# EDGAR Filing Document

**Accession Number:** 0001940272
**File Stem:** 0001940272-25-000005
**Filing Date:** 2025-8
**Character Count:** 25055
**Document Hash:** 9b0f5790906dff623101755acec78c0f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001940272-25-000005.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001940272-25-000005

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**EFFECTIVENESS DATE**: 20250814

**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:** 251216852

**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:** 06-30-2025

**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  08-14-2025<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:** 210

**Form 13F Information Table Value Total:** $652087677

      (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 |
| 89BIO INC | COM | 282559103 |  | 8602153 | 875983 | SH |  | SOLE |  | 875983 | 0 | 0 |
| A SPAC III ACQUISITION CORP | ORD SHS CL A | G0544A103 |  | 2203750 | 215000 | SH |  | SOLE |  | 215000 | 0 | 0 |
| A SPAC III ACQUISITION CORP | RIGHT 01/02/2026 | G0544A145 |  | 36550 | 215000 | SH |  | SOLE |  | 215000 | 0 | 0 |
| AA MISSION ACQUISITION CORP | ORD SHS CL A | G1000R101 |  | 6026501 | 578359 | SH |  | SOLE |  | 578359 | 0 | 0 |
| AA MISSION ACQUISITION CORP | *W EXP 08/01/203 | G1000R127 |  | 49702 | 505099 | SH |  | SOLE |  | 0 | 0 | 0 |
| ABIVAX SA | SPONSORED ADS | 00370M103 |  | 23495751 | 3071340 | SH |  | SOLE |  | 3071340 | 0 | 0 |
| ACHIEVE LIFE SCIENCES INC | COM | 004468500 |  | 97571 | 43173 | SH |  | SOLE |  | 43173 | 0 | 0 |
| ACUMEN PHARMACEUTICALS INC | COM | 00509G209 |  | 1062772 | 916183 | SH |  | SOLE |  | 916183 | 0 | 0 |
| AGIOS PHARMACEUTICALS INC | COM | 00847X104 |  | 1194034 | 35900 | SH |  | SOLE |  | 35900 | 0 | 0 |
| AGRICULTURE  NAT SOL ACQ CO | SHS CL A | G0131Y100 |  | 293623 | 27062 | SH |  | SOLE |  | 27062 | 0 | 0 |
| AKERO THERAPEUTICS INC | COM | 00973Y108 |  | 1768510 | 33143 | SH |  | SOLE |  | 33143 | 0 | 0 |
| ALDEYRA THERAPEUTICS INC | COM | 01438T106 |  | 957194 | 249920 | SH |  | SOLE |  | 249920 | 0 | 0 |
| ALECTOR INC | COM | 014442107 |  | 2412936 | 1723526 | SH |  | SOLE |  | 1723526 | 0 | 0 |
| ALKERMES PLC | SHS | G01767105 |  | 1287450 | 45000 | SH |  | SOLE |  | 45000 | 0 | 0 |
| ALUMIS INC | COM | 022307102 |  | 113364 | 37788 | SH |  | SOLE |  | 37788 | 0 | 0 |
| AMYLYX PHARMACEUTICALS INC | COM | 03237H101 |  | 7724697 | 1205101 | SH |  | SOLE |  | 1205101 | 0 | 0 |
| ANAVEX LIFE SCIENCES CORP | COM NEW | 032797300 |  | 149558 | 16221 | SH |  | SOLE |  | 16221 | 0 | 0 |
| ANTERIS TECHNOLOGIES GLOBAL | COM | 03675P102 |  | 2014442 | 531515 | SH |  | SOLE |  | 531515 | 0 | 0 |
| APELLIS PHARMACEUTICALS INC | COM | 03753U106 |  | 294270 | 17000 | SH |  | SOLE |  | 17000 | 0 | 0 |
