Frazier Life Sciences Management, L.P.

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 15, 2024), Frazier Life Sciences Management, L.P. reported 52 stock positions worth $2.5 billion. Its top holding was Mirum Pharmaceuticals (MIRM) at 10.3% of the portfolio, followed by Newamsterdam Pharma (NAMS, 8.6%) and Phathom Pharmaceuticals (PHAT, 7.3%). Compared with Q2 2024, it opened 8 new positions, sold out of 4, added to 13 and reduced 5. The biggest buy was a new position in MBX Biosciences (MBX) and the biggest sale Pepgen (PEPG, shares −53%).

Most Recent 13F
Q2 2026
Location
PALO ALTO, CA
CIK
0001892134
Portfolio Value
$2.5B (Q3 2024)
SEC Filing
0001892134-24-000006 ↗ filed Nov 15, 2024

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 $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 Q2 2026

Holdings 52 stocks · $2.5B
MIRM Mirum Pharmaceuticals Inc. 10.28% 6,570,392 $256.2M Add +1.1%
NAMS Newamsterdam Pharma Co. NV 8.56% 12,855,194 $213.4M Add +5.1%
PHAT Phathom Pharmaceuticals Inc. 7.34% 10,109,279 $182.8M No change
KRYS Krystal Biotech Inc. 7.22% 988,460 $179.9M No change
MBX MBX Biosciences Inc. 6.24% 5,985,347 $155.5M New
RYTM Rhythm Pharmaceuticals Inc. 5.08% 2,416,952 $126.6M Add +1.9%
PCVX Vaxcyte Inc. 4.03% 879,405 $100.5M Reduce -15.4%
VRNA Verona Pharma Ltd. 3.91% 3,383,950 $97.4M Add +2.1%
BBIO Bridgebio Pharma Inc. 3.84% 3,760,457 $95.7M Add +3.5%
IRON Disc Medicine Inc. 3.46% 1,754,834 $86.2M No change
ARQT Arcutis Biotherapeutics Inc. 3.28% 8,785,284 $81.7M No change
EWTX Edgewise Therapeutics Inc. 3.03% 2,832,867 $75.6M Reduce -24.1%
ANAB Anaptysbio Inc. 2.97% 2,209,189 $74.0M Add +2.0%
ERAS Erasca Inc. 2.12% 19,391,687 $52.9M Add +19.6%
TARS Tarsus Pharmaceuticals Inc. 2.10% 1,587,527 $52.2M No change
AGIO Agios Pharmaceuticals Inc. 1.86% 1,044,154 $46.4M Add +19.8%
RVMD Revolution Medicines Inc. 1.82% 997,455 $45.2M No change
SLNO Soleno Therapeutics Inc. 1.77% 875,667 $44.2M No change
KALV Kalvista Pharmaceuticals Inc. 1.71% 3,687,867 $42.7M No change
ORIC Oric Pharmaceuticals Inc. 1.70% 4,142,855 $42.5M No change
RARE Ultragenyx Pharmaceutical Inc. 1.41% 633,715 $35.2M Add +49.1%
SVRA Savara Inc. 1.39% 8,157,385 $34.6M No change
CGON CG Oncology Inc. 1.17% 770,000 $29.1M No change
RCKT Rocket Pharmaceuticals Inc. 1.10% 1,485,630 $27.4M Reduce -4.8%
TRVI Trevi Therapeutics Inc. 0.99% 7,381,090 $24.7M No change
MREO Mereo Biopharma Group PL-ADR 0.84% 5,097,779 $21.0M Add +15.8%
SLN Silence Therapeutics PLC-ADR 0.84% 1,148,591 $20.9M No change
ASND Ascendis Pharma A/S 0.80% 133,333 $19.9M New
HLVX Hillevax Inc. 0.75% 10,617,062 $18.7M No change
MRUS Merus NV 0.75% 373,100 $18.6M No change
TYRA Tyra Biosciences Inc. 0.69% 731,020 $17.2M Reduce -12.2%
AUTL Autolus Therapeutics PLC 0.67% 4,623,324 $16.8M No change
ALKS Alkermes PLC 0.65% 576,129 $16.1M New
IMTX Immatics NV 0.62% 1,354,711 $15.5M Add +17.6%
ORKA Oruka Therapeutics Inc. 0.47% 477,327 $11.7M New
LXEO Lexeo Therapeutics Inc. 0.45% 1,250,786 $11.3M New
DSGN Design Therapeutics Inc. 0.41% 1,892,547 $10.2M Add +58.4%
COGT Cogent Biosciences Inc. 0.41% 936,576 $10.1M No change
MGNX Macrogenics Inc. 0.40% 3,010,727 $9.9M No change
DAWN Day One Biopharmaceuticals I 0.39% 689,655 $9.6M New
ALLO Allogene Therapeutics Inc. 0.32% 2,867,750 $8.0M No change
PBYI Puma Biotechnology Inc. 0.31% 3,062,558 $7.8M No change
ADVM Adverum Biotechnologies Inc. 0.30% 1,069,244 $7.5M No change
ETNB 89BIO Inc. 0.30% 1,000,000 $7.4M No change
ACAD Acadia Pharmaceuticals Inc. 0.29% 470,338 $7.2M No change
ARVN Arvinas Inc. 0.28% 285,331 $7.0M No change
PEPG Pepgen Inc. 0.24% 702,694 $6.0M Reduce -53.2%
ELEV Elevation Oncology Inc. 0.14% 5,993,579 $3.6M Add +102.6%
IMCR Immunocore Holdings PLC-ADR 0.14% 108,762 $3.4M No change
NUVB Nuvation Bio Inc. 0.11% 1,218,236 $2.8M New
ACRS Aclaris Therapeutics Inc. 0.01% 264,377 $304K No change
PIERIS PHARMACEUTICALS INC 0.01% 15,942 $267K New
Other holdings (1): bonds, preferreds, convertibles and warrants · $3.5M (not counted above)
SecurityClassShares / PrincipalValueChange
NAMSW Newamsterdam Pharma Co. NV-27 *W EXP 99/99/999 500,333$3.5MNo change

