SILVERARC CAPITAL MANAGEMENT, LLC Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IMNM	IMMUNOME INC	1,126,210	$24,191	3.4%	$17.55	0.0%	COM	45257U108
—	UNIQURE NV	720,800	$17,249	2.4%	—	—	CALL	N90064901
PFE	PFIZER INC	419,134	$10,436	1.4%	$25.03	0.0%	COM	717081103
GH	GUARDANT HEALTH INC	91,914	$9,388	1.3%	$89.46	0.0%	COM	40131M109
SYRE	SPYRE THERAPEUTICS INC	187,737	$6,150	0.9%	$26.13	0.0%	COM NEW	00773J202
SLNO	SOLENO THERAPEUTICS INC	117,485	$5,440	0.8%	$54.83	0.0%	COM	834203309
—	KALVISTA PHARMACEUTICALS INC	290,600	$4,693	0.7%	—	—	CALL	483497903
FULC	FULCRUM THERAPEUTICS INC	394,650	$4,463	0.6%	$10.18	0.0%	COM	359616109
—	FULCRUM THERAPEUTICS INC	391,900	$4,432	0.6%	—	—	CALL	359616909
SRZN	SURROZEN INC	157,323	$3,556	0.5%	$16.18	0.0%	COM NEW	86889P208
RLAY	RELAY THERAPEUTICS INC	398,167	$3,368	0.5%	$7.14	0.0%	COM	75943R102
TARS	TARSUS PHARMACEUTICALS INC	36,124	$2,958	0.4%	$74.67	0.0%	COM	87650L103
KYMR	KYMERA THERAPEUTICS INC	34,589	$2,691	0.4%	$67.53	0.0%	COM	501575104
NXTC	NEXTCURE INC	176,057	$2,498	0.3%	$10.36	0.0%	COM NEW	65343E207
CTMX	CYTOMX THERAPEUTICS INC	385,974	$1,644	0.2%	$3.80	0.0%	COM	23284F105
XFOR	X4 PHARMACEUTICALS INC	357,387	$1,430	0.2%	$3.63	0.0%	COM NEW	98420X202
EWTX	EDGEWISE THERAPEUTICS INC	42,052	$1,044	0.1%	$20.07	0.0%	COM	28036F105
FDMT	4D MOLECULAR THERAPEUTICS IN	100,000	$750	0.1%	$10.14	0.0%	COM	35104E100
ADGM	ADAGIO MED HLDGS INC	515,384	$536	0.1%	$1.19	0.0%	COM	00534B100
PALI	PALISADE BIO INC	102,108	$240	0.0%	$1.92	0.0%	COM	696389402
IBIO	IBIO INC	106,000	$205	0.0%	$1.36	0.0%	COM NEW	451033708

Increased Positions (18)

CELC CELCUITY INC 5.2%

Value ($000) $37,416 (+754.0%) Shares 375,132 (+323.0%) Est. Cost $72.23 Unrealized +13.8%

COGT COGENT BIOSCIENCES INC 6.1%

Value ($000) $44,231 (+277.9%) Shares 1,245,254 (+52.8%) Est. Cost $17.47 Unrealized +61.0%

KALV KALVISTA PHARMACEUTICALS INC 5.4%

Value ($000) $39,198 (+136.0%) Shares 2,427,118 (+78.0%) Est. Cost $11.97 Unrealized +10.7%

PRAX PRAXIS PRECISION MEDICINES I 3.4%

Value ($000) $24,306 (+795.5%) Shares 82,465 (+61.0%) Est. Cost $100.25 Unrealized +85.8%

KOD KODIAK SCIENCES INC 4.0%

Value ($000) $28,606 (+74.7%) Shares 1,023,122 (+2.3%) Est. Cost $7.38 Unrealized +177.6%

GLUE MONTE ROSA THERAPEUTICS INC 2.2%

Value ($000) $16,136 (+213.3%) Shares 1,029,066 (+48.1%) Est. Cost $7.95 Unrealized +69.5%

URGN UROGEN PHARMA LTD 5.7%

Value ($000) $40,723 (+29.4%) Shares 1,738,821 (+10.2%) Est. Cost $13.27 Unrealized +63.5%

CNTA CENTESSA PHARMACEUTICALS PLC 1.6%

Value ($000) $11,460 (+234.6%) Shares 458,203 (+224.4%) Est. Cost $24.69 Unrealized —