| APOGEE THERAPEUTICS INC | COM | 03770N101 |  | 784780 | 18070 | SH |  | SOLE |  | 18070 | 0 | 0 |
| ARBUTUS BIOPHARMA CORP | COM | 03879J100 |  | 8731639 | 2825773 | SH |  | SOLE |  | 2825773 | 0 | 0 |
| ARCELLX INC | COMMON STOCK | 03940C100 |  | 919398 | 13962 | SH |  | SOLE |  | 13962 | 0 | 0 |
| ARDELYX INC | COM | 039697107 |  | 3587310 | 915130 | SH |  | SOLE |  | 915130 | 0 | 0 |
| ARGENX SE | SPONSORED ADR | 04016X101 |  | 969596 | 1759 | SH |  | SOLE |  | 1759 | 0 | 0 |
| ARROWHEAD PHARMACEUTICALS IN | COM | 04280A100 |  | 872160 | 55200 | SH |  | SOLE |  | 55200 | 0 | 0 |
| ARVINAS INC | COM | 04335A105 |  | 947725 | 128767 | SH |  | SOLE |  | 128767 | 0 | 0 |
| ASCENDIS PHARMA A/S | SPONSORED ADR | 04351P101 |  | 241985 | 1402 | SH |  | SOLE |  | 1402 | 0 | 0 |
| ASTRIA THERAPEUTICS INC | COM | 04635X102 |  | 1338103 | 249646 | SH |  | SOLE |  | 249646 | 0 | 0 |
| ATYR PHARMA INC | COM NEW | 002120202 |  | 253500 | 50000 | SH | Put | SOLE |  | 50000 | 0 | 0 |
| AURINIA PHARMACEUTICALS INC | COM | 05156V102 |  | 84700 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| AVALO THERAPEUTICS INC | COM NEW | 05338F306 |  | 522603 | 104730 | SH |  | SOLE |  | 104730 | 0 | 0 |
| AVANTOR INC | COM | 05352A100 |  | 134600 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| BEST SPAC I ACQUISITION CORP | UNIT 05/27/2030 | G1069P137 |  | 1004000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| BICARA THERAPEUTICS INC | COM | 055477103 |  | 212509 | 22875 | SH |  | SOLE |  | 22875 | 0 | 0 |
| BIOAGE LABS INC | COM | 09077V100 |  | 8000318 | 1937123 | SH |  | SOLE |  | 1937123 | 0 | 0 |
| BIOATLA INC | COM | 09077B104 |  | 67520 | 170506 | SH |  | SOLE |  | 170506 | 0 | 0 |
| BIOGEN INC | COM | 09062X103 |  | 640509 | 5100 | SH |  | SOLE |  | 5100 | 0 | 0 |
| BIOHAVEN LTD | COM | G1110E107 |  | 456332 | 32341 | SH |  | SOLE |  | 32341 | 0 | 0 |
| BIOHAVEN LTD | COM | G1110E107 |  | 352750 | 25000 | SH | Call | SOLE |  | 0 | 0 | 0 |
| BIOMARIN PHARMACEUTICAL INC | COM | 09061G101 |  | 269353 | 4900 | SH |  | SOLE |  | 4900 | 0 | 0 |
| BIOMX INC | COM NEW | 09090D301 |  | 134819 | 299598 | SH |  | SOLE |  | 299598 | 0 | 0 |
| BLUEPRINT MEDICINES CORP | COM | 09627Y109 |  | 1922700 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| BOLT BIOTHERAPEUTICS INC | COM NEW | 097702203 |  | 62449 | 10823 | SH |  | SOLE |  | 10823 | 0 | 0 |
| BRIDGEBIO PHARMA INC | COM | 10806X102 |  | 11212076 | 259659 | SH |  | SOLE |  | 259659 | 0 | 0 |
| BRIDGEBIO PHARMA INC | NOTE 2.500% 3/1 | 10806XAB8 |  | 2487200 | 2000000 | PRN |  | SOLE |  | 2000000 | 0 | 0 |
| BRIDGEBIO PHARMA INC | NOTE 2.250% 2/0 | 10806XAD4 |  | 4189500 | 4500000 | PRN |  | SOLE |  | 4500000 | 0 | 0 |
| CASI PHARMACEUTICALS INC | ORD SHS | G1933S101 |  | 52062 | 44120 | SH |  | SOLE |  | 44120 | 0 | 0 |
