HQH abrdn Healthcare Investors

 

TEKLA HEALTHCARE INVESTORS

 

Schedule of Investments

June 30, 2023

(Unaudited)

 

Convertible Preferreds (Restricted) (a)(b) – 6.9%		Shares				Value
Biotechnology – 4.2%
Arbor Biotechnologies, Series B, 8.00%			82,076			$	1,359,999
Arkuda Therapeutics, Inc. Series A, 6.00% (c)			2,353,932				4,162,222
Arkuda Therapeutics, Inc. Series B, 6.00% (c)			1,044,322				1,846,571
Flamingo Therapeutics, Inc. Series A3 (d)			243,458				1,623,191
Hotspot Therapeutics, Inc. Series B, 6.00%			2,875,000				9,317,587
Hotspot Therapeutics, Inc. Series C, 6.00%			632,394				2,049,526
ImmuneID, Inc. Series A, 8.00%			1,020,000				656,676
Invetx, Inc. Series A, 8.00% (c)			7,187,500				4,816,344
Invetx, Inc. Series B, 8.00% (c)			3,089,091				2,070,000
Parthenon Therapeutics, Inc. Series A			1,769,383				3,399,993
Priothera Ltd. Series A, 6.00% (c)(d)			346,666				3,782,821
Quell Therapeutics, Series B (d)			1,553,631				3,229,999
ReCode Therapeutics, Series B, 5.00%			294,589				2,719,999
							41,034,928
Health Care Equipment & Supplies – 0.1%
IO Light Holdings, Inc. Series A2			421,634				1,200,814
Pharmaceuticals – 2.6%
Amolyt Pharma SAS Series C (d)			1,121,963				2,619,972
Aristea Therapeutics, Inc. Series B, 8.00%			616,645				3,399,996
Biotheryx, Inc. Series E, 8.00%			1,295,238				3,400,000
Curasen Therapeutics, Inc. Series A (c)			18,203,119				8,728,396
Endeavor Biomedicines, Inc. Series B, 8.00%			657,322				3,099,996
HiberCell, Inc. Series B			2,773,472				3,399,999
							24,648,359
Total Convertible Preferreds (Cost $73,594,039)							66,884,101
Common Stocks - 86.1%
Biotechnology – 52.9%
AbbVie, Inc.			115,116				15,509,579
Affimed N.V. (b)(d)			367,414				219,787
Akero Therapeutics, Inc. (b)			40,050				1,869,935
Alkermes plc (b)(d)			173,907				5,443,289
Alnylam Pharmaceuticals, Inc. (b)			92,438				17,557,674
Amgen, Inc.			259,901				57,703,220
Apellis Pharmaceuticals, Inc. (b)			120,639				10,990,213
Arcutis Biotherapeutics, Inc. (b)(e)			86,869				827,862
argenx SE ADR (b)			34,421				13,414,896
Ascendis Pharma A/S ADR (b)			92,961				8,296,769
BioCryst Pharmaceuticals, Inc. (b)			302,037				2,126,340
Biogen, Inc. (b)			132,773				37,820,389
BioMarin Pharmaceutical, Inc. (b)			137,084				11,882,441
BioNTech SE ADR			66,396				7,166,120
Black Diamond Therapeutics, Inc. (b)(e)			90,404				456,540
Bridgebio Pharma, Inc. (b)			124,341				2,138,665
Caribou Biosciences, Inc. (b)			385,660				1,639,055
Cerevel Therapeutics Holdings, Inc. (b)			102,322				3,252,816
Chinook Therapeutics, Inc. (b)			91,800				3,526,956
Cytokinetics, Inc. (b)			132,081				4,308,482

 

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THIS SCHEDULE OF INVESTMENTS.

