Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TRAX	FIRST TRACKS BIOTHERAPEUTICS	2,032,012	$40.88M	1.8%	$20.12	—	ORD SHS	337185102
MRNA	MODERNA INC	500,000	$35.02M	1.6%	—	—	PUT	60770K107
ARKG	ARK ETF TR	750,000	$31.55M	1.4%	—	—	CALL	00214Q302
LLY	ELI LILLY & CO	20,000	$23.99M	1.1%	—	—	CALL	532457108
IDYA	IDEAYA BIOSCIENCES INC	400,000	$14.91M	0.7%	$37.27	—	COM	45166A102
ODTX	ODYSSEY THERAPEUTICS INC	766,346	$14.34M	0.6%	$18.71	—	COMMON STOCK	67613T104
OMER	OMEROS CORP	1,411,300	$13.42M	0.6%	—	—	PUT	682143102
ALKS	ALKERMES PLC	250,000	$13.1M	0.6%	$27.82	—	CALL	G01767105
QURE	UNIQURE NV	175,000	$8.06M	0.4%	$46.06	—	SHS	N90064101
ASND	ASCENDIS PHARMA A/S	30,000	$8.002M	0.4%	$266.72	—	ORD SHS	K08588103
EVMN	EVOMMUNE INC	500,100	$6.646M	0.3%	—	—	PUT	30054Y107
ASMB	ASSEMBLY BIOSCIENCES INC	190,000	$5.221M	0.2%	$27.48	—	COM NEW	045396207
COAG	HEMAB THERAPEUTICS HLDGS INC	138,030	$5.07M	0.2%	$36.73	—	COM SHS	423494103
RACC	RESEARCH ALLIANCE CORP III	370,000	$3.959M	0.2%	$10.70	—	ORD SHS CL A	G75226103
AMAN	AMANAT ACQUISITION CORP	375,000	$3.81M	0.2%	$10.16	—	CL A ORD	G0375M101
BHVN	BIOHAVEN LTD	250,000	$3.72M	0.2%	$14.88	—	COM	G1110E107
SNSE	FAETH THERAPEUTICS INC	144,404	$3.61M	0.2%	$25.00	—	COM NEW	81728A207
—	CELCUITY INC	2,000,000	$2.283M	0.1%	$1.14	—	NOTE 0.250% 8/0	15102KAB6
JATT	JATT II ACQUISITION CORP	200,000	$2.272M	0.1%	$11.36	—	ORD SHS	G50765109
NMRA	NEUMORA THERAPEUTICS INC.	1,070,651	$1.82M	0.1%	$1.70	—	COM	640979100
AMLX	AMYLYX PHARMACEUTICALS INC	98,999	$1.778M	0.1%	$17.96	—	COM	03237H101
SPRB	SPRUCE BIOSCIENCES INC	30,000	$1.62M	0.1%	$54.00	—	COM NEW	85209E208
SMMT	SUMMIT THERAPEUTICS INC	100,000	$1.457M	0.1%	—	—	CALL	86627T108
EIKN	EIKON THERAPEUTICS INC	98,001	$1.279M	0.1%	$13.05	—	COM	282564103
ENGN	ENGENE THERAPEUTICS INC	600,000	$1.038M	0.0%	$1.73	—	COM	29286X101
BOLD	BOUNDLESS BIO INC	250,000	$625K	0.0%	$2.50	—	COM	10170A100

Increased Positions (33)