| CELLDEX THERAPEUTICS INC NEW | COM NEW | 15117B202 |  | 1169433 | 57466 | SH |  | SOLE |  | 57466 | 0 | 0 |
| CENTESSA PHARMACEUTICALS PLC | SPONSORED ADS | 152309100 |  | 3899505 | 296766 | SH |  | SOLE |  | 296766 | 0 | 0 |
| CG ONCOLOGY INC | COM | 156944100 |  | 13603616 | 523216 | SH |  | SOLE |  | 523216 | 0 | 0 |
| CIDARA THERAPEUTICS INC | COM NEW | 171757206 |  | 1048337 | 21522 | SH |  | SOLE |  | 21522 | 0 | 0 |
| CLIMB BIO INC | COM | 28658R106 |  | 147957 | 119320 | SH |  | SOLE |  | 119320 | 0 | 0 |
| CLOVER HEALTH INVESTMENTS CO | COM CL A | 18914F103 |  | 134757 | 48300 | SH |  | SOLE |  | 48300 | 0 | 0 |
| COHERUS ONCOLOGY INC | COM | 19249H103 |  | 7581 | 10366 | SH |  | SOLE |  | 10366 | 0 | 0 |
| COLOMBIER ACQUISITION CORP I | COM SHS CL A | G2283U100 |  | 154600 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| COMPASS THERAPEUTICS INC | COM | 20454B104 |  | 65000 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| CONNECT BIOPHARMA HLDGS LTD | ADS | 207523101 |  | 10094 | 10300 | SH |  | SOLE |  | 10300 | 0 | 0 |
| CONTEXT THERAPEUTICS INC | COM | 21077P108 |  | 230037 | 351094 | SH |  | SOLE |  | 351094 | 0 | 0 |
| CONTINEUM THERAPEUTICS INC | CL A | 21217B100 |  | 662192 | 166799 | SH |  | SOLE |  | 166799 | 0 | 0 |
| CORMEDIX INC | COM | 21900C308 |  | 2156000 | 175000 | SH |  | SOLE |  | 175000 | 0 | 0 |
| CRINETICS PHARMACEUTICALS IN | COM | 22663K107 |  | 1527875 | 53125 | SH |  | SOLE |  | 53125 | 0 | 0 |
| CYTOKINETICS INC | COM NEW | 23282W605 |  | 19234137 | 582147 | SH |  | SOLE |  | 582147 | 0 | 0 |
| CYTOMX THERAPEUTICS INC | COM | 23284F105 |  | 6994810 | 3081414 | SH |  | SOLE |  | 3081414 | 0 | 0 |
| DAY ONE BIOPHARMACEUTICALS I | COM | 23954D109 |  | 182150 | 28023 | SH |  | SOLE |  | 28023 | 0 | 0 |
| DELCATH SYS INC | COM NEW | 24661P807 |  | 2031636 | 149385 | SH |  | SOLE |  | 149385 | 0 | 0 |
| DENALI THERAPEUTICS INC | COM | 24823R105 |  | 499667 | 35716 | SH |  | SOLE |  | 35716 | 0 | 0 |
| DESIGN THERAPEUTICS INC | COM | 25056L103 |  | 142915 | 42408 | SH |  | SOLE |  | 42408 | 0 | 0 |
| DYNAVAX TECHNOLOGIES CORP | COM NEW | 268158201 |  | 1686400 | 170000 | SH |  | SOLE |  | 170000 | 0 | 0 |
| DYNE THERAPEUTICS INC | COM | 26818M108 |  | 219560 | 23063 | SH |  | SOLE |  | 23063 | 0 | 0 |
| DYNE THERAPEUTICS INC | COM | 26818M108 |  | 190400 | 20000 | SH | Call | SOLE |  | 0 | 0 | 0 |
| EA SERIES TRUST | ALPHA ARCH 1-3 | 02072L565 |  | 37987245 | 337125 | SH |  | SOLE |  | 337125 | 0 | 0 |
| EDGEWISE THERAPEUTICS INC | COM | 28036F105 |  | 524400 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| ELEDON PHARMACEUTICALS INC | COM | 28617K101 |  | 45799 | 16900 | SH |  | SOLE |  | 16900 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 389765 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| EMBRACE CHANGE ACQUISITN COR | RIGHT 10/25/2026 | G3034H141 |  | 1501 | 13144 | SH |  | SOLE |  | 13144 | 0 | 0 |
