Avoro Capital Advisors LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CELC	CELCUITY INC	3,111,111	$310,302	3.0%	$82.21	0.0%	Common	15102K100
XBI	SPDR SERIES TRUST - S&P BIOTECH	2,100,000	$256,053	2.5%	$121.93	—	ETF	78464A870
TERN	TERNS PHARMACEUTICALS INC	4,350,000	$175,740	1.7%	$23.11	0.0%	Common	880881107
RVMD	REVOLUTION MEDICINES INC	2,170,000	$172,841	1.7%	$65.57	0.0%	Common	76155X100
—	MIND MEDICINE (MINDMED) INC	5,000,000	$66,950	0.7%	$13.39	—	Common	60255C885
PTCT	PTC THERAPEUTICS INC	685,000	$52,033	0.5%	$72.67	0.0%	Common	69366J200
VRDN	VIRIDIAN THERAPEUTICS INC	1,500,000	$46,680	0.5%	$27.43	0.0%	Common	92790C104
APGE	APOGEE THERAPEUTICS INC	500,000	$37,740	0.4%	$62.99	0.0%	Common	03770N101
LXEO	LEXEO THERAPEUTICS INC	3,300,000	$32,769	0.3%	$9.13	0.0%	Common	52886X107
GHRS	GH RESEARCH PLC	1,800,000	$22,860	0.2%	$13.62	0.0%	ORDINARY SHARES	G3855L106
INCY	INCYTE CORP	135,000	$13,334	0.1%	$96.76	0.0%	Common	45337C102
ASND	ASCENDIS PHARMA	50,000	$625	0.0%	$129.64	—	CALL	04351P101

Increased Positions (8)

UTHR UNITED THERAPEUTICS CORP 12.5%

Value ($000) $1,269,803 (+49.8%) Shares 2,606,060 (+28.9%) Est. Cost $209.04 Unrealized +122.8%

GPCR STRUCTURE THERAPEUTICS INC 4.5%

Value ($000) $455,939 (+215.8%) Shares 6,555,555 (+27.2%) Est. Cost $36.87 Unrealized —

KYMR KYMERA THERAPEUTICS INC 5.7%

Value ($000) $581,610 (+61.8%) Shares 7,474,747 (+17.7%) Est. Cost $40.15 Unrealized +68.2%

KRYS KRYSTAL BIOTECH INC 7.0%

Value ($000) $712,226 (+45.2%) Shares 2,888,888 (+4.0%) Est. Cost $96.25 Unrealized +118.7%

QURE UNIQURE NV 1.4%

Value ($000) $147,170 (-43.3%) Shares 6,150,000 (+38.4%) Est. Cost $19.34 Unrealized +99.5%

CNTA CENTESSA PHARMACEUTICALS PLC 3.6%

Value ($000) $364,034 (+38.9%) Shares 14,555,555 (+34.7%) Est. Cost $20.97 Unrealized —

SLNO SOLENO THERAPEUTICS INC 1.3%

Value ($000) $134,270 (-22.9%) Shares 2,900,000 (+12.5%) Est. Cost $48.20 Unrealized +13.8%

OCUL OCULAR THERAPEUTIX INC 1.3%

Value ($000) $130,842 (+9.2%) Shares 10,777,777 (+5.1%) Est. Cost $8.56 Unrealized +41.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
UTHR	UNITED THERAPEUTICS CORP	2,606,060 (+28.9%)	$1,269,803 (+49.8%)	12.5%	$209.04	+122.8%	Common	91307C102
GPCR	STRUCTURE THERAPEUTICS INC	6,555,555 (+27.2%)	$455,939 (+215.8%)	4.5%	$36.87	—	SPONSORED ADS	86366E106
KYMR	KYMERA THERAPEUTICS INC	7,474,747 (+17.7%)	$581,610 (+61.8%)	5.7%	$40.15	+68.2%	Common	501575104
KRYS	KRYSTAL BIOTECH INC	2,888,888 (+4.0%)	$712,226 (+45.2%)	7.0%	$96.25	+118.7%	Common	501147102
QURE	UNIQURE NV	6,150,000 (+38.4%)	$147,170 (-43.3%)	1.4%	$19.34	+99.5%	Common	N90064101
CNTA	CENTESSA PHARMACEUTICALS PLC	14,555,555 (+34.7%)	$364,034 (+38.9%)	3.6%	$20.97	—	SPONSORED ADS	152309100
SLNO	SOLENO THERAPEUTICS INC	2,900,000 (+12.5%)	$134,270 (-22.9%)	1.3%	$48.20	+13.8%	Common	834203309
OCUL	OCULAR THERAPEUTIX INC	10,777,777 (+5.1%)	$130,842 (+9.2%)	1.3%	$8.56	+41.9%	Common	67576A100

