Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ASND	ASCENDIS PHARMA A/S	1,500	$400K	0.2%	$266.72	—	ORD SHS	K08588103
LQDA	LIQUIDIA CORPORATION	5,000	$399K	0.2%	$79.73	—	COM NEW	53635D202
KRYS	KRYSTAL BIOTECH INC	692	$257K	0.1%	$371.67	—	COM	501147102
AVBP	ARRIVENT BIOPHARMA INC	7,041	$245K	0.1%	$34.74	—	COM	04272N102
JAZZ	JAZZ PHARMACEUTICALS PLC	971	$234K	0.1%	$240.97	—	SHS USD	G50871105
RVMD	REVOLUTION MEDICINES INC	1,200	$225K	0.1%	$187.28	—	COM	76155X100
RYTM	RHYTHM PHARMACEUTICALS INC	2,000	$222K	0.1%	$111.03	—	COM	76243J105
DNLI	DENALI THERAPEUTICS INC	8,463	$218K	0.1%	$25.72	—	COM	24823R105
ARWR	ARROWHEAD PHARMACEUTICALS IN	2,600	$212K	0.1%	$81.51	—	COM	04280A100
SRRK	SCHOLAR ROCK HLDG CORP	3,827	$210K	0.1%	$55.00	—	COM	80706P103
CTMX	CYTOMX THERAPEUTICS INC.	39,400	$148K	0.1%	$3.75	—	COM	23284F105

Increased Positions (1)

XBI SPDR SERIES TRUST 48.0%

Value $90.2M (+147.9%) Shares 570,000 (+100.1%) Est. Cost $143.00 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XBI	SPDR SERIES TRUST	570,000 (+100.1%)	$90.2M (+147.9%)	48.0%	$143.00	—	ST STR SP BIOT	78464A870

Exited Positions (15)

