{"slug":"racapital","name":"RA Capital Management","style":"sector_healthcare","grade":"A","book":[{"ticker":"ASNDUSD","issuer":"ASCENDIS PHARMA A/S - ADR","shares":10281496.0,"value_usd":2351686580.0,"pct_book":24.92,"position_rank":1,"tilt_pp":23.737,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":70.0,"tier":"high","components":{"pct_book":{"value":1.0,"points":35.0},"rank_top10":{"value":1,"points":15.0},"tilt":{"value":23.737,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"PCVX","issuer":"VAXCYTE INC","shares":11474599.0,"value_usd":666788948.0,"pct_book":7.07,"position_rank":2,"tilt_pp":5.885,"action":"hold","shares_change_pct":7.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":0.054,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":69.6,"tier":"moderate","components":{"pct_book":{"value":0.987,"points":34.56},"rank_top10":{"value":2,"points":15.0},"tilt":{"value":5.885,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"RYTM","issuer":"RHYTHM PHARMACEUTICALS INC","shares":6666837.0,"value_usd":579814814.0,"pct_book":6.14,"position_rank":3,"tilt_pp":4.963,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":69.1,"tier":"moderate","components":{"pct_book":{"value":0.975,"points":34.11},"rank_top10":{"value":3,"points":15.0},"tilt":{"value":4.963,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"TYRA","issuer":"TYRA BIOSCIENCES INC","shares":12198625.0,"value_usd":467207338.0,"pct_book":4.95,"position_rank":4,"tilt_pp":3.77,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":68.7,"tier":"moderate","components":{"pct_book":{"value":0.962,"points":33.67},"rank_top10":{"value":4,"points":15.0},"tilt":{"value":3.77,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"SION","issuer":"SIONNA THERAPEUTICS INC","shares":9905045.0,"value_usd":397093254.0,"pct_book":4.21,"position_rank":5,"tilt_pp":3.027,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":68.2,"tier":"moderate","components":{"pct_book":{"value":0.949,"points":33.23},"rank_top10":{"value":5,"points":15.0},"tilt":{"value":3.027,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"EWTX","issuer":"EDGEWISE THERAPEUTICS INC","shares":10428437.0,"value_usd":328495766.0,"pct_book":3.48,"position_rank":6,"tilt_pp":2.3,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":67.8,"tier":"moderate","components":{"pct_book":{"value":0.937,"points":32.78},"rank_top10":{"value":6,"points":15.0},"tilt":{"value":2.3,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"NUVL","issuer":"NUVALENT INC-A","shares":2534145.0,"value_usd":259623155.0,"pct_book":2.75,"position_rank":7,"tilt_pp":1.57,"action":"add","shares_change_pct":34.8,"add_streak_q":3,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":82.3,"tier":"high","components":{"pct_book":{"value":0.924,"points":32.34},"rank_top10":{"value":7,"points":15.0},"tilt":{"value":1.57,"points":10.0},"add_streak":{"value":3,"points":15.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"DNTH","issuer":"DIANTHUS THERAPEUTICS INC","shares":2611733.0,"value_usd":219176633.0,"pct_book":2.32,"position_rank":8,"tilt_pp":1.142,"action":"add","shares_change_pct":62.0,"add_streak_q":1,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":71.9,"tier":"high","components":{"pct_book":{"value":0.911,"points":31.9},"rank_top10":{"value":8,"points":15.0},"tilt":{"value":1.142,"points":10.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"MLYS","issuer":"MINERALYS THERAPEUTICS INC","shares":7692750.0,"value_usd":208396598.0,"pct_book":2.21,"position_rank":9,"tilt_pp":1.028,"action":"hold","shares_change_pct":5.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":66.5,"tier":"moderate","components":{"pct_book":{"value":0.899,"points":31.46},"rank_top10":{"value":9,"points":15.0},"tilt":{"value":1.028,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"SGP","issuer":"SPYGLASS PHARMA INC","shares":8021117.0,"value_usd":207827141.0,"pct_book":2.2,"position_rank":10,"tilt_pp":1.022,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":null,"themes":[],"since_excess":-0.1212,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":71.0,"tier":"high","components":{"pct_book":{"value":0.886,"points":31.01},"rank_top10":{"value":10,"points":15.0},"tilt":{"value":1.022,"points":10.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":true,"points":10.