Frazier Life Sciences Management, L.P.

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Frazier Life Sciences Management, L.P. reported 40 stock positions worth $4.6 billion. Its top holding was Mirum Pharmaceuticals (MIRM) at 19.6% of the portfolio, followed by Newamsterdam Pharma (NAMS, 13.4%) and Erasca (ERAS, 10.0%). Compared with Q1 2026, it opened 6 new positions, sold out of 3, added to 8 and reduced 2. The biggest buy was a new position in Parabilis Medicines (PBLS) and the biggest sale Bridgebio Pharma (BBIO, shares −55%).

Most Recent 13F
Q2 2026
Location
PALO ALTO, CA
CIK
0001892134
Portfolio Value
$4.6B (Q2 2026)
SEC Filing
0001892134-26-000003 ↗ filed Aug 14, 2026

Holdings Value

0$1.0B$2.0B$3.0B$4.0B$5.0B Q1 2024: $2.4B Q1 2024 Q2 2024: $2.1B Q2 2024 Q3 2024: $2.5B Q3 2024 Q4 2024: $2.4B Q4 2024 Q1 2025: $2.2B Q1 2025 Q2 2025: $2.5B Q2 2025 Q3 2025: $3.3B Q3 2025 Q4 2025: $3.7B Q4 2025 Q1 2026: $3.9B Q1 2026 Q2 2026: $4.6B $4.6B Q2 2026

Holdings 40 stocks · $4.6B
MIRM Mirum Pharmaceuticals Inc. 19.62% 7,679,684 $899.1M No change
NAMS Newamsterdam Pharma Co. NV 13.38% 18,088,902 $613.0M Add +6.8%
ERAS Erasca Inc. 9.99% 24,975,188 $457.5M Add +1.2%
MBX MBX Biosciences Inc. 8.01% 6,652,013 $367.2M No change
ARQT Arcutis Biotherapeutics Inc. 5.65% 9,874,511 $258.9M No change
TRVI Trevi Therapeutics Inc. 4.05% 9,939,447 $185.4M Reduce 0.0%
KRYS Krystal Biotech Inc. 3.90% 481,307 $178.9M No change
MAZE Maze Therapeutics Inc. 3.28% 5,032,915 $150.2M Add +10.2%
PHAT Phathom Pharmaceuticals Inc. 2.95% 12,466,489 $135.3M No change
PVLA Palvella Therapeutics Inc. 2.94% 882,400 $134.8M No change
BBIO Bridgebio Pharma Inc. 2.52% 1,548,139 $115.3M Reduce -55.1%
IRON Disc Medicine Inc. 2.16% 1,354,852 $99.1M No change
CYTK Cytokinetics Inc. 2.16% 1,159,879 $98.8M No change
DYN Dyne Therapeutics Inc. 1.53% 3,153,082 $70.0M No change
ASND Ascendis Pharma A/S 1.31% 225,155 $60.1M Add +68.9%
SVRA Savara Inc. 1.31% 9,720,852 $59.9M No change
PBLS Parabilis Medicines Inc. 1.15% 1,920,805 $52.6M New
AURA Aura Biosciences Inc. 1.10% 7,100,000 $50.4M Add +39.2%
ACHV Achieve Life Sciences Inc. 1.09% 7,614,836 $49.7M New
VOR Vor Biopharma Inc. 1.02% 2,543,939 $46.8M No change
ALLO Allogene Therapeutics Inc. 1.02% 22,446,668 $46.7M Add +491.2%
TARS Tarsus Pharmaceuticals Inc. 1.00% 728,644 $45.9M No change
BCRX Biocryst Pharmaceuticals Inc. 0.88% 4,009,240 $40.1M No change
ALKS Alkermes PLC 0.80% 700,647 $36.7M No change
ACAD Acadia Pharmaceuticals Inc. 0.79% 1,438,198 $36.4M No change
ZLAB Zai Lab Ltd.-ADR 0.79% 1,902,320 $36.1M No change
MNKD Mannkind Corp. 0.61% 6,600,000 $28.1M Add +11.9%
DSGN Design Therapeutics Inc. 0.57% 1,809,854 $26.2M New
ACRS Aclaris Therapeutics Inc. 0.57% 4,925,374 $26.1M No change
STTK Shattuck Labs Inc. 0.57% 3,750,000 $26.0M New
KLRA Kailera Therapeutics Inc. 0.53% 1,100,000 $24.2M New
GLUE Monte Rosa Therapeutics Inc. 0.53% 1,000,000 $24.2M No change
LXEO Lexeo Therapeutics Inc. 0.49% 4,824,725 $22.5M Add +9.0%
RLAY Relay Therapeutics Inc. 0.41% 1,015,693 $19.0M New
EOLS Evolus Inc. 0.40% 2,630,665 $18.3M No change
IMCR Immunocore Holdings PLC-ADR 0.34% 484,782 $15.4M No change
VALN Valneva SE - ADR 0.26% 2,291,666 $12.0M No change
AUTL Autolus Therapeutics PLC 0.16% 4,447,910 $7.1M No change
XLO Xilio Therapeutics Inc. 0.09% 422,505 $4.0M No change
IBIO Ibio Inc. 0.07% 1,953,467 $3.4M No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $10.7M (not counted above)
SecurityClassShares / PrincipalValueChange
NAMSW Newamsterdam Pharma Co. NV-27 *W EXP 99/99/999 500,333$10.7MNo change

