FRAZIER LIFE SCIENCES MANAGEMENT L P
Q2 2025 Form 13-F
PALO ALTO, CALIFORNIA
CIK 0001892134
· CRD 317522
· SEC-registered investment adviser
$2.5B Reported Value Total
FRAZIER LIFE SCIENCES MANAGEMENT, LP reports 9 total accounts under management (AUM). There are 9 discretionary accounts valued at $4,334,440,401, and 0 non-discretionary accounts.
Source: Form ADV filed * Note that certain holdings are exempt from Form 13-F reporting, so the AUM totals may be greater than the Form 13-F total.
Private funds (Form ADV)
9 funds
· $7.3B gross asset value
Venture Capital Fund: $3.3B · Hedge Fund: $3.2B · Private Equity Fund: $783.7M
Source: Form ADV filed 2026-03-31
Reported value
$2.5B
Quarter over quarter
+7.3%
Holdings
49
Top-10 concentration
67.8%
Key People
Form ADV owners & control persons
Patrick James Heron
MEMBER
James Newman Topper
MEMBER
James Brush
GENERAL PARTNER & PORTFOLIO MANAGER
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13F Metrics
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Q2 2025 13F record
Q2 2025 13F filing summary
| Period of report | June 30, 2025 |
|---|---|
| Filed | August 14, 2025 |
| Form | 13F-HR |
| Reported value | $2.5B |
| Positions | 49 |
| Change in reported value | +14.3% |
| New positions | 8 |
| Exited positions | 6 |
| Position turnover | 25.5% |
| Top-10 concentration | 67.8% |
13F filings by quarter
| Quarter | Positions | Value |
|---|---|---|
|
Q2 2026 13F
Filed Aug 14, 2026
|
41 | $4.6B |
|
Q1 2026 13F
Filed May 15, 2026
|
38 | $3.9B |
|
Q4 2025 13F
Filed Feb 13, 2026
|
40 | $3.7B |
|
Q3 2025 13F
Filed Nov 14, 2025
|
47 | $3.3B |
|
Q2 2025 13F
Filed Aug 14, 2025
|
49 | $2.5B |
|
Q1 2025 13F
Filed May 15, 2025
|
47 | $2.2B |
|
Q4 2024 13F
Filed Feb 18, 2025
|
50 | $2.4B |
|
Q3 2024 13F
Filed Nov 15, 2024
|
53 | $2.5B |
|
Q2 2024 13F
Filed Aug 15, 2024
|
49 | $2.1B |
|
Q1 2024 13F
Filed May 15, 2024
|
50 | $2.4B |
|
Q4 2023 13F
Filed Feb 14, 2024
|
49 | $1.9B |
|
Q3 2023 13F
Filed Nov 14, 2023
|
51 | $1.5B |
|
Q2 2023 13F
Filed Aug 14, 2023
|
48 | $1.7B |
|
Q1 2023 13F
Filed May 15, 2023
|
49 | $1.4B |
|
Q4 2022 13F
Filed Feb 3, 2023
|
44 | $1.6B |
|
Q3 2022 13F
Filed Nov 14, 2022
|
43 | $1.3B |
|
Q2 2022 13F
Filed Aug 10, 2022
|
41 | $1.1B |
|
Q1 2022 13F
Filed May 16, 2022
|
42 | $1.2B |
Top 20 holdings · Q2 2025
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | MIRM MIRUM PHARMACEUTICALS INC | $345.8M | 13.83% |
| 2 | VRNA VERONA PHARMA PLC | $320.1M | 12.8% |
| 3 | NAMS NEWAMSTERDAM PHARMA COMPANY | $300.8M | 12.03% |
| 4 | BBIO BRIDGEBIO PHARMA INC | $164.1M | 6.56% |
| 5 | ARQT ARCUTIS BIOTHERAPEUTICS INC | $138.4M | 5.54% |
| 6 | PHAT PHATHOM PHARMACEUTICALS INC | $119.6M | 4.78% |
| 7 | KRYS KRYSTAL BIOTECH INC | $94.6M | 3.78% |
| 8 | IRON DISC MEDICINE INC | $87.6M | 3.5% |
| 9 | MBX MBX BIOSCIENCES INC | $68.3M | 2.73% |
| 10 | TARS TARSUS PHARMACEUTICALS INC | $56.6M | 2.26% |
| 11 | TRVI TREVI THERAPEUTICS INC | $56.1M | 2.24% |
| 12 | MAZE MAZE THERAPEUTICS INC | $56.0M | 2.24% |
| 13 | KALV KALVISTA PHARMACEUTICALS INC | $55.3M | 2.21% |
| 14 | ZLAB ZAI LAB LTD | $45.7M | 1.83% |
| 15 | AGIO AGIOS PHARMACEUTICALS INC | $42.6M | 1.7% |
| 16 | RVMD REVOLUTION MEDICINES INC | $36.7M | 1.47% |
| 17 | RARE ULTRAGENYX PHARMACEUTICAL IN | $35.8M | 1.43% |
| 18 | AURA AURA BIOSCIENCES INC | $31.9M | 1.28% |
| 19 | ERAS ERASCA INC | $28.9M | 1.15% |
| 20 | ALKS ALKERMES PLC | $28.6M | 1.14% |
Values as reported on the Q2 2025 Form 13F. Every position is in the holdings table below.