Ikarian Capital, LLC Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	CIDARA THERAPEUTICS INC	300,000	$66,267	5.2%	$34.77	—	PUT	171757206
AMGN	AMGEN INC	200,000	$65,462	5.1%	$315.95	0.0%	PUT	031162100
OLMA	OLEMA PHARMACEUTICALS INC	758,654	$18,966	1.5%	$17.79	0.0%	COM	68062P106
CRNX	CRINETICS PHARMACEUTICALS IN	368,500	$17,154	1.3%	$26.55	+67.7%	PUT	22663K107
ABVX	ABIVAX SA	125,100	$16,870	1.3%	$84.36	—	CALL	00370M103
OMER	OMEROS CORP	950,000	$16,316	1.3%	—	—	PUT	682143102
LLY	ELI LILLY & CO	13,815	$14,847	1.2%	$955.55	0.0%	COM	532457108
AMGN	AMGEN INC	45,000	$14,729	1.1%	$315.95	0.0%	COM	031162100
CNTB	CONNECT BIOPHARMA HLDGS LTD	4,788,486	$13,504	1.1%	$2.13	0.0%	SHS	G23549101
RVMD	REVOLUTION MEDICINES INC	138,142	$11,003	0.9%	$65.57	0.0%	COM	76155X100
CELC	CELCUITY INC	105,545	$10,527	0.8%	$82.21	0.0%	COM	15102K100
OMER	OMEROS CORP	550,000	$9,446	0.7%	—	—	CALL	682143102
DXCM	DEXCOM INC	137,500	$9,126	0.7%	—	—	CALL	252131107
HROW	HARROW INC	183,347	$8,984	0.7%	$41.98	0.0%	COM	415858109
CORT	CORCEPT THERAPEUTICS INC	236,700	$8,237	0.6%	$78.55	0.0%	PUT	218352102
NBIX	NEUROCRINE BIOSCIENCES INC	54,062	$7,668	0.6%	$144.87	0.0%	COM	64125C109
MLYS	MINERALYS THERAPEUTICS INC	200,000	$7,258	0.6%	$40.10	0.0%	COM	603170101
NBIX	NEUROCRINE BIOSCIENCES INC	51,000	$7,233	0.6%	$144.87	0.0%	CALL	64125C109
GLTO	GALECTO INC	285,710	$6,574	0.5%	$17.38	0.0%	COM NEW	36322Q206
ANIP	ANI PHARMACEUTICALS INC	82,800	$6,536	0.5%	—	—	CALL	00182C103
CORT	CORCEPT THERAPEUTICS INC	185,593	$6,459	0.5%	$78.55	0.0%	COM	218352102
NUVL	NUVALENT INC	59,594	$5,995	0.5%	$98.60	0.0%	COM	670703107
RARE	ULTRAGENYX PHARMACEUTICAL IN	250,000	$5,750	0.4%	$32.88	0.0%	CALL	90400D108
CORT	CORCEPT THERAPEUTICS INC	163,800	$5,700	0.4%	$78.55	0.0%	CALL	218352102
OLMA	OLEMA PHARMACEUTICALS INC	200,000	$5,000	0.4%	$17.79	0.0%	CALL	68062P106
LEGN	LEGEND BIOTECH CORP	226,888	$4,933	0.4%	$21.74	—	SPONSORED ADS	52490G102
JBIO	JADE BIOSCIENCES INC	300,000	$4,629	0.4%	$11.73	0.0%	COM NEW	008064206
EPRX	EUPRAXIA PHARMACEUTICALS INC	610,000	$4,606	0.4%	$6.16	0.0%	COM	29842P105
CMPX	COMPASS THERAPEUTICS INC	800,000	$4,296	0.3%	$4.62	0.0%	COM	20454B104
NXTC	NEXTCURE INC	238,303	$3,382	0.3%	$10.36	0.0%	COM NEW	65343E207
CTNM	CONTINEUM THERAPEUTICS INC	282,874	$3,233	0.3%	$11.41	0.0%	CL A	21217B100
AQST	AQUESTIVE THERAPEUTICS INC	500,000	$3,230	0.3%	—	—	PUT	03843E104
PCSC	PERCEPTIVE CAP SOLUTIONS COR	240,951	$3,140	0.2%	$11.28	0.0%	CL A ORD SHS	G70077105
QNRX	QUOIN PHARMACEUTICALS LTD	211,538	$3,052	0.2%	$14.43	—	SPONSORED ADS	74907L409
KLRS	KALARIS THERAPEUTICS INC	360,000	$3,038	0.2%	$6.39	0.0%	COM	482929106
CMPS	COMPASS PATHWAYS PLC	400,000	$2,760	0.2%	$6.90	—	SPONSORED ADS	20451W101
ERAS	ERASCA INC	735,396	$2,736	0.2%	$2.81	0.0%	COM	29479A108
BHVN	BIOHAVEN LTD	212,481	$2,399	0.2%	$12.39	0.0%	COM	G1110E107
IVA	INVENTIVA SA	502,601	$2,329	0.2%	$4.63	—	ADS	46124U107
DBVT	DBV TECHNOLOGIES S A	525,000	$2,084	0.2%	$3.97	—	SPONSORED ADS	23306J309
ALMS	ALUMIS INC	211,100	$2,060	0.2%	—	—	PUT	022307102
CABA	CABALETTA BIO INC	900,000	$1,971	0.2%	$2.48	0.0%	COM	12674W109
PEPG	PEPGEN INC	300,000	$1,953	0.2%	$1.74	+198.8%	CALL	713317105
DERM	JOURNEY MED CORP	251,436	$1,939	0.2%	$7.84	0.0%	COM	48115J109
ZBIO	ZENAS BIOPHARMA INC	46,800	$1,699	0.1%	—	—	CALL	98937L105
ZBIO	ZENAS BIOPHARMA INC	46,800	$1,699	0.1%	—	—	PUT	98937L105
VSTM	VERASTEM INC	213,865	$1,651	0.1%	$8.91	0.0%	COM NEW	92337C203
LPCN	LIPOCINE INC NEW	199,542	$1,602	0.1%	$3.36	0.0%	COM NEW	53630X203
GOSS	GOSSAMER BIO INC	500,000	$1,550	0.1%	—	—	CALL	38341P102
GOSS	GOSSAMER BIO INC	500,000	$1,550	0.1%	—	—	PUT	38341P102
NKTR	NEKTAR THERAPEUTICS	36,300	$1,535	0.1%	—	—	CALL	640268306
NKTR	NEKTAR THERAPEUTICS	36,300	$1,535	0.1%	—	—	PUT	640268306
SRZN	SURROZEN INC	65,788	$1,487	0.1%	$16.18	0.0%	COM NEW	86889P208
ANNX	ANNEXON INC	230,244	$1,156	0.1%	$3.82	0.0%	COM	03589W102
AVTX	AVALO THERAPEUTICS INC	58,100	$1,055	0.1%	$8.93	+89.0%	CALL	05338F306
PALI	PALISADE BIO INC	274,978	$646	0.1%	$1.92	0.0%	COM	696389402
KALV	KALVISTA PHARMACEUTICALS INC	35,119	$567	0.0%	$13.24	0.0%	COM	483497103
CNTB	CONNECT BIOPHARMA HLDGS LTD	144,600	$408	0.0%	$2.13	0.0%	CALL	G23549101
RARE	ULTRAGENYX PHARMACEUTICAL IN	12,671	$291	0.0%	$32.88	0.0%	COM	90400D108
CNSP	CNS PHARMACEUTICALS INC	45,830	$241	0.0%	$7.50	0.0%	COM	18978H508
NEUP	NEUPHORIA THERAPEUTICS INC	47,443	$184	0.0%	$7.10	0.0%	COM	64136E102
GCTK	GLUCOTRACK INC	45,830	$177	0.0%	$5.93	0.0%	COM NEW	45824Q804
SHPH	SHUTTLE PHARMACTCLS HLDGS IN	68,993	$124	0.0%	$2.56	0.0%	COM	825693401
PURR	HYPERLIQUID STRATEGIES INC	30,001	$107	0.0%	$3.47	0.0%	COM	44916Y106
MGRX	MANGOCEUTICALS INC	138,146	$102	0.0%	$1.62	0.0%	COM NEW	56270V205
AEMD	AETHLON MED INC	14,364	$40	0.0%	$4.65	0.0%	COM NEW	00808Y604
RZLT	REZOLUTE INC	16,479	$39	0.0%	$7.84	0.0%	COM NEW	76200L309
PHGE	BIOMX INC	19,473	$36	0.0%	$6.73	0.0%	COM NEW	09090D509

