Soleus Capital Management, L.P. Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DXCM	DEXCOM INC	1,297,094	$86,088	3.2%	$64.65	0.0%	COM	252131107
PODD	INSULET CORP	150,000	$42,636	1.6%	$312.66	0.0%	COM	45784P101
ALKS	ALKERMES PLC	1,322,364	$37,000	1.4%	$29.95	0.0%	SHS	G01767105
LIVN	LIVANOVA PLC	567,500	$34,918	1.3%	$57.14	0.0%	SHS	G5509L101
IMVT	IMMUNOVANT INC	1,110,000	$28,216	1.0%	$22.30	0.0%	COM	45258J102
PCVX	VAXCYTE INC	608,958	$28,097	1.0%	$44.73	0.0%	COM	92243G108
TFX	TELEFLEX INCORPORATED	190,000	$23,188	0.9%	$121.00	0.0%	COM	879369106
EWTX	EDGEWISE THERAPEUTICS INC	910,000	$22,582	0.8%	$20.07	0.0%	COM	28036F105
IVVD	INVIVYD INC	7,708,727	$19,041	0.7%	$2.08	0.0%	COM	00534A102
CAPR	CAPRICOR THERAPEUTICS INC	646,390	$18,655	0.7%	$13.06	0.0%	COM NEW	14070B309
THC	TENET HEALTHCARE CORP	92,500	$18,382	0.7%	$202.09	0.0%	COM NEW	88033G407
RCUS	ARCUS BIOSCIENCES INC	711,983	$16,967	0.6%	$20.40	0.0%	COM	03969F109
ELVN	ENLIVEN THERAPEUTICS INC	1,025,000	$15,785	0.6%	$19.92	0.0%	COM	29337E102
CERS	CERUS CORP	4,000,000	$8,240	0.3%	$1.73	0.0%	COM	157085101
AVTX	AVALO THERAPEUTICS INC	441,978	$8,026	0.3%	$16.88	0.0%	COM NEW	05338F306
GPCR	STRUCTURE THERAPEUTICS INC	90,000	$6,260	0.2%	$69.55	—	SPONSORED ADS	86366E106
ABVX	ABIVAX SA	45,000	$6,068	0.2%	$134.85	—	SPONSORED ADS	00370M103
ORKA	ORUKA THERAPEUTICS INC	190,000	$5,759	0.2%	$27.86	0.0%	COM	687604108
MLTX	MOONLAKE IMMUNOTHERAPEUTICS	400,000	$5,272	0.2%	$11.80	0.0%	CLASS A ORD	61559X104
NEO	NEOGENOMICS INC	427,504	$5,027	0.2%	$10.79	0.0%	COM NEW	64049M209
NTRA	NATERA INC	20,000	$4,582	0.2%	$208.59	0.0%	COM	632307104
LUNG	PULMONX CORP	2,038,323	$4,505	0.2%	$1.88	0.0%	COM	745848101
COGT	COGENT BIOSCIENCES INC	120,000	$4,262	0.2%	$28.11	0.0%	COM	19240Q201
TYRA	TYRA BIOSCIENCES INC	125,000	$3,286	0.1%	$18.37	0.0%	COM	90240B106
KPTI	KARYOPHARM THERAPEUTICS INC	440,000	$3,238	0.1%	$6.12	0.0%	COM NEW	48576U205
ZYME	ZYMEWORKS INC	100,000	$2,633	0.1%	$21.81	0.0%	COM	98985Y108
VKTX	VIKING THERAPEUTICS INC	70,000	$2,463	0.1%	$35.43	0.0%	COM	92686J106
INBX	INHIBRX BIOSCIENCES INC	25,000	$1,975	0.1%	$68.13	0.0%	COM	45720N103
BCAX	BICARA THERAPEUTICS INC	100,000	$1,683	0.1%	$17.08	0.0%	COM	055477103
GRAL	GRAIL INC	11,000	$941	0.0%	$86.40	0.0%	COM	384747101
QNRX	QUOIN PHARMACEUTICALS LTD	25,000	$361	0.0%	$14.43	—	SPONSORED ADS	74907L409
DYN	DYNE THERAPEUTICS INC	10,000	$196	0.0%	$18.94	0.0%	COM	26818M108

Increased Positions (23)

