Frazier Life Sciences Management, L.P.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Frazier Life Sciences Management, L.P. reported 48 stock positions worth $2.5 billion. Its top holding was Mirum Pharmaceuticals (MIRM) at 13.9% of the portfolio, followed by Verona Pharma (VRNA, 12.8%) and Newamsterdam Pharma (NAMS, 12.0%). Compared with Q1 2025, it opened 8 new positions, sold out of 6, added to 16 and reduced 5. The biggest buy was Phathom Pharmaceuticals (PHAT, shares +23%) and the biggest sale an exit from Rhythm Pharmaceuticals (RYTM).
- Most Recent 13F
- Q2 2026
- Location
- PALO ALTO, CA
- CIK
- 0001892134
- Portfolio Value
- $2.5B (Q2 2025)
- SEC Filing
- 0001892134-25-000006 ↗ filed Aug 14, 2025
Holdings Value
Holdings 48 stocks · $2.5B
| MIRM Mirum Pharmaceuticals Inc. | 13.85% | 6,795,121 | $345.8M | No change |
| VRNA Verona Pharma Ltd. | 12.82% | 3,383,950 | $320.1M | Reduce -2.1% |
| NAMS Newamsterdam Pharma Co. NV | 12.05% | 16,607,074 | $300.8M | Add +3.0% |
| BBIO Bridgebio Pharma Inc. | 6.57% | 3,800,457 | $164.1M | No change |
| ARQT Arcutis Biotherapeutics Inc. | 5.54% | 9,874,511 | $138.4M | Add +12.4% |
| PHAT Phathom Pharmaceuticals Inc. | 4.79% | 12,466,489 | $119.6M | Add +23.3% |
| KRYS Krystal Biotech Inc. | 3.79% | 688,460 | $94.6M | No change |
| IRON Disc Medicine Inc. | 3.51% | 1,654,834 | $87.6M | Reduce -5.7% |
| MBX MBX Biosciences Inc. | 2.74% | 5,985,347 | $68.3M | No change |
| TARS Tarsus Pharmaceuticals Inc. | 2.27% | 1,397,527 | $56.6M | No change |
| TRVI Trevi Therapeutics Inc. | 2.25% | 10,259,409 | $56.1M | No change |
| MAZE Maze Therapeutics Inc. | 2.24% | 4,567,275 | $56.0M | Add +10.6% |
| KALV Kalvista Pharmaceuticals Inc. | 2.21% | 4,887,867 | $55.3M | No change |
| ZLAB Zai Lab Ltd.-ADR | 1.83% | 1,308,138 | $45.7M | Add +273.8% |
| AGIO Agios Pharmaceuticals Inc. | 1.70% | 1,279,754 | $42.6M | Add +19.6% |
| RVMD Revolution Medicines Inc. | 1.47% | 997,455 | $36.7M | No change |
| RARE Ultragenyx Pharmaceutical Inc. | 1.43% | 983,715 | $35.8M | Add +49.3% |
| AURA Aura Biosciences Inc. | 1.28% | 5,100,000 | $31.9M | New |
| ERAS Erasca Inc. | 1.16% | 22,729,436 | $28.9M | Add +0.7% |
| ALKS Alkermes PLC | 1.15% | 1,000,647 | $28.6M | Add +66.5% |
| SVRA Savara Inc. | 1.05% | 11,462,301 | $26.1M | No change |
| MREO Mereo Biopharma Group PL-ADR | 1.02% | 9,440,112 | $25.6M | Add +20.7% |
| ASND Ascendis Pharma A/S | 0.92% | 133,333 | $23.0M | No change |
| EOLS Evolus Inc. | 0.90% | 2,435,550 | $22.4M | New |
| HLVX Hillevax Inc. | 0.85% | 10,617,062 | $21.1M | No change |
| CGON CG Oncology Inc. | 0.80% | 770,000 | $20.0M | No change |
| AKRO Akero Therapeutics Inc. | 0.78% | 366,784 | $19.6M | New |
| CYTK Cytokinetics Inc. | 0.73% | 554,731 | $18.3M | New |
| LXEO Lexeo Therapeutics Inc. | 0.71% | 4,424,725 | $17.8M | Add +363.1% |
| RNAM Avidity Biosciences Inc. | 0.71% | 625,000 | $17.8M | Add +19.1% |
| JBIO Jade Biosciences Inc. | 0.71% | 1,772,116 | $17.7M | New |
| PVLA Palvella Therapeutics Inc. | 0.65% | 722,400 | $16.3M | Add +4.7% |
| PCVX Vaxcyte Inc. | 0.62% | 474,405 | $15.4M | Reduce -12.1% |
| TVTX Travere Therapeutics Inc. | 0.59% | 1,002,092 | $14.8M | New |
| DYN Dyne Therapeutics Inc. | 0.57% | 1,505,984 | $14.3M | Add +4.3% |
| COGT Cogent Biosciences Inc. | 0.50% | 1,734,601 | $12.5M | Add +85.2% |
