# EDGAR Filing Document

**Accession Number:** 0001306923
**File Stem:** 0001306923-25-000017
**Filing Date:** 2025-8
**Character Count:** 21372
**Document Hash:** 1f80a8290e74c74c4cd3a9c3edb7e842
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001306923-25-000017.hdr.sgml**: 20250822

**ACCESSION NUMBER**: 0001306923-25-000017

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250822

**EFFECTIVENESS DATE**: 20250822

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Palo Alto Investors LP
- **CENTRAL INDEX KEY:** 0001306923

**ORGANIZATION NAME:**
- **EIN:** 770558164
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11013
- **FILM NUMBER:** 251241918

**BUSINESS ADDRESS:**
- **STREET 1:** 101 UNIVERSITY AVE
- **STREET 2:** SUITE 200
- **CITY:** PALO ALTO
- **STATE:** CA
- **ZIP:** 94301
- **BUSINESS PHONE:** 650-325-0772

**MAIL ADDRESS:**
- **STREET 1:** 101 UNIVERSITY AVE
- **STREET 2:** SUITE 200
- **CITY:** PALO ALTO
- **STATE:** CA
- **ZIP:** 94301

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Palo Alto Investors, LLC
- **DATE OF NAME CHANGE:** 20041025

## FORM N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0001306923

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** Palo Alto Investors LP

**Address:** 101 UNIVERSITY AVE, PALO ALTO, CA 94301

**Telephone number:** 650-325-0772

**Name of agent for service:** —

**Agent Address:** —, —, — —

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 028-10266

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** —

**Report Type (check only one):**

Institutional Manager.

