ADAR1 Capital Management, LLC Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IVA	INVENTIVA SA	2,709,846	$12,601	0.9%	$4.65	—	ADS	46124U107
TFX	TELEFLEX INCORPORATED	80,627	$9,840	0.7%	$121.00	0.0%	COM	879369106
CBIO	CRESCENT BIOPHARMA INC.	606,000	$7,187	0.5%	$12.74	0.0%	COM	G2545C104
IWM	ISHARES TR	27,500	$6,769	0.5%	$246.16	—	PUT	464287655
BLTE	BELITE BIO INC	39,839	$6,373	0.5%	$159.96	—	SPONSORED ADS	07782B104
DHR	DANAHER CORPORATION	25,600	$5,860	0.4%	$219.54	0.0%	COM	235851102
SPRB	SPRUCE BIOSCIENCES INC	58,000	$5,052	0.4%	$107.14	0.0%	COM NEW	85209E208
PALI	PALISADE BIO INC	2,004,845	$4,711	0.3%	$1.92	0.0%	COM	696389402
CRVS	CORVUS PHARMACEUTICALS INC	465,875	$3,587	0.3%	$7.89	0.0%	COM	221015100
—	AVADEL PHARMACEUTICALS PLC	150,532	$3,244	0.2%	$21.55	—	COM SHS	G29687103
EVMN	EVOMMUNE INC	184,062	$3,151	0.2%	$18.78	0.0%	COM SHS	30054Y107
GUTS	FRACTYL HEALTH INC	1,428,571	$3,143	0.2%	$1.30	+24.1%	CALL	35168W103
IWM	ISHARES TR	12,070	$2,971	0.2%	$246.16	—	RUSSELL 2000 ETF	464287655
OKUR	ONKURE THERAPEUTICS INC	1,014,158	$2,941	0.2%	$2.99	0.0%	COM CL A	68277Q105
LONA	ATHIRA PHARMA INC	393,701	$2,891	0.2%	$4.58	0.0%	COM	04746L203
ELDN	ELEDON PHARMACEUTICALS INC	1,821,812	$2,751	0.2%	$2.38	0.0%	COM	28617K101
ENGN	ENGENE HOLDINGS INC	303,686	$2,742	0.2%	$8.01	0.0%	COM	29286M105
INO	INOVIO PHARMACEUTICALS INC	1,485,008	$2,584	0.2%	$2.20	0.0%	COM SHS	45773H409
GMED	GLOBUS MED INC	20,100	$1,755	0.1%	$75.90	0.0%	CL A	379577208
ALEC	ALECTOR INC	1,108,000	$1,728	0.1%	$1.77	0.0%	COM	014442107
AQST	AQUESTIVE THERAPEUTICS INC	254,000	$1,641	0.1%	—	—	PUT	03843E104
GOSS	GOSSAMER BIO INC	463,200	$1,436	0.1%	$0.75	+281.2%	PUT	38341P102
OMER	OMEROS CORP	75,000	$1,288	0.1%	$8.61	0.0%	PUT	682143102
TNGX	TANGO THERAPEUTICS INC	140,021	$1,241	0.1%	$8.62	0.0%	COM	87583X109
ADGM	ADAGIO MED HLDGS INC	1,159,614	$1,206	0.1%	$1.19	0.0%	COM	00534B100
ACET	ADICET BIO INC	128,646	$1,083	0.1%	$11.05	0.0%	COM NEW	007002207
BMY	BRISTOL-MYERS SQUIBB CO	20,000	$1,079	0.1%	$47.53	0.0%	COM	110122108
TNYA	TENAYA THERAPEUTICS INC	1,505,300	$1,071	0.1%	$1.36	0.0%	COM	87990A106
INFQ	CHURCHILL CAP CORP X	64,887	$1,012	0.1%	$15.60	—	SHS CL A	G2130T108
MCK	MCKESSON CORP	1,200	$984	0.1%	$815.57	0.0%	COM	58155Q103
PLYM	PLYMOUTH INDL REIT INC	41,065	$899	0.1%	$21.88	—	COM	729640102
LQDA	LIQUIDIA CORPORATION	24,500	$845	0.1%	—	—	PUT	53635D202
KLRS	KALARIS THERAPEUTICS INC	100,000	$844	0.1%	$6.39	0.0%	COM	482929106
QNRX	QUOIN PHARMACEUTICALS LTD	58,230	$840	0.1%	$14.43	—	SPONSORED ADS	74907L409
AZN	ASTRAZENECA PLC	9,000	$827	0.1%	$91.93	—	SPONSORED ADR	046353108
GILD	GILEAD SCIENCES INC	6,666	$818	0.1%	$120.88	0.0%	COM	375558103
ARE	ALEXANDRIA REAL ESTATE EQ IN	16,300	$798	0.1%	$58.01	0.0%	COM	015271109
STRO	SUTRO BIOPHARMA INC	67,077	$776	0.1%	$9.49	0.0%	COM SHS	869367201
VERA	VERA THERAPEUTICS INC	14,733	$746	0.1%	$35.52	0.0%	CL A	92337R101
FWRD	FORWARD AIR CORP	26,635	$666	0.0%	$22.51	0.0%	COM	34986A104
ENTA	ENANTA PHARMACEUTICALS INC	41,357	$652	0.0%	$12.70	0.0%	COM	29251M106
ISRG	INTUITIVE SURGICAL INC	1,020	$578	0.0%	$532.37	0.0%	COM NEW	46120E602
KYTX	KYVERNA THERAPEUTICS INC	57,428	$540	0.0%	$7.42	0.0%	COM	501976104
CGEM	CULLINAN THERAPEUTICS INC	50,000	$518	0.0%	$9.02	0.0%	COM	230031106
NTRA	NATERA INC	2,147	$492	0.0%	$208.59	0.0%	COM	632307104
BSX	BOSTON SCIENTIFIC CORP	5,000	$477	0.0%	$98.04	0.0%	COM	101137107
ELVN	ENLIVEN THERAPEUTICS INC	30,000	$462	0.0%	$19.92	0.0%	COM	29337E102
ELAN	ELANCO ANIMAL HEALTH INC	20,000	$453	0.0%	$21.76	0.0%	COM	28414H103
PYPD	POLYPID LTD	103,950	$451	0.0%	$3.71	0.0%	COM	M8001Q126
PRAX	PRAXIS PRECISION MEDICINES I	1,500	$442	0.0%	$186.22	0.0%	COM NEW	74006W207
CORZ	CORE SCIENTIFIC INC NEW	30,000	$437	0.0%	$17.44	0.0%	COM	21874A106
OMER	OMEROS CORP	25,000	$429	0.0%	$8.61	0.0%	COM	682143102
CTMX	CYTOMX THERAPEUTICS INC	100,000	$426	0.0%	$1.83	+107.3%	CALL	23284F105
KIDS	ORTHOPEDIATRICS CORP	19,845	$352	0.0%	$17.51	0.0%	COM	68752L100
BCRX	BIOCRYST PHARMACEUTICALS INC	45,000	$351	0.0%	$7.23	0.0%	COM	09058V103
AUPH	AURINIA PHARMACEUTICALS INC	22,000	$351	0.0%	$14.18	0.0%	COM	05156V102
JBIO	JADE BIOSCIENCES INC	21,000	$324	0.0%	$11.73	0.0%	COM NEW	008064206
DRUG	BRIGHT MINDS BIOSCIENCES INC	3,500	$273	0.0%	$66.83	0.0%	COM NEW	10919W405
IDXX	IDEXX LABS INC	400	$271	0.0%	$681.02	0.0%	COM	45168D104
QNCX	QUINCE THERAPEUTICS INC	80,000	$268	0.0%	$1.52	+65.1%	PUT	22053A107
CATX	PERSPECTIVE THERAPEUTICS INC	95,193	$262	0.0%	$2.85	0.0%	COM NEW	46489V302
IMMX	IMMIX BIOPHARMA INC	50,000	$262	0.0%	$4.12	0.0%	COM	45258H106
JSPR	JASPER THERAPEUTICS INC	140,000	$256	0.0%	$2.01	0.0%	COM NEW	471871202
SNDX	SYNDAX PHARMACEUTICALS INC	12,000	$252	0.0%	$17.45	0.0%	COM	87164F105
ANNX	ANNEXON INC	48,000	$241	0.0%	$3.82	0.0%	COM	03589W102
EOLS	EVOLUS INC	35,859	$238	0.0%	$6.77	0.0%	COM	30052C107
RARE	ULTRAGENYX PHARMACEUTICAL IN	10,000	$230	0.0%	$29.99	+9.7%	CALL	90400D108
RXST	RXSIGHT INC	21,803	$227	0.0%	$10.03	0.0%	COM	78349D107
MIST	MILESTONE PHARMACEUTICALS IN	100,100	$202	0.0%	$2.15	0.0%	COM	59935V107
WHWK	WHITEHAWK THERAPEUTICS INC	77,593	$188	0.0%	$2.29	0.0%	COM	00032Q104
TRAW	TRAWS PHARMA INC	154,431	$175	0.0%	$2.22	0.0%	COM NEW	68232V884
OTLK	OUTLOOK THERAPEUTICS INC	100,000	$158	0.0%	—	—	PUT	69012T305
RLMD	RELMADA THERAPEUTICS INC	30,866	$149	0.0%	$3.35	0.0%	COM	75955J402
VYNE	VYNE THERAPEUTICS INC	253,791	$147	0.0%	$0.40	0.0%	COM	92941V308
ZONE	CLEANCORE SOLUTIONS INC	521,980	$136	0.0%	$0.84	0.0%	CLASS B COM SHS	184492106
CMMB	CHEMOMAB THERAPEUTICS LTD	80,000	$132	0.0%	$1.65	—	SPONSORED ADS	16385C203
INO	INOVIO PHARMACEUTICALS INC	75,500	$131	0.0%	$2.20	0.0%	CALL	45773H409
NEUP	NEUPHORIA THERAPEUTICS INC	30,000	$116	0.0%	$7.10	0.0%	COM	64136E102
BCAB	BIOATLA INC	183,107	$104	0.0%	$0.78	0.0%	COM	09077B104
KYNB	FIBROGEN INC	10,469	$92	0.0%	$9.77	0.0%	COM NEW	31572Q881
NMRA	NEUMORA THERAPEUTICS INC.	50,600	$91	0.0%	$2.19	0.0%	COM	640979100
PLRX	PLIANT THERAPEUTICS INC	73,819	$90	0.0%	$1.50	0.0%	COM	729139105
IRD	OPUS GENETICS INC	40,000	$80	0.0%	$2.03	0.0%	COM	67577R102
VTGN	VISTAGEN THERAPEUTICS INC	120,000	$79	0.0%	$3.50	+3.2%	PUT	92840H400
VERU	VERU INC	35,000	$75	0.0%	$2.98	0.0%	COM NEW	92536C202
QTTB	Q32 BIO INC	20,000	$66	0.0%	$2.83	0.0%	COM	746964105
MREO	MEREO BIOPHARMA GROUP PLC	150,000	$63	0.0%	$0.42	—	SPON ADS	589492107
BMEA	BIOMEA FUSION INC	43,420	$54	0.0%	$1.40	0.0%	COM	09077A106
IVF	INVO FERTILITY INC.	26,722	$20	0.0%	$3.49	0.0%	COM	44984F807
IOBT	IO BIOTECH INC	24,964	$15	0.0%	$0.74	0.0%	COM	449778109