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"SEPN","issuer":"SEPTERNA INC","shares":6995858.0,"value_usd":168110468.0,"pct_book":1.78,"position_rank":11,"tilt_pp":0.601,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":50.6,"tier":"moderate","components":{"pct_book":{"value":0.873,"points":30.57},"rank_top10":{"value":11,"points":0.0},"tilt":{"value":0.601,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"IRON","issuer":"DISC MEDICINE INC","shares":2450221.0,"value_usd":156667131.0,"pct_book":1.66,"position_rank":12,"tilt_pp":0.48,"action":"add","shares_change_pct":24.0,"add_streak_q":2,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":60.1,"tier":"moderate","components":{"pct_book":{"value":0.861,"points":30.13},"rank_top10":{"value":12,"points":0.0},"tilt":{"value":0.48,"points":10.0},"add_streak":{"value":2,"points":10.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"JANX","issuer":"JANUX THERAPEUTICS INC","shares":11189693.0,"value_usd":155536733.0,"pct_book":1.65,"position_rank":13,"tilt_pp":0.468,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":49.7,"tier":"moderate","components":{"pct_book":{"value":0.848,"points":29.68},"rank_top10":{"value":13,"points":0.0},"tilt":{"value":0.468,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"BCRX","issuer":"BIOCRYST PHARMACEUTICALS INC","shares":15827186.0,"value_usd":150674811.0,"pct_book":1.6,"position_rank":14,"tilt_pp":0.416,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":49.2,"tier":"moderate","components":{"pct_book":{"value":0.835,"points":29.24},"rank_top10":{"value":14,"points":0.0},"tilt":{"value":0.416,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"BCAX","issuer":"BICARA THERAPEUTICS INC","shares":7255993.0,"value_usd":144321701.0,"pct_book":1.53,"position_rank":15,"tilt_pp":0.349,"action":"hold","shares_change_pct":4.3,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":48.8,"tier":"moderate","components":{"pct_book":{"value":0.823,"points":28.8},"rank_top10":{"value":15,"points":0.0},"tilt":{"value":0.349,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"PRAX","issuer":"PRAXIS PRECISION MEDICINES I","shares":373787.0,"value_usd":120430434.0,"pct_book":1.28,"position_rank":16,"tilt_pp":0.096,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":48.4,"tier":"moderate","components":{"pct_book":{"value":0.81,"points":28.35},"rank_top10":{"value":16,"points":0.0},"tilt":{"value":0.096,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"ZLAB","issuer":"ZAI LAB LTD-ADR","shares":5707262.0,"value_usd":107353598.0,"pct_book":1.14,"position_rank":17,"tilt_pp":-0.043,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":42.9,"tier":"low","components":{"pct_book":{"value":0.797,"points":27.91},"rank_top10":{"value":17,"points":0.0},"tilt":{"value":-0.043,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"TSHA","issuer":"TAYSHA GENE THERAPIES INC","shares":23555648.0,"value_usd":105293747.0,"pct_book":1.12,"position_rank":18,"tilt_pp":-0.065,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":37.5,"tier":"low","components":{"pct_book":{"value":0.785,"points":27.47},"rank_top10":{"value":18,"points":0.0},"tilt":{"value":-0.065,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"VOR","issuer":"VOR BIOPHARMA INC","shares":5404998.0,"value_usd":96425164.0,"pct_book":1.02,"position_rank":19,"tilt_pp":-0.159,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":37.0,"tier":"low","components":{"pct_book":{"value":0.772,"points":27.03},"rank_top10":{"value":19,"points":0.0},"tilt":{"value":-0.159,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"GERN","issuer":"GERON CORP","shares":63771366.0,"value_usd":95019335.0,"pct_book":1.01,"position_rank":20,"tilt_pp":-0.174,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[{"key":"fv:longevityagingpharma","name":"Aging Pharma","name_zh":"Aging Pharma"}],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":36.6,"tier":"low","components":{"pct_book":{"value":0.759,"points":26.58},"rank_top10":{"value":20,"points":0.0},"tilt":{"value":-0.174,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"SPRY","issuer":"ARS PHARMACEUTICALS INC","shares":10860977.0,"value_usd":87213645.0,"pct_book":0.92,"position_rank":21,"tilt_pp":-0.256,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":36.1,"tier":"low","components":{"pct_book":{"value":0.747,"points":26.14},"rank_top10":{"value":21,"points":0.0},"tilt":{"value":-0.256,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"SRPT","issuer":"SAREPTA