Paradigm Biocapital Advisors LP Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ORKA	ORUKA THERAPEUTICS INC	1,710,316	$51,840	1.3%	$27.86	0.0%	COM	687604108
LXEO	LEXEO THERAPEUTICS INC	4,763,198	$47,299	1.2%	$9.13	0.0%	COM	52886X107
TERN	TERNS PHARMACEUTICALS INC	810,286	$32,736	0.8%	$23.11	0.0%	COM	880881107
VOR	VOR BIOPHARMA INC	1,750,000	$22,890	0.6%	$18.62	0.0%	COM NEW	929033207
ASMB	ASSEMBLY BIOSCIENCES INC	665,251	$22,625	0.6%	$32.21	0.0%	COM NEW	045396207
ORIC	ORIC PHARMACEUTICALS INC	2,401,217	$19,642	0.5%	$11.51	0.0%	COM	68622P109
IVA	INVENTIVA SA	4,000,000	$18,600	0.5%	$4.65	—	ADS	46124U107
KLRS	KALARIS THERAPEUTICS INC	700,000	$5,908	0.2%	$6.39	0.0%	COM	482929106

Increased Positions (12)

RVMD REVOLUTION MEDICINES INC 13.5%

Value ($000) $529,227 (+82.1%) Shares 6,644,403 (+6.8%) Est. Cost $38.36 Unrealized +70.9%

OLMA OLEMA PHARMACEUTICALS INC 4.8%

Value ($000) $188,604 (+183.6%) Shares 7,544,172 (+11.0%) Est. Cost $9.20 Unrealized +93.4%

GMAB GENMAB A/S 5.5%

Value ($000) $216,827 (+85.2%) Shares 7,039,834 (+84.4%) Est. Cost $30.73 Unrealized —

XBI SPDR SERIES TRUST 4.7%

Value ($000) $182,895 (+82.5%) Shares 1,500,000 (+50.0%) Est. Cost — Unrealized —

EWTX EDGEWISE THERAPEUTICS INC 4.1%

Value ($000) $162,320 (+62.2%) Shares 6,541,210 (+6.0%) Est. Cost $20.10 Unrealized -0.1%

SRRK SCHOLAR ROCK HLDG CORP 3.4%

Value ($000) $134,888 (+80.2%) Shares 3,062,157 (+52.4%) Est. Cost $33.97 Unrealized +10.4%

PCVX VAXCYTE INC 4.8%

Value ($000) $187,698 (+37.7%) Shares 4,068,020 (+7.5%) Est. Cost $55.45 Unrealized -19.3%

EYPT EYEPOINT INC 1.7%

Value ($000) $67,443 (+136.2%) Shares 3,691,475 (+84.1%) Est. Cost $12.73 Unrealized +11.4%

ERAS ERASCA INC 1.3%

Value ($000) $52,672 (+78.2%) Shares 14,159,095 (+4.4%) Est. Cost $2.22 Unrealized +26.9%

URGN UROGEN PHARMA LTD 2.7%

Value ($000) $104,773 (+24.6%) Shares 4,473,648 (+6.1%) Est. Cost $18.17 Unrealized +19.4%

ACLX ARCELLX INC 9.5%

Value ($000) $373,206 (-2.2%) Shares 5,724,016 (+23.1%) Est. Cost $48.76 Unrealized +63.6%

