# EDGAR Filing Document

**Accession Number:** 0001232621
**File Stem:** 0001214659-25-016677
**Filing Date:** 2025-11
**Character Count:** 23216
**Document Hash:** c9742ac036ec038992432b59701f1154
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001214659-25-016677.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001214659-25-016677

**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:** TANG CAPITAL MANAGEMENT LLC
- **CENTRAL INDEX KEY:** 0001232621

**ORGANIZATION NAME:**
- **EIN:** 461592449
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-14822
- **FILM NUMBER:** 251486434

**BUSINESS ADDRESS:**
- **STREET 1:** 4747 EXECUTIVE DRIVE
- **STREET 2:** SUITE 210
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92121
- **BUSINESS PHONE:** 858-200-3830

**MAIL ADDRESS:**
- **STREET 1:** 4747 EXECUTIVE DRIVE
- **STREET 2:** SUITE 210
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92121

### 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:** TANG CAPITAL MANAGEMENT LLC<br>**Address:** 4747 EXECUTIVE DRIVE<br>SUITE 210<br>SAN DIEGO, CA 92121

**Form 13F File Number:** 028-14822

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:** Kevin Tang<br>**Title:** Manager<br>**Phone:** 858-200-3830

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

/s/ Kevin Tang  San Diego, CA  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:** 1

**Form 13F Information Table Entry Total:** 194

**Form 13F Information Table Value Total:** $2597852511

      (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.]

| No.   | Name       | Form 13F File Number   |
|:---|:---|:---|
|  | TANG KEVIN | 028-14818              |

