Affinity Asset Advisors, LLC Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
XBI	SPDR SERIES TRUST	1,500,000	$182,895	10.4%	—	—	PUT	78464A870
IBB	ISHARES TR	400,000	$67,508	3.8%	—	—	CALL	464287556
PRAX	PRAXIS PRECISION MEDICINES I	185,000	$54,527	3.1%	$186.22	0.0%	COM NEW	74006W207
AMGN	AMGEN INC	135,000	$44,187	2.5%	$315.95	0.0%	CALL	031162100
XLV	SELECT SECTOR SPDR TR	250,000	$38,700	2.2%	—	—	CALL	81369Y209
FBRX	FORTE BIOSCIENCES INC	989,490	$26,983	1.5%	$17.53	0.0%	COM NEW	34962G208
TERN	TERNS PHARMACEUTICALS INC	550,000	$22,220	1.3%	$23.11	0.0%	COM	880881107
ANAB	ANAPTYSBIO INC	444,692	$21,559	1.2%	$38.98	0.0%	COM	032724106
QURE	UNIQURE NV	800,000	$19,144	1.1%	$16.30	+136.8%	CALL	N90064101
PTGX	PROTAGONIST THERAPEUTICS INC	172,125	$15,033	0.9%	$81.85	0.0%	COM	74366E102
COGT	COGENT BIOSCIENCES INC	350,000	$12,432	0.7%	$28.11	0.0%	COM	19240Q201
TNGX	TANGO THERAPEUTICS INC	1,000,000	$8,860	0.5%	$8.62	0.0%	COM	87583X109
STRO	SUTRO BIOPHARMA INC	748,382	$8,659	0.5%	$9.49	0.0%	COM SHS	869367201
RCUS	ARCUS BIOSCIENCES INC	300,000	$7,149	0.4%	$20.40	0.0%	COM	03969F109
KPTI	KARYOPHARM THERAPEUTICS INC	889,575	$6,547	0.4%	$6.12	0.0%	COM NEW	48576U205
ASND	ASCENDIS PHARMA A/S	30,000	$6,397	0.4%	$213.24	—	SPONSORED ADR	04351P101
VRCA	VERRICA PHARMACEUTICALS INC	707,338	$5,878	0.3%	$5.54	0.0%	COM SHS	92511W207
—	AVADEL PHARMACEUTICALS PLC	250,000	$5,388	0.3%	$21.55	—	COM SHS	G29687103
ARWR	ARROWHEAD PHARMACEUTICALS IN	70,000	$4,647	0.3%	$49.01	0.0%	COM	04280A100
IBIO	IBIO INC	2,057,200	$3,970	0.2%	$1.36	0.0%	COM NEW	451033708
AMGN	AMGEN INC	10,000	$3,273	0.2%	$315.95	0.0%	COM	031162100
BLTE	BELITE BIO INC	20,000	$3,199	0.2%	$159.96	—	SPONSORED ADS	07782B104
AVBP	ARRIVENT BIOPHARMA INC	150,000	$3,018	0.2%	$20.82	0.0%	COM	04272N102
—	MERSANA THERAPEUTICS INC	100,000	$2,893	0.2%	$28.93	—	COM	59045L205
RARE	ULTRAGENYX PHARMACEUTICAL IN	75,000	$1,725	0.1%	$32.88	0.0%	COM	90400D108
LENZ	LENZ THERAPEUTICS INC	100,000	$1,600	0.1%	—	—	PUT	52635N103
KZR	KEZAR LIFE SCIENCES INC	229,076	$1,441	0.1%	$5.83	0.0%	COM NEW	49372L209
—	COGENT BIOSCIENCES INC	1,000,000	$1,176	0.1%	$1.18	—	NOTE 1.625%11/1	19240QAA0
MGNX	MACROGENICS INC	484,308	$780	0.0%	$1.57	0.0%	COM	556099109
FBRX	FORTE BIOSCIENCES INC	22,400	$611	0.0%	$17.53	0.0%	CALL	34962G208
XFOR	X4 PHARMACEUTICALS INC	145,000	$580	0.0%	$3.63	0.0%	COM NEW	98420X202

Increased Positions (24)

APGE APOGEE THERAPEUTICS INC 5.3%

Value ($000) $93,212 (+99.9%) Shares 1,234,926 (+5.2%) Est. Cost $38.88 Unrealized +62.0%

VTYX VENTYX BIOSCIENCES INC 3.3%

Value ($000) $58,556 (+379.8%) Shares 6,484,558 (+65.2%) Est. Cost $3.93 Unrealized +90.3%

