Vivo Capital, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ANRO	Alto Neuroscience Inc	1,035,551	$18,433	1.2%	$12.59	0.0%	Common	02157Q109
NERV	Minerva Neurosciences Inc	4,322,747	$17,377	1.1%	$3.71	0.0%	Common	603380205
DSGN	Design Therapeutics Inc	1,612,903	$15,129	1.0%	$7.83	0.0%	Common	25056L103
MLTX	Moonlake Immunotherapeutics	1,000,000	$13,180	0.9%	$11.80	0.0%	Common	61559X104
PALI	Palisade Bio Inc	2,293,578	$5,390	0.3%	$1.92	0.0%	Common	696389402
KTTA	Pasithea Therapeutics Corp	2,100,000	$2,709	0.2%	$0.88	0.0%	Common	70261F202
ENGNW	EnGene Holdings Inc	285,046	$844	0.1%	$2.96	—	Warrants	29286M113

Increased Positions (4)

PRAX Praxis Precision Medicines 6.3%

Value ($000) $96,939 (+819.6%) Shares 328,895 (+65.4%) Est. Cost $97.63 Unrealized +90.8%

DBVT DBV Technologies SA 3.1%

Value ($000) $47,189 (+347.5%) Shares 2,461,626 (+133.4%) Est. Cost $14.88 Unrealized —

CAMP CAMP4 Therapeutics Inc 1.7%

Value ($000) $26,031 (+121.3%) Shares 4,246,568 (+8.3%) Est. Cost $2.04 Unrealized +109.0%

TNGX Tango Therapeutics Inc 1.2%

Value ($000) $19,091 (+192.6%) Shares 2,154,780 (+177.4%) Est. Cost $6.75 Unrealized +27.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PRAX	Praxis Precision Medicines	328,895 (+65.4%)	$96,939 (+819.6%)	6.3%	$97.63	+90.8%	Common	74006W207
DBVT	DBV Technologies SA	2,461,626 (+133.4%)	$47,189 (+347.5%)	3.1%	$14.88	—	SPONSORED ADS	23306J309
CAMP	CAMP4 Therapeutics Inc	4,246,568 (+8.3%)	$26,031 (+121.3%)	1.7%	$2.04	+109.0%	Common	13463J101
TNGX	Tango Therapeutics Inc	2,154,780 (+177.4%)	$19,091 (+192.6%)	1.2%	$6.75	+27.6%	Common	87583X109

Exited Positions (7)

— Verona Pharma PLC 9.6%

Value ($000) $148,693 Shares 1,393,432 Est. Cost $6.97 Unrealized —

— Tourmaline Bio Inc. 1.8%

Value ($000) $28,310 Shares 591,882 Est. Cost $26.18 Unrealized —

— Akero Therapeutics Inc 1.3%

Value ($000) $20,639 Shares 434,689 Est. Cost $47.40 Unrealized —

RZLT Rezolute Inc 1.3%

Value ($000) $19,857 Shares 2,112,432 Est. Cost $1.28 Unrealized +514.2%

— Astria Therapeutics Inc 0.7%

Value ($000) $11,304 Shares 1,552,685 Est. Cost $6.12 Unrealized —

DCTH Delcath Systems, Inc. 0.4%

Value ($000) $6,122 Shares 569,526 Est. Cost $7.32 Unrealized +35.7%

— 89Bio Inc 0.4%

Value ($000) $5,539 Shares 376,804 Est. Cost $7.27 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	Verona Pharma PLC	1,393,432	$148,693	9.6%	$6.97	—	—	925050106
—	Tourmaline Bio Inc.	591,882	$28,310	1.8%	$26.18	—	—	89157D105
—	Akero Therapeutics Inc	434,689	$20,639	1.3%	$47.40	—	—	00973Y108
RZLT	Rezolute Inc	2,112,432	$19,857	1.3%	$1.28	+514.2%	—	76200L309
—	Astria Therapeutics Inc	1,552,685	$11,304	0.7%	$6.12	—	—	04635X102
DCTH	Delcath Systems, Inc.	569,526	$6,122	0.4%	$7.32	+35.7%	—	24661P807
—	89Bio Inc	376,804	$5,539	0.4%	$7.27	—	—	282559103

Decreased Positions (9)

TERN Terns Pharmaceuticals Inc 14.0%

Value ($000) $216,016 (+317.1%) Shares 5,346,928 (-22.5%) Est. Cost $11.04 Unrealized +109.3%

SLNO Soleno Therapeutics Inc 2.7%

Value ($000) $41,434 (-73.1%) Shares 894,909 (-60.7%) Est. Cost $19.93 Unrealized +175.1%

— Cidara Therapeutics, Inc. 13.7%

Value ($000) $211,319 (+68.3%) Shares 956,670 (-27.1%) Est. Cost $37.26 Unrealized —

COGT Cogent Biosciences Inc 5.5%

Value ($000) $85,212 (+112.8%) Shares 2,398,993 (-14.0%) Est. Cost $10.52 Unrealized +167.2%

ORIC Oric Pharmaceuticals Inc 1.1%

Value ($000) $17,328 (-53.8%) Shares 2,118,384 (-32.2%) Est. Cost $7.92 Unrealized +45.3%

