Frazier Life Sciences Management, L.P.

Venture Capital

Frazier Life Sciences Management, L.P. is a Venture Capital based in Palo Alto, CA led by James Newman Topper, reporting $4.3B in AUM as of Q3 2025 with 75% Healthcare concentration and 69% concentrated in top 10 holdings.

Managing PartnerJames Newman Topper

Portfolio Value: $3.3B
Positions: 47
Top Holding: MIRM at 14.93%
Last Reported: Q3 2025

Address1001 Page Mill Road, Building 4, Suite 200b, Palo Alto, CA, 94304, United States

Top Holdings

Largest long holdings in Frazier Life Sciences Management, L.P.'s portfolio (69.5% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Mirum Pharmaceuticals, Inc. MIRM	Biotechnology Healthcare	$498.2M	14.93%	—	13.53% 6.8M shares	Q1 2022 Held for 3y 8m
2 NewAmsterdam Pharma Company NAMS	Biotechnology Healthcare	$475.0M	14.23%	+$2.7M Bought	14.83% 16.7M shares	Q4 2022 Held for 2y 11m
3 VRNA Verona Pharma VRNA	Unknown Unknown	$361.1M	10.82%	—	— 3.4M shares	Q4 2022 Held for 2y 11m
4 BridgeBio Pharma BBIO	Biotechnology Healthcare	$199.7M	5.98%	+$2.3M Bought	2.01% 3.8M shares	Q1 2023 Held for 2y 8m
5 Arcutis Biotherapeutics, Inc. ARQT	Biotechnology Healthcare	$186.1M	5.58%	—	8.24% 9.9M shares	Q1 2022 Held for 3y 8m
6 Phathom Pharmaceuticals, Inc. PHAT	Biotechnology Healthcare	$146.7M	4.40%	—	17.57% 12.5M shares	Q1 2022 Held for 3y 8m
7 Krystal Biotech, Inc. KRYS	Biotechnology Healthcare	$121.5M	3.64%	—	2.38% 688.5K shares	Q1 2022 Held for 3y 8m
8 Maze Therapeutics, Inc. Common Stock MAZE	Unknown Unknown	$118.4M	3.55%	-$25.9 Sold	10.42% 4.6M shares	Q1 2025 Held for 8 months
9 MBX Biosciences, Inc. MBX	Unknown Unknown	$116.4M	3.49%	+$11.7M Bought	14.88% 6.7M shares	Q3 2024 Held for 1y 2m
10 Disc Medicine IRON	Biotechnology Healthcare	$95.1M	2.85%	-$14.3M Sold	4.14% 1.4M shares	Q2 2023 Held for 2y 5m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Frazier Life Sciences Management, L.P.'s latest filing

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Market Value

$3.3B

Prior: $2.5B

Q/Q Change

+33.46%

+$836.7M

Net Flows % of MV

+0.025%

Turnover Ratio

4.1%

New Purchases

3 stocks

$51.7M

Added To

10 stocks

+$79.1M

Sold Out Of

6 stocks

$73.2M

Reduced Holdings

7 stocks

-$56.8M

Increased Positions

Position	Shares Δ	Change
1 ABVX Abivax ABVX	New	0 → 378.3K +$32.1M
2 Assembly Biosciences ASMB	New	0 → 456.2K +$11.7M
3 enGene Holdings Inc. ENGN	New	0 → 1.2M +$7.9M
4 Adverum Biotechnologies, Inc. ADVM	+94.29%	1.1M → 2.1M +$4.6M
5 Dyne Therapeutics, Inc. DYN	+80.49%	1.5M → 2.7M +$15.3M

Decreased Positions

Position	Shares Δ	Change
1 HilleVax, Inc. HLVX	Sold	10.6M → 0 −$21.1M
2 CG Oncology CGON	Sold	770.0K → 0 −$20.0M
3 Cogent Biosciences, Inc. COGT	Sold	1.7M → 0 −$12.5M
4 Oric Pharmaceuticals, Inc. ORIC	Sold	1.1M → 0 −$10.8M
5 Oruka Therapeutics, Inc. ORKA	Sold	583.3K → 0 −$6.5M