ABVX ABIVAX SA 3.9%

Value ($000) $68,102 (+122.8%) Shares 505,000 (+40.3%) Est. Cost $83.67 Unrealized —

CYTK CYTOKINETICS INC 2.9%

Value ($000) $50,832 (+164.3%) Shares 800,000 (+128.6%) Est. Cost $53.01 Unrealized +17.3%

WVE WAVE LIFE SCIENCES LTD 2.6%

Value ($000) $45,900 (+198.6%) Shares 2,700,000 (+28.6%) Est. Cost $7.78 Unrealized +30.5%

ROIV ROIVANT SCIENCES LTD 2.1%

Value ($000) $36,890 (+204.8%) Shares 1,700,000 (+112.5%) Est. Cost $15.91 Unrealized +24.0%

BBIO BRIDGEBIO PHARMA INC 1.4%

Value ($000) $24,477 (+625.0%) Shares 320,000 (+392.3%) Est. Cost $58.10 Unrealized +13.0%

CGEM CULLINAN THERAPEUTICS INC 1.1%

Value ($000) $19,997 (+1178.2%) Shares 1,932,106 (+632.4%) Est. Cost $9.03 Unrealized -0.1%

— OMEROS CORP 1.1%

Value ($000) $19,384 (+311.3%) Shares 6,525,000 (+18.1%) Est. Cost $1.12 Unrealized —

RZLT REZOLUTE INC 0.3%

Value ($000) $5,549 (-71.9%) Shares 2,351,144 (+12.0%) Est. Cost $2.90 Unrealized +170.7%

SVRA SAVARA INC 1.0%

Value ($000) $16,867 (+215.0%) Shares 2,797,153 (+86.5%) Est. Cost $3.81 Unrealized +28.4%

JBIO JADE BIOSCIENCES INC 0.6%

Value ($000) $11,032 (+1857.1%) Shares 714,956 (+994.6%) Est. Cost $13.70 Unrealized -14.4%

TSHA TAYSHA GENE THERAPIES INC 1.0%

Value ($000) $18,150 (+85.0%) Shares 3,300,000 (+10.0%) Est. Cost $2.98 Unrealized +63.2%

OVID OVID THERAPEUTICS INC 0.7%

Value ($000) $11,655 (+238.3%) Shares 7,150,000 (+169.8%) Est. Cost $1.27 Unrealized +21.6%

ACLX ARCELLX INC 1.9%

Value ($000) $34,147 (-16.8%) Shares 523,725 (+4.7%) Est. Cost $46.50 Unrealized +71.6%

AVTX AVALO THERAPEUTICS INC 1.1%

Value ($000) $19,087 (+49.2%) Shares 1,051,054 (+4.5%) Est. Cost $9.90 Unrealized +70.6%

ENGN ENGENE HOLDINGS INC 0.3%

Value ($000) $5,810 (+1004.7%) Shares 643,370 (+735.5%) Est. Cost $7.50 Unrealized +6.8%

MBX MBX BIOSCIENCES INC 0.4%

Value ($000) $7,885 (+173.1%) Shares 250,000 (+51.5%) Est. Cost $17.07 Unrealized +42.1%

SGMT SAGIMET BIOSCIENCES INC 0.4%

Value ($000) $6,798 (+183.1%) Shares 1,148,245 (+228.1%) Est. Cost $7.47 Unrealized -3.8%

ZURA ZURA BIO LTD 0.5%

Value ($000) $9,504 (+72.2%) Shares 1,813,671 (+42.3%) Est. Cost $2.65 Unrealized +49.0%

NXTC NEXTCURE INC 0.2%

Value ($000) $3,509 (+212.1%) Shares 247,294 (+28.9%) Est. Cost $6.38 Unrealized +62.4%

CLDX CELLDEX THERAPEUTICS INC NEW 0.5%

Value ($000) $9,506 (+22.5%) Shares 350,000 (+16.7%) Est. Cost $23.62 Unrealized +11.5%