Increased Positions (76)

RNA AVIDITY BIOSCIENCES INC 2.9%

Value ($000) $39,421 (+1586.3%) Shares 546,534 (+918.6%) Est. Cost $62.22 Unrealized +3.8%

IMVT IMMUNOVANT INC 4.6%

Value ($000) $63,066 (+74.5%) Shares 2,480,968 (+10.7%) Est. Cost $19.30 Unrealized +15.5%

PTGX PROTAGONIST THERAPEUTICS INC 6.7%

Value ($000) $91,634 (+39.4%) Shares 1,049,168 (+6.1%) Est. Cost $31.93 Unrealized +156.4%

ROIV ROIVANT SCIENCES LTD 5.5%

Value ($000) $74,408 (+46.9%) Shares 3,428,962 (+2.4%) Est. Cost $11.61 Unrealized +70.0%

TERN TERNS PHARMACEUTICALS INC 1.6%

Value ($000) $21,881 (+29036.1%) Shares 541,615 (+5316.1%) Est. Cost $22.74 Unrealized +1.6%

CLDX CELLDEX THERAPEUTICS INC NEW 1.3%

Value ($000) $17,566 (+520.4%) Shares 646,767 (+491.0%) Est. Cost $25.54 Unrealized +3.1%

ABUS ARBUTUS BIOPHARMA CORP 1.9%

Value ($000) $26,047 (+97.6%) Shares 5,415,109 (+86.5%) Est. Cost $3.59 Unrealized +25.2%

— CIDARA THERAPEUTICS INC 1.0%

Value ($000) $13,182 (+539.6%) Shares 59,677 (+177.3%) Est. Cost $151.14 Unrealized —

FULC FULCRUM THERAPEUTICS INC 1.0%

Value ($000) $14,180 (+351.2%) Shares 1,253,749 (+267.0%) Est. Cost $9.23 Unrealized +10.3%

ESTA ESTABLISHMENT LABS HLDGS INC 0.9%

Value ($000) $12,493 (+236.1%) Shares 171,422 (+89.0%) Est. Cost $49.29 Unrealized +22.5%

IKT INHIBIKASE THERAPEUTICS INC 1.2%

Value ($000) $16,531 (+94.5%) Shares 8,063,949 (+53.7%) Est. Cost $2.17 Unrealized -26.6%

REPL REPLIMUNE GROUP INC 0.9%

Value ($000) $12,066 (+194.2%) Shares 1,241,322 (+26.8%) Est. Cost $6.86 Unrealized +24.0%

ZLAB ZAI LAB LTD 1.6%

Value ($000) $21,989 (-25.3%) Shares 1,246,520 (+43.5%) Est. Cost $23.03 Unrealized —

OVID OVID THERAPEUTICS INC 0.5%

Value ($000) $6,985 (+41723.7%) Shares 4,285,000 (+33256.7%) Est. Cost $1.54 Unrealized +0.0%

PCVX VAXCYTE INC 1.1%

Value ($000) $14,564 (+89.8%) Shares 315,642 (+48.1%) Est. Cost $38.70 Unrealized +15.6%

MAZE MAZE THERAPEUTICS INC 0.5%

Value ($000) $7,438 (+1001.4%) Shares 179,532 (+589.3%) Est. Cost $31.83 Unrealized +8.0%

TARA PROTARA THERAPEUTICS INC 0.4%

Value ($000) $6,059 (+3854.5%) Shares 1,136,799 (+3127.4%) Est. Cost $5.49 Unrealized +1.3%

CYTK CYTOKINETICS INC 2.5%

Value ($000) $34,322 (+20.3%) Shares 540,166 (+4.1%) Est. Cost $53.33 Unrealized +16.7%

BHF BRIGHTHOUSE FINL INC 0.5%

Value ($000) $6,189 (+1066.0%) Shares 95,523 (+855.2%) Est. Cost $57.72 Unrealized +1.8%

CLYM CLIMB BIO INC 0.4%

Value ($000) $5,730 (+2034.9%) Shares 1,432,475 (+972.8%) Est. Cost $2.51 Unrealized -4.2%

AVR ANTERIS TECHNOLOGIES GLOBAL 0.5%

Value ($000) $6,181 (+595.1%) Shares 1,238,777 (+526.9%) Est. Cost $4.80 Unrealized -4.4%

RVMD REVOLUTION MEDICINES INC 0.8%

Value ($000) $11,556 (+77.8%) Shares 145,079 (+4.3%) Est. Cost $48.72 Unrealized +34.6%

CTMX CYTOMX THERAPEUTICS INC 1.3%

Value ($000) $17,819 (+38.1%) Shares 4,182,769 (+3.4%) Est. Cost $1.83 Unrealized +107.3%

MNPR MONOPAR THERAPEUTICS INC 1.1%

Value ($000) $15,274 (+43.9%) Shares 233,908 (+79.9%) Est. Cost $49.09 Unrealized +66.5%

CRNX CRINETICS PHARMACEUTICALS IN 1.1%

Value ($000) $14,401 (+39.2%) Shares 309,368 (+24.6%) Est. Cost $37.03 Unrealized +20.2%

SPRY ARS PHARMACEUTICALS INC 0.3%

Value ($000) $4,305 (+623.3%) Shares 369,569 (+524.0%) Est. Cost $10.47 Unrealized -7.1%

AGIO AGIOS PHARMACEUTICALS INC 0.4%

Value ($000) $5,117 (+244.6%) Shares 188,000 (+408.1%) Est. Cost $34.61 Unrealized +1.4%

AEXA AMERICAN EXCEPTIONALISM ACQU 0.3%

Value ($000) $4,072 (+645.2%) Shares 357,539 (+615.1%) Est. Cost $11.17 Unrealized +0.6%

VRTX VERTEX PHARMACEUTICALS INC 0.5%

Value ($000) $6,218 (+126.8%) Shares 13,716 (+95.9%) Est. Cost $424.34 Unrealized +1.6%

IONS IONIS PHARMACEUTICALS INC 0.9%

Value ($000) $11,639 (+33.0%) Shares 147,130 (+9.9%) Est. Cost $36.58 Unrealized +105.9%

SRRK SCHOLAR ROCK HLDG CORP 0.2%

Value ($000) $3,065 (+309.8%) Shares 69,589 (+246.4%) Est. Cost $37.12 Unrealized +1.0%

CTNM CONTINEUM THERAPEUTICS INC 0.2%

Value ($000) $3,189 (+248.1%) Shares 278,961 (+257.8%) Est. Cost $11.73 Unrealized -2.7%

URGN UROGEN PHARMA LTD 0.2%

Value ($000) $2,936 (+320.5%) Shares 125,375 (+258.2%) Est. Cost $19.98 Unrealized +8.6%

CRBP CORBUS PHARMACEUTICALS HLDGS 0.2%

Value ($000) $2,334 (+1709.2%) Shares 286,781 (+2711.6%) Est. Cost $12.24 Unrealized +0.8%

QURE UNIQURE NV 0.4%

Value ($000) $5,627 (-27.7%) Shares 235,155 (+76.4%) Est. Cost $27.00 Unrealized +42.9%

ARWR ARROWHEAD PHARMACEUTICALS IN 0.3%

Value ($000) $3,864 (+125.0%) Shares 58,200 (+16.9%) Est. Cost $23.84 Unrealized +105.6%

MLYS MINERALYS THERAPEUTICS INC 0.4%

Value ($000) $4,944 (+66.6%) Shares 136,231 (+74.1%) Est. Cost $24.27 Unrealized +65.3%

BIIB BIOGEN INC 0.3%

Value ($000) $4,277 (+69.6%) Shares 24,300 (+35.0%) Est. Cost $151.97 Unrealized +7.5%

HELP CYBIN INC 0.1%

Value ($000) $1,950 (+894.9%) Shares 238,390 (+616.4%) Est. Cost $6.53 Unrealized -1.4%

OLMA OLEMA PHARMACEUTICALS INC 0.1%

Value ($000) $2,035 (+474.2%) Shares 81,399 (+124.9%) Est. Cost $12.55 Unrealized +41.8%

KRYS KRYSTAL BIOTECH INC 0.4%

Value ($000) $4,934 (+50.9%) Shares 20,014 (+8.0%) Est. Cost $154.21 Unrealized +36.5%

EWTX EDGEWISE THERAPEUTICS INC 0.2%

Value ($000) $2,258 (+248.0%) Shares 90,999 (+127.5%) Est. Cost $20.18 Unrealized -0.6%

XENE XENON PHARMACEUTICALS INC 0.7%

Value ($000) $9,142 (+20.4%) Shares 203,969 (+7.9%) Est. Cost $36.24 Unrealized +15.9%

PHVS PHARVARIS N V 0.2%

Value ($000) $2,373 (+178.8%) Shares 85,528 (+150.6%) Est. Cost $20.90 Unrealized +15.2%

GRCE GRACE THERAPEUTICS INC 0.2%

Value ($000) $2,221 (+112.9%) Shares 641,988 (+83.2%) Est. Cost $3.03 Unrealized +4.9%

ACRS ACLARIS THERAPEUTICS INC 0.1%

Value ($000) $1,848 (+160.3%) Shares 613,986 (+64.3%) Est. Cost $2.05 Unrealized +23.3%

NRIX NURIX THERAPEUTICS INC 0.1%

Value ($000) $1,367 (+374.2%) Shares 72,070 (+131.0%) Est. Cost $15.51 Unrealized -7.4%

