# EDGAR Filing Document

**Accession Number:** 0001940272
**File Stem:** 0001940272-26-000003
**Filing Date:** 2026-2
**Character Count:** 31058
**Document Hash:** a219910a991b8785d579162391a5252f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001940272-26-000003.hdr.sgml**: 20260218

**ACCESSION NUMBER**: 0001940272-26-000003

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260218

**DATE AS OF CHANGE**: 20260218

**EFFECTIVENESS DATE**: 20260218

**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/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-23931
- **FILM NUMBER:** 26647217

**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:** 12-31-2025

**Check here if Amendment** [x] **Amendment Number:** 1

**This Amendment (Check only one.):** [x] 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  02-18-2026<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:** 270

**Form 13F Information Table Value Total:** $1361602179

      (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 |  | 875340 | 116712 | SH |  | SOLE |  | 116712 | 0 | 0 |
| A SPAC III ACQUISITION CORP | RIGHT 01/02/2026 | G0544A145 |  | 40850 | 215000 | SH |  | SOLE |  | 215000 | 0 | 0 |
| AA MISSION ACQUISITION CORP | ORD SHS CL A | G1000R101 |  | 6171091 | 578359 | SH |  | SOLE |  | 578359 | 0 | 0 |
| AA MISSION ACQUISITION CORP | ORD SHS CL A | G1000R101 |  | 4322300 | 405089 | SH | Call | SOLE |  | 0 | 0 | 0 |
| ABIVAX SA | SPONSORED ADS | 00370M103 |  | 177648402 | 1317329 | SH |  | SOLE |  | 1317329 | 0 | 0 |
| ACHIEVE LIFE SCIENCES INC | COM | 004468500 |  | 237566 | 47800 | SH |  | SOLE |  | 47800 | 0 | 0 |
| ACLARIS THERAPEUTICS INC | COM | 00461U105 |  | 1848098 | 613986 | SH |  | SOLE |  | 613986 | 0 | 0 |
| ACUMEN PHARMACEUTICALS INC | COM | 00509G209 |  | 1880396 | 891183 | SH |  | SOLE |  | 891183 | 0 | 0 |
| ADAGIO MED HLDGS INC | COM | 00534B100 |  | 1205999 | 1159614 | SH |  | SOLE |  | 1159614 | 0 | 0 |
| ADICET BIO INC | COM NEW | 007002207 |  | 1083199 | 128646 | SH |  | SOLE |  | 128646 | 0 | 0 |
| AGIOS PHARMACEUTICALS INC | COM | 00847X104 |  | 5117360 | 188000 | SH |  | SOLE |  | 188000 | 0 | 0 |
| ALECTOR INC | COM | 014442107 |  | 1728480 | 1108000 | SH |  | SOLE |  | 1108000 | 0 | 0 |
| ALEXANDRIA REAL ESTATE EQ IN | COM | 015271109 |  | 797722 | 16300 | SH |  | SOLE |  | 16300 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 524463 | 3578 | SH |  | SOLE |  | 3578 | 0 | 0 |
| ALKERMES PLC | SHS | G01767105 |  | 1782326 | 63700 | SH |  | SOLE |  | 63700 | 0 | 0 |
| AMERICAN EXCEPTIONALISM ACQU | ORD CL A | G0273J101 |  | 4072369 | 357539 | SH |  | SOLE |  | 357539 | 0 | 0 |
| AMYLYX PHARMACEUTICALS INC | COM | 03237H101 |  | 10755500 | 890356 | SH |  | SOLE |  | 890356 | 0 | 0 |
| ANNEXON INC | COM | 03589W102 |  | 240960 | 48000 | SH |  | SOLE |  | 48000 | 0 | 0 |
| ANTERIS TECHNOLOGIES GLOBAL | COM | 03675P102 |  | 6181497 | 1238777 | SH |  | SOLE |  | 1238777 | 0 | 0 |
| APELLIS PHARMACEUTICALS INC | COM | 03753U106 |  | 502400 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| AQUESTIVE THERAPEUTICS INC | COM | 03843E104 |  | 1640840 | 254000 | SH | Put | SOLE |  | 254000 | 0 | 0 |
| ARBUTUS BIOPHARMA CORP | COM | 03879J100 |  | 26046674 | 5415109 | SH |  | SOLE |  | 5415109 | 0 | 0 |
| ARCELLX INC | COMMON STOCK | 03940C100 |  | 2052757 | 31484 | SH |  | SOLE |  | 31484 | 0 | 0 |
| ARROWHEAD PHARMACEUTICALS IN | COM | 04280A100 |  | 3863898 | 58200 | SH |  | SOLE |  | 58200 | 0 | 0 |
| ARS PHARMACEUTICALS INC | COM | 82835W108 |  | 4305479 | 369569 | SH |  | SOLE |  | 369569 | 0 | 0 |
