Securities ▲▼ | Shares | Value ($K) | |||||
|---|---|---|---|---|---|---|---|
Q3 2025 ▲▼ | Q4 2025 ▲▼ | Change ▲▼ | Q3 2025 ▲▼ | Q4 2025 ▲▼ | Weight (%) ▲▼ | Change ▲▼ | |
| SPDR SERIES TRUST(Put) ST STR SP BIOT | 0 | 1,500,000 | +1,500,000 | 0 | 182,895 | — | +182,895 |
| ISHARES TR(Call) | 0 | 400,000 | +400,000 | 0 | 67,508 | — | +67,508 |
| PRAXIS PRECISION MEDICINES I(PRAX) | 0 | 185,000 | +185,000 | 0 | 54,527 | 3.92% | +54,527 |
| APOGEE THERAPEUTICS INC(APGE) | 1,173,426 | 1,234,926 | +61,500 | 46,620 | 93,212 | 6.70% | +46,592 |
| VENTYX BIOSCIENCES INC | 3,924,415 | 6,484,558 | +2,560,143 | 12,205 | 58,556 | 4.21% | +46,351 |
| AMGEN INC(AMGN)(Call) | 0 | 135,000 | +135,000 | 0 | 44,187 | — | +44,187 |
| SELECT SECTOR SPDR TR(Call) ST STR CARE ETF | 0 | 250,000 | +250,000 | 0 | 38,700 | — | +38,700 |
| ABIVAX SA(ABVX) | 360,000 | 505,000 | +145,000 | 30,564 | 68,102 | 4.89% | +37,538 |
| CYTOKINETICS INC(CYTK) | 350,000 | 800,000 | +450,000 | 19,236 | 50,832 | 3.65% | +31,596 |
| WAVE LIFE SCIENCES LTD(WVE) | 2,100,000 | 2,700,000 | +600,000 | 15,372 | 45,900 | 3.30% | +30,528 |
| FORTE BIOSCIENCES INC(FBRX) | 0 | 989,490 | +989,490 | 0 | 26,983 | 1.94% | +26,983 |
| ROIVANT SCIENCES LTD(ROIV) | 800,000 | 1,700,000 | +900,000 | 12,104 | 36,890 | 2.65% | +24,786 |
| SPYRE THERAPEUTICS INC(SYRE) | 1,419,299 | 1,432,591 | +13,292 | 23,787 | 46,932 | 3.37% | +23,144 |
| TERNS PHARMACEUTICALS INC | 0 | 550,000 | +550,000 | 0 | 22,220 | 1.60% | +22,220 |
| ANAPTYSBIO INC | 0 | 444,692 | +444,692 | 0 | 21,559 | 1.55% | +21,559 |
| BRIDGEBIO PHARMA INC(BBIO) | 0 | 320,000 | +320,000 | 0 | 24,477 | 1.76% | +24,477 |
| UNIQURE NV(QURE)(Call) | 0 | 800,000 | +800,000 | 0 | 19,144 | — | +19,144 |
| CULLINAN THERAPEUTICS INC(CGEM) | 263,817 | 1,932,106 | +1,668,289 | 1,564 | 19,997 | 1.44% | +18,433 |
| TEVA PHARMACEUTICAL INDS LTD(TEVA) | 1,400,000 | 1,400,000 | 0 | 28,280 | 43,694 | 3.14% | +15,414 |
| OMEROS CORP | 0 | 0 | 0 | 0 | 19,384 | 1.39% | +19,384 |
| INSMED INC(INSM) | 450,000 | 450,000 | 0 | 64,805 | 78,318 | 5.63% | +13,514 |
| COGENT BIOSCIENCES INC(COGT) | 0 | 350,000 | +350,000 | 0 | 12,432 | 0.89% | +12,432 |
| SAVARA INC(SVRA) | 1,500,000 | 2,797,153 | +1,297,153 | 5,355 | 16,867 | 1.21% | +11,512 |
