ZENAS BIOPHARMA INC

Institution	Shares	Value ($000)
EcoR1 Capital, LLC	789,500	$28,667
Polar Capital Holdings Plc	1,057,609	$38,402
Virtus Investment Advisers, LLC	6,554	$238
China Universal Asset Management Co., Ltd.	13,314	$483
Skandinaviska Enskilda Banken AB (publ)	163,860	$5,950
VOLORIDGE INVESTMENT MANAGEMENT, LLC	133,439	$4,845
Point72 Asset Management, L.P.	368,400	$9,214
BALYASNY ASSET MANAGEMENT L.P.	193,153	$7,013
XTX Topco Ltd	12,183	$442
Voleon Capital Management LP	10,187	$370
GSA CAPITAL PARTNERS LLP	8,956	$0
GOLDMAN SACHS GROUP INC	130,698	$4,746
INTECH INVESTMENT MANAGEMENT LLC	8,863	$322
Swiss National Bank	31,600	$1,147
LOS ANGELES CAPITAL MANAGEMENT LLC	14,447	$432
Schonfeld Strategic Advisors LLC	9,127	$331
CITADEL ADVISORS LLC	24,459	$888
Squarepoint Ops LLC	15,541	$564
Voya Investment Management LLC	14,725	$535
STATE OF WISCONSIN INVESTMENT BOARD	10,221	$371

Increased Positions (36)

SR ONE CAPITAL MANAGEMENT, LP

Value ($000) $182,924 (+67.8%) Shares 5,037,854 (+2.6%)

NEA Management Company, LLC

Value ($000) $127,928 (+110.8%) Shares 3,523,219 (+28.9%)

Enavate Sciences GP, LLC

Value ($000) $142,305 (+70.4%) Shares 3,919,159 (+4.2%)

Fairmount Funds Management LLC

Value ($000) $80,210 (+90.9%) Shares 2,209,025 (+16.7%)

FEDERATED HERMES, INC.

Value ($000) $98,603 (+138.6%) Shares 2,715,578 (+45.9%)

FMR LLC

Value ($000) $279,742 (+161.4%) Shares 7,704,255 (+59.8%)

BlackRock, Inc.

Value ($000) $64,179 (+135.3%) Shares 1,767,518 (+43.9%)

ALPS ADVISORS INC

Value ($000) $1,600 (+259.7%) Shares 44,077 (+119.9%)

VANGUARD GROUP INC

Value ($000) $52,761 (+104.4%) Shares 1,453,065 (+25.0%)

GEODE CAPITAL MANAGEMENT, LLC

Value ($000) $21,371 (+104.7%) Shares 588,393 (+25.2%)

AQR CAPITAL MANAGEMENT LLC

Value ($000) $2,840 (+420.4%) Shares 78,220 (+218.2%)

STATE STREET CORP

Value ($000) $15,914 (+89.9%) Shares 438,294 (+16.1%)

Invesco Ltd.

Value ($000) $6,825 (+110.9%) Shares 187,968 (+28.9%)

MORGAN STANLEY

Value ($000) $4,660 (+136.6%) Shares 128,335 (+44.6%)

CHARLES SCHWAB INVESTMENT MANAGEMENT INC

Value ($000) $7,741 (+95.5%) Shares 213,193 (+19.5%)

UBS Group AG

Value ($000) $2,523 (+220.3%) Shares 69,495 (+95.8%)

Nuveen, LLC

Value ($000) $1,846 (+305.3%) Shares 50,850 (+147.8%)

BANK OF AMERICA CORP /DE/

Value ($000) $1,712 (+420.9%) Shares 47,160 (+218.5%)

NORTHERN TRUST CORP

Value ($000) $5,641 (+90.7%) Shares 155,366 (+16.6%)

CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM

Value ($000) $570 (+2142.8%) Shares 15,701 (+1271.3%)

Institution	Prev Shares	Curr Shares	Change
SR ONE CAPITAL MANAGEMENT, LP	4,911,539	5,037,854	+126,315 (+2.6%)
NEA Management Company, LLC	2,733,719	3,523,219	+789,500 (+28.9%)
Enavate Sciences GP, LLC	3,761,359	3,919,159	+157,800 (+4.2%)
Fairmount Funds Management LLC	1,892,806	2,209,025	+316,219 (+16.7%)
FEDERATED HERMES, INC.	1,861,838	2,715,578	+853,740 (+45.9%)
FMR LLC	4,820,370	7,704,255	+2,883,885 (+59.8%)
BlackRock, Inc.	1,228,641	1,767,518	+538,877 (+43.9%)
ALPS ADVISORS INC	20,042	44,077	+24,035 (+119.9%)
VANGUARD GROUP INC	1,162,758	1,453,065	+290,307 (+25.0%)
GEODE CAPITAL MANAGEMENT, LLC	470,035	588,393	+118,358 (+25.2%)
AQR CAPITAL MANAGEMENT LLC	24,584	78,220	+53,636 (+218.2%)
STATE STREET CORP	377,485	438,294	+60,809 (+16.1%)
Invesco Ltd.	145,796	187,968	+42,172 (+28.9%)
MORGAN STANLEY	88,733	128,335	+39,602 (+44.6%)
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	178,396	213,193	+34,797 (+19.5%)
UBS Group AG	35,492	69,495	+34,003 (+95.8%)
Nuveen, LLC	20,519	50,850	+30,331 (+147.8%)
BANK OF AMERICA CORP /DE/	14,809	47,160	+32,351 (+218.5%)
NORTHERN TRUST CORP	133,278	155,366	+22,088 (+16.6%)
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM	1,145	15,701	+14,556 (+1271.3%)