SERA SERA PROGNOSTICS INC 2.6%

Value $4.865M Shares 2,396,685 Est. Cost $2.95 Unrealized —

TYRA TYRA BIOSCIENCES INC 0.3%

Value $613K Shares 16,000 Est. Cost $18.37 Unrealized —

ASND ASCENDIS PHARMA A/S 0.3%

Value $572K Shares 2,500 Est. Cost $213.24 Unrealized —

CYTK CYTOKINETICS INC 0.3%

Value $547K Shares 8,300 Est. Cost $62.21 Unrealized —

AGIO AGIOS PHARMACEUTICALS INC 0.3%

Value $507K Shares 15,000 Est. Cost $28.04 Unrealized —

PRAX PRAXIS PRECISION MEDICINES I 0.3%

Value $483K Shares 1,500 Est. Cost $186.22 Unrealized —

INBX INHIBRX BIOSCIENCES INC 0.2%

Value $466K Shares 6,927 Est. Cost $68.88 Unrealized —

ERAS ERASCA INC 0.1%

Value $280K Shares 17,327 Est. Cost $10.02 Unrealized —

CELC CELCUITY INC 0.1%

Value $228K Shares 2,000 Est. Cost $82.21 Unrealized —

KALV KALVISTA PHARMACEUTICALS INC 0.1%

Value $217K Shares 10,795 Est. Cost $15.49 Unrealized —

LEGN LEGEND BIOTECH CORP 0.1%

Value $217K Shares 12,000 Est. Cost $21.74 Unrealized —

APGE APOGEE THERAPEUTICS INC 0.1%

Value $210K Shares 2,500 Est. Cost $62.99 Unrealized —

UTHR UNITED THERAPEUTICS CORP DEL 0.1%

Value $208K Shares 350 Est. Cost $465.69 Unrealized —

SMMT SUMMIT THERAPEUTICS INC 0.1%

Value $194K Shares 10,223 Est. Cost $16.20 Unrealized —

CMPX COMPASS THERAPEUTICS INC 0.1%

Value $159K Shares 30,000 Est. Cost $6.00 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SERA	SERA PROGNOSTICS INC	2,396,685	$4.865M	2.6%	$2.95	—	—	81749D107
TYRA	TYRA BIOSCIENCES INC	16,000	$613K	0.3%	$18.37	—	—	90240B106
ASND	ASCENDIS PHARMA A/S	2,500	$572K	0.3%	$213.24	—	—	04351P101
CYTK	CYTOKINETICS INC	8,300	$547K	0.3%	$62.21	—	—	23282W605
AGIO	AGIOS PHARMACEUTICALS INC	15,000	$507K	0.3%	$28.04	—	—	00847X104
PRAX	PRAXIS PRECISION MEDICINES I	1,500	$483K	0.3%	$186.22	—	—	74006W207
INBX	INHIBRX BIOSCIENCES INC	6,927	$466K	0.2%	$68.88	—	—	45720N103
ERAS	ERASCA INC	17,327	$280K	0.1%	$10.02	—	—	29479A108
CELC	CELCUITY INC	2,000	$228K	0.1%	$82.21	—	—	15102K100
KALV	KALVISTA PHARMACEUTICALS INC	10,795	$217K	0.1%	$15.49	—	—	483497103
LEGN	LEGEND BIOTECH CORP	12,000	$217K	0.1%	$21.74	—	—	52490G102
APGE	APOGEE THERAPEUTICS INC	2,500	$210K	0.1%	$62.99	—	—	03770N101
UTHR	UNITED THERAPEUTICS CORP DEL	350	$208K	0.1%	$465.69	—	—	91307C102
SMMT	SUMMIT THERAPEUTICS INC	10,223	$194K	0.1%	$16.20	—	—	86627T108
CMPX	COMPASS THERAPEUTICS INC	30,000	$159K	0.1%	$6.00	—	—	20454B104

Decreased Positions (30)