 

  

		Shares				Value
Biotechnology – continued
Denali Therapeutics, Inc. (b)			214,498			$	6,329,836
Exelixis, Inc. (b)			534,440				10,213,148
Fusion Pharmaceuticals, Inc. (b)(d)			15,186				71,070
Fusion Pharmaceuticals, Inc. (Restricted) (a)(b)(d)			7,593				31,982
G1 Therapeutics, Inc. (b)			200,492				499,225
Galera Therapeutics, Inc. (b)			296,462				924,961
Gilead Sciences, Inc.			789,795				60,869,501
I-Mab ADR (b)			53,885				161,116
Immunovant, Inc. (b)			185,800				3,524,626
Intellia Therapeutics, Inc. (b)			103,664				4,227,418
Intercept Pharmaceuticals, Inc. (b)			33,437				369,813
Ionis Pharmaceuticals, Inc. (b)			56,499				2,318,154
Karuna Therapeutics, Inc. (b)			39,143				8,488,160
Madrigal Pharmaceuticals, Inc. (b)			22,324				5,156,844
Mereo Biopharma Group plc ADR (b)(e)			1,063,799				1,404,215
Moderna, Inc. (b)			182,904				22,222,836
Neurocrine Biosciences, Inc. (b)			74,216				6,998,569
NexGel, Inc. (b)			2,970				7,455
Novavax, Inc. (b)(e)			37,188				276,307
Praxis Precision Medicines, Inc. (b)			51,406				59,117
Precision BioSciences, Inc. (b)			154,807				81,428
Pyxis Oncology, Inc. (b)(e)			481,646				1,233,014
Rallybio Corp. (b)			755,076				4,273,730
Regeneron Pharmaceuticals, Inc. (b)			86,913				62,450,467
Sarepta Therapeutics, Inc. (b)			118,550				13,576,346
Scholar Rock Holding Corp. (b)			68,117				513,602
Seagen, Inc. (b)			73,111				14,070,943
Sutro Biopharma, Inc. (b)			69,389				322,659
TScan Therapeutics, Inc. (b)			138,057				345,143
uniQure N.V. (b)(d)			244,086				2,797,226
United Therapeutics Corp. (b)			26,720				5,898,440
Vaxcyte, Inc. (b)			132,313				6,607,711
Vertex Pharmaceuticals, Inc. (b)			177,485				62,458,746
Xencor, Inc. (b)			39,875				995,679
							515,930,515
Health Care Equipment & Supplies – 5.5%
Abbott Laboratories			114,588				12,492,384
Baxter International, Inc.			39,600				1,804,176
Cercacor Laboratories, Inc. (Restricted) (a)(b)			160,000				230,088
DexCom, Inc. (b)			56,251				7,228,816
Edwards Lifesciences Corp. (b)			23,108				2,179,778
Guardant Health, Inc. (b)			173,673				6,217,493
IDEXX Laboratories, Inc. (b)			15,551				7,810,179
Inspire Medical Systems, Inc. (b)			10,328				3,352,882
Insulet Corp. (b)			11,353				3,273,524
Medtronic plc (d)			52,381				4,614,766
Stryker Corp.			12,890				3,932,610
							53,136,696
Health Care Providers & Services – 5.4%
Charles River Laboratories International, Inc. (b)			34,616				7,278,014
Elevance Health, Inc.			20,817				9,248,785
HCA Healthcare, Inc.			24,237				7,355,445
Humana, Inc.			4,847				2,167,239

 

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THIS SCHEDULE OF INVESTMENTS.

 

  

