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)

$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