ABUS ARBUTUS BIOPHARMA CORP 0.1%

Value ($000) $2,510 (+161.4%) Shares 521,900 (+146.8%) Est. Cost — Unrealized —

AVR ANTERIS TECHNOLOGIES GLOBAL 0.1%

Value ($000) $2,429 (+19.9%) Shares 486,684 (+8.2%) Est. Cost $5.48 Unrealized -16.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
APGE	APOGEE THERAPEUTICS INC	1,234,926 (+5.2%)	$93,212 (+99.9%)	5.3%	$38.88	+62.0%	COM	03770N101
VTYX	VENTYX BIOSCIENCES INC	6,484,558 (+65.2%)	$58,556 (+379.8%)	3.3%	$3.93	+90.3%	COM	92332V107
ABVX	ABIVAX SA	505,000 (+40.3%)	$68,102 (+122.8%)	3.9%	$83.67	—	SPONSORED ADS	00370M103
CYTK	CYTOKINETICS INC	800,000 (+128.6%)	$50,832 (+164.3%)	2.9%	$53.01	+17.3%	COM NEW	23282W605
WVE	WAVE LIFE SCIENCES LTD	2,700,000 (+28.6%)	$45,900 (+198.6%)	2.6%	$7.78	+30.5%	SHS	Y95308105
ROIV	ROIVANT SCIENCES LTD	1,700,000 (+112.5%)	$36,890 (+204.8%)	2.1%	$15.91	+24.0%	SHS	G76279101
BBIO	BRIDGEBIO PHARMA INC	320,000 (+392.3%)	$24,477 (+625.0%)	1.4%	$58.10	+13.0%	COM	10806X102
CGEM	CULLINAN THERAPEUTICS INC	1,932,106 (+632.4%)	$19,997 (+1178.2%)	1.1%	$9.03	-0.1%	COM	230031106
—	OMEROS CORP	6,525,000 (+18.1%)	$19,384 (+311.3%)	1.1%	$1.12	—	NOTE 9.500% 6/1	682143AK8
RZLT	REZOLUTE INC	2,351,144 (+12.0%)	$5,549 (-71.9%)	0.3%	$2.90	+170.7%	COM NEW	76200L309
SVRA	SAVARA INC	2,797,153 (+86.5%)	$16,867 (+215.0%)	1.0%	$3.81	+28.4%	COM	805111101
JBIO	JADE BIOSCIENCES INC	714,956 (+994.6%)	$11,032 (+1857.1%)	0.6%	$13.70	-14.4%	COM NEW	008064206
TSHA	TAYSHA GENE THERAPIES INC	3,300,000 (+10.0%)	$18,150 (+85.0%)	1.0%	$2.98	+63.2%	COM SHS	877619106
OVID	OVID THERAPEUTICS INC	7,150,000 (+169.8%)	$11,655 (+238.3%)	0.7%	$1.27	+21.6%	COM	690469101
ACLX	ARCELLX INC	523,725 (+4.7%)	$34,147 (-16.8%)	1.9%	$46.50	+71.6%	COMMON STOCK	03940C100
AVTX	AVALO THERAPEUTICS INC	1,051,054 (+4.5%)	$19,087 (+49.2%)	1.1%	$9.90	+70.6%	COM NEW	05338F306
ENGN	ENGENE HOLDINGS INC	643,370 (+735.5%)	$5,810 (+1004.7%)	0.3%	$7.50	+6.8%	COM	29286M105
MBX	MBX BIOSCIENCES INC	250,000 (+51.5%)	$7,885 (+173.1%)	0.4%	$17.07	+42.1%	COM	55287L101
SGMT	SAGIMET BIOSCIENCES INC	1,148,245 (+228.1%)	$6,798 (+183.1%)	0.4%	$7.47	-3.8%	COM SER A	786700104
ZURA	ZURA BIO LTD	1,813,671 (+42.3%)	$9,504 (+72.2%)	0.5%	$2.65	+49.0%	CLASS A ORD SHS	G9TY5A101
NXTC	NEXTCURE INC	247,294 (+28.9%)	$3,509 (+212.1%)	0.2%	$6.38	+62.4%	COM NEW	65343E207
CLDX	CELLDEX THERAPEUTICS INC NEW	350,000 (+16.7%)	$9,506 (+22.5%)	0.5%	$23.62	+11.5%	COM NEW	15117B202
ABUS	ARBUTUS BIOPHARMA CORP	521,900 (+146.8%)	$2,510 (+161.4%)	0.1%	—	—	CALL	03879J100
AVR	ANTERIS TECHNOLOGIES GLOBAL	486,684 (+8.2%)	$2,429 (+19.9%)	0.1%	$5.48	-16.3%	COM	03675P102

Exited Positions (32)