| EMBRACE CHANGE ACQUISITN COR | *W EXP 10/25/202 | G3034H125 |  | 360 | 18000 | SH |  | SOLE |  | 0 | 0 | 0 |
| ENGENE HOLDINGS INC | COM | 29286M105 |  | 101145 | 27787 | SH |  | SOLE |  | 27787 | 0 | 0 |
| ESSA PHARMA INC | COM NEW | 29668H708 |  | 85000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| ESTABLISHMENT LABS HLDGS INC | COM | G31249108 |  | 1067750 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| FULCRUM THERAPEUTICS INC | COM | 359616109 |  | 367041 | 53349 | SH |  | SOLE |  | 53349 | 0 | 0 |
| GERON CORP | COM | 374163103 |  | 622058 | 441176 | SH |  | SOLE |  | 441176 | 0 | 0 |
| GOSSAMER BIO INC | COM | 38341P102 |  | 279490 | 227228 | SH |  | SOLE |  | 227228 | 0 | 0 |
| GRACE THERAPEUTICS INC | COM | 00439U104 |  | 524582 | 176627 | SH |  | SOLE |  | 176627 | 0 | 0 |
| HELIX ACQUISITION CORP II | CL A ORD SHS | G4444H101 |  | 4700571 | 442615 | SH |  | SOLE |  | 442615 | 0 | 0 |
| IBIO INC | COM NEW | 451033708 |  | 41832 | 54819 | SH |  | SOLE |  | 54819 | 0 | 0 |
| IMMUNOVANT INC | COM | 45258J102 |  | 8561056 | 535066 | SH |  | SOLE |  | 535066 | 0 | 0 |
| INHIBIKASE THERAPEUTICS INC | COM NEW | 45719W205 |  | 9988105 | 5122105 | SH |  | SOLE |  | 5122105 | 0 | 0 |
| INMUNE BIO INC | COM | 45782T105 |  | 300762 | 130200 | SH | Put | SOLE |  | 130200 | 0 | 0 |
| INOZYME PHARMA INC | COM | 45790W108 |  | 148644 | 37161 | SH |  | SOLE |  | 37161 | 0 | 0 |
| IONIS PHARMACEUTICALS INC | COM | 462222100 |  | 5865694 | 148461 | SH |  | SOLE |  | 148461 | 0 | 0 |
| IRON HORSE ACQUISITIONS CORP | COM | 462837105 |  | 258125 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| IRON HORSE ACQUISITIONS CORP | RIGHT 99/99/9999 | 462837121 |  | 6140 | 12320 | SH |  | SOLE |  | 12320 | 0 | 0 |
| ISHARES TR | 1 3 YR TREAS BD | 464287457 |  | 4419504 | 53337 | SH |  | SOLE |  | 53337 | 0 | 0 |
| ITEOS THERAPEUTICS INC | COM | 46565G104 |  | 268562 | 26937 | SH |  | SOLE |  | 26937 | 0 | 0 |
| JANUX THERAPEUTICS INC | COM | 47103J105 |  | 1434233 | 62088 | SH |  | SOLE |  | 62088 | 0 | 0 |
| JANUX THERAPEUTICS INC | COM | 47103J105 |  | 6119190 | 264900 | SH | Call | SOLE |  | 0 | 0 | 0 |
| JAZZ PHARMACEUTICALS PLC | SHS USD | G50871105 |  | 291830 | 2750 | SH |  | SOLE |  | 2750 | 0 | 0 |
| JVSPAC ACQUISITION CORP | RIGHT 11/26/2026 | G5212E113 |  | 20880 | 24000 | SH |  | SOLE |  | 24000 | 0 | 0 |
| KALA BIO INC | COM NEW | 483119202 |  | 713191 | 149830 | SH |  | SOLE |  | 149830 | 0 | 0 |
| KALVISTA PHARMACEUTICALS INC | COM | 483497103 |  | 113050 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| KEEN VISION ACQUISITION CORP | SHS | G52443119 |  | 852750 | 75000 | SH |  | SOLE |  | 75000 | 0 | 0 |