THERAPEUTICS INC","shares":3902596.0,"value_usd":84920489.0,"pct_book":0.9,"position_rank":22,"tilt_pp":-0.281,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":"Health Care","themes":[],"since_excess":-0.0177,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":30.7,"tier":"low","components":{"pct_book":{"value":0.734,"points":25.7},"rank_top10":{"value":22,"points":0.0},"tilt":{"value":-0.281,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"SYRE","issuer":"SPYRE THERAPEUTICS INC","shares":1621620.0,"value_usd":81794513.0,"pct_book":0.87,"position_rank":23,"tilt_pp":-0.314,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":35.3,"tier":"low","components":{"pct_book":{"value":0.722,"points":25.25},"rank_top10":{"value":23,"points":0.0},"tilt":{"value":-0.314,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"EVMN","issuer":"EVOMMUNE INC","shares":3494638.0,"value_usd":80341728.0,"pct_book":0.85,"position_rank":24,"tilt_pp":-0.329,"action":"hold","shares_change_pct":1.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":34.8,"tier":"low","components":{"pct_book":{"value":0.709,"points":24.81},"rank_top10":{"value":24,"points":0.0},"tilt":{"value":-0.329,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"CLYM","issuer":"CLIMB BIO INC","shares":11300939.0,"value_usd":77411432.0,"pct_book":0.82,"position_rank":25,"tilt_pp":-0.36,"action":"hold","shares_change_pct":0.1,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":34.4,"tier":"low","components":{"pct_book":{"value":0.696,"points":24.37},"rank_top10":{"value":25,"points":0.0},"tilt":{"value":-0.36,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"SLDB","issuer":"SOLID BIOSCIENCES INC","shares":9339978.0,"value_usd":67247842.0,"pct_book":0.71,"position_rank":26,"tilt_pp":-0.468,"action":"add","shares_change_pct":60.7,"add_streak_q":1,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":38.9,"tier":"low","components":{"pct_book":{"value":0.684,"points":23.92},"rank_top10":{"value":26,"points":0.0},"tilt":{"value":-0.468,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"ARTV","issuer":"ARTIVA BIOTHERAPEUTICS INC","shares":9853302.0,"value_usd":63455265.0,"pct_book":0.67,"position_rank":27,"tilt_pp":-0.508,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":33.5,"tier":"low","components":{"pct_book":{"value":0.671,"points":23.48},"rank_top10":{"value":27,"points":0.0},"tilt":{"value":-0.508,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"DMRA","issuer":"DAMORA THERAPEUTICS INC","shares":2399310.0,"value_usd":62142129.0,"pct_book":0.66,"position_rank":28,"tilt_pp":-0.522,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":28.0,"tier":"low","components":{"pct_book":{"value":0.658,"points":23.04},"rank_top10":{"value":28,"points":0.0},"tilt":{"value":-0.522,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"XNCR","issuer":"XENCOR INC","shares":4897237.0,"value_usd":59060678.0,"pct_book":0.63,"position_rank":29,"tilt_pp":-0.555,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"persisted","sector":"Health Care","themes":[],"since_excess":0.314,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":37.6,"tier":"low","components":{"pct_book":{"value":0.646,"points":22.59},"rank_top10":{"value":29,"points":0.0},"tilt":{"value":-0.555,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"LBRX","issuer":"LB PHARMACEUTICALS INC","shares":2208604.0,"value_usd":54464175.0,"pct_book":0.58,"position_rank":30,"tilt_pp":-0.603,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":32.2,"tier":"low","components":{"pct_book":{"value":0.633,"points":22.15},"rank_top10":{"value":30,"points":0.0},"tilt":{"value":-0.603,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"JBIO","issuer":"JADE BIOSCIENCES INC","shares":3671083.0,"value_usd":51578716.0,"pct_book":0.55,"position_rank":31,"tilt_pp":-0.634,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":31.7,"tier":"low","components":{"pct_book":{"value":0.62,"points":21.71},"rank_top10":{"value":31,"points":0.0},"tilt":{"value":-0.634,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"ABOS","issuer":"ACUMEN PHARMACEUTICALS INC","shares":20992669.0,"value_usd":49542699.0,"pct_book":0.52,"position_rank":32,"tilt_pp":-0.655,"action":"add","shares_change_pct":40.6,"add_streak_q":1,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":36.3,"tier":"low","components":{"pct_book":{"value":0.608,"points":21.27},"rank_top10":{"value":32,"points":0.0},"tilt":{"value":-0.655,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"FDMT","issuer":"4D