VSTM Verastem Inc 0.6%

Value ($000) $8,542 (-63.4%) Shares 1,106,524 (-58.2%) Est. Cost $7.15 Unrealized +24.6%

ZBIO Zenas Biopharma Inc 2.0%

Value ($000) $30,990 (+18.0%) Shares 853,495 (-27.9%) Est. Cost $17.98 Unrealized +82.9%

OLMA Olema Pharmaceuticals Inc 1.1%

Value ($000) $16,796 (+13.9%) Shares 671,843 (-55.4%) Est. Cost $31.43 Unrealized -43.4%

BOLT Bolt Therapeutics Inc 0.0%

Value ($000) $396 (-57.7%) Shares 72,414 (-58.9%) Est. Cost $6.62 Unrealized -18.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TERN	Terns Pharmaceuticals Inc	5,346,928 (-22.5%)	$216,016 (+317.1%)	14.0%	$11.04	+109.3%	Common	880881107
SLNO	Soleno Therapeutics Inc	894,909 (-60.7%)	$41,434 (-73.1%)	2.7%	$19.93	+175.1%	Common	834203309
—	Cidara Therapeutics, Inc.	956,670 (-27.1%)	$211,319 (+68.3%)	13.7%	$37.26	—	Common	171757206
COGT	Cogent Biosciences Inc	2,398,993 (-14.0%)	$85,212 (+112.8%)	5.5%	$10.52	+167.2%	Common	19240Q201
ORIC	Oric Pharmaceuticals Inc	2,118,384 (-32.2%)	$17,328 (-53.8%)	1.1%	$7.92	+45.3%	Common	68622P109
VSTM	Verastem Inc	1,106,524 (-58.2%)	$8,542 (-63.4%)	0.6%	$7.15	+24.6%	Common	92337C203
ZBIO	Zenas Biopharma Inc	853,495 (-27.9%)	$30,990 (+18.0%)	2.0%	$17.98	+82.9%	Common	98937L105
OLMA	Olema Pharmaceuticals Inc	671,843 (-55.4%)	$16,796 (+13.9%)	1.1%	$31.43	-43.4%	Common	68062P106
BOLT	Bolt Therapeutics Inc	72,414 (-58.9%)	$396 (-57.7%)	0.0%	$6.62	-18.9%	Common	097702203

Unchanged Positions (27)

