First Turn Management, LLC Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TERN	TERNS PHARMACEUTICALS INC	872,049	$35,231	4.0%	$23.11	0.0%	COM	880881107
COGT	COGENT BIOSCIENCES INC	824,283	$29,279	3.3%	$28.11	0.0%	COM	19240Q201
GH	GUARDANT HEALTH INC	271,685	$27,750	3.2%	$89.46	0.0%	COM	40131M109
IDYA	IDEAYA BIOSCIENCES INC	723,653	$25,017	2.9%	$31.88	0.0%	COM	45166A102
VRDN	VIRIDIAN THERAPEUTICS INC	690,528	$21,489	2.5%	$27.43	0.0%	COM	92790C104
FULC	FULCRUM THERAPEUTICS INC	1,892,683	$21,406	2.4%	$10.18	0.0%	COM	359616109
SRRK	SCHOLAR ROCK HLDG CORP	459,727	$20,251	2.3%	$37.51	0.0%	COM	80706P103
RYTM	RHYTHM PHARMACEUTICALS INC	146,303	$15,660	1.8%	$106.08	0.0%	COM	76243J105
OLMA	OLEMA PHARMACEUTICALS INC	617,714	$15,443	1.8%	$17.79	0.0%	COM	68062P106
RCUS	ARCUS BIOSCIENCES INC	565,142	$13,467	1.5%	$20.40	0.0%	COM	03969F109
PRAX	PRAXIS PRECISION MEDICINES I	35,749	$10,537	1.2%	$186.22	0.0%	COM NEW	74006W207
QURE	UNIQURE NV	321,655	$7,697	0.9%	$38.59	0.0%	SHS	N90064101

Increased Positions (7)

ABVX ABIVAX SA 5.9%

Value ($000) $51,411 (+107.5%) Shares 381,233 (+30.6%) Est. Cost $96.62 Unrealized —

VERA VERA THERAPEUTICS INC 3.5%

Value ($000) $30,474 (+195.8%) Shares 601,774 (+69.7%) Est. Cost $35.71 Unrealized -0.5%

APGE APOGEE THERAPEUTICS INC 4.1%

Value ($000) $35,841 (+124.0%) Shares 474,839 (+17.9%) Est. Cost $48.12 Unrealized +30.9%

AXSM AXSOME THERAPEUTICS INC 4.3%

Value ($000) $37,792 (+103.9%) Shares 206,921 (+35.6%) Est. Cost $94.05 Unrealized +48.4%

ROIV ROIVANT SCIENCES LTD 2.9%

Value ($000) $25,754 (+77.4%) Shares 1,186,817 (+23.7%) Est. Cost $13.79 Unrealized +43.1%

NAMS NEWAMSTERDAM PHARMA COMPANY 3.6%

Value ($000) $31,343 (+53.7%) Shares 893,473 (+24.6%) Est. Cost $23.08 Unrealized +57.7%

CYTK CYTOKINETICS INC 2.4%

Value ($000) $20,693 (+47.8%) Shares 325,668 (+27.8%) Est. Cost $45.77 Unrealized +35.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ABVX	ABIVAX SA	381,233 (+30.6%)	$51,411 (+107.5%)	5.9%	$96.62	—	SPONSORED ADS	00370M103
VERA	VERA THERAPEUTICS INC	601,774 (+69.7%)	$30,474 (+195.8%)	3.5%	$35.71	-0.5%	CL A	92337R101
APGE	APOGEE THERAPEUTICS INC	474,839 (+17.9%)	$35,841 (+124.0%)	4.1%	$48.12	+30.9%	COM	03770N101
AXSM	AXSOME THERAPEUTICS INC	206,921 (+35.6%)	$37,792 (+103.9%)	4.3%	$94.05	+48.4%	COM	05464T104
ROIV	ROIVANT SCIENCES LTD	1,186,817 (+23.7%)	$25,754 (+77.4%)	2.9%	$13.79	+43.1%	SHS	G76279101
NAMS	NEWAMSTERDAM PHARMA COMPANY	893,473 (+24.6%)	$31,343 (+53.7%)	3.6%	$23.08	+57.7%	ORDINARY SHARES	N62509109
CYTK	CYTOKINETICS INC	325,668 (+27.8%)	$20,693 (+47.8%)	2.4%	$45.77	+35.9%	COM NEW	23282W605

Exited Positions (8)

— MERUS N V 4.0%

Value ($000) $35,026 Shares 372,022 Est. Cost $61.42 Unrealized —

ACLX ARCELLX INC 2.9%

Value ($000) $25,757 Shares 313,733 Est. Cost $65.31 Unrealized +22.1%

NBIX NEUROCRINE BIOSCIENCES INC 2.9%

Value ($000) $25,535 Shares 181,897 Est. Cost $135.50 Unrealized +6.9%

— AKERO THERAPEUTICS INC 2.2%

Value ($000) $18,850 Shares 397,010 Est. Cost $49.18 Unrealized —

ELVN ENLIVEN THERAPEUTICS INC 1.8%

Value ($000) $16,036 Shares 783,411 Est. Cost $21.05 Unrealized -5.4%

JANX JANUX THERAPEUTICS INC 1.8%

Value ($000) $15,634 Shares 639,699 Est. Cost $42.49 Unrealized -44.7%

ADMA ADMA BIOLOGICS INC 1.4%

Value ($000) $11,855 Shares 808,673 Est. Cost $17.93 Unrealized -6.0%

HROW HARROW INC 0.9%

Value ($000) $7,720 Shares 160,234 Est. Cost $32.60 Unrealized +28.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	MERUS N V	372,022	$35,026	4.0%	$61.42	—	—	N5749R100
ACLX	ARCELLX INC	313,733	$25,757	2.9%	$65.31	+22.1%	—	03940C100
NBIX	NEUROCRINE BIOSCIENCES INC	181,897	$25,535	2.9%	$135.50	+6.9%	—	64125C109
—	AKERO THERAPEUTICS INC	397,010	$18,850	2.2%	$49.18	—	—	00973Y108
ELVN	ENLIVEN THERAPEUTICS INC	783,411	$16,036	1.8%	$21.05	-5.4%	—	29337E102
JANX	JANUX THERAPEUTICS INC	639,699	$15,634	1.8%	$42.49	-44.7%	—	47103J105
ADMA	ADMA BIOLOGICS INC	808,673	$11,855	1.4%	$17.93	-6.0%	—	000899104
HROW	HARROW INC	160,234	$7,720	0.9%	$32.60	+28.8%	—	415858109