Exited Positions (10)

— MERUS N V 3.3%

Value ($000) $333,526 Shares 3,542,500 Est. Cost $46.32 Unrealized —

— AKERO THERAPEUTICS INC 1.8%

Value ($000) $187,810 Shares 3,955,555 Est. Cost $52.68 Unrealized —

— TOURMALINE BIO INC 1.2%

Value ($000) $122,232 Shares 2,555,555 Est. Cost $23.05 Unrealized —

FOLD AMICUS THERAPEUTICS INC. 1.2%

Value ($000) $118,397 Shares 15,025,000 Est. Cost $10.47 Unrealized -6.1%

— 89BIO INC 0.9%

Value ($000) $93,901 Shares 6,387,790 Est. Cost $7.76 Unrealized —

MLTX MOONLAKE IMMUNOTHERAPEUTICS 0.1%

Value ($000) $14,340 Shares 2,000,000 Est. Cost $37.53 Unrealized -68.6%

BCRX BIOCRYST PHARMACEUTICALS INC 0.1%

Value ($000) $9,488 Shares 1,250,000 Est. Cost $10.72 Unrealized -32.5%

TNGX TANGO THERAPEUTICS INC 0.0%

Value ($000) $4,578 Shares 545,000 Est. Cost $6.77 Unrealized +27.3%

UTHR UNITED THERAPEUTICS CORP 0.0%

Value ($000) $4,440 Shares 200,000 Est. Cost $209.04 Unrealized +122.8%

GPCR STRUCTURE THERAPEUTICS INC. 0.0%

Value ($000) $2,238 Shares 250,000 Est. Cost $36.87 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	MERUS N V	3,542,500	$333,526	3.3%	$46.32	—	—	N5749R100
—	AKERO THERAPEUTICS INC	3,955,555	$187,810	1.8%	$52.68	—	—	00973Y108
—	TOURMALINE BIO INC	2,555,555	$122,232	1.2%	$23.05	—	—	89157D105
FOLD	AMICUS THERAPEUTICS INC.	15,025,000	$118,397	1.2%	$10.47	-6.1%	—	03152W109
—	89BIO INC	6,387,790	$93,901	0.9%	$7.76	—	—	282559103
MLTX	MOONLAKE IMMUNOTHERAPEUTICS	2,000,000	$14,340	0.1%	$37.53	-68.6%	—	61559X104
BCRX	BIOCRYST PHARMACEUTICALS INC	1,250,000	$9,488	0.1%	$10.72	-32.5%	—	09058V103
TNGX	TANGO THERAPEUTICS INC	545,000	$4,578	0.0%	$6.77	+27.3%	—	87583X109
UTHR	UNITED THERAPEUTICS CORP	200,000	$4,440	0.0%	$209.04	+122.8%	CALL	91307C102
GPCR	STRUCTURE THERAPEUTICS INC.	250,000	$2,238	0.0%	$36.87	—	CALL	86366E106

Decreased Positions (5)

ARWR ARROWHEAD PHARMACEUTICALS INC 6.9%

Value ($000) $705,394 (+87.6%) Shares 10,625,000 (-2.5%) Est. Cost $29.07 Unrealized +68.6%

MDGL MADRIGAL PHARMACEUTICALS INC 10.3%

Value ($000) $1,052,580 (+25.2%) Shares 1,807,500 (-1.4%) Est. Cost $138.83 Unrealized +267.9%

VERA VERA THERAPEUTICS INC 2.9%

Value ($000) $298,213 (+65.2%) Shares 5,888,888 (-5.2%) Est. Cost $36.12 Unrealized -1.7%