AXSM AXSOME THERAPEUTICS INC. 0.1%

Value $245K (-49.1%) Shares 1,000 (-64.9%) Est. Cost $180.27 Unrealized —

BBIO BRIDGEBIO PHARMA INC 0.1%

Value $223K (-49.9%) Shares 3,000 (-50.0%) Est. Cost $65.64 Unrealized —

DFTX DEFINIUM THERAPEUTICS INC 0.3%

Value $470K (-28.5%) Shares 10,000 (-71.3%) Est. Cost $16.29 Unrealized —

CRSP CRISPR THERAPEUTICS AG 0.1%

Value $273K (-39.7%) Shares 5,000 (-47.4%) Est. Cost $59.89 Unrealized —

DNTH DIANTHUS THERAPEUTICS INC 0.1%

Value $244K (-41.9%) Shares 2,500 (-50.0%) Est. Cost $38.77 Unrealized —

ARDX ARDELYX INC 0.2%

Value $306K (-36.1%) Shares 60,000 (-25.0%) Est. Cost $7.08 Unrealized —

MIRM MIRUM PHARMACEUTICALS INC 0.2%

Value $293K (-36.6%) Shares 2,500 (-50.0%) Est. Cost $71.78 Unrealized —

NRIX NURIX THERAPEUTICS INC 0.3%

Value $607K (+36.3%) Shares 25,000 (-12.9%) Est. Cost $14.37 Unrealized —

KOD KODIAK SCIENCES INC 0.1%

Value $234K (-38.7%) Shares 6,000 (-40.0%) Est. Cost $20.48 Unrealized —

CMPS COMPASS PATHWAYS PLC 0.1%

Value $255K (-35.1%) Shares 18,000 (-74.6%) Est. Cost $5.53 Unrealized —

TGTX TG THERAPEUTICS INC 0.3%

Value $549K (+27.2%) Shares 10,000 (-23.1%) Est. Cost $32.66 Unrealized —

KNSA KINIKSA PHARMACEUTICALS INTL 0.2%

Value $320K (-26.2%) Shares 5,000 (-44.4%) Est. Cost $40.11 Unrealized —

RARE ULTRAGENYX PHARMACEUTICAL IN 0.3%

Value $568K (+22.6%) Shares 17,000 (-23.1%) Est. Cost $23.36 Unrealized —

VERA VERA THERAPEUTICS INC 0.2%

Value $300K (-25.3%) Shares 7,000 (-30.0%) Est. Cost $35.52 Unrealized —

VKTX VIKING THERAPEUTICS INC 0.2%

Value $390K (-20.1%) Shares 10,000 (-33.3%) Est. Cost $35.35 Unrealized —

GLUE MONTE ROSA THERAPEUTICS INC 0.3%

Value $557K (+20.8%) Shares 23,000 (-17.9%) Est. Cost $20.66 Unrealized —

SYRE SPYRE THERAPEUTICS INC 0.2%

Value $355K (+36.5%) Shares 4,000 (-22.5%) Est. Cost $26.13 Unrealized —

EXEL EXELIXIS INC 0.2%

Value $435K (-15.1%) Shares 8,000 (-33.0%) Est. Cost $41.37 Unrealized —

NAMS NEWAMSTERDAM PHARMA COMPANY 0.2%

Value $407K (-15.3%) Shares 12,000 (-20.0%) Est. Cost $36.39 Unrealized —

KYMR KYMERA THERAPEUTICS INC 0.2%

Value $459K (-12.6%) Shares 4,000 (-36.5%) Est. Cost $67.53 Unrealized —

IMNM IMMUNOME INC 0.2%

Value $381K (-12.8%) Shares 18,000 (-10.0%) Est. Cost $17.55 Unrealized —

PHVS PHARVARIS N V 0.3%

Value $519K (-8.2%) Shares 15,000 (-25.0%) Est. Cost $24.09 Unrealized —

ORKA ORUKA THERAPEUTICS INC 0.2%

Value $286K (+17.2%) Shares 3,000 (-39.6%) Est. Cost $32.45 Unrealized —

HRMY HARMONY BIOSCIENCES HLDGS IN 0.2%

Value $364K (-9.0%) Shares 10,000 (-30.0%) Est. Cost $32.88 Unrealized —

HALO HALOZYME THERAPEUTICS INC 0.3%

Value $548K (+5.6%) Shares 7,000 (-12.8%) Est. Cost $67.27 Unrealized —

IMVT IMMUNOVANT INC 0.3%

Value $501K (+5.0%) Shares 13,000 (-32.3%) Est. Cost $22.30 Unrealized —

TNGX TANGO THERAPEUTICS INC 0.2%

Value $313K (+3.8%) Shares 10,000 (-30.6%) Est. Cost $11.91 Unrealized —

NTLA INTELLIA THERAPEUTICS INC 0.2%

