<?xml version="1.0"?>
<informationTable xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns="http://www.sec.gov/edgar/document/thirteenf/informationtable">
  <infoTable>
    <nameOfIssuer>ADVISORSHARES TR</nameOfIssuer>
    <titleOfClass>PURE US CANNABIS</titleOfClass>
    <cusip>00768Y453</cusip>
    <value>1153750</value>
    <shrsOrPrnAmt>
      <sshPrnamt>325000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>325000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ALIBABA GROUP HLDG LTD</nameOfIssuer>
    <titleOfClass>SPONSORED ADS</titleOfClass>
    <cusip>01609W102</cusip>
    <value>3136500</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>25000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AMERICAN WELL CORP</nameOfIssuer>
    <titleOfClass>COM CL A NEW</titleOfClass>
    <cusip>03044L204</cusip>
    <value>362624</value>
    <shrsOrPrnAmt>
      <sshPrnamt>68940</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>68940</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>APPLE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>037833100</cusip>
    <value>10151600</value>
    <shrsOrPrnAmt>
      <sshPrnamt>40000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Put</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>40000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BAIDU INC</nameOfIssuer>
    <titleOfClass>SPON ADR REP A</titleOfClass>
    <cusip>056752108</cusip>
    <value>6239520</value>
    <shrsOrPrnAmt>
      <sshPrnamt>56000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>56000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BANCO MACRO S A</nameOfIssuer>
    <titleOfClass>SPON ADR B</titleOfClass>
    <cusip>05961W105</cusip>
    <value>1423608</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>18400</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BIOMARIN PHARMACEUTICAL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>09061G101</cusip>
    <value>1694700</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>30000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BOSTON BEER INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>100557107</cusip>
    <value>460800</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>2000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BROWN FORMAN CORP</nameOfIssuer>
    <titleOfClass>CL B</titleOfClass>
    <cusip>115637209</cusip>
    <value>7430962</value>
    <shrsOrPrnAmt>
      <sshPrnamt>281050</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>281050</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BUNGE GLOBAL SA</nameOfIssuer>
    <titleOfClass>COM SHS</titleOfClass>
    <cusip>H11356104</cusip>
    <value>863306</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6787</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>6787</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CANADIAN IMPERIAL BANK OF CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>136069101</cusip>
    <value>14212500</value>
    <shrsOrPrnAmt>
      <sshPrnamt>150000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Put</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>150000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CAPRI HOLDINGS LIMITED</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>G1890L107</cusip>
    <value>9045121</value>
    <shrsOrPrnAmt>
      <sshPrnamt>513344</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>513344</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CONTANGO SILVER &amp; GOLD INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>21077F100</cusip>
    <value>898894</value>
    <shrsOrPrnAmt>
      <sshPrnamt>47941</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>47941</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>COSAN S A</nameOfIssuer>
    <titleOfClass>ADS</titleOfClass>
    <cusip>22113B103</cusip>
    <value>13739430</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3334813</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>3334813</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>COSTCO WHOLESALE CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>22160K105</cusip>
    <value>27900040</value>
    <shrsOrPrnAmt>
      <sshPrnamt>28000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Put</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>28000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DEVON ENERGY CORP NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>25179M103</cusip>
    <value>1383800</value>
    <shrsOrPrnAmt>
      <sshPrnamt>27500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>27500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DIAGEO PLC</nameOfIssuer>
    <titleOfClass>SPON ADR NEW</titleOfClass>
    <cusip>25243Q205</cusip>
    <value>18513779</value>
    <shrsOrPrnAmt>
      <sshPrnamt>248674</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>248674</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DNOW INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>67011P100</cusip>
    <value>2679750</value>
    <shrsOrPrnAmt>
      <sshPrnamt>225000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>225000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FATE THERAPEUTICS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>31189P102</cusip>
    <value>972000</value>
    <shrsOrPrnAmt>
      <sshPrnamt>810000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>810000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FISERV INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>337738108</cusip>
    <value>3906000</value>
    <shrsOrPrnAmt>
      <sshPrnamt>70000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>70000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GALAPAGOS NV</nameOfIssuer>
    <titleOfClass>SPON ADR</titleOfClass>
    <cusip>36315X101</cusip>
    <value>825600</value>
    <shrsOrPrnAmt>
      <sshPrnamt>27520</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>27520</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GROWGENERATION CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>39986L109</cusip>
