| ONC | BeOne Medicines Ltd. | 20.09% | 8,799,053 | $2,997,837,357 | | No Change | $340.7 | 13F |
| INCY | Incyte Corporation | 17.47% | 30,743,663 | $2,607,370,059 | 388 | 0.00126% | $84.81 | 13F |
| MDGL | Madrigal Pharmaceuticals, Inc. | 6.58% | 2,141,701 | $982,312,581 | 165,683 | 8.38% | $458.66 | 13F |
| INSM | Insmed Incorporated | 6.47% | 6,703,484 | $965,368,731 | -1,009,416 | -13.09% | $144.01 | 13F |
| ACAD | ACADIA Pharmaceuticals Inc. | 6.13% | 42,896,690 | $915,415,365 | | No Change | $21.34 | 13F |
| SMMT | Summit Therapeutics Inc. | 4.67% | 33,722,974 | $696,716,643 | | No Change | $20.66 | 13F |
| KYMR | Kymera Therapeutics, Inc. | 4.59% | 7,955,916 | $684,208,776 | 1,304,487 | 19.61% | | Form 4 |
| RYTM | Rhythm Pharmaceuticals, Inc. | 3.79% | 5,604,483 | $565,996,738 | | No Change | $100.99 | 13F |
| RVMD | Revolution Medicines, Inc. | 2.96% | 9,455,357 | $441,565,172 | 90,385 | 0.97% | $46.7 | 13F |
| KOD | Kodiak Sciences Inc. | 2.89% | 18,358,772 | $422,251,756 | 1,048,282 | 6.06% | | Form 4 |
| CELC | Celcuity Inc. | 2.62% | 7,915,792 | $391,040,125 | 2,465,347 | 45.23% | $49.4 | 13F |
| ALKS | Alkermes plc | 1.63% | 8,091,351 | $242,740,530 | 1,680,748 | 26.22% | $30 | 13F |
| ABCL | AbCellera Biologics Inc. | 0.93% | 27,525,640 | $138,453,969 | | No Change | $5.03 | 13F |
| EWTX | Edgewise Therapeutics, Inc. | 0.79% | 7,305,940 | $118,502,347 | | No Change | $16.22 | 13F |
| STOK | Stoke Therapeutics, Inc. | 0.73% | 4,633,838 | $108,895,193 | | No Change | $23.5 | 13F |
| KNSA | Kiniksa Pharmaceuticals International, plc | 0.73% | 2,824,669 | $109,681,897 | | No Change | $38.83 | 13F |
| IMTX | Immatics N.V. | 0.69% | 12,094,094 | $103,041,681 | 1,925,193 | 18.93% | $8.52 | 13F |
| GRAL | GRAIL, Inc. | 0.65% | 1,630,125 | $96,389,291 | | No Change | $59.13 | 13F |
| IDYA | IDEAYA Biosciences, Inc. | 0.60% | 3,275,444 | $89,124,831 | 1,156,716 | 54.59% | $27.21 | 13F |
| IMVT | Immunovant, Inc. | 0.59% | 5,457,881 | $87,981,042 | | No Change | $16.12 | 13F |
| IMCR | Immunocore Holdings plc | 0.57% | 2,322,656 | $84,382,092 | | No Change | $36.33 | 13F |
| BCYC | Bicycle Therapeutics plc | 0.56% | 10,885,357 | $84,252,663 | | No Change | $7.74 | 13F |
| RARE | Ultragenyx Pharmaceutical Inc. | 0.56% | 2,772,692 | $83,402,575 | | No Change | $30.08 | 13F |
| ABVX | Abivax S.A. | 0.50% | 875,796 | $74,355,080 | 875,796 | New | $84.9 | 13F |
| ARWR | Arrowhead Pharmaceuticals, Inc. | 0.39% | 1,670,762 | $57,624,581 | 731,588 | 77.9% | $34.49 | 13F |
| ROIV | Roivant Sciences Ltd. | 0.38% | 3,767,773 | $57,006,405 | | No Change | $15.13 | 13F |
| DNLI | Denali Therapeutics Inc. | 0.36% | 3,731,695 | $54,184,211 | | No Change | $14.52 | 13F |
| MRUS | Merus N.V. | 0.36% | 574,377 | $54,077,595 | | No Change | $94.15 | 13F |
| NTLA | Intellia Therapeutics, Inc. | 0.32% | 2,746,674 | $47,435,060 | 71,000 | 2.65% | $17.27 | 13F |
| RAPP | Rapport Therapeutics, Inc. | 0.31% | 1,547,090 | $45,948,573 | 997,000 | 181.24% | $29.7 | 13F |
| REPL | Replimune Group, Inc. | 0.31% | 11,045,336 | $46,279,958 | | No Change | $4.19 | 13F |
| TRDA | Entrada Therapeutics, Inc. | 0.29% | 4,691,392 | $42,550,925 | -174,427 | -3.58% | | Form 4 |