		Shares				Value
Health Care Equipment & Supplies – continued
InnovaCare, Inc. Escrow Shares (Restricted) (a)(b)			222,222			$	28,067
Medpace Holdings, Inc. (b)			18,723				4,496,703
Molina Healthcare, Inc. (b)			18,161				5,470,820
Tenet Healthcare Corp. (b)			43,846				3,568,187
The Cigna Group			23,060				6,470,636
UnitedHealth Group, Inc.			13,554				6,514,594
							52,598,490
Life Sciences Tools & Services – 4.2%
Adaptive Biotechnologies Corp. (b)			216,209				1,450,762
Illumina, Inc. (b)			155,689				29,190,131
Thermo Fisher Scientific, Inc.			14,873				7,759,988
West Pharmaceutical Services, Inc.			5,474				2,093,641
							40,494,522
Medical Devices and Diagnostics – 2.1%
Boston Scientific Corp. (b)			139,156				7,526,948
Danaher Corp.			17,346				4,163,040
Intuitive Surgical, Inc. (b)			26,837				9,176,644
							20,866,632
Pharmaceuticals – 16.0%
Amylyx Pharmaceuticals, Inc. (b)			72,540				1,564,688
AstraZeneca plc ADR			494,952				35,423,715
Bristol-Myers Squibb Co.			81,586				5,217,425
Eli Lilly & Co.			51,829				24,306,764
Endo International plc (b)(d)			465,507				8,146
Horizon Therapeutics plc (b)			50,513				5,195,262
Intra-Cellular Therapies, Inc. (b)			79,083				5,007,536
IQVIA Holdings, Inc. (b)			17,633				3,963,369
Jazz Pharmaceuticals plc (b)			88,683				10,994,032
Johnson & Johnson			93,399				15,459,402
Marinus Pharmaceuticals, Inc. (b)			286,060				3,106,612
McKesson Corp.			19,916				8,510,306
Merck & Co., Inc.			114,534				13,216,078
Mirati Therapeutics, Inc. (b)			42,638				1,540,511
Oculis Holding AG (Restricted) (a)(d)			557,945				6,211,602
Perrigo Co. plc (d)			7,050				239,347
Pfizer, Inc.			223,242				8,188,517
Reata Pharmaceuticals, Inc. Class A (b)			22,950				2,339,982
Spectrum Pharmaceuticals, Inc. (b)			79,790				76,598
Tetraphase Pharmaceuticals, Inc. CVR (a)(b)			28,747				1,725
Teva Pharmaceutical Industries Ltd. ADR (b)			291,666				2,196,245
Theseus Pharmaceuticals, Inc. (b)(e)			51,750				482,827
VYNE Therapeutics, Inc. (b)(e)			5,265				21,376
Zoetis, Inc.			17,924				3,086,692
							156,358,757
Total Common Stocks (Cost $736,155,523)							839,385,612

 

Exchange Traded Funds (e) - 0.8%		Principal Amount
iShares Nasdaq Biotechnology ETF		$	24,569				3,119,280
SPDR S&P Biotech ETF			57,000				4,742,400
Total Exchange Traded Funds (Cost $7,597,985)							7,861,680

 

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THIS SCHEDULE OF INVESTMENTS.

 

  

Short-Term Investments – 5.1%		Principal Amount
MUFG Bank Ltd. Commercial Paper, 5.00%, due 07/06/23		$	20,000,000			$	19,986,111
Repurchase Agreement, Fixed Income Clearing Corp., repurchase value $19,435,462, 1.52%, dated 06/30/23 , due 07/03/23 (collateralized by U.S. Treasury Note 1.500%, due 01/31/27, market value $19,821,742)			19,433,000				19,433,000
							39,419,111

 

		Shares
State Street Institutional U.S. Government Money Market Fund, Institutional Class, 5.03% (f)			10,526,078				10,526,078
Total Short-Term Investments (Cost $49,945,189)							49,945,189
Total Investments Before Milestone Interests - 98.9% (Cost $867,292,736)							964,076,582

 

Milestone Interests (Restricted)(a)(b) - 1.5%		Interests
Pharmaceuticals – 1.5%
Afferent Milestone Interest			1				264,177
Ethismos Research Milestone Interest			1				0
Impact Biomedicines Milestone Interest			1				1,740,241
Neurovance Milestone Interest			1				12,417,661
							14,422,079
Biotechnology – 0.0%
Amphivena Milestone Interest			1				0
Rainier Therapeutics Milestone Interest			1				0
Therachon Milestone Interest			1				0
							0
Total Milestone Interests (Cost $7,952,967)							14,422,079
Total Investments - 100.4% (Cost $875,245,703)						$	978,498,661
Other Liabilities in Excess of Assets - (0.4)%							(3,519,096	)
Net Assets - 100%						$	974,979,565

