Frazier Life Sciences Management, L.P.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Frazier Life Sciences Management, L.P. reported 46 stock positions worth $2.2 billion. Its top holding was Newamsterdam Pharma (NAMS) at 15.1% of the portfolio, followed by Mirum Pharmaceuticals (MIRM, 14.0%) and Verona Pharma (VRNA, 10.1%). Compared with Q4 2024, it opened 4 new positions, sold out of 7, added to 10 and reduced 8. The biggest buy was Verona Pharma (VRNA, shares +2%) and the biggest sale Rhythm Pharmaceuticals (RYTM, shares −64%).
- Most Recent 13F
- Q2 2026
- Location
- PALO ALTO, CA
- CIK
- 0001892134
- Portfolio Value
- $2.2B (Q1 2025)
- SEC Filing
- 0001892134-25-000005 ↗ filed May 15, 2025
Holdings Value
Holdings 46 stocks · $2.2B
| NAMS Newamsterdam Pharma Co. NV | 15.11% | 16,116,418 | $329.9M | Add +1.3% |
| MIRM Mirum Pharmaceuticals Inc. | 14.02% | 6,795,121 | $306.1M | Add +3.4% |
| VRNA Verona Pharma Ltd. | 10.05% | 3,457,850 | $219.5M | Add +2.2% |
| ARQT Arcutis Biotherapeutics Inc. | 6.29% | 8,785,284 | $137.4M | No change |
| BBIO Bridgebio Pharma Inc. | 6.02% | 3,800,457 | $131.4M | No change |
| KRYS Krystal Biotech Inc. | 5.69% | 688,460 | $124.1M | Reduce -12.7% |
| IRON Disc Medicine Inc. | 3.99% | 1,754,834 | $87.1M | No change |
| TARS Tarsus Pharmaceuticals Inc. | 3.29% | 1,397,527 | $71.8M | Reduce -12.0% |
| TRVI Trevi Therapeutics Inc. | 2.96% | 10,259,409 | $64.5M | Reduce -3.8% |
| PHAT Phathom Pharmaceuticals Inc. | 2.90% | 10,109,279 | $63.4M | No change |
| KALV Kalvista Pharmaceuticals Inc. | 2.58% | 4,887,867 | $56.4M | No change |
| MAZE Maze Therapeutics Inc. | 2.08% | 4,129,001 | $45.5M | New |
| MBX MBX Biosciences Inc. | 2.02% | 5,985,347 | $44.2M | No change |
| RYTM Rhythm Pharmaceuticals Inc. | 1.65% | 678,760 | $36.0M | Reduce -63.7% |
| SLNO Soleno Therapeutics Inc. | 1.63% | 499,159 | $35.7M | Reduce -28.6% |
| RVMD Revolution Medicines Inc. | 1.62% | 997,455 | $35.3M | No change |
| SVRA Savara Inc. | 1.45% | 11,462,301 | $31.8M | Add +32.4% |
| AGIO Agios Pharmaceuticals Inc. | 1.44% | 1,069,854 | $31.3M | Add +0.0% |
| ERAS Erasca Inc. | 1.42% | 22,575,851 | $30.9M | Add +16.4% |
| RARE Ultragenyx Pharmaceutical Inc. | 1.09% | 658,715 | $23.9M | No change |
| ASND Ascendis Pharma A/S | 0.95% | 133,333 | $20.8M | No change |
| PCVX Vaxcyte Inc. | 0.93% | 539,405 | $20.4M | No change |
| ALKS Alkermes PLC | 0.91% | 601,129 | $19.8M | No change |
| PVLA Palvella Therapeutics Inc. | 0.88% | 690,012 | $19.3M | Add +5.5% |
| CGON CG Oncology Inc. | 0.86% | 770,000 | $18.9M | No change |
| MREO Mereo Biopharma Group PL-ADR | 0.81% | 7,819,863 | $17.6M | Add +53.4% |
| MRUS Merus NV | 0.72% | 373,100 | $15.7M | No change |
| RNAM Avidity Biosciences Inc. | 0.71% | 525,000 | $15.5M | New |
| HLVX Hillevax Inc. | 0.71% | 10,617,062 | $15.4M | No change |
| DYN Dyne Therapeutics Inc. | 0.69% | 1,443,341 | $15.1M | New |
| ZLAB Zai Lab Ltd.-ADR | 0.58% | 350,000 | $12.6M | New |
| IMCR Immunocore Holdings PLC-ADR | 0.41% | 301,170 | $8.9M | Add +176.9% |
| ORIC Oric Pharmaceuticals Inc. | 0.36% | 1,410,193 | $7.9M | Reduce -63.7% |
| ACAD Acadia Pharmaceuticals Inc. | 0.36% | 470,338 | $7.8M | No change |
| DSGN Design Therapeutics Inc. | 0.35% | 1,953,547 | $7.5M | No change |
| RCKT Rocket Pharmaceuticals Inc. | 0.33% | 1,079,025 | $7.2M | Reduce -27.0% |
| AUTL Autolus Therapeutics PLC | 0.33% | 4,623,324 | $7.2M | No change |
| ORKA Oruka Therapeutics Inc. | 0.27% | 583,327 | $6.0M | No change |
| ALLO Allogene Therapeutics Inc. | 0.26% | 3,868,750 | $5.6M | Add +34.9% |
| IMTX Immatics NV | 0.26% | 1,247,911 | $5.6M | Reduce -41.9% |
| COGT Cogent Biosciences Inc. | 0.26% | 936,576 | $5.6M | No change |
| ADVM Adverum Biotechnologies Inc. | 0.21% | 1,069,244 | $4.7M | No change |
| MGNX Macrogenics Inc. | 0.18% | 3,175,665 | $4.0M | No change |
| LXEO Lexeo Therapeutics Inc. | 0.15% | 955,515 | $3.3M | No change |
| SLN Silence Therapeutics PLC-ADR | 0.15% | 1,148,591 | $3.2M | No change |
| ELEV Elevation Oncology Inc. | 0.07% | 5,993,579 | $1.6M | No change |
Other holdings (1): bonds, preferreds, convertibles and warrants · $4.5M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| NAMSW Newamsterdam Pharma Co. NV-27 | *W EXP 99/99/999 | 500,333 | $4.5M | No change |
Total filed on the 13F, all lines: $2.2B.