XBI SPDR SERIES TRUST 13.0%

Value ($000) $353,597 (+206.9%) Shares 2,900,000 (+152.2%) Est. Cost — Unrealized —

CELC CELCUITY INC 6.7%

Value ($000) $180,356 (+209.7%) Shares 1,808,258 (+53.4%) Est. Cost $36.49 Unrealized +125.3%

GMED GLOBUS MED INC 2.9%

Value ($000) $77,444 (+668.3%) Shares 887,000 (+404.0%) Est. Cost $72.27 Unrealized +5.0%

FOLD AMICUS THERAPEUTICS INC 2.7%

Value ($000) $74,152 (+100.6%) Shares 5,207,284 (+11.0%) Est. Cost $7.39 Unrealized +33.0%

MIRM MIRUM PHARMACEUTICALS INC 1.7%

Value ($000) $45,310 (+315.7%) Shares 573,614 (+285.8%) Est. Cost $64.71 Unrealized +10.9%

BMRN BIOMARIN PHARMACEUTICAL INC 2.9%

Value ($000) $78,448 (+62.7%) Shares 1,320,000 (+48.3%) Est. Cost $62.91 Unrealized -13.5%

GSK GSK PLC 1.2%

Value ($000) $31,337 (+230.0%) Shares 639,000 (+190.5%) Est. Cost $47.02 Unrealized —

ALNY ALNYLAM PHARMACEUTICALS INC 1.0%

Value ($000) $27,836 (+300.3%) Shares 70,000 (+359.0%) Est. Cost $406.43 Unrealized +8.9%

KNSA KINIKSA PHARMACEUTICALS INTL 0.9%

Value ($000) $24,214 (+315.7%) Shares 587,000 (+291.3%) Est. Cost $35.12 Unrealized +14.2%

SNDX SYNDAX PHARMACEUTICALS INC 1.7%

Value ($000) $47,212 (+52.5%) Shares 2,247,110 (+11.7%) Est. Cost $15.16 Unrealized +15.1%

IKT INHIBIKASE THERAPEUTICS INC 0.8%

Value ($000) $22,294 (+117.6%) Shares 10,875,000 (+71.9%) Est. Cost $2.12 Unrealized -24.8%

RAPT RAPT THERAPEUTICS INC 1.0%

Value ($000) $25,877 (+86.5%) Shares 764,000 (+42.0%) Est. Cost $18.40 Unrealized +68.7%

VCEL VERICEL CORP 1.0%

Value ($000) $27,512 (+75.6%) Shares 764,000 (+53.4%) Est. Cost $36.58 Unrealized +0.4%

TRVI TREVI THERAPEUTICS INC 0.4%

Value ($000) $11,268 (+4825.9%) Shares 900,000 (+3500.0%) Est. Cost $11.41 Unrealized +1.3%

SEPN SEPTERNA INC 0.4%

Value ($000) $10,688 (+3011.8%) Shares 383,368 (+1999.5%) Est. Cost $23.81 Unrealized +0.3%

MBX MBX BIOSCIENCES INC 0.5%

Value ($000) $12,897 (+168.0%) Shares 408,900 (+48.7%) Est. Cost $16.94 Unrealized +43.3%

INSM INSMED INC 0.3%

Value ($000) $8,441 (+2198.6%) Shares 48,500 (+1802.0%) Est. Cost $176.44 Unrealized +3.4%

ANIP ANI PHARMACEUTICALS INC 1.4%

Value ($000) $38,384 (+23.2%) Shares 486,243 (+42.9%) Est. Cost $80.90 Unrealized +7.0%

GERN GERON CORP 1.1%

Value ($000) $30,743 (+29.8%) Shares 23,290,000 (+34.7%) Est. Cost $1.48 Unrealized -15.0%

KIDS ORTHOPEDIATRICS CORP 0.3%

Value ($000) $9,332 (+293.4%) Shares 525,447 (+310.5%) Est. Cost $18.61 Unrealized -5.9%

NBIX NEUROCRINE BIOSCIENCES INC 0.9%

Value ($000) $24,960 (+28.8%) Shares 175,982 (+27.5%) Est. Cost $137.52 Unrealized +5.3%

PHVS PHARVARIS N V 0.7%

Value ($000) $19,482 (+20.7%) Shares 702,052 (+8.5%) Est. Cost $18.04 Unrealized +33.5%