 

The percentage shown for each investment category in the Schedule of Investments is based on net assets.
(a)	Security fair valued using significant unobservable inputs. See Investment Valuation and Fair Value Measurements.
(b)	Non-income producing security.
(c)	Affiliated issuers in which the Fund holds 5% or more of the voting securities (total market value of $25,406,354).
(d)	Foreign security.
(e)	All or a portion of this security is on loan as of June 30, 2023.
(f)	This security represents the investment of cash collateral received for securities lending and is a registered investment company advised by State Street Global Advisors. The rate shown is the annualized seven-day yield as of  June 30, 2023.

 

ADR	American Depository Receipt
CVR	Contingent Value Right

 

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THIS SCHEDULE OF INVESTMENTS.

 

  

Investment Valuation

 

Shares of publicly traded companies listed on national securities exchanges or trading in the over-the-counter market are typically valued at the last sale price, as of the close of trading, generally 4 p.m., Eastern Time. The Board of Trustees of the Fund (the Trustees) has established and approved fair valuation policies and procedures with respect to securities for which quoted prices may not be available or which do not reflect fair value. Convertible, corporate and government bonds are valued using a third-party pricing service. Convertible bonds are valued using this pricing service only on days when there is no sale reported. Restricted securities of companies that are publicly traded are typically valued based on the closing market quote on the valuation date adjusted for the impact of the restriction as determined in good faith by Tekla Capital Management LLC (the Adviser) also using fair valuation policies and procedures approved by the Trustees described below. Non-exchange traded warrants of publicly traded companies are generally valued using the Black-Scholes model, which incorporates both observable and unobservable inputs. Short-term investments with a maturity of 60 days or less are generally valued at amortized cost, which approximates fair value.

 

Convertible preferred shares, warrants or convertible note interests in private companies, milestone interests and other restricted securities, as well as shares of publicly traded companies for which market quotations are not readily available, such as stocks for which trading has been halted or for which there are no current day sales, or which do not reflect fair value, are typically valued in good faith, based upon the recommendations made by the Adviser pursuant to fair valuation policies and procedures approved by the Trustees.

 

The Adviser has a Valuation Sub-Committee comprised of senior management which reports to the Valuation Committee of the Board at least quarterly. Each fair value determination is based on a consideration of relevant factors, including both observable and unobservable inputs. Observable and unobservable inputs may include (i) the existence of any contractual restrictions on the disposition of securities; (ii) information obtained from the company, which may include an analysis of the company’s financial statements, products, intended markets or technologies; (iii) the price of the same or similar security negotiated at arm’s length in an issuer’s completed subsequent round of financing; (iv) the price and extent of public trading in similar securities of the issuer or of comparable companies; or (v) a probability and time value adjusted analysis of contractual terms. Where available and appropriate, multiple valuation methodologies are applied to confirm fair value. Significant unobservable inputs identified by the Adviser are often used in the fair value determination. A significant change in any of these inputs may result in a significant change in the fair value measurement. Due to the uncertainty inherent in the valuation process, such estimates of fair value may differ significantly from the values that would have been used had a ready market for the investments existed, and differences could be material. Additionally, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different from the valuations used at the date of this schedule of investments.

 

Federal Income Tax Cost

 

At June 30, 2023, the cost of securities for Federal income tax purposes was $875,245,703. The net unrealized gain on securities held by the Fund was $103,252,958, including gross unrealized gain of $ 236,373,350 and gross unrealized loss of $133,120,392.