— VERONA PHARMA PLC 3.8%

Value ($000) $66,694 Shares 625,000 Est. Cost $18.37 Unrealized —

SPY SPDR S&P 500 ETF TR 3.2%

Value ($000) $56,286 Shares 84,490 Est. Cost $666.18 Unrealized —

INSM INSMED INC 1.7%

Value ($000) $29,522 Shares 205,000 Est. Cost $72.50 Unrealized +151.7%

— MERUS N V 1.5%

Value ($000) $26,905 Shares 285,769 Est. Cost $82.92 Unrealized —

— PROTAGONIST THERAPEUTICS INC 0.8%

Value ($000) $14,654 Shares 220,600 Est. Cost $66.43 Unrealized —

EXEL EXELIXIS INC 0.8%

Value ($000) $14,455 Shares 350,000 Est. Cost — Unrealized —

SLNO SOLENO THERAPEUTICS INC 0.8%

Value ($000) $13,520 Shares 200,000 Est. Cost $74.14 Unrealized -26.0%

— KARYOPHARM THERAPEUTICS INC 0.7%

Value ($000) $12,456 Shares 15,250,000 Est. Cost $0.69 Unrealized —

— ENLIVEN THERAPEUTICS INC 0.5%

Value ($000) $8,188 Shares 400,000 Est. Cost $20.47 Unrealized —

TARS TARSUS PHARMACEUTICALS INC 0.4%

Value ($000) $7,429 Shares 125,000 Est. Cost $49.23 Unrealized +51.7%

AKBA AKEBIA THERAPEUTICS INC 0.4%

Value ($000) $6,689 Shares 2,450,000 Est. Cost $2.43 Unrealized -14.0%

MNPR MONOPAR THERAPEUTICS INC 0.4%

Value ($000) $6,491 Shares 79,483 Est. Cost $37.36 Unrealized +118.7%

EXEL EXELIXIS INC 0.4%

Value ($000) $6,195 Shares 150,000 Est. Cost — Unrealized —

NTLA INTELLIA THERAPEUTICS INC 0.3%

Value ($000) $5,181 Shares 300,000 Est. Cost — Unrealized —

OMER OMEROS CORP 0.3%

Value ($000) $4,649 Shares 1,133,900 Est. Cost — Unrealized —

PCVX VAXCYTE INC 0.3%

Value ($000) $4,503 Shares 125,000 Est. Cost $38.48 Unrealized +16.2%

INSP INSPIRE MED SYS INC 0.2%

Value ($000) $3,710 Shares 50,000 Est. Cost $101.25 Unrealized -5.5%

JAZZ JAZZ PHARMACEUTICALS PLC 0.2%

Value ($000) $3,295 Shares 25,000 Est. Cost $108.63 Unrealized +41.1%

AUTL AUTOLUS THERAPEUTICS PLC 0.2%

Value ($000) $2,853 Shares 1,750,000 Est. Cost $4.28 Unrealized —

OCUL OCULAR THERAPEUTIX INC 0.2%

Value ($000) $2,794 Shares 239,000 Est. Cost $11.96 Unrealized +1.6%

OLMA OLEMA PHARMACEUTICALS INC 0.1%

Value ($000) $2,448 Shares 250,000 Est. Cost $5.03 Unrealized +253.8%

OLMA OLEMA PHARMACEUTICALS INC 0.1%

Value ($000) $2,448 Shares 250,000 Est. Cost $5.03 Unrealized +253.8%

— ASTRIA THERAPEUTICS INC 0.1%

Value ($000) $2,184 Shares 300,000 Est. Cost $5.36 Unrealized —

UTHR UNITED THERAPEUTICS CORP DEL 0.1%

Value ($000) $2,096 Shares 5,000 Est. Cost $336.31 Unrealized +38.5%

ATYR ATYR PHARMA INC 0.1%

Value ($000) $1,515 Shares 2,100,000 Est. Cost — Unrealized —

MIST MILESTONE PHARMACEUTICALS IN 0.1%

Value ($000) $1,333 Shares 666,666 Est. Cost $1.76 Unrealized +22.5%

KPTI KARYOPHARM THERAPEUTICS INC 0.1%

Value ($000) $1,031 Shares 157,600 Est. Cost $6.12 Unrealized 0.0%

— SUTRO BIOPHARMA INC 0.0%

Value ($000) $654 Shares 752,722 Est. Cost $0.65 Unrealized —

CNTX CONTEXT THERAPEUTICS INC 0.0%