VCYT VERACYTE INC 2.1%

Value ($000) $15,053 (+86.0%) Shares 357,558 (+51.6%) Est. Cost $34.23 Unrealized +17.7%

SNDX SYNDAX PHARMACEUTICALS INC 1.9%

Value ($000) $13,507 (+89.3%) Shares 642,899 (+38.6%) Est. Cost $17.40 Unrealized +0.2%

BNTC BENITEC BIOPHARMA INC 1.4%

Value ($000) $9,856 (+154.3%) Shares 731,717 (+164.9%) Est. Cost $13.20 Unrealized +4.7%

VRDN VIRIDIAN THERAPEUTICS INC 1.5%

Value ($000) $10,847 (+93.7%) Shares 348,569 (+34.3%) Est. Cost $20.44 Unrealized +34.2%

DNTH DIANTHUS THERAPEUTICS INC 4.3%

Value ($000) $30,913 (+16.4%) Shares 750,136 (+11.1%) Est. Cost $26.43 Unrealized +46.7%

CTNM CONTINEUM THERAPEUTICS INC 0.5%

Value ($000) $3,515 (+80.0%) Shares 307,540 (+85.1%) Est. Cost $9.60 Unrealized +18.8%

CERS CERUS CORP 0.8%

Value ($000) $5,798 (+34.3%) Shares 2,814,383 (+3.6%) Est. Cost $3.26 Unrealized -46.9%

CGEN COMPUGEN LTD 0.7%

Value ($000) $5,324 (+9.4%) Shares 3,479,805 (+5.1%) Est. Cost $1.61 Unrealized +3.4%

MLYS MINERALYS THERAPEUTICS INC 0.5%

Value ($000) $3,447 (+13.6%) Shares 94,983 (+18.7%) Est. Cost $16.01 Unrealized +150.4%

CCCC C4 THERAPEUTICS INC 0.5%

Value ($000) $3,809 (-9.6%) Shares 1,994,224 (+5.1%) Est. Cost $2.40 Unrealized -1.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CELC	CELCUITY INC	375,132 (+323.0%)	$37,416 (+754.0%)	5.2%	$72.23	+13.8%	COM	15102K100
COGT	COGENT BIOSCIENCES INC	1,245,254 (+52.8%)	$44,231 (+277.9%)	6.1%	$17.47	+61.0%	COM	19240Q201
KALV	KALVISTA PHARMACEUTICALS INC	2,427,118 (+78.0%)	$39,198 (+136.0%)	5.4%	$11.97	+10.7%	COM	483497103
PRAX	PRAXIS PRECISION MEDICINES I	82,465 (+61.0%)	$24,306 (+795.5%)	3.4%	$100.25	+85.8%	COM NEW	74006W207
KOD	KODIAK SCIENCES INC	1,023,122 (+2.3%)	$28,606 (+74.7%)	4.0%	$7.38	+177.6%	COM	50015M109
GLUE	MONTE ROSA THERAPEUTICS INC	1,029,066 (+48.1%)	$16,136 (+213.3%)	2.2%	$7.95	+69.5%	COM	61225M102
URGN	UROGEN PHARMA LTD	1,738,821 (+10.2%)	$40,723 (+29.4%)	5.7%	$13.27	+63.5%	COM	M96088105
CNTA	CENTESSA PHARMACEUTICALS PLC	458,203 (+224.4%)	$11,460 (+234.6%)	1.6%	$24.69	—	SPONSORED ADS	152309100
VCYT	VERACYTE INC	357,558 (+51.6%)	$15,053 (+86.0%)	2.1%	$34.23	+17.7%	COM	92337F107
SNDX	SYNDAX PHARMACEUTICALS INC	642,899 (+38.6%)	$13,507 (+89.3%)	1.9%	$17.40	+0.2%	COM	87164F105
BNTC	BENITEC BIOPHARMA INC	731,717 (+164.9%)	$9,856 (+154.3%)	1.4%	$13.20	+4.7%	COM NEW	08205P209
VRDN	VIRIDIAN THERAPEUTICS INC	348,569 (+34.3%)	$10,847 (+93.7%)	1.5%	$20.44	+34.2%	COM	92790C104
DNTH	DIANTHUS THERAPEUTICS INC	750,136 (+11.1%)	$30,913 (+16.4%)	4.3%	$26.43	+46.7%	COM	252828108
CTNM	CONTINEUM THERAPEUTICS INC	307,540 (+85.1%)	$3,515 (+80.0%)	0.5%	$9.60	+18.8%	CL A	21217B100
CERS	CERUS CORP	2,814,383 (+3.6%)	$5,798 (+34.3%)	0.8%	$3.26	-46.9%	COM	157085101
CGEN	COMPUGEN LTD	3,479,805 (+5.1%)	$5,324 (+9.4%)	0.7%	$1.61	+3.4%	ORD	M25722105
MLYS	MINERALYS THERAPEUTICS INC	94,983 (+18.7%)	$3,447 (+13.6%)	0.5%	$16.01	+150.4%	COM	603170101
CCCC	C4 THERAPEUTICS INC	1,994,224 (+5.1%)	$3,809 (-9.6%)	0.5%	$2.40	-1.3%	COM STK	12529R107