Decreased Positions (9)

IRON DISC MEDICINE INC 1.4%

Value ($000) $12,166 (-53.7%) Shares 153,206 (-61.5%) Est. Cost $50.06 Unrealized +68.8%

ORIC ORIC PHARMACEUTICALS INC 1.9%

Value ($000) $16,444 (-36.5%) Shares 2,010,307 (-6.9%) Est. Cost $10.42 Unrealized +10.5%

ARGX ARGENX SE 2.2%

Value ($000) $19,557 (-31.6%) Shares 23,256 (-40.0%) Est. Cost $388.36 Unrealized —

UTHR UNITED THERAPEUTICS CORP DEL 3.5%

Value ($000) $30,979 (-13.4%) Shares 63,580 (-25.5%) Est. Cost $336.31 Unrealized +38.5%

MIRM MIRUM PHARMACEUTICALS INC 4.3%

Value ($000) $38,039 (-9.1%) Shares 481,564 (-15.6%) Est. Cost $33.08 Unrealized +117.0%

NUVL NUVALENT INC 4.2%

Value ($000) $37,087 (+8.6%) Shares 368,697 (-6.6%) Est. Cost $71.10 Unrealized +38.7%

ASND ASCENDIS PHARMA A/S 3.2%

Value ($000) $28,107 (-3.4%) Shares 131,808 (-9.9%) Est. Cost $144.94 Unrealized —

KYMR KYMERA THERAPEUTICS INC 1.8%

Value ($000) $16,063 (+2.2%) Shares 206,445 (-25.7%) Est. Cost $45.10 Unrealized +49.7%

INSM INSMED INC 5.3%

Value ($000) $45,998 (-0.1%) Shares 264,293 (-17.3%) Est. Cost $48.11 Unrealized +279.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IRON	DISC MEDICINE INC	153,206 (-61.5%)	$12,166 (-53.7%)	1.4%	$50.06	+68.8%	COM	254604101
ORIC	ORIC PHARMACEUTICALS INC	2,010,307 (-6.9%)	$16,444 (-36.5%)	1.9%	$10.42	+10.5%	COM	68622P109
ARGX	ARGENX SE	23,256 (-40.0%)	$19,557 (-31.6%)	2.2%	$388.36	—	SPONSORED ADR	04016X101
UTHR	UNITED THERAPEUTICS CORP DEL	63,580 (-25.5%)	$30,979 (-13.4%)	3.5%	$336.31	+38.5%	COM	91307C102
MIRM	MIRUM PHARMACEUTICALS INC	481,564 (-15.6%)	$38,039 (-9.1%)	4.3%	$33.08	+117.0%	COM	604749101
NUVL	NUVALENT INC	368,697 (-6.6%)	$37,087 (+8.6%)	4.2%	$71.10	+38.7%	COM	670703107
ASND	ASCENDIS PHARMA A/S	131,808 (-9.9%)	$28,107 (-3.4%)	3.2%	$144.94	—	SPONSORED ADR	04351P101
KYMR	KYMERA THERAPEUTICS INC	206,445 (-25.7%)	$16,063 (+2.2%)	1.8%	$45.10	+49.7%	COM	501575104
INSM	INSMED INC	264,293 (-17.3%)	$45,998 (-0.1%)	5.3%	$48.11	+279.3%	COM PAR $.01	457669307

Unchanged Positions (5)

RVMD REVOLUTION MEDICINES INC 5.8%

Value ($000) $50,847 Shares 638,385 Est. Cost $45.05 Unrealized +45.5%

BBIO BRIDGEBIO PHARMA INC 5.2%

Value ($000) $45,548 Shares 595,473 Est. Cost $29.85 Unrealized +119.9%

NTRA NATERA INC 2.1%

Value ($000) $18,528 Shares 80,875 Est. Cost $128.20 Unrealized +62.7%

XENE XENON PHARMACEUTICALS INC 4.1%

Value ($000) $35,844 Shares 799,743 Est. Cost $37.92 Unrealized +10.8%

MLTX MOONLAKE IMMUNOTHERAPEUTICS 0.4%

Value ($000) $3,462 Shares 262,643 Est. Cost $52.12 Unrealized -77.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RVMD	REVOLUTION MEDICINES INC	638,385	$50,847	5.8%	$45.05	+45.5%	COM	76155X100
BBIO	BRIDGEBIO PHARMA INC	595,473	$45,548	5.2%	$29.85	+119.9%	COM	10806X102
NTRA	NATERA INC	80,875	$18,528	2.1%	$128.20	+62.7%	COM	632307104
XENE	XENON PHARMACEUTICALS INC	799,743	$35,844	4.1%	$37.92	+10.8%	COM	98420N105
MLTX	MOONLAKE IMMUNOTHERAPEUTICS	262,643	$3,462	0.4%	$52.12	-77.4%	CLASS A ORD	61559X104