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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 $3,723,154,080 across 40 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-13. Its ten largest share positions make up 71.01% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001892134-26-000001

Period
2025-12-31
Reported value
$3.72B
Holdings
40
Top 10 weight
71.01%
New
5
Sold out
12

Largest buys vs the previous quarter

SecurityShares changeApprox. value
RAPTnew+983,333$33.3M
VORnew+2,543,939$33.3M
RNAMadded+358,125$25.8M
MNKDnew+4,225,000$24M
ACADadded+683,361$18.3M

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
VERONA PHARMA PLCexited-3,383,950-$361M
KRYSreduced-200,000-$49.3M
TARSreduced-438,883-$35.9M
RAREexited-983,715-$29.6M
BBIOreduced-299,900-$22.9M

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, Q4 2025

Share positions as resolved from 13F-HR 0001892134-26-000001, largest first. % of portfolio is the value over $3,723,154,080, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
NAMSNEWAMSTERDAM PHARMA COMPANYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 16,943,774 shares 16,943,774$594M15.96%+241,818Timeline
MIRMMIRUM PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 6,795,121 shares 6,795,121$537M14.42%0Timeline
ARQTARCUTIS BIOTHERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 9,874,511 shares 9,874,511$287M7.7%0Timeline
BBIOBRIDGEBIO PHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,545,557 shares 3,545,557$271M7.28%-299,900Timeline
MBXMBX BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 6,652,013 shares 6,652,013$210M5.64%0Timeline
PHATPHATHOM PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 12,466,489 shares 12,466,489$207M5.55%0Timeline
MAZEMAZE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 4,567,274 shares 4,567,274$189M5.08%0Timeline
TRVITREVI THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 10,259,409 shares 10,259,409$128M3.45%0Timeline
KRYSKRYSTAL BIOTECH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 988,460 shares; 2024Q4: 788,460 shares; 2025Q1: 688,460 shares; 2025Q2: 688,460 shares; 2025Q3: 688,460 shares; 2025Q4: 488,460 shares 488,460$120M3.23%-200,000Timeline
IRONDISC MEDICINE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,260,000 shares 1,260,000$100M2.69%-178,534Timeline
ERASERASCA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 22,729,436 shares 22,729,436$84.6M2.27%0Timeline
KALVKALVISTA PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 5,039,867 shares 5,039,867$81.4M2.19%0Timeline
PVLAPALVELLA THERAPEUTICS INC NEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 653,892 shares; 2025Q1: 690,012 shares; 2025Q2: 722,400 shares; 2025Q3: 722,400 shares; 2025Q4: 722,400 shares 722,400$75.6M2.03%0Timeline
RNAMAVIDITY BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 525,000 shares; 2025Q2: 625,000 shares; 2025Q3: 625,000 shares; 2025Q4: 983,125 shares 983,125$70.9M1.9%+358,125Timeline
RVMDREVOLUTION MEDICINES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 997,455 shares; 2024Q4: 997,455 shares; 2025Q1: 997,455 shares; 2025Q2: 997,455 shares; 2025Q3: 997,455 shares; 2025Q4: 797,455 shares 797,455$63.5M1.71%-200,000Timeline
DYNDYNE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,153,082 shares 3,153,082$61.7M1.66%+434,977Timeline
TARSTARSUS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 728,644 shares 728,644$59.7M1.6%-438,883Timeline
SVRASAVARA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 9,862,301 shares 9,862,301$59.5M1.6%-1,600,000Timeline
CYTKCYTOKINETICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 554,731 shares; 2025Q3: 890,445 shares; 2025Q4: 934,642 shares 934,642$59.4M1.6%+44,197Timeline
ABVXABIVAX SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 378,300 shares; 2025Q4: 378,300 shares 378,300$51M1.37%0Timeline