Exited Positions (35)

RNA AVIDITY BIOSCIENCES INC 5.1%

Value ($000) $36,801 Shares 844,633 Est. Cost $30.30 Unrealized +113.2%

— AKERO THERAPEUTICS INC 4.2%

Value ($000) $30,560 Shares 643,636 Est. Cost $24.40 Unrealized —

— UNITED THERAPEUTICS CORP DEL 3.5%

Value ($000) $25,111 Shares 59,900 Est. Cost — Unrealized —

— CIDARA THERAPEUTICS INC 2.9%

Value ($000) $21,154 Shares 220,902 Est. Cost $73.62 Unrealized —

CYTK CYTOKINETICS INC 1.6%

Value ($000) $11,597 Shares 211,000 Est. Cost $41.20 Unrealized +51.0%

VSTM VERASTEM INC 1.3%

Value ($000) $9,208 Shares 1,042,757 Est. Cost $7.44 Unrealized +19.8%

SRRK SCHOLAR ROCK HLDG CORP 1.2%

Value ($000) $8,711 Shares 233,920 Est. Cost $31.39 Unrealized +19.5%

ALKS ALKERMES PLC 0.8%

Value ($000) $5,415 Shares 180,513 Est. Cost $28.20 Unrealized +6.2%

BBOT BRIDGEBIO ONCOLOGY THERAPEUT 0.7%

Value ($000) $5,297 Shares 457,414 Est. Cost $11.58 Unrealized —

— COGENT BIOSCIENCES INC 0.7%

Value ($000) $5,170 Shares 360,000 Est. Cost — Unrealized —

PHVS PHARVARIS N V 0.6%

Value ($000) $4,588 Shares 183,903 Est. Cost $22.18 Unrealized +8.6%

BCAX BICARA THERAPEUTICS INC 0.5%

Value ($000) $3,957 Shares 250,606 Est. Cost $11.19 Unrealized +52.6%

KNSA KINIKSA PHARMACEUTICALS INTL 0.5%

Value ($000) $3,452 Shares 88,910 Est. Cost $22.32 Unrealized +79.7%

EYPT EYEPOINT PHARMACEUTICALS INC 0.5%

Value ($000) $3,287 Shares 230,837 Est. Cost $11.51 Unrealized +23.1%

ZURA ZURA BIO LTD 0.4%

Value ($000) $3,120 Shares 720,452 Est. Cost $1.80 Unrealized +119.9%

DCTH DELCATH SYS INC 0.3%

Value ($000) $2,186 Shares 203,386 Est. Cost $11.20 Unrealized -11.3%

CRNX CRINETICS PHARMACEUTICALS IN 0.3%

Value ($000) $2,083 Shares 50,000 Est. Cost $31.97 Unrealized +39.2%

CAMP CAMP4 THERAPEUTICS CORP 0.3%

Value ($000) $1,961 Shares 653,594 Est. Cost $1.85 Unrealized +129.7%

DYN DYNE THERAPEUTICS INC 0.2%

Value ($000) $1,265 Shares 100,000 Est. Cost $11.41 Unrealized +66.0%

LBRX LB PHARMACEUTICALS INC 0.2%

Value ($000) $1,105 Shares 70,000 Est. Cost $15.87 Unrealized +10.1%

— CAPRICOR THERAPEUTICS INC 0.1%

Value ($000) $1,043 Shares 144,700 Est. Cost — Unrealized —

— MERSANA THERAPEUTICS INC 0.1%

Value ($000) $1,037 Shares 133,636 Est. Cost $7.76 Unrealized —

— ATYR PHARMA INC 0.1%

Value ($000) $901 Shares 1,250,000 Est. Cost — Unrealized —

IMVT IMMUNOVANT INC 0.1%

