VR Adviser, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SYRE	SPYRE THERAPEUTICS INC	3,685,448 (+37.2%)	$120,735 (+168.3%)	6.0%	$19.91	+31.2%	COM NEW	00773J202
SVRA	SAVARA INC	13,740,375 (+8.4%)	$82,854 (+83.0%)	4.1%	$2.96	+65.3%	COM	805111101
MAZE	MAZE THERAPEUTICS INC	1,548,569 (+25.8%)	$64,157 (+101.0%)	3.2%	$20.47	+67.9%	COM	578784100
CBIO	CRESCENT BIOPHARMA INC.	2,133,576 (+53.7%)	$25,304 (+53.3%)	1.2%	$18.21	-30.0%	COM	G2545C104
ZURA	ZURA BIO LTD	5,345,115 (+15.4%)	$28,008 (+39.7%)	1.4%	$2.77	+42.9%	CLASS A ORD SHS	G9TY5A101
DNTH	DIANTHUS THERAPEUTICS INC	1,000,000 (+4.1%)	$41,210 (+9.0%)	2.0%	$18.52	+109.3%	COM	252828108
VOR	VOR BIOPHARMA INC	1,943,766 (+288.8%)	$25,424 (+4.4%)	1.3%	$24.17	-23.0%	COM NEW	929033207

Exited Positions (7)

— METSERA INC 9.7%

Value ($000) $196,272 Shares 3,750,662 Est. Cost $27.22 Unrealized —

— CIDARA THERAPEUTICS INC 4.5%

Value ($000) $90,664 Shares 946,788 Est. Cost $48.29 Unrealized —

ABVX ABIVAX SA 2.4%

Value ($000) $48,964 Shares 576,729 Est. Cost $11.63 Unrealized —

— ASTRIA THERAPEUTICS INC 0.9%

Value ($000) $17,889 Shares 2,457,348 Est. Cost $8.36 Unrealized —

PHVS PHARVARIS N V 0.8%

Value ($000) $16,831 Shares 674,599 Est. Cost $15.96 Unrealized +50.9%

PCSC PERCEPTIVE CAP SOLUTIONS COR 0.4%

Value ($000) $7,950 Shares 750,000 Est. Cost $10.07 Unrealized +11.9%

TENX TENAX THERAPEUTICS INC 0.2%

Value ($000) $3,331 Shares 437,708 Est. Cost $5.55 Unrealized +56.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	METSERA INC	3,750,662	$196,272	9.7%	$27.22	—	—	59267L107
—	CIDARA THERAPEUTICS INC	946,788	$90,664	4.5%	$48.29	—	—	171757206
ABVX	ABIVAX SA	576,729	$48,964	2.4%	$11.63	—	—	00370M103
—	ASTRIA THERAPEUTICS INC	2,457,348	$17,889	0.9%	$8.36	—	—	04635X102
PHVS	PHARVARIS N V	674,599	$16,831	0.8%	$15.96	+50.9%	—	N69605108
PCSC	PERCEPTIVE CAP SOLUTIONS COR	750,000	$7,950	0.4%	$10.07	+11.9%	—	G70077105
TENX	TENAX THERAPEUTICS INC	437,708	$3,331	0.2%	$5.55	+56.8%	—	88032L605

Decreased Positions (4)

OCUL OCULAR THERAPEUTIX INC 4.4%

Value ($000) $88,811 (-42.3%) Shares 7,315,547 (-44.4%) Est. Cost $4.80 Unrealized +153.1%

ORIC ORIC PHARMACEUTICALS INC 2.3%

Value ($000) $46,432 (-41.3%) Shares 5,676,230 (-14.0%) Est. Cost $7.60 Unrealized +51.4%

COGT COGENT BIOSCIENCES INC 3.5%

Value ($000) $71,040 (+23.7%) Shares 2,000,000 (-50.0%) Est. Cost $8.47 Unrealized +232.1%

ENGN ENGENE HOLDINGS INC 2.1%

Value ($000) $43,086 (+25.0%) Shares 4,771,414 (-5.4%) Est. Cost $10.25 Unrealized -21.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
OCUL	OCULAR THERAPEUTIX INC	7,315,547 (-44.4%)	$88,811 (-42.3%)	4.4%	$4.80	+153.1%	COM	67576A100
ORIC	ORIC PHARMACEUTICALS INC	5,676,230 (-14.0%)	$46,432 (-41.3%)	2.3%	$7.60	+51.4%	COM	68622P109
COGT	COGENT BIOSCIENCES INC	2,000,000 (-50.0%)	$71,040 (+23.7%)	3.5%	$8.47	+232.1%	COM	19240Q201
ENGN	ENGENE HOLDINGS INC	4,771,414 (-5.4%)	$43,086 (+25.0%)	2.1%	$10.25	-21.8%	COM	29286M105

