Frazier Life Sciences Management, L.P.
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Frazier Life Sciences Management, L.P. reported 37 stock positions worth $3.9 billion. Its top holding was Mirum Pharmaceuticals (MIRM) at 18.3% of the portfolio, followed by Newamsterdam Pharma (NAMS, 14.0%) and Erasca (ERAS, 10.3%). Compared with Q4 2025, it opened 3 new positions, sold out of 5, added to 8 and reduced 9. The biggest buy was Erasca (ERAS, shares +9%) and the biggest sale an exit from Avidity Biosciences (RNAM).
- Most Recent 13F
- Q2 2026
- Location
- PALO ALTO, CA
- CIK
- 0001892134
- Portfolio Value
- $3.9B (Q1 2026)
- SEC Filing
- 0001892134-26-000002 ↗ filed May 15, 2026
Holdings Value
Holdings 37 stocks · $3.9B
| MIRM Mirum Pharmaceuticals Inc. | 18.30% | 7,679,684 | $709.4M | Add +13.0% |
| NAMS Newamsterdam Pharma Co. NV | 13.99% | 16,943,774 | $542.4M | No change |
| ERAS Erasca Inc. | 10.30% | 24,675,188 | $399.2M | Add +8.6% |
| BBIO Bridgebio Pharma Inc. | 6.61% | 3,448,139 | $256.1M | Reduce -2.8% |
| ARQT Arcutis Biotherapeutics Inc. | 6.00% | 9,874,511 | $232.6M | No change |
| MBX MBX Biosciences Inc. | 5.12% | 6,652,013 | $198.6M | No change |
| PHAT Phathom Pharmaceuticals Inc. | 3.57% | 12,466,489 | $138.5M | No change |
| MAZE Maze Therapeutics Inc. | 3.52% | 4,567,274 | $136.3M | No change |
| KRYS Krystal Biotech Inc. | 3.21% | 481,307 | $124.3M | Reduce -1.5% |
| TRVI Trevi Therapeutics Inc. | 3.06% | 9,939,547 | $118.6M | Reduce -3.1% |
| PVLA Palvella Therapeutics Inc. | 2.84% | 882,400 | $110.0M | Add +22.1% |
| KALV Kalvista Pharmaceuticals Inc. | 2.58% | 4,961,108 | $99.9M | Reduce -1.6% |
| IRON Disc Medicine Inc. | 2.23% | 1,354,852 | $86.6M | Add +7.5% |
| CYTK Cytokinetics Inc. | 1.97% | 1,159,879 | $76.4M | Add +24.1% |
| RVMD Revolution Medicines Inc. | 1.70% | 675,686 | $65.7M | Reduce -15.3% |
| DYN Dyne Therapeutics Inc. | 1.47% | 3,153,082 | $57.2M | No change |
| SVRA Savara Inc. | 1.37% | 9,720,852 | $53.1M | Reduce -1.4% |
| TARS Tarsus Pharmaceuticals Inc. | 1.32% | 728,644 | $51.1M | No change |
| VOR Vor Biopharma Inc. | 1.17% | 2,543,939 | $45.4M | No change |
| AGIO Agios Pharmaceuticals Inc. | 1.10% | 1,256,080 | $42.5M | Reduce -1.9% |
| BCRX Biocryst Pharmaceuticals Inc. | 0.98% | 4,009,240 | $38.2M | New |
| ZLAB Zai Lab Ltd.-ADR | 0.92% | 1,902,320 | $35.8M | No change |
| AURA Aura Biosciences Inc. | 0.88% | 5,100,000 | $34.1M | No change |
| ACAD Acadia Pharmaceuticals Inc. | 0.83% | 1,438,198 | $32.0M | Add +10.9% |
| ASND Ascendis Pharma A/S | 0.79% | 133,333 | $30.5M | No change |
| LXEO Lexeo Therapeutics Inc. | 0.66% | 4,424,725 | $25.4M | No change |
