Securities ▲▼ | Shares | Value ($K) | |||||
|---|---|---|---|---|---|---|---|
Q3 2025 ▲▼ | Q4 2025 ▲▼ | Change ▲▼ | Q3 2025 ▲▼ | Q4 2025 ▲▼ | Weight (%) ▲▼ | Change ▲▼ | |
| SPDR SERIES TRUST(Put) ST STR SP BIOT | 0 | 850,000 | +850,000 | 0 | 103,641 | — | +103,641 |
| CIDARA THERAPEUTICS INC(Put) | 0 | 300,000 | +300,000 | 0 | 66,267 | — | +66,267 |
| AMGEN INC(AMGN)(Put) | 0 | 200,000 | +200,000 | 0 | 65,462 | — | +65,462 |
| TERNS PHARMACEUTICALS INC | 164,202 | 1,596,378 | +1,432,176 | 1,233 | 64,494 | 8.35% | +63,261 |
| CIDARA THERAPEUTICS INC | 277,704 | 273,243 | -4,461 | 26,593 | 60,357 | 7.81% | +33,764 |
| PRAXIS PRECISION MEDICINES I(PRAX) | 0 | 86,581 | +86,581 | 0 | 25,519 | 3.30% | +25,519 |
| JAZZ PHARMACEUTICALS PLC(JAZZ)(Call) | 70,700 | 170,000 | +99,300 | 9,318 | 28,900 | — | +19,582 |
| OLEMA PHARMACEUTICALS INC(OLMA) | 0 | 758,654 | +758,654 | 0 | 18,966 | 2.45% | +18,966 |
| CRINETICS PHARMACEUTICALS IN(CRNX)(Put) | 0 | 368,500 | +368,500 | 0 | 17,154 | — | +17,154 |
| JAZZ PHARMACEUTICALS PLC(JAZZ) | 77,800 | 160,367 | +82,567 | 10,254 | 27,262 | 3.53% | +17,008 |
| ABIVAX SA(ABVX)(Call) | 0 | 125,100 | +125,100 | 0 | 16,870 | — | +16,870 |
| OMEROS CORP(Put) | 0 | 950,000 | +950,000 | 0 | 16,316 | — | +16,316 |
| ELI LILLY & CO(LLY) | 0 | 13,815 | +13,815 | 0 | 14,847 | 1.92% | +14,847 |
| CAPRICOR THERAPEUTICS INC(CAPR) | 264,642 | 578,015 | +313,373 | 1,908 | 16,682 | 2.16% | +14,773 |
| AMGEN INC(AMGN) | 0 | 45,000 | +45,000 | 0 | 14,729 | 1.91% | +14,729 |
| CONNECT BIOPHARMA HLDGS LTD | 0 | 4,788,486 | +4,788,486 | 0 | 13,504 | 1.75% | +13,504 |
| KODIAK SCIENCES INC(KOD) | 413,841 | 719,787 | +305,946 | 6,775 | 20,125 | 2.61% | +13,351 |
| SOLENO THERAPEUTICS INC(Call) | 0 | 528,900 | +528,900 | 0 | 24,488 | — | +24,488 |
| CYTOKINETICS INC(CYTK)(Call) | 110,900 | 290,900 | +180,000 | 6,095 | 18,484 | — | +12,389 |
| BRIGHT MINDS BIOSCIENCES INC | 0 | 159,421 | +159,421 | 0 | 12,441 | 1.61% | +12,441 |
| RELMADA THERAPEUTICS INC | 1,843,060 | 3,068,359 | +1,225,299 | 3,705 | 14,820 | 1.92% | +11,116 |
| HARROW INC(HROW)(Call) | 289,700 | 509,700 | +220,000 | 13,958 | 24,975 | — | +11,018 |
| REVOLUTION MEDICINES INC(RVMD) | 0 | 138,142 | +138,142 | 0 | 11,003 | 1.42% | +11,003 |
| CELCUITY INC(CELC) | 0 | 105,545 | +105,545 | 0 | 10,527 | 1.36% | +10,527 |
| SPRUCE BIOSCIENCES INC | 0 | 121,356 | +121,356 | 0 | 10,571 | 1.37% | +10,571 |
| OMEROS CORP(Call) | 0 | 550,000 | +550,000 | 0 | 9,446 | — | +9,446 |
| DEXCOM INC(DXCM)(Call) | 0 | 137,500 | +137,500 | 0 | 9,126 | — | +9,126 |
| HARROW INC(HROW) | 0 | 183,347 | +183,347 | 0 | 8,984 | 1.16% | +8,984 |
| ALTO NEUROSCIENCE INC(ANRO) | 0 | 515,000 | +515,000 | 0 | 9,167 | 1.19% | +9,167 |
| PHARVARIS N V COM | 210,165 | 486,856 | +276,691 | 5,244 | 13,510 | 1.75% | +8,267 |
| CORCEPT THERAPEUTICS INC(CORT)(Put) | 0 | 236,700 | +236,700 | 0 | 8,237 | — | +8,237 |