Portfolio Sells Q4 2024 → Q1 2025
| RYTM Rhythm Pharmaceuticals Inc. | Reduce -63.7% | 1.65% | −2.71 |
| EWTX Edgewise Therapeutics Inc. | Sold out | 0.00% | −1.41 |
| ORIC Oric Pharmaceuticals Inc. | Reduce -63.7% | 0.36% | −0.95 |
| ANAB Anaptysbio Inc. | Sold out | 0.00% | −0.87 |
| PLRX Pliant Therapeutics Inc. | Sold out | 0.00% | −0.61 |
| RCKT Rocket Pharmaceuticals Inc. | Reduce -27.0% | 0.33% | −0.44 |
| IMTX Immatics NV | Reduce -41.9% | 0.26% | −0.38 |
| TARS Tarsus Pharmaceuticals Inc. | Reduce -12.0% | 3.29% | −0.37 |
| DAWN Day One Biopharmaceuticals I | Sold out | 0.00% | −0.36 |
| ETNB 89BIO Inc. | Sold out | 0.00% | −0.33 |
| ARVN Arvinas Inc. | Sold out | 0.00% | −0.23 |
| ELDN Eledon Pharmaceuticals Inc. | Sold out | 0.00% | −0.20 |
| SLNO Soleno Therapeutics Inc. | Reduce -28.6% | 1.63% | +0.33 |
| KRYS Krystal Biotech Inc. | Reduce -12.7% | 5.69% | +0.54 |
| TRVI Trevi Therapeutics Inc. | Reduce -3.8% | 2.96% | +1.13 |
Portfolio Buys Q4 2024 → Q1 2025
| VRNA Verona Pharma Ltd. | Add +2.2% | 10.05% | +3.51 |
| MIRM Mirum Pharmaceuticals Inc. | Add +3.4% | 14.02% | +2.71 |
| MAZE Maze Therapeutics Inc. | New | 2.08% | +2.08 |
| RNAM Avidity Biosciences Inc. | New | 0.71% | +0.71 |
| DYN Dyne Therapeutics Inc. | New | 0.69% | +0.69 |
| ZLAB Zai Lab Ltd.-ADR | New | 0.58% | +0.58 |
| PVLA Palvella Therapeutics Inc. | Add +5.5% | 0.88% | +0.56 |
| SVRA Savara Inc. | Add +32.4% | 1.45% | +0.35 |
| IMCR Immunocore Holdings PLC-ADR | Add +176.9% | 0.41% | +0.28 |
| MREO Mereo Biopharma Group PL-ADR | Add +53.4% | 0.81% | +0.06 |
| ALLO Allogene Therapeutics Inc. | Add +34.9% | 0.26% | +0.00 |
| AGIO Agios Pharmaceuticals Inc. | Add +0.0% | 1.44% | −0.03 |
| ERAS Erasca Inc. | Add +16.4% | 1.42% | −0.61 |
| NAMS Newamsterdam Pharma Co. NV | Add +1.3% | 15.11% | −1.92 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 40 | $4.6B | MIRM, NAMS, ERAS, MBX, ARQT |
| Q1 2026 | 37 | $3.9B | MIRM, NAMS, ERAS, BBIO, ARQT |
| Q4 2025 | 39 | $3.7B | NAMS, MIRM, ARQT, BBIO, MBX |
| Q3 2025 | 46 | $3.3B | MIRM, NAMS, VRNA, BBIO, ARQT |
| Q2 2025 | 48 | $2.5B | MIRM, VRNA, NAMS, BBIO, ARQT |
| Q1 2025 | 46 | $2.2B | NAMS, MIRM, VRNA, ARQT, BBIO |
| Q4 2024 | 49 | $2.4B | NAMS, MIRM, VRNA, KRYS, ARQT |
| Q3 2024 | 52 | $2.5B | MIRM, NAMS, PHAT, KRYS, MBX |
| Q2 2024 | 48 | $2.1B | NAMS, MIRM, KRYS, HLVX, PHAT |
| Q1 2024 | 49 | $2.4B | NAMS, KRYS, MIRM, HLVX, ALPN |