Value $338K (-1.9%) Shares 20,000 (-25.7%) Est. Cost $12.40 Unrealized —

EWTX EDGEWISE THERAPEUTICS INC 0.1%

Value $203K (-0.8%) Shares 5,000 (-23.1%) Est. Cost $28.18 Unrealized —

NBIX NEUROCRINE BIOSCIENCES INC 0.3%

Value $506K (-0.3%) Shares 3,000 (-22.0%) Est. Cost $144.56 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AXSM	AXSOME THERAPEUTICS INC.	1,000 (-64.9%)	$245K (-49.1%)	0.1%	$180.27	—	COM	05464T104
BBIO	BRIDGEBIO PHARMA INC	3,000 (-50.0%)	$223K (-49.9%)	0.1%	$65.64	—	COM	10806X102
DFTX	DEFINIUM THERAPEUTICS INC	10,000 (-71.3%)	$470K (-28.5%)	0.3%	$16.29	—	COM SHS	24477V105
CRSP	CRISPR THERAPEUTICS AG	5,000 (-47.4%)	$273K (-39.7%)	0.1%	$59.89	—	NAMEN AKT	H17182108
DNTH	DIANTHUS THERAPEUTICS INC	2,500 (-50.0%)	$244K (-41.9%)	0.1%	$38.77	—	COM	252828108
ARDX	ARDELYX INC	60,000 (-25.0%)	$306K (-36.1%)	0.2%	$7.08	—	COM	039697107
MIRM	MIRUM PHARMACEUTICALS INC	2,500 (-50.0%)	$293K (-36.6%)	0.2%	$71.78	—	COM	604749101
NRIX	NURIX THERAPEUTICS INC	25,000 (-12.9%)	$607K (+36.3%)	0.3%	$14.37	—	COM	67080M103
KOD	KODIAK SCIENCES INC	6,000 (-40.0%)	$234K (-38.7%)	0.1%	$20.48	—	COM	50015M109
CMPS	COMPASS PATHWAYS PLC	18,000 (-74.6%)	$255K (-35.1%)	0.1%	$5.53	—	SPONSORED ADS	20451W101
TGTX	TG THERAPEUTICS INC	10,000 (-23.1%)	$549K (+27.2%)	0.3%	$32.66	—	COM	88322Q108
KNSA	KINIKSA PHARMACEUTICALS INTL	5,000 (-44.4%)	$320K (-26.2%)	0.2%	$40.11	—	ORD SHS CL A	G52694109
RARE	ULTRAGENYX PHARMACEUTICAL IN	17,000 (-23.1%)	$568K (+22.6%)	0.3%	$23.36	—	COM	90400D108
VERA	VERA THERAPEUTICS INC	7,000 (-30.0%)	$300K (-25.3%)	0.2%	$35.52	—	CL A	92337R101
VKTX	VIKING THERAPEUTICS INC	10,000 (-33.3%)	$390K (-20.1%)	0.2%	$35.35	—	COM	92686J106
GLUE	MONTE ROSA THERAPEUTICS INC	23,000 (-17.9%)	$557K (+20.8%)	0.3%	$20.66	—	COM	61225M102
SYRE	SPYRE THERAPEUTICS INC	4,000 (-22.5%)	$355K (+36.5%)	0.2%	$26.13	—	COM NEW	00773J202
EXEL	EXELIXIS INC	8,000 (-33.0%)	$435K (-15.1%)	0.2%	$41.37	—	COM	30161Q104
NAMS	NEWAMSTERDAM PHARMA COMPANY	12,000 (-20.0%)	$407K (-15.3%)	0.2%	$36.39	—	ORDINARY SHARES	N62509109
KYMR	KYMERA THERAPEUTICS INC	4,000 (-36.5%)	$459K (-12.6%)	0.2%	$67.53	—	COM	501575104
IMNM	IMMUNOME INC	18,000 (-10.0%)	$381K (-12.8%)	0.2%	$17.55	—	COM	45257U108
PHVS	PHARVARIS N V	15,000 (-25.0%)	$519K (-8.2%)	0.3%	$24.09	—	COM	N69605108
ORKA	ORUKA THERAPEUTICS INC	3,000 (-39.6%)	$286K (+17.2%)	0.2%	$32.45	—	COM	687604108
HRMY	HARMONY BIOSCIENCES HLDGS IN	10,000 (-30.0%)	$364K (-9.0%)	0.2%	$32.88	—	COM	413197104
HALO	HALOZYME THERAPEUTICS INC	7,000 (-12.8%)	$548K (+5.6%)	0.3%	$67.27	—	COM	40637H109
IMVT	IMMUNOVANT INC	13,000 (-32.3%)	$501K (+5.0%)	0.3%	$22.30	—	COM	45258J102
TNGX	TANGO THERAPEUTICS INC	10,000 (-30.6%)	$313K (+3.8%)	0.2%	$11.91	—	COM	87583X109
NTLA	INTELLIA THERAPEUTICS INC	20,000 (-25.7%)	$338K (-1.9%)	0.2%	$12.40	—	COM	45826J105
EWTX	EDGEWISE THERAPEUTICS INC	5,000 (-23.1%)	$203K (-0.8%)	0.1%	$28.18	—	COM	28036F105
NBIX	NEUROCRINE BIOSCIENCES INC	3,000 (-22.0%)	$506K (-0.3%)	0.3%	$144.56	—	COM	64125C109

Unchanged Positions (33)