| ARVINAS INC | COM | 04335A105 |  | 688959 | 58091 | SH |  | SOLE |  | 58091 | 0 | 0 |
| ASCENDIS PHARMA A/S | SPONSORED ADR | 04351P101 |  | 5397957 | 25314 | SH |  | SOLE |  | 25314 | 0 | 0 |
| ASSEMBLY BIOSCIENCES INC | COM NEW | 045396207 |  | 671595 | 19747 | SH |  | SOLE |  | 19747 | 0 | 0 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 827370 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| ASTRIA THERAPEUTICS INC | COM | 04635X102 |  | 2271861 | 173557 | SH |  | SOLE |  | 173557 | 0 | 0 |
| ATAI BECKLEY NV | SHS | N0731H103 |  | 3735160 | 913242 | SH |  | SOLE |  | 913242 | 0 | 0 |
| ATHIRA PHARMA INC | COM | 04746L203 |  | 2890907 | 393701 | SH |  | SOLE |  | 393701 | 0 | 0 |
| ATYR PHARMA INC | COM NEW | 002120202 |  | 39691 | 50685 | SH |  | SOLE |  | 50685 | 0 | 0 |
| AURINIA PHARMACEUTICALS INC | COM | 05156V102 |  | 350900 | 22000 | SH |  | SOLE |  | 22000 | 0 | 0 |
| AVADEL PHARMACEUTICALS PLC | COM SHS | G29687103 |  | 3243965 | 150532 | SH |  | SOLE |  | 150532 | 0 | 0 |
| AVANTOR INC | COM | 05352A100 |  | 802200 | 70000 | SH |  | SOLE |  | 70000 | 0 | 0 |
| AVIDITY BIOSCIENCES INC | COM | 05370A108 |  | 39421497 | 546534 | SH |  | SOLE |  | 546534 | 0 | 0 |
| BELITE BIO INC | SPONSORED ADS | 07782B104 |  | 6372646 | 39839 | SH |  | SOLE |  | 39839 | 0 | 0 |
| BEST SPAC I ACQUISITION CORP | UNIT 05/27/2030 | G1069P137 |  | 1024000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| BICARA THERAPEUTICS INC | COM | 055477103 |  | 230655 | 13705 | SH |  | SOLE |  | 13705 | 0 | 0 |
| BIOAGE LABS INC | COM | 09077V100 |  | 1793459 | 135560 | SH |  | SOLE |  | 135560 | 0 | 0 |
| BIOATLA INC | COM | 09077B104 |  | 103950 | 183107 | SH |  | SOLE |  | 183107 | 0 | 0 |
| BIOCRYST PHARMACEUTICALS INC | COM | 09058V103 |  | 351000 | 45000 | SH |  | SOLE |  | 45000 | 0 | 0 |
| BIOGEN INC | COM | 09062X103 |  | 4276557 | 24300 | SH |  | SOLE |  | 24300 | 0 | 0 |
| BIOHAVEN LTD | COM | G1110E107 |  | 386987 | 34277 | SH |  | SOLE |  | 34277 | 0 | 0 |
| BIOMARIN PHARMACEUTICAL INC | COM | 09061G101 |  | 766647 | 12900 | SH |  | SOLE |  | 12900 | 0 | 0 |
| BIOMEA FUSION INC | COM | 09077A106 |  | 53841 | 43420 | SH |  | SOLE |  | 43420 | 0 | 0 |
| BIONTECH SE | SPONSORED ADS | 09075V102 |  | 952000 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 476750 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| BRIDGEBIO ONCOLOGY THERAPEUT | COM NEW | 107924102 |  | 2832625 | 226248 | SH |  | SOLE |  | 226248 | 0 | 0 |
| BRIDGEBIO PHARMA INC | COM | 10806X102 |  | 16324037 | 213414 | SH |  | SOLE |  | 213414 | 0 | 0 |
| BRIGHT MINDS BIOSCIENCES INC | COM NEW | 10919W405 |  | 273140 | 3500 | SH |  | SOLE |  | 3500 | 0 | 0 |
| BRIGHTHOUSE FINL INC | COM | 10922N103 |  | 6188935 | 95523 | SH |  | SOLE |  | 95523 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 1078800 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| CELLDEX THERAPEUTICS INC NEW | COM NEW | 15117B202 |  | 17566192 | 646767 | SH |  | SOLE |  | 646767 | 0 | 0 |
| CENTESSA PHARMACEUTICALS PLC | SPONSORED ADS | 152309100 |  | 964536 | 38566 | SH |  | SOLE |  | 38566 | 0 | 0 |
| CG ONCOLOGY INC | COM | 156944100 |  | 10717931 | 258139 | SH |  | SOLE |  | 258139 | 0 | 0 |
| CHEMOMAB THERAPEUTICS LTD | SPONSORED ADS | 16385C203 |  | 132000 | 80000 | SH |  | SOLE |  | 80000 | 0 | 0 |
| CHURCHILL CAP CORP X | SHS CL A | G2130T108 |  | 1012237 | 64887 | SH |  | SOLE |  | 64887 | 0 | 0 |
| CIDARA THERAPEUTICS INC | COM NEW | 171757206 |  | 13182053 | 59677 | SH |  | SOLE |  | 59677 | 0 | 0 |
