Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ASND	ASCENDIS PHARMA A/S	106,158	$28.31M	4.7%	$266.72	—	ORD SHS	K08588103
AXSM	AXSOME THERAPEUTICS INC.	65,051	$15.92M	2.6%	$244.77	—	COM	05464T104
IONS	IONIS PHARMACEUTICALS INC	194,577	$15.43M	2.6%	$79.29	—	COM	462222100
DNTH	DIANTHUS THERAPEUTICS INC	131,344	$12.8M	2.1%	$97.48	—	COM	252828108
AVTX	AVALO THERAPEUTICS INC	235,093	$4.345M	0.7%	$18.48	—	COM NEW	05338F306
LLY	ELI LILLY & CO	1,994	$2.392M	0.4%	$1199.43	—	COM	532457108

Increased Positions (7)

PTGX PROTAGONIST THERAPEUTICS INC 5.0%

Value $30.44M (+61.0%) Shares 248,322 (+38.5%) Est. Cost $93.87 Unrealized —

BMRN BIOMARIN PHARMACEUTICAL INC 5.9%

Value $35.74M (+25.1%) Shares 624,676 (+23.5%) Est. Cost $72.93 Unrealized —

ALKS ALKERMES PLC 2.6%

Value $15.58M (+84.6%) Shares 297,302 (+24.6%) Est. Cost $35.16 Unrealized —

KYMR KYMERA THERAPEUTICS INC 3.2%

Value $19.05M (+56.9%) Shares 166,148 (+13.9%) Est. Cost $73.87 Unrealized —

SRRK SCHOLAR ROCK HLDG CORP 5.1%

Value $30.54M (+25.8%) Shares 555,272 (+12.4%) Est. Cost $37.92 Unrealized —

INSM INSMED INC 6.8%

Value $40.96M (+11.7%) Shares 384,130 (+71.3%) Est. Cost $71.20 Unrealized —

BSX BOSTON SCIENTIFIC CORP 2.6%

Value $15.76M (-14.3%) Shares 369,164 (+25.9%) Est. Cost $76.94 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PTGX	PROTAGONIST THERAPEUTICS INC	248,322 (+38.5%)	$30.44M (+61.0%)	5.0%	$93.87	—	COM	74366E102
BMRN	BIOMARIN PHARMACEUTICAL INC	624,676 (+23.5%)	$35.74M (+25.1%)	5.9%	$72.93	—	COM	09061G101
ALKS	ALKERMES PLC	297,302 (+24.6%)	$15.58M (+84.6%)	2.6%	$35.16	—	SHS	G01767105
KYMR	KYMERA THERAPEUTICS INC	166,148 (+13.9%)	$19.05M (+56.9%)	3.2%	$73.87	—	COM	501575104
SRRK	SCHOLAR ROCK HLDG CORP	555,272 (+12.4%)	$30.54M (+25.8%)	5.1%	$37.92	—	COM	80706P103
INSM	INSMED INC	384,130 (+71.3%)	$40.96M (+11.7%)	6.8%	$71.20	—	COM PAR $.01	457669307
BSX	BOSTON SCIENTIFIC CORP	369,164 (+25.9%)	$15.76M (-14.3%)	2.6%	$76.94	—	COM	101137107

Exited Positions (7)

XBI SPDR SERIES TRUST 15.5%

Value $93.24M Shares 730,000 Est. Cost — Unrealized —

TERN TERNS PHARMACEUTICALS INC 3.6%

Value $21.75M Shares 412,497 Est. Cost $27.89 Unrealized —

BBIO BRIDGEBIO PHARMA INC 3.3%

Value $19.83M Shares 267,031 Est. Cost $37.47 Unrealized —

ASND ASCENDIS PHARMA A/S 3.3%

Value $19.82M Shares 86,650 Est. Cost $228.73 Unrealized —

PRCT PROCEPT BIOROBOTICS CORP 2.0%

Value $12.1M Shares 483,815 Est. Cost $37.74 Unrealized —

CNTA CENTESSA PHARMACEUTICALS PLC 1.4%

Value $8.512M Shares 214,291 Est. Cost $32.28 Unrealized —

PRCT PROCEPT BIOROBOTICS CORP 0.4%

Value $2.251M Shares 90,000 Est. Cost $37.74 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XBI	SPDR SERIES TRUST	730,000	$93.24M	15.5%	—	—	PUT	78464A870
TERN	TERNS PHARMACEUTICALS INC	412,497	$21.75M	3.6%	$27.89	—	—	880881107
BBIO	BRIDGEBIO PHARMA INC	267,031	$19.83M	3.3%	$37.47	—	—	10806X102
ASND	ASCENDIS PHARMA A/S	86,650	$19.82M	3.3%	$228.73	—	—	04351P101
PRCT	PROCEPT BIOROBOTICS CORP	483,815	$12.1M	2.0%	$37.74	—	—	74276L105
CNTA	CENTESSA PHARMACEUTICALS PLC	214,291	$8.512M	1.4%	$32.28	—	—	152309100
PRCT	PROCEPT BIOROBOTICS CORP	90,000	$2.251M	0.4%	$37.74	—	CALL	74276L105