KOD KODIAK SCIENCES INC 0.1%

Value ($000) $1,678 (+421.7%) Shares 60,000 (+205.4%) Est. Cost $16.60 Unrealized +23.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
XBI	SPDR SERIES TRUST	2,900,000 (+152.2%)	$353,597 (+206.9%)	13.0%	—	—	PUT	78464A870
CELC	CELCUITY INC	1,808,258 (+53.4%)	$180,356 (+209.7%)	6.7%	$36.49	+125.3%	COM	15102K100
GMED	GLOBUS MED INC	887,000 (+404.0%)	$77,444 (+668.3%)	2.9%	$72.27	+5.0%	CL A	379577208
FOLD	AMICUS THERAPEUTICS INC	5,207,284 (+11.0%)	$74,152 (+100.6%)	2.7%	$7.39	+33.0%	COM	03152W109
MIRM	MIRUM PHARMACEUTICALS INC	573,614 (+285.8%)	$45,310 (+315.7%)	1.7%	$64.71	+10.9%	COM	604749101
BMRN	BIOMARIN PHARMACEUTICAL INC	1,320,000 (+48.3%)	$78,448 (+62.7%)	2.9%	$62.91	-13.5%	COM	09061G101
GSK	GSK PLC	639,000 (+190.5%)	$31,337 (+230.0%)	1.2%	$47.02	—	SPONSORED ADR	37733W204
ALNY	ALNYLAM PHARMACEUTICALS INC	70,000 (+359.0%)	$27,836 (+300.3%)	1.0%	$406.43	+8.9%	COM	02043Q107
KNSA	KINIKSA PHARMACEUTICALS INTL	587,000 (+291.3%)	$24,214 (+315.7%)	0.9%	$35.12	+14.2%	ORD SHS CL A	G52694109
SNDX	SYNDAX PHARMACEUTICALS INC	2,247,110 (+11.7%)	$47,212 (+52.5%)	1.7%	$15.16	+15.1%	COM	87164F105
IKT	INHIBIKASE THERAPEUTICS INC	10,875,000 (+71.9%)	$22,294 (+117.6%)	0.8%	$2.12	-24.8%	COM NEW	45719W205
RAPT	RAPT THERAPEUTICS INC	764,000 (+42.0%)	$25,877 (+86.5%)	1.0%	$18.40	+68.7%	COM NEW	75382E208
VCEL	VERICEL CORP	764,000 (+53.4%)	$27,512 (+75.6%)	1.0%	$36.58	+0.4%	COM	92346J108
TRVI	TREVI THERAPEUTICS INC	900,000 (+3500.0%)	$11,268 (+4825.9%)	0.4%	$11.41	+1.3%	COM	89532M101
SEPN	SEPTERNA INC	383,368 (+1999.5%)	$10,688 (+3011.8%)	0.4%	$23.81	+0.3%	COM	81734D104
MBX	MBX BIOSCIENCES INC	408,900 (+48.7%)	$12,897 (+168.0%)	0.5%	$16.94	+43.3%	COM	55287L101
INSM	INSMED INC	48,500 (+1802.0%)	$8,441 (+2198.6%)	0.3%	$176.44	+3.4%	COM PAR $.01	457669307
ANIP	ANI PHARMACEUTICALS INC	486,243 (+42.9%)	$38,384 (+23.2%)	1.4%	$80.90	+7.0%	COM	00182C103
GERN	GERON CORP	23,290,000 (+34.7%)	$30,743 (+29.8%)	1.1%	$1.48	-15.0%	COM	374163103
KIDS	ORTHOPEDIATRICS CORP	525,447 (+310.5%)	$9,332 (+293.4%)	0.3%	$18.61	-5.9%	COM	68752L100
NBIX	NEUROCRINE BIOSCIENCES INC	175,982 (+27.5%)	$24,960 (+28.8%)	0.9%	$137.52	+5.3%	COM	64125C109
PHVS	PHARVARIS N V	702,052 (+8.5%)	$19,482 (+20.7%)	0.7%	$18.04	+33.5%	COM	N69605108
KOD	KODIAK SCIENCES INC	60,000 (+205.4%)	$1,678 (+421.7%)	0.1%	$16.60	+23.4%	COM	50015M109