| CLEANCORE SOLUTIONS INC | CLASS B COM SHS | 184492106 |  | 135715 | 521980 | SH |  | SOLE |  | 521980 | 0 | 0 |
| CLIMB BIO INC | COM | 28658R106 |  | 5729900 | 1432475 | SH |  | SOLE |  | 1432475 | 0 | 0 |
| CLOVER HEALTH INVESTMENTS CO | COM CL A | 18914F103 |  | 113505 | 48300 | SH |  | SOLE |  | 48300 | 0 | 0 |
| COHEN CIRCLE ACQUISIT CORP I | UNIT 07/01/2030 | G2254C105 |  | 1564500 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| COHERUS ONCOLOGY INC | COM | 19249H103 |  | 14720 | 10366 | SH |  | SOLE |  | 10366 | 0 | 0 |
| COMPASS THERAPEUTICS INC | COM | 20454B104 |  | 746430 | 139000 | SH |  | SOLE |  | 139000 | 0 | 0 |
| CONTEXT THERAPEUTICS INC | COM | 21077P108 |  | 516108 | 351094 | SH |  | SOLE |  | 351094 | 0 | 0 |
| CONTINEUM THERAPEUTICS INC | CL A | 21217B100 |  | 3188524 | 278961 | SH |  | SOLE |  | 278961 | 0 | 0 |
| CORBUS PHARMACEUTICALS HLDGS | COM NEW | 21833P301 |  | 2334397 | 286781 | SH |  | SOLE |  | 286781 | 0 | 0 |
| CORE SCIENTIFIC INC NEW | COM | 21874A106 |  | 436800 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| CORVUS PHARMACEUTICALS INC | COM | 221015100 |  | 3587238 | 465875 | SH |  | SOLE |  | 465875 | 0 | 0 |
| CRESCENT BIOPHARMA INC. | COM | G2545C104 |  | 7187160 | 606000 | SH |  | SOLE |  | 606000 | 0 | 0 |
| CRINETICS PHARMACEUTICALS IN | COM | 22663K107 |  | 14401080 | 309368 | SH |  | SOLE |  | 309368 | 0 | 0 |
| CULLINAN THERAPEUTICS INC | COM | 230031106 |  | 517500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| CYBIN INC | COM NEW | 23256X407 |  | 1950030 | 238390 | SH |  | SOLE |  | 238390 | 0 | 0 |
| CYTOKINETICS INC | COM NEW | 23282W605 |  | 34322148 | 540166 | SH |  | SOLE |  | 540166 | 0 | 0 |
| CYTOMX THERAPEUTICS INC | COM | 23284F105 |  | 17818596 | 4182769 | SH |  | SOLE |  | 4182769 | 0 | 0 |
| CYTOMX THERAPEUTICS INC | COM | 23284F105 |  | 426000 | 100000 | SH | Call | SOLE |  | 0 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 5860352 | 25600 | SH |  | SOLE |  | 25600 | 0 | 0 |
| DAYFORCE INC | COM | 15677J108 |  | 345800 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| DELCATH SYS INC | COM NEW | 24661P807 |  | 2266289 | 224385 | SH |  | SOLE |  | 224385 | 0 | 0 |
| DENALI THERAPEUTICS INC | COM | 24823R105 |  | 860435 | 52116 | SH |  | SOLE |  | 52116 | 0 | 0 |
| DYNAVAX TECHNOLOGIES CORP | COM NEW | 268158201 |  | 2614600 | 170000 | SH |  | SOLE |  | 170000 | 0 | 0 |
| DYNE THERAPEUTICS INC | COM | 26818M108 |  | 834703 | 42674 | SH |  | SOLE |  | 42674 | 0 | 0 |
| DYNE THERAPEUTICS INC | COM | 26818M108 |  | 195600 | 10000 | SH | Call | SOLE |  | 0 | 0 | 0 |
| EA SERIES TRUST | ALPHA ARCH 1-3 | 02072L565 |  | 38803088 | 337125 | SH |  | SOLE |  | 337125 | 0 | 0 |
| EDGEWISE THERAPEUTICS INC | COM | 28036F105 |  | 2258140 | 90999 | SH |  | SOLE |  | 90999 | 0 | 0 |
| ELANCO ANIMAL HEALTH INC | COM | 28414H103 |  | 452600 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| ELECTRONIC ARTS INC | COM | 285512109 |  | 1008573 | 4936 | SH |  | SOLE |  | 4936 | 0 | 0 |
| ELEDON PHARMACEUTICALS INC | COM | 28617K101 |  | 2750936 | 1821812 | SH |  | SOLE |  | 1821812 | 0 | 0 |
| ENANTA PHARMACEUTICALS INC | COM | 29251M106 |  | 652200 | 41357 | SH |  | SOLE |  | 41357 | 0 | 0 |
| ENGENE HOLDINGS INC | COM | 29286M105 |  | 2742285 | 303686 | SH |  | SOLE |  | 303686 | 0 | 0 |
| ENLIVEN THERAPEUTICS INC | COM | 29337E102 |  | 462000 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| EQUILLIUM INC | COM | 29446K106 |  | 8692521 | 5608078 | SH |  | SOLE |  | 5608078 | 0 | 0 |
