Data as of Q4 2025 (Dec 31, 2025)

Frazier Life Sciences Management, L.P.

โ€ขCIK: 1892134โ€ขFiling: Q4 2025

Frazier Life Sciences Management, L.P., led by co-founders and biotech veterans John Frazier and John Higgins, maintains a concentrated portfolio with a focus on early-stage biotech companies, currently managing $3.7 billion in assets across 40 positions. Notably, the fund has recently added RAPT, VOR, and MNKD, while exiting VRNA and RARE, and significantly increased positions in ACAD and RNAM, reflecting its strategy of capitalizing on high-growth potential in the biotech sector.

Total AUM
$3.7B
QoQ Performance
+11.6%
Positions
39
Top 10 Concentration
71.0%
Latest Filing
Q4 2025

Top Holdings Allocation

NAMS
MIRM
ARQT
BBIO
MBX
PHAT
MAZE
NAMS16.0%
MIRM14.4%
ARQT7.7%
BBIO7.3%
MBX5.6%
PHAT5.6%
MAZE5.1%
TRVI3.4%

๐Ÿ“ˆ Biggest Buys

RAPT
RAPT THERAPEUTICS INC
NEW
0.9% of portfolio
VOR
VOR BIOPHARMA INC
NEW
0.9% of portfolio
RNAGBP
AVIDITY BIOSCIENCES INC
+57.3%
1.9% of portfolio
MNKD
MANNKIND CORP
NEW
0.6% of portfolio
ACAD
ACADIA PHARMACEUTICALS INC
+111.3%
0.9% of portfolio

๐Ÿ“‰ Biggest Sells

KRYS
KRYSTAL BIOTECH INC
-29.1%
3.2% of portfolio
TARS
TARSUS PHARMACEUTICALS INC
-37.6%
1.6% of portfolio
BBIO
BRIDGEBIO PHARMA INC
-7.8%
7.3% of portfolio
RVMD
REVOLUTION MEDICINES INC
-20.1%
1.7% of portfolio
IRON
DISC MEDICINE INC
-12.4%
2.7% of portfolio

Sector Breakdown

Other100.0%

๐Ÿšช Exited Positionssold since Q3 2025

VRNA
VERONA PHARMA PLC
SOLD
$361.1M
RARE
ULTRAGENYX PHARMACEUTICAL IN
SOLD
$29.6M
MREO
MEREO BIOPHARMA GROUP PLC
SOLD
$19.4M
AKRO
AKERO THERAPEUTICS INC
SOLD
$17.4M
PCVX
VAXCYTE INC
SOLD
$17.1M
+7 more exited positions

Changes from Q3 2025

NEW5 new positions
โ†‘6 increased
โ†“8 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023