Exited Positions (25)

ELV ELEVANCE HEALTH INC FORMERLY 3.1%

Value ($000) $83,898 Shares 259,650 Est. Cost $332.00 Unrealized +1.4%

GRFS GRIFOLS S A 0.9%

Value ($000) $24,900 Shares 2,500,000 Est. Cost $8.34 Unrealized —

IART INTEGRA LIFESCIENCES HLDGS C 0.8%

Value ($000) $20,647 Shares 1,440,818 Est. Cost $19.93 Unrealized -33.3%

QURE UNIQURE NV 0.4%

Value ($000) $11,674 Shares 200,000 Est. Cost $18.16 Unrealized +112.5%

ADMA ADMA BIOLOGICS INC 0.4%

Value ($000) $10,819 Shares 738,000 Est. Cost $17.91 Unrealized -5.9%

VSTM VERASTEM INC 0.3%

Value ($000) $8,264 Shares 935,909 Est. Cost $6.23 Unrealized +43.2%

NUVL NUVALENT INC 0.3%

Value ($000) $7,610 Shares 88,000 Est. Cost $71.42 Unrealized +38.1%

ESTA ESTABLISHMENT LABS HLDGS INC 0.2%

Value ($000) $5,719 Shares 139,512 Est. Cost $34.87 Unrealized +73.2%

ETON ETON PHARMACEUTICALS INC 0.2%

Value ($000) $4,346 Shares 200,000 Est. Cost $15.81 Unrealized +11.3%

CBLL CERIBELL INC 0.2%

Value ($000) $4,136 Shares 360,000 Est. Cost $13.98 Unrealized +11.0%

HROW HARROW INC 0.2%

Value ($000) $4,119 Shares 85,498 Est. Cost $37.67 Unrealized +11.4%

— AKERO THERAPEUTICS INC 0.1%

Value ($000) $3,371 Shares 71,000 Est. Cost $40.48 Unrealized —

IDYA IDEAYA BIOSCIENCES INC 0.1%

Value ($000) $2,721 Shares 100,000 Est. Cost $19.19 Unrealized +66.2%

CBIO CRESCENT BIOPHARMA INC. 0.1%

Value ($000) $2,378 Shares 200,000 Est. Cost $21.15 Unrealized -39.8%

RAPP RAPPORT THERAPEUTICS INC 0.1%

Value ($000) $2,376 Shares 80,000 Est. Cost $17.84 Unrealized +55.1%

IOVA IOVANCE BIOTHERAPEUTICS INC 0.1%

Value ($000) $2,119 Shares 976,707 Est. Cost $9.78 Unrealized -76.3%

VTGN VISTAGEN THERAPEUTICS INC 0.1%

Value ($000) $1,953 Shares 550,000 Est. Cost $2.99 Unrealized +20.9%

MNKD MANNKIND CORP 0.1%

Value ($000) $1,611 Shares 300,000 Est. Cost $4.39 Unrealized +25.5%

IMUX IMMUNIC INC 0.1%

Value ($000) $1,393 Shares 1,580,007 Est. Cost $1.32 Unrealized -44.6%

— ADVERUM BIOTECHNOLOGIES INC 0.0%

Value ($000) $1,301 Shares 287,246 Est. Cost $6.94 Unrealized —

LQDA LIQUIDIA CORPORATION 0.0%

Value ($000) $1,137 Shares 50,000 Est. Cost $21.69 Unrealized +31.2%

— ESSA PHARMA INC 0.0%

Value ($000) $833 Shares 4,362,026 Est. Cost $3.35 Unrealized —

MYO MYOMO INC 0.0%

Value ($000) $628 Shares 704,275 Est. Cost $4.87 Unrealized -80.3%

MREO MEREO BIOPHARMA GROUP PLC 0.0%

Value ($000) $617 Shares 299,711 Est. Cost $1.30 Unrealized —

TECX TECTONIC THERAPEUTIC INC 0.0%

Value ($000) $392 Shares 25,000 Est. Cost $36.61 Unrealized -49.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ELV	ELEVANCE HEALTH INC FORMERLY	259,650	$83,898	3.1%	$332.00	+1.4%	—	036752103
