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    <nameOfIssuer>ABBOTT LABS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>002824100</cusip>
    <value>2303500</value>
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    <nameOfIssuer>ABBVIE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00287Y109</cusip>
    <value>3426792</value>
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      <Sole>14800</Sole>
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    <nameOfIssuer>ALIGNMENT HEALTHCARE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>01625V104</cusip>
    <value>951025</value>
    <shrsOrPrnAmt>
      <sshPrnamt>54500</sshPrnamt>
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      <Sole>54500</Sole>
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      <None>0</None>
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    <nameOfIssuer>ALNYLAM PHARMACUETCL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>02043Q107</cusip>
    <value>1492488</value>
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      <Sole>2568</Sole>
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    <nameOfIssuer>AMGEN INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>031162100</cusip>
    <value>2917948</value>
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      <sshPrnamt>10340</sshPrnamt>
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      <Sole>8780</Sole>
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      <None>1560</None>
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    <nameOfIssuer>AMICUS THERAPEUTICS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>03152W109</cusip>
    <value>938547</value>
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      <Sole>108820</Sole>
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      <None>10285</None>
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    <nameOfIssuer>ANAPTYSBIO INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>032724106</cusip>
    <value>5955131</value>
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    <votingAuthority>
      <Sole>27200</Sole>
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      <None>167285</None>
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    <nameOfIssuer>ARCUS BIOSCIENCES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>03969F109</cusip>
    <value>5005752</value>
    <shrsOrPrnAmt>
      <sshPrnamt>368070</sshPrnamt>
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      <Sole>67600</Sole>
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      <None>300470</None>
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    <nameOfIssuer>ARGENX SE SPN ADR</nameOfIssuer>
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    <cusip>04016X101</cusip>
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      <sshPrnamt>3890</sshPrnamt>
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      <Sole>3476</Sole>
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      <None>414</None>
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    <nameOfIssuer>ARRIVENT BIOPHARMA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>04272N102</cusip>
    <value>723886</value>
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      <Sole>36840</Sole>
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      <None>2395</None>
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    <nameOfIssuer>ASCENDIS PHARMA</nameOfIssuer>
    <titleOfClass>SP ADR</titleOfClass>
    <cusip>04351P101</cusip>
    <value>715915</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3601</sshPrnamt>
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    <votingAuthority>
      <Sole>2800</Sole>
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      <None>801</None>
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    <nameOfIssuer>ASTRAZENECA</nameOfIssuer>
    <titleOfClass>SP ADR</titleOfClass>
    <cusip>046353108</cusip>
    <value>1438500</value>
    <shrsOrPrnAmt>
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      <Sole>14650</Sole>
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      <None>4100</None>
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    <nameOfIssuer>AXSOME THERAPEUTICS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>05464T104</cusip>
    <value>123879</value>
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      <sshPrnamt>1020</sshPrnamt>
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    <votingAuthority>
      <Sole>820</Sole>
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      <None>200</None>
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    <nameOfIssuer>BICARA THERAPEUTICS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>055477103</cusip>
    <value>4207956</value>
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      <sshPrnamt>266495</sshPrnamt>
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      <Sole>0</Sole>
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    <nameOfIssuer>BEONE MEDICINES LTD</nameOfIssuer>
    <titleOfClass>SP ADR</titleOfClass>
    <cusip>07725L102</cusip>
    <value>2453381</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7201</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4735</Sole>
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      <None>2466</None>
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    <nameOfIssuer>BIOMARIN PHARMAC INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>09061G101</cusip>
    <value>1355625</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25030</sshPrnamt>
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      <Sole>22300</Sole>
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      <None>2730</None>
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    <nameOfIssuer>BIOGEN INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>09062X103</cusip>
    <value>332690</value>
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      <sshPrnamt>2375</sshPrnamt>
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      <Sole>1850</Sole>
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    <nameOfIssuer>BIONTECH SE</nameOfIssuer>
    <titleOfClass>SP ADR</titleOfClass>
    <cusip>09075V102</cusip>
    <value>1741629</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17660</sshPrnamt>
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      <Sole>16360</Sole>
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      <None>1300</None>