MOLECULAR THERAPEUTICS IN","shares":5049779.0,"value_usd":47013442.0,"pct_book":0.5,"position_rank":33,"tilt_pp":-0.682,"action":"trim","shares_change_pct":-10.7,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":30.8,"tier":"low","components":{"pct_book":{"value":0.595,"points":20.82},"rank_top10":{"value":33,"points":0.0},"tilt":{"value":-0.682,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"FULC","issuer":"FULCRUM THERAPEUTICS INC","shares":6053960.0,"value_usd":46433873.0,"pct_book":0.49,"position_rank":34,"tilt_pp":-0.688,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":30.4,"tier":"low","components":{"pct_book":{"value":0.582,"points":20.38},"rank_top10":{"value":34,"points":0.0},"tilt":{"value":-0.688,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"CAPR","issuer":"CAPRICOR THERAPEUTICS INC","shares":1507844.0,"value_usd":45838458.0,"pct_book":0.49,"position_rank":35,"tilt_pp":-0.695,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":30.4,"tier":"low","components":{"pct_book":{"value":0.582,"points":20.38},"rank_top10":{"value":35,"points":0.0},"tilt":{"value":-0.695,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"IPSC","issuer":"CENTURY THERAPEUTICS INC","shares":17754430.0,"value_usd":40125012.0,"pct_book":0.43,"position_rank":36,"tilt_pp":-0.755,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":24.5,"tier":"low","components":{"pct_book":{"value":0.557,"points":19.49},"rank_top10":{"value":36,"points":0.0},"tilt":{"value":-0.755,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"OLMA","issuer":"OLEMA PHARMACEUTICALS INC","shares":2600000.0,"value_usd":38766000.0,"pct_book":0.41,"position_rank":37,"tilt_pp":-0.77,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":29.1,"tier":"low","components":{"pct_book":{"value":0.544,"points":19.05},"rank_top10":{"value":37,"points":0.0},"tilt":{"value":-0.77,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"LENZ","issuer":"LENZ THERAPEUTICS INC","shares":4178823.0,"value_usd":38236230.0,"pct_book":0.41,"position_rank":38,"tilt_pp":-0.775,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":29.1,"tier":"low","components":{"pct_book":{"value":0.544,"points":19.05},"rank_top10":{"value":38,"points":0.0},"tilt":{"value":-0.775,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"MNPR","issuer":"MONOPAR THERAPEUTICS INC","shares":667207.0,"value_usd":36556272.0,"pct_book":0.39,"position_rank":39,"tilt_pp":-0.793,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":28.2,"tier":"low","components":{"pct_book":{"value":0.519,"points":18.16},"rank_top10":{"value":39,"points":0.0},"tilt":{"value":-0.793,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"PEPG","issuer":"PEPGEN INC","shares":20064545.0,"value_usd":35514245.0,"pct_book":0.38,"position_rank":40,"tilt_pp":-0.804,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":27.7,"tier":"low","components":{"pct_book":{"value":0.506,"points":17.72},"rank_top10":{"value":40,"points":0.0},"tilt":{"value":-0.804,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"DSGN","issuer":"DESIGN THERAPEUTICS INC","shares":2972973.0,"value_usd":31632433.0,"pct_book":0.34,"position_rank":41,"tilt_pp":-0.845,"action":"add","shares_change_pct":103.4,"add_streak_q":3,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":42.3,"tier":"low","components":{"pct_book":{"value":0.494,"points":17.28},"rank_top10":{"value":41,"points":0.0},"tilt":{"value":-0.845,"points":0.0},"add_streak":{"value":3,"points":15.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"MIRM","issuer":"MIRUM PHARMACEUTICALS INC","shares":318554.0,"value_usd":29428019.0,"pct_book":0.31,"position_rank":42,"tilt_pp":-0.869,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":21.8,"tier":"low","components":{"pct_book":{"value":0.481,"points":16.84},"rank_top10":{"value":42,"points":0.0},"tilt":{"value":-0.869,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"BIOA","issuer":"BIOAGE LABS INC","shares":1650648.0,"value_usd":28869834.0,"pct_book":0.31,"position_rank":43,"tilt_pp":-0.875,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":31.8,"tier":"low","components":{"pct_book":{"value":0.481,"points":16.84},"rank_top10":{"value":43,"points":0.0},"tilt":{"value":-0.875,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"LXEO","issuer":"LEXEO