JAZZ JAZZ PHARMACEUTICALS PLC 0.1%

Value ($000) $1,360 (+312.7%) Shares 8,000 (+220.0%) Est. Cost $139.35 Unrealized +10.0%

AMLX AMYLYX PHARMACEUTICALS INC 0.8%

Value ($000) $10,756 (-8.6%) Shares 890,356 (+2.8%) Est. Cost $3.83 Unrealized +254.6%

INSP INSPIRE MED SYS INC 0.1%

Value ($000) $1,383 (+210.7%) Shares 15,000 (+150.0%) Est. Cost $97.91 Unrealized -2.3%

NAMS NEWAMSTERDAM PHARMA COMPANY 0.3%

Value ($000) $4,161 (+27.9%) Shares 118,623 (+3.7%) Est. Cost $18.99 Unrealized +91.7%

SUPN SUPERNUS PHARMACEUTICALS INC 0.1%

Value ($000) $1,478 (+114.5%) Shares 29,742 (+106.3%) Est. Cost $44.57 Unrealized +9.1%

IBIO IBIO INC 0.1%

Value ($000) $783 (+3401.7%) Shares 405,531 (+1402.0%) Est. Cost $1.35 Unrealized +1.4%

FDMT 4D MOLECULAR THERAPEUTICS IN 0.1%

Value ($000) $875 (+502.7%) Shares 116,712 (+598.4%) Est. Cost $9.55 Unrealized +6.3%

CGON CG ONCOLOGY INC 0.8%

Value ($000) $10,718 (+6.9%) Shares 258,139 (+3.7%) Est. Cost $29.61 Unrealized +39.8%

PFE PFIZER INC 0.1%

Value ($000) $1,803 (+59.4%) Shares 72,400 (+63.1%) Est. Cost $24.90 Unrealized +0.5%

CMPX COMPASS THERAPEUTICS INC 0.1%

Value ($000) $746 (+326.5%) Shares 139,000 (+178.0%) Est. Cost $3.90 Unrealized +18.5%

BMRN BIOMARIN PHARMACEUTICAL INC 0.1%

Value ($000) $767 (+188.9%) Shares 12,900 (+163.3%) Est. Cost $59.32 Unrealized -8.2%

RYTM RHYTHM PHARMACEUTICALS INC 0.4%

Value ($000) $5,496 (+9.8%) Shares 51,349 (+3.6%) Est. Cost $61.08 Unrealized +73.7%

AVTR AVANTOR INC 0.1%

Value ($000) $802 (+157.1%) Shares 70,000 (+180.0%) Est. Cost $12.63 Unrealized -2.5%

LUNG PULMONX CORP 0.1%

Value ($000) $785 (+126.0%) Shares 355,410 (+65.7%) Est. Cost $3.07 Unrealized -38.8%

TENX TENAX THERAPEUTICS INC 0.1%

Value ($000) $776 (+90.9%) Shares 63,673 (+19.2%) Est. Cost $5.96 Unrealized +45.9%

DYN DYNE THERAPEUTICS INC 0.1%

Value ($000) $835 (+75.2%) Shares 42,674 (+13.3%) Est. Cost $13.86 Unrealized +36.7%

GH GUARDANT HEALTH INC 0.1%

Value ($000) $715 (+90.7%) Shares 7,000 (+16.7%) Est. Cost $59.41 Unrealized +50.6%

WW WW INTL INC 0.1%

Value ($000) $1,668 (+16.2%) Shares 57,100 (+8.9%) Est. Cost $33.83 Unrealized -17.4%

SLNO SOLENO THERAPEUTICS INC 0.1%

Value ($000) $1,937 (+13.6%) Shares 41,830 (+65.8%) Est. Cost $56.17 Unrealized -2.4%

KPTI KARYOPHARM THERAPEUTICS INC 0.0%

Value ($000) $368 (+125.1%) Shares 50,000 (+100.0%) Est. Cost $5.75 Unrealized +6.4%

ASMB ASSEMBLY BIOSCIENCES INC 0.0%

Value ($000) $672 (+38.5%) Shares 19,747 (+4.2%) Est. Cost $22.36 Unrealized +44.1%

OGN ORGANON & CO 0.0%

Value ($000) $251 (+135.0%) Shares 35,000 (+250.0%) Est. Cost $10.15 Unrealized -22.3%

DNLI DENALI THERAPEUTICS INC 0.1%

Value ($000) $860 (+15.0%) Shares 52,116 (+1.2%) Est. Cost $16.49 Unrealized +2.4%

ALKS ALKERMES PLC 0.1%

Value ($000) $1,782 (+5.7%) Shares 63,700 (+13.3%) Est. Cost $29.51 Unrealized +1.5%

SABS SAB BIOTHERAPEUTICS INC 0.0%

Value ($000) $99 (+226.8%) Shares 26,344 (+75.6%) Est. Cost $2.70 Unrealized +21.7%

SLN SILENCE THERAPEUTICS PLC 0.0%

Value ($000) $144 (+48.6%) Shares 23,643 (+26.8%) Est. Cost $17.79 Unrealized —

ZNTL ZENTALIS PHARMACEUTICALS INC 0.0%

Value ($000) $108 (+43.0%) Shares 80,000 (+60.0%) Est. Cost $1.37 Unrealized +6.2%

BHVN BIOHAVEN LTD 0.0%

Value ($000) $387 (+5.9%) Shares 34,277 (+40.8%) Est. Cost $24.92 Unrealized -50.3%