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    <nameOfIssuer>BOSTON SCIENTIFIC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>101137107</cusip>
    <value>2160161</value>
    <shrsOrPrnAmt>
      <sshPrnamt>22126</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>22126</Sole>
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      <None>0</None>
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    <nameOfIssuer>BOUNDLESS BIO INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>10170A100</cusip>
    <value>834646</value>
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      <Sole>678574</Sole>
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      <None>0</None>
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    <nameOfIssuer>BRIDGEBIO PHARMA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>10806X102</cusip>
    <value>708981</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13650</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10200</Sole>
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      <None>3450</None>
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    <nameOfIssuer>BRISTOL MYERS SQUIBB</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>110122108</cusip>
    <value>487080</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10800</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>THE CIGNA GROUP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>125523100</cusip>
    <value>518850</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1800</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CONTINEUM THERAPEUTICS</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>21217B100</cusip>
    <value>9409247</value>
    <shrsOrPrnAmt>
      <sshPrnamt>800787</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>800787</Sole>
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      <None>0</None>
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    <nameOfIssuer>CYTOKINETICS INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>23282W605</cusip>
    <value>561856</value>
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      <sshPrnamt>10223</sshPrnamt>
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    <votingAuthority>
      <Sole>7650</Sole>
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      <None>2573</None>
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    <nameOfIssuer>DANAHER CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>235851102</cusip>
    <value>2098968</value>
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      <sshPrnamt>10575</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10575</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>DEXCOM INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>252131107</cusip>
    <value>1392903</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>20700</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>EDWARDS LIFESCIENCE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>28176E108</cusip>
    <value>1166550</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>15000</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>GILEAD SCIENCES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>375558103</cusip>
    <value>2170050</value>
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      <sshPrnamt>19550</sshPrnamt>
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    <votingAuthority>
      <Sole>15330</Sole>
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      <None>4220</None>
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    <nameOfIssuer>HINGE HEALTH INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>433313103</cusip>
    <value>549990</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11206</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>11206</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>ILLUMINA INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>452327109</cusip>
    <value>258983</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2727</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2132</Sole>
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      <None>595</None>
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    <nameOfIssuer>INCYTE CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>45337C102</cusip>
    <value>256974</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3030</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2350</Sole>
      <Shared>0</Shared>
      <None>680</None>
    </votingAuthority>
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    <nameOfIssuer>INSMED INC</nameOfIssuer>
    <titleOfClass>COM PAR $.01</titleOfClass>
    <cusip>457669307</cusip>
    <value>1933334</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13425</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>11500</Sole>
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      <None>1925</None>
    </votingAuthority>
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    <nameOfIssuer>INSTIL BIO INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>45783C200</cusip>
    <value>2882247</value>
    <shrsOrPrnAmt>
      <sshPrnamt>161380</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>20850</Sole>
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      <None>140530</None>
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    <nameOfIssuer>INTUITIVE SURGIC INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>46120E602</cusip>
    <value>2571573</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5750</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5750</Sole>
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      <None>0</None>
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    <nameOfIssuer>IONIS PHARMACEUTICAL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>462222100</cusip>
    <value>602191</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9205</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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      <Sole>7200</Sole>
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      <None>2005</None>
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    <nameOfIssuer>JOHNSON &amp; JOHNSON</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>478160104</cusip>
    <value>2836926</value>
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    <votingAuthority>
      <Sole>15300</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>KURA ONCOLOGY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>50127T109</cusip>
    <value>3503467</value>
    <shrsOrPrnAmt>