THERAPEUTICS INC","shares":5000000.0,"value_usd":28700000.0,"pct_book":0.3,"position_rank":44,"tilt_pp":-0.876,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":25.9,"tier":"low","components":{"pct_book":{"value":0.456,"points":15.95},"rank_top10":{"value":44,"points":0.0},"tilt":{"value":-0.876,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"ASMB","issuer":"ASSEMBLY BIOSCIENCES INC","shares":1020410.0,"value_usd":28316378.0,"pct_book":0.3,"position_rank":45,"tilt_pp":-0.88,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":25.9,"tier":"low","components":{"pct_book":{"value":0.456,"points":15.95},"rank_top10":{"value":45,"points":0.0},"tilt":{"value":-0.88,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"RZLT","issuer":"REZOLUTE INC","shares":9180000.0,"value_usd":27999000.0,"pct_book":0.3,"position_rank":46,"tilt_pp":-0.884,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":25.9,"tier":"low","components":{"pct_book":{"value":0.456,"points":15.95},"rank_top10":{"value":46,"points":0.0},"tilt":{"value":-0.884,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"AKTS","issuer":"AKTIS ONCOLOGY INC","shares":1503084.0,"value_usd":26890173.0,"pct_book":0.28,"position_rank":47,"tilt_pp":-0.895,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":19.6,"tier":"low","components":{"pct_book":{"value":0.418,"points":14.62},"rank_top10":{"value":47,"points":0.0},"tilt":{"value":-0.895,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"ALXO","issuer":"ALX ONCOLOGY HOLDINGS INC","shares":13011849.0,"value_usd":26088757.0,"pct_book":0.28,"position_rank":48,"tilt_pp":-0.904,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":19.6,"tier":"low","components":{"pct_book":{"value":0.418,"points":14.62},"rank_top10":{"value":48,"points":0.0},"tilt":{"value":-0.904,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"ACRS","issuer":"ACLARIS THERAPEUTICS INC","shares":6804072.0,"value_usd":25515270.0,"pct_book":0.27,"position_rank":49,"tilt_pp":-0.91,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":28.7,"tier":"low","components":{"pct_book":{"value":0.392,"points":13.73},"rank_top10":{"value":49,"points":0.0},"tilt":{"value":-0.91,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"OVID","issuer":"OVID THERAPEUTICS INC","shares":10714000.0,"value_usd":23785080.0,"pct_book":0.25,"position_rank":50,"tilt_pp":-0.928,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":23.3,"tier":"low","components":{"pct_book":{"value":0.38,"points":13.29},"rank_top10":{"value":50,"points":0.0},"tilt":{"value":-0.928,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"NKTX","issuer":"NKARTA INC","shares":10805129.0,"value_usd":22798822.0,"pct_book":0.24,"position_rank":51,"tilt_pp":-0.939,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":22.8,"tier":"low","components":{"pct_book":{"value":0.367,"points":12.85},"rank_top10":{"value":51,"points":0.0},"tilt":{"value":-0.939,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"TVTX","issuer":"TRAVERE THERAPEUTICS INC","shares":746841.0,"value_usd":22188646.0,"pct_book":0.24,"position_rank":52,"tilt_pp":-0.945,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":27.8,"tier":"low","components":{"pct_book":{"value":0.367,"points":12.85},"rank_top10":{"value":52,"points":0.0},"tilt":{"value":-0.945,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"GRAL","issuer":"GRAIL INC","shares":428266.0,"value_usd":22132787.0,"pct_book":0.23,"position_rank":53,"tilt_pp":-0.946,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":22.0,"tier":"low","components":{"pct_book":{"value":0.342,"points":11.96},"rank_top10":{"value":53,"points":0.0},"tilt":{"value":-0.946,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"CCCC","issuer":"C4 THERAPEUTICS INC","shares":8000000.0,"value_usd":21040000.0,"pct_book":0.22,"position_rank":54,"tilt_pp":-0.957,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":21.5,"tier":"low","components":{"pct_book":{"value":0.329,"points":11.52},"rank_top10":{"value":54,"points":0.0},"tilt":{"value":-0.957,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"RLMD","issuer":"RELMADA THERAPEUTICS INC","shares":2947369.0,"value_usd":20513688.0,"pct_book":0.22,"position_rank":55,"tilt_pp":-0.963,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":16.5,"tier":"low","components":{"pct_book":{"value":0.329,"points":11.52},"rank_top10":{"value":55,"points":0.0},"tilt":{"value":-0.963,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"BNTC","issuer":"BENITEC