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ACUTA OPPORTUNITY FUND, LP November 2017

Portfolio Manager: Richard Lin c/o Acuta Capital Partners, LLC


Email: rlin@acutacapital.com 1301 Shoreway Road, Suite 350
Email for Investor Inquiries: InvestorRelations@acutacapital.com Belmont, CA 94002

Fund Overview
Acuta Opportunity Fund, LP (the "Fund" or "AOF") is a fundamental bottom up research-driven hedge fund investing in high quality, under-followed smaller capitalization and special situations
companies that we believe offer compelling risk/reward dynamics. Investment time horizon is long-term compared to the very short-term oriented market. Sector exposure is opportunistic with
emphasis in healthcare. The portfolio manager's deep healthcare expertise and private equity experience helps provide a differentiated edge to the Fund's investment strategy. The Fund is a 3c1
fund that was launched on Oct 28, 2011. On May 1, 2014, Acuta Capital Fund, LP was launched as a 3c7 fund with the same investment objectives as the Fund.

Key Manager's Background


Richard Lin founded Acuta Capital Partners, LLC, the General Partner for both Acuta Opportunity Fund, LP and Acuta Capital Fund, LP. Prior to starting the Fund, Rich was a partner at Three
Arch Partners, LP, a healthcare focused venture capital firm with over $1 billion under management and, over his 16 years there, was instrumental in 10+ deals that exited over $2.5 billion in
value. He holds an MBA from the Stanford Graduate School of Business where he was named an Arjay Miller Scholar for outstanding academic achievement, and an MD from Harvard Medical
School where he graduated cum laude and was also named a Howard Hughes Scholar for his research efforts. Rich was awarded a BS in Biology from Stanford University.

Performance Summary Portfolio Characteristics (at Month End) Hypothetical Growth of $1.00
November (net) 6.53% Healthcare as % of Long Exposure 99% $4.25
Acuta Opportunity Fund, LP
YTD (net) $3.75
17.24% Small Cap (<2B market cap) as % of Long Exposure 98% Russell 2000 ETF (IWM)
$3.25
ITD (net; include side pocket) 321.38% Top 5 Equity Long Positions as % of Fund 57%
$2.75
Net Exposure (end of month) 29.46% Top 10 Equity Long Positions as % of Fund 78% $2.25
Beta 0.31 Largest Single Position by Cost Basis 11.0% $1.75
Sortino Ratio 3.6 $1.25
Sharpe Ratio 1.61 $0.75

Oct‐11
Jan‐12

Oct‐12
Jan‐13

Oct‐13
Jan‐14

Oct‐14
Jan‐15

Oct‐15
Jul‐12

Jan‐16

Oct‐16
Jul‐13

Jan‐17

Oct‐17
Jul‐14

Jul‐15

Jul‐16

Jul‐17
Apr‐12

Apr‐13

Apr‐14

Apr‐15

Apr‐16

Apr‐17
Net Monthly Historical Returns (unaudited) and Exposure, 2013 to Present

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD ITD
2017 Acuta Opportunity Fund, LP 2.32% 3.32% 0.65% -1.81% -2.84% 1.86% -2.81% 7.31% 9.99% -7.21% 6.53% 17.24% 321.38%
iShares Russell 2000 ETF (IWM) 0.28% 1.93% 0.03% 1.15% -1.97% 3.37% 0.86% -1.26% 6.30% 0.73% 2.94% 15.05% 120.27%
Long 95.85% 95.90% 96.59% 94.50% 99.99% 100.21% 105.59% 103.86% 102.71% 104.01% 103.44%
Delta Adj
Exposure

Short -69.60% -75.50% -71.38% -71.11% -74.16% -70.57% -74.27% -72.14% -73.83% -76.29% -73.98%
Net 26.25% 20.40% 25.21% 23.39% 25.83% 29.65% 31.32% 31.72% 28.88% 27.72% 29.46%

2016 Acuta Opportunity Fund, LP -8.42% -0.51% -2.27% 5.20% 5.71% -1.04% 1.29% 0.21% 6.78% -2.51% 2.98% 3.32% 10.18% 259.42%
iShares Russell 2000 ETF (IWM) -8.58% -0.22% 8.02% 1.67% 2.24% -0.02% 5.87% 1.78% 1.08% -4.60% 11.06% 2.89% 21.60% 91.47%
Long 74.90% 77.97% 83.42% 96.51% 86.80% 94.71% 98.32% 97.42% 94.76% 89.94% 94.20% 90.98%
Delta Adj
Exposure

Short -74.56% -63.09% -69.49% -75.63% -71.87% -70.35% -73.26% -74.70% -70.92% -62.88% -70.82% -70.44%
Net 0.34% 14.88% 13.93% 20.88% 14.93% 24.36% 25.06% 22.72% 23.85% 27.06% 23.38% 20.54%