VTGN VISTAGEN THERAPEUTICS INC 0.0%

Value ($000) $413 (+2.8%) Shares 623,575 (+451.5%) Est. Cost $3.50 Unrealized +3.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RNA	AVIDITY BIOSCIENCES INC	546,534 (+918.6%)	$39,421 (+1586.3%)	2.9%	$62.22	+3.8%	COM	05370A108
IMVT	IMMUNOVANT INC	2,480,968 (+10.7%)	$63,066 (+74.5%)	4.6%	$19.30	+15.5%	COM	45258J102
PTGX	PROTAGONIST THERAPEUTICS INC	1,049,168 (+6.1%)	$91,634 (+39.4%)	6.7%	$31.93	+156.4%	COM	74366E102
ROIV	ROIVANT SCIENCES LTD	3,428,962 (+2.4%)	$74,408 (+46.9%)	5.5%	$11.61	+70.0%	SHS	G76279101
TERN	TERNS PHARMACEUTICALS INC	541,615 (+5316.1%)	$21,881 (+29036.1%)	1.6%	$22.74	+1.6%	COM	880881107
CLDX	CELLDEX THERAPEUTICS INC NEW	646,767 (+491.0%)	$17,566 (+520.4%)	1.3%	$25.54	+3.1%	COM NEW	15117B202
ABUS	ARBUTUS BIOPHARMA CORP	5,415,109 (+86.5%)	$26,047 (+97.6%)	1.9%	$3.59	+25.2%	COM	03879J100
—	CIDARA THERAPEUTICS INC	59,677 (+177.3%)	$13,182 (+539.6%)	1.0%	$151.14	—	COM NEW	171757206
FULC	FULCRUM THERAPEUTICS INC	1,253,749 (+267.0%)	$14,180 (+351.2%)	1.0%	$9.23	+10.3%	COM	359616109
ESTA	ESTABLISHMENT LABS HLDGS INC	171,422 (+89.0%)	$12,493 (+236.1%)	0.9%	$49.29	+22.5%	COM	G31249108
IKT	INHIBIKASE THERAPEUTICS INC	8,063,949 (+53.7%)	$16,531 (+94.5%)	1.2%	$2.17	-26.6%	COM NEW	45719W205
REPL	REPLIMUNE GROUP INC	1,241,322 (+26.8%)	$12,066 (+194.2%)	0.9%	$6.86	+24.0%	COM	76029N106
ZLAB	ZAI LAB LTD	1,246,520 (+43.5%)	$21,989 (-25.3%)	1.6%	$23.03	—	ADR	98887Q104
OVID	OVID THERAPEUTICS INC	4,285,000 (+33256.7%)	$6,985 (+41723.7%)	0.5%	$1.54	+0.0%	COM	690469101
PCVX	VAXCYTE INC	315,642 (+48.1%)	$14,564 (+89.8%)	1.1%	$38.70	+15.6%	COM	92243G108
MAZE	MAZE THERAPEUTICS INC	179,532 (+589.3%)	$7,438 (+1001.4%)	0.5%	$31.83	+8.0%	COM	578784100
TARA	PROTARA THERAPEUTICS INC	1,136,799 (+3127.4%)	$6,059 (+3854.5%)	0.4%	$5.49	+1.3%	COM STK	74365U107
CYTK	CYTOKINETICS INC	540,166 (+4.1%)	$34,322 (+20.3%)	2.5%	$53.33	+16.7%	COM NEW	23282W605
BHF	BRIGHTHOUSE FINL INC	95,523 (+855.2%)	$6,189 (+1066.0%)	0.5%	$57.72	+1.8%	COM	10922N103
CLYM	CLIMB BIO INC	1,432,475 (+972.8%)	$5,730 (+2034.9%)	0.4%	$2.51	-4.2%	COM	28658R106
AVR	ANTERIS TECHNOLOGIES GLOBAL	1,238,777 (+526.9%)	$6,181 (+595.1%)	0.5%	$4.80	-4.4%	COM	03675P102
RVMD	REVOLUTION MEDICINES INC	145,079 (+4.3%)	$11,556 (+77.8%)	0.8%	$48.72	+34.6%	COM	76155X100
CTMX	CYTOMX THERAPEUTICS INC	4,182,769 (+3.4%)	$17,819 (+38.1%)	1.3%	$1.83	+107.3%	COM	23284F105
MNPR	MONOPAR THERAPEUTICS INC	233,908 (+79.9%)	$15,274 (+43.9%)	1.1%	$49.09	+66.5%	COM NEW	61023L207
CRNX	CRINETICS PHARMACEUTICALS IN	309,368 (+24.6%)	$14,401 (+39.2%)	1.1%	$37.03	+20.2%	COM	22663K107
SPRY	ARS PHARMACEUTICALS INC	369,569 (+524.0%)	$4,305 (+623.3%)	0.3%	$10.47	-7.1%	COM	82835W108
AGIO	AGIOS PHARMACEUTICALS INC	188,000 (+408.1%)	$5,117 (+244.6%)	0.4%	$34.61	+1.4%	COM	00847X104
AEXA	AMERICAN EXCEPTIONALISM ACQU	357,539 (+615.1%)	$4,072 (+645.2%)	0.3%	$11.17	+0.6%	ORD CL A	G0273J101
VRTX	VERTEX PHARMACEUTICALS INC	13,716 (+95.9%)	$6,218 (+126.8%)	0.5%	$424.34	+1.6%	COM	92532F100
IONS	IONIS PHARMACEUTICALS INC	147,130 (+9.9%)	$11,639 (+33.0%)	0.9%	$36.58	+105.9%	COM	462222100
SRRK	SCHOLAR ROCK HLDG CORP	69,589 (+246.4%)	$3,065 (+309.8%)	0.2%	$37.12	+1.0%	COM	80706P103
CTNM	CONTINEUM THERAPEUTICS INC	278,961 (+257.8%)	$3,189 (+248.1%)	0.2%	$11.73	-2.7%	CL A	21217B100
URGN	UROGEN PHARMA LTD	125,375 (+258.2%)	$2,936 (+320.5%)	0.2%	$19.98	+8.6%	COM	M96088105
CRBP	CORBUS PHARMACEUTICALS HLDGS	286,781 (+2711.6%)	$2,334 (+1709.2%)	0.2%	$12.24	+0.8%	COM NEW	21833P301
QURE	UNIQURE NV	235,155 (+76.4%)	$5,627 (-27.7%)	0.4%	$27.00	+42.9%	SHS	N90064101
ARWR	ARROWHEAD PHARMACEUTICALS IN	58,200 (+16.9%)	$3,864 (+125.0%)	0.3%	$23.84	+105.6%	COM	04280A100
MLYS	MINERALYS THERAPEUTICS INC	136,231 (+74.1%)	$4,944 (+66.6%)	0.4%	$24.27	+65.3%	COM	603170101
BIIB	BIOGEN INC	24,300 (+35.0%)	$4,277 (+69.6%)	0.3%	$151.97	+7.5%	COM	09062X103
HELP	CYBIN INC	238,390 (+616.4%)	$1,950 (+894.9%)	0.1%	$6.53	-1.4%	COM NEW	23256X407
OLMA	OLEMA PHARMACEUTICALS INC	81,399 (+124.9%)	$2,035 (+474.2%)	0.1%	$12.55	+41.8%	COM	68062P106
KRYS	KRYSTAL BIOTECH INC	20,014 (+8.0%)	$4,934 (+50.9%)	0.4%	$154.21	+36.5%	COM	501147102
EWTX	EDGEWISE THERAPEUTICS INC	90,999 (+127.5%)	$2,258 (+248.0%)	0.2%	$20.18	-0.6%	COM	28036F105
XENE	XENON PHARMACEUTICALS INC	203,969 (+7.9%)	$9,142 (+20.4%)	0.7%	$36.24	+15.9%	COM	98420N105
PHVS	PHARVARIS N V	85,528 (+150.6%)	$2,373 (+178.8%)	0.2%	$20.90	+15.2%	COM	N69605108
GRCE	GRACE THERAPEUTICS INC	641,988 (+83.2%)	$2,221 (+112.9%)	0.2%	$3.03	+4.9%	COM	00439U104
ACRS	ACLARIS THERAPEUTICS INC	613,986 (+64.3%)	$1,848 (+160.3%)	0.1%	$2.05	+23.3%	COM	00461U105
NRIX	NURIX THERAPEUTICS INC	72,070 (+131.0%)	$1,367 (+374.2%)	0.1%	$15.51	-7.4%	COM	67080M103
JAZZ	JAZZ PHARMACEUTICALS PLC	8,000 (+220.0%)	$1,360 (+312.7%)	0.1%	$139.35	+10.0%	SHS USD	G50871105
AMLX	AMYLYX PHARMACEUTICALS INC	890,356 (+2.8%)	$10,756 (-8.6%)	0.8%	$3.83	+254.6%	COM	03237H101
INSP	INSPIRE MED SYS INC	15,000 (+150.0%)	$1,383 (+210.7%)	0.1%	$97.91	-2.3%	COM	457730109
NAMS	NEWAMSTERDAM PHARMA COMPANY	118,623 (+3.7%)	$4,161 (+27.9%)	0.3%	$18.99	+91.7%	ORDINARY SHARES	N62509109
SUPN	SUPERNUS PHARMACEUTICALS INC	29,742 (+106.3%)	$1,478 (+114.5%)	0.1%	$44.57	+9.1%	COM	868459108
IBIO	IBIO INC	405,531 (+1402.0%)	$783 (+3401.7%)	0.1%	$1.35	+1.4%	COM NEW	451033708
FDMT	4D MOLECULAR THERAPEUTICS IN	116,712 (+598.4%)	$875 (+502.7%)	0.1%	$9.55	+6.3%	COM	35104E100
CGON	CG ONCOLOGY INC	258,139 (+3.7%)	$10,718 (+6.9%)	0.8%	$29.61	+39.8%	COM	156944100
PFE	PFIZER INC	72,400 (+63.1%)	$1,803 (+59.4%)	0.1%	$24.90	+0.5%	COM	717081103
CMPX	COMPASS THERAPEUTICS INC	139,000 (+178.0%)	$746 (+326.5%)	0.1%	$3.90	+18.5%	COM	20454B104
BMRN	BIOMARIN PHARMACEUTICAL INC	12,900 (+163.3%)	$767 (+188.9%)	0.1%	$59.32	-8.2%	COM	09061G101
RYTM	RHYTHM PHARMACEUTICALS INC	51,349 (+3.6%)	$5,496 (+9.8%)	0.4%	$61.08	+73.7%	COM	76243J105
AVTR	AVANTOR INC	70,000 (+180.0%)	$802 (+157.1%)	0.1%	$12.63	-2.5%	COM	05352A100
LUNG	PULMONX CORP	355,410 (+65.7%)	$785 (+126.0%)	0.1%	$3.07	-38.8%	COM	745848101
TENX	TENAX THERAPEUTICS INC	63,673 (+19.2%)	$776 (+90.9%)	0.1%	$5.96	+45.9%	COM NEW	88032L605
DYN	DYNE THERAPEUTICS INC	42,674 (+13.3%)	$835 (+75.2%)	0.1%	$13.86	+36.7%	COM	26818M108
GH	GUARDANT HEALTH INC	7,000 (+16.7%)	$715 (+90.7%)	0.1%	$59.41	+50.6%	COM	40131M109
WW	WW INTL INC	57,100 (+8.9%)	$1,668 (+16.2%)	0.1%	$33.83	-17.4%	COM NEW	98262P200
SLNO	SOLENO THERAPEUTICS INC	41,830 (+65.8%)	$1,937 (+13.6%)	0.1%	$56.17	-2.4%	COM	834203309
KPTI	KARYOPHARM THERAPEUTICS INC	50,000 (+100.0%)	$368 (+125.1%)	0.0%	$5.75	+6.4%	COM NEW	48576U205
ASMB	ASSEMBLY BIOSCIENCES INC	19,747 (+4.2%)	$672 (+38.5%)	0.0%	$22.36	+44.1%	COM NEW	045396207
OGN	ORGANON & CO	35,000 (+250.0%)	$251 (+135.0%)	0.0%	$10.15	-22.3%	COMMON STOCK	68622V106
DNLI	DENALI THERAPEUTICS INC	52,116 (+1.2%)	$860 (+15.0%)	0.1%	$16.49	+2.4%	COM	24823R105
ALKS	ALKERMES PLC	63,700 (+13.3%)	$1,782 (+5.7%)	0.1%	$29.51	+1.5%	SHS	G01767105
SABS	SAB BIOTHERAPEUTICS INC	26,344 (+75.6%)	$99 (+226.8%)	0.0%	$2.70	+21.7%	COM NEW	78397T202
SLN	SILENCE THERAPEUTICS PLC	23,643 (+26.8%)	$144 (+48.6%)	0.0%	$17.79	—	ADS	82686Q101
ZNTL	ZENTALIS PHARMACEUTICALS INC	80,000 (+60.0%)	$108 (+43.0%)	0.0%	$1.37	+6.2%	COM	98943L107
BHVN	BIOHAVEN LTD	34,277 (+40.8%)	$387 (+5.9%)	0.0%	$24.92	-50.3%	COM	G1110E107
VTGN	VISTAGEN THERAPEUTICS INC	623,575 (+451.5%)	$413 (+2.8%)	0.0%	$3.50	+3.2%	COM	92840H400

Exited Positions (37)

