDR S&P 500 ETF 34.2%

Value ($000) $23,799 (+37.9%) Shares 349 (+34.7%) Est. Cost — Unrealized —

— GEVO INC 1.8%

Value ($000) $1,255 (+356.3%) Shares 6,274 (+347.2%) Est. Cost — Unrealized —

LYRA LYRA THERAPEUTICS INC 0.8%

Value ($000) $539 (-35.2%) Shares 175,158 (+37.2%) Est. Cost $7.39 Unrealized -32.6%

— REVELATION BIOSCIENCES INC 0.7%

Value ($000) $484 (+64.8%) Shares 605,702 (+192.5%) Est. Cost $1.01 Unrealized —

SNES SENESTECH INC 0.6%

Value ($000) $451 (+44.0%) Shares 210,564 (+195.4%) Est. Cost $3.73 Unrealized -16.3%

EMPD EMPERY DIGITAL INC 2.2%

Value ($000) $1,561 (-7.8%) Shares 341,857 (+51.9%) Est. Cost $7.80 Unrealized -25.0%

— REVIVA PHARMACEUTCLS HLDGS INC 0.2%

Value ($000) $115 (+1074.8%) Shares 4,113 (+1452.1%) Est. Cost — Unrealized —

NUWE NUWELLIS INC 0.2%

Value ($000) $156 (+29.8%) Shares 89,685 (+149.9%) Est. Cost $4.39 Unrealized -37.7%

OGEN ORAGENICS INC 0.1%

Value ($000) $48 (-37.4%) Shares 61,740 (+4.7%) Est. Cost $1.26 Unrealized -13.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	SPDR S&P 500 ETF	349 (+34.7%)	$23,799 (+37.9%)	34.2%	—	—	PUT	78462F953
—	GEVO INC	6,274 (+347.2%)	$1,255 (+356.3%)	1.8%	—	—	PUT	374396956
LYRA	LYRA THERAPEUTICS INC	175,158 (+37.2%)	$539 (-35.2%)	0.8%	$7.39	-32.6%	COM	55234L204
—	REVELATION BIOSCIENCES INC	605,702 (+192.5%)	$484 (+64.8%)	0.7%	$1.01	—	COM	76135L705
SNES	SENESTECH INC	210,564 (+195.4%)	$451 (+44.0%)	0.6%	$3.73	-16.3%	COM	81720R604
EMPD	EMPERY DIGITAL INC	341,857 (+51.9%)	$1,561 (-7.8%)	2.2%	$7.80	-25.0%	COM	92864V608
—	REVIVA PHARMACEUTCLS HLDGS INC	4,113 (+1452.1%)	$115 (+1074.8%)	0.2%	—	—	PUT	76152G950
NUWE	NUWELLIS INC	89,685 (+149.9%)	$156 (+29.8%)	0.2%	$4.39	-37.7%	COM	67113Y702
OGEN	ORAGENICS INC	61,740 (+4.7%)	$48 (-37.4%)	0.1%	$1.26	-13.6%	COM	684023609

Exited Positions (20)

