Frazier Life Sciences Management, L.P.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Frazier Life Sciences Management, L.P. reported 46 stock positions worth $3.3 billion. Its top holding was Mirum Pharmaceuticals (MIRM) at 15.0% of the portfolio, followed by Newamsterdam Pharma (NAMS, 14.3%) and Verona Pharma (VRNA, 10.8%). Compared with Q2 2025, it opened 4 new positions, sold out of 6, added to 10 and reduced 7. The biggest buy was Newamsterdam Pharma (NAMS, shares +1%) and the biggest sale an exit from Hillevax (HLVX).

Most Recent 13F
Q2 2026
Location
PALO ALTO, CA
CIK
0001892134
Portfolio Value
$3.3B (Q3 2025)
SEC Filing
0001892134-25-000012 ↗ filed Nov 14, 2025

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 $3.3B Q3 2025 Q4 2025: $3.7B Q4 2025 Q1 2026: $3.9B Q1 2026 Q2 2026: $4.6B Q2 2026

Holdings 46 stocks · $3.3B
MIRM Mirum Pharmaceuticals Inc. 14.96% 6,795,121 $498.2M No change
NAMS Newamsterdam Pharma Co. NV 14.27% 16,701,956 $475.0M Add +0.6%
VRNA Verona Pharma Ltd. 10.85% 3,383,950 $361.1M No change
BBIO Bridgebio Pharma Inc. 6.00% 3,845,457 $199.7M Add +1.2%
ARQT Arcutis Biotherapeutics Inc. 5.59% 9,874,511 $186.1M No change
PHAT Phathom Pharmaceuticals Inc. 4.41% 12,466,489 $146.7M No change
KRYS Krystal Biotech Inc. 3.65% 688,460 $121.5M No change
MAZE Maze Therapeutics Inc. 3.56% 4,567,274 $118.4M Reduce 0.0%
MBX MBX Biosciences Inc. 3.50% 6,652,013 $116.4M Add +11.1%
IRON Disc Medicine Inc. 2.86% 1,438,534 $95.1M Reduce -13.1%
TRVI Trevi Therapeutics Inc. 2.82% 10,259,409 $93.9M No change
TARS Tarsus Pharmaceuticals Inc. 2.08% 1,167,527 $69.4M Reduce -16.5%
KALV Kalvista Pharmaceuticals Inc. 1.84% 5,039,867 $61.4M Add +3.1%
ZLAB Zai Lab Ltd.-ADR 1.66% 1,627,320 $55.1M Add +24.4%
AGIO Agios Pharmaceuticals Inc. 1.54% 1,279,754 $51.4M No change
ERAS Erasca Inc. 1.49% 22,729,436 $49.6M No change
CYTK Cytokinetics Inc. 1.47% 890,445 $48.9M Add +60.5%
RVMD Revolution Medicines Inc. 1.40% 997,455 $46.6M No change
PVLA Palvella Therapeutics Inc. 1.36% 722,400 $45.3M No change
SVRA Savara Inc. 1.23% 11,462,301 $40.9M No change
DYN Dyne Therapeutics Inc. 1.03% 2,718,105 $34.4M Add +80.5%
ABVX Abivax SA-ADR 0.96% 378,300 $32.1M New
AURA Aura Biosciences Inc. 0.95% 5,100,000 $31.5M No change
RARE Ultragenyx Pharmaceutical Inc. 0.89% 983,715 $29.6M No change
LXEO Lexeo Therapeutics Inc. 0.88% 4,424,725 $29.4M No change
VALN Valneva SE - ADR 0.84% 2,291,666 $28.0M Add +57.1%
RNAM Avidity Biosciences Inc. 0.82% 625,000 $27.2M No change
ASND Ascendis Pharma A/S 0.80% 133,333 $26.5M No change
ALKS Alkermes PLC 0.63% 700,647 $21.0M Reduce -30.0%
MREO Mereo Biopharma Group PL-ADR 0.58% 9,440,112 $19.4M No change
AKRO Akero Therapeutics Inc. 0.52% 366,784 $17.4M No change
PCVX Vaxcyte Inc. 0.51% 474,405 $17.1M No change
EOLS Evolus Inc. 0.49% 2,630,665 $16.2M Add +8.0%
DSGN Design Therapeutics Inc. 0.44% 1,953,547 $14.7M No change
IMCR Immunocore Holdings PLC-ADR 0.42% 384,782 $14.0M No change
ACAD Acadia Pharmaceuticals Inc. 0.39% 613,837 $13.1M New
JBIO Jade Biosciences Inc. 0.37% 1,413,280 $12.2M Reduce -20.3%
ASMB Assembly Biosciences Inc. 0.35% 456,249 $11.7M New
ADVM Adverum Biotechnologies Inc. 0.28% 2,077,431 $9.4M Add +94.3%
TVTX Travere Therapeutics Inc. 0.28% 392,092 $9.4M Reduce -60.9%
ENGN Engene Holdings Inc. 0.24% 1,157,380 $7.9M New
AUTL Autolus Therapeutics PLC 0.23% 4,623,324 $7.5M No change
MGNX Macrogenics Inc. 0.16% 3,175,665 $5.3M No change
SLN Silence Therapeutics PLC-ADR 0.15% 970,130 $5.0M No change
ALLO Allogene Therapeutics Inc. 0.14% 3,868,750 $4.8M No change
CBIO Crescent Biopharma Inc. 0.10% 272,951 $3.2M Reduce -39.8%
Other holdings (1): bonds, preferreds, convertibles and warrants · $8.6M (not counted above)
SecurityClassShares / PrincipalValueChange
NAMSW Newamsterdam Pharma Co. NV-27 *W EXP 99/99/999 500,333$8.6MNo change