| NEUROCRINE BIOSCIENCES INC(NBIX) | 0 | 54,062 | +54,062 | 0 | 7,668 | 0.99% | +7,668 |
| MAZE THERAPEUTICS INC(MAZE) | 740,825 | 644,680 | -96,145 | 19,210 | 26,709 | 3.46% | +7,500 |
| MINERALYS THERAPEUTICS INC(MLYS) | 0 | 200,000 | +200,000 | 0 | 7,258 | 0.94% | +7,258 |
| NEUROCRINE BIOSCIENCES INC(NBIX)(Call) | 0 | 51,000 | +51,000 | 0 | 7,233 | — | +7,233 |
| RAPT THERAPEUTICS INC | 615,000 | 665,271 | +50,271 | 15,861 | 22,533 | 2.92% | +6,672 |
| IONIS PHARMACEUTICALS INC(IONS)(Call) | 13,300 | 94,600 | +81,300 | 870 | 7,484 | — | +6,614 |
| GALECTO INC(DMRA) | 0 | 285,710 | +285,710 | 0 | 6,574 | 0.85% | +6,574 |
| ANI PHARMACEUTICALS INC(ANIP)(Call) | 0 | 82,800 | +82,800 | 0 | 6,536 | — | +6,536 |
| CORCEPT THERAPEUTICS INC(CORT) | 0 | 185,593 | +185,593 | 0 | 6,459 | 0.84% | +6,459 |
| VAXCYTE INC(PCVX) | 311,682 | 378,682 | +67,000 | 11,227 | 17,472 | 2.26% | +6,246 |
| PELTHOS THERAPEUTICS INC | 62,451 | 255,758 | +193,307 | 1,749 | 7,928 | 1.03% | +6,180 |
| NUVALENT INC(NUVL) | 0 | 59,594 | +59,594 | 0 | 5,995 | 0.78% | +5,995 |
| ULTRAGENYX PHARMACEUTICAL IN(RARE)(Call) | 0 | 250,000 | +250,000 | 0 | 5,750 | — | +5,750 |
| CORCEPT THERAPEUTICS INC(CORT)(Call) | 0 | 163,800 | +163,800 | 0 | 5,700 | — | +5,700 |
| RAPT THERAPEUTICS INC(Call) | 175,000 | 290,000 | +115,000 | 4,513 | 9,822 | — | +5,309 |
| OLEMA PHARMACEUTICALS INC(OLMA)(Call) | 0 | 200,000 | +200,000 | 0 | 5,000 | — | +5,000 |
| LEGEND BIOTECH CORP(LEGN) | 0 | 226,888 | +226,888 | 0 | 4,933 | 0.64% | +4,933 |
| JADE BIOSCIENCES INC | 0 | 300,000 | +300,000 | 0 | 4,629 | 0.60% | +4,629 |
| EUPRAXIA PHARMACEUTICALS INC | 0 | 610,000 | +610,000 | 0 | 4,606 | 0.60% | +4,606 |
| VENTYX BIOSCIENCES INC | 1,309,604 | 958,704 | -350,900 | 4,073 | 8,657 | 1.12% | +4,584 |
| TENAX THERAPEUTICS INC | 967,600 | 967,600 | 0 | 7,363 | 11,795 | 1.53% | +4,432 |
| COMPASS THERAPEUTICS INC | 0 | 800,000 | +800,000 | 0 | 4,296 | 0.56% | +4,296 |
| INVIVYD INC | 2,078,706 | 2,656,570 | +577,864 | 2,287 | 6,562 | 0.85% | +4,275 |
| KARYOPHARM THERAPEUTICS INC | 0 | 544,554 | +544,554 | 0 | 4,008 | 0.52% | +4,008 |
| FULCRUM THERAPEUTICS INC | 1,289,225 | 1,375,472 | +86,247 | 11,861 | 15,557 | 2.01% | +3,696 |
| FORTE BIOSCIENCES INC(FBRX) | 0 | 300,000 | +300,000 | 0 | 8,181 | 1.06% | +8,181 |
| NEXTCURE INC | 0 | 238,303 | +238,303 | 0 | 3,382 | 0.44% | +3,382 |
| CONTINEUM THERAPEUTICS INC | 0 | 282,874 | +282,874 | 0 | 3,233 | 0.42% | +3,233 |
| AQUESTIVE THERAPEUTICS INC(Put) | 0 | 500,000 | +500,000 | 0 | 3,230 | — | +3,230 |
| PERCEPTIVE CAP SOLUTIONS COR CL A ORD SHS | 0 | 240,951 | +240,951 | 0 | 3,140 | 0.41% | +3,140 |
| REVOLUTION MEDICINES INC(RVMD)(Call) | 95,000 | 95,000 | 0 | 4,437 | 7,567 | — | +3,130 |
| ULTRAGENYX PHARMACEUTICAL IN(RARE)(Put) | 0 | 255,100 | +255,100 | 0 | 5,867 | — | +5,867 |
| QUOIN PHARMACEUTICALS LTD | 0 | 211,538 | +211,538 | 0 | 3,052 | 0.40% | +3,052 |