### 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 |
| ABCELLERA BIOLOGICS INC | COM | 00288U106 |  | 13078000 | 2600000 | SH |  | OTR | 1 | 0 | 2600000 | 0 |
| ACADIA PHARMACEUTICALS INC | COM | 004225108 |  | 32010000 | 1500000 | SH |  | OTR | 1 | 0 | 1500000 | 0 |
| ADICET BIO INC | COM | 007002108 |  | 6662770 | 8223612 | SH |  | OTR | 1 | 0 | 8223612 | 0 |
| ADMA BIOLOGICS INC | COM | 000899104 |  | 15393000 | 1050000 | SH |  | OTR | 1 | 0 | 1050000 | 0 |
| ALEXANDRIA REAL ESTATE EQ IN | COM | 015271109 |  | 3333600 | 40000 | SH |  | OTR | 1 | 0 | 40000 | 0 |
| ALIBABA GROUP HOLDING LTD ADR | SPONSORED ADS | 01609W102 |  | 12511100 | 70000 | SH |  | OTR | 1 | 0 | 70000 | 0 |
| ALLSTATE CORP | COM | 020002101 |  | 579611 | 2700 | SH |  | OTR | 1 | 0 | 2700 | 0 |
| ALTIMMUNE INC | COM NEW | 02155H200 |  | 8035027 | 2131307 | SH |  | OTR | 1 | 0 | 2131307 | 0 |
| ALUMIS INC | COM | 022307102 |  | 4656366 | 1167009 | SH |  | OTR | 1 | 0 | 1167009 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 567132 | 2583 | SH |  | OTR | 1 | 0 | 2583 | 0 |
| AMERICAN ASSETS TR INC | COM | 024013104 |  | 1016000 | 50000 | SH |  | OTR | 1 | 0 | 50000 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 641268 | 1931 | SH |  | OTR | 1 | 0 | 1931 | 0 |
| AMYLYX PHARMACEUTICALS INC | COM | 03237H101 |  | 1359000 | 100000 | SH |  | OTR | 1 | 0 | 100000 | 0 |
| ANAPTYSBIO INC | COM | 032724106 |  | 40836026 | 1333639 | SH |  | OTR | 1 | 0 | 1333639 | 0 |
| ANI PHARMACEUTICALS INC | COM | 00182C103 |  | 29083000 | 317500 | SH |  | OTR | 1 | 0 | 317500 | 0 |
| APOGEE THERAPEUTICS INC | COM | 03770N101 |  | 7946000 | 200000 | SH |  | OTR | 1 | 0 | 200000 | 0 |
| ARVINAS INC | COM | 04335A105 |  | 11875176 | 1393800 | SH |  | OTR | 1 | 0 | 1393800 | 0 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 11508000 | 150000 | SH |  | OTR | 1 | 0 | 150000 | 0 |
| ASTRIA THERAPEUTICS INC | COM | 04635X102 |  | 728000 | 100000 | SH |  | OTR | 1 | 0 | 100000 | 0 |
| ATEA PHARMACEUTICALS INC | COM | 04683R106 |  | 13995980 | 4826200 | SH |  | OTR | 1 | 0 | 4826200 | 0 |
| ATHIRA PHARMA INC | COM | 04746L203 |  | 248392 | 59998 | SH |  | OTR | 1 | 0 | 59998 | 0 |
| ATYR PHARMA INC | COM NEW | 002120202 |  | 484156 | 671134 | SH |  | OTR | 1 | 0 | 671134 | 0 |
| AURINIA PHARMACEUTICALS INC | COM | 05156V102 |  | 125190975 | 11329500 | SH |  | OTR | 1 | 0 | 11329500 | 0 |
| AVADEL PHARMACEUTICALS PLC | COM SHS | G29687103 |  | 32028825 | 2097500 | SH |  | OTR | 1 | 0 | 2097500 | 0 |
| BAUSCH HEALTH COS INC | COM | 071734107 |  | 8385000 | 1300000 | SH |  | OTR | 1 | 0 | 1300000 | 0 |
| BAUSCH PLUS LOMB CORP | COMMON SHARES | 071705107 |  | 6698118 | 444467 | SH |  | OTR | 1 | 0 | 444467 | 0 |