 

Securities Lending

 

The Fund may lend its securities to approved borrowers to earn additional income. The Fund receives cash collateral from the borrower and the initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. The Fund will invest its cash collateral in State Street Institutional U.S. Government Money Market Fund (SAHXX), which is registered with the Securities and Exchange Commission (SEC) as an investment company. SAHXX invests substantially all of its assets in the State Street U.S. Government Money Market Portfolio. The Fund will receive the benefit of any gains and bear any losses generated by SAHXX with respect to the cash collateral.

 

The Fund has the right to recall loaned securities on demand. If a borrower fails to return loaned securities when due, then the lending agent is responsible and indemnifies the Fund for the lent securities. The lending agent uses the collateral received from the borrower to purchase replacement securities of the same issue, type, class and series of the loaned securities. If the value of the collateral is less than the purchase cost of replacement securities, the lending agent is responsible for satisfying the shortfall but only to the extent that the shortfall is not due to any decrease in the value of SAHXX.

 

  

Although the risk of loss on securities lent is mitigated by receiving collateral from the borrower and through lending agent indemnification, the Fund could experience a delay in recovering securities or could experience a lower than expected return if the borrower fails to return the securities on a timely basis. The Fund receives compensation for lending its securities by retaining a portion of the return on the investment of the collateral and compensation from fees earned from borrowers of the securities. Securities lending income received by the Fund is net of fees retained by the securities lending agent. Net income received from SAHXX is a component of securities lending income as recorded by the Fund.

 

As of June 30, 2023, the Fund loaned securities valued at $10,451,997 and received $10,526,078 of cash collateral.

 

Other Transactions with Affiliates

 

An affiliate company is a company in which the Fund holds 5% or more of the voting securities. Transactions involving such companies during the period ended June 30, 2023 were as follows:

 

Affiliated Companies		Beginning Value as of September 30, 2022				Purchases at Cost				Proceeds from Sales				Net Realized Gain/(Loss) on sale of Affiliated Companies				Change in Unrealized Appreciation/ Depreciation				Ending Value as of June 30, 2023*
Arkuda Therapeutics, Inc.		$	5,024,265			$	985,141			$	—			$	—			$	(613	)		$	6,008,793
Curasen Therapeutics, Inc.			8,414,141				318,601				—				—				(4,346	)			8,728,396
Invetx, Inc.			6,886,344				—				—				—				—				6,886,344
Priothera Ltd.			3,397,500				—				—				—				385,321				3,782,821
		$	23,722,250			$	1,303,742			$	—			$	—			$	380,362			$	25,406,354
Affiliated Companies		Shares as of June 30, 2023				Principal Amount as of June 30, 2023				Dividend/ Interest Income from Affiliated Companies				Capital Gain Distributions from Affiliated Companies
Arkuda Therapeutics, Inc..			3,398,254			$	—			$	—			$	—
Curasen Therapeutics, Inc.			18,203,119				—				—				—
Invetx, Inc.			10,276,591				—				—				—
Priothera Ltd.			346,666				—				—				—
			32,224,630			$	—			$	—			$	—

 

*Amphivena Therapeutics, Inc. was an affiliate as of September 30, 2022 but not an affiliate as of June 30, 2023.

 

Fair Value Measurements

 

The Fund uses a three-tier hierarchy to prioritize the assumptions, referred to as inputs, used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels. Level 1 includes quoted prices in active markets for identical investments. Level 2 includes prices determined using other significant observable inputs (including quoted prices for similar investments, interest rates, credit risk, etc.). The independent pricing vendor may value bank loans and debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, and/or other methodologies designed to identify the market value for such securities and such securities are considered Level 2 in the fair value hierarchy. Level 3 includes prices determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). These inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

For the period ended June 30, 2023, there were no transfers between levels.

 

 

The following is a summary of the levels used as of June 30, 2023 to value the Fund’s investments.