— 89BIO INC 2.3%

Value ($000) $31,063 Shares 2,113,153 Est. Cost $11.85 Unrealized —

SPY SPDR S&P 500 ETF TR 2.2%

Value ($000) $30,311 Shares 45,500 Est. Cost $646.13 Unrealized —

— METSERA INC 0.6%

Value ($000) $7,981 Shares 152,521 Est. Cost $52.33 Unrealized —

— VERONA PHARMA PLC 0.4%

Value ($000) $5,490 Shares 51,450 Est. Cost $78.93 Unrealized —

— BRIDGEBIO PHARMA INC 0.3%

Value ($000) $4,447 Shares 45,000 Est. Cost $0.86 Unrealized —

XBI SPDR SERIES TRUST 0.3%

Value ($000) $4,008 Shares 40,000 Est. Cost — Unrealized —

— MERUS N V 0.2%

Value ($000) $3,136 Shares 33,313 Est. Cost $70.74 Unrealized —

— BRIDGEBIO PHARMA INC 0.2%

Value ($000) $2,812 Shares 20,000 Est. Cost $1.05 Unrealized —

ASPC A SPAC III ACQUISITION CORP 0.2%

Value ($000) $2,223 Shares 215,000 Est. Cost $10.01 Unrealized +19.2%

KRRO KORRO BIO INC 0.1%

Value ($000) $1,927 Shares 40,235 Est. Cost $42.68 Unrealized -45.2%

MLTX MOONLAKE IMMUNOTHERAPEUTICS 0.1%

Value ($000) $1,086 Shares 151,495 Est. Cost $49.78 Unrealized -76.3%

WVE WAVE LIFE SCIENCES LTD 0.1%

Value ($000) $872 Shares 119,067 Est. Cost $7.94 Unrealized +28.0%

LLY ELI LILLY & CO 0.1%

Value ($000) $763 Shares 1,000 Est. Cost $811.15 Unrealized +17.8%

LENZ LENZ THERAPEUTICS INC 0.0%

Value ($000) $541 Shares 11,619 Est. Cost $36.77 Unrealized -20.7%

— INTELLIGENT BIO SOLUTIONS IN 0.0%

Value ($000) $435 Shares 426,433 Est. Cost $1.02 Unrealized —

GPCR STRUCTURE THERAPEUTICS INC 0.0%

Value ($000) $426 Shares 15,200 Est. Cost $27.13 Unrealized —

AVTX AVALO THERAPEUTICS INC 0.0%

Value ($000) $412 Shares 32,393 Est. Cost $4.95 Unrealized +241.1%

NVCR NOVOCURE LTD 0.0%

Value ($000) $388 Shares 30,000 Est. Cost $13.36 Unrealized -3.9%

BHVN BIOHAVEN LTD 0.0%

Value ($000) $375 Shares 25,000 Est. Cost $24.92 Unrealized -50.3%

ANSC AGRICULTURE & NAT SOL ACQ CO 0.0%

Value ($000) $296 Shares 27,062 Est. Cost $10.32 Unrealized +7.5%

— AKERO THERAPEUTICS INC 0.0%

Value ($000) $292 Shares 6,143 Est. Cost $36.82 Unrealized —

HRMY HARMONY BIOSCIENCES HLDGS IN 0.0%

Value ($000) $282 Shares 10,245 Est. Cost $34.45 Unrealized -4.6%

RARE ULTRAGENYX PHARMACEUTICAL IN 0.0%

Value ($000) $271 Shares 9,000 Est. Cost $29.99 Unrealized +9.7%

OLMA OLEMA PHARMACEUTICALS INC 0.0%

Value ($000) $245 Shares 25,000 Est. Cost $12.55 Unrealized +41.8%

ALMS ALUMIS INC 0.0%

Value ($000) $245 Shares 61,291 Est. Cost $4.49 Unrealized +55.4%

SAVA CASSAVA SCIENCES INC 0.0%

Value ($000) $236 Shares 81,000 Est. Cost $2.30 Unrealized +39.2%

IFRX INFLARX NV 0.0%

Value ($000) $214 Shares 159,479 Est. Cost $1.06 Unrealized +17.0%

DAWN DAY ONE BIOPHARMACEUTICALS I 0.0%

Value ($000) $198 Shares 28,023 Est. Cost $14.51 Unrealized -42.4%

ATYR ATYR PHARMA INC 0.0%

Value ($000) $161 Shares 222,500 Est. Cost $4.53 Unrealized -81.9%

MLTX MOONLAKE IMMUNOTHERAPEUTICS 0.0%

Value ($000) $122 Shares 17,000 Est. Cost $49.78 Unrealized -76.3%

IOVA IOVANCE BIOTHERAPEUTICS INC 0.0%

Value ($000) $109 Shares 50,000 Est. Cost — Unrealized —

ATYR ATYR PHARMA INC 0.0%

Value ($000) $61 Shares 84,800 Est. Cost $4.53 Unrealized -81.9%

— BIOMX INC 0.0%

Value ($000) $41 Shares 77,656 Est. Cost $0.56 Unrealized —

NERV MINERVA NEUROSCIENCES INC 0.0%

Value ($000) $26 Shares 12,406 Est. Cost $1.63 Unrealized +127.3%

— MURAL ONCOLOGY PUB LTD CO 0.0%

Value ($000) $25 Shares 11,855 Est. Cost $2.47 Unrealized —

GUTS FRACTYL HEALTH INC 0.0%

Value ($000) $21 Shares 13,097 Est. Cost $1.30 Unrealized +24.1%

CYPH LEAP THERAPEUTICS INC 0.0%

Value ($000) $12 Shares 25,830 Est. Cost $2.89 Unrealized -62.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	89BIO INC	2,113,153	$31,063	2.3%	$11.85	—	—	282559103
SPY	SPDR S&P 500 ETF TR	45,500	$30,311	2.2%	$646.13	—	PUT	78462F103
—	METSERA INC	152,521	$7,981	0.6%	$52.33	—	—	59267L107
—	VERONA PHARMA PLC	51,450	$5,490	0.4%	$78.93	—	—	925050106
—	BRIDGEBIO PHARMA INC	45,000	$4,447	0.3%	$0.86	—	—	10806XAD4
XBI	SPDR SERIES TRUST	40,000	$4,008	0.3%	—	—	PUT	78464A870
—	MERUS N V	33,313	$3,136	0.2%	$70.74	—	—	N5749R100
—	BRIDGEBIO PHARMA INC	20,000	$2,812	0.2%	$1.05	—	—	10806XAB8
ASPC	A SPAC III ACQUISITION CORP	215,000	$2,223	0.2%	$10.01	+19.2%	—	G0544A103
KRRO	KORRO BIO INC	40,235	$1,927	0.1%	$42.68	-45.2%	—	500946108
MLTX	MOONLAKE IMMUNOTHERAPEUTICS	151,495	$1,086	0.1%	$49.78	-76.3%	—	61559X104
WVE	WAVE LIFE SCIENCES LTD	119,067	$872	0.1%	$7.94	+28.0%	—	Y95308105
LLY	ELI LILLY & CO	1,000	$763	0.1%	$811.15	+17.8%	—	532457108
LENZ	LENZ THERAPEUTICS INC	11,619	$541	0.0%	$36.77	-20.7%	—	52635N103
—	INTELLIGENT BIO SOLUTIONS IN	426,433	$435	0.0%	$1.02	—	—	36151G600
GPCR	STRUCTURE THERAPEUTICS INC	15,200	$426	0.0%	$27.13	—	—	86366E106
AVTX	AVALO THERAPEUTICS INC	32,393	$412	0.0%	$4.95	+241.1%	—	05338F306
NVCR	NOVOCURE LTD	30,000	$388	0.0%	$13.36	-3.9%	CALL	G6674U108
BHVN	BIOHAVEN LTD	25,000	$375	0.0%	$24.92	-50.3%	CALL	G1110E107
ANSC	AGRICULTURE & NAT SOL ACQ CO	27,062	$296	0.0%	$10.32	+7.5%	—	G0131Y100
—	AKERO THERAPEUTICS INC	6,143	$292	0.0%	$36.82	—	—	00973Y108
HRMY	HARMONY BIOSCIENCES HLDGS IN	10,245	$282	0.0%	$34.45	-4.6%	—	413197104
RARE	ULTRAGENYX PHARMACEUTICAL IN	9,000	$271	0.0%	$29.99	+9.7%	—	90400D108
OLMA	OLEMA PHARMACEUTICALS INC	25,000	$245	0.0%	$12.55	+41.8%	CALL	68062P106
ALMS	ALUMIS INC	61,291	$245	0.0%	$4.49	+55.4%	—	022307102
SAVA	CASSAVA SCIENCES INC	81,000	$236	0.0%	$2.30	+39.2%	—	14817C107
IFRX	INFLARX NV	159,479	$214	0.0%	$1.06	+17.0%	—	N44821101
DAWN	DAY ONE BIOPHARMACEUTICALS I	28,023	$198	0.0%	$14.51	-42.4%	—	23954D109
ATYR	ATYR PHARMA INC	222,500	$161	0.0%	$4.53	-81.9%	PUT	002120202
MLTX	MOONLAKE IMMUNOTHERAPEUTICS	17,000	$122	0.0%	$49.78	-76.3%	CALL	61559X104
IOVA	IOVANCE BIOTHERAPEUTICS INC	50,000	$109	0.0%	—	—	CALL	462260100
ATYR	ATYR PHARMA INC	84,800	$61	0.0%	$4.53	-81.9%	CALL	002120202
—	BIOMX INC	77,656	$41	0.0%	$0.56	—	—	09090D301
NERV	MINERVA NEUROSCIENCES INC	12,406	$26	0.0%	$1.63	+127.3%	—	603380205
—	MURAL ONCOLOGY PUB LTD CO	11,855	$25	0.0%	$2.47	—	—	G63365103
GUTS	FRACTYL HEALTH INC	13,097	$21	0.0%	$1.30	+24.1%	—	35168W103
CYPH	LEAP THERAPEUTICS INC	25,830	$12	0.0%	$2.89	-62.1%	—	52187K200

Decreased Positions (49)

KROS KEROS THERAPEUTICS INC 0.0%

Value ($000) $384 (-99.5%) Shares 18,851 (-99.7%) Est. Cost $13.10 Unrealized +33.9%

ABVX ABIVAX SA 13.0%

Value ($000) $177,648 (+54.9%) Shares 1,317,329 (-2.5%) Est. Cost $7.90 Unrealized —

QURE UNIQURE NV 0.1%

Value ($000) $718 (-93.9%) Shares 30,000 (-85.0%) Est. Cost $27.00 Unrealized +42.9%

SEPN SEPTERNA INC 2.4%

Value ($000) $32,274 (+45.8%) Shares 1,157,611 (-1.6%) Est. Cost $11.55 Unrealized +106.8%

BIOA BIOAGE LABS INC 0.1%

Value ($000) $1,793 (-83.8%) Shares 135,560 (-92.8%) Est. Cost $5.13 Unrealized +72.8%

RZLT REZOLUTE INC 0.0%

Value ($000) $91 (-98.8%) Shares 38,679 (-95.3%) Est. Cost $3.44 Unrealized +128.1%

SRPT SAREPTA THERAPEUTICS INC 0.0%

Value ($000) $621 (-90.8%) Shares 28,866 (-91.7%) Est. Cost $56.77 Unrealized -62.9%

JANX JANUX THERAPEUTICS INC 0.2%

Value ($000) $3,387 (-60.5%) Shares 245,452 (-30.1%) Est. Cost $26.93 Unrealized -12.7%

TSHA TAYSHA GENE THERAPIES INC 1.0%

Value ($000) $13,727 (+48.0%) Shares 2,495,809 (-12.0%) Est. Cost $2.06 Unrealized +135.9%

UTHR UNITED THERAPEUTICS CORP DEL 0.1%

Value ($000) $926 (-80.3%) Shares 1,900 (-83.0%) Est. Cost $336.31 Unrealized +38.5%

VKTX VIKING THERAPEUTICS INC 0.1%

Value ($000) $932 (-79.8%) Shares 26,494 (-84.9%) Est. Cost $31.62 Unrealized +12.1%