| ESTABLISHMENT LABS HLDGS INC | COM | G31249108 |  | 12493235 | 171422 | SH |  | SOLE |  | 171422 | 0 | 0 |
| EVOLUS INC | COM | 30052C107 |  | 238462 | 35859 | SH |  | SOLE |  | 35859 | 0 | 0 |
| EVOMMUNE INC | COM SHS | 30054Y107 |  | 3151141 | 184062 | SH |  | SOLE |  | 184062 | 0 | 0 |
| FIBROGEN INC | COM NEW | 31572Q881 |  | 91918 | 10469 | SH |  | SOLE |  | 10469 | 0 | 0 |
| FORWARD AIR CORP | COM | 34986A104 |  | 665875 | 26635 | SH |  | SOLE |  | 26635 | 0 | 0 |
| FRACTYL HEALTH INC | COM | 35168W103 |  | 3142856 | 1428571 | SH | Call | SOLE |  | 0 | 0 | 0 |
| FULCRUM THERAPEUTICS INC | COM | 359616109 |  | 14179901 | 1253749 | SH |  | SOLE |  | 1253749 | 0 | 0 |
| FULCRUM THERAPEUTICS INC | COM | 359616109 |  | 735150 | 65000 | SH | Call | SOLE |  | 0 | 0 | 0 |
| GENERATION BIO CO | COM NEW | 37148K209 |  | 125778 | 22144 | SH |  | SOLE |  | 22144 | 0 | 0 |
| GERON CORP | COM | 374163103 |  | 443752 | 336176 | SH |  | SOLE |  | 336176 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 818185 | 6666 | SH |  | SOLE |  | 6666 | 0 | 0 |
| GLOBA TERRA ACQUISITION COR | UNIT 99/99/9999 | G3933N108 |  | 514000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| GLOBUS MED INC | CL A | 379577208 |  | 1754931 | 20100 | SH |  | SOLE |  | 20100 | 0 | 0 |
| GOSSAMER BIO INC | COM | 38341P102 |  | 658846 | 212531 | SH |  | SOLE |  | 212531 | 0 | 0 |
| GOSSAMER BIO INC | COM | 38341P102 |  | 1435920 | 463200 | SH | Put | SOLE |  | 463200 | 0 | 0 |
| GOSSAMER BIO INC | COM | 38341P102 |  | 108810 | 35100 | SH | Call | SOLE |  | 0 | 0 | 0 |
| GRACE THERAPEUTICS INC | COM | 00439U104 |  | 2221278 | 641988 | SH |  | SOLE |  | 641988 | 0 | 0 |
| GUARDANT HEALTH INC | COM | 40131M109 |  | 714980 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| IBIO INC | COM NEW | 451033708 |  | 782675 | 405531 | SH |  | SOLE |  | 405531 | 0 | 0 |
| IDEAYA BIOSCIENCES INC | COM | 45166A102 |  | 691400 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| IDEXX LABS INC | COM | 45168D104 |  | 270612 | 400 | SH |  | SOLE |  | 400 | 0 | 0 |
| IMMIX BIOPHARMA INC | COM | 45258H106 |  | 261500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| IMMUNOVANT INC | COM | 45258J102 |  | 63066207 | 2480968 | SH |  | SOLE |  | 2480968 | 0 | 0 |
| INHIBIKASE THERAPEUTICS INC | COM NEW | 45719W205 |  | 16531095 | 8063949 | SH |  | SOLE |  | 8063949 | 0 | 0 |
| INOVIO PHARMACEUTICALS INC | COM SHS | 45773H409 |  | 2583914 | 1485008 | SH |  | SOLE |  | 1485008 | 0 | 0 |
| INOVIO PHARMACEUTICALS INC | COM SHS | 45773H409 |  | 131370 | 75500 | SH | Call | SOLE |  | 0 | 0 | 0 |
| INSPIRE MED SYS INC | COM | 457730109 |  | 1383450 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 577687 | 1020 | SH |  | SOLE |  | 1020 | 0 | 0 |
| INVENTIVA SA | ADS | 46124U107 |  | 12600784 | 2709846 | SH |  | SOLE |  | 2709846 | 0 | 0 |
| INVIVYD INC | COM | 00534A102 |  | 9631511 | 3899397 | SH |  | SOLE |  | 3899397 | 0 | 0 |
| INVO FERTILITY INC. | COM | 44984F807 |  | 20111 | 26722 | SH |  | SOLE |  | 26722 | 0 | 0 |
| IO BIOTECH INC | COM | 449778109 |  | 15201 | 24964 | SH |  | SOLE |  | 24964 | 0 | 0 |
| IONIS PHARMACEUTICALS INC | COM | 462222100 |  | 11639454 | 147130 | SH |  | SOLE |  | 147130 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 6769400 | 27500 | SH | Put | SOLE |  | 27500 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 2971151 | 12070 | SH |  | SOLE |  | 12070 | 0 | 0 |
| JADE BIOSCIENCES INC | COM NEW | 008064206 |  | 324030 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |
| JANUX THERAPEUTICS INC | COM | 47103J105 |  | 3387238 | 245452 | SH |  | SOLE |  | 245452 | 0 | 0 |
| JASPER THERAPEUTICS INC | COM NEW | 471871202 |  | 256200 | 140000 | SH |  | SOLE |  | 140000 | 0 | 0 |
| JAZZ PHARMACEUTICALS PLC | SHS USD | G50871105 |  | 1360000 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| JD.COM INC | SPON ADS CL A | 47215P106 |  | 287000 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| KALA BIO INC | COM NEW | 483119202 |  | 78649 | 141480 | SH |  | SOLE |  | 141480 | 0 | 0 |
| KALARIS THERAPEUTICS INC | COM | 482929106 |  | 844000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| KALVISTA PHARMACEUTICALS INC | COM | 483497103 |  | 161500 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| KARYOPHARM THERAPEUTICS INC | COM NEW | 48576U205 |  | 368000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| KEEN VISION ACQUISITION CORP | SHS | G52443119 |  | 881250 | 75000 | SH | Call | SOLE |  | 0 | 0 | 0 |
| KEROS THERAPEUTICS INC | COM | 492327101 |  | 383806 | 18851 | SH |  | SOLE |  | 18851 | 0 | 0 |
| KEZAR LIFE SCIENCES INC | COM NEW | 49372L209 |  | 738698 | 117440 | SH |  | SOLE |  | 117440 | 0 | 0 |
| KINIKSA PHARMACEUTICALS INTL | ORD SHS CL A | G52694109 |  | 1185030 | 28728 | SH |  | SOLE |  | 28728 | 0 | 0 |
| KIORA PHARMACEUTICALS INC | COM | 49721T507 |  | 330844 | 167941 | SH |  | SOLE |  | 167941 | 0 | 0 |
| KRYSTAL BIOTECH INC | COM | 501147102 |  | 4934252 | 20014 | SH |  | SOLE |  | 20014 | 0 | 0 |
| KURA ONCOLOGY INC | COM | 50127T109 |  | 415600 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| KYVERNA THERAPEUTICS INC | COM | 501976104 |  | 539823 | 57428 | SH |  | SOLE |  | 57428 | 0 | 0 |
| LARIMAR THERAPEUTICS INC | COM | 517125100 |  | 707475 | 185689 | SH |  | SOLE |  | 185689 | 0 | 0 |
| LEXEO THERAPEUTICS INC | COM | 52886X107 |  | 13834089 | 1393161 | SH |  | SOLE |  | 1393161 | 0 | 0 |
| LIQUIDIA CORPORATION | COM NEW | 53635D202 |  | 845005 | 24500 | SH | Put | SOLE |  | 24500 | 0 | 0 |
| LITE STRATEGY INC | COM | 55279B301 |  | 88825 | 67292 | SH |  | SOLE |  | 67292 | 0 | 0 |
| MADRIGAL PHARMACEUTICALS INC | COM | 558868105 |  | 521194 | 895 | SH |  | SOLE |  | 895 | 0 | 0 |
| MASIMO CORP | COM | 574795100 |  | 1950900 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| MAZE THERAPEUTICS INC | COM | 578784100 |  | 7438011 | 179532 | SH |  | SOLE |  | 179532 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 |  | 984348 | 1200 | SH |  | SOLE |  | 1200 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 1014706 | 9640 | SH |  | SOLE |  | 9640 | 0 | 0 |
| MEREO BIOPHARMA GROUP PLC | SPON ADS | 589492107 |  | 62505 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| MILESTONE PHARMACEUTICALS IN | COM | 59935V107 |  | 202202 | 100100 | SH |  | SOLE |  | 100100 | 0 | 0 |
| MINERALYS THERAPEUTICS INC | COM | 603170101 |  | 4943823 | 136231 | SH |  | SOLE |  | 136231 | 0 | 0 |
| MONOPAR THERAPEUTICS INC | COM NEW | 61023L207 |  | 15274192 | 233908 | SH |  | SOLE |  | 233908 | 0 | 0 |
| MONTE ROSA THERAPEUTICS INC | COM | 61225M102 |  | 3382991 | 215752 | SH |  | SOLE |  | 215752 | 0 | 0 |
| NATERA INC | COM | 632307104 |  | 491856 | 2147 | SH |  | SOLE |  | 2147 | 0 | 0 |
| NEKTAR THERAPEUTICS | COM NEW | 640268306 |  | 3045471 | 72031 | SH |  | SOLE |  | 72031 | 0 | 0 |
| NEUMORA THERAPEUTICS INC. | COM | 640979100 |  | 90574 | 50600 | SH |  | SOLE |  | 50600 | 0 | 0 |
| NEUPHORIA THERAPEUTICS INC | COM | 64136E102 |  | 116400 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| NEUROGENE INC | COM | 64135M105 |  | 631040 | 30633 | SH |  | SOLE |  | 30633 | 0 | 0 |