Total filed on the 13F, all lines: $2.5B.

Portfolio Sells Q2 2024 → Q3 2024
PEPG Pepgen Inc. Reduce -53.2% 0.24% −0.88
CERE Cerevel Therapeutics Holding Sold out 0.00% −0.75
APLT Applied Therapeutics Inc. Sold out 0.00% −0.50
RCKT Rocket Pharmaceuticals Inc. Reduce -4.8% 1.10% −0.47
ANTX AN2 Therapeutics Inc. Sold out 0.00% −0.21
EWTX Edgewise Therapeutics Inc. Reduce -24.1% 3.03% −0.12
MGX Metagenomi Therapeutics Inc. Sold out 0.00% −0.05
TYRA Tyra Biosciences Inc. Reduce -12.2% 0.69% +0.07
PCVX Vaxcyte Inc. Reduce -15.4% 4.03% +0.35

Portfolio Buys Q2 2024 → Q3 2024
MBX MBX Biosciences Inc. New 6.24% +6.24
VRNA Verona Pharma Ltd. Add +2.1% 3.91% +1.66
ASND Ascendis Pharma A/S New 0.80% +0.80
ALKS Alkermes PLC New 0.65% +0.65
RARE Ultragenyx Pharmaceutical Inc. Add +49.1% 1.41% +0.59
RYTM Rhythm Pharmaceuticals Inc. Add +1.9% 5.08% +0.52
ORKA Oruka Therapeutics Inc. New 0.47% +0.47
LXEO Lexeo Therapeutics Inc. New 0.45% +0.45
ANAB Anaptysbio Inc. Add +2.0% 2.97% +0.43
DAWN Day One Biopharmaceuticals I New 0.39% +0.39
ERAS Erasca Inc. Add +19.6% 2.12% +0.33
DSGN Design Therapeutics Inc. Add +58.4% 0.41% +0.22
NUVB Nuvation Bio Inc. New 0.11% +0.11
AGIO Agios Pharmaceuticals Inc. Add +19.8% 1.86% +0.10
MREO Mereo Biopharma Group PL-ADR Add +15.8% 0.84% +0.10
PIERIS PHARMACEUTICALS INC New 0.01% +0.01
IMTX Immatics NV Add +17.6% 0.62% −0.01
MIRM Mirum Pharmaceuticals Inc. Add +1.1% 10.28% −0.13
ELEV Elevation Oncology Inc. Add +102.6% 0.14% −0.23
BBIO Bridgebio Pharma Inc. Add +3.5% 3.84% −0.47
NAMS Newamsterdam Pharma Co. NV Add +5.1% 8.56% −2.45

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