| BEAM THERAPEUTICS INC | COM | 07373V105 |  | 6188850 | 255000 | SH |  | OTR | 1 | 0 | 255000 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 1633995 | 3250 | SH |  | OTR | 1 | 0 | 3250 | 0 |
| BIOAGE LABS INC | COM | 09077V100 |  | 9408000 | 1600000 | SH |  | OTR | 1 | 0 | 1600000 | 0 |
| BIOATLA INC | COM | 09077B104 |  | 945227 | 1374076 | SH |  | OTR | 1 | 0 | 1374076 | 0 |
| BIOCRYST PHARMACEUTICALS INC | COM | 09058V103 |  | 6072000 | 800000 | SH |  | OTR | 1 | 0 | 800000 | 0 |
| BIOGEN INC | COM | 09062X103 |  | 4902800 | 35000 | SH |  | OTR | 1 | 0 | 35000 | 0 |
| BIOHAVEN LTD | COM | G1110E107 |  | 2101400 | 140000 | SH |  | OTR | 1 | 0 | 140000 | 0 |
| BIONTECH SE | SPONSORED ADS | 09075V102 |  | 26627400 | 270000 | SH |  | OTR | 1 | 0 | 270000 | 0 |
| BLACK DIAMOND THERAPEUTICS I | COM | 09203E105 |  | 7846092 | 2070209 | SH |  | OTR | 1 | 0 | 2070209 | 0 |
| BOEING CO | COM | 097023105 |  | 696076 | 3225 | SH |  | OTR | 1 | 0 | 3225 | 0 |
| BOLT BIOTHERAPEUTICS INC | COM | 097702203 |  | 355796 | 66879 | SH |  | OTR | 1 | 0 | 66879 | 0 |
| C4 THERAPEUTICS INC | COM STK | 12529R107 |  | 1998000 | 900000 | SH |  | OTR | 1 | 0 | 900000 | 0 |
| CAREDX INC | COM | 14167L103 |  | 1454000 | 100000 | SH |  | OTR | 1 | 0 | 100000 | 0 |
| CASSAVA SCIENCES INC COMMON STOCK | COM | 14817C107 |  | 20582 | 7073 | SH |  | OTR | 1 | 0 | 7073 | 0 |
| CELCUITY INC | COM | 15102K100 |  | 56810000 | 1150000 | SH |  | OTR | 1 | 0 | 1150000 | 0 |
| CENTESSA PHARMACEUTICALS PLC | SPONSORED ADS | 152309100 |  | 4850000 | 200000 | SH |  | OTR | 1 | 0 | 200000 | 0 |
| CENTURY THERAPEUTICS INC | COM | 15673T100 |  | 448200 | 900000 | SH |  | OTR | 1 | 0 | 900000 | 0 |
| CG ONCOLOGY INC | COM | 156944100 |  | 3524500 | 87500 | SH |  | OTR | 1 | 0 | 87500 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 469431 | 3023 | SH |  | OTR | 1 | 0 | 3023 | 0 |
| CLIMB BIO INC | COM | 28658R106 |  | 2010000 | 1000000 | SH |  | OTR | 1 | 0 | 1000000 | 0 |
| CLOROX CO DEL | COM | 189054109 |  | 376254 | 3052 | SH |  | OTR | 1 | 0 | 3052 | 0 |
| COCA COLA CO | COM | 191216100 |  | 1506280 | 22712 | SH |  | OTR | 1 | 0 | 22712 | 0 |
| COGNITION THERAPEUTICS INC | COM | 19243B102 |  | 1620000 | 1200000 | SH |  | OTR | 1 | 0 | 1200000 | 0 |
| COHERUS ONCOLOGY INC | COM | 19249H103 |  | 8359674 | 5097362 | SH |  | OTR | 1 | 0 | 5097362 | 0 |
| COMPASS PATHWAYS PLC | SPONSORED ADS | 20451W101 |  | 12606000 | 2200000 | SH |  | OTR | 1 | 0 | 2200000 | 0 |
| COMPASS THERAPEUTICS INC | COM | 20454B104 |  | 58841871 | 16811963 | SH |  | OTR | 1 | 0 | 16811963 | 0 |
| CORBUS PHARMACEUTICALS HLDGS | COM NEW | 21833P301 |  | 1613128 | 127520 | SH |  | OTR | 1 | 0 | 127520 | 0 |
| CRESCENT BIOPHARMA INC. | COM | G2545C104 |  | 8083107 | 679824 | SH |  | OTR | 1 | 0 | 679824 | 0 |
| CRISPR THERAPEUTICS AG | NAMEN AKT | H17182108 |  | 6481000 | 100000 | SH |  | OTR | 1 | 0 | 100000 | 0 |