| JADE BIOSCIENCES INC | 65,317 | 714,956 | +649,639 | 564 | 11,032 | 0.79% | +10,468 |
| NURIX THERAPEUTICS INC(NRIX) | 0 | 967,620 | +967,620 | 0 | 18,356 | 1.32% | +18,356 |
| TANGO THERAPEUTICS INC(TNGX) | 0 | 1,000,000 | +1,000,000 | 0 | 8,860 | 0.64% | +8,860 |
| SUTRO BIOPHARMA INC | 0 | 748,382 | +748,382 | 0 | 8,659 | 0.62% | +8,659 |
| TAYSHA GENE THERAPIES INC(TSHA) | 3,000,000 | 3,300,000 | +300,000 | 9,810 | 18,150 | 1.30% | +8,340 |
| OVID THERAPEUTICS INC | 2,650,000 | 7,150,000 | +4,500,000 | 3,445 | 11,655 | 0.84% | +8,210 |
| ARCUS BIOSCIENCES INC(RCUS) | 0 | 300,000 | +300,000 | 0 | 7,149 | 0.51% | +7,149 |
| KARYOPHARM THERAPEUTICS INC | 0 | 889,575 | +889,575 | 0 | 6,547 | 0.47% | +6,547 |
| ASCENDIS PHARMA A/S(ASND) | 0 | 30,000 | +30,000 | 0 | 6,397 | 0.46% | +6,397 |
| AVALO THERAPEUTICS INC(AVTX) | 1,006,217 | 1,051,054 | +44,837 | 12,789 | 19,087 | 1.37% | +6,298 |
| LEXEO THERAPEUTICS INC | 3,870,527 | 3,200,000 | -670,527 | 25,700 | 31,776 | 2.28% | +6,076 |
| VERRICA PHARMACEUTICALS INC | 0 | 707,338 | +707,338 | 0 | 5,878 | 0.42% | +5,878 |
| ORUKA THERAPEUTICS INC(ORKA) | 959,180 | 802,342 | -156,838 | 18,445 | 24,319 | 1.75% | +5,874 |
| AVADEL PHARMACEUTICALS PLC | 0 | 250,000 | +250,000 | 0 | 5,388 | 0.39% | +5,388 |
| ENGENE HOLDINGS INC COM | 77,000 | 643,370 | +566,370 | 526 | 5,810 | 0.42% | +5,284 |
| ERASCA INC(ERAS) | 4,285,787 | 3,900,000 | -385,787 | 9,343 | 14,508 | 1.04% | +5,165 |
| MBX BIOSCIENCES INC(MBX) | 165,000 | 250,000 | +85,000 | 2,888 | 7,885 | 0.57% | +4,998 |
| ARROWHEAD PHARMACEUTICALS IN(ARWR) | 0 | 70,000 | +70,000 | 0 | 4,647 | 0.33% | +4,647 |
| SAGIMET BIOSCIENCES INC | 350,000 | 1,148,245 | +798,245 | 2,401 | 6,798 | 0.49% | +4,397 |
| ZURA BIO LTD | 1,274,351 | 1,813,671 | +539,320 | 5,518 | 9,504 | 0.68% | +3,986 |
| IBIO INC | 0 | 2,057,200 | +2,057,200 | 0 | 3,970 | 0.29% | +3,970 |
| VERA THERAPEUTICS INC(VERA) | 0 | 250,000 | +250,000 | 0 | 12,660 | 0.91% | +12,660 |
| REVOLUTION MEDICINES INC(RVMD) | 100,000 | 100,000 | 0 | 4,670 | 7,965 | 0.57% | +3,295 |
| AMGEN INC(AMGN) | 0 | 10,000 | +10,000 | 0 | 3,273 | 0.24% | +3,273 |
| BELITE BIO INC(BLTE) | 0 | 20,000 | +20,000 | 0 | 3,199 | 0.23% | +3,199 |