ROIV ROIVANT SCIENCES LTD 6.0%

Value $133M (+71.1%) Shares 3,750,000 (+33.9%) Est. Cost $23.27 Unrealized —

RVMD REVOLUTION MEDICINES INC 2.1%

Value $46.82M (+381.4%) Shares 250,000 (+150.0%) Est. Cost $128.03 Unrealized —

AVTX AVALO THERAPEUTICS INC 2.4%

Value $53.59M (+167.7%) Shares 2,900,000 (+116.3%) Est. Cost $15.07 Unrealized —

ORKA ORUKA THERAPEUTICS INC 2.5%

Value $56.15M (+129.1%) Shares 590,000 (+18.1%) Est. Cost $32.86 Unrealized —

RLAY RELAY THERAPEUTICS INC 0.9%

Value $19.65M (+393.6%) Shares 1,050,000 (+162.5%) Est. Cost $14.75 Unrealized —

BLTE BELITE BIO INC 1.1%

Value $25.41M (+145.2%) Shares 165,000 (+153.8%) Est. Cost $156.20 Unrealized —

SGMT SAGIMET BIOSCIENCES INC 0.9%

Value $19.31M (+325.7%) Shares 2,497,864 (+187.8%) Est. Cost $7.64 Unrealized —

STRO SUTRO BIOPHARMA INC 1.8%

Value $38.93M (+46.1%) Shares 1,172,487 (+9.6%) Est. Cost $13.10 Unrealized —

ANRO ALTO NEUROSCIENCE INC 1.0%

Value $22.43M (+99.6%) Shares 850,000 (+70.0%) Est. Cost $20.73 Unrealized —

EQ EQUILLIUM INC 0.6%

Value $13.12M (+434.9%) Shares 4,100,000 (+234.3%) Est. Cost $2.67 Unrealized —

CLDX CELLDEX THERAPEUTICS INC NEW 1.2%

Value $26.05M (+64.2%) Shares 700,000 (+40.0%) Est. Cost $27.89 Unrealized —

JBIO JADE BIOSCIENCES INC 0.8%

Value $18.67M (+107.7%) Shares 840,350 (+31.3%) Est. Cost $15.73 Unrealized —

DNTH DIANTHUS THERAPEUTICS INC 1.8%

Value $38.99M (+32.8%) Shares 400,000 (+14.3%) Est. Cost $47.49 Unrealized —

INSM INSMED INC 3.1%

Value $69.3M (-11.7%) Shares 650,000 (+35.4%) Est. Cost $85.42 Unrealized —

CLYM CLIMB BIO INC 0.6%

Value $12.67M (+164.3%) Shares 972,000 (+38.9%) Est. Cost $6.03 Unrealized —

MANE VERADERMICS INC 0.6%

Value $12.29M (+178.1%) Shares 100,000 (+42.9%) Est. Cost $81.09 Unrealized —

TSHA TAYSHA GENE THERAPIES INC 0.5%

Value $11.92M (+166.6%) Shares 1,750,000 (+75.0%) Est. Cost $4.62 Unrealized —

PRAX PRAXIS PRECISION MEDICINES I 2.8%

Value $61.94M (+13.1%) Shares 185,000 (+8.8%) Est. Cost $198.27 Unrealized —

ESTA ESTABLISHMENT LABS HLDGS INC 0.6%

Value $12.7M (+123.7%) Shares 148,013 (+48.0%) Est. Cost $64.13 Unrealized —

PRQR PROQR THRAPEUTICS N V 0.5%

Value $10.31M (+159.4%) Shares 5,543,936 (+125.9%) Est. Cost $2.33 Unrealized —

— COGENT BIOSCIENCES INC 0.6%

