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Frazier Life Sciences Management, L.P.

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13F filer, CIK 1892134, PALO ALTO, CA

Frazier Life Sciences Management, L.P. reported $3,337,397,700 across 47 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 69.46% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001892134-25-000012

Period
2025-09-30
Reported value
$3.34B
Holdings
47
Top 10 weight
69.46%
New
4
Sold out
6

Largest buys vs the previous quarter

SecurityShares changeApprox. value
ABVXnew+378,300$32.1M
CYTKadded+335,714$18.5M
DYNadded+1,212,121$15.3M
ACADnew+613,837$13.1M
ASMBnew+456,249$11.7M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
HILLEVAX INCexited-10,617,062-$21.1M
CGONexited-770,000-$20M
TVTXreduced-610,000-$14.6M
IRONreduced-216,300-$14.3M
TARSreduced-230,000-$13.7M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q3 2025

Share positions as resolved from 13F-HR 0001892134-25-000012, largest first. % of portfolio is the value over $3,337,397,700, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
MIRMMIRUM PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,570,392 shares; 2024Q4: 6,570,392 shares; 2025Q1: 6,795,121 shares; 2025Q2: 6,795,121 shares; 2025Q3: 6,795,121 shares 6,795,121$498M14.93%0Timeline
NAMSNEWAMSTERDAM PHARMA COMPANYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,855,194 shares; 2024Q4: 15,916,418 shares; 2025Q1: 16,116,418 shares; 2025Q2: 16,607,074 shares; 2025Q3: 16,701,956 shares 16,701,956$475M14.23%+94,882Timeline
VERONA PHARMA PLCVERONA PHARMA PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,383,950 shares; 2024Q4: 3,383,950 shares; 2025Q1: 3,457,850 shares; 2025Q2: 3,383,950 shares; 2025Q3: 3,383,950 shares 3,383,950$361M10.82%0
BBIOBRIDGEBIO PHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,760,457 shares; 2024Q4: 3,800,457 shares; 2025Q1: 3,800,457 shares; 2025Q2: 3,800,457 shares; 2025Q3: 3,845,457 shares 3,845,457$200M5.98%+45,000Timeline
ARQTARCUTIS BIOTHERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,785,284 shares; 2024Q4: 8,785,284 shares; 2025Q1: 8,785,284 shares; 2025Q2: 9,874,511 shares; 2025Q3: 9,874,511 shares 9,874,511$186M5.58%0Timeline
PHATPHATHOM PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,109,279 shares; 2024Q4: 10,109,279 shares; 2025Q1: 10,109,279 shares; 2025Q2: 12,466,489 shares; 2025Q3: 12,466,489 shares 12,466,489$147M4.4%0Timeline
KRYSKRYSTAL BIOTECH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 988,460 shares; 2024Q4: 788,460 shares; 2025Q1: 688,460 shares; 2025Q2: 688,460 shares; 2025Q3: 688,460 shares 688,460$122M3.64%0Timeline
MAZEMAZE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 4,129,001 shares; 2025Q2: 4,567,275 shares; 2025Q3: 4,567,274 shares 4,567,274$118M3.55%-1Timeline
MBXMBX BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,985,347 shares; 2024Q4: 5,985,347 shares; 2025Q1: 5,985,347 shares; 2025Q2: 5,985,347 shares; 2025Q3: 6,652,013 shares 6,652,013$116M3.49%+666,666Timeline
IRONDISC MEDICINE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,754,834 shares; 2024Q4: 1,754,834 shares; 2025Q1: 1,754,834 shares; 2025Q2: 1,654,834 shares; 2025Q3: 1,438,534 shares 1,438,534$95.1M2.85%-216,300Timeline
TRVITREVI THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,381,090 shares; 2024Q4: 10,664,774 shares; 2025Q1: 10,259,409 shares; 2025Q2: 10,259,409 shares; 2025Q3: 10,259,409 shares 10,259,409$93.9M2.81%0Timeline