LXEO LEXEO THERAPEUTICS INC 1.0%

Value ($000) $13,834 (+36.0%) Shares 1,393,161 (-9.1%) Est. Cost $5.26 Unrealized +73.6%

BBOT BRIDGEBIO ONCOLOGY THERAPEUT 0.2%

Value ($000) $2,833 (-51.2%) Shares 226,248 (-54.9%) Est. Cost $11.58 Unrealized —

BBIO BRIDGEBIO PHARMA INC 1.2%

Value ($000) $16,324 (+14.9%) Shares 213,414 (-21.9%) Est. Cost $30.21 Unrealized +117.3%

PCSC PERCEPTIVE CAP SOLUTIONS COR 0.4%

Value ($000) $5,951 (-24.9%) Shares 456,720 (-39.1%) Est. Cost $10.07 Unrealized +11.9%

TEVA TEVA PHARMACEUTICAL INDS LTD 0.5%

Value ($000) $7,365 (+36.1%) Shares 235,971 (-11.9%) Est. Cost $14.93 Unrealized —

ASND ASCENDIS PHARMA A/S 0.4%

Value ($000) $5,398 (-25.3%) Shares 25,314 (-30.4%) Est. Cost $196.64 Unrealized —

KNSA KINIKSA PHARMACEUTICALS INTL 0.1%

Value ($000) $1,185 (-59.4%) Shares 28,728 (-61.8%) Est. Cost $25.79 Unrealized +55.6%

MDGL MADRIGAL PHARMACEUTICALS INC 0.0%

Value ($000) $521 (-76.8%) Shares 895 (-81.7%) Est. Cost $363.50 Unrealized +40.5%

IVVD INVIVYD INC 0.7%

Value ($000) $9,632 (+18.8%) Shares 3,899,397 (-47.1%) Est. Cost $0.89 Unrealized +134.5%

SVRA SAVARA INC 0.6%

Value ($000) $8,475 (+19.4%) Shares 1,405,452 (-29.3%) Est. Cost $3.13 Unrealized +56.3%

QNCX QUINCE THERAPEUTICS INC 0.0%

Value ($000) $144 (-88.6%) Shares 42,912 (-94.5%) Est. Cost $1.52 Unrealized +65.1%

— ASTRIA THERAPEUTICS INC 0.2%

Value ($000) $2,272 (+60.9%) Shares 173,557 (-10.5%) Est. Cost $5.87 Unrealized —

XNCR XENCOR INC 0.1%

Value ($000) $860 (-43.1%) Shares 56,165 (-56.4%) Est. Cost $14.79 Unrealized +1.0%

LITS LITE STRATEGY INC 0.0%

Value ($000) $89 (-87.4%) Shares 67,292 (-77.0%) Est. Cost $4.12 Unrealized -54.2%

MRK MERCK & CO INC 0.1%

Value ($000) $1,015 (-34.8%) Shares 9,640 (-48.0%) Est. Cost $79.64 Unrealized +17.1%

SMMT SUMMIT THERAPEUTICS INC 0.1%

Value ($000) $1,607 (-24.5%) Shares 91,869 (-10.8%) Est. Cost $24.08 Unrealized -21.9%

REGN REGENERON PHARMACEUTICALS 0.7%

Value ($000) $9,302 (+5.4%) Shares 12,051 (-23.2%) Est. Cost $601.77 Unrealized +12.8%

OABI OMNIAB INC 0.1%

Value ($000) $1,299 (-25.6%) Shares 702,190 (-35.6%) Est. Cost $2.12 Unrealized -17.9%

SNY SANOFI SA 0.2%

Value ($000) $3,076 (-12.2%) Shares 63,474 (-14.5%) Est. Cost $47.35 Unrealized —

— DAYFORCE INC 0.0%

Value ($000) $346 (-49.8%) Shares 5,000 (-50.0%) Est. Cost $62.23 Unrealized +10.6%

CNTA CENTESSA PHARMACEUTICALS PLC 0.1%

Value ($000) $965 (-25.9%) Shares 38,566 (-28.1%) Est. Cost $14.81 Unrealized —

NUVL NUVALENT INC 0.1%

Value ($000) $688 (-32.8%) Shares 6,842 (-42.2%) Est. Cost $73.17 Unrealized +34.8%

TECX TECTONIC THERAPEUTIC INC 0.0%

Value ($000) $626 (-28.8%) Shares 30,007 (-46.4%) Est. Cost $17.33 Unrealized +7.2%

KZR KEZAR LIFE SCIENCES INC 0.1%

Value ($000) $739 (+51.6%) Shares 117,440 (-6.0%) Est. Cost $6.03 Unrealized -3.3%

VRDN VIRIDIAN THERAPEUTICS INC 0.2%

Value ($000) $2,402 (+9.5%) Shares 77,198 (-24.1%) Est. Cost $15.57 Unrealized +76.2%

RCKT ROCKET PHARMACEUTICALS INC 0.1%

Value ($000) $1,670 (-11.0%) Shares 475,800 (-17.4%) Est. Cost $8.03 Unrealized -57.4%

GERN GERON CORP 0.0%

Value ($000) $444 (-29.0%) Shares 336,176 (-26.3%) Est. Cost $3.18 Unrealized -60.5%

ZURA ZURA BIO LTD 0.2%

Value ($000) $2,945 (+4.3%) Shares 562,065 (-13.8%) Est. Cost $3.18 Unrealized +24.4%

RGNX REGENXBIO INC 0.2%

Value ($000) $2,086 (+5.2%) Shares 144,848 (-29.5%) Est. Cost $9.76 Unrealized +27.7%

ATYR ATYR PHARMA INC 0.0%

Value ($000) $40 (-68.6%) Shares 50,685 (-71.0%) Est. Cost $4.53 Unrealized -81.9%

KURA KURA ONCOLOGY INC 0.0%

Value ($000) $416 (-14.6%) Shares 40,000 (-27.3%) Est. Cost $7.26 Unrealized +44.5%

DYN DYNE THERAPEUTICS INC 0.0%

Value ($000) $196 (-22.7%) Shares 10,000 (-50.0%) Est. Cost $13.86 Unrealized +36.7%

LRMR LARIMAR THERAPEUTICS INC 0.1%

Value ($000) $707 (-7.1%) Shares 185,689 (-21.2%) Est. Cost $2.31 Unrealized +68.0%

SPRO SPERO THERAPEUTICS INC 0.0%

Value ($000) $265 (+22.1%) Shares 113,839 (-1.5%) Est. Cost $1.19 Unrealized +94.8%

FULC FULCRUM THERAPEUTICS INC 0.1%

Value ($000) $735 (+6.5%) Shares 65,000 (-13.3%) Est. Cost $9.23 Unrealized +10.3%

GOSS GOSSAMER BIO INC 0.0%

Value ($000) $109 (-24.9%) Shares 35,100 (-36.3%) Est. Cost $0.75 Unrealized +281.2%

REPL REPLIMUNE GROUP INC 0.0%

Value ($000) $243 (+16.0%) Shares 25,000 (-50.0%) Est. Cost $6.86 Unrealized +24.0%