Value ($000) $390 Shares 402,653 Est. Cost $1.56 Unrealized -25.0%

— REPARE THERAPEUTICS INC 0.0%

Value ($000) $352 Shares 200,000 Est. Cost $2.21 Unrealized —

CBIO CRESCENT BIOPHARMA INC. 0.0%

Value ($000) $214 Shares 17,998 Est. Cost $21.15 Unrealized -39.8%

SPRY ARS PHARMACEUTICALS INC 0.0%

Value ($000) $25 Shares 2,500 Est. Cost $14.35 Unrealized -32.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	VERONA PHARMA PLC	625,000	$66,694	3.8%	$18.37	—	—	925050106
SPY	SPDR S&P 500 ETF TR	84,490	$56,286	3.2%	$666.18	—	—	78462F103
INSM	INSMED INC	205,000	$29,522	1.7%	$72.50	+151.7%	CALL	457669307
—	MERUS N V	285,769	$26,905	1.5%	$82.92	—	—	N5749R100
—	PROTAGONIST THERAPEUTICS INC	220,600	$14,654	0.8%	$66.43	—	—	74366e102
EXEL	EXELIXIS INC	350,000	$14,455	0.8%	—	—	PUT	30161Q104
SLNO	SOLENO THERAPEUTICS INC	200,000	$13,520	0.8%	$74.14	-26.0%	—	834203309
—	KARYOPHARM THERAPEUTICS INC	15,250,000	$12,456	0.7%	$0.69	—	—	48576UAA4
—	ENLIVEN THERAPEUTICS INC	400,000	$8,188	0.5%	$20.47	—	—	29337e102
TARS	TARSUS PHARMACEUTICALS INC	125,000	$7,429	0.4%	$49.23	+51.7%	—	87650L103
AKBA	AKEBIA THERAPEUTICS INC	2,450,000	$6,689	0.4%	$2.43	-14.0%	—	00972D105
MNPR	MONOPAR THERAPEUTICS INC	79,483	$6,491	0.4%	$37.36	+118.7%	—	61023L207
EXEL	EXELIXIS INC	150,000	$6,195	0.4%	—	—	CALL	30161Q104
NTLA	INTELLIA THERAPEUTICS INC	300,000	$5,181	0.3%	—	—	CALL	45826J105
OMER	OMEROS CORP	1,133,900	$4,649	0.3%	—	—	PUT	682143102
PCVX	VAXCYTE INC	125,000	$4,503	0.3%	$38.48	+16.2%	—	92243G108
INSP	INSPIRE MED SYS INC	50,000	$3,710	0.2%	$101.25	-5.5%	—	457730109
JAZZ	JAZZ PHARMACEUTICALS PLC	25,000	$3,295	0.2%	$108.63	+41.1%	—	G50871105
AUTL	AUTOLUS THERAPEUTICS PLC	1,750,000	$2,853	0.2%	$4.28	—	—	05280R100
OCUL	OCULAR THERAPEUTIX INC	239,000	$2,794	0.2%	$11.96	+1.6%	—	67576A100
OLMA	OLEMA PHARMACEUTICALS INC	250,000	$2,448	0.1%	$5.03	+253.8%	—	68062P106
OLMA	OLEMA PHARMACEUTICALS INC	250,000	$2,448	0.1%	$5.03	+253.8%	CALL	68062P106
—	ASTRIA THERAPEUTICS INC	300,000	$2,184	0.1%	$5.36	—	—	04635X102
UTHR	UNITED THERAPEUTICS CORP DEL	5,000	$2,096	0.1%	$336.31	+38.5%	—	91307C102
ATYR	ATYR PHARMA INC	2,100,000	$1,515	0.1%	—	—	PUT	002120202
MIST	MILESTONE PHARMACEUTICALS IN	666,666	$1,333	0.1%	$1.76	+22.5%	—	59935V107
KPTI	KARYOPHARM THERAPEUTICS INC	157,600	$1,031	0.1%	$6.12	0.0%	CALL	48576U205
—	SUTRO BIOPHARMA INC	752,722	$654	0.0%	$0.65	—	—	869367102
CNTX	CONTEXT THERAPEUTICS INC	402,653	$390	0.0%	$1.56	-25.0%	—	21077P108
—	REPARE THERAPEUTICS INC	200,000	$352	0.0%	$2.21	—	—	760273102
CBIO	CRESCENT BIOPHARMA INC.	17,998	$214	0.0%	$21.15	-39.8%	—	G2545C104
SPRY	ARS PHARMACEUTICALS INC	2,500	$25	0.0%	$14.35	-32.2%	—	82835W108

Decreased Positions (19)

MDGL MADRIGAL PHARMACEUTICALS INC 1.0%

Value ($000) $18,129 (-65.6%) Shares 31,131 (-72.9%) Est. Cost $216.49 Unrealized +135.9%