TARSTARSUS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,587,527 shares; 2024Q4: 1,587,527 shares; 2025Q1: 1,397,527 shares; 2025Q2: 1,397,527 shares; 2025Q3: 1,167,527 shares 1,167,527$69.4M2.08%-230,000Timeline
KALVKALVISTA PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,687,867 shares; 2024Q4: 4,887,867 shares; 2025Q1: 4,887,867 shares; 2025Q2: 4,887,867 shares; 2025Q3: 5,039,867 shares 5,039,867$61.4M1.84%+152,000Timeline
ZLABZAI LAB LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 350,000 shares; 2025Q2: 1,308,138 shares; 2025Q3: 1,627,320 shares 1,627,320$55.1M1.65%+319,182Timeline
AGIOAGIOS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,044,154 shares; 2024Q4: 1,069,754 shares; 2025Q1: 1,069,854 shares; 2025Q2: 1,279,754 shares; 2025Q3: 1,279,754 shares 1,279,754$51.4M1.54%0Timeline
ERASERASCA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 19,391,687 shares; 2024Q4: 19,391,687 shares; 2025Q1: 22,575,851 shares; 2025Q2: 22,729,436 shares; 2025Q3: 22,729,436 shares 22,729,436$49.6M1.48%0Timeline
CYTKCYTOKINETICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 554,731 shares; 2025Q3: 890,445 shares 890,445$48.9M1.47%+335,714Timeline
RVMDREVOLUTION MEDICINES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 997,455 shares; 2024Q4: 997,455 shares; 2025Q1: 997,455 shares; 2025Q2: 997,455 shares; 2025Q3: 997,455 shares 997,455$46.6M1.4%0Timeline
PVLAPALVELLA THERAPEUTICS INC NEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 653,892 shares; 2025Q1: 690,012 shares; 2025Q2: 722,400 shares; 2025Q3: 722,400 shares 722,400$45.3M1.36%0Timeline
SVRASAVARA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,157,385 shares; 2024Q4: 8,660,379 shares; 2025Q1: 11,462,301 shares; 2025Q2: 11,462,301 shares; 2025Q3: 11,462,301 shares 11,462,301$40.9M1.23%0Timeline
DYNDYNE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,443,341 shares; 2025Q2: 1,505,984 shares; 2025Q3: 2,718,105 shares 2,718,105$34.4M1.03%+1,212,121Timeline
ABVXABIVAX SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 378,300 shares 378,300$32.1M0.96%newTimeline
AURAAURA BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 5,100,000 shares; 2025Q3: 5,100,000 shares 5,100,000$31.5M0.94%0Timeline
RAREULTRAGENYX PHARMACEUTICAL INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 633,715 shares; 2024Q4: 658,715 shares; 2025Q1: 658,715 shares; 2025Q2: 983,715 shares; 2025Q3: 983,715 shares 983,715$29.6M0.89%0Timeline
LXEOLEXEO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,250,786 shares; 2024Q4: 955,515 shares; 2025Q1: 955,515 shares; 2025Q2: 4,424,725 shares; 2025Q3: 4,424,725 shares 4,424,725$29.4M0.88%0Timeline
VALNVALNEVA SEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,458,333 shares; 2025Q3: 2,291,666 shares 2,291,666$28M0.84%+833,333Timeline
RNAMAVIDITY BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 525,000 shares; 2025Q2: 625,000 shares; 2025Q3: 625,000 shares 625,000$27.2M0.82%0Timeline
ASNDASCENDIS PHARMA A/SQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 133,333 shares; 2024Q4: 133,333 shares; 2025Q1: 133,333 shares; 2025Q2: 133,333 shares; 2025Q3: 133,333 shares 133,333$26.5M0.79%0Timeline
ALKSALKERMES PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 576,129 shares; 2024Q4: 601,129 shares; 2025Q1: 601,129 shares; 2025Q2: 1,000,647 shares; 2025Q3: 700,647 shares 700,647$21M0.63%-300,000Timeline
MREOMEREO BIOPHARMA GROUP PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,097,779 shares; 2024Q4: 5,097,779 shares; 2025Q1: 7,819,863 shares; 2025Q2: 9,440,112 shares; 2025Q3: 9,440,112 shares 9,440,112$19.4M0.58%0Timeline