GRFS	GRIFOLS S A	2,500,000	$24,900	0.9%	$8.34	—	—	398438408
IART	INTEGRA LIFESCIENCES HLDGS C	1,440,818	$20,647	0.8%	$19.93	-33.3%	—	457985208
QURE	UNIQURE NV	200,000	$11,674	0.4%	$18.16	+112.5%	—	N90064101
ADMA	ADMA BIOLOGICS INC	738,000	$10,819	0.4%	$17.91	-5.9%	—	000899104
VSTM	VERASTEM INC	935,909	$8,264	0.3%	$6.23	+43.2%	—	92337C203
NUVL	NUVALENT INC	88,000	$7,610	0.3%	$71.42	+38.1%	—	670703107
ESTA	ESTABLISHMENT LABS HLDGS INC	139,512	$5,719	0.2%	$34.87	+73.2%	—	G31249108
ETON	ETON PHARMACEUTICALS INC	200,000	$4,346	0.2%	$15.81	+11.3%	—	29772L108
CBLL	CERIBELL INC	360,000	$4,136	0.2%	$13.98	+11.0%	—	15678C102
HROW	HARROW INC	85,498	$4,119	0.2%	$37.67	+11.4%	—	415858109
—	AKERO THERAPEUTICS INC	71,000	$3,371	0.1%	$40.48	—	—	00973Y108
IDYA	IDEAYA BIOSCIENCES INC	100,000	$2,721	0.1%	$19.19	+66.2%	—	45166A102
CBIO	CRESCENT BIOPHARMA INC.	200,000	$2,378	0.1%	$21.15	-39.8%	—	G2545C104
RAPP	RAPPORT THERAPEUTICS INC	80,000	$2,376	0.1%	$17.84	+55.1%	—	75383L102
IOVA	IOVANCE BIOTHERAPEUTICS INC	976,707	$2,119	0.1%	$9.78	-76.3%	—	462260100
VTGN	VISTAGEN THERAPEUTICS INC	550,000	$1,953	0.1%	$2.99	+20.9%	—	92840H400
MNKD	MANNKIND CORP	300,000	$1,611	0.1%	$4.39	+25.5%	—	56400P706
IMUX	IMMUNIC INC	1,580,007	$1,393	0.1%	$1.32	-44.6%	—	4525EP101
—	ADVERUM BIOTECHNOLOGIES INC	287,246	$1,301	0.0%	$6.94	—	—	00773U207
LQDA	LIQUIDIA CORPORATION	50,000	$1,137	0.0%	$21.69	+31.2%	—	53635D202
—	ESSA PHARMA INC	4,362,026	$833	0.0%	$3.35	—	—	29668H708
MYO	MYOMO INC	704,275	$628	0.0%	$4.87	-80.3%	—	62857J201
MREO	MEREO BIOPHARMA GROUP PLC	299,711	$617	0.0%	$1.30	—	—	589492107
TECX	TECTONIC THERAPEUTIC INC	25,000	$392	0.0%	$36.61	-49.2%	—	878972108

Decreased Positions (34)

PRAX PRAXIS PRECISION MEDICINES I 3.9%

Value ($000) $106,981 (+134.9%) Shares 362,966 (-57.8%) Est. Cost $59.17 Unrealized +214.7%

TERN TERNS PHARMACEUTICALS INC 0.3%

Value ($000) $8,593 (-85.9%) Shares 212,710 (-97.4%) Est. Cost $6.57 Unrealized +252.0%

KRYS KRYSTAL BIOTECH INC 8.6%

Value ($000) $232,009 (+29.0%) Shares 941,059 (-7.6%) Est. Cost $154.91 Unrealized +35.9%

TGTX TG THERAPEUTICS INC 3.5%

Value ($000) $93,583 (-32.6%) Shares 3,139,312 (-18.3%) Est. Cost $23.80 Unrealized +37.2%

— CIDARA THERAPEUTICS INC 0.3%

Value ($000) $8,573 (-81.9%) Shares 38,811 (-92.1%) Est. Cost $51.66 Unrealized —

UTHR UNITED THERAPEUTICS CORP DEL 1.1%

Value ($000) $29,235 (-53.5%) Shares 60,000 (-60.0%) Est. Cost $268.64 Unrealized +73.4%

— INDIVIOR PLC 0.1%

Value ($000) $3,588 (-89.8%) Shares 100,000 (-93.2%) Est. Cost $24.11 Unrealized —