| KEEN VISION ACQUISITION CORP | *W EXP 03/15/202 | G52443127 |  | 4050 | 75000 | SH |  | SOLE |  | 0 | 0 | 0 |
| KEROS THERAPEUTICS INC | COM | 492327101 |  | 71946674 | 5389264 | SH |  | SOLE |  | 5389264 | 0 | 0 |
| KEZAR LIFE SCIENCES INC | COM NEW | 49372L209 |  | 675110 | 147404 | SH |  | SOLE |  | 147404 | 0 | 0 |
| KINIKSA PHARMACEUTICALS INTL | ORD SHS CL A | G52694109 |  | 1564462 | 56540 | SH |  | SOLE |  | 56540 | 0 | 0 |
| KIORA PHARMACEUTICALS INC | COM | 49721T507 |  | 481280 | 167111 | SH |  | SOLE |  | 167111 | 0 | 0 |
| KORRO BIO INC | COM | 500946108 |  | 859499 | 68815 | SH |  | SOLE |  | 68815 | 0 | 0 |
| KURA ONCOLOGY INC | COM | 50127T109 |  | 197911 | 34300 | SH |  | SOLE |  | 34300 | 0 | 0 |
| KYMERA THERAPEUTICS INC | COM | 501575104 |  | 583292 | 13366 | SH |  | SOLE |  | 13366 | 0 | 0 |
| LARIMAR THERAPEUTICS INC | COM | 517125100 |  | 686678 | 237605 | SH |  | SOLE |  | 237605 | 0 | 0 |
| LEAP THERAPEUTICS INC | COM NEW | 52187K200 |  | 11854 | 39925 | SH |  | SOLE |  | 39925 | 0 | 0 |
| LEXEO THERAPEUTICS INC | COM | 52886X107 |  | 583338 | 145109 | SH |  | SOLE |  | 145109 | 0 | 0 |
| MADRIGAL PHARMACEUTICALS INC | COM | 558868105 |  | 318983 | 1054 | SH |  | SOLE |  | 1054 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 557286 | 7040 | SH |  | SOLE |  | 7040 | 0 | 0 |
| MERUS N V | COM | N5749R100 |  | 963264 | 18313 | SH |  | SOLE |  | 18313 | 0 | 0 |
| MINERALYS THERAPEUTICS INC | COM | 603170101 |  | 4087751 | 302125 | SH |  | SOLE |  | 302125 | 0 | 0 |
| MINERVA NEUROSCIENCES INC | COM NEW | 603380205 |  | 21338 | 12406 | SH |  | SOLE |  | 12406 | 0 | 0 |
| MONOPAR THERAPEUTICS INC | COM NEW | 61023L207 |  | 3612850 | 100974 | SH |  | SOLE |  | 100974 | 0 | 0 |
| MOONLAKE IMMUNOTHERAPEUTICS | CLASS A ORD | 61559X104 |  | 1619621 | 34314 | SH |  | SOLE |  | 34314 | 0 | 0 |
| MOVANO INC | COM NEW | 62459M206 |  | 13019 | 19146 | SH |  | SOLE |  | 19146 | 0 | 0 |
| MURAL ONCOLOGY PUB LTD CO | ORD SHS | G63365103 |  | 29282 | 11855 | SH |  | SOLE |  | 11855 | 0 | 0 |
| NABORS ENERGY TRANSITION COR | CL A | G6363K106 |  | 442890 | 39900 | SH |  | SOLE |  | 39900 | 0 | 0 |
| NATERA INC | COM | 632307104 |  | 422350 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| NEKTAR THERAPEUTICS | COM NEW | 640268306 |  | 408169 | 15796 | SH |  | SOLE |  | 15796 | 0 | 0 |
| NEKTAR THERAPEUTICS | COM NEW | 640268306 |  | 904400 | 35000 | SH | Put | SOLE |  | 35000 | 0 | 0 |
| NEUROGENE INC | COM | 64135M105 |  | 442894 | 29625 | SH |  | SOLE |  | 29625 | 0 | 0 |
| NEWAMSTERDAM PHARMA COMPANY | ORDINARY SHARES | N62509109 |  | 2034821 | 112359 | SH |  | SOLE |  | 112359 | 0 | 0 |
| NEXTCURE INC | COM | 65343E108 |  | 54286 | 118012 | SH |  | SOLE |  | 118012 | 0 | 0 |
