Enavate Sciences GP, LLC

2. Key Holdings

The portfolio is dominated by biotechnology and pharmaceutical holdings, all of which appear to be in the clinical or development stage based on their market profiles.

• Zenas Biopharma Inc (37.24%): This is the largest position, valued at $83.50 million (3.76M shares). As the anchor of the portfolio, Zenas represents a significant "bet" by the firm, indicating strong confidence in the company's clinical pipeline or regulatory progress.
• Immunome Inc (24.90%): The second-largest holding, valued at $55.84 million (4.77M shares). Combined with Zenas, these two positions comprise over 62% of the fund's assets, suggesting that the manager favors specific therapeutic platforms or management teams within the immuno-oncology or biologics space.
• Upstream Bio Inc (20.63%): Valued at $46.27 million (2.46M shares), this position reinforces the fund's strategy of holding substantial stakes in mid-cap biotech firms.
• Compass Therapeutics Inc (12.16%): This position ($27.26M, 7.79M shares) is notable for having the highest share count among the top holdings, indicating a lower price point per share compared to the top three positions.
• Camp4 Therapeutics Corp (5.07%): The smallest holding at $11.36 million (3.79M shares) rounds out the portfolio, completing the fund's exposure to the life sciences sector.