MDGL MADRIGAL PHARMACEUTICALS INC 0.0%

Value ($000) $291 (-99.1%) Shares 500 (-99.3%) Est. Cost $366.97 Unrealized +39.2%

INSP INSPIRE MED SYS INC 1.0%

Value ($000) $27,614 (-48.9%) Shares 299,399 (-58.9%) Est. Cost $109.72 Unrealized -12.8%

ARGX ARGENX SE 1.0%

Value ($000) $26,680 (-47.9%) Shares 31,726 (-54.3%) Est. Cost $639.42 Unrealized —

NVCR NOVOCURE LTD 4.1%

Value ($000) $110,301 (-11.5%) Shares 8,530,665 (-11.6%) Est. Cost $18.86 Unrealized -31.9%

VCYT VERACYTE INC 0.0%

Value ($000) $421 (-97.1%) Shares 10,000 (-97.6%) Est. Cost $28.96 Unrealized +39.2%

STAA STAAR SURGICAL CO 0.0%

Value ($000) $577 (-95.7%) Shares 25,000 (-95.0%) Est. Cost $19.72 Unrealized +30.7%

ANAB ANAPTYSBIO INC 0.2%

Value ($000) $6,545 (-65.9%) Shares 135,000 (-78.4%) Est. Cost $22.45 Unrealized +73.6%

NPCE NEUROPACE INC 1.5%

Value ($000) $41,738 (+36.9%) Shares 2,703,208 (-8.6%) Est. Cost $16.74 Unrealized -20.1%

URGN UROGEN PHARMA LTD 0.1%

Value ($000) $3,513 (-74.1%) Shares 150,000 (-77.9%) Est. Cost $9.60 Unrealized +126.1%

BLTE BELITE BIO INC 0.2%

Value ($000) $6,455 (-58.5%) Shares 40,354 (-80.8%) Est. Cost $74.00 Unrealized —

QDEL QUIDELORTHO CORP 0.1%

Value ($000) $2,142 (-80.6%) Shares 75,000 (-80.0%) Est. Cost $28.37 Unrealized -4.5%

AXGN AXOGEN INC 1.5%

Value ($000) $39,500 (+28.2%) Shares 1,206,855 (-30.1%) Est. Cost $9.23 Unrealized +166.3%

CCCC C4 THERAPEUTICS INC 0.3%

Value ($000) $7,266 (-53.6%) Shares 3,803,942 (-46.1%) Est. Cost $7.16 Unrealized -66.9%

ACLX ARCELLX INC 0.1%

Value ($000) $1,956 (-76.2%) Shares 30,000 (-70.0%) Est. Cost $44.07 Unrealized +81.0%

LBRX LB PHARMACEUTICALS INC 0.0%

Value ($000) $223 (-96.5%) Shares 10,000 (-97.5%) Est. Cost $15.87 Unrealized +10.1%

CGON CG ONCOLOGY INC 0.3%

Value ($000) $7,058 (-39.6%) Shares 170,000 (-41.4%) Est. Cost $33.75 Unrealized +22.6%

OLMA OLEMA PHARMACEUTICALS INC 0.1%

Value ($000) $1,747 (-71.2%) Shares 69,874 (-88.7%) Est. Cost $6.00 Unrealized +196.3%

RIGL RIGEL PHARMACEUTICALS INC 0.5%

Value ($000) $12,850 (+37.5%) Shares 300,034 (-9.1%) Est. Cost $11.97 Unrealized +214.8%

JSPR JASPER THERAPEUTICS INC 0.0%

Value ($000) $366 (-89.7%) Shares 200,000 (-86.6%) Est. Cost $18.54 Unrealized -89.2%

GUTS FRACTYL HEALTH INC 0.0%

Value ($000) $880 (-77.9%) Shares 400,000 (-84.0%) Est. Cost $1.30 Unrealized +24.1%

TNGX TANGO THERAPEUTICS INC 0.0%

Value ($000) $89 (-96.5%) Shares 10,000 (-96.7%) Est. Cost $2.47 Unrealized +248.5%

EOLS EVOLUS INC 0.3%

Value ($000) $7,116 (-20.1%) Shares 1,070,000 (-26.2%) Est. Cost $11.46 Unrealized -40.9%