Increased Positions (34)

TERN TERNS PHARMACEUTICALS INC 5.0%

Value ($000) $64,494 (+5130.0%) Shares 1,596,378 (+872.2%) Est. Cost $21.35 Unrealized +8.2%

XBI SPDR SERIES TRUST 8.1%

Value ($000) $103,641 (+37.9%) Shares 850,000 (+13.3%) Est. Cost — Unrealized —

PRAX PRAXIS PRECISION MEDICINES I 2.0%

Value ($000) $25,519 (+1585.2%) Shares 86,581 (+203.0%) Est. Cost $141.56 Unrealized +31.5%

— JAZZ PHARMACEUTICALS PLC 2.3%

Value ($000) $28,900 (+210.1%) Shares 170,000 (+140.5%) Est. Cost — Unrealized —

JAZZ JAZZ PHARMACEUTICALS PLC 2.1%

Value ($000) $27,262 (+165.9%) Shares 160,367 (+106.1%) Est. Cost $134.30 Unrealized +14.2%

CAPR CAPRICOR THERAPEUTICS INC 1.3%

Value ($000) $16,682 (+774.3%) Shares 578,015 (+118.4%) Est. Cost $10.45 Unrealized +25.0%

KOD KODIAK SCIENCES INC 1.6%

Value ($000) $20,125 (+197.1%) Shares 719,787 (+73.9%) Est. Cost $11.21 Unrealized +82.7%

SLNO SOLENO THERAPEUTICS INC 1.9%

Value ($000) $24,488 (+105.7%) Shares 528,900 (+200.3%) Est. Cost $70.53 Unrealized -22.3%

CYTK CYTOKINETICS INC 1.4%

Value ($000) $18,484 (+203.3%) Shares 290,900 (+162.3%) Est. Cost $55.86 Unrealized +11.4%

DRUG BRIGHT MINDS BIOSCIENCES INC 1.0%

Value ($000) $12,441 (+1229.1%) Shares 159,421 (+933.1%) Est. Cost $63.77 Unrealized +4.8%

RLMD RELMADA THERAPEUTICS INC 1.2%

Value ($000) $14,820 (+300.1%) Shares 3,068,359 (+66.5%) Est. Cost $2.02 Unrealized +66.1%

HROW HARROW INC 1.9%

Value ($000) $24,975 (+78.9%) Shares 509,700 (+75.9%) Est. Cost $41.98 Unrealized 0.0%

SPRB SPRUCE BIOSCIENCES INC 0.8%

Value ($000) $10,571 (+8759.5%) Shares 121,356 (+810.3%) Est. Cost $118.87 Unrealized -9.9%

ANRO ALTO NEUROSCIENCE INC 0.7%

Value ($000) $9,167 (+1973.0%) Shares 515,000 (+368.2%) Est. Cost $11.24 Unrealized +12.1%

PHVS PHARVARIS N V 1.1%

Value ($000) $13,510 (+157.7%) Shares 486,856 (+131.7%) Est. Cost $23.26 Unrealized +3.5%

RAPT RAPT THERAPEUTICS INC 1.8%

Value ($000) $22,533 (+42.1%) Shares 665,271 (+8.2%) Est. Cost $14.44 Unrealized +115.0%

IONS IONIS PHARMACEUTICALS INC 0.6%

Value ($000) $7,484 (+760.1%) Shares 94,600 (+611.3%) Est. Cost $48.82 Unrealized +54.2%

PCVX VAXCYTE INC 1.4%

Value ($000) $17,472 (+55.6%) Shares 378,682 (+21.5%) Est. Cost $59.81 Unrealized -25.2%

PTHS PELTHOS THERAPEUTICS INC 0.6%

Value ($000) $7,928 (+353.4%) Shares 255,758 (+309.5%) Est. Cost $27.73 Unrealized +4.0%

RAPT RAPT THERAPEUTICS INC 0.8%

Value ($000) $9,822 (+117.6%) Shares 290,000 (+65.7%) Est. Cost $14.44 Unrealized +115.0%

IVVD INVIVYD INC 0.5%

Value ($000) $6,562 (+187.0%) Shares 2,656,570 (+27.8%) Est. Cost $1.15 Unrealized +81.4%

KPTI KARYOPHARM THERAPEUTICS INC 0.3%

Value ($000) $4,008 (+2148.3%) Shares 544,554 (+1897.9%) Est. Cost $6.24 Unrealized -1.9%

FULC FULCRUM THERAPEUTICS INC 1.2%

Value ($000) $15,557 (+31.2%) Shares 1,375,472 (+6.7%) Est. Cost $6.79 Unrealized +49.8%

RARE ULTRAGENYX PHARMACEUTICAL IN 0.5%

Value ($000) $5,867 (+110.6%) Shares 255,100 (+175.5%) Est. Cost $32.88 Unrealized 0.0%

ARVN ARVINAS INC 0.3%

Value ($000) $4,249 (+120.4%) Shares 358,257 (+58.3%) Est. Cost $10.09 Unrealized +8.2%

NMRA NEUMORA THERAPEUTICS INC. 0.2%

Value ($000) $2,288 (+9960.0%) Shares 1,278,408 (+10128.9%) Est. Cost $2.18 Unrealized +0.2%

ADMA ADMA BIOLOGICS INC 0.3%

Value ($000) $4,284 (+82.8%) Shares 234,854 (+46.9%) Est. Cost $17.05 Unrealized -1.1%

IBIO IBIO INC 0.1%

Value ($000) $1,847 (+261.5%) Shares 957,062 (+55.0%) Est. Cost $1.29 Unrealized +6.1%

QURE UNIQURE NV 0.2%

Value ($000) $2,179 (-36.3%) Shares 91,060 (+55.4%) Est. Cost $22.41 Unrealized +72.2%

PRQR PROQR THRAPEUTICS N V 0.2%

Value ($000) $3,014 (+58.6%) Shares 1,492,229 (+67.2%) Est. Cost $1.92 Unrealized +21.6%

ALEC ALECTOR INC 0.3%

Value ($000) $3,249 (+44.4%) Shares 2,082,606 (+174.0%) Est. Cost $2.50 Unrealized -29.0%

TRAW TRAWS PHARMA INC 0.1%

Value ($000) $766 (+1353.7%) Shares 678,142 (+2280.0%) Est. Cost $2.36 Unrealized -5.9%

ACOG ALPHA COGNITION INC 0.5%

Value ($000) $6,866 (+11.5%) Shares 1,056,259 (+11.6%) Est. Cost $5.82 Unrealized +8.5%

