# EDGAR Filing Document

**Accession Number:** 0001940272
**File Stem:** 0001940272-25-000008
**Filing Date:** 2025-11
**Character Count:** 26033
**Document Hash:** 0e7624d884a2b6b7ac89def6c1502fa8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001940272-25-000008.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001940272-25-000008

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**EFFECTIVENESS DATE**: 20251114

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADAR1 Capital Management, LLC
- **CENTRAL INDEX KEY:** 0001940272

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-23931
- **FILM NUMBER:** 251484715

**BUSINESS ADDRESS:**
- **STREET 1:** 3503 WILD CHERRY DRIVE
- **STREET 2:** BUILDING 9
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78738
- **BUSINESS PHONE:** 512-254-3790

**MAIL ADDRESS:**
- **STREET 1:** 3503 WILD CHERRY DRIVE
- **STREET 2:** BUILDING 9
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78738

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** ADAR1 Capital Management LLC<br>**Address:** 3503 WILD CHERRY DRIVE<br>BUILDING 9<br>AUSTIN, TX 78738

**Form 13F File Number:** 028-23931

**CRD Number (if applicable):** 000299694

**SEC File Number (if applicable):** 801-130082

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Stephen Scipione<br>**Title:** Chief Compliance Officer<br>**Phone:** 5122543790

**Signature, Place, and Date of Signing:**

Stephen Scipione  Austin, TX  11-14-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 220