BBOT BRIDGEBIO ONCOLOGY THERAPEUT 0.7%

Value ($000) $28,317 (+31.0%) Shares 2,261,749 (+21.2%) Est. Cost $11.74 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RVMD	REVOLUTION MEDICINES INC	6,644,403 (+6.8%)	$529,227 (+82.1%)	13.5%	$38.36	+70.9%	COM	76155X100
OLMA	OLEMA PHARMACEUTICALS INC	7,544,172 (+11.0%)	$188,604 (+183.6%)	4.8%	$9.20	+93.4%	COM	68062P106
GMAB	GENMAB A/S	7,039,834 (+84.4%)	$216,827 (+85.2%)	5.5%	$30.73	—	SPONSORED ADS	372303206
XBI	SPDR SERIES TRUST	1,500,000 (+50.0%)	$182,895 (+82.5%)	4.7%	—	—	PUT	78464A870
EWTX	EDGEWISE THERAPEUTICS INC	6,541,210 (+6.0%)	$162,320 (+62.2%)	4.1%	$20.10	-0.1%	COM	28036F105
SRRK	SCHOLAR ROCK HLDG CORP	3,062,157 (+52.4%)	$134,888 (+80.2%)	3.4%	$33.97	+10.4%	COM	80706P103
PCVX	VAXCYTE INC	4,068,020 (+7.5%)	$187,698 (+37.7%)	4.8%	$55.45	-19.3%	COM	92243G108
EYPT	EYEPOINT INC	3,691,475 (+84.1%)	$67,443 (+136.2%)	1.7%	$12.73	+11.4%	COM NEW	30233G209
ERAS	ERASCA INC	14,159,095 (+4.4%)	$52,672 (+78.2%)	1.3%	$2.22	+26.9%	COM	29479A108
URGN	UROGEN PHARMA LTD	4,473,648 (+6.1%)	$104,773 (+24.6%)	2.7%	$18.17	+19.4%	COM	M96088105
ACLX	ARCELLX INC	5,724,016 (+23.1%)	$373,206 (-2.2%)	9.5%	$48.76	+63.6%	COMMON STOCK	03940C100
BBOT	BRIDGEBIO ONCOLOGY THERAPEUT	2,261,749 (+21.2%)	$28,317 (+31.0%)	0.7%	$11.74	—	COM NEW	107924102

Exited Positions (14)

— MERUS N V 10.5%

Value ($000) $411,790 Shares 4,373,770 Est. Cost $51.34 Unrealized —

AGIO AGIOS PHARMACEUTICALS INC 2.7%

Value ($000) $107,316 Shares 2,673,555 Est. Cost $34.49 Unrealized +1.7%

JANX JANUX THERAPEUTICS INC 1.8%

Value ($000) $71,371 Shares 2,920,258 Est. Cost $48.02 Unrealized -51.0%

ALKS ALKERMES PLC 1.3%

Value ($000) $51,580 Shares 1,719,334 Est. Cost $29.45 Unrealized +1.7%

LENZ LENZ THERAPEUTICS INC 1.3%

Value ($000) $50,002 Shares 1,073,461 Est. Cost $27.56 Unrealized +5.8%

PHVS PHARVARIS N V 1.2%

Value ($000) $45,796 Shares 1,835,494 Est. Cost $18.67 Unrealized +29.0%

COGT COGENT BIOSCIENCES INC 1.2%

Value ($000) $45,326 Shares 3,156,398 Est. Cost $7.69 Unrealized +265.7%

— MERUS N V 0.7%

Value ($000) $28,245 Shares 300,000 Est. Cost $51.34 Unrealized —

TNGX TANGO THERAPEUTICS INC 0.7%

Value ($000) $25,924 Shares 3,086,184 Est. Cost $6.77 Unrealized +27.3%

AMLX AMYLYX PHARMACEUTICALS INC 0.7%

Value ($000) $25,821 Shares 1,900,000 Est. Cost $9.41 Unrealized +44.3%

DYN DYNE THERAPEUTICS INC 0.6%

Value ($000) $24,022 Shares 1,898,950 Est. Cost $11.41 Unrealized +66.0%

IRON DISC MEDICINE INC 0.4%

Value ($000) $16,369 Shares 247,716 Est. Cost $48.64 Unrealized +73.7%

GPCR STRUCTURE THERAPEUTICS INC 0.3%

Value ($000) $10,440 Shares 372,869 Est. Cost $28.00 Unrealized —

AGIO AGIOS PHARMACEUTICALS INC 0.2%

Value ($000) $8,028 Shares 200,000 Est. Cost $34.49 Unrealized +1.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	MERUS N V	4,373,770	$411,790	10.5%	$51.34	—	—	N5749R100
AGIO	AGIOS PHARMACEUTICALS INC	2,673,555	$107,316	2.7%	$34.49	+1.7%	—	00847X104
JANX	JANUX THERAPEUTICS INC	2,920,258	$71,371	1.8%	$48.02	-51.0%	—	47103J105
ALKS	ALKERMES PLC	1,719,334	$51,580	1.3%	$29.45	+1.7%	—	G01767105
LENZ	LENZ THERAPEUTICS INC	1,073,461	$50,002	1.3%	$27.56	+5.8%	—	52635N103
PHVS	PHARVARIS N V	1,835,494	$45,796	1.2%	$18.67	+29.0%	—	N69605108
COGT	COGENT BIOSCIENCES INC	3,156,398	$45,326	1.2%	$7.69	+265.7%	—	19240Q201
—	MERUS N V	300,000	$28,245	0.7%	$51.34	—	CALL	N5749R100
TNGX	TANGO THERAPEUTICS INC	3,086,184	$25,924	0.7%	$6.77	+27.3%	—	87583X109
AMLX	AMYLYX PHARMACEUTICALS INC	1,900,000	$25,821	0.7%	$9.41	+44.3%	—	03237H101
DYN	DYNE THERAPEUTICS INC	1,898,950	$24,022	0.6%	$11.41	+66.0%	—	26818M108
IRON	DISC MEDICINE INC	247,716	$16,369	0.4%	$48.64	+73.7%	—	254604101
GPCR	STRUCTURE THERAPEUTICS INC	372,869	$10,440	0.3%	$28.00	—	—	86366E106
AGIO	AGIOS PHARMACEUTICALS INC	200,000	$8,028	0.2%	$34.49	+1.7%	CALL	00847X104