SLNO SOLENO THERAPEUTICS INC 0.2%

Value ($000) $3,187 (-15.7%) Shares 68,823 (+23.0%) Est. Cost $70.53 Unrealized -22.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TERN	TERNS PHARMACEUTICALS INC	1,596,378 (+872.2%)	$64,494 (+5130.0%)	5.0%	$21.35	+8.2%	COM	880881107
XBI	SPDR SERIES TRUST	850,000 (+13.3%)	$103,641 (+37.9%)	8.1%	—	—	PUT	78464A870
PRAX	PRAXIS PRECISION MEDICINES I	86,581 (+203.0%)	$25,519 (+1585.2%)	2.0%	$141.56	+31.5%	COM NEW	74006W207
—	JAZZ PHARMACEUTICALS PLC	170,000 (+140.5%)	$28,900 (+210.1%)	2.3%	—	—	CALL	G50871905
JAZZ	JAZZ PHARMACEUTICALS PLC	160,367 (+106.1%)	$27,262 (+165.9%)	2.1%	$134.30	+14.2%	SHS USD	G50871105
CAPR	CAPRICOR THERAPEUTICS INC	578,015 (+118.4%)	$16,682 (+774.3%)	1.3%	$10.45	+25.0%	COM NEW	14070B309
KOD	KODIAK SCIENCES INC	719,787 (+73.9%)	$20,125 (+197.1%)	1.6%	$11.21	+82.7%	COM	50015M109
SLNO	SOLENO THERAPEUTICS INC	528,900 (+200.3%)	$24,488 (+105.7%)	1.9%	$70.53	-22.3%	CALL	834203309
CYTK	CYTOKINETICS INC	290,900 (+162.3%)	$18,484 (+203.3%)	1.4%	$55.86	+11.4%	CALL	23282W605
DRUG	BRIGHT MINDS BIOSCIENCES INC	159,421 (+933.1%)	$12,441 (+1229.1%)	1.0%	$63.77	+4.8%	COM NEW	10919W405
RLMD	RELMADA THERAPEUTICS INC	3,068,359 (+66.5%)	$14,820 (+300.1%)	1.2%	$2.02	+66.1%	COM	75955J402
HROW	HARROW INC	509,700 (+75.9%)	$24,975 (+78.9%)	1.9%	$41.98	0.0%	CALL	415858109
SPRB	SPRUCE BIOSCIENCES INC	121,356 (+810.3%)	$10,571 (+8759.5%)	0.8%	$118.87	-9.9%	COM NEW	85209E208
ANRO	ALTO NEUROSCIENCE INC	515,000 (+368.2%)	$9,167 (+1973.0%)	0.7%	$11.24	+12.1%	COM SHS	02157Q109
PHVS	PHARVARIS N V	486,856 (+131.7%)	$13,510 (+157.7%)	1.1%	$23.26	+3.5%	COM	N69605108
RAPT	RAPT THERAPEUTICS INC	665,271 (+8.2%)	$22,533 (+42.1%)	1.8%	$14.44	+115.0%	COM NEW	75382E208
IONS	IONIS PHARMACEUTICALS INC	94,600 (+611.3%)	$7,484 (+760.1%)	0.6%	$48.82	+54.2%	CALL	462222100
PCVX	VAXCYTE INC	378,682 (+21.5%)	$17,472 (+55.6%)	1.4%	$59.81	-25.2%	COM	92243G108
PTHS	PELTHOS THERAPEUTICS INC	255,758 (+309.5%)	$7,928 (+353.4%)	0.6%	$27.73	+4.0%	COM SHS	171126204
RAPT	RAPT THERAPEUTICS INC	290,000 (+65.7%)	$9,822 (+117.6%)	0.8%	$14.44	+115.0%	CALL	75382E208
IVVD	INVIVYD INC	2,656,570 (+27.8%)	$6,562 (+187.0%)	0.5%	$1.15	+81.4%	COM	00534A102
KPTI	KARYOPHARM THERAPEUTICS INC	544,554 (+1897.9%)	$4,008 (+2148.3%)	0.3%	$6.24	-1.9%	COM NEW	48576U205
FULC	FULCRUM THERAPEUTICS INC	1,375,472 (+6.7%)	$15,557 (+31.2%)	1.2%	$6.79	+49.8%	COM	359616109
RARE	ULTRAGENYX PHARMACEUTICAL IN	255,100 (+175.5%)	$5,867 (+110.6%)	0.5%	$32.88	0.0%	PUT	90400D108
ARVN	ARVINAS INC	358,257 (+58.3%)	$4,249 (+120.4%)	0.3%	$10.09	+8.2%	COM	04335A105
NMRA	NEUMORA THERAPEUTICS INC.	1,278,408 (+10128.9%)	$2,288 (+9960.0%)	0.2%	$2.18	+0.2%	COM	640979100
ADMA	ADMA BIOLOGICS INC	234,854 (+46.9%)	$4,284 (+82.8%)	0.3%	$17.05	-1.1%	COM	000899104
IBIO	IBIO INC	957,062 (+55.0%)	$1,847 (+261.5%)	0.1%	$1.29	+6.1%	COM NEW	451033708
QURE	UNIQURE NV	91,060 (+55.4%)	$2,179 (-36.3%)	0.2%	$22.41	+72.2%	SHS	N90064101
PRQR	PROQR THRAPEUTICS N V	1,492,229 (+67.2%)	$3,014 (+58.6%)	0.2%	$1.92	+21.6%	SHS EURO	N71542109
ALEC	ALECTOR INC	2,082,606 (+174.0%)	$3,249 (+44.4%)	0.3%	$2.50	-29.0%	COM	014442107
TRAW	TRAWS PHARMA INC	678,142 (+2280.0%)	$766 (+1353.7%)	0.1%	$2.36	-5.9%	COM NEW	68232V884
ACOG	ALPHA COGNITION INC	1,056,259 (+11.6%)	$6,866 (+11.5%)	0.5%	$5.82	+8.5%	COM NEW	02074J501
SLNO	SOLENO THERAPEUTICS INC	68,823 (+23.0%)	$3,187 (-15.7%)	0.2%	$70.53	-22.3%	COM	834203309

Exited Positions (63)

