| Ascendis Pharma A/s (ASND) | $2.7B | 23.83% | 10,281,496 | 0 | Held |
| Parabilis Medicines Inc. Com (PBLS) | $791.9M | 6.88% | 28,933,371 | +28,933,371 | New position |
| Rhythm Pharmaceuticals, Inc. (RYTM) | $740.2M | 6.43% | 6,666,837 | 0 | Held |
| Vaxcyte Inc. (PCVX) | $667.0M | 5.80% | 11,474,599 | 0 | Held |
| Sionna Therapeutics Inc (SION) | $435.7M | 3.79% | 9,905,045 | 0 | Held |
| Tyra Biosciences Inc. (TYRA) | $389.6M | 3.39% | 12,198,625 | 0 | Held |
| Edgewise Therapeutics Inc. (EWTX) | $341.0M | 2.96% | 8,392,730 | -2,035,707 | Trimmed |
| NewAmsterdam Pharma Co. N.V. (NAMS) | $323.7M | 2.81% | 9,550,191 | 0 | Held |
| Hemab Therapeutics Hldgs Inc. (COAG) | $286.8M | 2.49% | 7,808,627 | +7,808,627 | New position |
| Septerna, Inc. (SEPN) | $234.3M | 2.04% | 6,995,858 | 0 | Held |
| Bicara Therapeutics Inc. (BCAX) | $215.4M | 1.87% | 7,255,993 | 0 | Held |
| Mineralys Therapeutics Inc. (MLYS) | $207.6M | 1.80% | 7,692,750 | 0 | Held |
| GH Research PLC (GHRS) | $205.3M | 1.78% | 7,636,813 | -39,884 | Trimmed |
| Disc Medicine Inc. (IRON) | $179.2M | 1.56% | 2,450,221 | 0 | Held |
| Spyglass Pharma Inc. (SGP) | $178.6M | 1.55% | 8,021,117 | 0 | Held |
| Artiva Biotherapeutics Inc. (ARTV) | $174.2M | 1.51% | 17,955,642 | +8,102,340 | Added |
| Janux Therapeutics, Inc. (JANX) | $171.9M | 1.49% | 11,189,693 | 0 | Held |
| Taysha Gene Therapies, Inc. (TSHA) | $160.4M | 1.39% | 23,555,648 | 0 | Held |
| Biocryst Pharmaceuticals Inc. (BCRX) | $158.3M | 1.38% | 15,827,186 | 0 | Held |
| Wave Life Sciences, Inc. (WVE) | $156.7M | 1.36% | 26,975,505 | 0 | Held |
| Nuvalent Inc. (NUVL) | $153.9M | 1.34% | 1,246,456 | -1,287,689 | Trimmed |
| Abivax SA (ABVX) | $150.9M | 1.31% | 1,132,557 | +1,132,557 | New position |
| Oruka Therapeutics Inc. (ORKA) | $148.0M | 1.29% | 1,554,597 | +1,554,597 | New position |
| Eliem Therapeutics Inc. (CLYM) | $147.4M | 1.28% | 11,300,939 | 0 | Held |
| Solid Biosciences Inc. (SLDB) | $120.2M | 1.04% | 12,036,126 | +2,696,148 | Added |
| Zai Lab Limited (ZLAB) | $109.1M | 0.95% | 5,743,533 | +36,271 | Added |
| Ars Pharmaceuticals Inc. (SPRY) | $87.0M | 0.76% | 10,860,977 | 0 | Held |
| Xencor Inc. (XNCR) | $84.9M | 0.74% | 5,274,274 | +377,037 | Added |
| Jade Biosciences Inc. (JBIO) | $81.6M | 0.71% | 3,671,083 | 0 | Held |
| Intellia Therapeutics, Inc. (NTLA) | $76.6M | 0.67% | 4,526,926 | +4,526,926 | New position |
| LB Pharmaceuticals Inc. (LBRX) | $71.7M | 0.62% | 2,208,604 | 0 | Held |
| Definium Therapeutics Inc. (DFTX) | $70.6M | 0.61% | 1,500,000 | +1,500,000 | New position |
| Aclaris Therapeutics, Inc. (ACRS) | $67.3M | 0.58% | 12,723,026 | +5,918,954 | Added |
| 4D Molecular Therapeutics in (FDMT) | $67.2M | 0.58% | 5,049,779 | 0 | Held |
| Sana Biotechnology Inc. (SANA) | $65.4M | 0.57% | 18,750,000 | +18,750,000 | New position |
| Galecto Inc. (DMRA) | $62.4M | 0.54% | 2,399,702 | +392 | Held |
| Monopar Therapeutics (MNPR) | $61.8M | 0.54% | 667,207 | 0 | Held |
| Acumen Pharmaceuticals Inc. (ABOS) | $56.1M | 0.49% | 20,992,669 | 0 | Held |
| Geron Corp. (GERN) | $54.8M | 0.48% | 42,809,751 | -20,961,615 | Trimmed |
| Rezolute Inc. (RZLT) | $49.1M | 0.43% | 9,445,039 | +265,039 | Added |
| Evommune Inc. (EVMN) | $46.4M | 0.40% | 3,494,638 | 0 | Held |
| Vor Biopharma Inc. (VOR) | $44.2M | 0.38% | 2,402,095 | -3,002,903 | Trimmed |