      <sshPrnamt>395872</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>395872</None>
    </votingAuthority>
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    <nameOfIssuer>ELI LILLY &amp; CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>532457108</cusip>
    <value>7153888</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9376</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>9376</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>MBX BIOSCIENCES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>55287L101</cusip>
    <value>3410715</value>
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      <sshPrnamt>194898</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>30300</Sole>
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      <None>164598</None>
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    <nameOfIssuer>MADRIGAL PHARMA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>558868105</cusip>
    <value>334822</value>
    <shrsOrPrnAmt>
      <sshPrnamt>730</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>570</Sole>
      <Shared>0</Shared>
      <None>160</None>
    </votingAuthority>
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    <nameOfIssuer>MERCK &amp; CO INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>58933Y105</cusip>
    <value>1385751</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>16400</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>MINERALYS THERAPEUTICS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>603170101</cusip>
    <value>1284919</value>
    <shrsOrPrnAmt>
      <sshPrnamt>33885</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>30520</Sole>
      <Shared>0</Shared>
      <None>3365</None>
    </votingAuthority>
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    <nameOfIssuer>MODERNA INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>60770K107</cusip>
    <value>144648</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4350</Sole>
      <Shared>0</Shared>
      <None>1250</None>
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    <nameOfIssuer>MOONLAKE IMMUNOTHERA</nameOfIssuer>
    <titleOfClass>CLASS A ORD</titleOfClass>
    <cusip>61559X104</cusip>
    <value>6855</value>
    <shrsOrPrnAmt>
      <sshPrnamt>956</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>956</None>
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    <nameOfIssuer>NEUROCRINE BIOSCIENCES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>64125C109</cusip>
    <value>415525</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2960</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2300</Sole>
      <Shared>0</Shared>
      <None>660</None>
    </votingAuthority>
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    <nameOfIssuer>OMADA HEALTH INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>68170A108</cusip>
    <value>608025</value>
    <shrsOrPrnAmt>
      <sshPrnamt>27500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>27500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>ORIC PHARMACEUTICALS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>68622P109</cusip>
    <value>3943860</value>
    <shrsOrPrnAmt>
      <sshPrnamt>328655</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>19100</Sole>
      <Shared>0</Shared>
      <None>309555</None>
    </votingAuthority>
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    <nameOfIssuer>PTC THERAPEUTICS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>69366J200</cusip>
    <value>523793</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8535</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>6650</Sole>
      <Shared>0</Shared>
      <None>1885</None>
    </votingAuthority>
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    <nameOfIssuer>PALVELLA THERAPEUTIC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>697947109</cusip>
    <value>3079019</value>
    <shrsOrPrnAmt>
      <sshPrnamt>49115</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>49115</None>
    </votingAuthority>
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    <nameOfIssuer>PFIZER INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>717081103</cusip>
    <value>1965782</value>
    <shrsOrPrnAmt>
      <sshPrnamt>77150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>77150</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>PRIVIA HEALTH GROUP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74276R102</cusip>
    <value>908850</value>
    <shrsOrPrnAmt>
      <sshPrnamt>36500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>36500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>RADNET INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>750491102</cusip>
    <value>762100</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>RAPPORT THERAPEUTICS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>75383L102</cusip>
    <value>1291356</value>
    <shrsOrPrnAmt>
      <sshPrnamt>43480</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>39530</Sole>
      <Shared>0</Shared>
      <None>3950</None>
    </votingAuthority>
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    <nameOfIssuer>REGENERON PHARMCTCLS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>75886F107</cusip>
    <value>2231087</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3968</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3363</Sole>
      <Shared>0</Shared>
      <None>605</None>
    </votingAuthority>
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    <nameOfIssuer>SPDR SERIES TRUST</nameOfIssuer>
    <titleOfClass>S&amp;P BIOTECH</titleOfClass>
    <cusip>78464A870</cusip>
    <value>3406800</value>
    <shrsOrPrnAmt>
      <sshPrnamt>34000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>34000</None>
    </votingAuthority>
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    <nameOfIssuer>SHOULDER INNOVATIONS</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>82537J108</cusip>
    <value>5400039</value>
    <shrsOrPrnAmt>
      <sshPrnamt>430282</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>430282</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ARS PHARMACEUTICALS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>82835W108</cusip>
    <value>821939</value>
    <shrsOrPrnAmt>
      <sshPrnamt>81785</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>76307</Sole>
      <Shared>0</Shared>
      <None>5478</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SOLID BIOSCIENCES</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>83422E204</cusip>