SABS SAB Biotherapeutics Inc 2.8%

Value ($000) $42,711 Shares 11,420,000 Est. Cost $2.26 Unrealized +45.5%

DYN Dyne Therapeutics Inc 3.3%

Value ($000) $51,149 Shares 2,614,960 Est. Cost $14.50 Unrealized +30.6%

ABVX Abivax SA - ADR 3.1%

Value ($000) $48,454 Shares 359,305 Est. Cost $84.90 Unrealized —

CMPX Compass Therapeutics Inc 3.3%

Value ($000) $51,259 Shares 9,545,466 Est. Cost $3.04 Unrealized +52.1%

TRVI Trevi Therapeutics Inc 4.1%

Value ($000) $63,785 Shares 5,094,668 Est. Cost $4.23 Unrealized +173.0%

— Avadel Pharmaceuticals PLC 3.7%

Value ($000) $57,843 Shares 2,684,109 Est. Cost $13.12 Unrealized —

ERAS Erasca Inc 2.2%

Value ($000) $34,497 Shares 9,273,428 Est. Cost $2.00 Unrealized +40.3%

ACRS Aclaris Therapeutics, Inc. 1.7%

Value ($000) $26,756 Shares 8,888,888 Est. Cost $2.49 Unrealized +1.6%

VRDN Viridian Therapeutics Inc 2.0%

Value ($000) $30,578 Shares 982,576 Est. Cost $15.47 Unrealized +77.3%

DRUG Bright Minds Biosciences Inc 2.5%

Value ($000) $39,146 Shares 501,617 Est. Cost $37.00 Unrealized +80.6%

LBRX LB Pharmaceuticals Inc 1.2%

Value ($000) $17,808 Shares 800,000 Est. Cost $15.87 Unrealized +10.1%

PEPG Pepgen Inc 1.0%

Value ($000) $15,136 Shares 2,325,000 Est. Cost $1.61 Unrealized +222.0%

CTMX Cytomx Therapeutics Inc 0.8%

Value ($000) $12,288 Shares 2,884,615 Est. Cost $1.61 Unrealized +135.7%

SRZN Surrozen Inc 0.4%

Value ($000) $5,876 Shares 260,000 Est. Cost $11.62 Unrealized +39.2%

UNCY Unicycive Therapeutics 0.7%

Value ($000) $10,328 Shares 1,789,916 Est. Cost $5.52 Unrealized -3.2%

EPRX Eupraxia Pharmaceuticals Inc 0.7%

Value ($000) $10,193 Shares 1,350,000 Est. Cost $5.44 Unrealized +13.3%

TIL Instil Bio Inc 0.2%

Value ($000) $3,220 Shares 292,743 Est. Cost $7.23 Unrealized +104.5%

MNPR Monopar Therapeutics Inc 0.4%

Value ($000) $5,910 Shares 90,500 Est. Cost $44.70 Unrealized +82.8%

GERN Geron Corp 2.3%

Value ($000) $35,937 Shares 27,225,292 Est. Cost $1.62 Unrealized -22.4%

SLN Silence Therapeutics PLC 0.4%

Value ($000) $6,721 Shares 1,105,454 Est. Cost $19.65 Unrealized —

TENX Tenax Therapeutics Inc 0.2%

Value ($000) $2,540 Shares 208,333 Est. Cost $3.62 Unrealized +140.2%

CRVS Corvus Pharmaceuticals Holdings 1.1%

Value ($000) $17,206 Shares 2,234,566 Est. Cost $4.87 Unrealized +62.0%

DNTH Dianthus Therapeutics Inc 0.9%

Value ($000) $14,588 Shares 353,998 Est. Cost $25.56 Unrealized +51.7%

SERA Sera Prognostics Inc 0.3%

Value ($000) $4,869 Shares 1,650,440 Est. Cost $10.38 Unrealized -68.9%

ABEO Abeona Therapeutics, Inc. 0.6%

Value ($000) $9,711 Shares 1,842,751 Est. Cost $5.10 Unrealized -1.3%

DTIL Precision Biosciences Inc 0.0%

Value ($000) $19 Shares 4,675 Est. Cost $12.24 Unrealized -53.6%

SVA Sinovac Biotech Ltd. 2.5%

Value ($000) $38,192 Shares 5,903,000 Est. Cost $6.47 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SABS	SAB Biotherapeutics Inc	11,420,000	$42,711	2.8%	$2.26	+45.5%	Common	78397T202
DYN	Dyne Therapeutics Inc	2,614,960	$51,149	3.3%	$14.50	+30.6%	Common	26818M108
ABVX	Abivax SA - ADR	359,305	$48,454	3.1%	$84.90	—	SPONSORED ADS	00370M103
CMPX	Compass Therapeutics Inc	9,545,466	$51,259	3.3%	$3.04	+52.1%	Common	20454B104
TRVI	Trevi Therapeutics Inc	5,094,668	$63,785	4.1%	$4.23	+173.0%	Common	89532M101
—	Avadel Pharmaceuticals PLC	2,684,109	$57,843	3.7%	$13.12	—	ADR	G29687103
ERAS	Erasca Inc	9,273,428	$34,497	2.2%	$2.00	+40.3%	Common	29479A108
ACRS	Aclaris Therapeutics, Inc.	8,888,888	$26,756	1.7%	$2.49	+1.6%	Common	00461U105
VRDN	Viridian Therapeutics Inc	982,576	$30,578	2.0%	$15.47	+77.3%	Common	92790C104
DRUG	Bright Minds Biosciences Inc	501,617	$39,146	2.5%	$37.00	+80.6%	Common	10919W405
LBRX	LB Pharmaceuticals Inc	800,000	$17,808	1.2%	$15.87	+10.1%	Common	50180M108
PEPG	Pepgen Inc	2,325,000	$15,136	1.0%	$1.61	+222.0%	Common	713317105
CTMX	Cytomx Therapeutics Inc	2,884,615	$12,288	0.8%	$1.61	+135.7%	Common	23284F105
SRZN	Surrozen Inc	260,000	$5,876	0.4%	$11.62	+39.2%	Common	86889P208
UNCY	Unicycive Therapeutics	1,789,916	$10,328	0.7%	$5.52	-3.2%	Common	90466Y202
EPRX	Eupraxia Pharmaceuticals Inc	1,350,000	$10,193	0.7%	$5.44	+13.3%	Common	29842P105
TIL	Instil Bio Inc	292,743	$3,220	0.2%	$7.23	+104.5%	Common	45783C200
MNPR	Monopar Therapeutics Inc	90,500	$5,910	0.4%	$44.70	+82.8%	Common	61023L207
GERN	Geron Corp	27,225,292	$35,937	2.3%	$1.62	-22.4%	Common	374163103
SLN	Silence Therapeutics PLC	1,105,454	$6,721	0.4%	$19.65	—	ADS	82686Q101
TENX	Tenax Therapeutics Inc	208,333	$2,540	0.2%	$3.62	+140.2%	Common	88032L605
CRVS	Corvus Pharmaceuticals Holdings	2,234,566	$17,206	1.1%	$4.87	+62.0%	Common	221015100
DNTH	Dianthus Therapeutics Inc	353,998	$14,588	0.9%	$25.56	+51.7%	Common	252828108
SERA	Sera Prognostics Inc	1,650,440	$4,869	0.3%	$10.38	-68.9%	Common	81749D107
ABEO	Abeona Therapeutics, Inc.	1,842,751	$9,711	0.6%	$5.10	-1.3%	Common	00289Y206
DTIL	Precision Biosciences Inc	4,675	$19	0.0%	$12.24	-53.6%	Common	74019P207
SVA	Sinovac Biotech Ltd.	5,903,000	$38,192	2.5%	$6.47	0.0%	SHS	P8696W104