— SPDR S&P 500 ETF 11.3%

Value ($000) $7,861 Shares 118 Est. Cost — Unrealized —

EVEX EVE HLDG INC 1.3%

Value ($000) $886 Shares 232,458 Est. Cost $5.32 Unrealized -17.3%

— CAN-FITE BIOPHARMA LTD 1.3%

Value ($000) $871 Shares 1,406,050 Est. Cost $0.86 Unrealized —

SVRN OCEANPAL INC 1.2%

Value ($000) $823 Shares 668,969 Est. Cost $9.90 Unrealized -85.6%

BIAF BIOAFFINITY TECHNOLOGIES INC 1.0%

Value ($000) $719 Shares 242,757 Est. Cost $7.95 Unrealized -75.0%

UCAR U POWER LTD 0.7%

Value ($000) $485 Shares 240,260 Est. Cost $2.59 Unrealized -25.7%

— GEOVAX LABS INC 0.5%

Value ($000) $313 Shares 661,376 Est. Cost $0.47 Unrealized —

— VISION MARINE TECHNOLOGIES INC 0.4%

Value ($000) $254 Shares 186,536 Est. Cost $1.36 Unrealized —

— CORE SCIENTIFIC INC 0.3%

Value ($000) $233 Shares 130 Est. Cost — Unrealized —

WOK WORK MED TECHNOLOGY GROUP LTD 0.3%

Value ($000) $204 Shares 2,724,004 Est. Cost $7334.53 Unrealized -94.7%

CETX CEMTREX INC 0.2%

Value ($000) $141 Shares 24,987 Est. Cost $16.12 Unrealized -74.6%

SNGX SOLIGENIX INC 0.1%

Value ($000) $94 Shares 81,000 Est. Cost $2.30 Unrealized -35.4%

AIM AIM IMMUNOTECH INC 0.1%

Value ($000) $79 Shares 28,855 Est. Cost $4.34 Unrealized -58.7%

TC TOKEN CAT LTD 0.1%

Value ($000) $55 Shares 3,983 Est. Cost $13.87 Unrealized —

— BLUEJAY DIAGNOSTICS INC 0.1%

Value ($000) $45 Shares 29,628 Est. Cost $1.72 Unrealized —

— RUBICO INC 0.1%

Value ($000) $44 Shares 20,835 Est. Cost $2.12 Unrealized —

ACXP ACURX PHARMACEUTICALS 0.1%

Value ($000) $37 Shares 8,705 Est. Cost $6.03 Unrealized -20.5%

— BIT MINING LTD 0.1%

Value ($000) $36 Shares 134 Est. Cost — Unrealized —

CORZ CORE SCIENTIFIC INC 0.0%

Value ($000) $19 Shares 1,040 Est. Cost $14.67 Unrealized +18.9%

SLAI BIT MINING LTD 0.0%

Value ($000) $10 Shares 3,865 Est. Cost $2.70 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	SPDR S&P 500 ETF	118	$7,861	11.3%	—	—	CALL	78462F903
EVEX	EVE HLDG INC	232,458	$886	1.3%	$5.32	-17.3%	—	29970N104
—	CAN-FITE BIOPHARMA LTD	1,406,050	$871	1.3%	$0.86	—	—	13471N300
SVRN	OCEANPAL INC	668,969	$823	1.2%	$9.90	-85.6%	—	Y6430L301
BIAF	BIOAFFINITY TECHNOLOGIES INC	242,757	$719	1.0%	$7.95	-75.0%	—	09076W307
UCAR	U POWER LTD	240,260	$485	0.7%	$2.59	-25.7%	—	G9520U116
—	GEOVAX LABS INC	661,376	$313	0.5%	$0.47	—	—	373678606
—	VISION MARINE TECHNOLOGIES INC	186,536	$254	0.4%	$1.36	—	—	92840Q301
—	CORE SCIENTIFIC INC	130	$233	0.3%	—	—	PUT	21874A956
WOK	WORK MED TECHNOLOGY GROUP LTD	2,724,004	$204	0.3%	$7334.53	-94.7%	—	G9767H109
CETX	CEMTREX INC	24,987	$141	0.2%	$16.12	-74.6%	—	15130G873
SNGX	SOLIGENIX INC	81,000	$94	0.1%	$2.30	-35.4%	—	834223604
AIM	AIM IMMUNOTECH INC	28,855	$79	0.1%	$4.34	-58.7%	—	00901B303
TC	TOKEN CAT LTD	3,983	$55	0.1%	$13.87	—	—	89856T401
—	BLUEJAY DIAGNOSTICS INC	29,628	$45	0.1%	$1.72	—	—	095633509
—	RUBICO INC	20,835	$44	0.1%	$2.12	—	—	Y1250N107
ACXP	ACURX PHARMACEUTICALS	8,705	$37	0.1%	$6.03	-20.5%	—	00510M203
—	BIT MINING LTD	134	$36	0.1%	—	—	PUT	055474959
CORZ	CORE SCIENTIFIC INC	1,040	$19	0.0%	$14.67	+18.9%	—	21874A106
SLAI	BIT MINING LTD	3,865	$10	0.0%	$2.70	—	—	055474209

Decreased Positions (9)

DSY BIG TREE CLOUD HLDGS LTD 2.3%

Value ($000) $1,572 (-80.4%) Shares 5,769,988 (-25.3%) Est. Cost $25.60 Unrealized -56.6%

— ISHARES TR 20.0%

Value ($000) $13,883 (-31.2%) Shares 564 (-32.4%) Est. Cost — Unrealized —

— EOS ENERGY ENTERPRISES INC 0.0%

Value ($000) $2 (-100.0%) Shares 3,251 (-7.2%) Est. Cost — Unrealized —

— ISHARES TR 23.0%

Value ($000) $16,000 (-6.1%) Shares 650 (-7.7%) Est. Cost — Unrealized —

LMFA LM FDG AMER INC 0.0%

Value ($000) $12 (-98.4%) Shares 26,459 (-95.9%) Est. Cost $1.93 Unrealized -50.5%

CPOP POP CULTURE GROUP CO LTD 0.6%

Value ($000) $402 (-63.2%) Shares 956,639 (-22.1%) Est. Cost $1.07 Unrealized -44.0%

INM INMED PHARMACEUTICALS INC 0.3%

Value ($000) $214 (-55.6%) Shares 201,633 (-8.3%) Est. Cost $2.41 Unrealized -31.1%

EEIQ EPICQUEST EDUCATN GRP INTL L 0.2%

Value ($000) $147 (-63.3%) Shares 667,108 (-25.9%) Est. Cost $0.44 Unrealized —

BCTXZ BRIACELL THERAPEUTICS CORP 0.1%

Value ($000) $77 (-38.5%) Shares 265,964 (-29.0%) Est. Cost $1.06 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DSY	BIG TREE CLOUD HLDGS LTD	5,769,988 (-25.3%)	$1,572 (-80.4%)	2.3%	$25.60	-56.6%	SHS	G1263B108
—	ISHARES TR	564 (-32.4%)	$13,883 (-31.2%)	20.0%	—	—	CALL	464287905
—	EOS ENERGY ENTERPRISES INC	3,251 (-7.2%)	$2 (-100.0%)	0.0%	—	—	PUT	29415C951
—	ISHARES TR	650 (-7.7%)	$16,000 (-6.1%)	23.0%	—	—	PUT	464287955
LMFA	LM FDG AMER INC	26,459 (-95.9%)	$12 (-98.4%)	0.0%	$1.93	-50.5%	COM	502074503
CPOP	POP CULTURE GROUP CO LTD	956,639 (-22.1%)	$402 (-63.2%)	0.6%	$1.07	-44.0%	SHS	G71700119
INM	INMED PHARMACEUTICALS INC	201,633 (-8.3%)	$214 (-55.6%)	0.3%	$2.41	-31.1%	COM	457637700
EEIQ	EPICQUEST EDUCATN GRP INTL L	667,108 (-25.9%)	$147 (-63.3%)	0.2%	$0.44	—	COM	G3104J100
BCTXZ	BRIACELL THERAPEUTICS CORP	265,964 (-29.0%)	$77 (-38.5%)	0.1%	$1.06	—	*W	107930117

Unchanged Positions (1)

— ZEVRA THERAPEUTICS INC 0.4%

Value ($000) $293 Shares 327 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	ZEVRA THERAPEUTICS INC	327	$293	0.4%	—	—	PUT	488445956