    <value>3905931</value>
    <shrsOrPrnAmt>
      <sshPrnamt>633052</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>633052</None>
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  <infoTable>
    <nameOfIssuer>STRYKER CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>863667101</cusip>
    <value>1592109</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4300</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>STRUCTURE THERAPEUTICS</nameOfIssuer>
    <titleOfClass>SP ADR</titleOfClass>
    <cusip>86366E106</cusip>
    <value>6212416</value>
    <shrsOrPrnAmt>
      <sshPrnamt>221872</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>38600</Sole>
      <Shared>0</Shared>
      <None>183272</None>
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  </infoTable>
  <infoTable>
    <nameOfIssuer>SUMMIT THERAPEUTICS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>86627T108</cusip>
    <value>1530286</value>
    <shrsOrPrnAmt>
      <sshPrnamt>74070</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>66400</Sole>
      <Shared>0</Shared>
      <None>7670</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SYNDAX PHARMACEUTICALS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87164F105</cusip>
    <value>1222031</value>
    <shrsOrPrnAmt>
      <sshPrnamt>79430</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>73300</Sole>
      <Shared>0</Shared>
      <None>6130</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TARSUS PHARMACEUTICAL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87650L103</cusip>
    <value>1093809</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18405</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>16420</Sole>
      <Shared>0</Shared>
      <None>1985</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>TECTONIC THERAPEUTIC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>878972108</cusip>
    <value>3024561</value>
    <shrsOrPrnAmt>
      <sshPrnamt>192770</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>192770</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>TEMPUS AI INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>88023B103</cusip>
    <value>303470</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3760</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2900</Sole>
      <Shared>0</Shared>
      <None>860</None>
    </votingAuthority>
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    <nameOfIssuer>THERMO FISHER SCIENTIFIC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>883556102</cusip>
    <value>1892752</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3900</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>TREVI THERAPEUTICS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>89532M101</cusip>
    <value>969443</value>
    <shrsOrPrnAmt>
      <sshPrnamt>105950</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>97800</Sole>
      <Shared>0</Shared>
      <None>8150</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>UNITED THERAPEUTICS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>91307C102</cusip>
    <value>320696</value>
    <shrsOrPrnAmt>
      <sshPrnamt>765</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>595</Sole>
      <Shared>0</Shared>
      <None>170</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>UNITEDHEALTH GRP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>91324P102</cusip>
    <value>4677089</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13545</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>13545</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>VAXCYTE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92243G108</cusip>
    <value>151464</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4205</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3265</Sole>
      <Shared>0</Shared>
      <None>940</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>VENTYX BIOSCIENCES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92332V107</cusip>
    <value>3443600</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1107267</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1107267</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>VERA THERAPEUTICS</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>92337R101</cusip>
    <value>877263</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30188</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>28040</Sole>
      <Shared>0</Shared>
      <None>2148</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VERTEX PHARMA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92532F100</cusip>
    <value>3021503</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7715</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>6635</Sole>
      <Shared>0</Shared>
      <None>1080</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ZAI LAB LTD</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>98887Q104</cusip>
    <value>426675</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12590</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>9000</Sole>
      <Shared>0</Shared>
      <None>3590</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ZENAS BIOPHARMA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>98937L105</cusip>
    <value>3374955</value>
    <shrsOrPrnAmt>
      <sshPrnamt>152025</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>152025</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>JAZZ PHARMA PLC</nameOfIssuer>
    <titleOfClass>SHS USD</titleOfClass>
    <cusip>G50871105</cusip>
    <value>295759</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2244</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1750</Sole>
      <Shared>0</Shared>
      <None>494</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ROIVANT SCIENCES LTD</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>G76279101</cusip>
    <value>756606</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50007</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>39000</Sole>
      <Shared>0</Shared>
      <None>11007</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ROYALTY PHARMA PLC</nameOfIssuer>
    <titleOfClass>SHS CLASS A</titleOfClass>
    <cusip>G7709Q104</cusip>
    <value>327398</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9280</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7200</Sole>
      <Shared>0</Shared>
      <None>2080</None>
    </votingAuthority>
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  <infoTable>
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