**Form 13F Information Table Value Total:** $1064573342

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 4D MOLECULAR THERAPEUTICS IN | COM | 35104E100 |  | 145227 | 16712 | SH |  | SOLE |  | 16712 | 0 | 0 |
| 89BIO INC | COM | 282559103 |  | 31063349 | 2113153 | SH |  | SOLE |  | 2113153 | 0 | 0 |
| A SPAC III ACQUISITION CORP | ORD SHS CL A | G0544A103 |  | 2223100 | 215000 | SH |  | SOLE |  | 215000 | 0 | 0 |
| A SPAC III ACQUISITION CORP | RIGHT 01/02/2026 | G0544A145 |  | 40979 | 215000 | SH |  | SOLE |  | 215000 | 0 | 0 |
| AA MISSION ACQUISITION CORP | ORD SHS CL A | G1000R101 |  | 6084337 | 578359 | SH |  | SOLE |  | 578359 | 0 | 0 |
| AA MISSION ACQUISITION CORP | ORD SHS CL A | G1000R101 |  | 4261536 | 405089 | SH | Call | SOLE |  | 0 | 0 | 0 |
| ABIVAX SA | SPONSORED ADS | 00370M103 |  | 114685127 | 1350826 | SH |  | SOLE |  | 1350826 | 0 | 0 |
| ACHIEVE LIFE SCIENCES INC | COM | 004468500 |  | 150570 | 47800 | SH |  | SOLE |  | 47800 | 0 | 0 |
| ACLARIS THERAPEUTICS INC | COM | 00461U105 |  | 709996 | 373682 | SH |  | SOLE |  | 373682 | 0 | 0 |
| ACUMEN PHARMACEUTICALS INC | COM | 00509G209 |  | 1523923 | 891183 | SH |  | SOLE |  | 891183 | 0 | 0 |
| AGIOS PHARMACEUTICALS INC | COM | 00847X104 |  | 1485180 | 37000 | SH |  | SOLE |  | 37000 | 0 | 0 |
| AGRICULTURE  NAT SOL ACQ CO | SHS CL A | G0131Y100 |  | 295517 | 27062 | SH |  | SOLE |  | 27062 | 0 | 0 |
| AKERO THERAPEUTICS INC | COM | 00973Y108 |  | 291670 | 6143 | SH |  | SOLE |  | 6143 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 639496 | 3578 | SH |  | SOLE |  | 3578 | 0 | 0 |
| ALKERMES PLC | SHS | G01767105 |  | 1686000 | 56200 | SH |  | SOLE |  | 56200 | 0 | 0 |
| ALUMIS INC | COM | 022307102 |  | 244551 | 61291 | SH |  | SOLE |  | 61291 | 0 | 0 |
| AMERICAN EXCEPTIONALISM ACQU | ORD CL A | G0273J101 |  | 546500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| AMYLYX PHARMACEUTICALS INC | COM | 03237H101 |  | 11771685 | 866202 | SH |  | SOLE |  | 866202 | 0 | 0 |
| ANTERIS TECHNOLOGIES GLOBAL | COM | 03675P102 |  | 889268 | 197615 | SH |  | SOLE |  | 197615 | 0 | 0 |
| APELLIS PHARMACEUTICALS INC | COM | 03753U106 |  | 452600 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| ARBUTUS BIOPHARMA CORP | COM | 03879J100 |  | 13180646 | 2903226 | SH |  | SOLE |  | 2903226 | 0 | 0 |
| ARCELLX INC | COMMON STOCK | 03940C100 |  | 2584836 | 31484 | SH |  | SOLE |  | 31484 | 0 | 0 |
| ARROWHEAD PHARMACEUTICALS IN | COM | 04280A100 |  | 1717602 | 49800 | SH |  | SOLE |  | 49800 | 0 | 0 |
| ARS PHARMACEUTICALS INC | COM | 82835W108 |  | 595262 | 59230 | SH |  | SOLE |  | 59230 | 0 | 0 |
| ARVINAS INC | COM | 04335A105 |  | 703675 | 82591 | SH |  | SOLE |  | 82591 | 0 | 0 |
| ASCENDIS PHARMA A/S | SPONSORED ADR | 04351P101 |  | 7225749 | 36345 | SH |  | SOLE |  | 36345 | 0 | 0 |
| ASSEMBLY BIOSCIENCES INC | COM NEW | 045396207 |  | 485043 | 18947 | SH |  | SOLE |  | 18947 | 0 | 0 |
| ASTRIA THERAPEUTICS INC | COM | 04635X102 |  | 1411840 | 193934 | SH |  | SOLE |  | 193934 | 0 | 0 |
| ATAI LIFE SCIENCES NV | SHS | N0731H103 |  | 4831050 | 913242 | SH |  | SOLE |  | 913242 | 0 | 0 |
| ATYR PHARMA INC | COM NEW | 002120202 |  | 61175 | 84800 | SH | Call | SOLE |  | 0 | 0 | 0 |