- [x] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER                   | CUSIP     | MEETING DATE   | VOTE DESCRIPTION                                                                                                                                                                 | VOTE CATEGORY                |   SHARES VOTED |   SHARES ON LOAN | HOW VOTED   |   SHARES VOTED FOR OR AGAINST MANAGEMENT | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| NUVATION BIO INC.                | 67080N101 | 09/03/2024     | To approve, on an advisory basis, the compensation of the Company's Named Executive Officers as disclosed in the Proxy Statement.                                                | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 | WITHOLD     |                                        0 | FOR                         |  |
| UROGEN PHARMA LTD                | M96088105 | 08/06/2024     | To approve, on an advisory basis, the compensation of the Company's named executive officers, as disclosed in the Company's proxy statement for the Annual Meeting.              | SECTION 14A SAY-ON-PAY VOTES |          24500 |                0 | FOR         |                                    24500 | FOR                         |  |
| BLUEBIRD BIO, INC.               | 09609G100 | 11/06/2024     | The approval, on a non-binding, advisory basis, of the compensation of our named executive officers.                                                                             | SECTION 14A SAY-ON-PAY VOTES |        4002530 |                0 | FOR         |                                  4002530 | FOR                         |  |
| VYNE THERAPEUTICS INC.           | 92941V308 | 12/12/2024     | To approve, on an advisory basis, the compensation of the Company's named executive officers, as disclosed in the accompanying Proxy Statement.                                  | SECTION 14A SAY-ON-PAY VOTES |         445434 |                0 | FOR         |                                   445434 | FOR                         |  |
| ALNYLAM PHARMACEUTICALS, INC.    | 02043Q107 | 05/08/2025     | To approve, in a non-binding advisory vote, the compensation of Alnylam's named executive officers.                                                                              | SECTION 14A SAY-ON-PAY VOTES |         140101 |                0 | FOR         |                                   140101 | FOR                         |  |
| HUMANA INC.                      | 444859102 | 04/17/2025     | Non-binding advisory vote for the approval of the compensation of the named executive officers as disclosed in the 2025 proxy statement.                                         | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 | WITHOLD     |                                        0 | FOR                         |  |
| EDWARDS LIFESCIENCES CORPORATION | 28176E108 | 05/08/2025     | Advisory Vote to Approve Named Executive Officer Compensation                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |          39473 |                0 | FOR         |                                    39473 | FOR                         |  |
| PROTHENA CORPORATION PLC         | G72800108 | 05/13/2025     | To approve, in a non-binding advisory vote, the compensation of the executive officers named in the Company's Proxy Statement for the Annual General Meeting.                    | SECTION 14A SAY-ON-PAY VOTES |        1737964 |                0 | FOR         |                                  1737964 | FOR                         |  |
| SYNDAX PHARMACEUTICALS, INC      | 87164F105 | 05/14/2025     | To approve, on an advisory basis, the compensation of the Company's named executive officers, as disclosed in the 2025 proxy statement.                                          | SECTION 14A SAY-ON-PAY VOTES |         444367 |                0 | FOR         |                                   444367 | FOR                         |  |
| INSMED INCORPORATED              | 457669307 | 05/15/2025     | An advisory vote on the 2024 compensation of our named executive officers.                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |        1136224 |                0 | FOR         |                                  1136224 | FOR                         |  |
| TRAVERE THERAPEUTICS, INC.       | 89422G107 | 05/15/2025     | To approve, on an advisory basis, the compensation of the Company's named executive officers.                                                                                    | SECTION 14A SAY-ON-PAY VOTES |         110719 |                0 | FOR         |                                   110719 | FOR                         |  |
| BIOMARIN PHARMACEUTICAL INC.     | 09061G101 | 05/20/2025     | To approve, on an advisory basis, the compensation of the Company's Named Executive Officers as disclosed in the Proxy Statement.                                                | SECTION 14A SAY-ON-PAY VOTES |        1136224 |                0 | FOR         |                                  1136224 | FOR                         |  |
| MIRUM PHARMACEUTICALS, INC.      | 604749101 | 05/29/2025     | To approve, on an advisory basis, the compensation of the Company's named executive officers, as disclosed in the proxy statement.                                               | SECTION 14A SAY-ON-PAY VOTES |          64700 |                0 | FOR         |                                    64700 | FOR                         |  |
| ALIGN TECHNOLOGY, INC.           | 016255101 | 05/20/2025     | Advisory Vote to Approve the Compensation of our Named Executive Officers                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          37772 |                0 | FOR         |                                    37772 | FOR                         |  |
| NEUROCRINE BIOSCIENCES, INC.     | 64125C109 | 05/20/2025     | Advisory vote on the compensation paid to the Company's named executive officers.                                                                                                | SECTION 14A SAY-ON-PAY VOTES |          13334 |                0 | FOR         |                                    13334 | FOR                         |  |
| ALKERMES PLC                     | G01767105 | 05/21/2025     | To approve, in a non-binding, advisory vote, the compensation of the Company's named executive officers.                                                                         | SECTION 14A SAY-ON-PAY VOTES |         289308 |                0 | FOR         |                                   289308 | FOR                         |  |
| ABEONA THERAPEUTICS INC.         | 00289Y206 | 05/19/2025     | To approve, on an advisory basis, the compensation of the Company's named executive officers.                                                                                    | SECTION 14A SAY-ON-PAY VOTES |         108865 |                0 | FOR         |                                   108865 | FOR                         |  |
| KARYOPHARM THERAPEUTICS INC.     | 48576U205 | 05/28/2025     | To approve, on an advisory basis, the compensation of our named executive officers, as described in the proxy statement.                                                         | SECTION 14A SAY-ON-PAY VOTES |         323452 |                0 | FOR         |                                   323452 | FOR                         |  |
| NUVATION BIO INC.                | 67080N101 | 05/20/2025     | To approve, on an advisory basis, the compensation of the Company's Named Executive Officers as disclosed in the Proxy Statement.                                                | SECTION 14A SAY-ON-PAY VOTES |         772652 |                0 | FOR         |                                   772652 | FOR                         |  |
| NOVOCURE LIMITED                 | G6674U108 | 06/04/2025     | A non-binding advisory vote to approve executive compensation.                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |         956589 |                0 | FOR         |                                   956589 | FOR                         |  |
| SAREPTA THERAPEUTICS, INC.       | 803607100 | 06/05/2025     | ADVISORY VOTE TO APPROVE, ON A NON-BINDING BASIS, NAMED EXECUTIVE OFFICER COMPENSATION                                                                                           | SECTION 14A SAY-ON-PAY VOTES |         195456 |                0 | FOR         |                                   195456 | FOR                         |  |
| EHEALTH INC.                     | 28238P109 | 04/21/2025     | Ratification of the appointment of Ernst  Young LLP as the independent registered public accounting firm of eHealth, Inc. for the fiscal year ending December 31, 2025.          | SECTION 14A SAY-ON-PAY VOTES |        1601215 |                0 | FOR         |                                  1601215 | FOR                         |  |