AKROAKERO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 366,784 shares; 2025Q3: 366,784 shares 366,784$17.4M0.52%0Timeline
PCVXVAXCYTE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 879,405 shares; 2024Q4: 539,405 shares; 2025Q1: 539,405 shares; 2025Q2: 474,405 shares; 2025Q3: 474,405 shares 474,405$17.1M0.51%0Timeline
EOLSEVOLUS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 2,435,550 shares; 2025Q3: 2,630,665 shares 2,630,665$16.2M0.48%+195,115Timeline
DSGNDESIGN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,892,547 shares; 2024Q4: 1,953,547 shares; 2025Q1: 1,953,547 shares; 2025Q2: 1,953,547 shares; 2025Q3: 1,953,547 shares 1,953,547$14.7M0.44%0Timeline
IMCRIMMUNOCORE HLDGS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 108,762 shares; 2024Q4: 108,762 shares; 2025Q1: 301,170 shares; 2025Q2: 384,782 shares; 2025Q3: 384,782 shares 384,782$14M0.42%0Timeline
ACADACADIA PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 470,338 shares; 2024Q4: 470,338 shares; 2025Q1: 470,338 shares; 2025Q2: not reported; 2025Q3: 613,837 shares 613,837$13.1M0.39%newTimeline
JBIOJADE BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,772,116 shares; 2025Q3: 1,413,280 shares 1,413,280$12.2M0.37%-358,836Timeline
ASMBASSEMBLY BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 456,249 shares 456,249$11.7M0.35%newTimeline
ADVERUM BIOTECHNOLOGIES INCADVERUM BIOTECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,069,244 shares; 2024Q4: 1,069,244 shares; 2025Q1: 1,069,244 shares; 2025Q2: 1,069,244 shares; 2025Q3: 2,077,431 shares 2,077,431$9.41M0.28%+1,008,187
TVTXTRAVERE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,002,092 shares; 2025Q3: 392,092 shares 392,092$9.37M0.28%-610,000Timeline
NEWAMSTERDAM PHARMA COMPANYNEWAMSTERDAM PHARMA COMPANYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 500,333 shares; 2024Q4: 500,333 shares; 2025Q1: 500,333 shares; 2025Q2: 500,333 shares; 2025Q3: 500,333 shares 500,333$8.56M0.26%0
ENGNENGENE HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,157,380 shares 1,157,380$7.9M0.24%newTimeline
AUTLAUTOLUS THERAPEUTICS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,623,324 shares; 2024Q4: 4,623,324 shares; 2025Q1: 4,623,324 shares; 2025Q2: 4,623,324 shares; 2025Q3: 4,623,324 shares 4,623,324$7.54M0.23%0Timeline
MGNXMACROGENICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,010,727 shares; 2024Q4: 3,175,665 shares; 2025Q1: 3,175,665 shares; 2025Q2: 3,175,665 shares; 2025Q3: 3,175,665 shares 3,175,665$5.34M0.16%0Timeline
SLNSILENCE THERAPEUTICS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,148,591 shares; 2024Q4: 1,148,591 shares; 2025Q1: 1,148,591 shares; 2025Q2: 970,130 shares; 2025Q3: 970,130 shares 970,130$5.03M0.15%0Timeline
ALLOALLOGENE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,867,750 shares; 2024Q4: 2,867,750 shares; 2025Q1: 3,868,750 shares; 2025Q2: 3,868,750 shares; 2025Q3: 3,868,750 shares 3,868,750$4.8M0.14%0Timeline
CBIOCRESCENT BIOPHARMA INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 453,685 shares; 2025Q3: 272,951 shares 272,951$3.25M0.1%-180,734Timeline

Sold out in Q3 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
HILLEVAX INCHILLEVAX INC10,617,062$21.1Mshares
CGONCG ONCOLOGY INC770,000$20Mshares
COGTCOGENT BIOSCIENCES INC1,734,601$12.5Mshares
ORICORIC PHARMACEUTICALS INC1,065,334$10.8Mshares
ORKAORUKA THERAPEUTICS INC583,327$6.54Mshares
ELEVATION ONCOLOGY INC COMELEVATION ONCOLOGY INC COM5,993,579$2.2Mshares

How Q3 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001892134-25-000012 base2025-11-14acceptance time not in the bulk data set