Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BBIO	BRIDGEBIO PHARMA INC	432,014	$32.08M	6.7%	$74.48	0.0%	COM	10806X102
DFTX	DEFINIUM THERAPEUTICS INC	1,037,984	$19.62M	4.1%	$16.29	0.0%	COM SHS	24477V105
INCY	INCYTE CORP	182,101	$17.14M	3.6%	$103.13	0.0%	COM	45337C102
CRVS	CORVUS PHARMACEUTICALS INC	891,933	$13.05M	2.7%	$16.29	0.0%	COM	221015100
MANE	VERADERMICS INC	173,582	$10.96M	2.3%	$63.15	—	COMMON STOCK	922967104
KALV	KALVISTA PHARMACEUTICALS INC	426,551	$8.586M	1.8%	$15.49	0.0%	COM	483497103
NAMS	NEWAMSTERDAM PHARMA COMPANY	83,554	$2.675M	0.6%	$33.74	0.0%	ORDINARY SHARES	N62509109
TYRA	TYRA BIOSCIENCES INC	67,285	$2.577M	0.5%	$30.25	0.0%	COM	90240B106
IMCR	IMMUNOCORE HLDGS PLC	84,352	$2.543M	0.5%	$30.15	—	ADS	45258D105
ATAI	ATAIBECKLEY INC	196,858	$697K	0.1%	$3.85	0.0%	COM SHS	04650F101

Increased Positions (11)

TERN TERNS PHARMACEUTICALS INC 4.5%

Value $21.56M (+289.7%) Shares 409,031 (+198.7%) Est. Cost $32.65 Unrealized +14.7%

RARE ULTRAGENYX PHARMACEUTICAL IN 3.7%

Value $17.82M (+376.8%) Shares 850,797 (+423.4%) Est. Cost $25.47 Unrealized -8.3%

HTFL HEARTFLOW INC 2.1%

Value $9.819M (+195.9%) Shares 403,588 (+254.5%) Est. Cost $29.88 Unrealized -3.0%

ASND ASCENDIS PHARMA A/S 6.2%

Value $29.53M (+16.1%) Shares 129,111 (+8.3%) Est. Cost $144.61 Unrealized —

KPTI KARYOPHARM THERAPEUTICS INC 1.0%

Value $5M (+375.1%) Shares 897,709 (+527.8%) Est. Cost $7.77 Unrealized -1.9%

ELDN ELEDON PHARMACEUTICALS INC 1.1%

Value $5.051M (+165.5%) Shares 1,639,816 (+30.2%) Est. Cost $2.66 Unrealized -21.7%

SLNO SOLENO THERAPEUTICS INC 4.0%

Value $19.35M (+16.0%) Shares 577,808 (+60.4%) Est. Cost $56.06 Unrealized -25.7%

QURE UNIQURE NV 1.7%

Value $8.03M (+16.4%) Shares 491,116 (+70.3%) Est. Cost $15.12 Unrealized +55.8%

IRON DISC MEDICINE INC 1.6%

Value $7.863M (-10.3%) Shares 122,978 (+11.4%) Est. Cost $59.38 Unrealized +24.7%

