Patient Square Capital LP Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ONC	BEONE MEDICINES LTD	69,312	$21,058	4.5%	$303.81	—	SPONSORED ADS	07725L102
TERN	TERNS PHARMACEUTICALS INC	320,000	$12,928	2.8%	$23.11	0.0%	COM	880881107
COGT	COGENT BIOSCIENCES INC	317,372	$11,273	2.4%	$28.11	0.0%	COM	19240Q201
DBVT	DBV TECHNOLOGIES S A	359,050	$6,883	1.5%	$19.17	—	SPONSORED ADS	23306J309
XENE	XENON PHARMACEUTICALS INC	136,500	$6,118	1.3%	$42.00	0.0%	COM	98420N105
ARQT	ARCUTIS BIOTHERAPEUTICS INC	210,000	$6,098	1.3%	$25.60	0.0%	COM	03969K108
SYRE	SPYRE THERAPEUTICS INC	150,000	$4,914	1.1%	$26.13	0.0%	COM NEW	00773J202
RCUS	ARCUS BIOSCIENCES INC	170,000	$4,051	0.9%	$20.40	0.0%	COM	03969F109
HROW	HARROW INC	7,031	$345	0.1%	$41.98	0.0%	COM	415858109

Increased Positions (11)

MIRM MIRUM PHARMACEUTICALS INC 5.1%

Value ($000) $23,593 (+208.7%) Shares 298,682 (+186.5%) Est. Cost $62.11 Unrealized +15.6%

ARGX ARGENX SE 4.7%

Value ($000) $21,865 (+91.3%) Shares 26,000 (+67.7%) Est. Cost $668.23 Unrealized —

CELC CELCUITY INC 2.6%

Value ($000) $11,969 (+142.3%) Shares 120,000 (+20.0%) Est. Cost $47.06 Unrealized +74.7%

PHVS PHARVARIS N V 3.2%

Value ($000) $15,060 (+74.8%) Shares 542,696 (+57.1%) Est. Cost $21.02 Unrealized +14.6%

KYMR KYMERA THERAPEUTICS INC 2.3%

Value ($000) $10,816 (+106.4%) Shares 139,000 (+50.1%) Est. Cost $46.83 Unrealized +44.2%

AVTX AVALO THERAPEUTICS INC 1.2%

Value ($000) $5,665 (+345.7%) Shares 311,966 (+212.0%) Est. Cost $14.22 Unrealized +18.7%

ALLO ALLOGENE THERAPEUTICS INC 1.5%

Value ($000) $6,800 (+83.9%) Shares 4,963,756 (+66.5%) Est. Cost $1.76 Unrealized -24.9%

CATX PERSPECTIVE THERAPEUTICS INC 0.7%

Value ($000) $3,115 (+160.0%) Shares 1,132,815 (+224.3%) Est. Cost $3.10 Unrealized -7.9%

DNTH DIANTHUS THERAPEUTICS INC 1.3%

Value ($000) $6,182 (+25.7%) Shares 150,000 (+20.0%) Est. Cost $27.76 Unrealized +39.7%

ELVN ENLIVEN THERAPEUTICS INC 1.0%

Value ($000) $4,745 (-7.6%) Shares 308,141 (+22.8%) Est. Cost $23.51 Unrealized -15.3%

AMLX AMYLYX PHARMACEUTICALS INC 0.9%

Value ($000) $4,228 (-1.6%) Shares 350,000 (+10.7%) Est. Cost $9.81 Unrealized +38.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MIRM	MIRUM PHARMACEUTICALS INC	298,682 (+186.5%)	$23,593 (+208.7%)	5.1%	$62.11	+15.6%	COM	604749101
ARGX	ARGENX SE	26,000 (+67.7%)	$21,865 (+91.3%)	4.7%	$668.23	—	SPONSORED ADR	04016X101
CELC	CELCUITY INC	120,000 (+20.0%)	$11,969 (+142.3%)	2.6%	$47.06	+74.7%	COM	15102K100
PHVS	PHARVARIS N V	542,696 (+57.1%)	$15,060 (+74.8%)	3.2%	$21.02	+14.6%	COM	N69605108
KYMR	KYMERA THERAPEUTICS INC	139,000 (+50.1%)	$10,816 (+106.4%)	2.3%	$46.83	+44.2%	COM	501575104
AVTX	AVALO THERAPEUTICS INC	311,966 (+212.0%)	$5,665 (+345.7%)	1.2%	$14.22	+18.7%	COM NEW	05338F306
ALLO	ALLOGENE THERAPEUTICS INC	4,963,756 (+66.5%)	$6,800 (+83.9%)	1.5%	$1.76	-24.9%	COM	019770106
CATX	PERSPECTIVE THERAPEUTICS INC	1,132,815 (+224.3%)	$3,115 (+160.0%)	0.7%	$3.10	-7.9%	COM NEW	46489V302
DNTH	DIANTHUS THERAPEUTICS INC	150,000 (+20.0%)	$6,182 (+25.7%)	1.3%	$27.76	+39.7%	COM	252828108
ELVN	ENLIVEN THERAPEUTICS INC	308,141 (+22.8%)	$4,745 (-7.6%)	1.0%	$23.51	-15.3%	COM	29337E102
AMLX	AMYLYX PHARMACEUTICALS INC	350,000 (+10.7%)	$4,228 (-1.6%)	0.9%	$9.81	+38.4%	COM	03237H101