| ACLARIS THERAPEUTICS, INC.       | 00461U105 | 04/15/2025     | To approve, on an advisory basis, the compensation of our named executive officers, as disclosed in the proxy statement accompanying the proxy card.                             | SECTION 14A SAY-ON-PAY VOTES |         776025 |                0 | FOR         |                                   776028 | FOR                         |  |
| ALDEYRA THERAPEUTICS, INC.       | 01438T106 | 06/10/2025     | To approve, on a non-binding, advisory basis, the compensation of Aldeyra Therapeutics, Inc.'s named executive officers.                                                         | SECTION 14A SAY-ON-PAY VOTES |         225465 |                0 | FOR         |                                   225465 | FOR                         |  |
| DYNE THERAPEUTICS, INC.          | 26818M108 | 05/30/2025     | To vote, on an advisory basis, to approve the compensation of our named executive officers.                                                                                      | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 | WITHOLD     |                                        0 | FOR                         |  |
| DYNE THERAPEUTICS, INC.          | 26818M108 | 05/30/2025     | To hold an advisory vote on the frequency of future advisory votes on the compensation of our named executive officers.                                                          | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 | WITHOLD     |                                        0 | FOR                         |  |
| AMICUS THERAPEUTICS, INC.        | 03152W109 | 06/05/2025     | Approval, on an advisory basis, the Company's executive compensation.                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 | WITHOLD     |                                        0 | FOR                         |  |
| BIOGEN INC."                     | 09062X103 | 06/17/2025     | Say on Pay - To hold an advisory vote on executive compensation.                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 | WITHOLD     |                                        0 | FOR                         |  |
| BIONTECH SE                      | 09075V102 | 05/16/2025     | Resolution on the approval of the Compensation Report                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 | WITHOLD     |                                        0 | FOR                         |  |
| STOKE THERAPEUTICS INC.          | 86150R107 | 06/03/2025     | To approve, on an advisory basis, the compensation of the Company's named executive officers.                                                                                    | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 | WITHOLD     |                                        0 | FOR                         |  |
| STOKE THERAPEUTICS INC.          | 86150R107 | 06/03/2025     | To indicate, on an advisory basis, the preferred frequency of future stockholder advisory votes to approve the compensation of the Company's named executive officers.           | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 | WITHOLD     |                                        0 | FOR                         |  |
| GENERATION BIO CO. INC.          | 37148K100 | 06/04/2025     | Approval, on an advisory (non-binding) basis, of the compensation of our named executive officers.                                                                               | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 | WITHOLD     |                                        0 | FOR                         |  |
| STAAR SURGICAL COMPANY"          | 852312305 | 06/18/2025     | Non-binding advisory vote to approve the compensation of our named executive officers.                                                                                           | SECTION 14A SAY-ON-PAY VOTES |         525017 |                0 | FOR         |                                   525017 | FOR                         |  |
| PTC THERAPEUTICS, INC.           | 69366J200 | 06/17/2025     | Approval on a non-binding, advisory basis, of the Company's named executive officer compensation as described in the proxy statement.                                            | SECTION 14A SAY-ON-PAY VOTES |         404196 |                0 | FOR         |                                   404196 | FOR                         |  |
| EHEALTH, INC.                    | 28238P109 | 06/18/2025     | Approval, on an advisory basis, of the compensation of the Named Executive Officers of eHealth, Inc.                                                                             | SECTION 14A SAY-ON-PAY VOTES |        1601215 |                0 | FOR         |                                  1601215 | FOR                         |  |
| ACADIA PHARMACEUTICALS INC.      | 004225108 | 05/29/2025     | To approve, on an advisory basis, the compensation of the Company's named executive officers, as disclosed in the proxy statement.                                               | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 | WITHOLD     |                                        0 | FOR                         |  |
| IOVANCE BIOTHERAPEUTICS, INC.    | 462260100 | 06/09/2025     | To approve, by non-binding advisory vote, the compensation of our named executive officers.                                                                                      | SECTION 14A SAY-ON-PAY VOTES |        3032209 |                0 | FOR         |                                  3032209 | FOR                         |  |
| BICYCLE THERAPEUTICS PLC"        | 088786108 | 06/17/2025     | To approve our directors' remuneration report for the year ended December 31, 2024 (the "directors' remuneration report"), which is set forth as Annex A to the proxy statement. | SECTION 14A SAY-ON-PAY VOTES |         248934 |                0 | FOR         |                                   248934 | FOR                         |  |
| VERVE THERAPEUTICS INC.          | 92539P101 | 06/05/2025     | Approval, on an advisory basis, of the compensation paid to our named executive officers.                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         560534 |                0 | 0           |                                   560534 | FOR                         |  |
| ANAPTYSBIO INC.                  | 032724106 | 06/17/2025     | To conduct a non-binding advisory vote on the compensation of our named executive officers as disclosed in the accompanying materials.                                           | SECTION 14A SAY-ON-PAY VOTES |         806346 |                0 | 0           |                                   806346 | FOR                         |  |
| ANAPTYSBIO INC.                  | 032724106 | 06/17/2025     | Non-binding advisory vote on the frequency of holding future advisory votes regarding named executive officer compensation.                                                      | SECTION 14A SAY-ON-PAY VOTES |         806346 |                0 | 0           |                                   806346 | FOR                         |  |
| GOSSAMER BIO, INC.               | 38341P102 | 06/25/2025     | Approval, on an advisory basis, of the compensation of the Company's named executive officers as disclosed in the proxy statement.                                               | SECTION 14A SAY-ON-PAY VOTES |        5808875 |                0 | FOR         |                                  5808875 | FOR                         |  |
| AKARI THERAPEUTICS PLC           | 00972G207 | 06/30/2025     | To approve, on a non-binding, advisory basis, the compensation of our named executive officers ("NEOs") as disclosed in the Proxy Statement.                                     | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 | WITHOLD     |                                        0 | FOR                         |  |
| AGIOS PHARMACEUTICALS, INC.      | 00847X104 | 06/18/2025     | To vote, on an advisory basis, to approve the compensation paid to our named executive officers.                                                                                 | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 | WITHOLD     |                                        0 | FOR                         |  |
| UNITED THERAPEUTICS CORPORATION  | 91307C102 | 06/26/2025     | Advisory resolution to approve executive compensation.                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          95051 |                0 | FOR         |                                    95051 | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** Palo Alto Investors LP

**By (Signature):** Angela Nguyen-Dinh

**By (Printed Signature):** Angela Nguyen-Dinh

**By (Title):** Chief Compliance Officer

**Date:** 08/21/2025