UTHR UNITED THERAPEUTICS CORP DEL 6.9%

Value ($000) $87,950 Shares 209,800 Est. Cost — Unrealized —

GMAB GENMAB A/S 4.1%

Value ($000) $53,022 Shares 175,000 Est. Cost $302.98 Unrealized —

BMY BRISTOL-MYERS SQUIBB CO 2.8%

Value ($000) $36,080 Shares 800,000 Est. Cost — Unrealized —

SRRK SCHOLAR ROCK HLDG CORP 1.6%

Value ($000) $20,914 Shares 561,600 Est. Cost — Unrealized —

INSM INSMED INC 1.1%

Value ($000) $14,401 Shares 100,000 Est. Cost $67.75 Unrealized +169.3%

DNTH DIANTHUS THERAPEUTICS INC 1.1%

Value ($000) $13,615 Shares 346,001 Est. Cost $25.56 Unrealized +51.7%

PTCT PTC THERAPEUTICS INC 1.0%

Value ($000) $13,072 Shares 213,000 Est. Cost $52.09 Unrealized +39.5%

— BIOHAVEN LTD 0.9%

Value ($000) $11,954 Shares 796,400 Est. Cost — Unrealized —

CRNX CRINETICS PHARMACEUTICALS IN 0.8%

Value ($000) $10,733 Shares 257,700 Est. Cost $26.55 Unrealized +67.7%

— AKERO THERAPEUTICS INC 0.8%

Value ($000) $9,821 Shares 206,854 Est. Cost $40.48 Unrealized —

NVO NOVO-NORDISK A S 0.6%

Value ($000) $8,324 Shares 150,000 Est. Cost — Unrealized —

CNTA CENTESSA PHARMACEUTICALS PLC 0.6%

Value ($000) $7,462 Shares 307,700 Est. Cost — Unrealized —

SPRY ARS PHARMACEUTICALS INC 0.4%

Value ($000) $5,652 Shares 562,400 Est. Cost — Unrealized —

CRNX CRINETICS PHARMACEUTICALS IN 0.4%

Value ($000) $5,452 Shares 130,902 Est. Cost $26.55 Unrealized +67.7%

PRAX PRAXIS PRECISION MEDICINES I 0.4%

Value ($000) $5,300 Shares 100,000 Est. Cost $141.56 Unrealized +31.5%

VRDN VIRIDIAN THERAPEUTICS INC 0.4%

Value ($000) $5,298 Shares 245,518 Est. Cost $16.38 Unrealized +67.4%

SNDX SYNDAX PHARMACEUTICALS INC 0.4%

Value ($000) $5,134 Shares 333,733 Est. Cost $13.09 Unrealized +33.3%

ANAB ANAPTYSBIO INC 0.4%

Value ($000) $4,933 Shares 161,100 Est. Cost $22.30 Unrealized +74.8%

ANAB ANAPTYSBIO INC 0.4%

Value ($000) $4,933 Shares 161,100 Est. Cost $22.30 Unrealized +74.8%

KALV KALVISTA PHARMACEUTICALS INC 0.4%

Value ($000) $4,872 Shares 400,000 Est. Cost $13.24 Unrealized 0.0%

TVTX TRAVERE THERAPEUTICS INC 0.4%

Value ($000) $4,560 Shares 190,781 Est. Cost $18.80 Unrealized +73.0%

LQDA LIQUIDIA CORPORATION 0.4%

Value ($000) $4,548 Shares 200,000 Est. Cost — Unrealized —

— METSERA INC 0.4%

Value ($000) $4,500 Shares 86,000 Est. Cost — Unrealized —

— METSERA INC 0.4%

Value ($000) $4,500 Shares 86,000 Est. Cost — Unrealized —

MLTX MOONLAKE IMMUNOTHERAPEUTICS 0.3%

Value ($000) $4,389 Shares 612,200 Est. Cost $52.12 Unrealized -77.4%

ARGX ARGENX SE 0.3%

Value ($000) $4,303 Shares 5,942 Est. Cost $724.19 Unrealized —

ARCT ARCTURUS THERAPEUTICS HLDGS 0.3%

Value ($000) $4,187 Shares 227,200 Est. Cost $18.83 Unrealized -42.6%

PVLA PALVELLA THERAPEUTICS INC NE 0.3%

Value ($000) $4,059 Shares 64,746 Est. Cost $44.59 Unrealized +91.3%

TEVA TEVA PHARMACEUTICAL INDS LTD 0.3%

Value ($000) $4,040 Shares 200,000 Est. Cost — Unrealized —

ALT ALTIMMUNE INC 0.3%

Value ($000) $3,770 Shares 1,000,000 Est. Cost — Unrealized —

SRRK SCHOLAR ROCK HLDG CORP 0.3%

Value ($000) $3,582 Shares 96,200 Est. Cost — Unrealized —

MBX MBX BIOSCIENCES INC 0.3%

Value ($000) $3,500 Shares 200,000 Est. Cost $13.37 Unrealized +81.5%

MBX MBX BIOSCIENCES INC 0.3%

Value ($000) $3,500 Shares 200,000 Est. Cost $13.37 Unrealized +81.5%

SLNO SOLENO THERAPEUTICS INC 0.3%

Value ($000) $3,380 Shares 50,000 Est. Cost $70.53 Unrealized -22.3%

MLTX MOONLAKE IMMUNOTHERAPEUTICS 0.3%

Value ($000) $3,227 Shares 450,000 Est. Cost $52.12 Unrealized -77.4%

MLTX MOONLAKE IMMUNOTHERAPEUTICS 0.2%

Value ($000) $3,125 Shares 435,839 Est. Cost $52.12 Unrealized -77.4%

UPB UPSTREAM BIO INC 0.2%

Value ($000) $3,031 Shares 161,113 Est. Cost $15.54 Unrealized +60.2%

BBIO BRIDGEBIO PHARMA INC 0.2%

Value ($000) $2,699 Shares 51,967 Est. Cost $48.77 Unrealized +34.6%

SRPT SAREPTA THERAPEUTICS INC 0.2%

Value ($000) $2,640 Shares 137,000 Est. Cost — Unrealized —

RLAY RELAY THERAPEUTICS INC 0.2%

Value ($000) $2,440 Shares 467,362 Est. Cost $7.23 Unrealized -1.3%

CMPS COMPASS PATHWAYS PLC 0.2%

Value ($000) $2,292 Shares 400,000 Est. Cost $6.90 Unrealized —

— AKERO THERAPEUTICS INC 0.2%

Value ($000) $1,975 Shares 41,600 Est. Cost $40.48 Unrealized —

LRMR LARIMAR THERAPEUTICS INC 0.1%

Value ($000) $1,771 Shares 548,400 Est. Cost — Unrealized —

ANAB ANAPTYSBIO INC 0.1%

Value ($000) $1,482 Shares 48,410 Est. Cost $22.30 Unrealized +74.8%

DYN DYNE THERAPEUTICS INC 0.1%

Value ($000) $1,440 Shares 113,837 Est. Cost $14.26 Unrealized +32.8%

PRME PRIME MEDICINE INC 0.1%

Value ($000) $1,385 Shares 250,000 Est. Cost $4.06 Unrealized +9.5%

PRME PRIME MEDICINE INC 0.1%

Value ($000) $1,385 Shares 250,000 Est. Cost $4.06 Unrealized +9.5%

JANX JANUX THERAPEUTICS INC 0.1%

Value ($000) $1,337 Shares 54,691 Est. Cost $46.45 Unrealized -49.4%

ZYME ZYMEWORKS INC 0.1%

Value ($000) $1,243 Shares 72,787 Est. Cost $13.49 Unrealized +61.7%

IFRX INFLARX NV 0.1%

Value ($000) $968 Shares 722,066 Est. Cost $1.18 Unrealized +5.3%

UTHR UNITED THERAPEUTICS CORP DEL 0.1%

Value ($000) $964 Shares 2,300 Est. Cost — Unrealized —

MBX MBX BIOSCIENCES INC 0.1%

Value ($000) $841 Shares 48,071 Est. Cost $13.37 Unrealized +81.5%

PRME PRIME MEDICINE INC 0.1%

Value ($000) $831 Shares 150,000 Est. Cost $4.06 Unrealized +9.5%

TVRD TVARDI THERAPEUTICS INC 0.1%

Value ($000) $740 Shares 19,000 Est. Cost — Unrealized —

CAPR CAPRICOR THERAPEUTICS INC 0.1%

Value ($000) $721 Shares 100,000 Est. Cost $10.45 Unrealized +25.0%

CAPR CAPRICOR THERAPEUTICS INC 0.1%

Value ($000) $721 Shares 100,000 Est. Cost $10.45 Unrealized +25.0%

CRBP CORBUS PHARMACEUTICALS HLDGS 0.1%

Value ($000) $693 Shares 54,800 Est. Cost — Unrealized —

— SONNET BIOTHERAPEUTC HLDNG I 0.1%

Value ($000) $687 Shares 150,000 Est. Cost $4.58 Unrealized —

PCVX VAXCYTE INC 0.0%