Decreased Positions (4)

NTRA NATERA INC 0.7%

Value $4.302M (-82.4%) Shares 15,847 (-87.0%) Est. Cost $59.65 Unrealized —

GH GUARDANT HEALTH INC 7.5%

Value $45.11M (+57.4%) Shares 300,685 (-3.1%) Est. Cost $52.22 Unrealized —

ICLR ICON PUB LTD CO 8.9%

Value $53.53M (+34.9%) Shares 308,143 (-14.0%) Est. Cost $190.43 Unrealized —

FTRE FORTREA HLDGS INC 3.4%

Value $20.55M (+66.9%) Shares 1,181,274 (-9.7%) Est. Cost $8.97 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NTRA	NATERA INC	15,847 (-87.0%)	$4.302M (-82.4%)	0.7%	$59.65	—	COM	632307104
GH	GUARDANT HEALTH INC	300,685 (-3.1%)	$45.11M (+57.4%)	7.5%	$52.22	—	COM	40131M109
ICLR	ICON PUB LTD CO	308,143 (-14.0%)	$53.53M (+34.9%)	8.9%	$190.43	—	SHS	G4705A100
FTRE	FORTREA HLDGS INC	1,181,274 (-9.7%)	$20.55M (+66.9%)	3.4%	$8.97	—	COMMON STOCK	34965K107

Unchanged Positions (10)

CMPS COMPASS PATHWAYS PLC 4.8%

Value $29.16M Shares 2,060,427 Est. Cost $6.01 Unrealized —

ARGX ARGENX SE 11.8%

Value $70.9M Shares 76,417 Est. Cost $404.44 Unrealized —

RARE ULTRAGENYX PHARMACEUTICAL IN 4.9%

Value $29.52M Shares 884,121 Est. Cost $23.36 Unrealized —

RVMD REVOLUTION MEDICINES INC 3.7%

Value $22.54M Shares 120,346 Est. Cost $66.69 Unrealized —

ILMN ILLUMINA INC 5.5%

Value $32.95M Shares 187,413 Est. Cost $149.08 Unrealized —

TEM TEMPUS AI INC 2.5%

Value $14.85M Shares 256,269 Est. Cost $61.24 Unrealized —

ATAI ATAIBECKLEY INC 1.5%

Value $9.008M Shares 1,709,359 Est. Cost $3.85 Unrealized —

ISRG INTUITIVE SURGICAL INC 0.3%

Value $1.746M Shares 4,390 Est. Cost $230.55 Unrealized —

IMCR IMMUNOCORE HLDGS PLC 0.2%

Value $1.47M Shares 46,300 Est. Cost $68.32 Unrealized —

PCSC PERCEPTIVE CAP SOLUTIONS COR 0.1%

Value $410K Shares 37,686 Est. Cost $13.63 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CMPS	COMPASS PATHWAYS PLC	2,060,427	$29.16M	4.8%	$6.01	—	SPONSORED ADS	20451W101
ARGX	ARGENX SE	76,417	$70.9M	11.8%	$404.44	—	SPONSORED ADR	04016X101
RARE	ULTRAGENYX PHARMACEUTICAL IN	884,121	$29.52M	4.9%	$23.36	—	COM	90400D108
RVMD	REVOLUTION MEDICINES INC	120,346	$22.54M	3.7%	$66.69	—	COM	76155X100
ILMN	ILLUMINA INC	187,413	$32.95M	5.5%	$149.08	—	COM	452327109
TEM	TEMPUS AI INC	256,269	$14.85M	2.5%	$61.24	—	CL A	88023B103
ATAI	ATAIBECKLEY INC	1,709,359	$9.008M	1.5%	$3.85	—	COM SHS	04650F101
ISRG	INTUITIVE SURGICAL INC	4,390	$1.746M	0.3%	$230.55	—	COM NEW	46120E602
IMCR	IMMUNOCORE HLDGS PLC	46,300	$1.47M	0.2%	$68.32	—	ADS	45258D105
PCSC	PERCEPTIVE CAP SOLUTIONS COR	37,686	$410K	0.1%	$13.63	—	CL A ORD SHS	G70077105