| CULLINAN THERAPEUTICS INC | COM | 230031106 |  | 6648348 | 1121138 | SH |  | OTR | 1 | 0 | 1121138 | 0 |
| CYBIN INC | COM NEW | 23256X407 |  | 10779271 | 1830097 | SH |  | OTR | 1 | 0 | 1830097 | 0 |
| CYTOKINETICS INC | COM NEW | 23282W605 |  | 5496000 | 100000 | SH |  | OTR | 1 | 0 | 100000 | 0 |
| CYTOMX THERAPEUTICS INC | COM | 23284F105 |  | 35299462 | 11065662 | SH |  | OTR | 1 | 0 | 11065662 | 0 |
| DESIGN THERAPEUTICS INC | COM | 25056L103 |  | 13410742 | 1780975 | SH |  | OTR | 1 | 0 | 1780975 | 0 |
| DIANTHUS THERAPEUTICS INC | COM | 252828108 |  | 10415631 | 264692 | SH |  | OTR | 1 | 0 | 264692 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 1659439 | 14493 | SH |  | OTR | 1 | 0 | 14493 | 0 |
| DYNAVAX TECHNOLOGIES CORP | COM NEW | 268158201 |  | 19358535 | 1949500 | SH |  | OTR | 1 | 0 | 1949500 | 0 |
| EDGEWISE THERAPEUTICS INC | COM | 28036F105 |  | 6995686 | 431300 | SH |  | OTR | 1 | 0 | 431300 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 7630000 | 10000 | SH |  | OTR | 1 | 0 | 10000 | 0 |
| ENANTA PHARMACEUTICALS INC | COM | 29251M106 |  | 1516060 | 126655 | SH |  | OTR | 1 | 0 | 126655 | 0 |
| ERASCA INC | COM | 29479A108 |  | 3276355 | 1502915 | SH |  | OTR | 1 | 0 | 1502915 | 0 |
| EVOLUS INC | COM | 30052C107 |  | 33698156 | 5488299 | SH |  | OTR | 1 | 0 | 5488299 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 1426374 | 12651 | SH |  | OTR | 1 | 0 | 12651 | 0 |
| FATE THERAPEUTICS INC | COM | 31189P102 |  | 2353394 | 1867773 | SH |  | OTR | 1 | 0 | 1867773 | 0 |
| FEDEX CORP | COM | 31428X106 |  | 399339 | 1693 | SH |  | OTR | 1 | 0 | 1693 | 0 |
| FENNEC PHARMACEUTICALS INC | COM | 31447P100 |  | 3131790 | 334593 | SH |  | OTR | 1 | 0 | 334593 | 0 |
| FORD MTR CO | COM | 345370860 |  | 518833 | 43381 | SH |  | OTR | 1 | 0 | 43381 | 0 |
| FORTREA HLDGS INC | COMMON STOCK | 34965K107 |  | 842000 | 100000 | SH |  | OTR | 1 | 0 | 100000 | 0 |
| GALAPAGOS NV | SPON ADR | 36315X101 |  | 143797360 | 4151194 | SH |  | OTR | 1 | 0 | 4151194 | 0 |
| GE AEROSPACE | COM NEW | 369604301 |  | 900800 | 2994 | SH |  | OTR | 1 | 0 | 2994 | 0 |
| GE VERNOVA INC | COM | 36828A101 |  | 847405 | 1378 | SH |  | OTR | 1 | 0 | 1378 | 0 |
| GENEDX HOLDINGS CORP | COM CL A | 81663L200 |  | 10774000 | 100000 | SH |  | OTR | 1 | 0 | 100000 | 0 |
| GENMAB A/S | SPONSORED ADS | 372303206 |  | 6134000 | 200000 | SH |  | OTR | 1 | 0 | 200000 | 0 |
| GH RESEARCH PLC | ORDINARY SHARES | G3855L106 |  | 343629 | 24030 | SH |  | OTR | 1 | 0 | 24030 | 0 |
| GOSSAMER BIO INC | COM | 38341P102 |  | 2104000 | 800000 | SH |  | OTR | 1 | 0 | 800000 | 0 |
| GSK PLC | SPONSORED ADR | 37733W204 |  | 17264000 | 400000 | SH |  | OTR | 1 | 0 | 400000 | 0 |
| HARMONY BIOSCIENCES HLDGS IN | COM | 413197104 |  | 7749872 | 281200 | SH |  | OTR | 1 | 0 | 281200 | 0 |