Value ($000) $252 Shares 7,000 Est. Cost $59.81 Unrealized -25.2%

— BIOMX INC 0.0%

Value ($000) $206 Shares 392,976 Est. Cost $1.02 Unrealized —

ARCT ARCTURUS THERAPEUTICS HLDGS 0.0%

Value ($000) $198 Shares 10,721 Est. Cost $18.83 Unrealized -42.6%

COGT COGENT BIOSCIENCES INC 0.0%

Value ($000) $162 Shares 11,280 Est. Cost $5.54 Unrealized +407.1%

— AETHLON MED INC 0.0%

Value ($000) $115 Shares 153,659 Est. Cost $1.20 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
UTHR	UNITED THERAPEUTICS CORP DEL	209,800	$87,950	6.9%	—	—	PUT	91307C102
GMAB	GENMAB A/S	175,000	$53,022	4.1%	$302.98	—	—	372303206
BMY	BRISTOL-MYERS SQUIBB CO	800,000	$36,080	2.8%	—	—	PUT	110122108
SRRK	SCHOLAR ROCK HLDG CORP	561,600	$20,914	1.6%	—	—	CALL	80706P103
INSM	INSMED INC	100,000	$14,401	1.1%	$67.75	+169.3%	PUT	457669307
DNTH	DIANTHUS THERAPEUTICS INC	346,001	$13,615	1.1%	$25.56	+51.7%	—	252828108
PTCT	PTC THERAPEUTICS INC	213,000	$13,072	1.0%	$52.09	+39.5%	CALL	69366J200
—	BIOHAVEN LTD	796,400	$11,954	0.9%	—	—	CALL	G1110E907
CRNX	CRINETICS PHARMACEUTICALS IN	257,700	$10,733	0.8%	$26.55	+67.7%	CALL	22663K107
—	AKERO THERAPEUTICS INC	206,854	$9,821	0.8%	$40.48	—	—	00973Y108
NVO	NOVO-NORDISK A S	150,000	$8,324	0.6%	—	—	CALL	670100205
CNTA	CENTESSA PHARMACEUTICALS PLC	307,700	$7,462	0.6%	—	—	CALL	152309100
SPRY	ARS PHARMACEUTICALS INC	562,400	$5,652	0.4%	—	—	CALL	82835W108
CRNX	CRINETICS PHARMACEUTICALS IN	130,902	$5,452	0.4%	$26.55	+67.7%	—	22663K107
PRAX	PRAXIS PRECISION MEDICINES I	100,000	$5,300	0.4%	$141.56	+31.5%	CALL	74006W207
VRDN	VIRIDIAN THERAPEUTICS INC	245,518	$5,298	0.4%	$16.38	+67.4%	—	92790C104
SNDX	SYNDAX PHARMACEUTICALS INC	333,733	$5,134	0.4%	$13.09	+33.3%	—	87164F105
ANAB	ANAPTYSBIO INC	161,100	$4,933	0.4%	$22.30	+74.8%	CALL	032724106
ANAB	ANAPTYSBIO INC	161,100	$4,933	0.4%	$22.30	+74.8%	PUT	032724106
KALV	KALVISTA PHARMACEUTICALS INC	400,000	$4,872	0.4%	$13.24	0.0%	CALL	483497103
TVTX	TRAVERE THERAPEUTICS INC	190,781	$4,560	0.4%	$18.80	+73.0%	—	89422G107
LQDA	LIQUIDIA CORPORATION	200,000	$4,548	0.4%	—	—	CALL	53635D202
—	METSERA INC	86,000	$4,500	0.4%	—	—	PUT	59267L107
—	METSERA INC	86,000	$4,500	0.4%	—	—	CALL	59267L107
MLTX	MOONLAKE IMMUNOTHERAPEUTICS	612,200	$4,389	0.3%	$52.12	-77.4%	CALL	61559X104
ARGX	ARGENX SE	5,942	$4,303	0.3%	$724.19	—	—	04016X101
ARCT	ARCTURUS THERAPEUTICS HLDGS	227,200	$4,187	0.3%	$18.83	-42.6%	CALL	03969T109
PVLA	PALVELLA THERAPEUTICS INC NE	64,746	$4,059	0.3%	$44.59	+91.3%	—	697947109
TEVA	TEVA PHARMACEUTICAL INDS LTD	200,000	$4,040	0.3%	—	—	CALL	881624209
ALT	ALTIMMUNE INC	1,000,000	$3,770	0.3%	—	—	CALL	02155H200
SRRK	SCHOLAR ROCK HLDG CORP	96,200	$3,582	0.3%	—	—	PUT	80706P103
MBX	MBX BIOSCIENCES INC	200,000	$3,500	0.3%	$13.37	+81.5%	CALL	55287L101
MBX	MBX BIOSCIENCES INC	200,000	$3,500	0.3%	$13.37	+81.5%	PUT	55287L101
SLNO	SOLENO THERAPEUTICS INC	50,000	$3,380	0.3%	$70.53	-22.3%	PUT	834203309
MLTX	MOONLAKE IMMUNOTHERAPEUTICS	450,000	$3,227	0.3%	$52.12	-77.4%	PUT	61559X104
MLTX	MOONLAKE IMMUNOTHERAPEUTICS	435,839	$3,125	0.2%	$52.12	-77.4%	—	61559X104
UPB	UPSTREAM BIO INC	161,113	$3,031	0.2%	$15.54	+60.2%	—	91678A107
BBIO	BRIDGEBIO PHARMA INC	51,967	$2,699	0.2%	$48.77	+34.6%	—	10806X102
SRPT	SAREPTA THERAPEUTICS INC	137,000	$2,640	0.2%	—	—	CALL	803607100
RLAY	RELAY THERAPEUTICS INC	467,362	$2,440	0.2%	$7.23	-1.3%	—	75943R102
CMPS	COMPASS PATHWAYS PLC	400,000	$2,292	0.2%	$6.90	—	CALL	20451W101
—	AKERO THERAPEUTICS INC	41,600	$1,975	0.2%	$40.48	—	CALL	00973Y108
LRMR	LARIMAR THERAPEUTICS INC	548,400	$1,771	0.1%	—	—	CALL	517125100
ANAB	ANAPTYSBIO INC	48,410	$1,482	0.1%	$22.30	+74.8%	—	032724106
DYN	DYNE THERAPEUTICS INC	113,837	$1,440	0.1%	$14.26	+32.8%	—	26818M108
PRME	PRIME MEDICINE INC	250,000	$1,385	0.1%	$4.06	+9.5%	CALL	74168J101
PRME	PRIME MEDICINE INC	250,000	$1,385	0.1%	$4.06	+9.5%	PUT	74168J101
JANX	JANUX THERAPEUTICS INC	54,691	$1,337	0.1%	$46.45	-49.4%	—	47103J105
ZYME	ZYMEWORKS INC	72,787	$1,243	0.1%	$13.49	+61.7%	—	98985Y108
IFRX	INFLARX NV	722,066	$968	0.1%	$1.18	+5.3%	—	N44821101
UTHR	UNITED THERAPEUTICS CORP DEL	2,300	$964	0.1%	—	—	CALL	91307C102
MBX	MBX BIOSCIENCES INC	48,071	$841	0.1%	$13.37	+81.5%	—	55287L101
PRME	PRIME MEDICINE INC	150,000	$831	0.1%	$4.06	+9.5%	—	74168J101
TVRD	TVARDI THERAPEUTICS INC	19,000	$740	0.1%	—	—	CALL	140755307
CAPR	CAPRICOR THERAPEUTICS INC	100,000	$721	0.1%	$10.45	+25.0%	PUT	14070B309
CAPR	CAPRICOR THERAPEUTICS INC	100,000	$721	0.1%	$10.45	+25.0%	CALL	14070B309
CRBP	CORBUS PHARMACEUTICALS HLDGS	54,800	$693	0.1%	—	—	CALL	21833P301
—	SONNET BIOTHERAPEUTC HLDNG I	150,000	$687	0.1%	$4.58	—	—	83548R402
PCVX	VAXCYTE INC	7,000	$252	0.0%	$59.81	-25.2%	CALL	92243G108
—	BIOMX INC	392,976	$206	0.0%	$1.02	—	—	09090D301
ARCT	ARCTURUS THERAPEUTICS HLDGS	10,721	$198	0.0%	$18.83	-42.6%	—	03969T109
COGT	COGENT BIOSCIENCES INC	11,280	$162	0.0%	$5.54	+407.1%	—	19240Q201
—	AETHLON MED INC	153,659	$115	0.0%	$1.20	—	—	00808Y505

Decreased Positions (66)

— CIDARA THERAPEUTICS INC 4.7%

Value ($000) $60,357 (+127.0%) Shares 273,243 (-1.6%) Est. Cost $34.77 Unrealized —

— UNIQURE NV 0.2%

Value ($000) $2,522 (-91.9%) Shares 105,400 (-80.3%) Est. Cost — Unrealized —

INSM INSMED INC 0.1%

Value ($000) $1,497 (-89.6%) Shares 8,600 (-91.4%) Est. Cost $67.75 Unrealized +169.3%

IONS IONIS PHARMACEUTICALS INC 1.2%

Value ($000) $15,983 (-41.2%) Shares 202,038 (-51.3%) Est. Cost $48.82 Unrealized +54.2%

APLS APELLIS PHARMACEUTICALS INC 0.1%

Value ($000) $1,802 (-82.4%) Shares 71,747 (-84.1%) Est. Cost $24.06 Unrealized -2.5%

PTCT PTC THERAPEUTICS INC 0.7%

Value ($000) $9,013 (-47.7%) Shares 118,657 (-57.7%) Est. Cost $52.09 Unrealized +39.5%

MAZE MAZE THERAPEUTICS INC 2.1%

Value ($000) $26,709 (+39.0%) Shares 644,680 (-13.0%) Est. Cost $15.16 Unrealized +126.7%

ZURA ZURA BIO LTD 0.3%

Value ($000) $4,204 (-54.5%) Shares 802,322 (-62.4%) Est. Cost $1.80 Unrealized +119.9%

