Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
RVMD	REVOLUTION MEDICINES INC	276,000	$51.69M	8.0%	$187.28	—	COM	76155X100
UTHR	UNITED THERAPEUTICS CORP DEL	37,120	$20.11M	3.1%	$541.83	—	COM	91307C102
BNTX	BIONTECH SE	134,429	$12.51M	1.9%	$93.05	—	SPONSORED ADS	09075V102
CCCC	C4 THERAPEUTICS INC	1,608,815	$7.513M	1.2%	$4.67	—	COM STK	12529R107
IVA	INVENTIVA SA	1,967,171	$7.436M	1.2%	$3.78	—	ADS	46124U107
SNSE	FAETH THERAPEUTICS INC	175,050	$4.376M	0.7%	$25.00	—	COM NEW	81728A207

Increased Positions (9)

ABVX ABIVAX SA 4.3%

Value $27.52M (+103.8%) Shares 206,500 (+70.3%) Est. Cost $104.87 Unrealized —

PHVS PHARVARIS N V 3.6%

Value $23.21M (+66.7%) Shares 671,209 (+36.1%) Est. Cost $24.62 Unrealized —

MIRM MIRUM PHARMACEUTICALS INC 4.7%

Value $30.5M (+43.5%) Shares 260,500 (+13.3%) Est. Cost $68.55 Unrealized —

RCUS ARCUS BIOSCIENCES INC 1.7%

Value $10.97M (+160.4%) Shares 355,800 (+82.5%) Est. Cost $25.18 Unrealized —

ELVN ENLIVEN THERAPEUTICS INC 1.7%

Value $10.78M (+37.6%) Shares 212,500 (+6.3%) Est. Cost $25.12 Unrealized —

DNTH DIANTHUS THERAPEUTICS INC 1.6%

Value $10.53M (+33.6%) Shares 108,000 (+15.0%) Est. Cost $36.87 Unrealized —

ALLO ALLOGENE THERAPEUTICS INC 1.6%

Value $10.5M (+24.8%) Shares 5,050,000 (+46.4%) Est. Cost $1.86 Unrealized —

ONC BEONE MEDICINES LTD 4.0%

Value $25.65M (+7.3%) Shares 90,020 (+11.8%) Est. Cost $300.97 Unrealized —

DBVT DBV TECHNOLOGIES S A 2.3%

Value $14.92M (+3.0%) Shares 909,474 (+31.1%) Est. Cost $19.14 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ABVX	ABIVAX SA	206,500 (+70.3%)	$27.52M (+103.8%)	4.3%	$104.87	—	SPONSORED ADS	00370M103
PHVS	PHARVARIS N V	671,209 (+36.1%)	$23.21M (+66.7%)	3.6%	$24.62	—	COM	N69605108
MIRM	MIRUM PHARMACEUTICALS INC	260,500 (+13.3%)	$30.5M (+43.5%)	4.7%	$68.55	—	COM	604749101
RCUS	ARCUS BIOSCIENCES INC	355,800 (+82.5%)	$10.97M (+160.4%)	1.7%	$25.18	—	COM	03969F109
ELVN	ENLIVEN THERAPEUTICS INC	212,500 (+6.3%)	$10.78M (+37.6%)	1.7%	$25.12	—	COM	29337E102
DNTH	DIANTHUS THERAPEUTICS INC	108,000 (+15.0%)	$10.53M (+33.6%)	1.6%	$36.87	—	COM	252828108
ALLO	ALLOGENE THERAPEUTICS INC	5,050,000 (+46.4%)	$10.5M (+24.8%)	1.6%	$1.86	—	COM	019770106
ONC	BEONE MEDICINES LTD	90,020 (+11.8%)	$25.65M (+7.3%)	4.0%	$300.97	—	SPONSORED ADS	07725L102
DBVT	DBV TECHNOLOGIES S A	909,474 (+31.1%)	$14.92M (+3.0%)	2.3%	$19.14	—	SPONSORED ADS	23306J309

Exited Positions (12)