| NURIX THERAPEUTICS INC | COM | 67080M103 |  | 355368 | 31200 | SH |  | SOLE |  | 31200 | 0 | 0 |
| NUVALENT INC | COM | 670703107 |  | 903545 | 11842 | SH |  | SOLE |  | 11842 | 0 | 0 |
| OAKTREE ACQUISITION CORP III | UNIT 10/04/2029 | G6717R120 |  | 5479874 | 516482 | SH |  | SOLE |  | 516482 | 0 | 0 |
| OMNIAB INC | COM | 68218J103 |  | 567428 | 326108 | SH |  | SOLE |  | 326108 | 0 | 0 |
| ONKURE THERAPEUTICS INC | COM CL A | 68277Q105 |  | 23900 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| ORGANON  CO | COMMON STOCK | 68622V106 |  | 96800 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| ORUKA THERAPEUTICS INC | COM | 687604108 |  | 1600564 | 142780 | SH |  | SOLE |  | 142780 | 0 | 0 |
| OVID THERAPEUTICS INC | COM | 690469101 |  | 38225 | 115867 | SH |  | SOLE |  | 115867 | 0 | 0 |
| PEPGEN INC | COM | 713317105 |  | 22591 | 20352 | SH |  | SOLE |  | 20352 | 0 | 0 |
| PERCEPTIVE CAP SOLUTIONS COR | CL A ORD SHS | G70077105 |  | 7965000 | 750000 | SH |  | SOLE |  | 750000 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 955056 | 39400 | SH |  | SOLE |  | 39400 | 0 | 0 |
| PHARVARIS N V | COM | N69605108 |  | 600582 | 34124 | SH |  | SOLE |  | 34124 | 0 | 0 |
| PHATHOM PHARMACEUTICALS INC | COM | 71722W107 |  | 608236 | 63424 | SH |  | SOLE |  | 63424 | 0 | 0 |
| PLIANT THERAPEUTICS INC | COM | 729139105 |  | 95339 | 82189 | SH |  | SOLE |  | 82189 | 0 | 0 |
| PMV PHARMACEUTICALS INC | COM | 69353Y103 |  | 107068 | 101008 | SH |  | SOLE |  | 101008 | 0 | 0 |
| POLYPID LTD | COM | M8001Q126 |  | 366944 | 103950 | SH |  | SOLE |  | 103950 | 0 | 0 |
| PROCAP ACQUISITION CORP | UNIT 05/16/2030 | G7257A113 |  | 114490 | 10680 | SH |  | SOLE |  | 10680 | 0 | 0 |
| PROQR THRAPEUTICS N V | SHS EURO | N71542109 |  | 20400 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| PROTAGONIST THERAPEUTICS INC | COM | 74366E102 |  | 52399774 | 948069 | SH |  | SOLE |  | 948069 | 0 | 0 |
| PROTARA THERAPEUTICS INC | COM STK | 74365U107 |  | 371751 | 122690 | SH |  | SOLE |  | 122690 | 0 | 0 |
| PROTHENA CORP PLC | SHS | G72800108 |  | 20486305 | 3375009 | SH |  | SOLE |  | 3375009 | 0 | 0 |
| PULMONX CORP | COM | 745848101 |  | 529647 | 204497 | SH |  | SOLE |  | 204497 | 0 | 0 |
| QUINCE THERAPEUTICS INC | COM | 22053A107 |  | 235881 | 142958 | SH |  | SOLE |  | 142958 | 0 | 0 |
| RAPT THERAPEUTICS INC | COM NEW | 75382E208 |  | 6265736 | 783217 | SH |  | SOLE |  | 783217 | 0 | 0 |
| RECURSION PHARMACEUTICALS IN | CL A | 75629V104 |  | 177100 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 1764525 | 3361 | SH |  | SOLE |  | 3361 | 0 | 0 |
| REGENXBIO INC | COM | 75901B107 |  | 1706186 | 207818 | SH |  | SOLE |  | 207818 | 0 | 0 |
| RELMADA THERAPEUTICS INC | COM | 75955J402 |  | 78039 | 130000 | SH |  | SOLE |  | 130000 | 0 | 0 |