TRVI TREVI THERAPEUTICS INC 0.3%

Value $560K Shares 30,000 Est. Cost $10.94 Unrealized —

RAPP RAPPORT THERAPEUTICS INC 0.3%

Value $583K Shares 14,000 Est. Cost $27.68 Unrealized —

ARGX ARGENX SE 0.3%

Value $595K Shares 641 Est. Cost $839.05 Unrealized —

ALKS ALKERMES PLC 0.2%

Value $314K Shares 6,000 Est. Cost $29.95 Unrealized —

INCY INCYTE CORP 0.3%

Value $601K Shares 5,300 Est. Cost $96.76 Unrealized —

RPRX ROYALTY PHARMA PLC 0.3%

Value $617K Shares 11,000 Est. Cost $38.13 Unrealized —

DYN DYNE THERAPEUTICS INC 0.2%

Value $444K Shares 20,000 Est. Cost $18.94 Unrealized —

ELVN ENLIVEN THERAPEUTICS INC 0.2%

Value $355K Shares 7,000 Est. Cost $25.60 Unrealized —

PTCT PTC THERAPEUTICS INC 0.3%

Value $489K Shares 6,000 Est. Cost $72.67 Unrealized —

IRON DISC MEDICINE INC 0.3%

Value $585K Shares 8,000 Est. Cost $74.04 Unrealized —

CLDX CELLDEX THERAPEUTICS INC NEW 0.3%

Value $484K Shares 13,000 Est. Cost $26.34 Unrealized —

AUPH AURINIA PHARMACEUTICALS INC 0.3%

Value $509K Shares 30,000 Est. Cost $14.18 Unrealized —

ACAD ACADIA PHARMACEUTICALS INC 0.3%

Value $500K Shares 19,766 Est. Cost $23.90 Unrealized —

ARQT ARCUTIS BIOTHERAPEUTICS INC 0.3%

Value $517K Shares 19,700 Est. Cost $25.66 Unrealized —

PTGX PROTAGONIST THERAPEUTICS INC 0.2%

Value $368K Shares 3,000 Est. Cost $81.85 Unrealized —

TARS TARSUS PHARMACEUTICALS INC 0.2%

Value $441K Shares 7,000 Est. Cost $74.33 Unrealized —

AMLX AMYLYX PHARMACEUTICALS INC 0.1%

Value $195K Shares 10,838 Est. Cost $13.58 Unrealized —

ALNY ALNYLAM PHARMACEUTICALS INC 0.2%

Value $441K Shares 1,465 Est. Cost $433.60 Unrealized —

SUPN SUPERNUS PHARMACEUTICALS 0.1%

Value $279K Shares 6,000 Est. Cost $48.62 Unrealized —

SNDX SYNDAX PHARMACEUTICALS INC 0.2%

Value $437K Shares 20,000 Est. Cost $17.45 Unrealized —

IONS IONIS PHARMACEUTICALS INC 0.3%

Value $539K Shares 6,800 Est. Cost $75.30 Unrealized —

IMCR IMMUNOCORE HLDGS PLC 0.3%

Value $481K Shares 15,141 Est. Cost $34.49 Unrealized —

OLMA OLEMA PHARMACEUTICALS INC 0.1%

Value $125K Shares 10,000 Est. Cost $17.79 Unrealized —

ORIC ORIC PHARMACEUTICALS INC 0.1%

Value $141K Shares 13,000 Est. Cost $10.77 Unrealized —

OCUL OCULAR THERAPEUTIX INC 0.1%

Value $147K Shares 15,000 Est. Cost $12.15 Unrealized —

EYPT EYEPOINT INC 0.1%

Value $143K Shares 10,000 Est. Cost $14.17 Unrealized —

CRNX CRINETICS PHARMACEUTICALS IN 0.2%

Value $412K Shares 11,000 Est. Cost $44.52 Unrealized —

ZYME ZYMEWORKS INC 0.1%

Value $261K Shares 10,000 Est. Cost $21.81 Unrealized —

XENE XENON PHARMACEUTICALS INC 0.1%

Value $254K Shares 4,200 Est. Cost $42.00 Unrealized —

MDGL MADRIGAL PHARMACEUTICALS INC 0.2%