| KALARIS THERAPEUTICS INC | 0 | 360,000 | +360,000 | 0 | 3,038 | 0.39% | +3,038 |
| COMPASS PATHWAYS PLC(CMPS) | 0 | 400,000 | +400,000 | 0 | 2,760 | 0.36% | +2,760 |
| CYTOMX THERAPEUTICS INC | 3,372,616 | 3,172,616 | -200,000 | 10,759 | 13,515 | 1.75% | +2,757 |
| ERASCA INC(ERAS) | 0 | 735,396 | +735,396 | 0 | 2,736 | 0.35% | +2,736 |
| BIOHAVEN LTD(BHVN) | 0 | 212,481 | +212,481 | 0 | 2,399 | 0.31% | +2,399 |
| INVENTIVA SA(IVA) | 0 | 502,601 | +502,601 | 0 | 2,329 | 0.30% | +2,329 |
| ARVINAS INC | 0 | 358,257 | +358,257 | 0 | 4,249 | 0.55% | +4,249 |
| NEUMORA THERAPEUTICS INC. | 0 | 1,278,408 | +1,278,408 | 0 | 2,288 | 0.30% | +2,288 |
| DBV TECHNOLOGIES S A | 0 | 525,000 | +525,000 | 0 | 2,084 | 0.27% | +2,084 |
| ALUMIS INC(Put) | 0 | 211,100 | +211,100 | 0 | 2,060 | — | +2,060 |
| CABALETTA BIO INC | 0 | 900,000 | +900,000 | 0 | 1,971 | 0.26% | +1,971 |
| PEPGEN INC(Call) | 0 | 300,000 | +300,000 | 0 | 1,953 | — | +1,953 |
| ADMA BIOLOGICS INC | 159,854 | 234,854 | +75,000 | 2,343 | 4,284 | 0.55% | +1,940 |
| JOURNEY MED CORP | 0 | 251,436 | +251,436 | 0 | 1,939 | 0.25% | +1,939 |
| ZENAS BIOPHARMA INC(ZBIO)(Call) | 0 | 46,800 | +46,800 | 0 | 1,699 | — | +1,699 |
| ZENAS BIOPHARMA INC(ZBIO)(Put) | 0 | 46,800 | +46,800 | 0 | 1,699 | — | +1,699 |
| VERASTEM INC | 0 | 213,865 | +213,865 | 0 | 1,651 | 0.21% | +1,651 |
| LIPOCINE INC NEW | 0 | 199,542 | +199,542 | 0 | 1,602 | 0.21% | +1,602 |
| GOSSAMER BIO INC(Call) | 0 | 500,000 | +500,000 | 0 | 1,550 | — | +1,550 |
| GOSSAMER BIO INC(Put) | 0 | 500,000 | +500,000 | 0 | 1,550 | — | +1,550 |
| NEKTAR THERAPEUTICS(NKTR)(Call) | 0 | 36,300 | +36,300 | 0 | 1,535 | — | +1,535 |
| NEKTAR THERAPEUTICS(NKTR)(Put) | 0 | 36,300 | +36,300 | 0 | 1,535 | — | +1,535 |
| SURROZEN INC | 0 | 65,788 | +65,788 | 0 | 1,487 | 0.19% | +1,487 |
| IBIO INC | 0 | 957,062 | +957,062 | 0 | 1,847 | 0.24% | +1,847 |
| LEXEO THERAPEUTICS INC | 567,601 | 513,011 | -54,590 | 3,769 | 5,094 | 0.66% | +1,325 |
| ANNEXON INC(ANNX) | 0 | 230,244 | +230,244 | 0 | 1,156 | 0.15% | +1,156 |
| PROQR THRAPEUTICS N V SHS EURO | 0 | 1,492,229 | +1,492,229 | 0 | 3,014 | 0.39% | +3,014 |
| AVALO THERAPEUTICS INC(AVTX)(Call) | 0 | 58,100 | +58,100 | 0 | 1,055 | — | +1,055 |
| ALECTOR INC | 760,000 | 2,082,606 | +1,322,606 | 2,250 | 3,249 | 0.42% | +999 |
| WAVE LIFE SCIENCES LTD(WVE) | 0 | 85,285 | +85,285 | 0 | 1,450 | 0.19% | +1,450 |
| TRAWS PHARMA INC | 0 | 678,142 | +678,142 | 0 | 766 | 0.10% | +766 |
| ALPHA COGNITION INC | 0 | 1,056,259 | +1,056,259 | 0 | 6,866 | 0.89% | +6,866 |
| PALISADE BIO INC | 0 | 274,978 | +274,978 | 0 | 646 | 0.08% | +646 |
| KALVISTA PHARMACEUTICALS INC | 0 | 35,119 | +35,119 | 0 | 567 | 0.07% | +567 |
| LYELL IMMUNOPHARMA INC | 0 | 41,081 | +41,081 | 0 | 1,264 | 0.16% | +1,264 |
| CUMBERLAND PHARMACEUTICALS I | 0 | 555,932 | +555,932 | 0 | 2,213 | 0.29% | +2,213 |