 

Assets at Value		Level 1				Level 2				Level 3				Total
Convertible Preferreds
Biotechnology		$	-			$	-			$	41,034,928			$	41,034,928
Health Care Equipment & Supplies			-				-				1,200,814				1,200,814
Pharmaceuticals			-				-				24,648,359				24,648,359
Common Stocks
Biotechnology			515,898,533				31,982				-				515,930,515
Health Care Equipment & Supplies			52,906,608				-				230,088				53,136,696
Health Care Providers & Services			52,570,423				-				28,067				52,598,490
Life Sciences Tools & Services			40,494,522				-				-				40,494,522
Medical Devices And Diagnostics			20,866,632				-				-				20,866,632
Pharmaceuticals			150,145,430				6,213,327				-				156,358,757
Exchange Traded Funds			7,861,680				-				-				7,861,680
Short-term Investments			10,526,078				39,419,111								49,945,189
Milestone Interests
Biotechnology			-				-				0	*			0	*
Pharmaceuticals			-				-				14,422,079				14,422,079
Other Assets			-				-				272				272
Total		$	851,269,906			$	45,664,420			$	81,564,607			$	978,498,933

 

* Represents security valued at zero.

 

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

 

Investments in Securities		Balance as of September 30, 2022			Net realized gain (loss) and change in unrealized appreciation (depreciation)			Cost of purchases and conversions			Proceeds from sales and conversions			Net transfers into (out of) Level 3			Balance as of June 30, 2023
Convertible Preferreds
Biotechnology		$	43,293,435		$	(1,421,220	)	$	2,300,306		$	(3,137,593	)	$	—		$	41,034,928
Health Care Equipment & Supplies			1,423,015			(222,953	)		752			—			—			1,200,814
Pharmaceuticals			25,114,132			(3,411,367	)		2,945,594			—			—			24,648,359
Convertible Notes
Biotechnology			0	*		—			—			—			—			—
Common Stocks
Health Care Equipment & Supplies			618,886			(388,798	)		—			—			—			230,088
Health Care Providers & Services			56,533			20,228			—			(48,694	)		—			28,067
Milestone Interests
Biotechnology			1,529,091			(1,529,091	)		—			—			—			0	*
Health Care Equipment & Supplies			1,090			(948	)		—			(142	)		—			—
Pharmaceuticals			7,340,318			7,081,761			—			—			—			14,422,079
Other Assets			272			—			—			—			—			272
Total		$	79,376,772		$	127,612		$	5,246,652		$	(3,186,429	)	$	—		$	81,564,607

 

Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2023

$

744,962

 

* Represents security valued at zero.

 

  

The following is a quantitative disclosure about significant unobservable inputs used in the determination of the fair value of Level 3 assets.

 

		Fair Value at June 30, 2023			Valuation Technique		Unobservable Input		Range (Weighted Average)
Common Stocks		$	230,088		Market approach		Discount for lack of marketability		50.00% (50.00%)
		28,067			Probability adjusted value		Probability of events Timing of events		50.00%-100.00% (49.99%) 0.75-2.50 (0.75) years
Convertible Preferreds		66,884,101			Transaction Price		(a)		N/A
Milestones Interests		14,422,079			Probability adjusted value		Probability of events Timing of events		0.00%-100.00% (62.71%) 0.00-12.25 (4.22) years
Other Assets		272			Probability adjusted value		Probability of events		95.00% (95.00%) 5.75 (5.75) years
		$	81,564,607

 

(a)

The valuation technique used as a basis to approximate fair value of these investments is based upon subsequent financing rounds.

 

Private Companies and Other Restricted Securities

 

The Fund may invest in private companies and other restricted securities if these securities would currently comprise 40% or less of net assets. The value of these securities represented 9% of the Fund’s net assets at June 30, 2023.

 

At June 30, 2023, the Fund had a commitment of $2,166,650 relating to additional investments in three private companies.

 

The following table details the acquisition date, cost, carrying value per unit, and value of the Fund’s private companies and other restricted securities at June 30, 2023. The Fund on its own does not have the right to demand that such securities be registered.