INSM INSMED INC 4.0%

Value $25.75M Shares 157,500 Est. Cost $73.51 Unrealized —

LEGN LEGEND BIOTECH CORP 2.8%

Value $17.91M Shares 990,000 Est. Cost $18.09 Unrealized —

NKTR NEKTAR THERAPEUTICS 2.3%

Value $15.11M Shares 210,000 Est. Cost $48.33 Unrealized —

CELC CELCUITY INC 1.7%

Value $10.84M Shares 95,000 Est. Cost $47.06 Unrealized —

MRK MERCK & CO INC 1.5%

Value $9.623M Shares 80,000 Est. Cost $114.28 Unrealized —

CATX PERSPECTIVE THERAPEUTICS INC 1.0%

Value $6.776M Shares 1,625,000 Est. Cost $3.32 Unrealized —

DFTX DEFINIUM THERAPEUTICS INC 1.0%

Value $6.256M Shares 331,000 Est. Cost $16.29 Unrealized —

HROW HARROW INC 0.9%

Value $5.825M Shares 165,209 Est. Cost $47.86 Unrealized —

TARA PROTARA THERAPEUTICS INC 0.8%

Value $5.371M Shares 1,030,846 Est. Cost $6.18 Unrealized —

CTMX CYTOMX THERAPEUTICS INC. 0.8%

Value $5.103M Shares 1,085,790 Est. Cost $5.23 Unrealized —

ASMB ASSEMBLY BIOSCIENCES INC 0.6%

Value $3.783M Shares 136,315 Est. Cost $22.39 Unrealized —

SYRE SPYRE THERAPEUTICS INC 0.0%

Value $50,440 Shares 1,000 Est. Cost $26.13 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
INSM	INSMED INC	157,500	$25.75M	4.0%	$73.51	—	—	457669307
LEGN	LEGEND BIOTECH CORP	990,000	$17.91M	2.8%	$18.09	—	—	52490G102
NKTR	NEKTAR THERAPEUTICS	210,000	$15.11M	2.3%	$48.33	—	—	640268306
CELC	CELCUITY INC	95,000	$10.84M	1.7%	$47.06	—	—	15102K100
MRK	MERCK & CO INC	80,000	$9.623M	1.5%	$114.28	—	—	58933Y105
CATX	PERSPECTIVE THERAPEUTICS INC	1,625,000	$6.776M	1.0%	$3.32	—	—	46489V302
DFTX	DEFINIUM THERAPEUTICS INC	331,000	$6.256M	1.0%	$16.29	—	—	24477V105
HROW	HARROW INC	165,209	$5.825M	0.9%	$47.86	—	—	415858109
TARA	PROTARA THERAPEUTICS INC	1,030,846	$5.371M	0.8%	$6.18	—	—	74365U107
CTMX	CYTOMX THERAPEUTICS INC.	1,085,790	$5.103M	0.8%	$5.23	—	—	23284F105
ASMB	ASSEMBLY BIOSCIENCES INC	136,315	$3.783M	0.6%	$22.39	—	—	045396207
SYRE	SPYRE THERAPEUTICS INC	1,000	$50,440	0.0%	$26.13	—	—	00773J202

Decreased Positions (8)

ROIV ROIVANT SCIENCES LTD 44.0%

Value $284M (+25.5%) Shares 8,020,928 (-1.8%) Est. Cost $7.21 Unrealized —

COGT COGENT BIOSCIENCES INC 2.5%

Value $16.45M (-28.3%) Shares 425,000 (-28.7%) Est. Cost $32.44 Unrealized —

ARGX ARGENX SE 3.3%

Value $21.34M (-20.4%) Shares 23,000 (-37.4%) Est. Cost $686.33 Unrealized —

KYMR KYMERA THERAPEUTICS INC 0.8%

Value $5.447M (-34.6%) Shares 47,500 (-52.5%) Est. Cost $46.83 Unrealized —

BLTE BELITE BIO INC 2.6%

Value $16.94M (-9.0%) Shares 110,000 (-5.7%) Est. Cost $159.44 Unrealized —

ARQT ARCUTIS BIOTHERAPEUTICS INC 1.5%

Value $9.701M (+2.8%) Shares 370,000 (-7.6%) Est. Cost $26.20 Unrealized —

XENE XENON PHARMACEUTICALS INC 2.1%

Value $13.28M (+0.6%) Shares 220,000 (-3.1%) Est. Cost $41.99 Unrealized —

EYPT EYEPOINT INC 1.6%

Value $10.3M (+0.5%) Shares 720,000 (-9.4%) Est. Cost $8.84 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ROIV	ROIVANT SCIENCES LTD	8,020,928 (-1.8%)	$284M (+25.5%)	44.0%	$7.21	—	SHS	G76279101
COGT	COGENT BIOSCIENCES INC	425,000 (-28.7%)	$16.45M (-28.3%)	2.5%	$32.44	—	COM	19240Q201
ARGX	ARGENX SE	23,000 (-37.4%)	$21.34M (-20.4%)	3.3%	$686.33	—	SPONSORED ADR	04016X101
KYMR	KYMERA THERAPEUTICS INC	47,500 (-52.5%)	$5.447M (-34.6%)	0.8%	$46.83	—	COM	501575104
BLTE	BELITE BIO INC	110,000 (-5.7%)	$16.94M (-9.0%)	2.6%	$159.44	—	SPONSORED ADS	07782B104
ARQT	ARCUTIS BIOTHERAPEUTICS INC	370,000 (-7.6%)	$9.701M (+2.8%)	1.5%	$26.20	—	COM	03969K108
XENE	XENON PHARMACEUTICALS INC	220,000 (-3.1%)	$13.28M (+0.6%)	2.1%	$41.99	—	COM	98420N105
EYPT	EYEPOINT INC	720,000 (-9.4%)	$10.3M (+0.5%)	1.6%	$8.84	—	COM NEW	30233G209