| RENOVORX INC | COM NEW | 75989R107 |  | 26154 | 19889 | SH |  | SOLE |  | 19889 | 0 | 0 |
| REPLIMUNE GROUP INC | COM | 76029N106 |  | 96616 | 10400 | SH |  | SOLE |  | 10400 | 0 | 0 |
| REVOLUTION MEDICINES INC | COM | 76155X100 |  | 4934863 | 134136 | SH |  | SOLE |  | 134136 | 0 | 0 |
| REZOLUTE INC | COM NEW | 76200L309 |  | 4412265 | 989297 | SH |  | SOLE |  | 989297 | 0 | 0 |
| RHYTHM PHARMACEUTICALS INC | COM | 76243J105 |  | 2868194 | 45390 | SH |  | SOLE |  | 45390 | 0 | 0 |
| ROCKET PHARMACEUTICALS INC | COM | 77313F106 |  | 675710 | 275800 | SH |  | SOLE |  | 275800 | 0 | 0 |
| ROIVANT SCIENCES LTD | SHS | G76279101 |  | 21872782 | 1940797 | SH |  | SOLE |  | 1940797 | 0 | 0 |
| SAGE THERAPEUTICS INC | COM | 78667J108 |  | 6580983 | 721599 | SH |  | SOLE |  | 721599 | 0 | 0 |
| SANOFI | SPONSORED ADR | 80105N105 |  | 483100 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| SAREPTA THERAPEUTICS INC | COM | 803607100 |  | 3596352 | 210313 | SH |  | SOLE |  | 210313 | 0 | 0 |
| SAREPTA THERAPEUTICS INC | COM | 803607100 |  | 940500 | 55000 | SH | Call | SOLE |  | 0 | 0 | 0 |
| SAVARA INC | COM | 805111101 |  | 8209528 | 3600670 | SH |  | SOLE |  | 3600670 | 0 | 0 |
| SCHOLAR ROCK HLDG CORP | COM | 80706P103 |  | 1405359 | 39677 | SH |  | SOLE |  | 39677 | 0 | 0 |
| SEPTERNA INC | COM | 81734D104 |  | 8955189 | 847227 | SH |  | SOLE |  | 847227 | 0 | 0 |
| SHATTUCK LABS INC | COM | 82024L103 |  | 81514 | 102948 | SH |  | SOLE |  | 102948 | 0 | 0 |
| SILENCE THERAPEUTICS PLC | ADS | 82686Q101 |  | 108129 | 18643 | SH |  | SOLE |  | 18643 | 0 | 0 |
| SOLENO THERAPEUTICS INC | COM | 834203309 |  | 1451907 | 17330 | SH |  | SOLE |  | 17330 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 14015309 | 22684 | SH |  | SOLE |  | 22684 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 25022925 | 40500 | SH | Put | SOLE |  | 40500 | 0 | 0 |
| SPDR SERIES TRUST | BLOOMBERG 1-3 MO | 78468R663 |  | 12437212 | 135585 | SH |  | SOLE |  | 135585 | 0 | 0 |
| SPERO THERAPEUTICS INC | COM | 84833T103 |  | 417359 | 143917 | SH |  | SOLE |  | 143917 | 0 | 0 |
| SPRINGWORKS THERAPEUTICS INC | COM | 85205L107 |  | 1131613 | 24082 | SH |  | SOLE |  | 24082 | 0 | 0 |
| SPYRE THERAPEUTICS INC | COM NEW | 00773J202 |  | 509743 | 34051 | SH |  | SOLE |  | 34051 | 0 | 0 |
| STOKE THERAPEUTICS INC | COM | 86150R107 |  | 309685 | 27285 | SH |  | SOLE |  | 27285 | 0 | 0 |
| STRUCTURE THERAPEUTICS INC | SPONSORED ADS | 86366E106 |  | 311100 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| SUMMIT THERAPEUTICS INC | COM | 86627T108 |  | 255360 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| SUMMIT THERAPEUTICS INC | COM | 86627T108 |  | 2128000 | 100000 | SH | Call | SOLE |  | 0 | 0 | 0 |