| HERON THERAPEUTICS INC | COM | 427746102 |  | 4347000 | 3450000 | SH |  | OTR | 1 | 0 | 3450000 | 0 |
| HEWLETT PACKARD ENTERPRISE C | COM | 42824C109 |  | 578700 | 23563 | SH |  | OTR | 1 | 0 | 23563 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 1477275 | 3646 | SH |  | OTR | 1 | 0 | 3646 | 0 |
| HORMEL FOODS CORP | COM | 440452100 |  | 400323 | 16181 | SH |  | OTR | 1 | 0 | 16181 | 0 |
| IDEAYA BIOSCIENCES INC | COM | 45166A102 |  | 10884000 | 400000 | SH |  | OTR | 1 | 0 | 400000 | 0 |
| IDEXX LABS INC | COM | 45168D104 |  | 10222240 | 16000 | SH |  | OTR | 1 | 0 | 16000 | 0 |
| IMMUNITYBIO INC | COM | 45256X103 |  | 5739999 | 2333333 | SH |  | OTR | 1 | 0 | 2333333 | 0 |
| IMMUNOCORE HLDGS PLC | ADS | 45258D105 |  | 83762739 | 2305608 | SH |  | OTR | 1 | 0 | 2305608 | 0 |
| INSMED INC | COM PAR $.01 | 457669307 |  | 28802000 | 200000 | SH |  | OTR | 1 | 0 | 200000 | 0 |
| INTEL CORP | COM | 458140100 |  | 2221531 | 66216 | SH |  | OTR | 1 | 0 | 66216 | 0 |
| INVIVYD INC | COM | 00534A102 |  | 440000 | 400000 | SH |  | OTR | 1 | 0 | 400000 | 0 |
| IONIS PHARMACEUTICALS INC | COM | 462222100 |  | 35981000 | 550000 | SH |  | OTR | 1 | 0 | 550000 | 0 |
| IOVANCE BIOTHERAPEUTICS INC | COM | 462260100 |  | 1179959 | 543760 | SH |  | OTR | 1 | 0 | 543760 | 0 |
| JANUX THERAPEUTICS INC | COM | 47103J105 |  | 17108000 | 700000 | SH |  | OTR | 1 | 0 | 700000 | 0 |
| JAZZ PHARMACEUTICALS PLC | SHS USD | G50871105 |  | 25042000 | 190000 | SH |  | OTR | 1 | 0 | 190000 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 1756213 | 9472 | SH |  | OTR | 1 | 0 | 9472 | 0 |
| JOURNEY MED CORP | COM | 48115J109 |  | 13204724 | 1854596 | SH |  | OTR | 1 | 0 | 1854596 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 1990965 | 6312 | SH |  | OTR | 1 | 0 | 6312 | 0 |
| KALARIS THERAPEUTICS INC | COM | 482929106 |  | 2417433 | 418241 | SH |  | OTR | 1 | 0 | 418241 | 0 |
| KALVISTA PHARMACEUTICALS INC | COM | 483497103 |  | 61409100 | 5041798 | SH |  | OTR | 1 | 0 | 5041798 | 0 |
| KEROS THERAPEUTICS INC | COM | 492327101 |  | 22448327 | 1418984 | SH |  | OTR | 1 | 0 | 1418984 | 0 |
| KEZAR LIFE SCIENCES INC | COM NEW | 49372L209 |  | 2808000 | 720000 | SH |  | OTR | 1 | 0 | 720000 | 0 |
| KINIKSA PHARMACEUTICALS INTL | ORD SHS CL A | G52694109 |  | 90419887 | 2328609 | SH |  | OTR | 1 | 0 | 2328609 | 0 |
| KODIAK SCIENCES INC | COM | 50015M109 |  | 1637000 | 100000 | SH |  | OTR | 1 | 0 | 100000 | 0 |
| KURA ONCOLOGY INC | COM | 50127T109 |  | 885000 | 100000 | SH |  | OTR | 1 | 0 | 100000 | 0 |
| LANTHEUS HLDGS INC | COM | 516544103 |  | 2564500 | 50000 | SH |  | OTR | 1 | 0 | 50000 | 0 |
| LEGEND BIOTECH CORP | SPONSORED ADS | 52490G102 |  | 27066300 | 830000 | SH |  | OTR | 1 | 0 | 830000 | 0 |