Value ($000) $806 Shares 50,000 Est. Cost $16.19 Unrealized +37.7%

— ARCTURUS THERAPEUTICS HLDGS 0.1%

Value ($000) $774 Shares 42,000 Est. Cost — Unrealized —

— SYNDAX PHARMACEUTICALS INC 0.1%

Value ($000) $770 Shares 50,000 Est. Cost — Unrealized —

— ULTRAGENYX PHARMACEUTICAL IN 0.1%

Value ($000) $752 Shares 25,000 Est. Cost — Unrealized —

— MOONLAKE IMMUNOTHERAPEUTICS 0.1%

Value ($000) $466 Shares 65,000 Est. Cost — Unrealized —

MODD MODULAR MED INC 0.1%

Value ($000) $448 Shares 639,531 Est. Cost $1.79 Unrealized -72.7%

BDSX BIODESIX INC 0.1%

Value ($000) $375 Shares 49,607 Est. Cost $7.69 Unrealized -4.3%

MBX MBX BIOSCIENCES INC 0.0%

Value ($000) $263 Shares 15,000 Est. Cost $13.37 Unrealized +81.5%

ELVN ENLIVEN THERAPEUTICS INC 0.0%

Value ($000) $219 Shares 10,675 Est. Cost $19.01 Unrealized +4.8%

MLTX MOONLAKE IMMUNOTHERAPEUTICS 0.0%

Value ($000) $215 Shares 30,000 Est. Cost $40.73 Unrealized -71.0%

ARCT ARCTURUS THERAPEUTICS HLDGS 0.0%

Value ($000) $63 Shares 3,445 Est. Cost $16.06 Unrealized -32.8%

NKTR NEKTAR THERAPEUTICS 0.0%

Value ($000) $21 Shares 365 Est. Cost $12.37 Unrealized +352.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RNA	AVIDITY BIOSCIENCES INC	844,633	$36,801	5.1%	$30.30	+113.2%	—	05370A108
—	AKERO THERAPEUTICS INC	643,636	$30,560	4.2%	$24.40	—	—	00973Y108
—	UNITED THERAPEUTICS CORP DEL	59,900	$25,111	3.5%	—	—	PUT	91307C952
—	CIDARA THERAPEUTICS INC	220,902	$21,154	2.9%	$73.62	—	—	171757206
CYTK	CYTOKINETICS INC	211,000	$11,597	1.6%	$41.20	+51.0%	—	23282W605
VSTM	VERASTEM INC	1,042,757	$9,208	1.3%	$7.44	+19.8%	—	92337C203
SRRK	SCHOLAR ROCK HLDG CORP	233,920	$8,711	1.2%	$31.39	+19.5%	—	80706P103
ALKS	ALKERMES PLC	180,513	$5,415	0.8%	$28.20	+6.2%	—	G01767105
BBOT	BRIDGEBIO ONCOLOGY THERAPEUT	457,414	$5,297	0.7%	$11.58	—	—	107924102
—	COGENT BIOSCIENCES INC	360,000	$5,170	0.7%	—	—	CALL	19240Q901
PHVS	PHARVARIS N V	183,903	$4,588	0.6%	$22.18	+8.6%	—	N69605108
BCAX	BICARA THERAPEUTICS INC	250,606	$3,957	0.5%	$11.19	+52.6%	—	055477103
KNSA	KINIKSA PHARMACEUTICALS INTL	88,910	$3,452	0.5%	$22.32	+79.7%	—	G52694109
EYPT	EYEPOINT PHARMACEUTICALS INC	230,837	$3,287	0.5%	$11.51	+23.1%	—	30233G209
ZURA	ZURA BIO LTD	720,452	$3,120	0.4%	$1.80	+119.9%	—	G9TY5A101
DCTH	DELCATH SYS INC	203,386	$2,186	0.3%	$11.20	-11.3%	—	24661P807
CRNX	CRINETICS PHARMACEUTICALS IN	50,000	$2,083	0.3%	$31.97	+39.2%	—	22663K107
