Frazier Life Sciences Management, L.P.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Frazier Life Sciences Management, L.P. reported 39 stock positions worth $3.7 billion. Its top holding was Newamsterdam Pharma (NAMS) at 16.0% of the portfolio, followed by Mirum Pharmaceuticals (MIRM, 14.5%) and Arcutis Biotherapeutics (ARQT, 7.7%). Compared with Q3 2025, it opened 5 new positions, sold out of 12, added to 6 and reduced 8. The biggest buy was Newamsterdam Pharma (NAMS, shares +1%) and the biggest sale an exit from Verona Pharma (VRNA).

Most Recent 13F
Q2 2026
Location
PALO ALTO, CA
CIK
0001892134
Portfolio Value
$3.7B (Q4 2025)
SEC Filing
0001892134-26-000001 ↗ filed Feb 13, 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 $3.7B Q4 2025 Q1 2026: $3.9B Q1 2026 Q2 2026: $4.6B Q2 2026

Holdings 39 stocks · $3.7B
NAMS Newamsterdam Pharma Co. NV 16.01% 16,943,774 $594.4M Add +1.4%
MIRM Mirum Pharmaceuticals Inc. 14.46% 6,795,121 $536.7M No change
ARQT Arcutis Biotherapeutics Inc. 7.73% 9,874,511 $286.8M No change
BBIO Bridgebio Pharma Inc. 7.31% 3,545,557 $271.2M Reduce -7.8%
MBX MBX Biosciences Inc. 5.65% 6,652,013 $209.8M No change
PHAT Phathom Pharmaceuticals Inc. 5.57% 12,466,489 $206.8M No change
MAZE Maze Therapeutics Inc. 5.10% 4,567,274 $189.2M No change
TRVI Trevi Therapeutics Inc. 3.46% 10,259,409 $128.4M No change
KRYS Krystal Biotech Inc. 3.24% 488,460 $120.4M Reduce -29.1%
IRON Disc Medicine Inc. 2.70% 1,260,000 $100.1M Reduce -12.4%
ERAS Erasca Inc. 2.28% 22,729,436 $84.6M No change
KALV Kalvista Pharmaceuticals Inc. 2.19% 5,039,867 $81.4M No change
PVLA Palvella Therapeutics Inc. 2.04% 722,400 $75.6M No change
RNAM Avidity Biosciences Inc. 1.91% 983,125 $70.9M Add +57.3%
RVMD Revolution Medicines Inc. 1.71% 797,455 $63.5M Reduce -20.1%
DYN Dyne Therapeutics Inc. 1.66% 3,153,082 $61.7M Add +16.0%
TARS Tarsus Pharmaceuticals Inc. 1.61% 728,644 $59.7M Reduce -37.6%
SVRA Savara Inc. 1.60% 9,862,301 $59.5M Reduce -14.0%
CYTK Cytokinetics Inc. 1.60% 934,642 $59.4M Add +5.0%
ABVX Abivax SA-ADR 1.37% 378,300 $51.0M No change
LXEO Lexeo Therapeutics Inc. 1.18% 4,424,725 $43.9M No change
AGIO Agios Pharmaceuticals Inc. 0.94% 1,279,754 $34.8M No change
ACAD Acadia Pharmaceuticals Inc. 0.93% 1,297,198 $34.6M Add +111.3%
ZLAB Zai Lab Ltd.-ADR 0.90% 1,902,320 $33.6M Add +16.9%
RAPT Rapt Therapeutics Inc. 0.90% 983,333 $33.3M New
VOR Vor Biopharma Inc. 0.90% 2,543,939 $33.3M New
ASND Ascendis Pharma A/S 0.77% 133,333 $28.4M No change
AURA Aura Biosciences Inc. 0.75% 5,100,000 $27.8M No change
MNKD Mannkind Corp. 0.65% 4,225,000 $24.0M New
VALN Valneva SE - ADR 0.54% 2,291,666 $20.2M No change
ALKS Alkermes PLC 0.53% 700,647 $19.6M No change
EOLS Evolus Inc. 0.47% 2,630,665 $17.5M No change
IMCR Immunocore Holdings PLC-ADR 0.36% 384,782 $13.4M No change
TVTX Travere Therapeutics Inc. 0.25% 241,592 $9.2M Reduce -38.4%
AUTL Autolus Therapeutics PLC 0.25% 4,623,324 $9.2M No change
ALLO Allogene Therapeutics Inc. 0.14% 3,868,750 $5.3M No change
DSGN Design Therapeutics Inc. 0.13% 521,000 $4.9M Reduce -73.3%
XLO Xilio Therapeutics Inc. 0.10% 5,915,091 $3.8M New
IBIO Ibio Inc. 0.10% 1,953,467 $3.8M New
Other holdings (1): bonds, preferreds, convertibles and warrants · $11.5M (not counted above)
SecurityClassShares / PrincipalValueChange
NAMSW Newamsterdam Pharma Co. NV-27 *W EXP 99/99/999 500,333$11.5MNo change

Total filed on the 13F, all lines: $3.7B.

Portfolio Sells Q3 2025 → Q4 2025
VRNA Verona Pharma Ltd. Sold out 0.00% −10.85
RARE Ultragenyx Pharmaceutical Inc. Sold out 0.00% −0.89
MREO Mereo Biopharma Group PL-ADR Sold out 0.00% −0.58
AKRO Akero Therapeutics Inc. Sold out 0.00% −0.52
PCVX Vaxcyte Inc. Sold out 0.00% −0.51
TARS Tarsus Pharmaceuticals Inc. Reduce -37.6% 1.61% −0.48
KRYS Krystal Biotech Inc. Reduce -29.1% 3.24% −0.41
JBIO Jade Biosciences Inc. Sold out 0.00% −0.37
ASMB Assembly Biosciences Inc. Sold out 0.00% −0.35
DSGN Design Therapeutics Inc. Reduce -73.3% 0.13% −0.31
ADVM Adverum Biotechnologies Inc. Sold out 0.00% −0.28
ENGN Engene Holdings Inc. Sold out 0.00% −0.24
MGNX Macrogenics Inc. Sold out 0.00% −0.16
IRON Disc Medicine Inc. Reduce -12.4% 2.70% −0.16
SLN Silence Therapeutics PLC-ADR Sold out 0.00% −0.15
CBIO Crescent Biopharma Inc. Sold out 0.00% −0.10
TVTX Travere Therapeutics Inc. Reduce -38.4% 0.25% −0.03
RVMD Revolution Medicines Inc. Reduce -20.1% 1.71% +0.31
SVRA Savara Inc. Reduce -14.0% 1.60% +0.37
BBIO Bridgebio Pharma Inc. Reduce -7.8% 7.31% +1.31

Portfolio Buys Q3 2025 → Q4 2025
NAMS Newamsterdam Pharma Co. NV Add +1.4% 16.01% +1.74
RNAM Avidity Biosciences Inc. Add +57.3% 1.91% +1.09
RAPT Rapt Therapeutics Inc. New 0.90% +0.90
VOR Vor Biopharma Inc. New 0.90% +0.90
MNKD Mannkind Corp. New 0.65% +0.65
DYN Dyne Therapeutics Inc. Add +16.0% 1.66% +0.63
ACAD Acadia Pharmaceuticals Inc. Add +111.3% 0.93% +0.54
CYTK Cytokinetics Inc. Add +5.0% 1.60% +0.13
XLO Xilio Therapeutics Inc. New 0.10% +0.10
IBIO Ibio Inc. New 0.10% +0.10
ZLAB Zai Lab Ltd.-ADR Add +16.9% 0.90% −0.75

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