BIOPHARMA INC","shares":1850000.0,"value_usd":19702500.0,"pct_book":0.21,"position_rank":56,"tilt_pp":-0.972,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":20.6,"tier":"low","components":{"pct_book":{"value":0.304,"points":10.63},"rank_top10":{"value":56,"points":0.0},"tilt":{"value":-0.972,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"DRUG","issuer":"BRIGHT MINDS BIOSCIENCES INC","shares":265000.0,"value_usd":19337050.0,"pct_book":0.2,"position_rank":57,"tilt_pp":-0.976,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":25.2,"tier":"low","components":{"pct_book":{"value":0.291,"points":10.19},"rank_top10":{"value":57,"points":0.0},"tilt":{"value":-0.976,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"STRO","issuer":"SUTRO BIOPHARMA INC","shares":715307.0,"value_usd":17818297.0,"pct_book":0.19,"position_rank":58,"tilt_pp":-0.992,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":14.7,"tier":"low","components":{"pct_book":{"value":0.278,"points":9.75},"rank_top10":{"value":58,"points":0.0},"tilt":{"value":-0.992,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"CTNM","issuer":"CONTINEUM THERAPEUTICS INC-A","shares":1296012.0,"value_usd":16925917.0,"pct_book":0.18,"position_rank":59,"tilt_pp":-1.001,"action":"trim","shares_change_pct":-40.5,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":19.3,"tier":"low","components":{"pct_book":{"value":0.266,"points":9.3},"rank_top10":{"value":59,"points":0.0},"tilt":{"value":-1.001,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"SABS","issuer":"SAB BIOTHERAPEUTICS INC","shares":4401500.0,"value_usd":16857745.0,"pct_book":0.18,"position_rank":60,"tilt_pp":-1.002,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":19.3,"tier":"low","components":{"pct_book":{"value":0.266,"points":9.3},"rank_top10":{"value":60,"points":0.0},"tilt":{"value":-1.002,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"INSP","issuer":"INSPIRE MEDICAL SYSTEMS INC","shares":325663.0,"value_usd":16797698.0,"pct_book":0.18,"position_rank":61,"tilt_pp":-1.002,"action":"add","shares_change_pct":129.4,"add_streak_q":3,"persistence":"persisted","sector":"Health Care","themes":[],"since_excess":0.2713,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":34.3,"tier":"low","components":{"pct_book":{"value":0.266,"points":9.3},"rank_top10":{"value":61,"points":0.0},"tilt":{"value":-1.002,"points":0.0},"add_streak":{"value":3,"points":15.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"AVR","issuer":"ANTERIS TECHNOLOGIES GLOBAL","shares":3000000.0,"value_usd":16650000.0,"pct_book":0.18,"position_rank":62,"tilt_pp":-1.004,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":14.3,"tier":"low","components":{"pct_book":{"value":0.266,"points":9.3},"rank_top10":{"value":62,"points":0.0},"tilt":{"value":-1.004,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"OKUR","issuer":"ONKURE THERAPEUTICS INC-A","shares":3998333.0,"value_usd":16553099.0,"pct_book":0.18,"position_rank":63,"tilt_pp":-1.005,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":14.3,"tier":"low","components":{"pct_book":{"value":0.266,"points":9.3},"rank_top10":{"value":63,"points":0.0},"tilt":{"value":-1.005,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"HNGE","issuer":"HINGE HEALTH INC-A","shares":364613.0,"value_usd":14059477.0,"pct_book":0.15,"position_rank":64,"tilt_pp":-1.031,"action":"add","shares_change_pct":355.1,"add_streak_q":2,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":27.1,"tier":"low","components":{"pct_book":{"value":0.203,"points":7.09},"rank_top10":{"value":64,"points":0.0},"tilt":{"value":-1.031,"points":0.0},"add_streak":{"value":2,"points":10.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"WGS","issuer":"GENEDX HOLDINGS CORP","shares":209887.0,"value_usd":13478943.0,"pct_book":0.14,"position_rank":65,"tilt_pp":-1.038,"action":"add","shares_change_pct":261.6,"add_streak_q":1,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":21.6,"tier":"low","components":{"pct_book":{"value":0.19,"points":6.65},"rank_top10":{"value":65,"points":0.0},"tilt":{"value":-1.038,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"WAY","issuer":"WAYSTAR HOLDING CORP","shares":529400.0,"value_usd":12763834.0,"pct_book":0.14,"position_rank":66,"tilt_pp":-1.045,"action":"add","shares_change_pct":266.6,"add_streak_q":2,"persistence":"persisted","sector":"Health Care","themes":[{"key":"fv:healthcareitdata","name":"IT & Data","name_zh":"IT & Data"}],"since_excess":0.2443,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":26.6,"tier":"low","components":{"pct_book":{"value":0.19,"points":6.65},"rank_top10":{"value":66,"points":0.0},"tilt":{"value":-1.045,"points":0.0},"add_streak":{"value":2,"points":10.