VTYX VENTYX BIOSCIENCES INC 0.7%

Value ($000) $8,657 (+112.6%) Shares 958,704 (-26.8%) Est. Cost $2.60 Unrealized +187.3%

ABVX ABIVAX SA 2.3%

Value ($000) $29,130 (-12.8%) Shares 205,985 (-48.0%) Est. Cost $84.36 Unrealized —

GPCR STRUCTURE THERAPEUTICS INC 0.0%

Value ($000) $336 (-92.7%) Shares 4,824 (-97.0%) Est. Cost $33.92 Unrealized —

TVTX TRAVERE THERAPEUTICS INC 0.1%

Value ($000) $1,398 (-72.7%) Shares 36,600 (-82.9%) Est. Cost $18.80 Unrealized +73.0%

LABD DIREXION SHS ETF TR 0.1%

Value ($000) $860 (-76.9%) Shares 40,822 (-55.6%) Est. Cost $40.44 Unrealized —

TGTX TG THERAPEUTICS INC 0.3%

Value ($000) $3,515 (-44.4%) Shares 117,903 (-32.6%) Est. Cost $28.70 Unrealized +13.8%

CTMX CYTOMX THERAPEUTICS INC 1.1%

Value ($000) $13,515 (+25.6%) Shares 3,172,616 (-5.9%) Est. Cost $2.25 Unrealized +68.7%

AGIO AGIOS PHARMACEUTICALS INC 0.3%

Value ($000) $3,735 (-38.0%) Shares 137,200 (-8.5%) Est. Cost $37.61 Unrealized -6.7%

AGIO AGIOS PHARMACEUTICALS INC 0.2%

Value ($000) $3,144 (-38.3%) Shares 115,489 (-9.0%) Est. Cost $37.61 Unrealized -6.7%

VTGN VISTAGEN THERAPEUTICS INC 0.0%

Value ($000) $344 (-84.4%) Shares 519,077 (-16.4%) Est. Cost $2.83 Unrealized +27.5%

TARS TARSUS PHARMACEUTICALS INC 0.2%

Value ($000) $2,552 (-41.7%) Shares 31,166 (-57.7%) Est. Cost $23.59 Unrealized +216.5%

CGON CG ONCOLOGY INC 0.6%

Value ($000) $8,282 (-17.6%) Shares 199,473 (-20.0%) Est. Cost $25.98 Unrealized +59.3%

STIM NEURONETICS INC 0.1%

Value ($000) $968 (-60.9%) Shares 701,182 (-22.6%) Est. Cost $3.65 Unrealized -42.7%

AVTX AVALO THERAPEUTICS INC 0.0%

Value ($000) $565 (-72.2%) Shares 31,106 (-80.5%) Est. Cost $8.93 Unrealized +89.0%

NAMS NEWAMSTERDAM PHARMA COMPANY 0.1%

Value ($000) $1,608 (-47.1%) Shares 45,830 (-57.1%) Est. Cost $18.24 Unrealized +99.5%

LXEO LEXEO THERAPEUTICS INC 0.4%

Value ($000) $5,094 (+35.2%) Shares 513,011 (-9.6%) Est. Cost $9.31 Unrealized -2.0%

CYTK CYTOKINETICS INC 0.9%

Value ($000) $10,972 (-10.3%) Shares 172,672 (-22.5%) Est. Cost $55.86 Unrealized +11.4%

OVID OVID THERAPEUTICS INC 0.0%

Value ($000) $404 (-71.7%) Shares 247,558 (-77.4%) Est. Cost $0.87 Unrealized +77.7%

CPRX CATALYST PHARMACEUTICALS INC 0.1%

Value ($000) $1,339 (-41.6%) Shares 57,388 (-50.7%) Est. Cost $13.42 Unrealized +66.0%

WVE WAVE LIFE SCIENCES LTD 0.1%

Value ($000) $1,450 (+106.4%) Shares 85,285 (-11.1%) Est. Cost $6.60 Unrealized +53.9%

KRYS KRYSTAL BIOTECH INC 0.3%

Value ($000) $3,652 (-15.3%) Shares 14,814 (-39.3%) Est. Cost $149.68 Unrealized +40.6%

LYEL LYELL IMMUNOPHARMA INC 0.1%

Value ($000) $1,264 (+77.8%) Shares 41,081 (-6.2%) Est. Cost $9.11 Unrealized +145.6%

SLDB SOLID BIOSCIENCES INC 0.2%

Value ($000) $2,391 (-17.2%) Shares 424,000 (-9.4%) Est. Cost $5.85 Unrealized -7.3%

IMUX IMMUNIC INC 0.0%

Value ($000) $360 (-55.3%) Shares 674,662 (-26.2%) Est. Cost $1.27 Unrealized -42.4%

GUTS FRACTYL HEALTH INC 0.2%

Value ($000) $2,420 (-15.4%) Shares 1,100,000 (-38.9%) Est. Cost $1.30 Unrealized +24.1%

PEPG PEPGEN INC 0.2%

Value ($000) $2,911 (+17.6%) Shares 447,165 (-16.6%) Est. Cost $1.74 Unrealized +198.8%

SLN SILENCE THERAPEUTICS PLC 0.1%

Value ($000) $1,732 (+32.6%) Shares 865,784 (-3.9%) Est. Cost $1.60 Unrealized —

ANEB ANEBULO PHARMACEUTICALS INC 0.0%

Value ($000) $18 (-95.5%) Shares 17,736 (-88.8%) Est. Cost $7.36 Unrealized -69.0%

SGMO SANGAMO THERAPEUTICS INC 0.0%

Value ($000) $512 (-41.3%) Shares 1,218,671 (-5.9%) Est. Cost $1.79 Unrealized -70.4%

INSM INSMED INC 0.1%

Value ($000) $1,625 (-17.9%) Shares 9,337 (-32.1%) Est. Cost $67.75 Unrealized +169.3%

IOBT IO BIOTECH INC 0.1%

Value ($000) $844 (+52.4%) Shares 1,386,565 (-9.1%) Est. Cost $1.72 Unrealized -56.9%

VERU VERU INC 0.0%

Value ($000) $286 (-47.2%) Shares 133,517 (-6.3%) Est. Cost $4.32 Unrealized -31.0%

HELP CYBIN INC 0.1%

Value ($000) $1,081 (+30.7%) Shares 132,153 (-5.9%) Est. Cost $9.91 Unrealized -35.1%

KZR KEZAR LIFE SCIENCES INC 0.1%

Value ($000) $643 (+54.2%) Shares 102,211 (-4.4%) Est. Cost $7.45 Unrealized -21.7%

SLDB SOLID BIOSCIENCES INC 0.1%

Value ($000) $905 (-17.0%) Shares 160,409 (-9.2%) Est. Cost $5.85 Unrealized -7.3%

AIRS AIRSCULPT TECHNOLOGIES INC 0.0%

Value ($000) $32 (-77.4%) Shares 16,398 (-8.7%) Est. Cost $3.40 Unrealized +78.8%

IMTX IMMATICS N.V 0.0%

Value ($000) $510 (+21.2%) Shares 48,569 (-1.7%) Est. Cost $4.96 Unrealized +103.5%

VIR VIR BIOTECHNOLOGY INC 0.3%

Value ($000) $3,472 (+2.5%) Shares 575,712 (-3.0%) Est. Cost $8.05 Unrealized -26.0%

BBOT BRIDGEBIO ONCOLOGY THERAPEUT 0.2%

Value ($000) $2,757 (-2.9%) Shares 220,231 (-10.2%) Est. Cost $11.58 Unrealized —

ABOS ACUMEN PHARMACEUTICALS INC 0.0%

Value ($000) $537 (+18.1%) Shares 254,312 (-4.3%) Est. Cost $5.16 Unrealized -61.5%

VKTX VIKING THERAPEUTICS INC 0.0%

Value ($000) $342 (+30.1%) Shares 9,717 (-2.8%) Est. Cost $28.96 Unrealized +22.3%

APLS APELLIS PHARMACEUTICALS INC 0.6%

Value ($000) $8,179 (+1.0%) Shares 325,600 (-9.1%) Est. Cost $24.06 Unrealized -2.5%