| NEWAMSTERDAM PHARMA COMPANY | ORDINARY SHARES | N62509109 |  | 4161295 | 118623 | SH |  | SOLE |  | 118623 | 0 | 0 |
| NOVOCURE LTD | ORD SHS | G6674U108 |  | 439620 | 34000 | SH |  | SOLE |  | 34000 | 0 | 0 |
| NURIX THERAPEUTICS INC | COM | 67080M103 |  | 1367168 | 72070 | SH |  | SOLE |  | 72070 | 0 | 0 |
| NUVALENT INC | COM | 670703107 |  | 688237 | 6842 | SH |  | SOLE |  | 6842 | 0 | 0 |
| OAKTREE ACQUISITION CORP III | UNIT 10/04/2029 | G6717R120 |  | 5485039 | 516482 | SH |  | SOLE |  | 516482 | 0 | 0 |
| OLEMA PHARMACEUTICALS INC | COM | 68062P106 |  | 2034975 | 81399 | SH |  | SOLE |  | 81399 | 0 | 0 |
| OMEROS CORP | COM | 682143102 |  | 1288125 | 75000 | SH | Put | SOLE |  | 75000 | 0 | 0 |
| OMEROS CORP | COM | 682143102 |  | 429375 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| OMNIAB INC | COM | 68218J103 |  | 1299052 | 702190 | SH |  | SOLE |  | 702190 | 0 | 0 |
| ONKURE THERAPEUTICS INC | COM CL A | 68277Q105 |  | 2941058 | 1014158 | SH |  | SOLE |  | 1014158 | 0 | 0 |
| OPUS GENETICS INC | COM | 67577R102 |  | 80400 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| ORGANON  CO | COMMON STOCK | 68622V106 |  | 250950 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| ORTHOPEDIATRICS CORP | COM | 68752L100 |  | 352447 | 19845 | SH |  | SOLE |  | 19845 | 0 | 0 |
| ORUKA THERAPEUTICS INC | COM | 687604108 |  | 631660 | 20840 | SH |  | SOLE |  | 20840 | 0 | 0 |
| OUTLOOK THERAPEUTICS INC | COM | 69012T305 |  | 158000 | 100000 | SH | Put | SOLE |  | 100000 | 0 | 0 |
| OVID THERAPEUTICS INC | COM | 690469101 |  | 6984550 | 4285000 | SH |  | SOLE |  | 4285000 | 0 | 0 |
| PALISADE BIO INC | COM | 696389402 |  | 4711386 | 2004845 | SH |  | SOLE |  | 2004845 | 0 | 0 |
| PEPGEN INC | COM | 713317105 |  | 239841 | 36842 | SH |  | SOLE |  | 36842 | 0 | 0 |
| PERCEPTIVE CAP SOLUTIONS COR | CL A ORD SHS | G70077105 |  | 5951062 | 456720 | SH |  | SOLE |  | 456720 | 0 | 0 |
| PERSPECTIVE THERAPEUTICS INC | COM NEW | 46489V302 |  | 261781 | 95193 | SH |  | SOLE |  | 95193 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 1802760 | 72400 | SH |  | SOLE |  | 72400 | 0 | 0 |
| PHARVARIS N V | COM | N69605108 |  | 2373402 | 85528 | SH |  | SOLE |  | 85528 | 0 | 0 |
| PHATHOM PHARMACEUTICALS INC | COM | 71722W107 |  | 711711 | 42900 | SH |  | SOLE |  | 42900 | 0 | 0 |
| PLIANT THERAPEUTICS INC | COM | 729139105 |  | 90059 | 73819 | SH |  | SOLE |  | 73819 | 0 | 0 |
| PLYMOUTH INDL REIT INC | COM | 729640102 |  | 898502 | 41065 | SH |  | SOLE |  | 41065 | 0 | 0 |
| PMV PHARMACEUTICALS INC | COM | 69353Y103 |  | 126260 | 101008 | SH |  | SOLE |  | 101008 | 0 | 0 |
| POLYPID LTD | COM | M8001Q126 |  | 451143 | 103950 | SH |  | SOLE |  | 103950 | 0 | 0 |
| PRAXIS PRECISION MEDICINES I | COM NEW | 74006W207 |  | 442110 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| PROCAP ACQUISITION CORP | UNIT 05/16/2030 | G7257A113 |  | 275866 | 26940 | SH |  | SOLE |  | 26940 | 0 | 0 |
| PROQR THRAPEUTICS N V | SHS EURO | N71542109 |  | 20200 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| PROTAGONIST THERAPEUTICS INC | COM | 74366E102 |  | 91634333 | 1049168 | SH |  | SOLE |  | 1049168 | 0 | 0 |
| PROTARA THERAPEUTICS INC | COM STK | 74365U107 |  | 6059139 | 1136799 | SH |  | SOLE |  | 1136799 | 0 | 0 |
| PROTHENA CORP PLC | SHS | G72800108 |  | 13921646 | 1457764 | SH |  | SOLE |  | 1457764 | 0 | 0 |
| PULMONX CORP | COM | 745848101 |  | 785456 | 355410 | SH |  | SOLE |  | 355410 | 0 | 0 |
