Frazier Life Sciences Management, L.P.

PALO ALTO, CA · CIK 1892134 · 13F filing filed 2025-08-14

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.

$2.5bn reported value +14.3% vs Q1 2025

49positions

67.8%in top 10

8 new 16 added 5 reduced 6 sold out vs Q1 2025

Holdings, Q2 2025

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	6,795,121	$345.8m13.83%	13.83%	Unchanged
2	VERONA PHARMA PLC SPONSORED ADS VRNA	VRNA	3,383,950	$320.1m12.80%	12.80%	Reduced -73.9k	-73,900 -2.1%
3	NEWAMSTERDAM PHARMA COMPANY ORDINARY SHARES NAMS	NAMS	16,607,074	$300.8m12.03%	12.03%	Added +490.7k	+490,656 3.0%
4	BRIDGEBIO PHARMA INC COM BBIO	BBIO	3,800,457	$164.1m6.56%	6.56%	Unchanged
5	ARCUTIS BIOTHERAPEUTICS INC COM ARQT	ARQT	9,874,511	$138.4m5.54%	5.54%	Added +1.1m	+1,089,227 12.4%
6	PHATHOM PHARMACEUTICALS INC COM PHAT	PHAT	12,466,489	$119.6m4.78%	4.78%	Added +2.4m	+2,357,210 23.3%
7	KRYSTAL BIOTECH INC COM KRYS	KRYS	688,460	$94.6m3.78%	3.78%	Unchanged
8	DISC MEDICINE INC COM IRON	IRON	1,654,834	$87.6m3.50%	3.50%	Reduced -100.0k	-100,000 -5.7%
9	MBX BIOSCIENCES INC COM MBX	MBX	5,985,347	$68.3m2.73%	2.73%	Unchanged
10	TARSUS PHARMACEUTICALS INC COM TARS	TARS	1,397,527	$56.6m2.26%	2.26%	Unchanged
11	TREVI THERAPEUTICS INC COM TRVI	TRVI	10,259,409	$56.1m2.24%	2.24%	Unchanged
12	MAZE THERAPEUTICS INC COM MAZE	MAZE	4,567,275	$56.0m2.24%	2.24%	Added +438.3k	+438,274 10.6%
13	KALVISTA PHARMACEUTICALS INC COM KALV	KALV	4,887,867	$55.3m2.21%	2.21%	Unchanged
14	ZAI LAB LTD ADR ZLAB	ZLAB	1,308,138	$45.7m1.83%	1.83%	Added +958.1k	+958,138 273.8%
15	AGIOS PHARMACEUTICALS INC COM AGIO	AGIO	1,279,754	$42.6m1.70%	1.70%	Added +209.9k	+209,900 19.6%
16	REVOLUTION MEDICINES INC COM RVMD	RVMD	997,455	$36.7m1.47%	1.47%	Unchanged
17	ULTRAGENYX PHARMACEUTICAL IN COM RARE	RARE	983,715	$35.8m1.43%	1.43%	Added +325.0k	+325,000 49.3%
18	AURA BIOSCIENCES INC COM AURA	AURA	5,100,000	$31.9m1.28%	1.28%	New
19	ERASCA INC COM ERAS	ERAS	22,729,436	$28.9m1.15%	1.15%	Added +153.6k	+153,585 0.7%
20	ALKERMES PLC SHS ALKS	ALKS	1,000,647	$28.6m1.14%	1.14%	Added +399.5k	+399,518 66.5%
21	SAVARA INC COM SVRA	SVRA	11,462,301	$26.1m1.05%	1.05%	Unchanged
22	MEREO BIOPHARMA GROUP PLC SPON ADS MREO	MREO	9,440,112	$25.6m1.02%	1.02%	Added +1.6m	+1,620,249 20.7%
23	ASCENDIS PHARMA A/S SPONSORED ADR SPONSORED ADR		133,333	$23.0m0.92%	0.92%	Unchanged
24	EVOLUS INC COM EOLS	EOLS	2,435,550	$22.4m0.90%	0.90%	New
25	HILLEVAX INC COM COM		10,617,062	$21.1m0.84%	0.84%	Unchanged