| ATYR PHARMA INC | COM NEW | 002120202 |  | 126245 | 175000 | SH |  | SOLE |  | 175000 | 0 | 0 |
| ATYR PHARMA INC | COM NEW | 002120202 |  | 70337 | 97500 | SH | Put | SOLE |  | 97500 | 0 | 0 |
| ATYR PHARMA INC | COM NEW | 002120202 |  | 18035 | 25000 | SH | Put | SOLE |  | 25000 | 0 | 0 |
| ATYR PHARMA INC | COM NEW | 002120202 |  | 72140 | 100000 | SH | Put | SOLE |  | 100000 | 0 | 0 |
| AVALO THERAPEUTICS INC | COM NEW | 05338F306 |  | 411715 | 32393 | SH |  | SOLE |  | 32393 | 0 | 0 |
| AVANTOR INC | COM | 05352A100 |  | 312000 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| AVIDITY BIOSCIENCES INC | COM | 05370A108 |  | 2337792 | 53656 | SH |  | SOLE |  | 53656 | 0 | 0 |
| BEST SPAC I ACQUISITION CORP | UNIT 05/27/2030 | G1069P137 |  | 1016000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| BICARA THERAPEUTICS INC | COM | 055477103 |  | 216402 | 13705 | SH |  | SOLE |  | 13705 | 0 | 0 |
| BIOAGE LABS INC | COM | 09077V100 |  | 11054829 | 1880073 | SH |  | SOLE |  | 1880073 | 0 | 0 |
| BIOGEN INC | COM | 09062X103 |  | 2521440 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| BIOHAVEN LTD | COM | G1110E107 |  | 365358 | 24341 | SH |  | SOLE |  | 24341 | 0 | 0 |
| BIOHAVEN LTD | COM | G1110E107 |  | 375250 | 25000 | SH | Call | SOLE |  | 0 | 0 | 0 |
| BIOMARIN PHARMACEUTICAL INC | COM | 09061G101 |  | 265384 | 4900 | SH |  | SOLE |  | 4900 | 0 | 0 |
| BIOMX INC | COM NEW | 09090D301 |  | 40769 | 77656 | SH |  | SOLE |  | 77656 | 0 | 0 |
| BIONTECH SE | SPONSORED ADS | 09075V102 |  | 986200 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| BRIDGEBIO ONCOLOGY THERAPEUT | COM NEW | 107924102 |  | 5804220 | 501228 | SH |  | SOLE |  | 501228 | 0 | 0 |
| BRIDGEBIO PHARMA INC | COM | 10806X102 |  | 14201123 | 273414 | SH |  | SOLE |  | 273414 | 0 | 0 |
| BRIDGEBIO PHARMA INC | NOTE 2.500% 3/1 | 10806XAB8 |  | 2811500 | 20000 | PRN |  | SOLE |  | 20000 | 0 | 0 |
| BRIDGEBIO PHARMA INC | NOTE 2.250% 2/0 | 10806XAD4 |  | 4447125 | 45000 | PRN |  | SOLE |  | 45000 | 0 | 0 |
| BRIGHTHOUSE FINL INC | COM | 10922N103 |  | 530800 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| CASSAVA SCIENCES INC | COM | 14817C107 |  | 235710 | 81000 | SH |  | SOLE |  | 81000 | 0 | 0 |
| CELLDEX THERAPEUTICS INC NEW | COM NEW | 15117B202 |  | 2831265 | 109442 | SH |  | SOLE |  | 109442 | 0 | 0 |
| CENTESSA PHARMACEUTICALS PLC | SPONSORED ADS | 152309100 |  | 1301401 | 53666 | SH |  | SOLE |  | 53666 | 0 | 0 |
| CG ONCOLOGY INC | COM | 156944100 |  | 10026377 | 248917 | SH |  | SOLE |  | 248917 | 0 | 0 |
| CIDARA THERAPEUTICS INC | COM NEW | 171757206 |  | 2060947 | 21522 | SH |  | SOLE |  | 21522 | 0 | 0 |
| CLIMB BIO INC | COM | 28658R106 |  | 268395 | 133530 | SH |  | SOLE |  | 133530 | 0 | 0 |
| CLOVER HEALTH INVESTMENTS CO | COM CL A | 18914F103 |  | 147798 | 48300 | SH |  | SOLE |  | 48300 | 0 | 0 |
| COHEN CIRCLE ACQUISIT CORP I | UNIT 07/01/2030 | G2254C105 |  | 1542000 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| COHERUS ONCOLOGY INC | COM | 19249H103 |  | 17000 | 10366 | SH |  | SOLE |  | 10366 | 0 | 0 |
| COMPASS THERAPEUTICS INC | COM | 20454B104 |  | 175000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| CONTEXT THERAPEUTICS INC | COM | 21077P108 |  | 340140 | 351094 | SH |  | SOLE |  | 351094 | 0 | 0 |