| ARRIVENT BIOPHARMA INC(AVBP) | 0 | 150,000 | +150,000 | 0 | 3,018 | 0.22% | +3,018 |
| MERSANA THERAPEUTICS INC | 0 | 100,000 | +100,000 | 0 | 2,893 | 0.21% | +2,893 |
| CLIMB BIO INC | 1,300,000 | 1,300,000 | 0 | 2,613 | 5,200 | 0.37% | +2,587 |
| CELCUITY INC(CELC) | 0 | 0 | 0 | 3,998 | 6,516 | 0.47% | +2,517 |
| VIRIDIAN THERAPEUTICS INC(VRDN) | 250,000 | 250,000 | 0 | 5,395 | 7,780 | 0.56% | +2,385 |
| NEXTCURE INC | 191,882 | 247,294 | +55,412 | 1,124 | 3,509 | 0.25% | +2,385 |
| TRAVERE THERAPEUTICS INC(TVTX) | 0 | 0 | 0 | 7,927 | 9,989 | 0.72% | +2,062 |
| ESTABLISHMENT LABS HLDGS INC(ESTA) | 310,000 | 200,000 | -110,000 | 12,707 | 14,576 | 1.05% | +1,869 |
| NEWAMSTERDAM PHARMA COMPANY ORDINARY SHARES | 275,000 | 275,000 | 0 | 7,821 | 9,647 | 0.69% | +1,826 |
| CELLDEX THERAPEUTICS INC NEW(CLDX) | 300,000 | 350,000 | +50,000 | 7,761 | 9,506 | 0.68% | +1,745 |
| ULTRAGENYX PHARMACEUTICAL IN(RARE) | 0 | 75,000 | +75,000 | 0 | 1,725 | 0.12% | +1,725 |
| LENZ THERAPEUTICS INC(Put) | 0 | 100,000 | +100,000 | 0 | 1,600 | — | +1,600 |
| ARBUTUS BIOPHARMA CORP(ABUS)(Call) | 211,500 | 521,900 | +310,400 | 960 | 2,510 | — | +1,550 |
| NEWAMSTERDAM PHARMA COMPANY *W EXP 99/99/999 | 245,000 | 245,000 | 0 | 4,192 | 5,635 | 0.40% | +1,443 |
| KEZAR LIFE SCIENCES INC COM NEW | 0 | 229,076 | +229,076 | 0 | 1,441 | 0.10% | +1,441 |
| TREVI THERAPEUTICS INC(TRVI) | 2,800,000 | 2,150,172 | -649,828 | 25,620 | 26,920 | 1.93% | +1,300 |
| COGENT BIOSCIENCES INC(COGT) | 0 | 0 | 0 | 0 | 1,176 | 0.08% | +1,176 |
| MACROGENICS INC | 0 | 484,308 | +484,308 | 0 | 780 | 0.06% | +780 |
| FORTE BIOSCIENCES INC(FBRX)(Call) | 0 | 22,400 | +22,400 | 0 | 611 | — | +611 |
| X4 PHARMACEUTICALS INC | 0 | 145,000 | +145,000 | 0 | 580 | 0.04% | +580 |
| ORCHESTRA BIOMED HLDGS INC | 727,272 | 572,804 | -154,468 | 1,804 | 2,377 | 0.17% | +574 |
| EUPRAXIA PHARMACEUTICALS INC | 300,000 | 300,000 | 0 | 1,770 | 2,265 | 0.16% | +495 |
| ANTERIS TECHNOLOGIES GLOBAL | 450,000 | 486,684 | +36,684 | 2,025 | 2,429 | 0.17% | +404 |
| PROTAGONIST THERAPEUTICS INC | 0 | 172,125 | +172,125 | 0 | 15,033 | 1.08% | +15,033 |
| CRINETICS PHARMACEUTICALS IN(CRNX) | 75,000 | 75,000 | 0 | 3,124 | 3,491 | 0.25% | +368 |