| GPCR | Structure Therapeutics Inc. | 0.29% | 1,556,109 | $43,571,052 | -952,658 | -37.97% | $28 | 13F |
| CELC | Celcuity Inc. (PRN) | 0.27% | 30,750,000 | $40,905,126 | 30,750,000 | New | $1.33 | 13F |
| IONS | Ionis Pharmaceuticals, Inc. | 0.25% | 566,798 | $37,079,925 | 566,798 | New | $65.42 | 13F |
| VRDN | Viridian Therapeutics, Inc. | 0.25% | 1,744,406 | $37,644,281 | | No Change | $21.58 | 13F |
| BNTX | BioNTech SE | 0.24% | 368,923 | $36,383,186 | | No Change | $98.62 | 13F |
| GLUE | Monte Rosa Therapeutics, Inc. | 0.24% | 4,916,095 | $36,428,264 | | No Change | $7.41 | 13F |
| NRIX | Nurix Therapeutics, Inc. | 0.24% | 3,882,125 | $35,870,835 | | No Change | $9.24 | 13F |
| PRAX | Praxis Precision Medicines, Inc. | 0.24% | 689,488 | $36,542,864 | | No Change | $53 | 13F |
| DNTH | Dianthus Therapeutics, Inc. | 0.21% | 789,759 | $31,077,017 | | No Change | $39.35 | 13F |
| ARGX | argenx SE | 0.19% | 37,760 | $27,850,266 | | No Change | $737.56 | 13F |
| RNA | Avidity Biosciences, Inc. | 0.18% | 625,000 | $27,231,250 | 625,000 | New | $43.57 | 13F |
| CDTX | Cidara Therapeutics, Inc. | 0.15% | 227,272 | $21,763,567 | | No Change | $95.76 | 13F |
| IRON | Disc Medicine, Inc. | 0.15% | 337,050 | $22,272,264 | | No Change | $66.08 | 13F |
| PCVX | Vaxcyte, Inc. | 0.15% | 640,885 | $23,084,678 | | No Change | $36.02 | 13F |
| CLDX | Celldex Therapeutics, Inc. | 0.12% | 665,370 | $17,213,122 | | No Change | $25.87 | 13F |
| NGNE | Neurogene Inc. | 0.12% | 991,691 | $17,186,005 | | No Change | $17.33 | 13F |
| SYRE | Spyre Therapeutics, Inc. | 0.11% | 1,000,000 | $16,760,000 | 373,297 | 59.57% | $16.76 | 13F |
| CERS | Cerus Corporation | 0.11% | 10,008,345 | $15,913,269 | -2,875,499 | -22.32% | $1.59 | 13F |
| SERA | Sera Prognostics, Inc. | 0.11% | 5,498,170 | $16,824,400 | | No Change | $3.06 | 13F |
| AKRO | Akero Therapeutics, Inc. | 0.10% | 324,630 | $15,413,432 | | No Change | $47.48 | 13F |
| DBVT | DBV Technologies S.A. | 0.10% | 1,461,425 | $14,614,250 | | No Change | $10 | 13F |
| PRLD | Prelude Therapeutics Inc. | 0.10% | 10,123,824 | $14,578,307 | | No Change | $1.44 | 13F |
| XENE | Xenon Pharmaceuticals Inc. | 0.10% | 370,208 | $14,863,851 | | No Change | $40.15 | 13F |
| ACLX | Arcellx, Inc. | 0.09% | 166,825 | $13,696,333 | | No Change | $82.1 | 13F |
| CTMX | CytomX Therapeutics, Inc. | 0.09% | 4,250,826 | $13,560,135 | 766,600 | 22% | $3.19 | 13F |
| DSGN | Design Therapeutics, Inc. | 0.09% | 1,712,882 | $12,898,001 | | No Change | $7.53 | 13F |
| TSHA | Taysha Gene Therapies, Inc. | 0.09% | 4,004,756 | $13,095,552 | | No Change | $3.27 | 13F |
| XNCR | Xencor, Inc. | 0.09% | 1,102,106 | $12,927,703 | 431,675 | 64.39% | $11.73 | 13F |
| CRNX | Crinetics Pharmaceuticals, Inc. | 0.08% | 280,000 | $11,662,000 | | No Change | $41.65 | 13F |
| NUVL | Nuvalent, Inc. | 0.08% | 143,937 | $12,447,672 | | No Change | $86.48 | 13F |
| SION | Sionna Therapeutics, Inc. | 0.08% | 400,000 | $11,764,000 | | No Change | $29.41 | 13F |
| VKTX | Viking Therapeutics, Inc. | 0.06% | 366,083 | $9,620,661 | 366,083 | New | $26.28 | 13F |
| PHVS | Pharvaris N.V. | 0.06% | 375,000 | $9,356,250 | 375,000 | New | $24.95 | 13F |