RNAC CARTESIAN THERAPEUTICS INC 0.0%

Value ($000) $150 (-33.8%) Shares 20,807 (-6.1%) Est. Cost $23.87 Unrealized -66.1%

VYNE VYNE THERAPEUTICS INC 0.0%

Value ($000) $154 (+58.2%) Shares 264,912 (-8.7%) Est. Cost $1.30 Unrealized -69.1%

EVAX EVAXION AS 0.0%

Value ($000) $356 (+18.5%) Shares 74,698 (-6.6%) Est. Cost $1.85 Unrealized —

CMMB CHEMOMAB THERAPEUTICS LTD 0.0%

Value ($000) $85 (-39.0%) Shares 51,793 (-2.8%) Est. Cost $2.63 Unrealized —

VYGR VOYAGER THERAPEUTICS INC 0.0%

Value ($000) $209 (-19.9%) Shares 53,063 (-4.8%) Est. Cost $11.38 Unrealized —

LXRX LEXICON PHARMACEUTICALS INC 0.0%

Value ($000) $189 (-20.5%) Shares 164,674 (-6.7%) Est. Cost $1.22 Unrealized +12.9%

— MIND MEDICINE MINDMED INC 0.1%

Value ($000) $787 (+6.5%) Shares 58,803 (-6.2%) Est. Cost $3.66 Unrealized —

PMVP PMV PHARMACEUTICALS INC 0.0%

Value ($000) $111 (-18.4%) Shares 89,136 (-8.6%) Est. Cost $1.38 Unrealized -3.2%

TOVX THERIVA BIOLOGICS INC 0.0%

Value ($000) $24 (-51.5%) Shares 112,076 (-6.6%) Est. Cost $1.40 Unrealized -78.8%

JSPR JASPER THERAPEUTICS INC 0.0%

Value ($000) $44 (-26.2%) Shares 24,093 (-4.0%) Est. Cost $17.76 Unrealized -88.7%

SNSE SENSEI BIOTHERAPEUTICS INC 0.0%

Value ($000) $228 (+7.2%) Shares 21,351 (-5.1%) Est. Cost $7.18 Unrealized +34.6%

NYXH NYXOAH S A 0.0%

Value ($000) $218 (-6.5%) Shares 47,358 (-6.5%) Est. Cost $6.88 Unrealized -25.1%

MGNX MACROGENICS INC 0.0%

Value ($000) $121 (-10.4%) Shares 74,893 (-6.5%) Est. Cost $15.11 Unrealized -89.6%

SYBX SYNLOGIC INC 0.0%

Value ($000) $22 (-35.2%) Shares 19,966 (-2.2%) Est. Cost $6.79 Unrealized -77.9%

AMIX AUTONOMIX MED INC 0.0%

Value ($000) $10 (-52.4%) Shares 18,688 (-6.6%) Est. Cost $8.42 Unrealized -89.0%