Value $13.65M (+59.0%) Shares 11,000,000 (+57.1%) Est. Cost $1.23 Unrealized —

CGEM CULLINAN THERAPEUTICS INC 0.7%

Value $15.95M (+43.6%) Shares 875,760 (+12.1%) Est. Cost $10.02 Unrealized —

MGNX MACROGENICS INC 0.3%

Value $5.621M (+289.0%) Shares 1,216,606 (+143.3%) Est. Cost $3.37 Unrealized —

SABS SAB BIOTHERAPEUTICS INC 0.3%

Value $5.947M (+170.1%) Shares 1,525,000 (+165.2%) Est. Cost $3.94 Unrealized —

SLGL SOL-GEL TECHNOLOGIES LTD 0.3%

Value $6.294M (+127.0%) Shares 84,900 (+142.6%) Est. Cost $70.95 Unrealized —

GENB GENERATE BIOMEDICINES INC 0.3%

Value $6.748M (+54.2%) Shares 400,000 (+14.3%) Est. Cost $13.05 Unrealized —

ALEC ALECTOR INC 0.1%

Value $3.035M (+182.3%) Shares 1,510,000 (+202.0%) Est. Cost $1.98 Unrealized —

LXEO LEXEO THERAPEUTICS INC 1.2%

Value $27.03M (-6.7%) Shares 5,807,611 (+15.0%) Est. Cost $5.12 Unrealized —

FBRX FORTE BIOSCIENCES INC 1.1%

Value $24.34M (-7.1%) Shares 1,145,391 (+13.2%) Est. Cost $18.20 Unrealized —

DTIL PRECISION BIOSCIENCES INC 0.2%

Value $5.082M (+54.5%) Shares 646,576 (+8.1%) Est. Cost $4.29 Unrealized —

CATX PERSPECTIVE THERAPEUTICS INC 0.6%

Value $14.37M (+8.9%) Shares 4,214,582 (+33.2%) Est. Cost $3.99 Unrealized —

IBIO IBIO INC 0.3%

Value $7.014M (+18.8%) Shares 4,007,881 (+29.0%) Est. Cost $1.70 Unrealized —

EPRX EUPRAXIA PHARMACEUTICALS INC 0.5%

Value $10.91M (-5.2%) Shares 1,650,000 (+3.8%) Est. Cost $7.77 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ROIV	ROIVANT SCIENCES LTD	3,750,000 (+33.9%)	$133M (+71.1%)	6.0%	$23.27	—	SHS	G76279101
RVMD	REVOLUTION MEDICINES INC	250,000 (+150.0%)	$46.82M (+381.4%)	2.1%	$128.03	—	COM	76155X100
AVTX	AVALO THERAPEUTICS INC	2,900,000 (+116.3%)	$53.59M (+167.7%)	2.4%	$15.07	—	COM NEW	05338F306
ORKA	ORUKA THERAPEUTICS INC	590,000 (+18.1%)	$56.15M (+129.1%)	2.5%	$32.86	—	COM	687604108
RLAY	RELAY THERAPEUTICS INC	1,050,000 (+162.5%)	$19.65M (+393.6%)	0.9%	$14.75	—	COM	75943R102
BLTE	BELITE BIO INC	165,000 (+153.8%)	$25.41M (+145.2%)	1.1%	$156.20	—	SPONSORED ADS	07782B104
SGMT	SAGIMET BIOSCIENCES INC	2,497,864 (+187.8%)	$19.31M (+325.7%)	0.9%	$7.64	—	COM SER A	786700104
STRO	SUTRO BIOPHARMA INC	1,172,487 (+9.6%)	$38.93M (+46.1%)	1.8%	$13.10	—	COM SHS	869367201
ANRO	ALTO NEUROSCIENCE INC	850,000 (+70.0%)	$22.43M (+99.6%)	1.0%	$20.73	—	COM SHS	02157Q109