ARVN ARVINAS INC 0.1%

Value ($000) $689 (-2.1%) Shares 58,091 (-29.7%) Est. Cost $15.67 Unrealized -30.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KROS	KEROS THERAPEUTICS INC	18,851 (-99.7%)	$384 (-99.5%)	0.0%	$13.10	+33.9%	COM	492327101
ABVX	ABIVAX SA	1,317,329 (-2.5%)	$177,648 (+54.9%)	13.0%	$7.90	—	SPONSORED ADS	00370M103
QURE	UNIQURE NV	30,000 (-85.0%)	$718 (-93.9%)	0.1%	$27.00	+42.9%	CALL	N90064101
SEPN	SEPTERNA INC	1,157,611 (-1.6%)	$32,274 (+45.8%)	2.4%	$11.55	+106.8%	COM	81734D104
BIOA	BIOAGE LABS INC	135,560 (-92.8%)	$1,793 (-83.8%)	0.1%	$5.13	+72.8%	COM	09077V100
RZLT	REZOLUTE INC	38,679 (-95.3%)	$91 (-98.8%)	0.0%	$3.44	+128.1%	COM NEW	76200L309
SRPT	SAREPTA THERAPEUTICS INC	28,866 (-91.7%)	$621 (-90.8%)	0.0%	$56.77	-62.9%	COM	803607100
JANX	JANUX THERAPEUTICS INC	245,452 (-30.1%)	$3,387 (-60.5%)	0.2%	$26.93	-12.7%	COM	47103J105
TSHA	TAYSHA GENE THERAPIES INC	2,495,809 (-12.0%)	$13,727 (+48.0%)	1.0%	$2.06	+135.9%	COM SHS	877619106
UTHR	UNITED THERAPEUTICS CORP DEL	1,900 (-83.0%)	$926 (-80.3%)	0.1%	$336.31	+38.5%	COM	91307C102
VKTX	VIKING THERAPEUTICS INC	26,494 (-84.9%)	$932 (-79.8%)	0.1%	$31.62	+12.1%	COM	92686J106
LXEO	LEXEO THERAPEUTICS INC	1,393,161 (-9.1%)	$13,834 (+36.0%)	1.0%	$5.26	+73.6%	COM	52886X107
BBOT	BRIDGEBIO ONCOLOGY THERAPEUT	226,248 (-54.9%)	$2,833 (-51.2%)	0.2%	$11.58	—	COM NEW	107924102
BBIO	BRIDGEBIO PHARMA INC	213,414 (-21.9%)	$16,324 (+14.9%)	1.2%	$30.21	+117.3%	COM	10806X102
PCSC	PERCEPTIVE CAP SOLUTIONS COR	456,720 (-39.1%)	$5,951 (-24.9%)	0.4%	$10.07	+11.9%	CL A ORD SHS	G70077105
TEVA	TEVA PHARMACEUTICAL INDS LTD	235,971 (-11.9%)	$7,365 (+36.1%)	0.5%	$14.93	—	SPONSORED ADS	881624209
ASND	ASCENDIS PHARMA A/S	25,314 (-30.4%)	$5,398 (-25.3%)	0.4%	$196.64	—	SPONSORED ADR	04351P101
KNSA	KINIKSA PHARMACEUTICALS INTL	28,728 (-61.8%)	$1,185 (-59.4%)	0.1%	$25.79	+55.6%	ORD SHS CL A	G52694109
MDGL	MADRIGAL PHARMACEUTICALS INC	895 (-81.7%)	$521 (-76.8%)	0.0%	$363.50	+40.5%	COM	558868105
IVVD	INVIVYD INC	3,899,397 (-47.1%)	$9,632 (+18.8%)	0.7%	$0.89	+134.5%	COM	00534A102
SVRA	SAVARA INC	1,405,452 (-29.3%)	$8,475 (+19.4%)	0.6%	$3.13	+56.3%	COM	805111101
QNCX	QUINCE THERAPEUTICS INC	42,912 (-94.5%)	$144 (-88.6%)	0.0%	$1.52	+65.1%	COM	22053A107
—	ASTRIA THERAPEUTICS INC	173,557 (-10.5%)	$2,272 (+60.9%)	0.2%	$5.87	—	COM	04635X102
XNCR	XENCOR INC	56,165 (-56.4%)	$860 (-43.1%)	0.1%	$14.79	+1.0%	COM	98401F105
LITS	LITE STRATEGY INC	67,292 (-77.0%)	$89 (-87.4%)	0.0%	$4.12	-54.2%	COM	55279B301
MRK	MERCK & CO INC	9,640 (-48.0%)	$1,015 (-34.8%)	0.1%	$79.64	+17.1%	COM	58933Y105
SMMT	SUMMIT THERAPEUTICS INC	91,869 (-10.8%)	$1,607 (-24.5%)	0.1%	$24.08	-21.9%	COM	86627T108
REGN	REGENERON PHARMACEUTICALS	12,051 (-23.2%)	$9,302 (+5.4%)	0.7%	$601.77	+12.8%	COM	75886F107
OABI	OMNIAB INC	702,190 (-35.6%)	$1,299 (-25.6%)	0.1%	$2.12	-17.9%	COM	68218J103
SNY	SANOFI SA	63,474 (-14.5%)	$3,076 (-12.2%)	0.2%	$47.35	—	SPONSORED ADR	80105N105
—	DAYFORCE INC	5,000 (-50.0%)	$346 (-49.8%)	0.0%	$62.23	+10.6%	COM	15677J108
CNTA	CENTESSA PHARMACEUTICALS PLC	38,566 (-28.1%)	$965 (-25.9%)	0.1%	$14.81	—	SPONSORED ADS	152309100
NUVL	NUVALENT INC	6,842 (-42.2%)	$688 (-32.8%)	0.1%	$73.17	+34.8%	COM	670703107
TECX	TECTONIC THERAPEUTIC INC	30,007 (-46.4%)	$626 (-28.8%)	0.0%	$17.33	+7.2%	COM	878972108
KZR	KEZAR LIFE SCIENCES INC	117,440 (-6.0%)	$739 (+51.6%)	0.1%	$6.03	-3.3%	COM NEW	49372L209
VRDN	VIRIDIAN THERAPEUTICS INC	77,198 (-24.1%)	$2,402 (+9.5%)	0.2%	$15.57	+76.2%	COM	92790C104
RCKT	ROCKET PHARMACEUTICALS INC	475,800 (-17.4%)	$1,670 (-11.0%)	0.1%	$8.03	-57.4%	COM	77313F106
GERN	GERON CORP	336,176 (-26.3%)	$444 (-29.0%)	0.0%	$3.18	-60.5%	COM	374163103
ZURA	ZURA BIO LTD	562,065 (-13.8%)	$2,945 (+4.3%)	0.2%	$3.18	+24.4%	CLASS A ORD SHS	G9TY5A101
RGNX	REGENXBIO INC	144,848 (-29.5%)	$2,086 (+5.2%)	0.2%	$9.76	+27.7%	COM	75901B107
ATYR	ATYR PHARMA INC	50,685 (-71.0%)	$40 (-68.6%)	0.0%	$4.53	-81.9%	COM NEW	002120202
KURA	KURA ONCOLOGY INC	40,000 (-27.3%)	$416 (-14.6%)	0.0%	$7.26	+44.5%	COM	50127T109
DYN	DYNE THERAPEUTICS INC	10,000 (-50.0%)	$196 (-22.7%)	0.0%	$13.86	+36.7%	CALL	26818M108
LRMR	LARIMAR THERAPEUTICS INC	185,689 (-21.2%)	$707 (-7.1%)	0.1%	$2.31	+68.0%	COM	517125100
SPRO	SPERO THERAPEUTICS INC	113,839 (-1.5%)	$265 (+22.1%)	0.0%	$1.19	+94.8%	COM	84833T103
FULC	FULCRUM THERAPEUTICS INC	65,000 (-13.3%)	$735 (+6.5%)	0.1%	$9.23	+10.3%	CALL	359616109
GOSS	GOSSAMER BIO INC	35,100 (-36.3%)	$109 (-24.9%)	0.0%	$0.75	+281.2%	CALL	38341P102
REPL	REPLIMUNE GROUP INC	25,000 (-50.0%)	$243 (+16.0%)	0.0%	$6.86	+24.0%	CALL	76029N106
ARVN	ARVINAS INC	58,091 (-29.7%)	$689 (-2.1%)	0.1%	$15.67	-30.3%	COM	04335A105

Unchanged Positions (55)