| IMMUNOVANT INC(IMVT) | 300,000 | 200,000 | -100,000 | 4,836 | 5,084 | 0.37% | +248 |
| COMPASS PATHWAYS PLC(CMPS) | 200,000 | 200,000 | 0 | 1,146 | 1,380 | 0.10% | +234 |
| Q32 BIO INC | 27,777 | 27,777 | 0 | 55 | 92 | 0.01% | +37 |
| ROCKET PHARMACEUTICALS INC | 75,000 | 75,000 | 0 | 3 | 2 | 0.00% | -1 |
| OAKTREE ACQUISITION CORP III UNIT 10/04/2029 | 250,000 | 250,000 | 0 | 2,660 | 2,653 | 0.19% | -7 |
| ARS PHARMACEUTICALS INC | 2,500 | 0 | -2,500 | 25 | 0 | — | -25 |
| ADAGIO MED HLDGS INC | 80,000 | 80,000 | 0 | 155 | 83 | 0.01% | -72 |
| GERON CORP(GERN) | 1,500,000 | 1,500,000 | 0 | 2,055 | 1,980 | 0.14% | -75 |
| XENON PHARMACEUTICALS INC(XENE) | 1,400,000 | 1,250,000 | -150,000 | 56,210 | 56,025 | 4.03% | -185 |
| PERSPECTIVE THERAPEUTICS INC | 0 | 300,000 | +300,000 | 0 | 825 | 0.06% | +825 |
| CRESCENT BIOPHARMA INC. | 0 | 0 | 0 | 0 | 0 | — | 0 |
| REPARE THERAPEUTICS INC | 200,000 | 0 | -200,000 | 352 | 0 | — | -352 |
| CONTEXT THERAPEUTICS INC | 402,653 | 0 | -402,653 | 390 | 0 | — | -390 |
| TRAVERE THERAPEUTICS INC(TVTX) | 0 | 300,000 | +300,000 | 0 | 11,463 | 0.82% | +11,463 |
| SUTRO BIOPHARMA INC | 752,722 | 0 | -752,722 | 654 | 0 | — | -654 |
| NUVALENT INC(NUVL) | 384,417 | 322,633 | -61,784 | 33,244 | 32,454 | 2.33% | -791 |
| KARYOPHARM THERAPEUTICS INC(Call) | 157,600 | 0 | -157,600 | 1,031 | 0 | — | -1,031 |
| SUMMIT THERAPEUTICS INC(SMMT)(Put) | 350,000 | 350,000 | 0 | 7,231 | 6,122 | — | -1,109 |
| MILESTONE PHARMACEUTICALS IN | 666,666 | 0 | -666,666 | 1,333 | 0 | — | -1,333 |
| ATYR PHARMA INC(Put) | 2,100,000 | 0 | -2,100,000 | 1,515 | 0 | — | -1,515 |
| MINERALYS THERAPEUTICS INC(MLYS) | 750,000 | 730,000 | -20,000 | 28,440 | 26,492 | 1.90% | -1,948 |
| UNITED THERAPEUTICS CORP DEL(UTHR) | 5,000 | 0 | -5,000 | 2,096 | 0 | — | -2,096 |
| ASTRIA THERAPEUTICS INC | 300,000 | 0 | -300,000 | 2,184 | 0 | — | -2,184 |
| OLEMA PHARMACEUTICALS INC(OLMA) | 250,000 | 0 | -250,000 | 2,448 | 0 | — | -2,447 |
| OLEMA PHARMACEUTICALS INC(OLMA)(Call) | 250,000 | 0 | -250,000 | 2,448 | 0 | — | -2,447 |
| PROQR THRAPEUTICS N V SHS EURO | 3,600,000 | 2,454,278 | -1,145,722 | 7,668 | 4,958 | 0.36% | -2,710 |
| OCULAR THERAPEUTIX INC(OCUL) | 239,000 | 0 | -239,000 | 2,794 | 0 | — | -2,794 |