26	CG ONCOLOGY INC COM CGON	CGON	770,000	$20.0m0.80%	0.80%	Unchanged
27	AKERO THERAPEUTICS INC COM AKRO	AKRO	366,784	$19.6m0.78%	0.78%	New
28	CYTOKINETICS INC COM NEW CYTK	CYTK	554,731	$18.3m0.73%	0.73%	New
29	LEXEO THERAPEUTICS INC COM LXEO	LXEO	4,424,725	$17.8m0.71%	0.71%	Added +3.5m	+3,469,210 363.1%
30	AVIDITY BIOSCIENCES INC COM RNA	RNA	625,000	$17.8m0.71%	0.71%	Added +100.0k	+100,000 19.1%
31	JADE BIOSCIENCES INC COM NEW JBIO	JBIO	1,772,116	$17.7m0.71%	0.71%	New
32	PALVELLA THERAPEUTICS INC NE COM PVLA	PVLA	722,400	$16.3m0.65%	0.65%	Added +32.4k	+32,388 4.7%
33	VAXCYTE INC COM PCVX	PCVX	474,405	$15.4m0.62%	0.62%	Reduced -65.0k	-65,000 -12.1%
34	TRAVERE THERAPEUTICS INC COM TVTX	TVTX	1,002,092	$14.8m0.59%	0.59%	New
35	DYNE THERAPEUTICS INC COM DYN	DYN	1,505,984	$14.3m0.57%	0.57%	Added +62.6k	+62,643 4.3%
36	COGENT BIOSCIENCES INC COM COGT	COGT	1,734,601	$12.5m0.50%	0.50%	Added +798.0k	+798,025 85.2%
37	IMMUNOCORE HLDGS PLC ADS IMCR	IMCR	384,782	$12.1m0.48%	0.48%	Added +83.6k	+83,612 27.8%
38	ORIC PHARMACEUTICALS INC COM ORIC	ORIC	1,065,334	$10.8m0.43%	0.43%	Reduced -344.9k	-344,859 -24.4%
39	AUTOLUS THERAPEUTICS PLC SPON ADS AUTL	AUTL	4,623,324	$10.5m0.42%	0.42%	Unchanged
40	VALNEVA SE SPONSORED ADS VALN	VALN	1,458,333	$8.2m0.33%	0.33%	New
41	CRESCENT BIOPHARMA INC. COM CBIO	CBIO	453,685	$7.3m0.29%	0.29%	New
42	DESIGN THERAPEUTICS INC COM DSGN	DSGN	1,953,547	$6.6m0.26%	0.26%	Unchanged
43	ORUKA THERAPEUTICS INC COM ORKA	ORKA	583,327	$6.5m0.26%	0.26%	Unchanged
44	SILENCE THERAPEUTICS PLC ADS SLN	SLN	970,130	$5.6m0.23%	0.23%	Reduced -178.5k	-178,461 -15.5%
45	ALLOGENE THERAPEUTICS INC COM ALLO	ALLO	3,868,750	$4.4m0.17%	0.17%	Unchanged
46	NEWAMSTERDAM PHARMA COMPANY *W EXP 11/22/202 NAMSW	NAMSW	500,333	$4.0m0.16%	0.16%	Unchanged
47	MACROGENICS INC COM MGNX	MGNX	3,175,665	$3.8m0.15%	0.15%	Unchanged
48	ADVERUM BIOTECHNOLOGIES INC COM NEW ADVM	ADVM	1,069,244	$2.3m0.09%	0.09%	Unchanged
49	ELEVATION ONCOLOGY INC COM COM		5,993,579	$2.2m0.09%	0.09%	Unchanged

Sold out since Q1 2025

Security	Ticker	Shares held before	Value then
RHYTHM PHARMACEUTICALS INC RYTM	RYTM	678,760	$36.0m678.8k shares
SOLENO THERAPEUTICS INC SLNO	SLNO	499,159	$35.7m499.2k shares
MERUS N V MRUS	MRUS	373,100	$15.7m373.1k shares
ACADIA PHARMACEUTICALS INC ACAD	ACAD	470,338	$7.8m470.3k shares
ROCKET PHARMACEUTICALS INC RCKT	RCKT	1,079,025	$7.2m1.1m shares
IMMATICS N.V IMTX	IMTX	1,247,911	$5.6m1.2m shares