QURE UNIQURE NV 0.1%

Value ($000) $1,197 (-93.2%) Shares 50,000 (-83.3%) Est. Cost $16.30 Unrealized +136.8%

CNTA CENTESSA PHARMACEUTICALS PLC 0.9%

Value ($000) $15,020 (-44.1%) Shares 600,552 (-45.8%) Est. Cost $12.11 Unrealized —

ALKS ALKERMES PLC 1.6%

Value ($000) $27,980 (-25.4%) Shares 1,000,000 (-20.0%) Est. Cost $26.24 Unrealized +14.1%

LXEO LEXEO THERAPEUTICS INC 1.8%

Value ($000) $31,776 (+23.6%) Shares 3,200,000 (-17.3%) Est. Cost $3.84 Unrealized +137.8%

ORKA ORUKA THERAPEUTICS INC 1.4%

Value ($000) $24,319 (+31.8%) Shares 802,342 (-16.4%) Est. Cost $21.60 Unrealized +29.0%

DNTH DIANTHUS THERAPEUTICS INC 0.3%

Value ($000) $4,739 (-54.0%) Shares 115,000 (-56.1%) Est. Cost $25.56 Unrealized +51.7%

ERAS ERASCA INC 0.8%

Value ($000) $14,508 (+55.3%) Shares 3,900,000 (-9.0%) Est. Cost $1.90 Unrealized +47.9%

VERA VERA THERAPEUTICS INC 0.7%

Value ($000) $12,660 (+43.6%) Shares 250,000 (-17.6%) Est. Cost $31.26 Unrealized +13.6%

PCSC PERCEPTIVE CAP SOLUTIONS COR 0.0%

Value ($000) $652 (-82.7%) Shares 50,000 (-85.7%) Est. Cost $10.07 Unrealized +11.9%

PRQR PROQR THRAPEUTICS N V 0.3%

Value ($000) $4,958 (-35.3%) Shares 2,454,278 (-31.8%) Est. Cost $2.92 Unrealized -20.0%

MLYS MINERALYS THERAPEUTICS INC 1.5%

Value ($000) $26,492 (-6.9%) Shares 730,000 (-2.7%) Est. Cost $11.77 Unrealized +240.8%

ESTA ESTABLISHMENT LABS HLDGS INC 0.8%

Value ($000) $14,576 (+14.7%) Shares 200,000 (-35.5%) Est. Cost $53.71 Unrealized +12.4%

TRVI TREVI THERAPEUTICS INC 1.5%

Value ($000) $26,920 (+5.1%) Shares 2,150,172 (-23.2%) Est. Cost $5.69 Unrealized +102.9%

NUVL NUVALENT INC 1.8%

Value ($000) $32,454 (-2.4%) Shares 322,633 (-16.1%) Est. Cost $72.88 Unrealized +35.3%

OBIO ORCHESTRA BIOMED HLDGS INC 0.1%

Value ($000) $2,377 (+31.8%) Shares 572,804 (-21.2%) Est. Cost $2.76 Unrealized +46.2%

TVTX TRAVERE THERAPEUTICS INC 0.7%

Value ($000) $11,463 (-4.1%) Shares 300,000 (-40.0%) Est. Cost $19.81 Unrealized +64.2%

IMVT IMMUNOVANT INC 0.3%

Value ($000) $5,084 (+5.1%) Shares 200,000 (-33.3%) Est. Cost $16.19 Unrealized +37.7%