| CONTINEUM THERAPEUTICS INC | CL A | 21217B100 |  | 916042 | 77961 | SH |  | SOLE |  | 77961 | 0 | 0 |
| CORBUS PHARMACEUTICALS HLDGS | COM NEW | 21833P301 |  | 129030 | 10200 | SH |  | SOLE |  | 10200 | 0 | 0 |
| CRINETICS PHARMACEUTICALS IN | COM | 22663K107 |  | 10344527 | 248368 | SH |  | SOLE |  | 248368 | 0 | 0 |
| CYBIN INC | COM NEW | 23256X407 |  | 196007 | 33278 | SH |  | SOLE |  | 33278 | 0 | 0 |
| CYTOKINETICS INC | COM NEW | 23282W605 |  | 28519898 | 518921 | SH |  | SOLE |  | 518921 | 0 | 0 |
| CYTOMX THERAPEUTICS INC | COM | 23284F105 |  | 12904871 | 4045414 | SH |  | SOLE |  | 4045414 | 0 | 0 |
| DAY ONE BIOPHARMACEUTICALS I | COM | 23954D109 |  | 197562 | 28023 | SH |  | SOLE |  | 28023 | 0 | 0 |
| DAYFORCE INC | COM | 15677J108 |  | 688900 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| DELCATH SYS INC | COM NEW | 24661P807 |  | 2412139 | 224385 | SH |  | SOLE |  | 224385 | 0 | 0 |
| DENALI THERAPEUTICS INC | COM | 24823R105 |  | 748012 | 51516 | SH |  | SOLE |  | 51516 | 0 | 0 |
| DYNAVAX TECHNOLOGIES CORP | COM NEW | 268158201 |  | 1688100 | 170000 | SH |  | SOLE |  | 170000 | 0 | 0 |
| DYNE THERAPEUTICS INC | COM | 26818M108 |  | 476437 | 37663 | SH |  | SOLE |  | 37663 | 0 | 0 |
| DYNE THERAPEUTICS INC | COM | 26818M108 |  | 253000 | 20000 | SH | Call | SOLE |  | 0 | 0 | 0 |
| EA SERIES TRUST | ALPHA ARCH 1-3 | 02072L565 |  | 38385053 | 337125 | SH |  | SOLE |  | 337125 | 0 | 0 |
| EDGEWISE THERAPEUTICS INC | COM | 28036F105 |  | 648800 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| ELECTRONIC ARTS INC | COM | 285512109 |  | 995591 | 4936 | SH |  | SOLE |  | 4936 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 763000 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| EQUILLIUM INC | COM | 29446K106 |  | 7950783 | 5559988 | SH |  | SOLE |  | 5559988 | 0 | 0 |
| ESTABLISHMENT LABS HLDGS INC | COM | G31249108 |  | 3717301 | 90688 | SH |  | SOLE |  | 90688 | 0 | 0 |
| FRACTYL HEALTH INC | COM | 35168W103 |  | 20824 | 13097 | SH |  | SOLE |  | 13097 | 0 | 0 |
| FULCRUM THERAPEUTICS INC | COM | 359616109 |  | 3142830 | 341612 | SH |  | SOLE |  | 341612 | 0 | 0 |
| FULCRUM THERAPEUTICS INC | COM | 359616109 |  | 690000 | 75000 | SH | Call | SOLE |  | 0 | 0 | 0 |
| GENERATION BIO CO | COM NEW | 37148K209 |  | 135521 | 22144 | SH |  | SOLE |  | 22144 | 0 | 0 |
| GERON CORP | COM | 374163103 |  | 624961 | 456176 | SH |  | SOLE |  | 456176 | 0 | 0 |
| GLOBA TERRA ACQUISITION COR | UNIT 99/99/9999 | G3933N108 |  | 508500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| GOSSAMER BIO INC | COM | 38341P102 |  | 39713 | 15100 | SH | Call | SOLE |  | 0 | 0 | 0 |
| GOSSAMER BIO INC | COM | 38341P102 |  | 558957 | 212531 | SH |  | SOLE |  | 212531 | 0 | 0 |
| GOSSAMER BIO INC | COM | 38341P102 |  | 105200 | 40000 | SH | Call | SOLE |  | 0 | 0 | 0 |
| GRACE THERAPEUTICS INC | COM | 00439U104 |  | 1043290 | 350450 | SH |  | SOLE |  | 350450 | 0 | 0 |
| GUARDANT HEALTH INC | COM | 40131M109 |  | 374880 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| HARMONY BIOSCIENCES HLDGS IN | COM | 413197104 |  | 282352 | 10245 | SH |  | SOLE |  | 10245 | 0 | 0 |