EQ	EQUILLIUM INC	4,100,000 (+234.3%)	$13.12M (+434.9%)	0.6%	$2.67	—	COM	29446K106
CLDX	CELLDEX THERAPEUTICS INC NEW	700,000 (+40.0%)	$26.05M (+64.2%)	1.2%	$27.89	—	COM NEW	15117B202
JBIO	JADE BIOSCIENCES INC	840,350 (+31.3%)	$18.67M (+107.7%)	0.8%	$15.73	—	COM NEW	008064206
DNTH	DIANTHUS THERAPEUTICS INC	400,000 (+14.3%)	$38.99M (+32.8%)	1.8%	$47.49	—	COM	252828108
INSM	INSMED INC	650,000 (+35.4%)	$69.3M (-11.7%)	3.1%	$85.42	—	COM PAR $.01	457669307
CLYM	CLIMB BIO INC	972,000 (+38.9%)	$12.67M (+164.3%)	0.6%	$6.03	—	COM	28658R106
MANE	VERADERMICS INC	100,000 (+42.9%)	$12.29M (+178.1%)	0.6%	$81.09	—	COMMON STOCK	922967104
TSHA	TAYSHA GENE THERAPIES INC	1,750,000 (+75.0%)	$11.92M (+166.6%)	0.5%	$4.62	—	COM SHS	877619106
PRAX	PRAXIS PRECISION MEDICINES I	185,000 (+8.8%)	$61.94M (+13.1%)	2.8%	$198.27	—	COM NEW	74006W207
ESTA	ESTABLISHMENT LABS HLDGS INC	148,013 (+48.0%)	$12.7M (+123.7%)	0.6%	$64.13	—	COM	G31249108
PRQR	PROQR THRAPEUTICS N V	5,543,936 (+125.9%)	$10.31M (+159.4%)	0.5%	$2.33	—	SHS EURO	N71542109
—	COGENT BIOSCIENCES INC	11,000,000 (+57.1%)	$13.65M (+59.0%)	0.6%	$1.23	—	NOTE 1.625%11/1	19240QAA0
CGEM	CULLINAN THERAPEUTICS INC	875,760 (+12.1%)	$15.95M (+43.6%)	0.7%	$10.02	—	COM	230031106
MGNX	MACROGENICS INC	1,216,606 (+143.3%)	$5.621M (+289.0%)	0.3%	$3.37	—	COM	556099109
SABS	SAB BIOTHERAPEUTICS INC	1,525,000 (+165.2%)	$5.947M (+170.1%)	0.3%	$3.94	—	COM NEW	78397T202
SLGL	SOL-GEL TECHNOLOGIES LTD	84,900 (+142.6%)	$6.294M (+127.0%)	0.3%	$70.95	—	SHS NEW	M8694L137
GENB	GENERATE BIOMEDICINES INC	400,000 (+14.3%)	$6.748M (+54.2%)	0.3%	$13.05	—	COM SHS	370920100
ALEC	ALECTOR INC	1,510,000 (+202.0%)	$3.035M (+182.3%)	0.1%	$1.98	—	COM	014442107
LXEO	LEXEO THERAPEUTICS INC	5,807,611 (+15.0%)	$27.03M (-6.7%)	1.2%	$5.12	—	COM	52886X107
FBRX	FORTE BIOSCIENCES INC	1,145,391 (+13.2%)	$24.34M (-7.1%)	1.1%	$18.20	—	COM NEW	34962G208
DTIL	PRECISION BIOSCIENCES INC	646,576 (+8.1%)	$5.082M (+54.5%)	0.2%	$4.29	—	COM NEW	74019P207
CATX	PERSPECTIVE THERAPEUTICS INC	4,214,582 (+33.2%)	$14.37M (+8.9%)	0.6%	$3.99	—	COM NEW	46489V302
IBIO	IBIO INC	4,007,881 (+29.0%)	$7.014M (+18.8%)	0.3%	$1.70	—	COM NEW	451033708
EPRX	EUPRAXIA PHARMACEUTICALS INC	1,650,000 (+3.8%)	$10.91M (-5.2%)	0.5%	$7.77	—	COM	29842P105