MLYS MINERALYS THERAPEUTICS INC 2.5%

Value $11.89M (-1.2%) Shares 439,041 (+32.3%) Est. Cost $37.97 Unrealized -17.4%

NTRA NATERA INC 3.0%

Value $14.18M (-0.6%) Shares 70,907 (+13.9%) Est. Cost $165.08 Unrealized +36.8%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TERN	TERNS PHARMACEUTICALS INC	409,031 (+198.7%)	$21.56M (+289.7%)	4.5%	$32.65	+14.7%	COM	880881107
RARE	ULTRAGENYX PHARMACEUTICAL IN	850,797 (+423.4%)	$17.82M (+376.8%)	3.7%	$25.47	-8.3%	COM	90400D108
HTFL	HEARTFLOW INC	403,588 (+254.5%)	$9.819M (+195.9%)	2.1%	$29.88	-3.0%	COM	42238D107
ASND	ASCENDIS PHARMA A/S	129,111 (+8.3%)	$29.53M (+16.1%)	6.2%	$144.61	—	SPONSORED ADR	04351P101
KPTI	KARYOPHARM THERAPEUTICS INC	897,709 (+527.8%)	$5M (+375.1%)	1.0%	$7.77	-1.9%	COM NEW	48576U205
ELDN	ELEDON PHARMACEUTICALS INC	1,639,816 (+30.2%)	$5.051M (+165.5%)	1.1%	$2.66	-21.7%	COM	28617K101
SLNO	SOLENO THERAPEUTICS INC	577,808 (+60.4%)	$19.35M (+16.0%)	4.0%	$56.06	-25.7%	COM	834203309
QURE	UNIQURE NV	491,116 (+70.3%)	$8.03M (+16.4%)	1.7%	$15.12	+55.8%	SHS	N90064101
IRON	DISC MEDICINE INC	122,978 (+11.4%)	$7.863M (-10.3%)	1.6%	$59.38	+24.7%	COM	254604101
MLYS	MINERALYS THERAPEUTICS INC	439,041 (+32.3%)	$11.89M (-1.2%)	2.5%	$37.97	-17.4%	COM	603170101
NTRA	NATERA INC	70,907 (+13.9%)	$14.18M (-0.6%)	3.0%	$165.08	+36.8%	COM	632307104

Exited Positions (14)