| LENZ THERAPEUTICS INC | COM | 52635N103 |  | 41810953 | 897616 | SH |  | OTR | 1 | 0 | 897616 | 0 |
| LIQUIDIA CORPORATION | COM NEW | 53635D202 |  | 26009080 | 1143759 | SH |  | OTR | 1 | 0 | 1143759 | 0 |
| MACROGENICS INC | COM | 556099109 |  | 367678 | 218856 | SH |  | OTR | 1 | 0 | 218856 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 519521 | 1710 | SH |  | OTR | 1 | 0 | 1710 | 0 |
| MERUS N V | COM | N5749R100 |  | 56490000 | 600000 | SH |  | OTR | 1 | 0 | 600000 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 19099955 | 26008 | SH |  | OTR | 1 | 0 | 26008 | 0 |
| METAGENOMI INC | COM | 59102M104 |  | 66379 | 28008 | SH |  | OTR | 1 | 0 | 28008 | 0 |
| METTLER-TOLEDO INTERNATIONAL | COM | 592688105 |  | 2417164 | 1969 | SH |  | OTR | 1 | 0 | 1969 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 1836597 | 3546 | SH |  | OTR | 1 | 0 | 3546 | 0 |
| MIND MEDICINE MINDMED INC | COM NEW | 60255C885 |  | 7076358 | 600200 | SH |  | OTR | 1 | 0 | 600200 | 0 |
| MINERALYS THERAPEUTICS INC | COM | 603170101 |  | 7584000 | 200000 | SH |  | OTR | 1 | 0 | 200000 | 0 |
| MIRUM PHARMACEUTICALS INC | COM | 604749101 |  | 90613139 | 1236027 | SH |  | OTR | 1 | 0 | 1236027 | 0 |
| MODERNA INC | COM | 60770K107 |  | 7885899 | 305300 | SH |  | OTR | 1 | 0 | 305300 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 819329 | 683 | SH |  | OTR | 1 | 0 | 683 | 0 |
| NEUMORA THERAPEUTICS INC | COM | 640979100 |  | 2548000 | 1400000 | SH |  | OTR | 1 | 0 | 1400000 | 0 |
| NEUROCRINE BIOSCIENCES INC | COM | 64125C109 |  | 21057000 | 150000 | SH |  | OTR | 1 | 0 | 150000 | 0 |
| NIKE INC | CL B | 654106103 |  | 36217710 | 519399 | SH |  | OTR | 1 | 0 | 519399 | 0 |
| NKARTA INC | COM | 65487U108 |  | 14605042 | 7055576 | SH |  | OTR | 1 | 0 | 7055576 | 0 |
| NUVALENT INC | COM | 670703107 |  | 4324000 | 50000 | SH |  | OTR | 1 | 0 | 50000 | 0 |
| NUVATION BIO INC | COM CL A | 67080N101 |  | 15540000 | 4200000 | SH |  | OTR | 1 | 0 | 4200000 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 24350436 | 130509 | SH |  | OTR | 1 | 0 | 130509 | 0 |
| OMNIAB INC | COM | 68218J103 |  | 480000 | 300000 | SH |  | OTR | 1 | 0 | 300000 | 0 |
| ONKURE THERAPEUTICS INC | COM CL A | 68277Q105 |  | 320086 | 116395 | SH |  | OTR | 1 | 0 | 116395 | 0 |
| OPTIMIZERX CORP | COM NEW | 68401U204 |  | 2050000 | 100000 | SH |  | OTR | 1 | 0 | 100000 | 0 |
| PACIFIC BIOSCIENCES CALIF IN | COM | 69404D108 |  | 32000 | 25000 | SH |  | OTR | 1 | 0 | 25000 | 0 |
| PASSAGE BIO INC | COM NEW | 702712209 |  | 602250 | 75000 | SH |  | OTR | 1 | 0 | 75000 | 0 |
| PAYCHEX INC | COM | 704326107 |  | 448972 | 3542 | SH |  | OTR | 1 | 0 | 3542 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 1161701 | 17323 | SH |  | OTR | 1 | 0 | 17323 | 0 |
| PFIZER INC | COM | 717081103 |  | 1351446 | 53039 | SH |  | OTR | 1 | 0 | 53039 | 0 |