RNAM AVIDITY BIOSCIENCES INC 3.9%

Value ($000) $393,469 (+18.1%) Shares 5,455,000 (-28.6%) Est. Cost $23.88 Unrealized +170.5%

ALKS ALKERMES PLC 0.4%

Value ($000) $39,172 (-41.7%) Shares 1,400,000 (-37.5%) Est. Cost $28.91 Unrealized +3.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ARWR	ARROWHEAD PHARMACEUTICALS INC	10,625,000 (-2.5%)	$705,394 (+87.6%)	6.9%	$29.07	+68.6%	Common	04280A100
MDGL	MADRIGAL PHARMACEUTICALS INC	1,807,500 (-1.4%)	$1,052,580 (+25.2%)	10.3%	$138.83	+267.9%	Common	558868105
VERA	VERA THERAPEUTICS INC	5,888,888 (-5.2%)	$298,213 (+65.2%)	2.9%	$36.12	-1.7%	Common	92337R101
RNAM	AVIDITY BIOSCIENCES INC	5,455,000 (-28.6%)	$393,469 (+18.1%)	3.9%	$23.88	+170.5%	Common	05370A108
ALKS	ALKERMES PLC	1,400,000 (-37.5%)	$39,172 (-41.7%)	0.4%	$28.91	+3.6%	Common	G01767105

Unchanged Positions (9)

ARGX ARGENX SE 8.2%

Value ($000) $832,541 Shares 990,000 Est. Cost $186.36 Unrealized —

ASND ASCENDIS PHARMA 10.7%

Value ($000) $1,089,893 Shares 5,111,111 Est. Cost $129.64 Unrealized —

TSHA TAYSHA GENE THERAPIES INC 1.2%

Value ($000) $119,350 Shares 21,700,000 Est. Cost $2.05 Unrealized +137.0%

APLS APELLIS PHARMACEUTICALS INC 3.0%

Value ($000) $307,022 Shares 12,222,222 Est. Cost $47.01 Unrealized -50.1%

XENE XENON PHARMACEUTICALS INC 2.4%

Value ($000) $243,124 Shares 5,424,444 Est. Cost $19.12 Unrealized +119.7%

ORKA ORUKA THERAPEUTICS INC 0.4%

Value ($000) $40,414 Shares 1,333,340 Est. Cost $14.82 Unrealized +88.0%

SEPN SEPTERNA INC 0.4%

Value ($000) $37,290 Shares 1,337,500 Est. Cost $20.93 Unrealized +14.1%

WHWK WHITEHAWK THERAPEUTICS INC 0.1%

Value ($000) $6,896 Shares 2,849,402 Est. Cost $24.27 Unrealized -90.5%

MNKD MANNKIND CORP 0.2%

Value ($000) $25,200 Shares 4,444,444 Est. Cost $3.56 Unrealized +54.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ARGX	ARGENX SE	990,000	$832,541	8.2%	$186.36	—	Sponsored ADR	04016X101
ASND	ASCENDIS PHARMA	5,111,111	$1,089,893	10.7%	$129.64	—	Sponsored ADR	04351P101
TSHA	TAYSHA GENE THERAPIES INC	21,700,000	$119,350	1.2%	$2.05	+137.0%	Common	877619106
APLS	APELLIS PHARMACEUTICALS INC	12,222,222	$307,022	3.0%	$47.01	-50.1%	Common	03753U106
XENE	XENON PHARMACEUTICALS INC	5,424,444	$243,124	2.4%	$19.12	+119.7%	Common	98420N105
ORKA	ORUKA THERAPEUTICS INC	1,333,340	$40,414	0.4%	$14.82	+88.0%	Common	687604108
SEPN	SEPTERNA INC	1,337,500	$37,290	0.4%	$20.93	+14.1%	Common	81734D104
WHWK	WHITEHAWK THERAPEUTICS INC	2,849,402	$6,896	0.1%	$24.27	-90.5%	Common	00032Q104
MNKD	MANNKIND CORP	4,444,444	$25,200	0.2%	$3.56	+54.8%	Common	56400P706