CAMP	CAMP4 THERAPEUTICS CORP	653,594	$1,961	0.3%	$1.85	+129.7%	—	13463J101
DYN	DYNE THERAPEUTICS INC	100,000	$1,265	0.2%	$11.41	+66.0%	—	26818M108
LBRX	LB PHARMACEUTICALS INC	70,000	$1,105	0.2%	$15.87	+10.1%	—	50180M108
—	CAPRICOR THERAPEUTICS INC	144,700	$1,043	0.1%	—	—	PUT	14070B959
—	MERSANA THERAPEUTICS INC	133,636	$1,037	0.1%	$7.76	—	—	59045L205
—	ATYR PHARMA INC	1,250,000	$901	0.1%	—	—	PUT	002120952
IMVT	IMMUNOVANT INC	50,000	$806	0.1%	$16.19	+37.7%	—	45258J102
—	ARCTURUS THERAPEUTICS HLDGS	42,000	$774	0.1%	—	—	PUT	03969T959
—	SYNDAX PHARMACEUTICALS INC	50,000	$770	0.1%	—	—	CALL	87164F905
—	ULTRAGENYX PHARMACEUTICAL IN	25,000	$752	0.1%	—	—	PUT	90400D958
—	MOONLAKE IMMUNOTHERAPEUTICS	65,000	$466	0.1%	—	—	CALL	61559X904
MODD	MODULAR MED INC	639,531	$448	0.1%	$1.79	-72.7%	—	60785L207
BDSX	BIODESIX INC	49,607	$375	0.1%	$7.69	-4.3%	—	09075X207
MBX	MBX BIOSCIENCES INC	15,000	$263	0.0%	$13.37	+81.5%	—	55287L101
ELVN	ENLIVEN THERAPEUTICS INC	10,675	$219	0.0%	$19.01	+4.8%	—	29337E102
MLTX	MOONLAKE IMMUNOTHERAPEUTICS	30,000	$215	0.0%	$40.73	-71.0%	—	61559X104
ARCT	ARCTURUS THERAPEUTICS HLDGS	3,445	$63	0.0%	$16.06	-32.8%	—	03969T109
NKTR	NEKTAR THERAPEUTICS	365	$21	0.0%	$12.37	+352.3%	—	640268306

Decreased Positions (26)

QURE UNIQURE NV 0.4%

Value ($000) $3,016 (-88.6%) Shares 126,047 (-72.3%) Est. Cost $15.14 Unrealized +154.9%

RYTM RHYTHM PHARMACEUTICALS INC 2.0%

Value ($000) $14,552 (-61.1%) Shares 135,950 (-63.3%) Est. Cost $39.46 Unrealized +168.8%

INSM INSMED INC 1.7%

Value ($000) $12,401 (-58.3%) Shares 71,256 (-65.5%) Est. Cost $56.86 Unrealized +220.9%

ORIC ORIC PHARMACEUTICALS INC 1.3%

Value ($000) $9,134 (-60.9%) Shares 1,116,604 (-42.7%) Est. Cost $6.76 Unrealized +70.4%

— ULTRAGENYX PHARMACEUTICAL IN 0.4%

Value ($000) $2,530 (-84.1%) Shares 110,000 (-79.2%) Est. Cost — Unrealized —

ABVX ABIVAX SA 7.9%

Value ($000) $56,935 (+24.3%) Shares 422,193 (-21.8%) Est. Cost $84.90 Unrealized —

CGON CG ONCOLOGY INC 2.1%

Value ($000) $14,995 (-41.7%) Shares 361,158 (-43.4%) Est. Cost $24.86 Unrealized +66.5%

GOSS GOSSAMER BIO INC 0.9%

Value ($000) $6,621 (-47.3%) Shares 2,135,722 (-55.3%) Est. Cost $1.12 Unrealized +154.0%

RAPP RAPPORT THERAPEUTICS INC 0.0%

Value ($000) $293 (-95.2%) Shares 9,659 (-95.3%) Est. Cost $17.84 Unrealized +55.1%

GUTS FRACTYL HEALTH INC 3.0%

Value ($000) $21,648 (+28.4%) Shares 9,840,041 (-7.2%) Est. Cost $1.40 Unrealized +15.4%