| PLIANT THERAPEUTICS INC | COM | 729139105 |  | 8885100 | 6003446 | SH |  | OTR | 1 | 0 | 6003446 | 0 |
| PMV PHARMACEUTICALS INC. | COM | 69353Y103 |  | 6699281 | 4785201 | SH |  | OTR | 1 | 0 | 4785201 | 0 |
| PRECIGEN INC | COM | 74017N105 |  | 40796000 | 12400000 | SH |  | OTR | 1 | 0 | 12400000 | 0 |
| PRECISION BIOSCIENCES INC | COM NEW | 74019P207 |  | 3608142 | 653649 | SH |  | OTR | 1 | 0 | 653649 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 1375490 | 8952 | SH |  | OTR | 1 | 0 | 8952 | 0 |
| PTC THERAPEUTICS INC | COM | 69366J200 |  | 92055000 | 1500000 | SH |  | OTR | 1 | 0 | 1500000 | 0 |
| PUMA BIOTECHNOLOGY INC | COM | 74587V107 |  | 1062000 | 200000 | SH |  | OTR | 1 | 0 | 200000 | 0 |
| PYXIS ONCOLOGY INC | COMMON STOCK | 747324101 |  | 5550000 | 2500000 | SH |  | OTR | 1 | 0 | 2500000 | 0 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 5622700 | 10000 | SH |  | OTR | 1 | 0 | 10000 | 0 |
| RELAY THERAPEUTICS INC | COM | 75943R102 |  | 42115263 | 8068058 | SH |  | OTR | 1 | 0 | 8068058 | 0 |
| REPLIMUNE GROUP INC | COM | 76029N106 |  | 14246000 | 3400000 | SH |  | OTR | 1 | 0 | 3400000 | 0 |
| REVOLUTION MEDICINES INC | COM | 76155X100 |  | 4670000 | 100000 | SH |  | OTR | 1 | 0 | 100000 | 0 |
| ROCKET PHARMACEUTICALS INC | COM | 77313F106 |  | 2771000 | 850000 | SH |  | OTR | 1 | 0 | 850000 | 0 |
| SANOFI | SPONSORED ADR | 80105N105 |  | 4720000 | 100000 | SH |  | OTR | 1 | 0 | 100000 | 0 |
| SAREPTA THERAPEUTICS INC | COM | 803607100 |  | 11562000 | 600000 | SH |  | OTR | 1 | 0 | 600000 | 0 |
| SEALED AIR CORP NEW | COM | 81211K100 |  | 504584 | 14274 | SH |  | OTR | 1 | 0 | 14274 | 0 |
| SEER INC | COM CL A | 81578P106 |  | 2917398 | 1344423 | SH |  | OTR | 1 | 0 | 1344423 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 484207 | 1398 | SH |  | OTR | 1 | 0 | 1398 | 0 |
| SOLENO THERAPEUTICS INC | COM | 834203309 |  | 3380000 | 50000 | SH |  | OTR | 1 | 0 | 50000 | 0 |
| SPYRE THERAPEUTICS INC | COM NEW | 00773J202 |  | 53632000 | 3200000 | SH |  | OTR | 1 | 0 | 3200000 | 0 |
| STANDARD BIOTOOLS INC | COM | 34385P108 |  | 530082 | 407755 | SH |  | OTR | 1 | 0 | 407755 | 0 |
| STOKE THERAPEUTICS INC | COM | 86150R107 |  | 11750000 | 500000 | SH |  | OTR | 1 | 0 | 500000 | 0 |
| SUMMIT THERAPEUTICS INC | COM | 86627T108 |  | 11363000 | 550000 | SH |  | OTR | 1 | 0 | 550000 | 0 |
| SUTRO BIOPHARMA INC | COM | 869367102 |  | 2456458 | 2828717 | SH |  | OTR | 1 | 0 | 2828717 | 0 |
| SYNDAX PHARMACEUTICALS INC | COM | 87164F105 |  | 3077000 | 200000 | SH |  | OTR | 1 | 0 | 200000 | 0 |
| TARSUS PHARMACEUTICALS INC | COM | 87650L103 |  | 145888586 | 2454797 | SH |  | OTR | 1 | 0 | 2454797 | 0 |
| TAYSHA GENE THERAPIES INC | COM SHS | 877619106 |  | 2943000 | 900000 | SH |  | OTR | 1 | 0 | 900000 | 0 |