Unchanged Positions (15)

APGE APOGEE THERAPEUTICS INC 31.7%

Value ($000) $641,076 Shares 8,493,321 Est. Cost $22.03 Unrealized +185.9%

ORKA ORUKA THERAPEUTICS INC 6.2%

Value ($000) $125,739 Shares 4,148,428 Est. Cost $29.65 Unrealized -6.0%

VRDN VIRIDIAN THERAPEUTICS INC 6.0%

Value ($000) $120,830 Shares 3,882,709 Est. Cost $19.32 Unrealized +42.0%

ERAS ERASCA INC 3.3%

Value ($000) $66,428 Shares 17,857,083 Est. Cost $2.08 Unrealized +35.1%

KALV KALVISTA PHARMACEUTICALS INC 5.4%

Value ($000) $108,673 Shares 6,728,985 Est. Cost $8.91 Unrealized +48.7%

JBIO JADE BIOSCIENCES INC 2.5%

Value ($000) $49,690 Shares 3,220,364 Est. Cost $33.31 Unrealized -64.8%

CTMX CYTOMX THERAPEUTICS INC 3.3%

Value ($000) $66,292 Shares 15,561,500 Est. Cost $1.68 Unrealized +126.5%

ELVN ENLIVEN THERAPEUTICS INC 2.5%

Value ($000) $49,685 Shares 3,226,331 Est. Cost $18.38 Unrealized +8.4%

DYN DYNE THERAPEUTICS INC 2.1%

Value ($000) $42,522 Shares 2,173,913 Est. Cost $11.80 Unrealized +60.5%

UPB UPSTREAM BIO INC 1.6%

Value ($000) $31,746 Shares 1,169,298 Est. Cost $22.33 Unrealized +11.5%

SRZN SURROZEN INC 0.7%

Value ($000) $14,304 Shares 632,931 Est. Cost $11.62 Unrealized +39.2%

CGEM CULLINAN THERAPEUTICS INC 0.7%

Value ($000) $14,283 Shares 1,379,965 Est. Cost $21.29 Unrealized -57.6%

SEPN SEPTERNA INC 0.8%

Value ($000) $17,029 Shares 610,808 Est. Cost $8.80 Unrealized +171.5%

ARTV ARTIVA BIOTHERAPEUTICS INC 0.3%

Value ($000) $6,905 Shares 1,609,569 Est. Cost $11.59 Unrealized -67.4%

CASI CASI PHARMACEUTICALS INC 0.0%

Value ($000) $839 Shares 987,259 Est. Cost $6.09 Unrealized -78.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
APGE	APOGEE THERAPEUTICS INC	8,493,321	$641,076	31.7%	$22.03	+185.9%	COM	03770N101
ORKA	ORUKA THERAPEUTICS INC	4,148,428	$125,739	6.2%	$29.65	-6.0%	COM	687604108
VRDN	VIRIDIAN THERAPEUTICS INC	3,882,709	$120,830	6.0%	$19.32	+42.0%	COM	92790C104
ERAS	ERASCA INC	17,857,083	$66,428	3.3%	$2.08	+35.1%	COM	29479A108
KALV	KALVISTA PHARMACEUTICALS INC	6,728,985	$108,673	5.4%	$8.91	+48.7%	COM	483497103
JBIO	JADE BIOSCIENCES INC	3,220,364	$49,690	2.5%	$33.31	-64.8%	COM NEW	008064206
CTMX	CYTOMX THERAPEUTICS INC	15,561,500	$66,292	3.3%	$1.68	+126.5%	COM	23284F105
ELVN	ENLIVEN THERAPEUTICS INC	3,226,331	$49,685	2.5%	$18.38	+8.4%	COM	29337E102
DYN	DYNE THERAPEUTICS INC	2,173,913	$42,522	2.1%	$11.80	+60.5%	COM	26818M108
UPB	UPSTREAM BIO INC	1,169,298	$31,746	1.6%	$22.33	+11.5%	COM	91678A107
SRZN	SURROZEN INC	632,931	$14,304	0.7%	$11.62	+39.2%	COM NEW	86889P208
CGEM	CULLINAN THERAPEUTICS INC	1,379,965	$14,283	0.7%	$21.29	-57.6%	COM	230031106
SEPN	SEPTERNA INC	610,808	$17,029	0.8%	$8.80	+171.5%	COM	81734D104
ARTV	ARTIVA BIOTHERAPEUTICS INC	1,609,569	$6,905	0.3%	$11.59	-67.4%	COM	04317A107
CASI	CASI PHARMACEUTICALS INC	987,259	$839	0.0%	$6.09	-78.8%	ORD SHS	G1933S101