EQ EQUILLIUM INC 0.0%

Value ($000) $471 (-1.0%) Shares 303,555 (-8.6%) Est. Cost $1.06 Unrealized +15.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	CIDARA THERAPEUTICS INC	273,243 (-1.6%)	$60,357 (+127.0%)	4.7%	$34.77	—	COM NEW	171757206
—	UNIQURE NV	105,400 (-80.3%)	$2,522 (-91.9%)	0.2%	—	—	CALL	N90064901
INSM	INSMED INC	8,600 (-91.4%)	$1,497 (-89.6%)	0.1%	$67.75	+169.3%	CALL	457669307
IONS	IONIS PHARMACEUTICALS INC	202,038 (-51.3%)	$15,983 (-41.2%)	1.2%	$48.82	+54.2%	COM	462222100
APLS	APELLIS PHARMACEUTICALS INC	71,747 (-84.1%)	$1,802 (-82.4%)	0.1%	$24.06	-2.5%	COM	03753U106
PTCT	PTC THERAPEUTICS INC	118,657 (-57.7%)	$9,013 (-47.7%)	0.7%	$52.09	+39.5%	COM	69366J200
MAZE	MAZE THERAPEUTICS INC	644,680 (-13.0%)	$26,709 (+39.0%)	2.1%	$15.16	+126.7%	COM	578784100
ZURA	ZURA BIO LTD	802,322 (-62.4%)	$4,204 (-54.5%)	0.3%	$1.80	+119.9%	CLASS A ORD SHS	G9TY5A101
VTYX	VENTYX BIOSCIENCES INC	958,704 (-26.8%)	$8,657 (+112.6%)	0.7%	$2.60	+187.3%	COM	92332V107
ABVX	ABIVAX SA	205,985 (-48.0%)	$29,130 (-12.8%)	2.3%	$84.36	—	SPONSORED ADS	00370M103
GPCR	STRUCTURE THERAPEUTICS INC	4,824 (-97.0%)	$336 (-92.7%)	0.0%	$33.92	—	SPONSORED ADS	86366E106
TVTX	TRAVERE THERAPEUTICS INC	36,600 (-82.9%)	$1,398 (-72.7%)	0.1%	$18.80	+73.0%	CALL	89422G107
LABD	DIREXION SHS ETF TR	40,822 (-55.6%)	$860 (-76.9%)	0.1%	$40.44	—	DAILY S&P BIOTEC	25461H853
TGTX	TG THERAPEUTICS INC	117,903 (-32.6%)	$3,515 (-44.4%)	0.3%	$28.70	+13.8%	COM	88322Q108
CTMX	CYTOMX THERAPEUTICS INC	3,172,616 (-5.9%)	$13,515 (+25.6%)	1.1%	$2.25	+68.7%	COM	23284F105
AGIO	AGIOS PHARMACEUTICALS INC	137,200 (-8.5%)	$3,735 (-38.0%)	0.3%	$37.61	-6.7%	CALL	00847X104
AGIO	AGIOS PHARMACEUTICALS INC	115,489 (-9.0%)	$3,144 (-38.3%)	0.2%	$37.61	-6.7%	COM	00847X104
VTGN	VISTAGEN THERAPEUTICS INC	519,077 (-16.4%)	$344 (-84.4%)	0.0%	$2.83	+27.5%	COM	92840H400
TARS	TARSUS PHARMACEUTICALS INC	31,166 (-57.7%)	$2,552 (-41.7%)	0.2%	$23.59	+216.5%	COM	87650L103
CGON	CG ONCOLOGY INC	199,473 (-20.0%)	$8,282 (-17.6%)	0.6%	$25.98	+59.3%	COM	156944100
STIM	NEURONETICS INC	701,182 (-22.6%)	$968 (-60.9%)	0.1%	$3.65	-42.7%	COM	64131A105
AVTX	AVALO THERAPEUTICS INC	31,106 (-80.5%)	$565 (-72.2%)	0.0%	$8.93	+89.0%	COM NEW	05338F306
NAMS	NEWAMSTERDAM PHARMA COMPANY	45,830 (-57.1%)	$1,608 (-47.1%)	0.1%	$18.24	+99.5%	ORDINARY SHARES	N62509109
LXEO	LEXEO THERAPEUTICS INC	513,011 (-9.6%)	$5,094 (+35.2%)	0.4%	$9.31	-2.0%	COM	52886X107
CYTK	CYTOKINETICS INC	172,672 (-22.5%)	$10,972 (-10.3%)	0.9%	$55.86	+11.4%	COM NEW	23282W605
OVID	OVID THERAPEUTICS INC	247,558 (-77.4%)	$404 (-71.7%)	0.0%	$0.87	+77.7%	COM	690469101
CPRX	CATALYST PHARMACEUTICALS INC	57,388 (-50.7%)	$1,339 (-41.6%)	0.1%	$13.42	+66.0%	COM	14888U101
WVE	WAVE LIFE SCIENCES LTD	85,285 (-11.1%)	$1,450 (+106.4%)	0.1%	$6.60	+53.9%	SHS	Y95308105
KRYS	KRYSTAL BIOTECH INC	14,814 (-39.3%)	$3,652 (-15.3%)	0.3%	$149.68	+40.6%	COM	501147102
LYEL	LYELL IMMUNOPHARMA INC	41,081 (-6.2%)	$1,264 (+77.8%)	0.1%	$9.11	+145.6%	COM NEW	55083R203
SLDB	SOLID BIOSCIENCES INC	424,000 (-9.4%)	$2,391 (-17.2%)	0.2%	$5.85	-7.3%	CALL	83422E204
IMUX	IMMUNIC INC	674,662 (-26.2%)	$360 (-55.3%)	0.0%	$1.27	-42.4%	COM	4525EP101
GUTS	FRACTYL HEALTH INC	1,100,000 (-38.9%)	$2,420 (-15.4%)	0.2%	$1.30	+24.1%	COM	35168W103
PEPG	PEPGEN INC	447,165 (-16.6%)	$2,911 (+17.6%)	0.2%	$1.74	+198.8%	COM	713317105
SLN	SILENCE THERAPEUTICS PLC	865,784 (-3.9%)	$1,732 (+32.6%)	0.1%	$1.60	—	ADS	82686Q101
ANEB	ANEBULO PHARMACEUTICALS INC	17,736 (-88.8%)	$18 (-95.5%)	0.0%	$7.36	-69.0%	COM	034569103
SGMO	SANGAMO THERAPEUTICS INC	1,218,671 (-5.9%)	$512 (-41.3%)	0.0%	$1.79	-70.4%	COM	800677106
INSM	INSMED INC	9,337 (-32.1%)	$1,625 (-17.9%)	0.1%	$67.75	+169.3%	COM PAR $.01	457669307
IOBT	IO BIOTECH INC	1,386,565 (-9.1%)	$844 (+52.4%)	0.1%	$1.72	-56.9%	COM	449778109
VERU	VERU INC	133,517 (-6.3%)	$286 (-47.2%)	0.0%	$4.32	-31.0%	COM NEW	92536C202
HELP	CYBIN INC	132,153 (-5.9%)	$1,081 (+30.7%)	0.1%	$9.91	-35.1%	COM NEW	23256X407
KZR	KEZAR LIFE SCIENCES INC	102,211 (-4.4%)	$643 (+54.2%)	0.1%	$7.45	-21.7%	COM NEW	49372L209
SLDB	SOLID BIOSCIENCES INC	160,409 (-9.2%)	$905 (-17.0%)	0.1%	$5.85	-7.3%	COM NEW	83422E204
AIRS	AIRSCULPT TECHNOLOGIES INC	16,398 (-8.7%)	$32 (-77.4%)	0.0%	$3.40	+78.8%	COM	009496100
IMTX	IMMATICS N.V	48,569 (-1.7%)	$510 (+21.2%)	0.0%	$4.96	+103.5%	SHS	N44445109
VIR	VIR BIOTECHNOLOGY INC	575,712 (-3.0%)	$3,472 (+2.5%)	0.3%	$8.05	-26.0%	COM	92764N102
BBOT	BRIDGEBIO ONCOLOGY THERAPEUT	220,231 (-10.2%)	$2,757 (-2.9%)	0.2%	$11.58	—	COM NEW	107924102
ABOS	ACUMEN PHARMACEUTICALS INC	254,312 (-4.3%)	$537 (+18.1%)	0.0%	$5.16	-61.5%	COM	00509G209
VKTX	VIKING THERAPEUTICS INC	9,717 (-2.8%)	$342 (+30.1%)	0.0%	$28.96	+22.3%	COM	92686J106
APLS	APELLIS PHARMACEUTICALS INC	325,600 (-9.1%)	$8,179 (+1.0%)	0.6%	$24.06	-2.5%	CALL	03753U106
RNAC	CARTESIAN THERAPEUTICS INC	20,807 (-6.1%)	$150 (-33.8%)	0.0%	$23.87	-66.1%	COM NEW	816212302
VYNE	VYNE THERAPEUTICS INC	264,912 (-8.7%)	$154 (+58.2%)	0.0%	$1.30	-69.1%	COM	92941V308
EVAX	EVAXION AS	74,698 (-6.6%)	$356 (+18.5%)	0.0%	$1.85	—	SPONSORED ADS	29970R303
CMMB	CHEMOMAB THERAPEUTICS LTD	51,793 (-2.8%)	$85 (-39.0%)	0.0%	$2.63	—	SPONSORED ADS	16385C203
VYGR	VOYAGER THERAPEUTICS INC	53,063 (-4.8%)	$209 (-19.9%)	0.0%	$11.38	—	COM	92915B106
LXRX	LEXICON PHARMACEUTICALS INC	164,674 (-6.7%)	$189 (-20.5%)	0.0%	$1.22	+12.9%	COM NEW	528872302
—	MIND MEDICINE MINDMED INC	58,803 (-6.2%)	$787 (+6.5%)	0.1%	$3.66	—	COM NEW	60255C885
PMVP	PMV PHARMACEUTICALS INC	89,136 (-8.6%)	$111 (-18.4%)	0.0%	$1.38	-3.2%	COM	69353Y103
TOVX	THERIVA BIOLOGICS INC	112,076 (-6.6%)	$24 (-51.5%)	0.0%	$1.40	-78.8%	COM NEW	87164U508
JSPR	JASPER THERAPEUTICS INC	24,093 (-4.0%)	$44 (-26.2%)	0.0%	$17.76	-88.7%	COM NEW	471871202
SNSE	SENSEI BIOTHERAPEUTICS INC	21,351 (-5.1%)	$228 (+7.2%)	0.0%	$7.18	+34.6%	COM NEW	81728A207
NYXH	NYXOAH S A	47,358 (-6.5%)	$218 (-6.5%)	0.0%	$6.88	-25.1%	SHS	B6S7WD106
MGNX	MACROGENICS INC	74,893 (-6.5%)	$121 (-10.4%)	0.0%	$15.11	-89.6%	COM	556099109
SYBX	SYNLOGIC INC	19,966 (-2.2%)	$22 (-35.2%)	0.0%	$6.79	-77.9%	COM NEW	87166L209
AMIX	AUTONOMIX MED INC	18,688 (-6.6%)	$10 (-52.4%)	0.0%	$8.42	-89.0%	COM NEW	05330T205
EQ	EQUILLIUM INC	303,555 (-8.6%)	$471 (-1.0%)	0.0%	$1.06	+15.1%	COM	29446K106

Unchanged Positions (6)

TENX TENAX THERAPEUTICS INC 0.9%

Value ($000) $11,795 Shares 967,600 Est. Cost $6.11 Unrealized +42.4%

FBRX FORTE BIOSCIENCES INC 0.6%

Value ($000) $8,181 Shares 300,000 Est. Cost $11.89 Unrealized +47.4%

RVMD REVOLUTION MEDICINES INC 0.6%

Value ($000) $7,567 Shares 95,000 Est. Cost $65.57 Unrealized 0.0%

CPIX CUMBERLAND PHARMACEUTICALS I 0.2%

Value ($000) $2,213 Shares 555,932 Est. Cost $4.15 Unrealized -28.5%

DCTH DELCATH SYS INC 0.3%

Value ($000) $4,356 Shares 431,251 Est. Cost $11.47 Unrealized -13.3%

LYRA LYRA THERAPEUTICS INC 0.0%

Value ($000) $65 Shares 21,161 Est. Cost $8.30 Unrealized -40.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TENX	TENAX THERAPEUTICS INC	967,600	$11,795	0.9%	$6.11	+42.4%	COM NEW	88032L605
FBRX	FORTE BIOSCIENCES INC	300,000	$8,181	0.6%	$11.89	+47.4%	COM NEW	34962G208
RVMD	REVOLUTION MEDICINES INC	95,000	$7,567	0.6%	$65.57	0.0%	CALL	76155X100
CPIX	CUMBERLAND PHARMACEUTICALS I	555,932	$2,213	0.2%	$4.15	-28.5%	COM	230770109
DCTH	DELCATH SYS INC	431,251	$4,356	0.3%	$11.47	-13.3%	COM NEW	24661P807
LYRA	LYRA THERAPEUTICS INC	21,161	$65	0.0%	$8.30	-40.0%	COM NEW	55234L204