Exited Positions (18)

SPY STATE STR SPDR S&P 500 ETF T 5.9%

Value $130M Shares 200,000 Est. Cost — Unrealized —

CNTA CENTESSA PHARMACEUTICALS PLC 2.5%

Value $55.61M Shares 1,400,000 Est. Cost $27.87 Unrealized —

ACLX ARCELLX INC 1.9%

Value $41.65M Shares 362,764 Est. Cost $46.50 Unrealized —

TERN TERNS PHARMACEUTICALS INC 1.3%

Value $29.66M Shares 562,631 Est. Cost $23.43 Unrealized —

ASND ASCENDIS PHARMA A/S 1.0%

Value $21.73M Shares 95,000 Est. Cost $223.84 Unrealized —

BMY BRISTOL-MYERS SQUIBB CO 0.8%

Value $18.2M Shares 300,000 Est. Cost — Unrealized —

BBIO BRIDGEBIO PHARMA INC 0.5%

Value $11.14M Shares 150,000 Est. Cost $58.10 Unrealized —

WVE WAVE LIFE SCIENCES LTD 0.5%

Value $10.16M Shares 1,401,727 Est. Cost $7.78 Unrealized —

RVMD REVOLUTION MEDICINES INC 0.4%

Value $9.725M Shares 100,000 Est. Cost $128.03 Unrealized —

IBRX IMMUNITYBIO INC 0.4%

Value $9.588M Shares 1,250,000 Est. Cost — Unrealized —

— CELCUITY INC 0.3%

Value $7.314M Shares 3,000,000 Est. Cost $1.33 Unrealized —

NVO NOVO-NORDISK A S 0.3%

Value $6.431M Shares 175,000 Est. Cost — Unrealized —

DNTH DIANTHUS THERAPEUTICS INC 0.2%

Value $4.196M Shares 50,000 Est. Cost $47.49 Unrealized —

ENGN ENGENE HOLDINGS INC 0.2%

Value $4.157M Shares 610,370 Est. Cost $7.50 Unrealized —

CGON CG ONCOLOGY INC 0.2%

Value $4.061M Shares 60,000 Est. Cost — Unrealized —

CELC CELCUITY INC 0.2%

Value $3.424M Shares 30,000 Est. Cost — Unrealized —

CORT CORCEPT THERAPEUTICS INC 0.1%

Value $2.015M Shares 50,000 Est. Cost $38.80 Unrealized —

KZR KEZAR LIFE SCIENCES INC 0.1%

Value $1.7M Shares 229,076 Est. Cost $5.83 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPY	STATE STR SPDR S&P 500 ETF T	200,000	$130M	5.9%	—	—	PUT	78462F103
CNTA	CENTESSA PHARMACEUTICALS PLC	1,400,000	$55.61M	2.5%	$27.87	—	—	152309100
ACLX	ARCELLX INC	362,764	$41.65M	1.9%	$46.50	—	—	03940C100
TERN	TERNS PHARMACEUTICALS INC	562,631	$29.66M	1.3%	$23.43	—	—	880881107
ASND	ASCENDIS PHARMA A/S	95,000	$21.73M	1.0%	$223.84	—	—	04351P101
BMY	BRISTOL-MYERS SQUIBB CO	300,000	$18.2M	0.8%	—	—	CALL	110122108
BBIO	BRIDGEBIO PHARMA INC	150,000	$11.14M	0.5%	$58.10	—	—	10806X102
WVE	WAVE LIFE SCIENCES LTD	1,401,727	$10.16M	0.5%	$7.78	—	—	Y95308105
RVMD	REVOLUTION MEDICINES INC	100,000	$9.725M	0.4%	$128.03	—	PUT	76155X100
IBRX	IMMUNITYBIO INC	1,250,000	$9.588M	0.4%	—	—	PUT	45256X103
—	CELCUITY INC	3,000,000	$7.314M	0.3%	$1.33	—	—	15102KAA8
NVO	NOVO-NORDISK A S	175,000	$6.431M	0.3%	—	—	CALL	670100205
DNTH	DIANTHUS THERAPEUTICS INC	50,000	$4.196M	0.2%	$47.49	—	CALL	252828108
ENGN	ENGENE HOLDINGS INC	610,370	$4.157M	0.2%	$7.50	—	—	29286M105
CGON	CG ONCOLOGY INC	60,000	$4.061M	0.2%	—	—	CALL	156944100
CELC	CELCUITY INC	30,000	$3.424M	0.2%	—	—	CALL	15102K100
CORT	CORCEPT THERAPEUTICS INC	50,000	$2.015M	0.1%	$38.80	—	—	218352102
KZR	KEZAR LIFE SCIENCES INC	229,076	$1.7M	0.1%	$5.83	—	—	49372L209

Decreased Positions (30)