| Century Therapeutics Inc. (IPSC) | $43.5M | 0.38% | 17,754,430 | 0 | Held |
| Aktis Oncology, Inc. (AKTS) | $42.4M | 0.37% | 1,314,405 | -188,679 | Trimmed |
| Bioage Labs Inc. (BIOA) | $41.0M | 0.36% | 1,671,648 | +21,000 | Added |
| C4 Therapeutics Inc. (CCCC) | $37.4M | 0.33% | 8,000,000 | 0 | Held |
| Mirum Pharmaceuticals, Inc. (MIRM) | $37.3M | 0.32% | 318,554 | 0 | Held |
| Capricor Therapeutics Inc. (CAPR) | $36.3M | 0.32% | 1,507,844 | 0 | Held |
| Pepgen Inc. (PEPG) | $36.1M | 0.31% | 20,064,545 | 0 | Held |
| Prelude Therapeutics Inc. (PRLD) | $34.5M | 0.30% | 6,475,882 | +6,475,882 | New position |
| Nkarta Inc. (NKTX) | $30.6M | 0.27% | 10,805,129 | 0 | Held |
| Q32 Bio Inc. (QTTB) | $29.7M | 0.26% | 2,332,457 | +2,332,457 | New position |
| Anteris Technologies Global Corp. (AVR) | $29.6M | 0.26% | 3,000,000 | 0 | Held |
| Editas Medicine, Inc. (EDIT) | $28.8M | 0.25% | 8,889,000 | +8,889,000 | New position |
| Ovid Therapeutics Inc. (OVID) | $28.2M | 0.24% | 10,500,968 | -213,032 | Trimmed |
| Assembly Biosciences Inc. (ASMB) | $28.0M | 0.24% | 1,020,410 | 0 | Held |
| Alx Oncology Holdings Inc. (ALXO) | $26.9M | 0.23% | 13,011,849 | 0 | Held |
| Benitec Biopharma Inc. (BNTC) | $24.8M | 0.21% | 1,850,000 | 0 | Held |
| Lenz Therapeutics Inc. (LENZ) | $23.7M | 0.21% | 4,178,823 | 0 | Held |
| Lexeo Therapeutics Inc. (LXEO) | $23.3M | 0.20% | 5,000,000 | 0 | Held |
| Acrivon Therapeutics Inc. (ACRV) | $21.8M | 0.19% | 12,229,396 | +3,888,888 | Added |
| Altimmune, Inc. (alt) (ALT) | $19.8M | 0.17% | 6,500,000 | +6,500,000 | New position |
| Karyopharm Therapeutics Inc. (KPTI) | $18.7M | 0.16% | 1,917,354 | 0 | Held |
| Bright Minds Biosciences Inc. (DRUG) | $18.6M | 0.16% | 265,000 | 0 | Held |
| Avalo Therapeutics Inc. (AVTX) | $18.5M | 0.16% | 1,000,000 | +337,032 | Added |
| Onkure Therapeutics Inc (OKUR) | $18.2M | 0.16% | 3,998,333 | 0 | Held |
| Sensei Biotherapeutics Inc. (FTH) | $18.1M | 0.16% | 722,020 | +722,020 | New position |
| Aura Biosciences Inc. (AURA) | $17.8M | 0.15% | 2,500,000 | +2,500,000 | New position |
| Sab Biotherapeutics Inc. (SABS) | $17.2M | 0.15% | 4,401,500 | 0 | Held |
| Seaport Therapeutics Inc. (SPTX) | $15.2M | 0.13% | 700,000 | +700,000 | New position |
| Palisade Bio Inc. (PALI) | $14.9M | 0.13% | 7,124,116 | 0 | Held |
| Helix Acquisition Corp. III (HLXC) | $13.3M | 0.12% | 1,250,000 | 0 | Held |
| Waystar Holding Corp. (WAY) | $10.9M | 0.09% | 529,400 | 0 | Held |
| Equillium Inc. (EQ) | $9.9M | 0.09% | 3,096,336 | 0 | Held |
| Macrogenics Inc. (MGNX) | $8.6M | 0.07% | 1,864,176 | 0 | Held |
| Perceptive Cap Solutions Cor (PCSC) | $8.2M | 0.07% | 750,000 | 0 | Held |
| Adicet Bio Inc. (ACET) | $8.1M | 0.07% | 932,624 | -250,000 | Trimmed |
| Newamsterdam Pharma Company | $7.1M | 0.06% | 333,333 | 0 | Held |
| Corvus Pharmaceuticals Inc. (CRVS) | $6.7M | 0.06% | 450,000 | 0 | Held |
| Rani Therapeutics Holdings-A (RANI) | $6.5M | 0.06% | 8,500,000 | 0 | Held |
| Jatt II Acquisition Corp. (JATT) | $5.7M | 0.05% | 500,000 | +500,000 | New position |
| Amanat Acquisition Corp. (AMAN) | $3.8M | 0.03% | 375,000 | +375,000 | New position |
| Werewolf Therapeutics Inc. (HOWL) | $859.3K | 0.01% | 2,387,744 | -4,293,563 | Trimmed |
| Palatin Technologies Inc. (PTN) | $670.3K | 0.01% | 62,124 | -7,876 | Trimmed |