XENE XENON PHARMACEUTICALS INC 3.2%

Value ($000) $56,025 (-0.3%) Shares 1,250,000 (-10.7%) Est. Cost $39.23 Unrealized +7.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MDGL	MADRIGAL PHARMACEUTICALS INC	31,131 (-72.9%)	$18,129 (-65.6%)	1.0%	$216.49	+135.9%	COM	558868105
QURE	UNIQURE NV	50,000 (-83.3%)	$1,197 (-93.2%)	0.1%	$16.30	+136.8%	SHS	N90064101
CNTA	CENTESSA PHARMACEUTICALS PLC	600,552 (-45.8%)	$15,020 (-44.1%)	0.9%	$12.11	—	SPONSORED ADS	152309100
ALKS	ALKERMES PLC	1,000,000 (-20.0%)	$27,980 (-25.4%)	1.6%	$26.24	+14.1%	SHS	G01767105
LXEO	LEXEO THERAPEUTICS INC	3,200,000 (-17.3%)	$31,776 (+23.6%)	1.8%	$3.84	+137.8%	COM	52886X107
ORKA	ORUKA THERAPEUTICS INC	802,342 (-16.4%)	$24,319 (+31.8%)	1.4%	$21.60	+29.0%	COM	687604108
DNTH	DIANTHUS THERAPEUTICS INC	115,000 (-56.1%)	$4,739 (-54.0%)	0.3%	$25.56	+51.7%	COM	252828108
ERAS	ERASCA INC	3,900,000 (-9.0%)	$14,508 (+55.3%)	0.8%	$1.90	+47.9%	COM	29479A108
VERA	VERA THERAPEUTICS INC	250,000 (-17.6%)	$12,660 (+43.6%)	0.7%	$31.26	+13.6%	CL A	92337R101
PCSC	PERCEPTIVE CAP SOLUTIONS COR	50,000 (-85.7%)	$652 (-82.7%)	0.0%	$10.07	+11.9%	CL A ORD SHS	G70077105
PRQR	PROQR THRAPEUTICS N V	2,454,278 (-31.8%)	$4,958 (-35.3%)	0.3%	$2.92	-20.0%	SHS EURO	N71542109
MLYS	MINERALYS THERAPEUTICS INC	730,000 (-2.7%)	$26,492 (-6.9%)	1.5%	$11.77	+240.8%	COM	603170101
ESTA	ESTABLISHMENT LABS HLDGS INC	200,000 (-35.5%)	$14,576 (+14.7%)	0.8%	$53.71	+12.4%	COM	G31249108
TRVI	TREVI THERAPEUTICS INC	2,150,172 (-23.2%)	$26,920 (+5.1%)	1.5%	$5.69	+102.9%	COM	89532M101
NUVL	NUVALENT INC	322,633 (-16.1%)	$32,454 (-2.4%)	1.8%	$72.88	+35.3%	COM	670703107
OBIO	ORCHESTRA BIOMED HLDGS INC	572,804 (-21.2%)	$2,377 (+31.8%)	0.1%	$2.76	+46.2%	COM	68572M106
TVTX	TRAVERE THERAPEUTICS INC	300,000 (-40.0%)	$11,463 (-4.1%)	0.7%	$19.81	+64.2%	COM	89422G107
IMVT	IMMUNOVANT INC	200,000 (-33.3%)	$5,084 (+5.1%)	0.3%	$16.19	+37.7%	COM	45258J102
XENE	XENON PHARMACEUTICALS INC	1,250,000 (-10.7%)	$56,025 (-0.3%)	3.2%	$39.23	+7.1%	COM	98420N105

Unchanged Positions (21)