TEVA TEVA PHARMACEUTICAL INDS LTD 0.6%

Value $12.67M (-70.0%) Shares 374,000 (-73.3%) Est. Cost $8.35 Unrealized —

APGE APOGEE THERAPEUTICS INC 5.9%

Value $131M (+21.1%) Shares 987,000 (-23.2%) Est. Cost $40.18 Unrealized —

COGT COGENT BIOSCIENCES INC 0.8%

Value $17.41M (-39.7%) Shares 450,000 (-40.0%) Est. Cost $33.05 Unrealized —

ALKS ALKERMES PLC 2.7%

Value $58.94M (+23.5%) Shares 1,125,000 (-16.7%) Est. Cost $27.82 Unrealized —

TRVI TREVI THERAPEUTICS INC 1.5%

Value $33.57M (+40.7%) Shares 1,800,172 (-10.0%) Est. Cost $5.69 Unrealized —

ERAS ERASCA INC 4.3%

Value $96.18M (+11.1%) Shares 5,250,000 (-1.9%) Est. Cost $4.10 Unrealized —

MRNA MODERNA INC 1.5%

Value $33.26M (-18.1%) Shares 475,000 (-40.6%) Est. Cost — Unrealized —

MDGL MADRIGAL PHARMACEUTICALS INC 1.0%

Value $21.48M (-25.4%) Shares 40,000 (-27.3%) Est. Cost $336.27 Unrealized —

ZURA ZURA BIO LTD 0.4%

Value $8.639M (-43.4%) Shares 1,464,303 (-42.9%) Est. Cost $3.60 Unrealized —

QURE UNIQURE NV 0.4%

Value $9.212M (+87.8%) Shares 200,000 (-33.3%) Est. Cost $46.06 Unrealized —

OVID OVID THERAPEUTICS INC 1.2%

Value $27.29M (+15.6%) Shares 10,144,562 (-4.6%) Est. Cost $1.37 Unrealized —

ANAB ANAPTYSBIO INC 2.5%

Value $55.76M (+7.0%) Shares 826,109 (-12.1%) Est. Cost $44.45 Unrealized —

SGP SPYGLASS PHARMA INC 0.1%

Value $2.929M (-54.8%) Shares 131,586 (-47.4%) Est. Cost $25.91 Unrealized —

TYRA TYRA BIOSCIENCES INC 0.3%

Value $6.388M (-35.2%) Shares 200,012 (-22.3%) Est. Cost $30.25 Unrealized —

NUVL NUVALENT INC 1.5%

Value $33.96M (+10.5%) Shares 275,000 (-8.3%) Est. Cost $72.88 Unrealized —

NXTC NEXTCURE INC 0.0%

Value $67,136 (-97.4%) Shares 41,960 (-82.6%) Est. Cost $6.38 Unrealized —

ELVN ENLIVEN THERAPEUTICS INC 1.1%

Value $25.38M (+10.3%) Shares 500,000 (-14.8%) Est. Cost $25.60 Unrealized —

CMPS COMPASS PATHWAYS PLC 0.2%

Value $4.262M (-30.5%) Shares 301,183 (-72.8%) Est. Cost $5.57 Unrealized —

CRSP CRISPR THERAPEUTICS AG 0.2%

Value $5.454M (-23.6%) Shares 100,000 (-33.3%) Est. Cost $53.50 Unrealized —

OBIO ORCHESTRA BIOMED HLDGS INC 0.0%

Value $144K (-91.6%) Shares 33,400 (-91.7%) Est. Cost $2.76 Unrealized —

XENE XENON PHARMACEUTICALS INC 4.4%

Value $96.27M (-1.2%) Shares 1,595,000 (-4.8%) Est. Cost $39.93 Unrealized —

ABVX ABIVAX SA 2.0%

Value $43.98M (-2.5%) Shares 330,000 (-18.5%) Est. Cost $83.67 Unrealized —

CYTK CYTOKINETICS INC 2.1%

Value $46.85M (+1.5%) Shares 550,000 (-21.5%) Est. Cost $53.01 Unrealized —

ANL ADLAI NORTYE LTD 0.1%

Value $1.769M (+55.2%) Shares 153,847 (-6.6%) Est. Cost $6.92 Unrealized —

GLTO DAMORA THERAPEUTICS INC 0.5%

Value $11.05M (-5.2%) Shares 425,000 (-5.6%) Est. Cost $25.80 Unrealized —

RZLT REZOLUTE INC 0.2%

Value $5.2M (+10.2%) Shares 1,000,000 (-35.4%) Est. Cost $2.90 Unrealized —

MBX MBX BIOSCIENCES INC 0.2%

Value $4.14M (-7.5%) Shares 75,000 (-50.0%) Est. Cost $17.07 Unrealized —

ARWR ARROWHEAD PHARMACEUTICALS IN 0.6%