| IMCR Immunocore Holdings PLC-ADR | 0.48% | 384,782 | $12.1M | Add +27.8% |
| ORIC Oric Pharmaceuticals Inc. | 0.43% | 1,065,334 | $10.8M | Reduce -24.4% |
| AUTL Autolus Therapeutics PLC | 0.42% | 4,623,324 | $10.5M | No change |
| VALN Valneva SE - ADR | 0.33% | 1,458,333 | $8.2M | New |
| CBIO Crescent Biopharma Inc. | 0.29% | 453,685 | $7.3M | New |
| DSGN Design Therapeutics Inc. | 0.26% | 1,953,547 | $6.6M | No change |
| ORKA Oruka Therapeutics Inc. | 0.26% | 583,327 | $6.5M | No change |
| SLN Silence Therapeutics PLC-ADR | 0.23% | 970,130 | $5.6M | Reduce -15.5% |
| ALLO Allogene Therapeutics Inc. | 0.18% | 3,868,750 | $4.4M | No change |
| MGNX Macrogenics Inc. | 0.15% | 3,175,665 | $3.8M | No change |
| ADVM Adverum Biotechnologies Inc. | 0.09% | 1,069,244 | $2.3M | No change |
| ELEV Elevation Oncology Inc. | 0.09% | 5,993,579 | $2.2M | No change |
Other holdings (1): bonds, preferreds, convertibles and warrants · $4.0M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| NAMSW Newamsterdam Pharma Co. NV-27 | *W EXP 99/99/999 | 500,333 | $4.0M | No change |
Total filed on the 13F, all lines: $2.5B.
Portfolio Sells Q1 2025 → Q2 2025
| RYTM Rhythm Pharmaceuticals Inc. | Sold out | 0.00% | −1.65 |
| SLNO Soleno Therapeutics Inc. | Sold out | 0.00% | −1.63 |
| MRUS Merus NV | Sold out | 0.00% | −0.72 |
| IRON Disc Medicine Inc. | Reduce -5.7% | 3.51% | −0.48 |
| ACAD Acadia Pharmaceuticals Inc. | Sold out | 0.00% | −0.36 |
| RCKT Rocket Pharmaceuticals Inc. | Sold out | 0.00% | −0.33 |
| PCVX Vaxcyte Inc. | Reduce -12.1% | 0.62% | −0.32 |
| IMTX Immatics NV | Sold out | 0.00% | −0.26 |
| ORIC Oric Pharmaceuticals Inc. | Reduce -24.4% | 0.43% | +0.07 |
| SLN Silence Therapeutics PLC-ADR | Reduce -15.5% | 0.23% | +0.08 |
| VRNA Verona Pharma Ltd. | Reduce -2.1% | 12.82% | +2.76 |
Portfolio Buys Q1 2025 → Q2 2025
| PHAT Phathom Pharmaceuticals Inc. | Add +23.3% | 4.79% | +1.89 |
| AURA Aura Biosciences Inc. | New | 1.28% | +1.28 |
| ZLAB Zai Lab Ltd.-ADR | Add +273.8% | 1.83% | +1.25 |
| EOLS Evolus Inc. | New | 0.90% | +0.90 |
| AKRO Akero Therapeutics Inc. | New | 0.78% | +0.78 |
| CYTK Cytokinetics Inc. | New | 0.73% | +0.73 |
| JBIO Jade Biosciences Inc. | New | 0.71% | +0.71 |
| TVTX Travere Therapeutics Inc. | New | 0.59% | +0.59 |
| LXEO Lexeo Therapeutics Inc. | Add +363.1% | 0.71% | +0.56 |
| RARE Ultragenyx Pharmaceutical Inc. | Add +49.3% | 1.43% | +0.34 |
| VALN Valneva SE - ADR | New | 0.33% | +0.33 |
| CBIO Crescent Biopharma Inc. | New | 0.29% | +0.29 |
| AGIO Agios Pharmaceuticals Inc. | Add +19.6% | 1.70% | +0.27 |
| COGT Cogent Biosciences Inc. | Add +85.2% | 0.50% | +0.24 |
| ALKS Alkermes PLC | Add +66.5% | 1.15% | +0.24 |
| MREO Mereo Biopharma Group PL-ADR | Add +20.7% | 1.02% | +0.22 |
| MAZE Maze Therapeutics Inc. | Add +10.6% | 2.24% | +0.16 |
| IMCR Immunocore Holdings PLC-ADR | Add +27.8% | 0.48% | +0.07 |
| RNAM Avidity Biosciences Inc. | Add +19.1% | 0.71% | +0.00 |
| DYN Dyne Therapeutics Inc. | Add +4.3% | 0.57% | −0.12 |
| PVLA Palvella Therapeutics Inc. | Add +4.7% | 0.65% | −0.23 |
| ERAS Erasca Inc. | Add +0.7% | 1.16% | −0.26 |
| ARQT Arcutis Biotherapeutics Inc. | Add +12.4% | 5.54% | −0.75 |
| NAMS Newamsterdam Pharma Co. NV | Add +3.0% | 12.05% | −3.06 |
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 |