| SURGERY PARTNERS INC | COM | 86881A100 |  | 889200 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| SYNDAX PHARMACEUTICALS INC | COM | 87164F105 |  | 93650 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| TAYSHA GENE THERAPIES INC | COM SHS | 877619106 |  | 6952800 | 3009870 | SH |  | SOLE |  | 3009870 | 0 | 0 |
| TECTONIC THERAPEUTIC INC | COM | 878972108 |  | 1460544 | 73505 | SH |  | SOLE |  | 73505 | 0 | 0 |
| TENAX THERAPEUTICS INC | COM NEW | 88032L605 |  | 896008 | 155557 | SH |  | SOLE |  | 155557 | 0 | 0 |
| TERNS PHARMACEUTICALS INC | COM | 880881107 |  | 105988 | 28415 | SH |  | SOLE |  | 28415 | 0 | 0 |
| TEVA PHARMACEUTICAL INDS LTD | SPONSORED ADS | 881624209 |  | 5796915 | 345878 | SH |  | SOLE |  | 345878 | 0 | 0 |
| THERAPEUTICSMD INC | COM NEW | 88338N206 |  | 242684 | 209210 | SH |  | SOLE |  | 209210 | 0 | 0 |
| THIRD HARMONIC BIO INC | COM | 88427A107 |  | 3382200 | 622873 | SH |  | SOLE |  | 622873 | 0 | 0 |
| TREVI THERAPEUTICS INC | COM | 89532M101 |  | 164100 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| UROGEN PHARMA LTD | COM | M96088105 |  | 137000 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| VAXCYTE INC | COM | 92243G108 |  | 3187020 | 98032 | SH |  | SOLE |  | 98032 | 0 | 0 |
| VENTYX BIOSCIENCES INC | COM | 92332V107 |  | 360804 | 168600 | SH |  | SOLE |  | 168600 | 0 | 0 |
| VERONA PHARMA PLC | SPONSORED ADS | 925050106 |  | 2690801 | 28450 | SH |  | SOLE |  | 28450 | 0 | 0 |
| VERVE THERAPEUTICS INC | COM | 92539P101 |  | 5267072 | 469018 | SH |  | SOLE |  | 469018 | 0 | 0 |
| VIKING THERAPEUTICS INC | COM | 92686J106 |  | 1797044 | 67813 | SH |  | SOLE |  | 67813 | 0 | 0 |
| VIR BIOTECHNOLOGY INC | COM | 92764N102 |  | 1260000 | 250000 | SH |  | SOLE |  | 250000 | 0 | 0 |
| VIRIDIAN THERAPEUTICS INC | COM | 92790C104 |  | 2384960 | 170598 | SH |  | SOLE |  | 170598 | 0 | 0 |
| VISTAGEN THERAPEUTICS INC | COM | 92840H400 |  | 841530 | 420765 | SH |  | SOLE |  | 420765 | 0 | 0 |
| VOYAGER THERAPEUTICS INC | COM | 92915B106 |  | 248629 | 79945 | SH |  | SOLE |  | 79945 | 0 | 0 |
| WAVE LIFE SCIENCES LTD | SHS | Y95308105 |  | 746291 | 114814 | SH |  | SOLE |  | 114814 | 0 | 0 |
| WISDOMTREE TR | FLOATNG RAT TREA | 97717Y527 |  | 503100 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| XENCOR INC | COM | 98401F105 |  | 674592 | 85826 | SH |  | SOLE |  | 85826 | 0 | 0 |
| XENON PHARMACEUTICALS INC | COM | 98420N105 |  | 8122444 | 259503 | SH |  | SOLE |  | 259503 | 0 | 0 |
| ZAI LAB LTD | ADR | 98887Q104 |  | 29739782 | 850437 | SH |  | SOLE |  | 850437 | 0 | 0 |
| ZENTALIS PHARMACEUTICALS INC | COM | 98943L107 |  | 58000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| ZURA BIO LTD | CLASS A ORD SHS | G9TY5A101 |  | 1047424 | 997547 | SH |  | SOLE |  | 997547 | 0 | 0 |

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