NSPR INSPIREMD INC 0.1%

Value ($000) $2,047 (-42.3%) Shares 1,150,000 (-21.8%) Est. Cost $2.04 Unrealized +2.2%

SION SIONNA THERAPEUTICS INC 0.4%

Value ($000) $11,046 (-9.2%) Shares 268,500 (-35.1%) Est. Cost $15.77 Unrealized +140.5%

NRIX NURIX THERAPEUTICS INC 0.9%

Value ($000) $23,132 (+3.3%) Shares 1,219,394 (-49.7%) Est. Cost $17.67 Unrealized -18.7%

ORGO ORGANOGENESIS HLDGS INC 1.9%

Value ($000) $51,727 (+1.0%) Shares 9,985,951 (-17.7%) Est. Cost $4.74 Unrealized +2.3%

BBNX BETA BIONICS INC 2.8%

Value ($000) $77,228 (+0.4%) Shares 2,534,565 (-34.5%) Est. Cost $18.14 Unrealized +47.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PRAX	PRAXIS PRECISION MEDICINES I	362,966 (-57.8%)	$106,981 (+134.9%)	3.9%	$59.17	+214.7%	COM NEW	74006W207
TERN	TERNS PHARMACEUTICALS INC	212,710 (-97.4%)	$8,593 (-85.9%)	0.3%	$6.57	+252.0%	COM	880881107
KRYS	KRYSTAL BIOTECH INC	941,059 (-7.6%)	$232,009 (+29.0%)	8.6%	$154.91	+35.9%	COM	501147102
TGTX	TG THERAPEUTICS INC	3,139,312 (-18.3%)	$93,583 (-32.6%)	3.5%	$23.80	+37.2%	COM	88322Q108
—	CIDARA THERAPEUTICS INC	38,811 (-92.1%)	$8,573 (-81.9%)	0.3%	$51.66	—	COM NEW	171757206
UTHR	UNITED THERAPEUTICS CORP DEL	60,000 (-60.0%)	$29,235 (-53.5%)	1.1%	$268.64	+73.4%	COM	91307C102
—	INDIVIOR PLC	100,000 (-93.2%)	$3,588 (-89.8%)	0.1%	$24.11	—	ORD	G4766E116
MDGL	MADRIGAL PHARMACEUTICALS INC	500 (-99.3%)	$291 (-99.1%)	0.0%	$366.97	+39.2%	COM	558868105
INSP	INSPIRE MED SYS INC	299,399 (-58.9%)	$27,614 (-48.9%)	1.0%	$109.72	-12.8%	COM	457730109
ARGX	ARGENX SE	31,726 (-54.3%)	$26,680 (-47.9%)	1.0%	$639.42	—	SPONSORED ADR	04016X101
NVCR	NOVOCURE LTD	8,530,665 (-11.6%)	$110,301 (-11.5%)	4.1%	$18.86	-31.9%	ORD SHS	G6674U108
VCYT	VERACYTE INC	10,000 (-97.6%)	$421 (-97.1%)	0.0%	$28.96	+39.2%	COM	92337F107
STAA	STAAR SURGICAL CO	25,000 (-95.0%)	$577 (-95.7%)	0.0%	$19.72	+30.7%	COM PAR $0.01	852312305
ANAB	ANAPTYSBIO INC	135,000 (-78.4%)	$6,545 (-65.9%)	0.2%	$22.45	+73.6%	COM	032724106
NPCE	NEUROPACE INC	2,703,208 (-8.6%)	$41,738 (+36.9%)	1.5%	$16.74	-20.1%	COM	641288105
URGN	UROGEN PHARMA LTD	150,000 (-77.9%)	$3,513 (-74.1%)	0.1%	$9.60	+126.1%	COM	M96088105
BLTE	BELITE BIO INC	40,354 (-80.8%)	$6,455 (-58.5%)	0.2%	$74.00	—	SPONSORED ADS	07782B104
QDEL	QUIDELORTHO CORP	75,000 (-80.0%)	$2,142 (-80.6%)	0.1%	$28.37	-4.5%	COM	219798105
AXGN	AXOGEN INC	1,206,855 (-30.1%)	$39,500 (+28.2%)	1.5%	$9.23	+166.3%	COM	05463X106
CCCC	C4 THERAPEUTICS INC	3,803,942 (-46.1%)	$7,266 (-53.6%)	0.3%	$7.16	-66.9%	COM STK	12529R107
ACLX	ARCELLX INC	30,000 (-70.0%)	$1,956 (-76.2%)	0.1%	$44.07	+81.0%	COMMON STOCK	03940C100
LBRX	LB PHARMACEUTICALS INC	10,000 (-97.5%)	$223 (-96.5%)	0.0%	$15.87	+10.1%	COM SHS	50180M108
CGON	CG ONCOLOGY INC	170,000 (-41.4%)	$7,058 (-39.6%)	0.3%	$33.75	+22.6%	COM	156944100
OLMA	OLEMA PHARMACEUTICALS INC	69,874 (-88.7%)	$1,747 (-71.2%)	0.1%	$6.00	+196.3%	COM	68062P106
RIGL	RIGEL PHARMACEUTICALS INC	300,034 (-9.1%)	$12,850 (+37.5%)	0.5%	$11.97	+214.8%	COM	766559702
JSPR	JASPER THERAPEUTICS INC	200,000 (-86.6%)	$366 (-89.7%)	0.0%	$18.54	-89.2%	COM NEW	471871202
GUTS	FRACTYL HEALTH INC	400,000 (-84.0%)	$880 (-77.9%)	0.0%	$1.30	+24.1%	COM	35168W103
TNGX	TANGO THERAPEUTICS INC	10,000 (-96.7%)	$89 (-96.5%)	0.0%	$2.47	+248.5%	COM	87583X109
EOLS	EVOLUS INC	1,070,000 (-26.2%)	$7,116 (-20.1%)	0.3%	$11.46	-40.9%	COM	30052C107
NSPR	INSPIREMD INC	1,150,000 (-21.8%)	$2,047 (-42.3%)	0.1%	$2.04	+2.2%	COM	45779A846
SION	SIONNA THERAPEUTICS INC	268,500 (-35.1%)	$11,046 (-9.2%)	0.4%	$15.77	+140.5%	COM	829401108
NRIX	NURIX THERAPEUTICS INC	1,219,394 (-49.7%)	$23,132 (+3.3%)	0.9%	$17.67	-18.7%	COM	67080M103
ORGO	ORGANOGENESIS HLDGS INC	9,985,951 (-17.7%)	$51,727 (+1.0%)	1.9%	$4.74	+2.3%	COM	68621F102
BBNX	BETA BIONICS INC	2,534,565 (-34.5%)	$77,228 (+0.4%)	2.8%	$18.14	+47.2%	COM	08659B102