SYRE SPYRE THERAPEUTICS INC 2.7%

Value ($000) $46,932 Shares 1,432,591 Est. Cost $18.18 Unrealized +43.7%

TEVA TEVA PHARMACEUTICAL INDS LTD 2.5%

Value ($000) $43,694 Shares 1,400,000 Est. Cost $8.35 Unrealized —

INSM INSMED INC 4.5%

Value ($000) $78,318 Shares 450,000 Est. Cost $72.50 Unrealized +151.7%

NRIX NURIX THERAPEUTICS INC 1.0%

Value ($000) $18,356 Shares 967,620 Est. Cost $10.44 Unrealized +37.6%

RVMD REVOLUTION MEDICINES INC 0.5%

Value ($000) $7,965 Shares 100,000 Est. Cost $39.15 Unrealized +67.5%

CLYM CLIMB BIO INC 0.3%

Value ($000) $5,200 Shares 1,300,000 Est. Cost $3.30 Unrealized -27.2%

— CELCUITY INC 0.4%

Value ($000) $6,516 Shares 3,000,000 Est. Cost $1.33 Unrealized —

VRDN VIRIDIAN THERAPEUTICS INC 0.4%

Value ($000) $7,780 Shares 250,000 Est. Cost $16.46 Unrealized +66.6%

— TRAVERE THERAPEUTICS INC 0.6%

Value ($000) $9,989 Shares 7,000,000 Est. Cost $0.90 Unrealized —

NAMS NEWAMSTERDAM PHARMA COMPANY 0.5%

Value ($000) $9,647 Shares 275,000 Est. Cost $17.93 Unrealized +103.0%

NAMSW NEWAMSTERDAM PHARMA COMPANY 0.3%

Value ($000) $5,635 Shares 245,000 Est. Cost $6.02 Unrealized —

SMMT SUMMIT THERAPEUTICS INC 0.3%

Value ($000) $6,122 Shares 350,000 Est. Cost — Unrealized —

EPRX EUPRAXIA PHARMACEUTICALS INC 0.1%

Value ($000) $2,265 Shares 300,000 Est. Cost $5.44 Unrealized +13.3%

CRNX CRINETICS PHARMACEUTICALS IN 0.2%

Value ($000) $3,491 Shares 75,000 Est. Cost $27.88 Unrealized +59.7%

CMPS COMPASS PATHWAYS PLC 0.1%

Value ($000) $1,380 Shares 200,000 Est. Cost $5.73 Unrealized —

CATX PERSPECTIVE THERAPEUTICS INC 0.0%

Value ($000) $825 Shares 300,000 Est. Cost $7.43 Unrealized -61.6%

GERN GERON CORP 0.1%

Value ($000) $1,980 Shares 1,500,000 Est. Cost $2.82 Unrealized -55.5%

ADGM ADAGIO MED HLDGS INC 0.0%

Value ($000) $83 Shares 80,000 Est. Cost $4.76 Unrealized -75.1%

QTTB Q32 BIO INC 0.0%

Value ($000) $92 Shares 27,777 Est. Cost $13.78 Unrealized -79.5%

OACCU OAKTREE ACQUISITION CORP III 0.2%

Value ($000) $2,653 Shares 250,000 Est. Cost $10.15 Unrealized —

RCKTW ROCKET PHARMACEUTICALS INC 0.0%

Value ($000) $2 Shares 75,000 Est. Cost $0.16 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SYRE	SPYRE THERAPEUTICS INC	1,432,591	$46,932	2.7%	$18.18	+43.7%	COM NEW	00773J202
TEVA	TEVA PHARMACEUTICAL INDS LTD	1,400,000	$43,694	2.5%	$8.35	—	SPONSORED ADS	881624209
INSM	INSMED INC	450,000	$78,318	4.5%	$72.50	+151.7%	COM PAR $.01	457669307
NRIX	NURIX THERAPEUTICS INC	967,620	$18,356	1.0%	$10.44	+37.6%	COM	67080M103
RVMD	REVOLUTION MEDICINES INC	100,000	$7,965	0.5%	$39.15	+67.5%	COM	76155X100
CLYM	CLIMB BIO INC	1,300,000	$5,200	0.3%	$3.30	-27.2%	COM	28658R106
—	CELCUITY INC	3,000,000	$6,516	0.4%	$1.33	—	NOTE 2.750% 8/0	15102KAA8
VRDN	VIRIDIAN THERAPEUTICS INC	250,000	$7,780	0.4%	$16.46	+66.6%	COM	92790C104
—	TRAVERE THERAPEUTICS INC	7,000,000	$9,989	0.6%	$0.90	—	NOTE 2.250% 3/0	89422GAA5
NAMS	NEWAMSTERDAM PHARMA COMPANY	275,000	$9,647	0.5%	$17.93	+103.0%	ORDINARY SHARES	N62509109
NAMSW	NEWAMSTERDAM PHARMA COMPANY	245,000	$5,635	0.3%	$6.02	—	*W EXP 99/99/999	N62509117
SMMT	SUMMIT THERAPEUTICS INC	350,000	$6,122	0.3%	—	—	PUT	86627T108
EPRX	EUPRAXIA PHARMACEUTICALS INC	300,000	$2,265	0.1%	$5.44	+13.3%	COM	29842P105
CRNX	CRINETICS PHARMACEUTICALS IN	75,000	$3,491	0.2%	$27.88	+59.7%	COM	22663K107
CMPS	COMPASS PATHWAYS PLC	200,000	$1,380	0.1%	$5.73	—	SPONSORED ADS	20451W101
CATX	PERSPECTIVE THERAPEUTICS INC	300,000	$825	0.0%	$7.43	-61.6%	COM NEW	46489V302
GERN	GERON CORP	1,500,000	$1,980	0.1%	$2.82	-55.5%	COM	374163103
ADGM	ADAGIO MED HLDGS INC	80,000	$83	0.0%	$4.76	-75.1%	COM	00534B100
QTTB	Q32 BIO INC	27,777	$92	0.0%	$13.78	-79.5%	COM	746964105
OACCU	OAKTREE ACQUISITION CORP III	250,000	$2,653	0.2%	$10.15	—	UNIT 10/04/2029	G6717R120
RCKTW	ROCKET PHARMACEUTICALS INC	75,000	$2	0.0%	$0.16	—	*W EXP 09/02/202	77313F114