| TECTONIC THERAPEUTIC INC | COM | 878972108 |  | 2811114 | 179166 | SH |  | OTR | 1 | 0 | 179166 | 0 |
| TELADOC HEALTH INC | COM | 87918A105 |  | 10822000 | 1400000 | SH |  | OTR | 1 | 0 | 1400000 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 1362378 | 7415 | SH |  | OTR | 1 | 0 | 7415 | 0 |
| TG THERAPEUTICS INC | COM | 88322Q108 |  | 3612500 | 100000 | SH |  | OTR | 1 | 0 | 100000 | 0 |
| THERAVANCE BIOPHARMA INC | COM | G8807B106 |  | 3858897 | 264308 | SH |  | OTR | 1 | 0 | 264308 | 0 |
| T-MOBILE US INC | COM | 872590104 |  | 546893 | 2285 | SH |  | OTR | 1 | 0 | 2285 | 0 |
| TRAVERE THERAPEUTICS INC | COM | 89422G107 |  | 16730000 | 700000 | SH |  | OTR | 1 | 0 | 700000 | 0 |
| TSCAN THERAPEUTICS INC | COM | 89854M101 |  | 1092000 | 600000 | SH |  | OTR | 1 | 0 | 600000 | 0 |
| ULTA BEAUTY INC | COM | 90384S303 |  | 756499 | 1384 | SH |  | OTR | 1 | 0 | 1384 | 0 |
| UNITED AIRLS HLDGS INC | COM | 910047109 |  | 607596 | 6296 | SH |  | OTR | 1 | 0 | 6296 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 939510 | 2721 | SH |  | OTR | 1 | 0 | 2721 | 0 |
| UROGEN PHARMA LTD | COM | M96088105 |  | 19950000 | 1000000 | SH |  | OTR | 1 | 0 | 1000000 | 0 |
| VANDA PHARMACEUTICALS INC | COM | 921659108 |  | 11743002 | 2353307 | SH |  | OTR | 1 | 0 | 2353307 | 0 |
| VAXCYTE INC | COM | 92243G108 |  | 10806000 | 300000 | SH |  | OTR | 1 | 0 | 300000 | 0 |
| VENTYX BIOSCIENCES INC | COM | 92332V107 |  | 9641000 | 3100000 | SH |  | OTR | 1 | 0 | 3100000 | 0 |
| VERA THERAPEUTICS INC CL A | CL A | 92337R101 |  | 39231000 | 1350000 | SH |  | OTR | 1 | 0 | 1350000 | 0 |
| VERASTEM INC | COM NEW | 92337C203 |  | 6974022 | 789810 | SH |  | OTR | 1 | 0 | 789810 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 1593887 | 36266 | SH |  | OTR | 1 | 0 | 36266 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 31331200 | 80000 | SH |  | OTR | 1 | 0 | 80000 | 0 |
| VIATRIS INC | COM | 92556V106 |  | 1270749 | 128359 | SH |  | OTR | 1 | 0 | 128359 | 0 |
| VIKING THERAPEUTICS INC | COM | 92686J106 |  | 22863600 | 870000 | SH |  | OTR | 1 | 0 | 870000 | 0 |
| VIRIDIAN THERAPEUTICS INC | COM | 92790C104 |  | 61350322 | 2842925 | SH |  | OTR | 1 | 0 | 2842925 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 1662282 | 4869 | SH |  | OTR | 1 | 0 | 4869 | 0 |
| VOR BIOPHARMA INC | COM NEW | 929033207 |  | 2436000 | 50000 | SH |  | OTR | 1 | 0 | 50000 | 0 |
| WALMART INC | COM | 931142103 |  | 1776971 | 17242 | SH |  | OTR | 1 | 0 | 17242 | 0 |
| WHIRLPOOL CORP | COM | 963320106 |  | 340722 | 4335 | SH |  | OTR | 1 | 0 | 4335 | 0 |
| ZENTALIS PHARMACEUTICALS INC | COM | 98943L107 |  | 2340500 | 1550000 | SH |  | OTR | 1 | 0 | 1550000 | 0 |
| ZYMEWORKS INC | COM | 98985Y108 |  | 18788000 | 1100000 | SH |  | OTR | 1 | 0 | 1100000 | 0 |

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