Frazier Life Sciences Management, L.P.
PALO ALTO, CA
$4.6bn in 41 US stocks at the end of 30 June 2026. The top 10 are 73.6% of the money. It changed about 12.8% of the portfolio this quarter.
Value
$4.6bn
Stocks
41
Top 10 share
73.6%
Turnover
12.8%
What changed this quarter
New
Bought for the first time this quarter.
- Parabilis MedicinesPBLS1.1% of the fund
- Achieve Life SciencesACHV1.1% of the fund
- Design TherapeuticsDSGN0.6% of the fund
- Shattuck LabsSTTK0.6% of the fund
- Kailera TherapeuticsKLRA0.5% of the fund
- Relay TherapeuticsRLAY0.4% of the fund
Added
Bought more of a stock they already held.
- NewAmsterdam PharmaNAMS13.3% of the fund+7%
- Maze TherapeuticsMAZE3.3% of the fund+10%
- Ascendis Pharma A/SASND1.3% of the fund+69%
- Aura BiosciencesAURA1.1% of the fund+39%
- Allogene TherapeuticsALLO1.0% of the fund+491%
- MannkindMNKD0.6% of the fund+12%
- Lexeo TherapeuticsLXEO0.5% of the fund+9%
Cut
Sold some of their stake.
- BridgeBio PharmaBBIO2.5% of the fund-55%
Sold out
Sold their entire stake.
- Kalvista Pharmaceuticals-100%
- Revolution MedicinesRVMD-100%
- Agios PharmaceuticalsAGIO-100%
Holdings
- Parabilis MedicinesPBLS
- Share
- 1.1%
- Value
- $53m
- Shares
- 1,920,805
New
- ZAI LABZLAB
- Share
- 0.8%
- Value
- $36m
- Shares
- 1,902,320
Held
- Kailera TherapeuticsKLRA
- Share
- 0.5%
- Value
- $24m
- Shares
- 1,100,000
New
- Immunocore HldgsIMCR
- Share
- 0.3%
- Value
- $15m
- Shares
- 484,782
Held
- Valneva SEVALN
- Share
- 0.3%
- Value
- $12m
- Shares
- 2,291,666
Held
- Newamsterdam Pharma CompanyNAMSW
- Share
- 0.2%
- Value
- $11m
- Shares
- 500,333
Held
- Autolus TherapeuticsAUTL
- Share
- 0.2%
- Value
- $7m
- Shares
- 4,447,910
Held
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Mirum PharmaceuticalsMIRM | 19.6% | $899m | 7,679,684 | Held |
| NewAmsterdam PharmaNAMS | 13.3% | $613m | 18,088,902 | +7% |
| ErascaERAS | 10.0% | $458m | 24,975,188 | Held |
| MBX BiosciencesMBX | 8.0% | $367m | 6,652,013 | Held |
| Arcutis BiotherapeuticsARQT | 5.6% | $259m | 9,874,511 | Held |
| Trevi TherapeuticsTRVI | 4.0% | $185m | 9,939,447 | Held |
| Krystal BiotechKRYS | 3.9% | $179m | 481,307 | Held |
| Maze TherapeuticsMAZE | 3.3% | $150m | 5,032,915 | +10% |
| Phathom PharmaceuticalsPHAT | 2.9% | $135m | 12,466,489 | Held |
| Palvella TherapeuticsPVLA | 2.9% | $135m | 882,400 | Held |
| BridgeBio PharmaBBIO | 2.5% | $115m | 1,548,139 | -55% |
| Disc MedicineIRON | 2.2% | $99m | 1,354,852 | Held |
| CytokineticsCYTK | 2.2% | $99m | 1,159,879 | Held |
| Dyne TherapeuticsDYN | 1.5% | $70m | 3,153,082 | Held |
| Ascendis Pharma A/SASND | 1.3% | $60m | 225,155 | +69% |
| SavaraSVRA | 1.3% | $60m | 9,720,852 | Held |
| Parabilis MedicinesPBLS | 1.1% | $53m | 1,920,805 | New |
| Aura BiosciencesAURA | 1.1% | $50m | 7,100,000 | +39% |
| Achieve Life SciencesACHV | 1.1% | $50m | 7,614,836 | New |
| Vor BiopharmaVOR | 1.0% | $47m | 2,543,939 | Held |
| Allogene TherapeuticsALLO | 1.0% | $47m | 22,446,668 | +491% |
| Tarsus PharmaceuticalsTARS | 1.0% | $46m | 728,644 | Held |
| Biocryst PharmaceuticalsBCRX | 0.9% | $40m | 4,009,240 | Held |
| Alkermes plc.ALKS | 0.8% | $37m | 700,647 | Held |
| Acadia PharmaceuticalsACAD | 0.8% | $36m | 1,438,198 | Held |
| ZAI LABZLAB | 0.8% | $36m | 1,902,320 | Held |
| MannkindMNKD | 0.6% | $28m | 6,600,000 | +12% |
| Design TherapeuticsDSGN | 0.6% | $26m | 1,809,854 | New |
| Aclaris TherapeuticsACRS | 0.6% | $26m | 4,925,374 | Held |
| Shattuck LabsSTTK | 0.6% | $26m | 3,750,000 | New |
| Kailera TherapeuticsKLRA | 0.5% | $24m | 1,100,000 | New |
| Monte Rosa TherapeuticsGLUE | 0.5% | $24m | 1,000,000 | Held |
| Lexeo TherapeuticsLXEO | 0.5% | $22m | 4,824,725 | +9% |
| Relay TherapeuticsRLAY | 0.4% | $19m | 1,015,693 | New |
| EvolusEOLS | 0.4% | $18m | 2,630,665 | Held |
| Immunocore HldgsIMCR | 0.3% | $15m | 484,782 | Held |
| Valneva SEVALN | 0.3% | $12m | 2,291,666 | Held |
| Newamsterdam Pharma CompanyNAMSW | 0.2% | $11m | 500,333 | Held |
| Autolus TherapeuticsAUTL | 0.2% | $7m | 4,447,910 | Held |
| Xilio TherapeuticsXLO | <0.1% | $4m | 422,505 | Held |
| iBioIBIO | <0.1% | $3m | 1,953,467 | Held |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 83.6% since 30 June 2025.
Where the money is
Health care98.2%
Other1.8%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.