    <value>1291648</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1174225</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>1174225</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GUARDIAN METAL RES PLC</nameOfIssuer>
    <titleOfClass>SPONSORED ADS</titleOfClass>
    <cusip>401382106</cusip>
    <value>733164</value>
    <shrsOrPrnAmt>
      <sshPrnamt>41943</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>41943</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HERON THERAPEUTICS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>427746102</cusip>
    <value>686583</value>
    <shrsOrPrnAmt>
      <sshPrnamt>858122</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>858122</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HEWLETT PACKARD ENTERPRISE C</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>42824C109</cusip>
    <value>4881050</value>
    <shrsOrPrnAmt>
      <sshPrnamt>205000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>205000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>I-80 GOLD CORP</nameOfIssuer>
    <titleOfClass>*W EXP 11/16/202</titleOfClass>
    <cusip>44955L155</cusip>
    <value>10000000</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10000000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>10000000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>INOGEN INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>45780L104</cusip>
    <value>1086086</value>
    <shrsOrPrnAmt>
      <sshPrnamt>175742</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>175742</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>IOVANCE BIOTHERAPEUTICS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>462260100</cusip>
    <value>789750</value>
    <shrsOrPrnAmt>
      <sshPrnamt>225000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>225000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES SILVER TR</nameOfIssuer>
    <titleOfClass>ISHARES</titleOfClass>
    <cusip>46428Q109</cusip>
    <value>25211800</value>
    <shrsOrPrnAmt>
      <sshPrnamt>370000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>370000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES SILVER TR</nameOfIssuer>
    <titleOfClass>ISHARES</titleOfClass>
    <cusip>46428Q109</cusip>
    <value>25211800</value>
    <shrsOrPrnAmt>
      <sshPrnamt>370000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Put</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>370000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>MSCI EMG MKT ETF</titleOfClass>
    <cusip>464287234</cusip>
    <value>23005629</value>
    <shrsOrPrnAmt>
      <sshPrnamt>405100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Call</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>405100</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>JD.COM INC</nameOfIssuer>
    <titleOfClass>SPON ADS CL A</titleOfClass>
    <cusip>47215P106</cusip>
    <value>5914000</value>
    <shrsOrPrnAmt>
      <sshPrnamt>200000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>200000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KOSMOS ENERGY LTD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>500688106</cusip>
    <value>11247558</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4045884</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>4045884</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KRONOS WORLDWIDE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>50105F105</cusip>
    <value>1197731</value>
    <shrsOrPrnAmt>
      <sshPrnamt>182303</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>182303</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LULULEMON ATHLETICA INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>550021109</cusip>
    <value>6736400</value>
    <shrsOrPrnAmt>
      <sshPrnamt>44000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>44000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MARAVAI LIFESCIENCES HLDGS I</nameOfIssuer>
    <titleOfClass>COM CL A</titleOfClass>
    <cusip>56600D107</cusip>
    <value>9681487</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3421020</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>3421020</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MICRON TECHNOLOGY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>595112103</cusip>
    <value>50676000</value>
    <shrsOrPrnAmt>
      <sshPrnamt>150000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Put</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>150000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MICRON TECHNOLOGY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>595112103</cusip>
    <value>50676000</value>
    <shrsOrPrnAmt>
      <sshPrnamt>150000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Call</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>150000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MOBILEYE GLOBAL INC</nameOfIssuer>
    <titleOfClass>COMMON CLASS A</titleOfClass>
    <cusip>60741F104</cusip>
    <value>687000</value>
    <shrsOrPrnAmt>
      <sshPrnamt>100000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>100000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NIKE INC</nameOfIssuer>
    <titleOfClass>CL B</titleOfClass>
    <cusip>654106103</cusip>
    <value>3169200</value>
    <shrsOrPrnAmt>
      <sshPrnamt>60000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>60000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NKARTA INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>65487U108</cusip>
    <value>5321277</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2521932</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>2521932</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NOKIA CORP</nameOfIssuer>
    <titleOfClass>SPONSORED ADR</titleOfClass>
    <cusip>654902204</cusip>
    <value>1005000</value>
    <shrsOrPrnAmt>
      <sshPrnamt>125000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>125000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NOVAVAX INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>670002401</cusip>
    <value>5678464</value>
    <shrsOrPrnAmt>