| AGIO | Agios Pharmaceuticals, Inc. | 0.05% | 189,866 | $7,621,221 | | No Change | $40.14 | 13F |
| SANA | Sana Biotechnology, Inc. | 0.05% | 2,030,949 | $7,209,869 | | No Change | $3.55 | 13F |
| ALMS | Alumis Inc. | 0.04% | 1,562,500 | $6,234,375 | | No Change | $3.99 | 13F |
| HRTX | Heron Therapeutics, Inc. | 0.04% | 4,251,951 | $5,357,458 | 4,251,951 | New | $1.26 | 13F |
| RLAY | Relay Therapeutics, Inc. | 0.04% | 1,160,117 | $6,055,811 | | No Change | $5.22 | 13F |
| SGMT | Sagimet Biosciences Inc. | 0.04% | 952,996 | $6,537,553 | | No Change | $6.86 | 13F |
| SKYE | Skye Bioscience, Inc. | 0.04% | 1,450,638 | $5,701,007 | | No Change | $3.93 | 13F |
| MBX | MBX Biosciences, Inc. | 0.03% | 277,777 | $4,861,098 | 277,777 | New | $17.5 | 13F |
| TCRX | TScan Therapeutics, Inc. | 0.03% | 2,784,792 | $5,068,321 | | No Change | $1.82 | 13F |
| ELVN | Enliven Therapeutics, Inc. | 0.02% | 114,833 | $2,350,632 | | No Change | $20.47 | 13F |
| LBRX | LB Pharmaceuticals Inc. | 0.02% | 200,000 | $3,158,000 | 200,000 | New | $15.79 | 13F |
| TARA | Protara Therapeutics, Inc. | 0.02% | 536,832 | $2,335,219 | | No Change | $4.35 | 13F |
| VTVT | vTv Therapeutics, Inc. | 0.02% | 148,314 | $3,463,132 | 51,000 | 52.41% | $23.35 | 13F |
| VTYX | Ventyx Biosciences, Inc. | 0.02% | 1,023,130 | $3,181,934 | 1,023,130 | New | $3.11 | 13F |
| VIR | Vir Biotechnology, Inc. | 0.02% | 542,539 | $3,097,898 | | No Change | $5.71 | 13F |
| WVE | Wave Life Sciences Ltd. | 0.02% | 344,063 | $2,518,541 | | No Change | $7.32 | 13F |
| TECX | Tectonic Therapeutic, Inc. | 0.01% | 100,000 | $1,569,000 | | No Change | $15.69 | 13F |
| GBIO | Generation Bio Co. | 0.00798% | 194,493 | $1,190,297 | 194,493 | New | $6.12 | 13F |
| KALA | KALA BIO, Inc. | 0.00793% | 744,759 | $1,146,929 | -240,334 | -24.40% | | 13G |
| CTNM | Contineum Therapeutics, Inc. | 0.00612% | 77,670 | $912,623 | -234,830 | -75.15% | $11.75 | 13F |
| ALGS | Aligos Therapeutics, Inc. | 0.00545% | 83,055 | $813,939 | | No Change | $9.8 | 13F |
| VYNE | VYNE Therapeutics Inc. | 0.00191% | 851,353 | $285,203 | 851,353 | New | $0.33 | 13F |
| TYRA | Tyra Biosciences, Inc. | 0.00099% | 10,607 | $148,392 | | No Change | $13.99 | 13F |
| ACRV | Acrivon Therapeutics, Inc. | 0.00028% | 22,809 | $41,284 | | No Change | $1.81 | 13F |
| SRZNW | Surrozen, Inc. | 0.00010% | 833,333 | $14,833 | | No Change | $0.02 | 13F |
| BPMC | Blueprint Medicines Corporation | | | | -125,538 | Exited | | 13F |
| CADL | Candel Therapeutics, Inc. | | | | -355,112 | Exited | | 13F |
| FATE | Fate Therapeutics, Inc. | | | | -2,485,018 | Exited | | 13F |
| GBIO | Generation Bio Co. | | | | -1,944,945 | Exited | | 13F |
| HOOK | HOOKIPA Pharma Inc. | | | | -812,814 | Exited | | 13F |
| IGMS | IGM Biosciences, Inc. | | | | -4,096,210 | Exited | | 13F |
| NMRA | Neumora Therapeutics, Inc. | | | | -1,034,600 | Exited | | 13F |
| OPT | Opthea Limited | | 2,087,320 | | | No Change | | 13F |
| RCKT | Rocket Pharmaceuticals, Inc. | | | | -552,079 | Exited | | 13F |
| VRNA | Verona Pharma plc | | | | -223,843 | Exited | | 13F |
| VERV | Verve Therapeutics, Inc. | | | | -1,691,530 | Exited | | 13F |