2015 Acuta Opportunity Fund, LP 9.05% 6.52% 3.71% -3.04% 3.71% -4.11% 1.30% -2.36% -3.94% -6.41% 5.01% -0.47% 7.95% 226.20%
iShares Russell 2000 ETF (IWM) -3.28% 5.95% 1.78% -2.56% 2.24% 0.78% -1.10% -6.33% -4.93% 5.62% 3.26% -5.03% -4.46% 57.48%
Long 84.51% 82.21% 73.14% 91.70% 87.56% 88.69% 89.43% 81.03% 79.36% 82.72% 86.73% 91.73%
Delta Adj
Exposure

Short -71.88% -71.26% -57.89% -74.91% -71.16% -79.14% -71.84% -68.88% -60.88% -56.85% -58.98% -60.53%
Net 12.64% 10.95% 15.25% 16.79% 16.39% 9.55% 17.59% 12.15% 18.48% 25.87% 27.75% 31.20%

2014 Acuta Opportunity Fund, LP 3.67% 7.25% 11.45% -3.67% -1.17% 3.55% 2.52% 2.13% 0.94% -3.45% 3.50% 4.14% 34.38% 202.17%
iShares Russell 2000 ETF (IWM) -2.77% 4.78% -0.75% -3.75% 0.79% 5.27% -6.05% 4.83% -5.93% 6.59% 0.11% 2.89% 5.03% 64.87%
Long 91.69% 74.30% 68.88% 52.75% 74.49% 79.74% 85.07% 85.60% 86.91% 80.25% 84.33% 89.26%
Delta Adj
Exposure

Short -64.46% -59.81% -77.51% -46.48% -56.96% -71.62% -75.91% -79.94% -71.08% -70.74% -75.54% -78.00%
Net 27.23% 14.49% -8.64% 6.28% 17.53% 8.12% 9.16% 5.65% 15.83% 9.51% 8.79% 11.26%

2013 Acuta Opportunity Fund, LP 1.85% 0.68% 8.26% -0.03% 0.45% 2.85% 5.95% 5.33% 0.94% 3.25% 5.40% 20.52% 69.40% 124.87%
iShares Russell 2000 ETF (IWM) 6.24% 1.00% 4.66% -0.35% 3.93% -0.82% 7.33% -3.16% 6.49% 2.42% 3.96% 2.02% 38.69% 56.96%
Long 99.08% 106.88% 100.68% 94.65% 90.79% 84.93% 91.52% 82.92% 87.65% 88.26% 87.05% 98.84%
Exposure

Short -56.25% -56.97% -59.26% -43.76% -37.92% -60.63% -60.37% -61.60% -61.08% -58.99% -72.83% -68.10%
Net 42.83% 49.91% 41.42% 50.89% 52.87% 24.30% 31.15% 21.32% 26.57% 29.28% 14.21% 30.74%

Source: Acuta Capital Partners, LLC as of November 30, 2017. IWM performance obtained from Bloomberg with dividends reinvested. Performance returns presented above are inclusive of investments held in a side pocket created on
December 1, 2013 and liquidated as of September 30, 2014. See Disclosure Notes for performance excluding the side pocket for such periods, and for periods prior to 2013. Past performance is not indicative of future results.

Strategy Small Cap and Special Situations Liquidity In-monthly, Out-quarterly


Minimum Investment $250,000 Lock-up One year
Management Fee 2.0% Administrator HC Global Fund Services, LLC
Incentive Fee 20% Prime Broker BTIG LLC
High Water Mark Yes Custodian Goldman Sachs & Co.
Total Strategy AUM (as of Dec 1) $380 million Auditor KPMG LLP

SEE IMPORTANT DISCLOSURES ON THE FOLLOWING PAGE


Disclosure Notes: Nothing presented herein is intended to constitute investment advice, and under no circumstances should any information provided herein be used or
construed as an offer to sell or a solicitation of an offer to buy securities or interests in any investment fund. All figures listed above are unaudited estimates of Acuta
Opportunity Fund, LP (the “Fund”) that have been generated by Acuta Capital Partners, LLC (the "General Partner"), and are subject to modification by the Fund’s
independent administrator and/or auditors. The Fund's performance figures reflect eligible full IPO – new issues participation and are net of all fees and expenses,
including management fees (1.5% per annum up to June 30, 2014 and 2.0% per annum thereafter) and performance allocations (20%), if any are due to the General
Partner. Starting on January 1, 2014, long and short exposure levels are flattened by underlying security and calculated with delta adjustments. Investment performance
figures and graphs in the "Performance Summary", "Hypothetical Growth of $1.00" and “Net Monthly Historical Returns” sections above have been calculated based on
the Fund's investments and AUM, including AOF Side Pocket investments (see discussion below). The "Hypothetical Growth of $1.00" chart reflects a hypothetical
$1.00 investment, assumes reinvestment of dividends and capital gains, and is net of management fees, incentive allocations, and other fund expenses. Non-
performance figures in the “Performance Summary”, “Portfolio Characteristics” and “Exposure” sections above have been calculated based on the Fund's investments
and AUM, excluding AOF Side Pocket investments. The securities information regarding positions, exposures, and other portfolio characteristics are presented as of the
date referenced and may not be representative of the Fund's current or future investments. Portfolio holdings will vary. On May 1, 2014, Acuta Capital Fund, LP, was
launched as a 3c7 fund with the same investment objectives as the Fund. Performance of Acuta Capital Fund, LP can be obtained upon request. Total Strategy AUM
includes the Fund, Acuta Capital Fund, LP and a separately managed account.