Value $12.23M (-2.5%) Shares 150,000 (-25.0%) Est. Cost $59.88 Unrealized —

AVBP ARRIVENT BIOPHARMA INC 0.2%

Value $4.343M (+7.6%) Shares 125,000 (-28.6%) Est. Cost $20.99 Unrealized —

KPTI KARYOPHARM THERAPEUTICS INC 0.1%

Value $3.053M (+9.6%) Shares 312,500 (-37.5%) Est. Cost $6.12 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TEVA	TEVA PHARMACEUTICAL INDS LTD	374,000 (-73.3%)	$12.67M (-70.0%)	0.6%	$8.35	—	SPONSORED ADS	881624209
APGE	APOGEE THERAPEUTICS INC	987,000 (-23.2%)	$131M (+21.1%)	5.9%	$40.18	—	COM	03770N101
COGT	COGENT BIOSCIENCES INC	450,000 (-40.0%)	$17.41M (-39.7%)	0.8%	$33.05	—	COM	19240Q201
ALKS	ALKERMES PLC	1,125,000 (-16.7%)	$58.94M (+23.5%)	2.7%	$27.82	—	SHS	G01767105
TRVI	TREVI THERAPEUTICS INC	1,800,172 (-10.0%)	$33.57M (+40.7%)	1.5%	$5.69	—	COM	89532M101
ERAS	ERASCA INC	5,250,000 (-1.9%)	$96.18M (+11.1%)	4.3%	$4.10	—	COM	29479A108
MRNA	MODERNA INC	475,000 (-40.6%)	$33.26M (-18.1%)	1.5%	—	—	CALL	60770K107
MDGL	MADRIGAL PHARMACEUTICALS INC	40,000 (-27.3%)	$21.48M (-25.4%)	1.0%	$336.27	—	COM	558868105
ZURA	ZURA BIO LTD	1,464,303 (-42.9%)	$8.639M (-43.4%)	0.4%	$3.60	—	CLASS A ORD SHS	G9TY5A101
QURE	UNIQURE NV	200,000 (-33.3%)	$9.212M (+87.8%)	0.4%	$46.06	—	CALL	N90064101
OVID	OVID THERAPEUTICS INC	10,144,562 (-4.6%)	$27.29M (+15.6%)	1.2%	$1.37	—	COM	690469101
ANAB	ANAPTYSBIO INC	826,109 (-12.1%)	$55.76M (+7.0%)	2.5%	$44.45	—	COM	032724106
SGP	SPYGLASS PHARMA INC	131,586 (-47.4%)	$2.929M (-54.8%)	0.1%	$25.91	—	COM SHS	85220G109
TYRA	TYRA BIOSCIENCES INC	200,012 (-22.3%)	$6.388M (-35.2%)	0.3%	$30.25	—	COM	90240B106
NUVL	NUVALENT INC	275,000 (-8.3%)	$33.96M (+10.5%)	1.5%	$72.88	—	COM	670703107
NXTC	NEXTCURE INC	41,960 (-82.6%)	$67,136 (-97.4%)	0.0%	$6.38	—	COM NEW	65343E207
ELVN	ENLIVEN THERAPEUTICS INC	500,000 (-14.8%)	$25.38M (+10.3%)	1.1%	$25.60	—	COM	29337E102
CMPS	COMPASS PATHWAYS PLC	301,183 (-72.8%)	$4.262M (-30.5%)	0.2%	$5.57	—	SPONSORED ADS	20451W101
CRSP	CRISPR THERAPEUTICS AG	100,000 (-33.3%)	$5.454M (-23.6%)	0.2%	$53.50	—	NAMEN AKT	H17182108
OBIO	ORCHESTRA BIOMED HLDGS INC	33,400 (-91.7%)	$144K (-91.6%)	0.0%	$2.76	—	COM	68572M106
XENE	XENON PHARMACEUTICALS INC	1,595,000 (-4.8%)	$96.27M (-1.2%)	4.4%	$39.93	—	COM	98420N105
ABVX	ABIVAX SA	330,000 (-18.5%)	$43.98M (-2.5%)	2.0%	$83.67	—	SPONSORED ADS	00370M103
CYTK	CYTOKINETICS INC	550,000 (-21.5%)	$46.85M (+1.5%)	2.1%	$53.01	—	COM NEW	23282W605
ANL	ADLAI NORTYE LTD	153,847 (-6.6%)	$1.769M (+55.2%)	0.1%	$6.92	—	SPONSORED ADS	00704R109
GLTO	DAMORA THERAPEUTICS INC	425,000 (-5.6%)	$11.05M (-5.2%)	0.5%	$25.80	—	COM NEW	36322Q206
RZLT	REZOLUTE INC	1,000,000 (-35.4%)	$5.2M (+10.2%)	0.2%	$2.90	—	COM NEW	76200L309
MBX	MBX BIOSCIENCES INC	75,000 (-50.0%)	$4.14M (-7.5%)	0.2%	$17.07	—	COM	55287L101
ARWR	ARROWHEAD PHARMACEUTICALS IN	150,000 (-25.0%)	$12.23M (-2.5%)	0.6%	$59.88	—	COM	04280A100
AVBP	ARRIVENT BIOPHARMA INC	125,000 (-28.6%)	$4.343M (+7.6%)	0.2%	$20.99	—	COM	04272N102
KPTI	KARYOPHARM THERAPEUTICS INC	312,500 (-37.5%)	$3.053M (+9.6%)	0.1%	$6.12	—	COM NEW	48576U205