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"PALI","issuer":"PALISADE BIO INC","shares":7124116.0,"value_usd":12467203.0,"pct_book":0.13,"position_rank":67,"tilt_pp":-1.048,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":15.8,"tier":"low","components":{"pct_book":{"value":0.165,"points":5.76},"rank_top10":{"value":67,"points":0.0},"tilt":{"value":-1.048,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"ACRV","issuer":"ACRIVON THERAPEUTICS INC","shares":8340508.0,"value_usd":11593306.0,"pct_book":0.12,"position_rank":68,"tilt_pp":-1.058,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":15.3,"tier":"low","components":{"pct_book":{"value":0.152,"points":5.32},"rank_top10":{"value":68,"points":0.0},"tilt":{"value":-1.058,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"RNA","issuer":"ATRIUM THERAPEUTICS INC","shares":864102.0,"value_usd":11553044.0,"pct_book":0.12,"position_rank":69,"tilt_pp":-1.058,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":10.3,"tier":"low","components":{"pct_book":{"value":0.152,"points":5.32},"rank_top10":{"value":69,"points":0.0},"tilt":{"value":-1.058,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"KPTI","issuer":"KARYOPHARM THERAPEUTICS INC","shares":1917354.0,"value_usd":10679662.0,"pct_book":0.11,"position_rank":70,"tilt_pp":-1.067,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":9.4,"tier":"low","components":{"pct_book":{"value":0.127,"points":4.43},"rank_top10":{"value":70,"points":0.0},"tilt":{"value":-1.067,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"AVTX","issuer":"AVALO THERAPEUTICS INC","shares":662968.0,"value_usd":9898112.0,"pct_book":0.1,"position_rank":71,"tilt_pp":-1.076,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":14.0,"tier":"low","components":{"pct_book":{"value":0.114,"points":3.99},"rank_top10":{"value":71,"points":0.0},"tilt":{"value":-1.076,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"ACET","issuer":"ADICET BIO INC","shares":1182624.0,"value_usd":8053669.0,"pct_book":0.09,"position_rank":72,"tilt_pp":-1.095,"action":"add","shares_change_pct":24.7,"add_streak_q":2,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":23.5,"tier":"low","components":{"pct_book":{"value":0.101,"points":3.54},"rank_top10":{"value":72,"points":0.0},"tilt":{"value":-1.095,"points":0.0},"add_streak":{"value":2,"points":10.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"CRVS","issuer":"CORVUS PHARMACEUTICALS INC","shares":450000.0,"value_usd":6583500.0,"pct_book":0.07,"position_rank":73,"tilt_pp":-1.111,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":8.1,"tier":"low","components":{"pct_book":{"value":0.089,"points":3.1},"rank_top10":{"value":73,"points":0.0},"tilt":{"value":-1.111,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"RANI","issuer":"RANI THERAPEUTICS HOLDINGS-A","shares":8500000.0,"value_usd":6245800.0,"pct_book":0.07,"position_rank":74,"tilt_pp":-1.114,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":13.1,"tier":"low","components":{"pct_book":{"value":0.089,"points":3.1},"rank_top10":{"value":74,"points":0.0},"tilt":{"value":-1.114,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"EQ","issuer":"EQUILLIUM INC","shares":3096336.0,"value_usd":6192672.0,"pct_book":0.07,"position_rank":75,"tilt_pp":-1.115,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":8.1,"tier":"low","components":{"pct_book":{"value":0.089,"points":3.1},"rank_top10":{"value":75,"points":0.0},"tilt":{"value":-1.115,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"HOWL","issuer":"WEREWOLF THERAPEUTICS INC","shares":6681307.0,"value_usd":5562856.0,"pct_book":0.06,"position_rank":76,"tilt_pp":-1.121,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":11.8,"tier":"low","components":{"pct_book":{"value":0.051,"points":1.77},"rank_top10":{"value":76,"points":0.0},"tilt":{"value":-1.121,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"MGNX","issuer":"MACROGENICS