Historical performance for periods prior to 2013 is shown below:

Net Monthly Historical Returns (unaudited) and Exposure, Inception through 2012

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD ITD
2012 Acuta Opportunity Fund, LP 3.45% 0.97% 3.86% 1.58% 0.08% 0.19% 0.25% 2.09% 5.41% -2.51% 6.79% 0.65% 24.92% 32.75%
iShares Russell 2000 ETF (IWM) 7.15% 2.57% 2.48% -1.62% -6.58% 5.05% -1.52% 3.54% 3.26% -2.17% 0.55% 3.61% 16.69% 13.16%
Long 90.84% 100.63% 96.75% 106.57% 91.40% 93.40% 90.63% 94.28% 91.62% 88.39% 90.44% 94.73%
Exposure

Short -16.39% -14.43% -21.37% -26.29% -45.49% -53.97% -58.41% -55.19% -58.21% -50.51% -54.21% -42.96%
Net 74.45% 86.20% 75.38% 80.28% 45.91% 39.43% 32.22% 39.09% 33.41% 37.88% 36.23% 51.77%

#
2011 Acuta Opportunity Fund, LP 3.03% 3.15% 6.28% 6.28%
iShares Russell 2000 ETF (IWM) -3.52% 0.51% -3.03% -3.03%
Long 81.77% 87.67%
Exposure

Short -8.59% -7.22%


Net 73.18% 80.45%
# Oct 28th to Nov 30th

On December 1, 2013, the Fund created a side pocket (“AOF Side Pocket”) for certain illiquid investments where 8.9% of each partner's capital was allocated to the
AOF Side Pocket. At the end of each month, the General Partner evaluated the holdings in the AOF Side Pocket and determined if any assets should be deemed liquid.
Once assets were deemed liquid, those assets were removed from the AOF Side Pocket and returned to main AOF portfolio. As of September 30, 2014, all AOF Side
Pocket investments had been realized or deemed liquid and the AOF Side Pocket was dissolved on such date. The table below shows the net monthly historical returns
of the Fund, excluding AOF Side Pocket performance, for the months during which the AOF Side Pocket existed. Investors admitted to the Fund on or after December
1, 2013 did not have any economic interests in the AOF Side Pocket and their historical returns may vary from the returns presented with respect to applicable time
periods versus investors admitted prior to such date.

Net Monthly Historical Returns (unaudited) - No Side Pocket Involvement


2013 2014
Dec Jan Feb Mar Apr May Jun Jul Aug Sep
AOF (excluding AOF Side Pocket) 8.14% 7.90% 5.03% 3.72% -3.24% -0.34% 6.45% 0.49% 1.11% 0.84%

The information provided herein is historical and past performance is not indicative of future results. As with any investment strategy, there is potential for
profit as well as the possibility of loss. No guarantee of investment performance is being provided and no inference to the contrary should be made. It should not be
assumed that an investment in any fund managed by Acuta Capital Partners, LLC or its affiliates will be profitable. Investment in the funds described herein will be
suitable only for certain sophisticated investors who have no need for immediate liquidity in their investment and who are comfortable with the substantial risks
associated with such an investment. Direct comparisons between the Fund's performance and market indices are not without complications. The iShares Russell 2000
ETF (NYSE:IWM), which is an exchange-traded fund (ETF) that seeks to track the investment results of the Russell 2000 Index, is being used as a potential benchmark.
The Russell 2000 Index is a float-adjusted capitalization-weighted index of equity securities that measures the performance of the small-capitalization sector of the U.S.
equity market. The Russell 2000 Index is unmanaged and investors cannot invest directly in an index, while the iShares Russell 2000 ETF is professionally managed
and its performance results are net of fund expenses including management fees. It should not be assumed that the Fund will invest in any specific instruments, such as
those that comprise the index or ETF, nor should it be understood that there will be a correlation between the Fund's returns and those of the index or ETF. No
representation is made that the Fund will replicate or exceed the performance of any index or ETF. Market indices generally are comprised only of equity securities, are
designed to measure performance of a market as a whole or sub-sectors of a market and reflect the reinvestment of dividends and capital gains but not transaction costs
or performance fees. Unlike indices, the Fund is actively managed and may include substantially fewer and/or different securities than a diversified market index. Due
to the differences among the Fund's portfolio and the composition of equity market indices, no such index or ETF is directly comparable to the investment strategy of the
Fund. Please note that this letter contains unverified performance estimates and may be subject to change. The General Partner and its affiliates undertake no obligation
to revise or update this information. THIS PERFORMANCE SUMMARY IS FOR INFORMATIONAL PURPOSES ONLY.