Exited Positions (5)

— CIDARA THERAPEUTICS INC 2.5%

Value ($000) $11,587 Shares 121,000 Est. Cost $89.93 Unrealized —

AGIO AGIOS PHARMACEUTICALS INC 1.1%

Value ($000) $5,372 Shares 133,827 Est. Cost $45.20 Unrealized -22.4%

QURE UNIQURE NV 0.9%

Value ($000) $4,378 Shares 75,000 Est. Cost $18.16 Unrealized +112.5%

NRIX NURIX THERAPEUTICS INC 0.9%

Value ($000) $4,040 Shares 437,237 Est. Cost $22.02 Unrealized -34.8%

GERN GERON CORP 0.2%

Value ($000) $1,158 Shares 845,000 Est. Cost $1.40 Unrealized -10.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	CIDARA THERAPEUTICS INC	121,000	$11,587	2.5%	$89.93	—	—	171757206
AGIO	AGIOS PHARMACEUTICALS INC	133,827	$5,372	1.1%	$45.20	-22.4%	—	00847X104
QURE	UNIQURE NV	75,000	$4,378	0.9%	$18.16	+112.5%	—	N90064101
NRIX	NURIX THERAPEUTICS INC	437,237	$4,040	0.9%	$22.02	-34.8%	—	67080M103
GERN	GERON CORP	845,000	$1,158	0.2%	$1.40	-10.7%	—	374163103

Decreased Positions (7)

ROIV ROIVANT SCIENCES LTD 37.9%

Value ($000) $177,203 (-6.2%) Shares 8,166,047 (-34.6%) Est. Cost $7.21 Unrealized +173.5%

ABVX ABIVAX SA 3.8%

Value ($000) $17,531 (+36.0%) Shares 130,000 (-14.4%) Est. Cost $84.90 Unrealized —

OCUL OCULAR THERAPEUTIX INC 1.3%

Value ($000) $5,949 (-28.8%) Shares 490,000 (-31.5%) Est. Cost $8.36 Unrealized +45.3%

LQDA LIQUIDIA CORPORATION 1.7%

Value ($000) $7,829 (-13.9%) Shares 227,000 (-43.3%) Est. Cost $13.90 Unrealized +104.8%

ASMB ASSEMBLY BIOSCIENCES INC 0.9%

Value ($000) $4,319 (+24.8%) Shares 127,000 (-6.1%) Est. Cost $21.94 Unrealized +46.8%

INSM INSMED INC 9.9%

Value ($000) $46,469 (-1.1%) Shares 267,000 (-18.2%) Est. Cost $73.51 Unrealized +148.2%

EYPT EYEPOINT INC 3.1%

Value ($000) $14,251 (-1.1%) Shares 780,000 (-22.9%) Est. Cost $8.71 Unrealized +62.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ROIV	ROIVANT SCIENCES LTD	8,166,047 (-34.6%)	$177,203 (-6.2%)	37.9%	$7.21	+173.5%	SHS	G76279101
ABVX	ABIVAX SA	130,000 (-14.4%)	$17,531 (+36.0%)	3.8%	$84.90	—	SPONSORED ADS	00370M103
OCUL	OCULAR THERAPEUTIX INC	490,000 (-31.5%)	$5,949 (-28.8%)	1.3%	$8.36	+45.3%	COM	67576A100
LQDA	LIQUIDIA CORPORATION	227,000 (-43.3%)	$7,829 (-13.9%)	1.7%	$13.90	+104.8%	COM NEW	53635D202
ASMB	ASSEMBLY BIOSCIENCES INC	127,000 (-6.1%)	$4,319 (+24.8%)	0.9%	$21.94	+46.8%	COM NEW	045396207
INSM	INSMED INC	267,000 (-18.2%)	$46,469 (-1.1%)	9.9%	$73.51	+148.2%	COM PAR $.01	457669307
EYPT	EYEPOINT INC	780,000 (-22.9%)	$14,251 (-1.1%)	3.1%	$8.71	+62.6%	COM NEW	30233G209

Unchanged Positions (1)

IRON DISC MEDICINE INC 1.3%

Value ($000) $5,876 Shares 74,000 Est. Cost $57.12 Unrealized +47.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IRON	DISC MEDICINE INC	74,000	$5,876	1.3%	$57.12	+47.9%	COM	254604101