| Q32 BIO INC | COM | 746964105 |  | 66400 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| QUINCE THERAPEUTICS INC | COM | 22053A107 |  | 143755 | 42912 | SH |  | SOLE |  | 42912 | 0 | 0 |
| QUINCE THERAPEUTICS INC | COM | 22053A107 |  | 268000 | 80000 | SH | Put | SOLE |  | 80000 | 0 | 0 |
| QUOIN PHARMACEUTICALS LTD | SPONSORED ADS | 74907L409 |  | 840259 | 58230 | SH |  | SOLE |  | 58230 | 0 | 0 |
| RAPT THERAPEUTICS INC | COM NEW | 75382E208 |  | 17262828 | 509679 | SH |  | SOLE |  | 509679 | 0 | 0 |
| RECURSION PHARMACEUTICALS IN | CL A | 75629V104 |  | 143150 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 9301805 | 12051 | SH |  | SOLE |  | 12051 | 0 | 0 |
| REGENXBIO INC | COM | 75901B107 |  | 2085811 | 144848 | SH |  | SOLE |  | 144848 | 0 | 0 |
| RELMADA THERAPEUTICS INC | COM | 75955J402 |  | 149083 | 30866 | SH |  | SOLE |  | 30866 | 0 | 0 |
| REPLIMUNE GROUP INC | COM | 76029N106 |  | 12065650 | 1241322 | SH |  | SOLE |  | 1241322 | 0 | 0 |
| REPLIMUNE GROUP INC | COM | 76029N106 |  | 243000 | 25000 | SH | Call | SOLE |  | 0 | 0 | 0 |
| REVOLUTION MEDICINES INC | COM | 76155X100 |  | 11555542 | 145079 | SH |  | SOLE |  | 145079 | 0 | 0 |
| REZOLUTE INC | COM NEW | 76200L309 |  | 91282 | 38679 | SH |  | SOLE |  | 38679 | 0 | 0 |
| RHYTHM PHARMACEUTICALS INC | COM | 76243J105 |  | 5496397 | 51349 | SH |  | SOLE |  | 51349 | 0 | 0 |
| ROCKET PHARMACEUTICALS INC | COM | 77313F106 |  | 1670058 | 475800 | SH |  | SOLE |  | 475800 | 0 | 0 |
| ROIVANT SCIENCES LTD | SHS | G76279101 |  | 74408475 | 3428962 | SH |  | SOLE |  | 3428962 | 0 | 0 |
| RXSIGHT INC | COM | 78349D107 |  | 227187 | 21803 | SH |  | SOLE |  | 21803 | 0 | 0 |
| SAB BIOTHERAPEUTICS INC | COM NEW | 78397T202 |  | 98527 | 26344 | SH |  | SOLE |  | 26344 | 0 | 0 |
| SANOFI SA | SPONSORED ADR | 80105N105 |  | 3075950 | 63474 | SH |  | SOLE |  | 63474 | 0 | 0 |
| SAREPTA THERAPEUTICS INC | COM | 803607100 |  | 621196 | 28866 | SH |  | SOLE |  | 28866 | 0 | 0 |
| SAVARA INC | COM | 805111101 |  | 8474876 | 1405452 | SH |  | SOLE |  | 1405452 | 0 | 0 |
| SCHOLAR ROCK HLDG CORP | COM | 80706P103 |  | 3065395 | 69589 | SH |  | SOLE |  | 69589 | 0 | 0 |
| SEPTERNA INC | COM | 81734D104 |  | 32274195 | 1157611 | SH |  | SOLE |  | 1157611 | 0 | 0 |
| SILENCE THERAPEUTICS PLC | ADS | 82686Q101 |  | 143749 | 23643 | SH |  | SOLE |  | 23643 | 0 | 0 |
| SOLENO THERAPEUTICS INC | COM | 834203309 |  | 1936729 | 41830 | SH |  | SOLE |  | 41830 | 0 | 0 |
| SOLIDION TECHNOLOGY INC | COM NEW | 834212201 |  | 95715 | 13500 | SH | Call | SOLE |  | 0 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 37290113 | 54684 | SH |  | SOLE |  | 54684 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78468R663 |  | 12389757 | 135585 | SH |  | SOLE |  | 135585 | 0 | 0 |
| SPERO THERAPEUTICS INC | COM | 84833T103 |  | 265245 | 113839 | SH |  | SOLE |  | 113839 | 0 | 0 |
| SPRUCE BIOSCIENCES INC | COM NEW | 85209E208 |  | 5052380 | 58000 | SH |  | SOLE |  | 58000 | 0 | 0 |
| SPYRE THERAPEUTICS INC | COM NEW | 00773J202 |  | 1115511 | 34051 | SH |  | SOLE |  | 34051 | 0 | 0 |
| SUMMIT THERAPEUTICS INC | COM | 86627T108 |  | 1606789 | 91869 | SH |  | SOLE |  | 91869 | 0 | 0 |
| SUPERNUS PHARMACEUTICALS INC | COM | 868459108 |  | 1478177 | 29742 | SH |  | SOLE |  | 29742 | 0 | 0 |
| SURGERY PARTNERS INC | COM | 86881A100 |  | 309000 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| SUTRO BIOPHARMA INC | COM SHS | 869367201 |  | 776081 | 67077 | SH |  | SOLE |  | 67077 | 0 | 0 |
| SYNDAX PHARMACEUTICALS INC | COM | 87164F105 |  | 252120 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| TANGO THERAPEUTICS INC | COM | 87583X109 |  | 1240586 | 140021 | SH |  | SOLE |  | 140021 | 0 | 0 |