Unchanged Positions (24)

SYRE SPYRE THERAPEUTICS INC 5.1%

Value $114M Shares 1,279,134 Est. Cost $18.18 Unrealized —

NRIX NURIX THERAPEUTICS INC 1.1%

Value $23.47M Shares 967,620 Est. Cost $10.44 Unrealized —

TVTX TRAVERE THERAPEUTICS INC 0.8%

Value $17.04M Shares 300,000 Est. Cost $19.81 Unrealized —

AVR ANTERIS TECHNOLOGIES GLOBAL 0.4%

Value $8.987M Shares 912,397 Est. Cost $5.53 Unrealized —

PTGX PROTAGONIST THERAPEUTICS INC 1.0%

Value $21.1M Shares 172,125 Est. Cost $81.85 Unrealized —

SVRA SAVARA INC 0.7%

Value $15.47M Shares 2,512,153 Est. Cost $3.81 Unrealized —

IMVT IMMUNOVANT INC 0.2%

Value $3.853M Shares 100,000 Est. Cost $16.19 Unrealized —

KRRO KORRO BIO INC 0.4%

Value $9.317M Shares 706,904 Est. Cost $10.79 Unrealized —

— OMEROS CORP 0.6%

Value $12.18M Shares 6,525,000 Est. Cost $1.12 Unrealized —

VERA VERA THERAPEUTICS INC 0.5%

Value $10.73M Shares 250,000 Est. Cost $31.26 Unrealized —

HLXC HELIX ACQUISITION CORP III 0.6%

Value $13.3M Shares 1,250,000 Est. Cost $10.16 Unrealized —

VRCA VERRICA PHARMACEUTICALS INC 0.2%

Value $4.329M Shares 707,338 Est. Cost $5.54 Unrealized —

NAMS NEWAMSTERDAM PHARMA COMPANY 0.4%

Value $9.32M Shares 275,000 Est. Cost $17.93 Unrealized —

NAMSW NEWAMSTERDAM PHARMA COMPANY 0.2%

Value $5.343M Shares 245,000 Est. Cost $6.02 Unrealized —

LENZ LENZ THERAPEUTICS INC 0.0%

Value $568K Shares 100,000 Est. Cost $15.73 Unrealized —

VRDN VIRIDIAN THERAPEUTICS INC 0.2%

Value $4.593M Shares 250,000 Est. Cost $16.46 Unrealized —

QTTB Q32 BIO INC 0.0%

Value $354K Shares 27,777 Est. Cost $13.78 Unrealized —

OKUR ONKURE THERAPEUTICS INC 0.0%

Value $1.099M Shares 240,963 Est. Cost $2.73 Unrealized —

OACCU OAKTREE ACQUISITION CORP III 0.1%

Value $2.75M Shares 250,000 Est. Cost $10.15 Unrealized —

MLYS MINERALYS THERAPEUTICS INC 0.9%

Value $20.23M Shares 750,000 Est. Cost $12.29 Unrealized —

CRNX CRINETICS PHARMACEUTICALS IN 0.1%

Value $2.807M Shares 75,000 Est. Cost $27.88 Unrealized —

XFOR X4 PHARMACEUTICALS INC 0.0%

Value $677K Shares 145,000 Est. Cost $3.63 Unrealized —

ADGM ADAGIO MED HLDGS INC 0.0%

Value $52,128 Shares 80,000 Est. Cost $4.76 Unrealized —

RCKTW ROCKET PHARMACEUTICALS INC 0.0%

Value $278 Shares 75,000 Est. Cost $0.16 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SYRE	SPYRE THERAPEUTICS INC	1,279,134	$114M	5.1%	$18.18	—	COM NEW	00773J202
NRIX	NURIX THERAPEUTICS INC	967,620	$23.47M	1.1%	$10.44	—	COM	67080M103
TVTX	TRAVERE THERAPEUTICS INC	300,000	$17.04M	0.8%	$19.81	—	COM	89422G107
AVR	ANTERIS TECHNOLOGIES GLOBAL	912,397	$8.987M	0.4%	$5.53	—	COM	03675P102
PTGX	PROTAGONIST THERAPEUTICS INC	172,125	$21.1M	1.0%	$81.85	—	COM	74366E102
SVRA	SAVARA INC	2,512,153	$15.47M	0.7%	$3.81	—	COM	805111101
IMVT	IMMUNOVANT INC	100,000	$3.853M	0.2%	$16.19	—	COM	45258J102
KRRO	KORRO BIO INC	706,904	$9.317M	0.4%	$10.79	—	COM	500946108
—	OMEROS CORP	6,525,000	$12.18M	0.6%	$1.12	—	NOTE 9.500% 6/1	682143AK8
VERA	VERA THERAPEUTICS INC	250,000	$10.73M	0.5%	$31.26	—	CL A	92337R101
HLXC	HELIX ACQUISITION CORP III	1,250,000	$13.3M	0.6%	$10.16	—	USD CL A ORD SHS	G4444S107
VRCA	VERRICA PHARMACEUTICALS INC	707,338	$4.329M	0.2%	$5.54	—	COM SHS	92511W207
NAMS	NEWAMSTERDAM PHARMA COMPANY	275,000	$9.32M	0.4%	$17.93	—	ORDINARY SHARES	N62509109
NAMSW	NEWAMSTERDAM PHARMA COMPANY	245,000	$5.343M	0.2%	$6.02	—	*W EXP 99/99/999	N62509117
LENZ	LENZ THERAPEUTICS INC	100,000	$568K	0.0%	$15.73	—	COM	52635N103
VRDN	VIRIDIAN THERAPEUTICS INC	250,000	$4.593M	0.2%	$16.46	—	COM	92790C104
QTTB	Q32 BIO INC	27,777	$354K	0.0%	$13.78	—	COM	746964105
OKUR	ONKURE THERAPEUTICS INC	240,963	$1.099M	0.0%	$2.73	—	COM CL A	68277Q105
OACCU	OAKTREE ACQUISITION CORP III	250,000	$2.75M	0.1%	$10.15	—	UNIT 10/04/2029	G6717R120
MLYS	MINERALYS THERAPEUTICS INC	750,000	$20.23M	0.9%	$12.29	—	COM	603170101
CRNX	CRINETICS PHARMACEUTICALS IN	75,000	$2.807M	0.1%	$27.88	—	COM	22663K107
XFOR	X4 PHARMACEUTICALS INC	145,000	$677K	0.0%	$3.63	—	COM NEW	98420X202
ADGM	ADAGIO MED HLDGS INC	80,000	$52,128	0.0%	$4.76	—	COM	00534B100
RCKTW	ROCKET PHARMACEUTICALS INC	75,000	$278	0.0%	$0.16	—	*W EXP 09/02/202	77313F114