Unchanged Positions (6)

EDAP EDAP TMS S A 0.9%

Value ($000) $24,047 Shares 7,309,254 Est. Cost $7.34 Unrealized —

TWST TWIST BIOSCIENCE CORP 2.2%

Value ($000) $59,056 Shares 1,861,802 Est. Cost $31.10 Unrealized +0.3%

JBIO JADE BIOSCIENCES INC 0.5%

Value ($000) $12,294 Shares 796,744 Est. Cost $33.31 Unrealized -64.8%

ERAS ERASCA INC 0.3%

Value ($000) $8,043 Shares 2,162,162 Est. Cost $2.16 Unrealized +30.3%

CALC CALCIMEDICA INC 0.2%

Value ($000) $4,507 Shares 683,904 Est. Cost $4.55 Unrealized -14.2%

DCTH DELCATH SYS INC 0.0%

Value ($000) $101 Shares 10,000 Est. Cost $10.55 Unrealized -5.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EDAP	EDAP TMS S A	7,309,254	$24,047	0.9%	$7.34	—	SPONSORED ADR	268311107
TWST	TWIST BIOSCIENCE CORP	1,861,802	$59,056	2.2%	$31.10	+0.3%	COM	90184D100
JBIO	JADE BIOSCIENCES INC	796,744	$12,294	0.5%	$33.31	-64.8%	COM NEW	008064206
ERAS	ERASCA INC	2,162,162	$8,043	0.3%	$2.16	+30.3%	COM	29479A108
CALC	CALCIMEDICA INC	683,904	$4,507	0.2%	$4.55	-14.2%	COM NEW	38942Q202
DCTH	DELCATH SYS INC	10,000	$101	0.0%	$10.55	-5.8%	COM NEW	24661P807