BBOT BRIDGEBIO ONCOLOGY THERAPEUT 6.6%

Value $31.41M Shares 410,700 Est. Cost $76.49 Unrealized —

LLY ELI LILLY & CO 5.8%

Value $27.86M Shares 25,923 Est. Cost $793.52 Unrealized +32.0%

JNJ JOHNSON & JOHNSON 5.2%

Value $25.01M Shares 120,840 Est. Cost $197.01 Unrealized +15.7%

REGN REGENERON PHARMACEUTICALS 4.8%

Value $23M Shares 29,797 Est. Cost $564.28 Unrealized +36.3%

ISRG INTUITIVE SURGICAL INC 3.2%

Value $15.41M Shares 27,209 Est. Cost $513.00 Unrealized +1.6%

ADMA ADMA BIOLOGICS INC 2.2%

Value $10.3M Shares 564,461 Est. Cost $19.85 Unrealized -14.6%

ACLX ARCELLX INC 2.1%

Value $10.18M Shares 156,109 Est. Cost $79.78 Unrealized -10.6%

OCUL OCULAR THERAPEUTIX INC 1.8%

Value $8.674M Shares 714,501 Est. Cost $12.15 Unrealized -19.1%

OLMA OLEMA PHARMACEUTICALS INC 1.4%

Value $6.676M Shares 267,058 Est. Cost $17.79 Unrealized +43.1%

GRAL GRAIL INC 0.5%

Value $2.594M Shares 30,313 Est. Cost $38.21 Unrealized +147.0%

FULC FULCRUM THERAPEUTICS INC 0.5%

Value $2.277M Shares 201,301 Est. Cost $10.18 Unrealized +1.9%

BLLN BILLIONTOONE INC 0.4%

Value $2.087M Shares 25,505 Est. Cost $101.40 Unrealized -14.3%

PVLA PALVELLA THERAPEUTICS INC NE 0.2%

Value $1.094M Shares 10,452 Est. Cost $44.59 Unrealized +104.9%

— ATAI BECKLEY NV 0.2%

Value $805K Shares 196,858 Est. Cost $1.33 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BBOT	BRIDGEBIO ONCOLOGY THERAPEUT	410,700	$31.41M	6.6%	$76.49	—	—	107924102
LLY	ELI LILLY & CO	25,923	$27.86M	5.8%	$793.52	+32.0%	—	532457108
JNJ	JOHNSON & JOHNSON	120,840	$25.01M	5.2%	$197.01	+15.7%	—	478160104
REGN	REGENERON PHARMACEUTICALS	29,797	$23M	4.8%	$564.28	+36.3%	—	75886F107
ISRG	INTUITIVE SURGICAL INC	27,209	$15.41M	3.2%	$513.00	+1.6%	—	46120E602
ADMA	ADMA BIOLOGICS INC	564,461	$10.3M	2.2%	$19.85	-14.6%	—	000899104
ACLX	ARCELLX INC	156,109	$10.18M	2.1%	$79.78	-10.6%	—	03940C100
OCUL	OCULAR THERAPEUTIX INC	714,501	$8.674M	1.8%	$12.15	-19.1%	—	67576A100
OLMA	OLEMA PHARMACEUTICALS INC	267,058	$6.676M	1.4%	$17.79	+43.1%	—	68062P106
GRAL	GRAIL INC	30,313	$2.594M	0.5%	$38.21	+147.0%	—	384747101
FULC	FULCRUM THERAPEUTICS INC	201,301	$2.277M	0.5%	$10.18	+1.9%	—	359616109
BLLN	BILLIONTOONE INC	25,505	$2.087M	0.4%	$101.40	-14.3%	—	090168105
PVLA	PALVELLA THERAPEUTICS INC NE	10,452	$1.094M	0.2%	$44.59	+104.9%	—	697947109
—	ATAI BECKLEY NV	196,858	$805K	0.2%	$1.33	—	—	N0731H103

Decreased Positions (13)

DNTH DIANTHUS THERAPEUTICS INC 9.8%

Value $47.02M (+74.6%) Shares 560,308 (-14.3%) Est. Cost $25.71 Unrealized +85.0%

BSX BOSTON SCIENTIFIC CORP 3.9%

Value $18.78M (-45.3%) Shares 299,318 (-17.0%) Est. Cost $100.56 Unrealized -14.7%

GILD GILEAD SCIENCES INC 4.8%

Value $22.84M (-35.7%) Shares 163,905 (-43.3%) Est. Cost $120.88 Unrealized +14.5%

SUPN SUPERNUS PHARMACEUTICALS 0.7%

Value $3.206M (-74.9%) Shares 62,019 (-75.9%) Est. Cost $40.27 Unrealized +25.4%

BMY BRISTOL-MYERS SQUIBB CO 5.3%

Value $25.52M (-27.0%) Shares 420,727 (-35.1%) Est. Cost $47.53 Unrealized +20.8%

PHAT PHATHOM PHARMACEUTICALS INC 0.6%

Value $2.753M (-76.3%) Shares 247,767 (-64.6%) Est. Cost $7.47 Unrealized +83.4%

ABVX ABIVAX SA 1.1%

Value $5.255M (-60.4%) Shares 47,193 (-52.1%) Est. Cost $84.90 Unrealized —

DYN DYNE THERAPEUTICS INC 1.1%

Value $5.13M (-49.5%) Shares 282,954 (-45.6%) Est. Cost $18.94 Unrealized -9.6%

TARA PROTARA THERAPEUTICS INC 0.6%

Value $3.022M (-60.8%) Shares 580,024 (-59.9%) Est. Cost $3.30 Unrealized +87.2%

EW EDWARDS LIFESCIENCES CORP 2.4%

Value $11.58M (-27.4%) Shares 144,607 (-22.7%) Est. Cost $82.07 Unrealized -0.1%

ADPT ADAPTIVE BIOTECHNOLOGIES COR 2.1%

Value $10.03M (-24.8%) Shares 722,784 (-12.0%) Est. Cost $8.47 Unrealized +100.6%