| ALKS Alkermes PLC | 0.64% | 700,647 | $24.8M | No change |
| ACRS Aclaris Therapeutics Inc. | 0.48% | 4,925,374 | $18.5M | New |
| GLUE Monte Rosa Therapeutics Inc. | 0.42% | 1,000,000 | $16.4M | New |
| IMCR Immunocore Holdings PLC-ADR | 0.38% | 484,782 | $14.6M | Add +26.0% |
| MNKD Mannkind Corp. | 0.37% | 5,900,000 | $14.5M | Add +39.6% |
| VALN Valneva SE - ADR | 0.37% | 2,291,666 | $14.3M | No change |
| EOLS Evolus Inc. | 0.28% | 2,630,665 | $10.8M | No change |
| ALLO Allogene Therapeutics Inc. | 0.24% | 3,796,668 | $9.3M | Reduce -1.9% |
| AUTL Autolus Therapeutics PLC | 0.16% | 4,447,910 | $6.1M | Reduce -3.8% |
| IBIO Ibio Inc. | 0.10% | 1,953,467 | $3.7M | No change |
| XLO Xilio Therapeutics Inc. | 0.09% | 422,505 | $3.6M | No change |
Other holdings (1): bonds, preferreds, convertibles and warrants · $10.0M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| NAMSW Newamsterdam Pharma Co. NV-27 | *W EXP 99/99/999 | 500,333 | $10.0M | No change |
Total filed on the 13F, all lines: $3.9B.
Portfolio Sells Q4 2025 → Q1 2026
| RNAM Avidity Biosciences Inc. | Sold out | 0.00% | −1.91 |
| ABVX Abivax SA-ADR | Sold out | 0.00% | −1.37 |
| RAPT Rapt Therapeutics Inc. | Sold out | 0.00% | −0.90 |
| BBIO Bridgebio Pharma Inc. | Reduce -2.8% | 6.61% | −0.70 |
| TRVI Trevi Therapeutics Inc. | Reduce -3.1% | 3.06% | −0.40 |
| TVTX Travere Therapeutics Inc. | Sold out | 0.00% | −0.25 |
| SVRA Savara Inc. | Reduce -1.4% | 1.37% | −0.23 |
| DSGN Design Therapeutics Inc. | Sold out | 0.00% | −0.13 |
| AUTL Autolus Therapeutics PLC | Reduce -3.8% | 0.16% | −0.09 |
| KRYS Krystal Biotech Inc. | Reduce -1.5% | 3.21% | −0.04 |
| RVMD Revolution Medicines Inc. | Reduce -15.3% | 1.70% | −0.02 |
| ALLO Allogene Therapeutics Inc. | Reduce -1.9% | 0.24% | +0.10 |
| AGIO Agios Pharmaceuticals Inc. | Reduce -1.9% | 1.10% | +0.16 |
| KALV Kalvista Pharmaceuticals Inc. | Reduce -1.6% | 2.58% | +0.38 |
Portfolio Buys Q4 2025 → Q1 2026
| ERAS Erasca Inc. | Add +8.6% | 10.30% | +8.02 |
| MIRM Mirum Pharmaceuticals Inc. | Add +13.0% | 18.30% | +3.84 |
| BCRX Biocryst Pharmaceuticals Inc. | New | 0.98% | +0.98 |
| PVLA Palvella Therapeutics Inc. | Add +22.1% | 2.84% | +0.80 |
| ACRS Aclaris Therapeutics Inc. | New | 0.48% | +0.48 |
| GLUE Monte Rosa Therapeutics Inc. | New | 0.42% | +0.42 |
| CYTK Cytokinetics Inc. | Add +24.1% | 1.97% | +0.37 |
| IMCR Immunocore Holdings PLC-ADR | Add +26.0% | 0.38% | +0.02 |
| ACAD Acadia Pharmaceuticals Inc. | Add +10.9% | 0.83% | −0.11 |
| MNKD Mannkind Corp. | Add +39.6% | 0.37% | −0.27 |
| IRON Disc Medicine Inc. | Add +7.5% | 2.23% | −0.46 |
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 |