Total filed on the 13F, all lines: $4.6B.

Portfolio Sells Q1 2026 → Q2 2026
BBIO Bridgebio Pharma Inc. Reduce -55.1% 2.52% −4.09
KALV Kalvista Pharmaceuticals Inc. Sold out 0.00% −2.58
RVMD Revolution Medicines Inc. Sold out 0.00% −1.70
AGIO Agios Pharmaceuticals Inc. Sold out 0.00% −1.10
TRVI Trevi Therapeutics Inc. Reduce 0.0% 4.05% +0.99

Portfolio Buys Q1 2026 → Q2 2026
PBLS Parabilis Medicines Inc. New 1.15% +1.15
ACHV Achieve Life Sciences Inc. New 1.09% +1.09
ALLO Allogene Therapeutics Inc. Add +491.2% 1.02% +0.78
DSGN Design Therapeutics Inc. New 0.57% +0.57
STTK Shattuck Labs Inc. New 0.57% +0.57
KLRA Kailera Therapeutics Inc. New 0.53% +0.53
ASND Ascendis Pharma A/S Add +68.9% 1.31% +0.52
RLAY Relay Therapeutics Inc. New 0.41% +0.41
MNKD Mannkind Corp. Add +11.9% 0.61% +0.24
AURA Aura Biosciences Inc. Add +39.2% 1.10% +0.22
LXEO Lexeo Therapeutics Inc. Add +9.0% 0.49% −0.17
MAZE Maze Therapeutics Inc. Add +10.2% 3.28% −0.24
ERAS Erasca Inc. Add +1.2% 9.99% −0.31
NAMS Newamsterdam Pharma Co. NV Add +6.8% 13.38% −0.61

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 40$4.6BMIRM, NAMS, ERAS, MBX, ARQT
Q1 2026 37$3.9BMIRM, NAMS, ERAS, BBIO, ARQT
Q4 2025 39$3.7BNAMS, MIRM, ARQT, BBIO, MBX
Q3 2025 46$3.3BMIRM, NAMS, VRNA, BBIO, ARQT
Q2 2025 48$2.5BMIRM, VRNA, NAMS, BBIO, ARQT
Q1 2025 46$2.2BNAMS, MIRM, VRNA, ARQT, BBIO
Q4 2024 49$2.4BNAMS, MIRM, VRNA, KRYS, ARQT
Q3 2024 52$2.5BMIRM, NAMS, PHAT, KRYS, MBX
Q2 2024 48$2.1BNAMS, MIRM, KRYS, HLVX, PHAT
Q1 2024 49$2.4BNAMS, KRYS, MIRM, HLVX, ALPN