RAPT RAPT THERAPEUTICS INC 1.3%

Value ($000) $17,263 Shares 509,679 Est. Cost $7.63 Unrealized +307.1%

GLUE MONTE ROSA THERAPEUTICS INC 0.2%

Value ($000) $3,383 Shares 215,752 Est. Cost $5.30 Unrealized +154.4%

— ATAI BECKLEY NV 0.3%

Value ($000) $3,735 Shares 913,242 Est. Cost $5.29 Unrealized —

NKTR NEKTAR THERAPEUTICS 0.2%

Value ($000) $3,045 Shares 72,031 Est. Cost $28.30 Unrealized +97.7%

— DYNAVAX TECHNOLOGIES CORP 0.2%

Value ($000) $2,615 Shares 170,000 Est. Cost $12.97 Unrealized —

SPY SPDR S&P 500 ETF TR 2.7%

Value ($000) $37,290 Shares 54,684 Est. Cost $646.13 Unrealized —

EQ EQUILLIUM INC 0.6%

Value ($000) $8,693 Shares 5,608,078 Est. Cost $1.06 Unrealized +15.1%

SYRE SPYRE THERAPEUTICS INC 0.1%

Value ($000) $1,116 Shares 34,051 Est. Cost $17.45 Unrealized +49.7%

ACLX ARCELLX INC 0.2%

Value ($000) $2,053 Shares 31,484 Est. Cost $69.92 Unrealized +14.1%

VTYX VENTYX BIOSCIENCES INC 0.1%

Value ($000) $737 Shares 81,600 Est. Cost $2.15 Unrealized +247.3%

BOXX EA SERIES TRUST 2.8%

Value ($000) $38,803 Shares 337,125 Est. Cost $106.76 Unrealized —

PRTA PROTHENA CORP PLC 1.0%

Value ($000) $13,922 Shares 1,457,764 Est. Cost $7.50 Unrealized +35.6%

ABOS ACUMEN PHARMACEUTICALS INC 0.1%

Value ($000) $1,880 Shares 891,183 Est. Cost $1.23 Unrealized +61.0%

MASI MASIMO CORP 0.1%

Value ($000) $1,951 Shares 15,000 Est. Cost $151.39 Unrealized -5.4%

ORKA ORUKA THERAPEUTICS INC 0.0%

Value ($000) $632 Shares 20,840 Est. Cost $12.33 Unrealized +126.0%

PHAT PHATHOM PHARMACEUTICALS INC 0.1%

Value ($000) $712 Shares 42,900 Est. Cost $10.16 Unrealized +40.6%

CNTX CONTEXT THERAPEUTICS INC 0.0%

Value ($000) $516 Shares 351,094 Est. Cost $1.53 Unrealized -23.8%

IDYA IDEAYA BIOSCIENCES INC 0.1%

Value ($000) $691 Shares 20,000 Est. Cost $24.19 Unrealized +31.8%

DCTH DELCATH SYS INC 0.2%

Value ($000) $2,266 Shares 224,385 Est. Cost $9.75 Unrealized +2.0%

URGN UROGEN PHARMA LTD 0.1%

Value ($000) $937 Shares 40,000 Est. Cost $19.98 Unrealized +8.6%

KALA KALA BIO INC 0.0%

Value ($000) $79 Shares 141,480 Est. Cost $6.86 Unrealized -86.9%

KPRX KIORA PHARMACEUTICALS INC 0.0%

Value ($000) $331 Shares 167,941 Est. Cost $4.55 Unrealized -49.9%

SGRY SURGERY PARTNERS INC 0.0%

Value ($000) $309 Shares 20,000 Est. Cost $23.67 Unrealized -22.4%

TXMD THERAPEUTICSMD INC 0.0%

Value ($000) $341 Shares 209,210 Est. Cost $2.41 Unrealized -40.1%

BABA ALIBABA GROUP HLDG LTD 0.0%

Value ($000) $524 Shares 3,578 Est. Cost $178.73 Unrealized —

NGNE NEUROGENE INC 0.0%

Value ($000) $631 Shares 30,633 Est. Cost $17.37 Unrealized +43.3%

GOSS GOSSAMER BIO INC 0.0%

Value ($000) $659 Shares 212,531 Est. Cost $0.75 Unrealized +281.2%

ACHV ACHIEVE LIFE SCIENCES INC 0.0%

Value ($000) $238 Shares 47,800 Est. Cost $3.47 Unrealized +25.8%

AAM AA MISSION ACQUISITION CORP 0.5%

Value ($000) $6,171 Shares 578,359 Est. Cost $10.00 Unrealized +5.9%

PEPG PEPGEN INC 0.0%

Value ($000) $240 Shares 36,842 Est. Cost $1.86 Unrealized +179.2%

JD JD.COM INC 0.0%

Value ($000) $287 Shares 10,000 Est. Cost $34.98 Unrealized —

AAM AA MISSION ACQUISITION CORP 0.3%

Value ($000) $4,322 Shares 405,089 Est. Cost $10.00 Unrealized +5.9%

BIL SPDR SERIES TRUST 0.9%

Value ($000) $12,390 Shares 135,585 Est. Cost $91.43 Unrealized —

APLS APELLIS PHARMACEUTICALS INC 0.0%

Value ($000) $502 Shares 20,000 Est. Cost $54.07 Unrealized -56.6%

KALV KALVISTA PHARMACEUTICALS INC 0.0%

Value ($000) $162 Shares 10,000 Est. Cost $11.39 Unrealized +16.2%

CLOV CLOVER HEALTH INVESTMENTS CO 0.0%

Value ($000) $114 Shares 48,300 Est. Cost $3.50 Unrealized -21.9%

BNTX BIONTECH SE 0.1%

Value ($000) $952 Shares 10,000 Est. Cost $98.62 Unrealized —

STI SOLIDION TECHNOLOGY INC 0.0%

Value ($000) $96 Shares 13,500 Est. Cost — Unrealized —

RXRX RECURSION PHARMACEUTICALS IN 0.0%

Value ($000) $143 Shares 35,000 Est. Cost $5.88 Unrealized -15.8%

VYGR VOYAGER THERAPEUTICS INC 0.0%

Value ($000) $138 Shares 35,000 Est. Cost $5.94 Unrealized —

CCIIU COHEN CIRCLE ACQUISIT CORP I 0.1%

Value ($000) $1,565 Shares 150,000 Est. Cost $10.28 Unrealized —

KVAC KEEN VISION ACQUISITION CORP 0.1%

Value ($000) $881 Shares 75,000 Est. Cost — Unrealized —

PMVP PMV PHARMACEUTICALS INC 0.0%

Value ($000) $126 Shares 101,008 Est. Cost $1.68 Unrealized -20.2%

BCAX BICARA THERAPEUTICS INC 0.0%

Value ($000) $231 Shares 13,705 Est. Cost $11.92 Unrealized +43.3%

EA ELECTRONIC ARTS INC 0.1%

Value ($000) $1,009 Shares 4,936 Est. Cost $165.25 Unrealized +22.1%

— GENERATION BIO CO 0.0%

Value ($000) $126 Shares 22,144 Est. Cost $6.12 Unrealized —

BSAAU BEST SPAC I ACQUISITION CORP 0.1%

Value ($000) $1,024 Shares 100,000 Est. Cost $10.04 Unrealized —

PCAPU PROCAP ACQUISITION CORP 0.0%

Value ($000) $276 Shares 26,940 Est. Cost $10.59 Unrealized —

GTERU GLOBA TERRA ACQUISITION COR 0.0%

Value ($000) $514 Shares 50,000 Est. Cost $10.17 Unrealized —

OACCU OAKTREE ACQUISITION CORP III 0.4%

Value ($000) $5,485 Shares 516,482 Est. Cost $10.14 Unrealized —

CHRS COHERUS ONCOLOGY INC 0.0%

Value ($000) $15 Shares 10,366 Est. Cost $0.86 Unrealized +68.8%

PRQR PROQR THRAPEUTICS N V 0.0%

Value ($000) $20 Shares 10,000 Est. Cost $3.18 Unrealized -26.4%

USFR WISDOMTREE TR 0.0%

Value ($000) $503 Shares 10,000 Est. Cost $50.24 Unrealized —

NVCR NOVOCURE LTD 0.0%

Value ($000) $440 Shares 34,000 Est. Cost $13.36 Unrealized -3.9%

ASPCR A SPAC III ACQUISITION CORP 0.0%

Value ($000) $41 Shares 215,000 Est. Cost $0.14 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RAPT	RAPT THERAPEUTICS INC	509,679	$17,263	1.3%	$7.63	+307.1%	COM NEW	75382E208
GLUE	MONTE ROSA THERAPEUTICS INC	215,752	$3,383	0.2%	$5.30	+154.4%	COM	61225M102
—	ATAI BECKLEY NV	913,242	$3,735	0.3%	$5.29	—	SHS	N0731H103
NKTR	NEKTAR THERAPEUTICS	72,031	$3,045	0.2%	$28.30	+97.7%	COM NEW	640268306
—	DYNAVAX TECHNOLOGIES CORP	170,000	$2,615	0.2%	$12.97	—	COM NEW	268158201
SPY	SPDR S&P 500 ETF TR	54,684	$37,290	2.7%	$646.13	—	TR UNIT	78462F103
EQ	EQUILLIUM INC	5,608,078	$8,693	0.6%	$1.06	+15.1%	COM	29446K106
SYRE	SPYRE THERAPEUTICS INC	34,051	$1,116	0.1%	$17.45	+49.7%	COM NEW	00773J202
ACLX	ARCELLX INC	31,484	$2,053	0.2%	$69.92	+14.1%	COMMON STOCK	03940C100
VTYX	VENTYX BIOSCIENCES INC	81,600	$737	0.1%	$2.15	+247.3%	COM	92332V107
BOXX	EA SERIES TRUST	337,125	$38,803	2.8%	$106.76	—	ALPHA ARCH 1-3	02072L565
PRTA	PROTHENA CORP PLC	1,457,764	$13,922	1.0%	$7.50	+35.6%	SHS	G72800108
ABOS	ACUMEN PHARMACEUTICALS INC	891,183	$1,880	0.1%	$1.23	+61.0%	COM	00509G209
MASI	MASIMO CORP	15,000	$1,951	0.1%	$151.39	-5.4%	COM	574795100
ORKA	ORUKA THERAPEUTICS INC	20,840	$632	0.0%	$12.33	+126.0%	COM	687604108
PHAT	PHATHOM PHARMACEUTICALS INC	42,900	$712	0.1%	$10.16	+40.6%	COM	71722W107
CNTX	CONTEXT THERAPEUTICS INC	351,094	$516	0.0%	$1.53	-23.8%	COM	21077P108
IDYA	IDEAYA BIOSCIENCES INC	20,000	$691	0.1%	$24.19	+31.8%	COM	45166A102
DCTH	DELCATH SYS INC	224,385	$2,266	0.2%	$9.75	+2.0%	COM NEW	24661P807
URGN	UROGEN PHARMA LTD	40,000	$937	0.1%	$19.98	+8.6%	CALL	M96088105
KALA	KALA BIO INC	141,480	$79	0.0%	$6.86	-86.9%	COM NEW	483119202
KPRX	KIORA PHARMACEUTICALS INC	167,941	$331	0.0%	$4.55	-49.9%	COM	49721T507
SGRY	SURGERY PARTNERS INC	20,000	$309	0.0%	$23.67	-22.4%	COM	86881A100
TXMD	THERAPEUTICSMD INC	209,210	$341	0.0%	$2.41	-40.1%	COM NEW	88338N206
BABA	ALIBABA GROUP HLDG LTD	3,578	$524	0.0%	$178.73	—	SPONSORED ADS	01609W102
NGNE	NEUROGENE INC	30,633	$631	0.0%	$17.37	+43.3%	COM	64135M105
GOSS	GOSSAMER BIO INC	212,531	$659	0.0%	$0.75	+281.2%	COM	38341P102
ACHV	ACHIEVE LIFE SCIENCES INC	47,800	$238	0.0%	$3.47	+25.8%	COM	004468500
AAM	AA MISSION ACQUISITION CORP	578,359	$6,171	0.5%	$10.00	+5.9%	ORD SHS CL A	G1000R101
PEPG	PEPGEN INC	36,842	$240	0.0%	$1.86	+179.2%	COM	713317105
JD	JD.COM INC	10,000	$287	0.0%	$34.98	—	SPON ADS CL A	47215P106
AAM	AA MISSION ACQUISITION CORP	405,089	$4,322	0.3%	$10.00	+5.9%	CALL	G1000R101
BIL	SPDR SERIES TRUST	135,585	$12,390	0.9%	$91.43	—	STATE STREET SPD	78468R663
APLS	APELLIS PHARMACEUTICALS INC	20,000	$502	0.0%	$54.07	-56.6%	COM	03753U106
KALV	KALVISTA PHARMACEUTICALS INC	10,000	$162	0.0%	$11.39	+16.2%	COM	483497103
CLOV	CLOVER HEALTH INVESTMENTS CO	48,300	$114	0.0%	$3.50	-21.9%	COM CL A	18914F103
BNTX	BIONTECH SE	10,000	$952	0.1%	$98.62	—	SPONSORED ADS	09075V102
STI	SOLIDION TECHNOLOGY INC	13,500	$96	0.0%	—	—	CALL	834212201
RXRX	RECURSION PHARMACEUTICALS IN	35,000	$143	0.0%	$5.88	-15.8%	CL A	75629V104
VYGR	VOYAGER THERAPEUTICS INC	35,000	$138	0.0%	$5.94	—	COM	92915B106
CCIIU	COHEN CIRCLE ACQUISIT CORP I	150,000	$1,565	0.1%	$10.28	—	UNIT 07/01/2030	G2254C105
KVAC	KEEN VISION ACQUISITION CORP	75,000	$881	0.1%	—	—	CALL	G52443119
PMVP	PMV PHARMACEUTICALS INC	101,008	$126	0.0%	$1.68	-20.2%	COM	69353Y103
BCAX	BICARA THERAPEUTICS INC	13,705	$231	0.0%	$11.92	+43.3%	COM	055477103
EA	ELECTRONIC ARTS INC	4,936	$1,009	0.1%	$165.25	+22.1%	COM	285512109
—	GENERATION BIO CO	22,144	$126	0.0%	$6.12	—	COM NEW	37148K209
BSAAU	BEST SPAC I ACQUISITION CORP	100,000	$1,024	0.1%	$10.04	—	UNIT 05/27/2030	G1069P137
PCAPU	PROCAP ACQUISITION CORP	26,940	$276	0.0%	$10.59	—	UNIT 05/16/2030	G7257A113
GTERU	GLOBA TERRA ACQUISITION COR	50,000	$514	0.0%	$10.17	—	UNIT 99/99/9999	G3933N108
OACCU	OAKTREE ACQUISITION CORP III	516,482	$5,485	0.4%	$10.14	—	UNIT 10/04/2029	G6717R120
CHRS	COHERUS ONCOLOGY INC	10,366	$15	0.0%	$0.86	+68.8%	COM	19249H103
PRQR	PROQR THRAPEUTICS N V	10,000	$20	0.0%	$3.18	-26.4%	SHS EURO	N71542109
USFR	WISDOMTREE TR	10,000	$503	0.0%	$50.24	—	FLOATNG RAT TREA	97717Y527
NVCR	NOVOCURE LTD	34,000	$440	0.0%	$13.36	-3.9%	ORD SHS	G6674U108
ASPCR	A SPAC III ACQUISITION CORP	215,000	$41	0.0%	$0.14	—	RIGHT 01/02/2026	G0544A145