LXEOLEXEO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 4,424,725 shares 4,424,725$43.9M1.18%0Timeline
AGIOAGIOS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,279,754 shares 1,279,754$34.8M0.94%0Timeline
ACADACADIA PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 470,338 shares; 2024Q4: 470,338 shares; 2025Q1: 470,338 shares; 2025Q2: not reported; 2025Q3: 613,837 shares; 2025Q4: 1,297,198 shares 1,297,198$34.6M0.93%+683,361Timeline
ZLABZAI LAB LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 350,000 shares; 2025Q2: 1,308,138 shares; 2025Q3: 1,627,320 shares; 2025Q4: 1,902,320 shares 1,902,320$33.6M0.9%+275,000Timeline
RAPTRAPT THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 983,333 shares 983,333$33.3M0.89%newTimeline
VORVOR BIOPHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 2,543,939 shares 2,543,939$33.3M0.89%newTimeline
ASNDASCENDIS PHARMA A/SQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 133,333 shares; 2024Q4: 133,333 shares; 2025Q1: 133,333 shares; 2025Q2: 133,333 shares; 2025Q3: 133,333 shares; 2025Q4: 133,333 shares 133,333$28.4M0.76%0Timeline
AURAAURA BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 5,100,000 shares; 2025Q3: 5,100,000 shares; 2025Q4: 5,100,000 shares 5,100,000$27.8M0.75%0Timeline
MNKDMANNKIND CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 4,225,000 shares 4,225,000$24M0.64%newTimeline
VALNVALNEVA SEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,458,333 shares; 2025Q3: 2,291,666 shares; 2025Q4: 2,291,666 shares 2,291,666$20.2M0.54%0Timeline
ALKSALKERMES PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 700,647 shares 700,647$19.6M0.53%0Timeline
EOLSEVOLUS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 2,435,550 shares; 2025Q3: 2,630,665 shares; 2025Q4: 2,630,665 shares 2,630,665$17.5M0.47%0Timeline
IMCRIMMUNOCORE HLDGS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 108,762 shares; 2024Q4: 108,762 shares; 2025Q1: 301,170 shares; 2025Q2: 384,782 shares; 2025Q3: 384,782 shares; 2025Q4: 384,782 shares 384,782$13.4M0.36%0Timeline
NEWAMSTERDAM PHARMA COMPANYNEWAMSTERDAM PHARMA COMPANYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 500,333 shares; 2024Q4: 500,333 shares; 2025Q1: 500,333 shares; 2025Q2: 500,333 shares; 2025Q3: 500,333 shares; 2025Q4: 500,333 shares 500,333$11.5M0.31%0
TVTXTRAVERE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,002,092 shares; 2025Q3: 392,092 shares; 2025Q4: 241,592 shares 241,592$9.23M0.25%-150,500Timeline
AUTLAUTOLUS THERAPEUTICS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 4,623,324 shares 4,623,324$9.2M0.25%0Timeline
ALLOALLOGENE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,868,750 shares 3,868,750$5.3M0.14%0Timeline
DSGNDESIGN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 521,000 shares 521,000$4.89M0.13%-1,432,547Timeline
XLOXilio Therapeutics Inc.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 5,915,091 shares 5,915,091$3.79M0.1%newTimeline
IBIOIBIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,953,467 shares 1,953,467$3.77M0.1%newTimeline

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
VERONA PHARMA PLCVERONA PHARMA PLC3,383,950$361Mshares
RAREULTRAGENYX PHARMACEUTICAL IN983,715$29.6Mshares
MREOMEREO BIOPHARMA GROUP PLC9,440,112$19.4Mshares
AKROAKERO THERAPEUTICS INC366,784$17.4Mshares
PCVXVAXCYTE INC474,405$17.1Mshares
JBIOJADE BIOSCIENCES INC1,413,280$12.2Mshares
ASMBASSEMBLY BIOSCIENCES INC456,249$11.7Mshares
ADVERUM BIOTECHNOLOGIES INCADVERUM BIOTECHNOLOGIES INC2,077,431$9.41Mshares
ENGNENGENE HOLDINGS INC1,157,380$7.9Mshares
MGNXMACROGENICS INC3,175,665$5.34Mshares
SLNSILENCE THERAPEUTICS PLC970,130$5.03Mshares
CBIOCRESCENT BIOPHARMA INC.272,951$3.25Mshares

How Q4 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 0001892134-26-000001 base2026-02-13acceptance time not in the bulk data set