Decreased Positions (7)

— CIDARA THERAPEUTICS INC 4.3%

Value ($000) $167,780 (+82.3%) Shares 759,565 (-21.0%) Est. Cost $95.76 Unrealized —

ABVX ABIVAX SA 4.9%

Value ($000) $191,153 (+43.9%) Shares 1,417,473 (-9.4%) Est. Cost $84.90 Unrealized —

TARS TARSUS PHARMACEUTICALS INC 5.4%

Value ($000) $209,789 (+32.4%) Shares 2,562,154 (-3.9%) Est. Cost $28.61 Unrealized +161.0%

APGE APOGEE THERAPEUTICS INC 2.2%

Value ($000) $84,782 (+40.2%) Shares 1,123,243 (-26.2%) Est. Cost $44.51 Unrealized +41.5%

VRDN VIRIDIAN THERAPEUTICS INC 1.1%

Value ($000) $44,909 (-20.2%) Shares 1,443,102 (-44.7%) Est. Cost $17.86 Unrealized +53.5%

OCUL OCULAR THERAPEUTIX INC 0.9%

Value ($000) $35,634 (-12.8%) Shares 2,935,284 (-16.1%) Est. Cost $7.86 Unrealized +54.4%

CRNX CRINETICS PHARMACEUTICALS IN 2.6%

Value ($000) $102,912 (-3.1%) Shares 2,210,774 (-13.3%) Est. Cost $26.84 Unrealized +65.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	CIDARA THERAPEUTICS INC	759,565 (-21.0%)	$167,780 (+82.3%)	4.3%	$95.76	—	COM NEW	171757206
ABVX	ABIVAX SA	1,417,473 (-9.4%)	$191,153 (+43.9%)	4.9%	$84.90	—	SPONSORED ADS	00370M103
TARS	TARSUS PHARMACEUTICALS INC	2,562,154 (-3.9%)	$209,789 (+32.4%)	5.4%	$28.61	+161.0%	COM	87650L103
APGE	APOGEE THERAPEUTICS INC	1,123,243 (-26.2%)	$84,782 (+40.2%)	2.2%	$44.51	+41.5%	COM	03770N101
VRDN	VIRIDIAN THERAPEUTICS INC	1,443,102 (-44.7%)	$44,909 (-20.2%)	1.1%	$17.86	+53.5%	COM	92790C104
OCUL	OCULAR THERAPEUTIX INC	2,935,284 (-16.1%)	$35,634 (-12.8%)	0.9%	$7.86	+54.4%	COM	67576A100
CRNX	CRINETICS PHARMACEUTICALS IN	2,210,774 (-13.3%)	$102,912 (-3.1%)	2.6%	$26.84	+65.9%	COM	22663K107

Unchanged Positions (3)

NUVL NUVALENT INC 13.5%

Value ($000) $530,052 Shares 5,269,433 Est. Cost $60.72 Unrealized +62.4%

SYRE SPYRE THERAPEUTICS INC 1.2%

Value ($000) $48,068 Shares 1,467,266 Est. Cost $26.04 Unrealized +0.3%

BBIO BRIDGEBIO PHARMA INC 1.3%

Value ($000) $52,340 Shares 684,277 Est. Cost $36.37 Unrealized +80.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NUVL	NUVALENT INC	5,269,433	$530,052	13.5%	$60.72	+62.4%	COM	670703107
SYRE	SPYRE THERAPEUTICS INC	1,467,266	$48,068	1.2%	$26.04	+0.3%	COM NEW	00773J202
BBIO	BRIDGEBIO PHARMA INC	684,277	$52,340	1.3%	$36.37	+80.5%	COM	10806X102