 

Security (#)		Acquisition Date				Cost				Carrying Value per Unit				Value
Afferent Milestone Interest			07/27/16			$	377,701			$	264,177.00			$	264,177
Amolyt Pharma SAS Series C Cvt. Pfd			01/25/23				2,626,993				2.34				2,619,972
Amphivena Milestone Interest			10/18/22				0				0.00				0
Arbor Biotechnologies Series B Cvt. Pfd			10/29/21				1,367,052				16.57				1,359,999
Aristea Therapeutics, Inc. Series B Cvt. Pfd			07/27/21				3,399,996				5.51				3,399,996
Arkuda Therapeutics, Inc.
Series A Cvt. Pfd			05/16/19, 04/02/20, 07/15/21				5,609,016				1.77				4,162,222
Series B Cvt. Pfd			01/24/22, 01/23/23				1,848,073				1.77				1,846,571
Biotheryx, Inc. Series E Cvt. Pfd			05/19/21				6,814,067				2.63				3,400,000
Cercacor Laboratories, Inc. Common			03/31/98	†			0				1.44				230,088
Curasen Therapeutics, Inc. Series A Cvt. Pfd			09/18/18, 01/07/20, 10/21/21, 11/01/22				8,732,742				0.48				8,728,396
Endeavor Biomedicines, Inc. Series B Cvt. Pfd			01/21/22				3,103,846				4.72				3,099,996
Ethismos Research Milestone Interest			10/31/17				0				0.00				0
Flamingo Therapeutics, Inc. Series A3 Cvt. Pfd			04/21/20, 10/28/20				5,612,058				6.67				1,623,191
Fusion Pharmaceuticals, Inc. Common			09/20/22				0				4.21				31,982
HiberCell, Inc. Series B Cvt. Pfd			05/05/21				3,406,946				1.23				3,399,999
Hotspot Therapeutics, Inc.
Series B Cvt. Pfd			04/22/20, 06/17/21				6,916,048				3.24				9,317,587
Series C Cvt. Pfd			11/15/21				2,053,056				3.24				2,049,526
ImmuneID, Inc. Series A Cvt. Pfd			04/28/21				2,044,520				0.64				656,676

 

  

Security (#)			Acquisition Date				Cost				Carrying Value per Unit				Value
Impact Biomedicines Milestone Interest			07/20/10			$	0			$	1,740,241.00			$	1,740,241
InnovaCare, Inc. Escrow Shares Common			12/21/12	†			25,044				0.13				28,067
Invetx, Inc.
Series A Cvt. Pfd			08/06/20				3,452,934				0.67				4,816,344
Series B Cvt. Pfd			03/28/22				2,071,261				0.67				2,070,000
IO Light Holdings, Inc. Series A2 Cvt. Pfd			04/30/20, 05/17/21, 09/15/21	†			1,395,511				2.85				1,200,814
Neurovance Milestone Interest			03/20/17				4,917,881				12,417,661.00				12,417,661
Oculis Holding AG Common			03/06/23				4,691,511				11.13				6,211,602
Parthenon Therapeutics, Inc. Series A Cvt. Pfd			08/12/21, 05/24/23				3,407,006				1.92				3,399,993
Priothera Ltd. Series A Cvt. Pfd			10/07/20, 10/19/21				4,044,974				10.91				3,782,821
Quell Therapeutics, Series B Cvt. Pfd			11/29/21, 03/23/22				2,955,956				2.08				3,229,999
Rainier Therapeutics Milestone Interest			09/28/21				294,621				0.00				0
ReCode Therapeutics Series B Cvt. Pfd			10/12/21, 02/16/22				2,731,985				9.23				2,719,999
Therachon Milestone Interest			07/01/19				2,362,765				0.00				0
						$	86,263,563							$	87,807,919

 

(#)	See Schedule of Investments and corresponding footnotes for more information on each issuer.
†	Interest received as part of a corporate action for a previously owned security.

 

 

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