Total filed on the 13F, all lines: $3.3B.

Portfolio Sells Q2 2025 → Q3 2025
HLVX Hillevax Inc. Sold out 0.00% −0.85
CGON CG Oncology Inc. Sold out 0.00% −0.80
IRON Disc Medicine Inc. Reduce -13.1% 2.86% −0.65
ALKS Alkermes PLC Reduce -30.0% 0.63% −0.52
COGT Cogent Biosciences Inc. Sold out 0.00% −0.50
ORIC Oric Pharmaceuticals Inc. Sold out 0.00% −0.43
JBIO Jade Biosciences Inc. Reduce -20.3% 0.37% −0.34
TVTX Travere Therapeutics Inc. Reduce -60.9% 0.28% −0.31
ORKA Oruka Therapeutics Inc. Sold out 0.00% −0.26
CBIO Crescent Biopharma Inc. Reduce -39.8% 0.10% −0.20
TARS Tarsus Pharmaceuticals Inc. Reduce -16.5% 2.08% −0.18
ELEV Elevation Oncology Inc. Sold out 0.00% −0.09
MAZE Maze Therapeutics Inc. Reduce 0.0% 3.56% +1.31

Portfolio Buys Q2 2025 → Q3 2025
NAMS Newamsterdam Pharma Co. NV Add +0.6% 14.27% +2.22
ABVX Abivax SA-ADR New 0.96% +0.96
MBX MBX Biosciences Inc. Add +11.1% 3.50% +0.76
CYTK Cytokinetics Inc. Add +60.5% 1.47% +0.74
VALN Valneva SE - ADR Add +57.1% 0.84% +0.51
DYN Dyne Therapeutics Inc. Add +80.5% 1.03% +0.46
ACAD Acadia Pharmaceuticals Inc. New 0.39% +0.39
ASMB Assembly Biosciences Inc. New 0.35% +0.35
ENGN Engene Holdings Inc. New 0.24% +0.24
ADVM Adverum Biotechnologies Inc. Add +94.3% 0.28% +0.19
ZLAB Zai Lab Ltd.-ADR Add +24.4% 1.66% −0.18
KALV Kalvista Pharmaceuticals Inc. Add +3.1% 1.84% −0.37
EOLS Evolus Inc. Add +8.0% 0.49% −0.41
BBIO Bridgebio Pharma Inc. Add +1.2% 6.00% −0.57

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