| IBIO INC | COM NEW | 451033708 |  | 22351 | 27000 | SH |  | SOLE |  | 27000 | 0 | 0 |
| IDEAYA BIOSCIENCES INC | COM | 45166A102 |  | 544200 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| IMMUNOVANT INC | COM | 45258J102 |  | 36137058 | 2241753 | SH |  | SOLE |  | 2241753 | 0 | 0 |
| INFLARX NV | COM | N44821101 |  | 213702 | 159479 | SH |  | SOLE |  | 159479 | 0 | 0 |
| INHIBIKASE THERAPEUTICS INC | COM NEW | 45719W205 |  | 8501117 | 5247603 | SH |  | SOLE |  | 5247603 | 0 | 0 |
| INSPIRE MED SYS INC | COM | 457730109 |  | 445200 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| INTELLIGENT BIO SOLUTIONS IN | COM | 36151G600 |  | 434962 | 426433 | SH |  | SOLE |  | 426433 | 0 | 0 |
| INVIVYD INC | COM | 00534A102 |  | 8108086 | 7370987 | SH |  | SOLE |  | 7370987 | 0 | 0 |
| IONIS PHARMACEUTICALS INC | COM | 462222100 |  | 8754374 | 133818 | SH |  | SOLE |  | 133818 | 0 | 0 |
| IOVANCE BIOTHERAPEUTICS INC | COM | 462260100 |  | 108500 | 50000 | SH | Call | SOLE |  | 0 | 0 | 0 |
| JANUX THERAPEUTICS INC | COM | 47103J105 |  | 8579222 | 351032 | SH |  | SOLE |  | 351032 | 0 | 0 |
| JAZZ PHARMACEUTICALS PLC | SHS USD | G50871105 |  | 329500 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| JD.COM INC | SPON ADS CL A | 47215P106 |  | 349800 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| KALA BIO INC | COM NEW | 483119202 |  | 217252 | 141995 | SH |  | SOLE |  | 141995 | 0 | 0 |
| KALVISTA PHARMACEUTICALS INC | COM | 483497103 |  | 121800 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| KARYOPHARM THERAPEUTICS INC | COM NEW | 48576U205 |  | 163500 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| KEEN VISION ACQUISITION CORP | SHS | G52443119 |  | 863258 | 75000 | SH | Call | SOLE |  | 0 | 0 | 0 |
| KEROS THERAPEUTICS INC | COM | 492327101 |  | 85258156 | 5389264 | SH |  | SOLE |  | 5389264 | 0 | 0 |
| KEZAR LIFE SCIENCES INC | COM NEW | 49372L209 |  | 487371 | 124967 | SH |  | SOLE |  | 124967 | 0 | 0 |
| KINIKSA PHARMACEUTICALS INTL | ORD SHS CL A | G52694109 |  | 2919511 | 75187 | SH |  | SOLE |  | 75187 | 0 | 0 |
| KIORA PHARMACEUTICALS INC | COM | 49721T507 |  | 466876 | 167941 | SH |  | SOLE |  | 167941 | 0 | 0 |
| KORRO BIO INC | COM | 500946108 |  | 1926854 | 40235 | SH |  | SOLE |  | 40235 | 0 | 0 |
| KRYSTAL BIOTECH INC | COM | 501147102 |  | 3269865 | 18523 | SH |  | SOLE |  | 18523 | 0 | 0 |
| KURA ONCOLOGY INC | COM | 50127T109 |  | 486750 | 55000 | SH |  | SOLE |  | 55000 | 0 | 0 |
| LARIMAR THERAPEUTICS INC | COM | 517125100 |  | 761275 | 235689 | SH |  | SOLE |  | 235689 | 0 | 0 |
| LEAP THERAPEUTICS INC | COM NEW | 52187K200 |  | 11727 | 25830 | SH |  | SOLE |  | 25830 | 0 | 0 |
| LENZ THERAPEUTICS INC | COM | 52635N103 |  | 541213 | 11619 | SH |  | SOLE |  | 11619 | 0 | 0 |
| LEXEO THERAPEUTICS INC | COM | 52886X107 |  | 10172168 | 1531953 | SH |  | SOLE |  | 1531953 | 0 | 0 |
| LITE STRATEGY INC | COM | 55279B301 |  | 707601 | 292397 | SH |  | SOLE |  | 292397 | 0 | 0 |
| MADRIGAL PHARMACEUTICALS INC | COM | 558868105 |  | 2245141 | 4895 | SH |  | SOLE |  | 4895 | 0 | 0 |
| MASIMO CORP | COM | 574795100 |  | 2213250 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| MAZE THERAPEUTICS INC | COM | 578784100 |  | 675347 | 26045 | SH |  | SOLE |  | 26045 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 1556062 | 18540 | SH |  | SOLE |  | 18540 | 0 | 0 |