CYTK CYTOKINETICS INC 3.0%

Value $14.2M (-13.5%) Shares 215,501 (-16.6%) Est. Cost $50.21 Unrealized +28.3%

SNDX SYNDAX PHARMACEUTICALS INC 5.1%

Value $24.38M (-3.0%) Shares 1,043,670 (-12.8%) Est. Cost $13.56 Unrealized +53.1%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DNTH	DIANTHUS THERAPEUTICS INC	560,308 (-14.3%)	$47.02M (+74.6%)	9.8%	$25.71	+85.0%	COM	252828108
BSX	BOSTON SCIENTIFIC CORP	299,318 (-17.0%)	$18.78M (-45.3%)	3.9%	$100.56	-14.7%	COM	101137107
GILD	GILEAD SCIENCES INC	163,905 (-43.3%)	$22.84M (-35.7%)	4.8%	$120.88	+14.5%	COM	375558103
SUPN	SUPERNUS PHARMACEUTICALS	62,019 (-75.9%)	$3.206M (-74.9%)	0.7%	$40.27	+25.4%	COM	868459108
BMY	BRISTOL-MYERS SQUIBB CO	420,727 (-35.1%)	$25.52M (-27.0%)	5.3%	$47.53	+20.8%	COM	110122108
PHAT	PHATHOM PHARMACEUTICALS INC	247,767 (-64.6%)	$2.753M (-76.3%)	0.6%	$7.47	+83.4%	COM	71722W107
ABVX	ABIVAX SA	47,193 (-52.1%)	$5.255M (-60.4%)	1.1%	$84.90	—	SPONSORED ADS	00370M103
DYN	DYNE THERAPEUTICS INC	282,954 (-45.6%)	$5.13M (-49.5%)	1.1%	$18.94	-9.6%	COM	26818M108
TARA	PROTARA THERAPEUTICS INC	580,024 (-59.9%)	$3.022M (-60.8%)	0.6%	$3.30	+87.2%	COM STK	74365U107
EW	EDWARDS LIFESCIENCES CORP	144,607 (-22.7%)	$11.58M (-27.4%)	2.4%	$82.07	-0.1%	COM	28176E108
ADPT	ADAPTIVE BIOTECHNOLOGIES COR	722,784 (-12.0%)	$10.03M (-24.8%)	2.1%	$8.47	+100.6%	COM	00650F109
CYTK	CYTOKINETICS INC	215,501 (-16.6%)	$14.2M (-13.5%)	3.0%	$50.21	+28.3%	COM NEW	23282W605
SNDX	SYNDAX PHARMACEUTICALS INC	1,043,670 (-12.8%)	$24.38M (-3.0%)	5.1%	$13.56	+53.1%	COM	87164F105

Unchanged Positions (7)

GUTS FRACTYL HEALTH INC 0.5%

Value $2.514M Shares 5,491,866 Est. Cost $1.35 Unrealized -11.6%

GPCR STRUCTURE THERAPEUTICS INC 2.6%

Value $12.31M Shares 255,379 Est. Cost $25.23 Unrealized —

SEPN SEPTERNA INC 1.5%

Value $7.073M Shares 294,360 Est. Cost $23.65 Unrealized +12.1%

SNSE SENSEI BIOTHERAPEUTICS INC 0.1%

Value $464K Shares 14,718 Est. Cost $7.18 Unrealized +94.5%

MGX METAGENOMI THERAPEUTICS INC 0.1%

Value $709K Shares 528,993 Est. Cost $2.41 Unrealized -33.9%

HYPR HYPERFINE INC 0.3%

Value $1.426M Shares 1,320,041 Est. Cost $1.08 Unrealized +4.8%

OM OUTSET MED INC 0.1%

Value $454K Shares 118,279 Est. Cost $11.92 Unrealized -62.3%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GUTS	FRACTYL HEALTH INC	5,491,866	$2.514M	0.5%	$1.35	-11.6%	COM	35168W103
GPCR	STRUCTURE THERAPEUTICS INC	255,379	$12.31M	2.6%	$25.23	—	SPONSORED ADS	86366E106
SEPN	SEPTERNA INC	294,360	$7.073M	1.5%	$23.65	+12.1%	COM	81734D104
SNSE	SENSEI BIOTHERAPEUTICS INC	14,718	$464K	0.1%	$7.18	+94.5%	COM NEW	81728A207
MGX	METAGENOMI THERAPEUTICS INC	528,993	$709K	0.1%	$2.41	-33.9%	COM	59102M104
HYPR	HYPERFINE INC	1,320,041	$1.426M	0.3%	$1.08	+4.8%	COM CL A	44916K106
OM	OUTSET MED INC	118,279	$454K	0.1%	$11.92	-62.3%	COM NEW	690145206