Value $322K Shares 600 Est. Cost $510.76 Unrealized —

SGOV ISHARES TR 37.5%

Value $70.47M Shares 700,000 Est. Cost $100.38 Unrealized —

COGT COGENT BIOSCIENCES INC 0.2%

Value $464K Shares 12,000 Est. Cost $28.11 Unrealized —

STOK STOKE THERAPEUTICS INC 0.2%

Value $393K Shares 12,000 Est. Cost $30.06 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TRVI	TREVI THERAPEUTICS INC	30,000	$560K	0.3%	$10.94	—	COM	89532M101
RAPP	RAPPORT THERAPEUTICS INC	14,000	$583K	0.3%	$27.68	—	COM	75383L102
ARGX	ARGENX SE	641	$595K	0.3%	$839.05	—	SPONSORED ADR	04016X101
ALKS	ALKERMES PLC	6,000	$314K	0.2%	$29.95	—	SHS	G01767105
INCY	INCYTE CORP	5,300	$601K	0.3%	$96.76	—	COM	45337C102
RPRX	ROYALTY PHARMA PLC	11,000	$617K	0.3%	$38.13	—	SHS CLASS A	G7709Q104
DYN	DYNE THERAPEUTICS INC	20,000	$444K	0.2%	$18.94	—	COM	26818M108
ELVN	ENLIVEN THERAPEUTICS INC	7,000	$355K	0.2%	$25.60	—	COM	29337E102
PTCT	PTC THERAPEUTICS INC	6,000	$489K	0.3%	$72.67	—	COM	69366J200
IRON	DISC MEDICINE INC	8,000	$585K	0.3%	$74.04	—	COM	254604101
CLDX	CELLDEX THERAPEUTICS INC NEW	13,000	$484K	0.3%	$26.34	—	COM NEW	15117B202
AUPH	AURINIA PHARMACEUTICALS INC	30,000	$509K	0.3%	$14.18	—	COM	05156V102
ACAD	ACADIA PHARMACEUTICALS INC	19,766	$500K	0.3%	$23.90	—	COM	004225108
ARQT	ARCUTIS BIOTHERAPEUTICS INC	19,700	$517K	0.3%	$25.66	—	COM	03969K108
PTGX	PROTAGONIST THERAPEUTICS INC	3,000	$368K	0.2%	$81.85	—	COM	74366E102
TARS	TARSUS PHARMACEUTICALS INC	7,000	$441K	0.2%	$74.33	—	COM	87650L103
AMLX	AMYLYX PHARMACEUTICALS INC	10,838	$195K	0.1%	$13.58	—	COM	03237H101
ALNY	ALNYLAM PHARMACEUTICALS INC	1,465	$441K	0.2%	$433.60	—	COM	02043Q107
SUPN	SUPERNUS PHARMACEUTICALS	6,000	$279K	0.1%	$48.62	—	COM	868459108
SNDX	SYNDAX PHARMACEUTICALS INC	20,000	$437K	0.2%	$17.45	—	COM	87164F105
IONS	IONIS PHARMACEUTICALS INC	6,800	$539K	0.3%	$75.30	—	COM	462222100
IMCR	IMMUNOCORE HLDGS PLC	15,141	$481K	0.3%	$34.49	—	ADS	45258D105
OLMA	OLEMA PHARMACEUTICALS INC	10,000	$125K	0.1%	$17.79	—	COM	68062P106
ORIC	ORIC PHARMACEUTICALS INC	13,000	$141K	0.1%	$10.77	—	COM	68622P109
OCUL	OCULAR THERAPEUTIX INC	15,000	$147K	0.1%	$12.15	—	COM	67576A100
EYPT	EYEPOINT INC	10,000	$143K	0.1%	$14.17	—	COM NEW	30233G209
CRNX	CRINETICS PHARMACEUTICALS IN	11,000	$412K	0.2%	$44.52	—	COM	22663K107
ZYME	ZYMEWORKS INC	10,000	$261K	0.1%	$21.81	—	COM	98985Y108
XENE	XENON PHARMACEUTICALS INC	4,200	$254K	0.1%	$42.00	—	COM	98420N105
MDGL	MADRIGAL PHARMACEUTICALS INC	600	$322K	0.2%	$510.76	—	COM	558868105
SGOV	ISHARES TR	700,000	$70.47M	37.5%	$100.38	—	0-3 MTH TREASURY	46436E718
COGT	COGENT BIOSCIENCES INC	12,000	$464K	0.2%	$28.11	—	COM	19240Q201
STOK	STOKE THERAPEUTICS INC	12,000	$393K	0.2%	$30.06	—	COM	86150R107