PCVX VAXCYTE INC 1.0%

Value ($000) $6,865 (-39.4%) Shares 148,787 (-52.7%) Est. Cost $32.81 Unrealized +36.3%

CMPX COMPASS THERAPEUTICS INC 0.8%

Value ($000) $5,646 (-43.1%) Shares 1,051,343 (-62.9%) Est. Cost $2.86 Unrealized +61.5%

OLMA OLEMA PHARMACEUTICALS INC 0.7%

Value ($000) $5,157 (-43.6%) Shares 206,280 (-77.9%) Est. Cost $6.00 Unrealized +196.3%

CLDX CELLDEX THERAPEUTICS INC NEW 0.7%

Value ($000) $5,190 (-42.5%) Shares 191,074 (-45.2%) Est. Cost $27.17 Unrealized -3.1%

AMLX AMYLYX PHARMACEUTICALS INC 0.8%

Value ($000) $6,115 (-35.7%) Shares 506,242 (-27.7%) Est. Cost $9.41 Unrealized +44.3%

BIIB BIOGEN INC 1.8%

Value ($000) $13,272 (+17.8%) Shares 75,412 (-6.2%) Est. Cost $135.17 Unrealized +20.9%

ABEO ABEONA THERAPEUTICS INC 0.5%

Value ($000) $3,308 (-37.0%) Shares 627,738 (-36.9%) Est. Cost $5.74 Unrealized -12.3%

ERAS ERASCA INC 0.7%

Value ($000) $4,901 (+64.3%) Shares 1,317,584 (-3.7%) Est. Cost $2.20 Unrealized +27.8%

SION SIONNA THERAPEUTICS INC 0.2%

Value ($000) $1,706 (-46.7%) Shares 41,460 (-61.9%) Est. Cost $15.09 Unrealized +151.3%

TRVI TREVI THERAPEUTICS INC 0.9%

Value ($000) $6,776 (+25.8%) Shares 541,240 (-8.1%) Est. Cost $3.55 Unrealized +225.4%

TELA TELA BIO INC 0.4%

Value ($000) $3,124 (-24.7%) Shares 2,647,512 (-4.9%) Est. Cost $4.46 Unrealized -71.6%

LXEO LEXEO THERAPEUTICS INC 0.9%

Value ($000) $6,133 (+18.6%) Shares 617,608 (-20.7%) Est. Cost $4.84 Unrealized +88.7%

NUVL NUVALENT INC 4.4%

Value ($000) $31,327 (-2.7%) Shares 311,430 (-16.3%) Est. Cost $73.68 Unrealized +33.8%

ELUT ELUTIA INC 0.3%

Value ($000) $1,906 (-24.9%) Shares 2,751,314 (-3.5%) Est. Cost $3.14 Unrealized -75.8%

AVTX AVALO THERAPEUTICS INC 1.3%

Value ($000) $9,524 (+3.9%) Shares 524,436 (-27.3%) Est. Cost $8.60 Unrealized +96.3%