| MERUS N V | COM | N5749R100 |  | 3136419 | 33313 | SH |  | SOLE |  | 33313 | 0 | 0 |
| METSERA INC | COM | 59267L107 |  | 7981424 | 152521 | SH |  | SOLE |  | 152521 | 0 | 0 |
| MINERALYS THERAPEUTICS INC | COM | 603170101 |  | 2966785 | 78238 | SH |  | SOLE |  | 78238 | 0 | 0 |
| MINERVA NEUROSCIENCES INC | COM NEW | 603380205 |  | 26115 | 12406 | SH |  | SOLE |  | 12406 | 0 | 0 |
| MONOPAR THERAPEUTICS INC | COM NEW | 61023L207 |  | 10617018 | 129999 | SH |  | SOLE |  | 129999 | 0 | 0 |
| MONTE ROSA THERAPEUTICS INC | COM | 61225M102 |  | 1598722 | 215752 | SH |  | SOLE |  | 215752 | 0 | 0 |
| MOONLAKE IMMUNOTHERAPEUTICS | CLASS A ORD | 61559X104 |  | 1086219 | 151495 | SH |  | SOLE |  | 151495 | 0 | 0 |
| MOONLAKE IMMUNOTHERAPEUTICS | CLASS A ORD | 61559X104 |  | 121890 | 17000 | SH | Call | SOLE |  | 0 | 0 | 0 |
| MURAL ONCOLOGY PUB LTD CO | ORD SHS | G63365103 |  | 24540 | 11855 | SH |  | SOLE |  | 11855 | 0 | 0 |
| NEKTAR THERAPEUTICS | COM NEW | 640268306 |  | 4097198 | 72007 | SH |  | SOLE |  | 72007 | 0 | 0 |
| NEUROGENE INC | COM | 64135M105 |  | 530870 | 30633 | SH |  | SOLE |  | 30633 | 0 | 0 |
| NEWAMSTERDAM PHARMA COMPANY | ORDINARY SHARES | N62509109 |  | 3252370 | 114359 | SH |  | SOLE |  | 114359 | 0 | 0 |
| NOVOCURE LTD | ORD SHS | G6674U108 |  | 439280 | 34000 | SH |  | SOLE |  | 34000 | 0 | 0 |
| NOVOCURE LTD | ORD SHS | G6674U108 |  | 387600 | 30000 | SH | Call | SOLE |  | 0 | 0 | 0 |
| NURIX THERAPEUTICS INC | COM | 67080M103 |  | 288288 | 31200 | SH |  | SOLE |  | 31200 | 0 | 0 |
| NUVALENT INC | COM | 670703107 |  | 1024096 | 11842 | SH |  | SOLE |  | 11842 | 0 | 0 |
| OAKTREE ACQUISITION CORP III | UNIT 10/04/2029 | G6717R120 |  | 5479874 | 516482 | SH |  | SOLE |  | 516482 | 0 | 0 |
| OLEMA PHARMACEUTICALS INC | COM | 68062P106 |  | 354398 | 36200 | SH |  | SOLE |  | 36200 | 0 | 0 |
| OLEMA PHARMACEUTICALS INC | COM | 68062P106 |  | 244750 | 25000 | SH | Call | SOLE |  | 0 | 0 | 0 |
| OMNIAB INC | COM | 68218J103 |  | 1745005 | 1090628 | SH |  | SOLE |  | 1090628 | 0 | 0 |
| ORGANON  CO | COMMON STOCK | 68622V106 |  | 106800 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| ORUKA THERAPEUTICS INC | COM | 687604108 |  | 400753 | 20840 | SH |  | SOLE |  | 20840 | 0 | 0 |
| OVID THERAPEUTICS INC | COM | 690469101 |  | 16700 | 12846 | SH |  | SOLE |  | 12846 | 0 | 0 |
| PEPGEN INC | COM | 713317105 |  | 170210 | 36842 | SH |  | SOLE |  | 36842 | 0 | 0 |
| PERCEPTIVE CAP SOLUTIONS COR | CL A ORD SHS | G70077105 |  | 7920000 | 750000 | SH |  | SOLE |  | 750000 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 1131312 | 44400 | SH |  | SOLE |  | 44400 | 0 | 0 |
| PHARVARIS N V | COM | N69605108 |  | 851394 | 34124 | SH |  | SOLE |  | 34124 | 0 | 0 |
| PHATHOM PHARMACEUTICALS INC | COM | 71722W107 |  | 504933 | 42900 | SH |  | SOLE |  | 42900 | 0 | 0 |
| PMV PHARMACEUTICALS INC | COM | 69353Y103 |  | 141411 | 101008 | SH |  | SOLE |  | 101008 | 0 | 0 |
| PROCAP ACQUISITION CORP | UNIT 05/16/2030 | G7257A113 |  | 282870 | 26940 | SH |  | SOLE |  | 26940 | 0 | 0 |
