Frazier Life Sciences Management, L.P.

PALO ALTO, CA · CIK 1892134 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2021 · limited partnership

Assets managed$7.0bn
Staff64 · 47 in investment roles
Main clients (by assets)Private funds 100%
Private funds8 (1 hedge) · $7.0bn gross assets
Websitefrazierls.com
Form ADV · 2026-03-31SEC adviser record

Legal entityFrazier Life Sciences Management, L.P. (US)

Kindhedge funds, private equity, venture
Others nearbyPalo Alto, CA, San Diego, CA

As an employer

Offices in1 country
Private fundsventure capital 4, hedge 1, private equity 3

Where they work

people there (dot area)number not reportedmain officeHover or tap a dot. Australian and UK companies are placed at their business or registered address, with their staff across the whole country.

Offices

From Form ADV: the main office and the other offices where it does advisory work (at most the 25 largest), with the people doing investment work at each. “About” is worked out: the firm's investment staff less its other offices. Each city links to the other managers there.

City	Country	People
Palo Alto, CA (main office)United States	United States	about 44
San Diego, CAUnited States	United States	3

Map: places from GeoNames (CC BY 4.0), outlines from Natural Earth.

$4.6bn reported value +18.2% vs Q1 2026

41positions

73.6%in top 10

6 new 8 added 2 reduced 3 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	MIRUM PHARMACEUTICALS INC COM MIRM	MIRM	7,679,684	$899.1m19.58%	19.58%	Unchanged
2	NEWAMSTERDAM PHARMA COMPANY ORDINARY SHARES NAMS	NAMS	18,088,902	$613.0m13.35%	13.35%	Added +1.1m	+1,145,128 6.8%
3	ERASCA INC COM ERAS	ERAS	24,975,188	$457.5m9.96%	9.96%	Added +300.0k	+300,000 1.2%
4	MBX BIOSCIENCES INC COM MBX	MBX	6,652,013	$367.2m8.00%	8.00%	Unchanged
5	ARCUTIS BIOTHERAPEUTICS INC COM ARQT	ARQT	9,874,511	$258.9m5.64%	5.64%	Unchanged
6	TREVI THERAPEUTICS INC COM TRVI	TRVI	9,939,447	$185.4m4.04%	4.04%	Reduced -100	-100 0.0%
7	KRYSTAL BIOTECH INC COM KRYS	KRYS	481,307	$178.9m3.90%	3.90%	Unchanged
8	MAZE THERAPEUTICS INC COM MAZE	MAZE	5,032,915	$150.2m3.27%	3.27%	Added +465.6k	+465,641 10.2%
9	PHATHOM PHARMACEUTICALS INC COM PHAT	PHAT	12,466,489	$135.3m2.95%	2.95%	Unchanged
10	PALVELLA THERAPEUTICS INC NE COM PVLA	PVLA	882,400	$134.8m2.94%	2.94%	Unchanged
11	BRIDGEBIO PHARMA INC COM BBIO	BBIO	1,548,139	$115.3m2.51%	2.51%	Reduced -1.9m	-1,900,000 -55.1%
12	DISC MEDICINE INC COM IRON	IRON	1,354,852	$99.1m2.16%	2.16%	Unchanged
13	CYTOKINETICS INC COM NEW CYTK	CYTK	1,159,879	$98.8m2.15%	2.15%	Unchanged
14	DYNE THERAPEUTICS INC COM DYN	DYN	3,153,082	$70.0m1.53%	1.53%	Unchanged
15	ASCENDIS PHARMA A/S SPONSORED ADR SPONSORED ADR		225,155	$60.1m1.31%	1.31%	Added +91.8k	+91,822 68.9%
16	SAVARA INC COM SVRA	SVRA	9,720,852	$59.9m1.30%	1.30%	Unchanged
17	PARABILIS MEDICINES INC COM PBLS	PBLS	1,920,805	$52.6m1.14%	1.14%	New
18	AURA BIOSCIENCES INC COM AURA	AURA	7,100,000	$50.4m1.10%	1.10%	Added +2.0m	+2,000,000 39.2%
19	ACHIEVE LIFE SCIENCES INC COM ACHV	ACHV	7,614,836	$49.7m1.08%	1.08%	New
20	VOR BIOPHARMA INC COM NEW VOR	VOR	2,543,939	$46.8m1.02%	1.02%	Unchanged
21	ALLOGENE THERAPEUTICS INC COM ALLO	ALLO	22,446,668	$46.7m1.02%	1.02%	Added +18.6m	+18,650,000 491.2%
22	TARSUS PHARMACEUTICALS INC COM TARS	TARS	728,644	$45.9m1.00%	1.00%	Unchanged
23	BIOCRYST PHARMACEUTICALS INC COM BCRX	BCRX	4,009,240	$40.1m0.87%	0.87%	Unchanged
24	ALKERMES PLC SHS ALKS	ALKS	700,647	$36.7m0.80%	0.80%	Unchanged
25	ACADIA PHARMACEUTICALS INC COM ACAD	ACAD	1,438,198	$36.4m0.79%	0.79%	Unchanged
26	ZAI LAB LTD ADR ZLAB	ZLAB	1,902,320	$36.1m0.79%	0.79%	Unchanged
27	MANNKIND CORP COM NEW MNKD	MNKD	6,600,000	$28.1m0.61%	0.61%	Added +700.0k	+700,000 11.9%
28	DESIGN THERAPEUTICS INC COM DSGN	DSGN	1,809,854	$26.2m0.57%	0.57%	New
29	ACLARIS THERAPEUTICS INC COM ACRS	ACRS	4,925,374	$26.1m0.57%	0.57%	Unchanged
30	SHATTUCK LABS INC COM STTK	STTK	3,750,000	$26.0m0.57%	0.57%	New
31	KAILERA THERAPEUTICS INC COMMON STOCK KLRA	KLRA	1,100,000	$24.2m0.53%	0.53%	New
32	MONTE ROSA THERAPEUTICS INC COM GLUE	GLUE	1,000,000	$24.2m0.53%	0.53%	Unchanged
33	LEXEO THERAPEUTICS INC COM LXEO	LXEO	4,824,725	$22.5m0.49%	0.49%	Added +400.0k	+400,000 9.0%
34	RELAY THERAPEUTICS INC COM RLAY	RLAY	1,015,693	$19.0m0.41%	0.41%	New
35	EVOLUS INC COM EOLS	EOLS	2,630,665	$18.3m0.40%	0.40%	Unchanged
36	IMMUNOCORE HLDGS PLC ADS IMCR	IMCR	484,782	$15.4m0.34%	0.34%	Unchanged
37	VALNEVA SE SPONSORED ADS VALN	VALN	2,291,666	$12.0m0.26%	0.26%	Unchanged
38	NEWAMSTERDAM PHARMA COMPANY *W EXP 11/22/202 NAMSW	NAMSW	500,333	$10.7m0.23%	0.23%	Unchanged
39	AUTOLUS THERAPEUTICS PLC SPON ADS AUTL	AUTL	4,447,910	$7.1m0.15%	0.15%	Unchanged
40	XILIO THERAPEUTICS INC COM XLO	XLO	422,505	$4.0m0.09%	0.09%	Unchanged
41	IBIO INC COM NEW IBIO	IBIO	1,953,467	$3.4m0.07%	0.07%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
KALVISTA PHARMACEUTICALS INC KALV	KALV	4,961,108	$99.9m5.0m shares
REVOLUTION MEDICINES INC RVMD	RVMD	675,686	$65.7m675.7k shares
AGIOS PHARMACEUTICALS INC AGIO	AGIO	1,256,080	$42.5m1.3m shares