ASND ASCENDIS PHARMA A/S 1.5%

Value ($000) $10,497 (-1.4%) Shares 49,228 (-8.1%) Est. Cost $147.80 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
QURE	UNIQURE NV	126,047 (-72.3%)	$3,016 (-88.6%)	0.4%	$15.14	+154.9%	SHS	N90064101
RYTM	RHYTHM PHARMACEUTICALS INC	135,950 (-63.3%)	$14,552 (-61.1%)	2.0%	$39.46	+168.8%	COM	76243J105
INSM	INSMED INC	71,256 (-65.5%)	$12,401 (-58.3%)	1.7%	$56.86	+220.9%	COM PAR $.01	457669307
ORIC	ORIC PHARMACEUTICALS INC	1,116,604 (-42.7%)	$9,134 (-60.9%)	1.3%	$6.76	+70.4%	COM	68622P109
—	ULTRAGENYX PHARMACEUTICAL IN	110,000 (-79.2%)	$2,530 (-84.1%)	0.4%	—	—	CALL	90400D908
ABVX	ABIVAX SA	422,193 (-21.8%)	$56,935 (+24.3%)	7.9%	$84.90	—	SPONSORED ADS	00370M103
CGON	CG ONCOLOGY INC	361,158 (-43.4%)	$14,995 (-41.7%)	2.1%	$24.86	+66.5%	COM	156944100
GOSS	GOSSAMER BIO INC	2,135,722 (-55.3%)	$6,621 (-47.3%)	0.9%	$1.12	+154.0%	COM	38341P102
RAPP	RAPPORT THERAPEUTICS INC	9,659 (-95.3%)	$293 (-95.2%)	0.0%	$17.84	+55.1%	COM	75383L102
GUTS	FRACTYL HEALTH INC	9,840,041 (-7.2%)	$21,648 (+28.4%)	3.0%	$1.40	+15.4%	COM	35168W103
PCVX	VAXCYTE INC	148,787 (-52.7%)	$6,865 (-39.4%)	1.0%	$32.81	+36.3%	COM	92243G108
CMPX	COMPASS THERAPEUTICS INC	1,051,343 (-62.9%)	$5,646 (-43.1%)	0.8%	$2.86	+61.5%	COM	20454B104
OLMA	OLEMA PHARMACEUTICALS INC	206,280 (-77.9%)	$5,157 (-43.6%)	0.7%	$6.00	+196.3%	COM	68062P106
CLDX	CELLDEX THERAPEUTICS INC NEW	191,074 (-45.2%)	$5,190 (-42.5%)	0.7%	$27.17	-3.1%	COM NEW	15117B202
AMLX	AMYLYX PHARMACEUTICALS INC	506,242 (-27.7%)	$6,115 (-35.7%)	0.8%	$9.41	+44.3%	COM	03237H101
BIIB	BIOGEN INC	75,412 (-6.2%)	$13,272 (+17.8%)	1.8%	$135.17	+20.9%	COM	09062X103
ABEO	ABEONA THERAPEUTICS INC	627,738 (-36.9%)	$3,308 (-37.0%)	0.5%	$5.74	-12.3%	COM NEW	00289Y206
ERAS	ERASCA INC	1,317,584 (-3.7%)	$4,901 (+64.3%)	0.7%	$2.20	+27.8%	COM	29479A108
SION	SIONNA THERAPEUTICS INC	41,460 (-61.9%)	$1,706 (-46.7%)	0.2%	$15.09	+151.3%	COM	829401108
TRVI	TREVI THERAPEUTICS INC	541,240 (-8.1%)	$6,776 (+25.8%)	0.9%	$3.55	+225.4%	COM	89532M101
TELA	TELA BIO INC	2,647,512 (-4.9%)	$3,124 (-24.7%)	0.4%	$4.46	-71.6%	COM	872381108
LXEO	LEXEO THERAPEUTICS INC	617,608 (-20.7%)	$6,133 (+18.6%)	0.9%	$4.84	+88.7%	COM	52886X107
NUVL	NUVALENT INC	311,430 (-16.3%)	$31,327 (-2.7%)	4.4%	$73.68	+33.8%	COM	670703107
ELUT	ELUTIA INC	2,751,314 (-3.5%)	$1,906 (-24.9%)	0.3%	$3.14	-75.8%	CL A COM	05479K106
AVTX	AVALO THERAPEUTICS INC	524,436 (-27.3%)	$9,524 (+3.9%)	1.3%	$8.60	+96.3%	COM NEW	05338F306
ASND	ASCENDIS PHARMA A/S	49,228 (-8.1%)	$10,497 (-1.4%)	1.5%	$147.80	—	SPONSORED ADR	04351P101

Unchanged Positions (3)

AARD AARDVARK THERAPEUTICS INC 0.6%

Value ($000) $3,989 Shares 303,939 Est. Cost $10.73 Unrealized +16.3%

RADX RADIOPHARM THERANOSTICS LTD 0.1%

Value ($000) $978 Shares 187,406 Est. Cost $4.49 Unrealized —

RCKTW ROCKET PHARMACEUTICALS INC 0.0%

Value ($000) $3 Shares 104,828 Est. Cost $0.11 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AARD	AARDVARK THERAPEUTICS INC	303,939	$3,989	0.6%	$10.73	+16.3%	COM	002942100
RADX	RADIOPHARM THERANOSTICS LTD	187,406	$978	0.1%	$4.49	—	SPONSORED ADS	75041J101
RCKTW	ROCKET PHARMACEUTICALS INC	104,828	$3	0.0%	$0.11	—	*W EXP 09/02/202	77313F114