| PROQR THRAPEUTICS N V | SHS EURO | N71542109 |  | 21300 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| PROTAGONIST THERAPEUTICS INC | COM | 74366E102 |  | 65711360 | 989182 | SH |  | SOLE |  | 989182 | 0 | 0 |
| PROTARA THERAPEUTICS INC | COM STK | 74365U107 |  | 153220 | 35223 | SH |  | SOLE |  | 35223 | 0 | 0 |
| PROTHENA CORP PLC | SHS | G72800108 |  | 14338396 | 1469098 | SH |  | SOLE |  | 1469098 | 0 | 0 |
| PULMONX CORP | COM | 745848101 |  | 347485 | 214497 | SH |  | SOLE |  | 214497 | 0 | 0 |
| QUINCE THERAPEUTICS INC | COM | 22053A107 |  | 1263305 | 775034 | SH |  | SOLE |  | 775034 | 0 | 0 |
| RAPT THERAPEUTICS INC | COM NEW | 75382E208 |  | 13095414 | 507771 | SH |  | SOLE |  | 507771 | 0 | 0 |
| RECURSION PHARMACEUTICALS IN | CL A | 75629V104 |  | 170800 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 8827639 | 15700 | SH |  | SOLE |  | 15700 | 0 | 0 |
| REGENXBIO INC | COM | 75901B107 |  | 1982197 | 205409 | SH |  | SOLE |  | 205409 | 0 | 0 |
| REPLIMUNE GROUP INC | COM | 76029N106 |  | 4101566 | 978894 | SH |  | SOLE |  | 978894 | 0 | 0 |
| REPLIMUNE GROUP INC | COM | 76029N106 |  | 209500 | 50000 | SH | Call | SOLE |  | 0 | 0 | 0 |
| REVOLUTION MEDICINES INC | COM | 76155X100 |  | 6497651 | 139136 | SH |  | SOLE |  | 139136 | 0 | 0 |
| REZOLUTE INC | COM NEW | 76200L309 |  | 7670165 | 815975 | SH |  | SOLE |  | 815975 | 0 | 0 |
| RHYTHM PHARMACEUTICALS INC | COM | 76243J105 |  | 5006175 | 49571 | SH |  | SOLE |  | 49571 | 0 | 0 |
| ROCKET PHARMACEUTICALS INC | COM | 77313F106 |  | 1877108 | 575800 | SH |  | SOLE |  | 575800 | 0 | 0 |
| ROIVANT SCIENCES LTD | SHS | G76279101 |  | 50647690 | 3347501 | SH |  | SOLE |  | 3347501 | 0 | 0 |
| SAB BIOTHERAPEUTICS INC | COM NEW | 78397T202 |  | 30150 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| SANOFI SA | SPONSORED ADR | 80105N105 |  | 3502806 | 74212 | SH |  | SOLE |  | 74212 | 0 | 0 |
| SAREPTA THERAPEUTICS INC | COM | 803607100 |  | 6740781 | 349807 | SH |  | SOLE |  | 349807 | 0 | 0 |
| SAVARA INC | COM | 805111101 |  | 7098188 | 1988288 | SH |  | SOLE |  | 1988288 | 0 | 0 |
| SCHOLAR ROCK HLDG CORP | COM | 80706P103 |  | 748040 | 20087 | SH |  | SOLE |  | 20087 | 0 | 0 |
| SEPTERNA INC | COM | 81734D104 |  | 22129796 | 1176491 | SH |  | SOLE |  | 1176491 | 0 | 0 |
| SILENCE THERAPEUTICS PLC | ADS | 82686Q101 |  | 96757 | 18643 | SH |  | SOLE |  | 18643 | 0 | 0 |
| SOLENO THERAPEUTICS INC | COM | 834203309 |  | 1705548 | 25230 | SH |  | SOLE |  | 25230 | 0 | 0 |
| SOLIDION TECHNOLOGY INC | COM NEW | 834212201 |  | 62640 | 13500 | SH | Call | SOLE |  | 0 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 30311190 | 45500 | SH | Put | SOLE |  | 45500 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 36429387 | 54684 | SH |  | SOLE |  | 54684 | 0 | 0 |
| SPDR SERIES TRUST | BLOOMBERG 1-3 MO | 78468R663 |  | 12439924 | 135585 | SH |  | SOLE |  | 135585 | 0 | 0 |
| SPDR SERIES TRUST | S BIOTECH | 78464A870 |  | 4008000 | 40000 | SH | Put | SOLE |  | 40000 | 0 | 0 |
| SPERO THERAPEUTICS INC | COM | 84833T103 |  | 217213 | 115539 | SH |  | SOLE |  | 115539 | 0 | 0 |
| SPYRE THERAPEUTICS INC | COM NEW | 00773J202 |  | 570695 | 34051 | SH |  | SOLE |  | 34051 | 0 | 0 |
| STRUCTURE THERAPEUTICS INC | SPONSORED ADS | 86366E106 |  | 425600 | 15200 | SH |  | SOLE |  | 15200 | 0 | 0 |