| TAYSHA GENE THERAPIES INC | COM SHS | 877619106 |  | 13726950 | 2495809 | SH |  | SOLE |  | 2495809 | 0 | 0 |
| TECTONIC THERAPEUTIC INC | COM | 878972108 |  | 625946 | 30007 | SH |  | SOLE |  | 30007 | 0 | 0 |
| TELEFLEX INCORPORATED | COM | 879369106 |  | 9839719 | 80627 | SH |  | SOLE |  | 80627 | 0 | 0 |
| TENAX THERAPEUTICS INC | COM NEW | 88032L605 |  | 776174 | 63673 | SH |  | SOLE |  | 63673 | 0 | 0 |
| TENAYA THERAPEUTICS INC | COM | 87990A106 |  | 1071021 | 1505300 | SH |  | SOLE |  | 1505300 | 0 | 0 |
| TERNS PHARMACEUTICALS INC | COM | 880881107 |  | 21881246 | 541615 | SH |  | SOLE |  | 541615 | 0 | 0 |
| TEVA PHARMACEUTICAL INDS LTD | SPONSORED ADS | 881624209 |  | 7364655 | 235971 | SH |  | SOLE |  | 235971 | 0 | 0 |
| THERAPEUTICSMD INC | COM NEW | 88338N206 |  | 341012 | 209210 | SH |  | SOLE |  | 209210 | 0 | 0 |
| TRAWS PHARMA INC | COM NEW | 68232V884 |  | 174507 | 154431 | SH |  | SOLE |  | 154431 | 0 | 0 |
| ULTRAGENYX PHARMACEUTICAL IN | COM | 90400D108 |  | 230000 | 10000 | SH | Call | SOLE |  | 0 | 0 | 0 |
| UNIQURE NV | SHS | N90064101 |  | 5627259 | 235155 | SH |  | SOLE |  | 235155 | 0 | 0 |
| UNIQURE NV | SHS | N90064101 |  | 717900 | 30000 | SH | Call | SOLE |  | 0 | 0 | 0 |
| UNITED THERAPEUTICS CORP DEL | COM | 91307C102 |  | 925775 | 1900 | SH |  | SOLE |  | 1900 | 0 | 0 |
| UROGEN PHARMA LTD | COM | M96088105 |  | 2936283 | 125375 | SH |  | SOLE |  | 125375 | 0 | 0 |
| UROGEN PHARMA LTD | COM | M96088105 |  | 936800 | 40000 | SH | Call | SOLE |  | 0 | 0 | 0 |
| VAXCYTE INC | COM | 92243G108 |  | 14563722 | 315642 | SH |  | SOLE |  | 315642 | 0 | 0 |
| VENTYX BIOSCIENCES INC | COM | 92332V107 |  | 736848 | 81600 | SH |  | SOLE |  | 81600 | 0 | 0 |
| VERA THERAPEUTICS INC | CL A | 92337R101 |  | 746079 | 14733 | SH |  | SOLE |  | 14733 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 6218286 | 13716 | SH |  | SOLE |  | 13716 | 0 | 0 |
| VERU INC | COM NEW | 92536C202 |  | 74900 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| VIKING THERAPEUTICS INC | COM | 92686J106 |  | 932059 | 26494 | SH |  | SOLE |  | 26494 | 0 | 0 |
| VIRIDIAN THERAPEUTICS INC | COM | 92790C104 |  | 2402402 | 77198 | SH |  | SOLE |  | 77198 | 0 | 0 |
| VISTAGEN THERAPEUTICS INC | COM | 92840H400 |  | 412744 | 623575 | SH |  | SOLE |  | 623575 | 0 | 0 |
| VISTAGEN THERAPEUTICS INC | COM | 92840H400 |  | 79428 | 120000 | SH | Put | SOLE |  | 120000 | 0 | 0 |
| VOYAGER THERAPEUTICS INC | COM | 92915B106 |  | 137550 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| VYNE THERAPEUTICS INC | COM | 92941V308 |  | 147224 | 253791 | SH |  | SOLE |  | 253791 | 0 | 0 |
| WHITEHAWK THERAPEUTICS INC | COM | 00032Q104 |  | 187775 | 77593 | SH |  | SOLE |  | 77593 | 0 | 0 |
| WISDOMTREE TR | FLOATNG RAT TREA | 97717Y527 |  | 503200 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| WW INTL INC | COM NEW | 98262P200 |  | 1668177 | 57100 | SH |  | SOLE |  | 57100 | 0 | 0 |
| XENCOR INC | COM | 98401F105 |  | 859886 | 56165 | SH |  | SOLE |  | 56165 | 0 | 0 |
| XENON PHARMACEUTICALS INC | COM | 98420N105 |  | 9141891 | 203969 | SH |  | SOLE |  | 203969 | 0 | 0 |
| ZAI LAB LTD | ADR | 98887Q104 |  | 21988613 | 1246520 | SH |  | SOLE |  | 1246520 | 0 | 0 |
| ZENTALIS PHARMACEUTICALS INC | COM | 98943L107 |  | 108000 | 80000 | SH |  | SOLE |  | 80000 | 0 | 0 |
| ZURA BIO LTD | CLASS A ORD SHS | G9TY5A101 |  | 2945221 | 562065 | SH |  | SOLE |  | 562065 | 0 | 0 |

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