Decreased Positions (22)

Pivotal bioVenture Partners Investment Advisor LLC

Value ($000) $21,495 (+24.3%) Shares 591,991 (-24.0%)

Novo Holdings A/S

Value ($000) $52,650 (+18.6%) Shares 1,450,000 (-27.5%)

Vivo Capital, LLC

Value ($000) $30,990 (+18.0%) Shares 853,495 (-27.9%)

SUPERSTRING CAPITAL MANAGEMENT LP

Value ($000) $3,027 (+41.0%) Shares 83,353 (-13.8%)

Rock Springs Capital Management LP

Value ($000) $18,230 (+41.4%) Shares 502,077 (-13.5%)

ArrowMark Colorado Holdings LLC

Value ($000) $27,275 (+49.0%) Shares 751,161 (-8.9%)

Eversept Partners, LP

Value ($000) $4,394 (+24.7%) Shares 121,016 (-23.8%)

SCHRODER INVESTMENT MANAGEMENT GROUP

Value ($000) $1,852 (-20.0%) Shares 50,636 (-55.0%)

MILLENNIUM MANAGEMENT LLC

Value ($000) $1,785 (+11.9%) Shares 49,160 (-31.6%)

ROYAL BANK OF CANADA

Value ($000) $20 (-92.5%) Shares 544 (-95.4%)

TWO SIGMA INVESTMENTS, LP

Value ($000) $548 (+21.2%) Shares 15,100 (-25.9%)

Aster Capital Management (DIFC) Ltd

Value ($000) $2 (-79.7%) Shares 42 (-87.6%)

Tower Research Capital LLC (TRC)

Value ($000) $29 (-6.3%) Shares 795 (-42.7%)

Ameritas Investment Partners, Inc.

Value ($000) $50 (+39.1%) Shares 1,368 (-14.9%)

SRS Capital Advisors, Inc.

Value ($000) $0 (-94.3%) Shares 4 (-96.5%)

OSAIC HOLDINGS, INC.

Value ($000) $0 (-95.3%) Shares 3 (-97.1%)

US BANCORP \DE\

Value ($000) $32 (+51.7%) Shares 884 (-7.2%)

Sterling Capital Management LLC

Value ($000) $39 (+58.6%) Shares 1,087 (-3.0%)

Clearstead Advisors, LLC

Value ($000) $0 (-92.8%) Shares 1 (-95.7%)

PRICE T ROWE ASSOCIATES INC /MD/

Value ($000) $13 (+61.3%) Shares 369,248 (-1.3%)

Institution	Prev Shares	Curr Shares	Change
Pivotal bioVenture Partners Investment Advisor LLC	779,045	591,991	-187,054 (-24.0%)
Novo Holdings A/S	2,000,000	1,450,000	-550,000 (-27.5%)
Vivo Capital, LLC	1,183,260	853,495	-329,765 (-27.9%)
SUPERSTRING CAPITAL MANAGEMENT LP	96,665	83,353	-13,312 (-13.8%)
Rock Springs Capital Management LP	580,677	502,077	-78,600 (-13.5%)
ArrowMark Colorado Holdings LLC	824,668	751,161	-73,507 (-8.9%)
Eversept Partners, LP	158,742	121,016	-37,726 (-23.8%)
SCHRODER INVESTMENT MANAGEMENT GROUP	112,612	50,636	-61,976 (-55.0%)
MILLENNIUM MANAGEMENT LLC	71,850	49,160	-22,690 (-31.6%)
ROYAL BANK OF CANADA	11,881	544	-11,337 (-95.4%)
TWO SIGMA INVESTMENTS, LP	20,382	15,100	-5,282 (-25.9%)
Aster Capital Management (DIFC) Ltd	339	42	-297 (-87.6%)
Tower Research Capital LLC (TRC)	1,388	795	-593 (-42.7%)
Ameritas Investment Partners, Inc.	1,608	1,368	-240 (-14.9%)
SRS Capital Advisors, Inc.	115	4	-111 (-96.5%)
OSAIC HOLDINGS, INC.	104	3	-101 (-97.1%)
US BANCORP \DE\	953	884	-69 (-7.2%)
Sterling Capital Management LLC	1,121	1,087	-34 (-3.0%)
Clearstead Advisors, LLC	23	1	-22 (-95.7%)
PRICE T ROWE ASSOCIATES INC /MD/	374,298	369,248	-5,050 (-1.3%)

Exited Positions (8)

SECTORAL ASSET MANAGEMENT INC

Value ($000) $3,375 Shares 152,025

DEERFIELD MANAGEMENT COMPANY, L.P.

Value ($000) $34,697 Shares 1,562,942

SUMMIT WEALTH GROUP LLC / CO

Value ($000) $2,686 Shares 51,356

Birchview Capital, LP

Value ($000) $366 Shares 16,500

STEMPOINT CAPITAL LP

Value ($000) $860 Shares 38,742

Quarry LP

Value ($000) $25 Shares 1,134

AMERICAN CENTURY COMPANIES INC

Value ($000) $244 Shares 10,981

SBI Securities Co., Ltd.

Value ($000) $0 Shares 1

Institution	Prev Shares	Prev Value ($000)
SECTORAL ASSET MANAGEMENT INC	152,025	$3,375
DEERFIELD MANAGEMENT COMPANY, L.P.	1,562,942	$34,697
SUMMIT WEALTH GROUP LLC / CO	51,356	$2,686
Birchview Capital, LP	16,500	$366
STEMPOINT CAPITAL LP	38,742	$860
Quarry LP	1,134	$25
AMERICAN CENTURY COMPANIES INC	10,981	$244
SBI Securities Co., Ltd.	1	$0