| SUMMIT THERAPEUTICS INC | COM | 86627T108 |  | 2127340 | 102969 | SH |  | SOLE |  | 102969 | 0 | 0 |
| SUPERNUS PHARMACEUTICALS INC | COM | 868459108 |  | 689036 | 14418 | SH |  | SOLE |  | 14418 | 0 | 0 |
| SURGERY PARTNERS INC | COM | 86881A100 |  | 432800 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| TAYSHA GENE THERAPIES INC | COM SHS | 877619106 |  | 9272674 | 2835680 | SH |  | SOLE |  | 2835680 | 0 | 0 |
| TECTONIC THERAPEUTIC INC | COM | 878972108 |  | 878750 | 56007 | SH |  | SOLE |  | 56007 | 0 | 0 |
| TENAX THERAPEUTICS INC | COM NEW | 88032L605 |  | 406587 | 53428 | SH |  | SOLE |  | 53428 | 0 | 0 |
| TERNS PHARMACEUTICALS INC | COM | 880881107 |  | 75100 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| TEVA PHARMACEUTICAL INDS LTD | SPONSORED ADS | 881624209 |  | 5409883 | 267816 | SH |  | SOLE |  | 267816 | 0 | 0 |
| THERAPEUTICSMD INC | COM NEW | 88338N206 |  | 224901 | 209210 | SH |  | SOLE |  | 209210 | 0 | 0 |
| ULTRAGENYX PHARMACEUTICAL IN | COM | 90400D108 |  | 270720 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| UNIQURE NV | SHS | N90064101 |  | 7781655 | 133316 | SH |  | SOLE |  | 133316 | 0 | 0 |
| UNIQURE NV | SHS | N90064101 |  | 11674000 | 200000 | SH | Call | SOLE |  | 0 | 0 | 0 |
| UNITED THERAPEUTICS CORP DEL | COM | 91307C102 |  | 4695152 | 11200 | SH |  | SOLE |  | 11200 | 0 | 0 |
| UROGEN PHARMA LTD | COM | M96088105 |  | 698250 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| UROGEN PHARMA LTD | COM | M96088105 |  | 798000 | 40000 | SH | Call | SOLE |  | 0 | 0 | 0 |
| VAXCYTE INC | COM | 92243G108 |  | 7674565 | 213064 | SH |  | SOLE |  | 213064 | 0 | 0 |
| VENTYX BIOSCIENCES INC | COM | 92332V107 |  | 253776 | 81600 | SH |  | SOLE |  | 81600 | 0 | 0 |
| VERONA PHARMA PLC | SPONSORED ADS | 925050106 |  | 5490230 | 51450 | SH |  | SOLE |  | 51450 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 2741480 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| VIKING THERAPEUTICS INC | COM | 92686J106 |  | 4623151 | 175919 | SH |  | SOLE |  | 175919 | 0 | 0 |
| VIRIDIAN THERAPEUTICS INC | COM | 92790C104 |  | 2194772 | 101704 | SH |  | SOLE |  | 101704 | 0 | 0 |
| VISTAGEN THERAPEUTICS INC | COM | 92840H400 |  | 401370 | 113062 | SH |  | SOLE |  | 113062 | 0 | 0 |
| VOYAGER THERAPEUTICS INC | COM | 92915B106 |  | 163450 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| WAVE LIFE SCIENCES LTD | SHS | Y95308105 |  | 871570 | 119067 | SH |  | SOLE |  | 119067 | 0 | 0 |
| WISDOMTREE TR | FLOATNG RAT TREA | 97717Y527 |  | 502700 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| WW INTL INC | COM NEW | 98262P200 |  | 1435032 | 52450 | SH |  | SOLE |  | 52450 | 0 | 0 |
| XENCOR INC | COM | 98401F105 |  | 1511586 | 128865 | SH |  | SOLE |  | 128865 | 0 | 0 |
| XENON PHARMACEUTICALS INC | COM | 98420N105 |  | 7592285 | 189098 | SH |  | SOLE |  | 189098 | 0 | 0 |
| ZAI LAB LTD | ADR | 98887Q104 |  | 29442954 | 868780 | SH |  | SOLE |  | 868780 | 0 | 0 |
| ZENTALIS PHARMACEUTICALS INC | COM | 98943L107 |  | 75500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| ZURA BIO LTD | CLASS A ORD SHS | G9TY5A101 |  | 2823827 | 652154 | SH |  | SOLE |  | 652154 | 0 | 0 |

---