INC","shares":1864176.0,"value_usd":5387469.0,"pct_book":0.06,"position_rank":77,"tilt_pp":-1.123,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":16.8,"tier":"low","components":{"pct_book":{"value":0.051,"points":1.77},"rank_top10":{"value":77,"points":0.0},"tilt":{"value":-1.123,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"MPLT","issuer":"MAPLIGHT THERAPEUTICS INC","shares":248294.0,"value_usd":5047817.0,"pct_book":0.05,"position_rank":78,"tilt_pp":-1.127,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":5.9,"tier":"low","components":{"pct_book":{"value":0.025,"points":0.89},"rank_top10":{"value":78,"points":0.0},"tilt":{"value":-1.127,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"PTN","issuer":"PALATIN TECHNOLOGIES INC","shares":70000.0,"value_usd":1219400.0,"pct_book":0.01,"position_rank":79,"tilt_pp":-1.167,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":10.4,"tier":"low","components":{"pct_book":{"value":0.013,"points":0.44},"rank_top10":{"value":79,"points":0.0},"tilt":{"value":-1.167,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}}],"book_meta":{"n_positions":85,"n_resolved":79,"resolution_pct":92.9,"book_value_usd":9437744027.0,"filing_date":"2026-05-15","period_end":"2026-03-31"},"sector_series":[{"period_end":"2023-03-31","filing_date":"2023-05-15","weights":{"Unclassified":96.65,"Healthcare":3.35},"top_theme_weights":{"Healthcare":3.35}},{"period_end":"2023-06-30","filing_date":"2023-08-14","weights":{"Unclassified":97.13,"Healthcare":2.87},"top_theme_weights":{"Healthcare":2.87}},{"period_end":"2023-09-30","filing_date":"2023-11-14","weights":{"Unclassified":97.28,"Healthcare":2.72},"top_theme_weights":{"Healthcare":2.72}},{"period_end":"2023-12-31","filing_date":"2024-02-14","weights":{"Unclassified":97.85,"Healthcare":2.15},"top_theme_weights":{"Healthcare":2.46}},{"period_end":"2024-03-31","filing_date":"2024-05-15","weights":{"Unclassified":97.95,"Healthcare":2.05},"top_theme_weights":{"Healthcare":2.88}},{"period_end":"2024-06-30","filing_date":"2024-08-14","weights":{"Unclassified":96.99,"Healthcare":3.01},"top_theme_weights":{"Healthcare":4.0}},{"period_end":"2024-09-30","filing_date":"2024-11-14","weights":{"Unclassified":97.22,"Healthcare":2.65,"Health Care":0.13},"top_theme_weights":{"Healthcare":3.61}},{"period_end":"2024-12-31","filing_date":"2025-02-14","weights":{"Unclassified":99.82,"Health Care":0.18},"top_theme_weights":{"Healthcare":0.56}},{"period_end":"2025-03-31","filing_date":"2025-05-15","weights":{"Unclassified":99.33,"Health Care":0.67},"top_theme_weights":{"Healthcare":1.05}},{"period_end":"2025-06-30","filing_date":"2025-08-14","weights":{"Unclassified":99.81,"Health Care":0.19},"top_theme_weights":{"Healthcare":1.21}},{"period_end":"2025-09-30","filing_date":"2025-11-14","weights":{"Unclassified":99.62,"Health Care":0.38},"top_theme_weights":{"Healthcare":1.06}},{"period_end":"2025-12-31","filing_date":"2026-02-17","weights":{"Unclassified":99.79,"Health Care":0.21},"top_theme_weights":{}},{"period_end":"2026-03-31","filing_date":"2026-05-15","weights":{"Unclassified":98.16,"Health Care":1.84},"top_theme_weights":{}}],"sector_rotation":{"into":[{"sector":"Health Care","delta_pp":1.63}],"out_of":[],"deltas":{"Health Care":1.63,"Unclassified":-1.63},"period_end":"2026-03-31","prev_period_end":"2025-12-31","method_note":{"en":"Current sector/theme map applied to history \u2014 historical quarters are classified with today's sector and theme membership (survivorship-lite; past classification changes are not reconstructed).","zh":"\u4ee5\u5f53\u524d\u884c\u4e1a/\u4e3b\u9898\u6620\u5c04\u56de\u6eaf\u5386\u53f2\u2014\u2014\u5386\u53f2\u5b63\u5ea6\u6309\u4eca\u65e5\u7684\u884c\u4e1a\u4e0e\u4e3b\u9898\u6210\u5458\u5206\u7c7b\uff08\u8f7b\u5ea6\u5e78\u5b58\u8005\u53e3\u5f84\uff1b\u4e0d\u91cd\u5efa\u8fc7\u53bb\u7684\u5206\u7c7b\u53d8\u66f4\uff09\u3002"}},"theme_read":{"leans":[{"theme_key":"fv:healthcareitdata","label":"IT & Data","label_zh":"IT & Data","category":"Healthcare & Biotech","source":"finviz","tickers":["WAY"],"added_pp":0.14,"held_pp":0.14,"n_names":1}],"core":{"theme_key":"fv:healthcareitdata","label":"IT & Data","label_zh":"IT & Data","category":"Healthcare & Biotech","source":"finviz","tickers":["WAY"],"added_pp":0.14,"held_pp":0.14,"n_names":1},"narrative_en":"Core lean: IT & Data \u2014 added WAY (+0.1pp of book this quarter)","narrative_zh":"\u6838\u5fc3\u503e\u5411\uff1aIT & Data \u2014 \u672c\u5b63\u5ea6\u52a0\u4ed3 WAY\uff08\u5360\u7ec4\u5408 +0.1pp\uff09"}}