      <sshPrnamt>697600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>697600</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NVIDIA CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>67066G104</cusip>
    <value>21800000</value>
    <shrsOrPrnAmt>
      <sshPrnamt>125000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Put</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>125000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PATTERSON-UTI ENERGY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>703481101</cusip>
    <value>49919315</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4609355</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>4609355</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PLIANT THERAPEUTICS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>729139105</cusip>
    <value>2442821</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1938747</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>1938747</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PROQR THRAPEUTICS N V</nameOfIssuer>
    <titleOfClass>SHS EURO</titleOfClass>
    <cusip>N71542109</cusip>
    <value>678461</value>
    <shrsOrPrnAmt>
      <sshPrnamt>418803</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>418803</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>QUALCOMM INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>747525103</cusip>
    <value>9658500</value>
    <shrsOrPrnAmt>
      <sshPrnamt>75000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>75000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>QUIDELORTHO CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>219798105</cusip>
    <value>3985836</value>
    <shrsOrPrnAmt>
      <sshPrnamt>242595</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>242595</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ROCKET PHARMACEUTICALS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>77313F106</cusip>
    <value>7368725</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2058303</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>2058303</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ROYAL BK CDA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>780087102</cusip>
    <value>4044500</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Put</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>25000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEADRILL LTD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G7997W102</cusip>
    <value>9995031</value>
    <shrsOrPrnAmt>
      <sshPrnamt>219671</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>219671</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPROUTS FMRS MKT INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>85208M102</cusip>
    <value>771300</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>10000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STELLANTIS N.V</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>N82405106</cusip>
    <value>7118962</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1017000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>1017000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TELADOC HEALTH INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87918A105</cusip>
    <value>21964350</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4030156</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>4030156</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TELECOM ARGENTINA SA</nameOfIssuer>
    <titleOfClass>SPON ADR REP B</titleOfClass>
    <cusip>879273209</cusip>
    <value>422500</value>
    <shrsOrPrnAmt>
      <sshPrnamt>36142</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>36142</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TELEFLEX INCORPORATED</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>879369106</cusip>
    <value>2392200</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>20000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TRONOX HOLDINGS PLC</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>G9087Q102</cusip>
    <value>2198250</value>
    <shrsOrPrnAmt>
      <sshPrnamt>225000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>225000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>UNIQURE NV</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>N90064101</cusip>
    <value>449625</value>
    <shrsOrPrnAmt>
      <sshPrnamt>27500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>27500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>UNITY SOFTWARE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>91332U101</cusip>
    <value>548500</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>25000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VANDA PHARMACEUTICALS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>921659108</cusip>
    <value>1667286</value>
    <shrsOrPrnAmt>
      <sshPrnamt>241286</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>241286</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VANECK ETF TRUST</nameOfIssuer>
    <titleOfClass>JUNIOR GOLD MINE</titleOfClass>
    <cusip>92189F791</cusip>
    <value>1200400</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>10000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VELO3D INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>92259N302</cusip>
    <value>774675</value>
    <shrsOrPrnAmt>
      <sshPrnamt>82500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>82500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VIATRIS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92556V106</cusip>
    <value>16963426</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1255620</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>1255620</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VIPER ENERGY INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>64361Q101</cusip>
    <value>1409700</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>30000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WHIRLPOOL CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>963320106</cusip>
    <value>2696000</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>50000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
</informationTable>
