Frazier Life Sciences Management, L.P. Diversified Active

CIK: 0001892134 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 13, 2026

Total Value ($000): $3,723,154 (100.0% shares, 0.0% debt)

Holdings (40)

New Positions (5)

RAPT RAPT THERAPEUTICS INC 0.9%

Value ($000) $33,305 Shares 983,333 Est. Cost $31.06 Unrealized 0.0%

VOR VOR BIOPHARMA INC 0.9%

Value ($000) $33,275 Shares 2,543,939 Est. Cost $18.62 Unrealized 0.0%

MNKD MANNKIND CORP 0.6%

Value ($000) $23,956 Shares 4,225,000 Est. Cost $5.51 Unrealized 0.0%

XLO XILIO THERAPEUTICS INC 0.1%

Value ($000) $3,787 Shares 5,915,091 Est. Cost $0.75 Unrealized 0.0%

IBIO IBIO INC 0.1%

Value ($000) $3,770 Shares 1,953,467 Est. Cost $1.36 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RAPT	RAPT THERAPEUTICS INC	983,333	$33,305	0.9%	$31.06	0.0%	COM NEW	75382E208
VOR	VOR BIOPHARMA INC	2,543,939	$33,275	0.9%	$18.62	0.0%	COM NEW	929033207
MNKD	MANNKIND CORP	4,225,000	$23,956	0.6%	$5.51	0.0%	COM NEW	56400P706
XLO	XILIO THERAPEUTICS INC	5,915,091	$3,787	0.1%	$0.75	0.0%	COM	98422T100
IBIO	IBIO INC	1,953,467	$3,770	0.1%	$1.36	0.0%	COM NEW	451033708

Increased Positions (6)

NAMS NEWAMSTERDAM PHARMA COMPANY 16.0%

Value ($000) $594,388 (+25.1%) Shares 16,943,774 (+1.4%) Est. Cost $13.41 Unrealized +171.4%

RNA AVIDITY BIOSCIENCES INC 1.9%

Value ($000) $70,913 (+160.4%) Shares 983,125 (+57.3%) Est. Cost $43.19 Unrealized +49.5%

DYN DYNE THERAPEUTICS INC 1.7%

Value ($000) $61,674 (+79.4%) Shares 3,153,082 (+16.0%) Est. Cost $13.76 Unrealized +37.6%

ZLAB ZAI LAB LTD 0.9%

Value ($000) $33,557 (-39.2%) Shares 1,902,320 (+16.9%) Est. Cost $32.50 Unrealized —

ACAD ACADIA PHARMACEUTICALS INC 0.9%

Value ($000) $34,648 (+164.5%) Shares 1,297,198 (+111.3%) Est. Cost $23.78 Unrealized +0.5%

CYTK CYTOKINETICS INC 1.6%

Value ($000) $59,387 (+21.3%) Shares 934,642 (+5.0%) Est. Cost $38.38 Unrealized +62.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NAMS	NEWAMSTERDAM PHARMA COMPANY	16,943,774 (+1.4%)	$594,388 (+25.1%)	16.0%	$13.41	+171.4%	ORDINARY SHARES	N62509109
RNA	AVIDITY BIOSCIENCES INC	983,125 (+57.3%)	$70,913 (+160.4%)	1.9%	$43.19	+49.5%	COM	05370A108
DYN	DYNE THERAPEUTICS INC	3,153,082 (+16.0%)	$61,674 (+79.4%)	1.7%	$13.76	+37.6%	COM	26818M108
ZLAB	ZAI LAB LTD	1,902,320 (+16.9%)	$33,557 (-39.2%)	0.9%	$32.50	—	ADR	98887Q104
ACAD	ACADIA PHARMACEUTICALS INC	1,297,198 (+111.3%)	$34,648 (+164.5%)	0.9%	$23.78	+0.5%	COM	004225108
CYTK	CYTOKINETICS INC	934,642 (+5.0%)	$59,387 (+21.3%)	1.6%	$38.38	+62.1%	COM NEW	23282W605

Exited Positions (12)

— VERONA PHARMA PLC 9.7%

Value ($000) $361,101 Shares 3,383,950 Est. Cost $15.88 Unrealized —

RARE ULTRAGENYX PHARMACEUTICAL IN 0.8%

Value ($000) $29,590 Shares 983,715 Est. Cost $42.43 Unrealized -22.5%

MREO MEREO BIOPHARMA GROUP PLC 0.5%

Value ($000) $19,447 Shares 9,440,112 Est. Cost $3.10 Unrealized —

— AKERO THERAPEUTICS INC 0.5%

Value ($000) $17,415 Shares 366,784 Est. Cost $53.36 Unrealized —

PCVX VAXCYTE INC 0.5%

Value ($000) $17,088 Shares 474,405 Est. Cost $21.85 Unrealized +104.7%

JBIO JADE BIOSCIENCES INC 0.3%

Value ($000) $12,197 Shares 1,413,280 Est. Cost $33.31 Unrealized -64.8%

ASMB ASSEMBLY BIOSCIENCES INC 0.3%

Value ($000) $11,680 Shares 456,249 Est. Cost $21.94 Unrealized +46.8%

— ADVERUM BIOTECHNOLOGIES INC 0.3%

Value ($000) $9,411 Shares 2,077,431 Est. Cost $5.73 Unrealized —

ENGN ENGENE HOLDINGS INC 0.2%

Value ($000) $7,905 Shares 1,157,380 Est. Cost $4.56 Unrealized +75.7%

MGNX MACROGENICS INC 0.1%

Value ($000) $5,335 Shares 3,175,665 Est. Cost $6.90 Unrealized -77.2%

SLN SILENCE THERAPEUTICS PLC 0.1%

Value ($000) $5,035 Shares 970,130 Est. Cost $19.61 Unrealized —

CBIO CRESCENT BIOPHARMA INC. 0.1%

Value ($000) $3,245 Shares 272,951 Est. Cost $21.15 Unrealized -39.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	VERONA PHARMA PLC	3,383,950	$361,101	9.7%	$15.88	—	—	925050106
RARE	ULTRAGENYX PHARMACEUTICAL IN	983,715	$29,590	0.8%	$42.43	-22.5%	—	90400D108
MREO	MEREO BIOPHARMA GROUP PLC	9,440,112	$19,447	0.5%	$3.10	—	—	589492107
—	AKERO THERAPEUTICS INC	366,784	$17,415	0.5%	$53.36	—	—	00973Y108
PCVX	VAXCYTE INC	474,405	$17,088	0.5%	$21.85	+104.7%	—	92243G108
JBIO	JADE BIOSCIENCES INC	1,413,280	$12,197	0.3%	$33.31	-64.8%	—	008064206
ASMB	ASSEMBLY BIOSCIENCES INC	456,249	$11,680	0.3%	$21.94	+46.8%	—	045396207
—	ADVERUM BIOTECHNOLOGIES INC	2,077,431	$9,411	0.3%	$5.73	—	—	00773U207
ENGN	ENGENE HOLDINGS INC	1,157,380	$7,905	0.2%	$4.56	+75.7%	—	29286M105
MGNX	MACROGENICS INC	3,175,665	$5,335	0.1%	$6.90	-77.2%	—	556099109
SLN	SILENCE THERAPEUTICS PLC	970,130	$5,035	0.1%	$19.61	—	—	82686Q101
CBIO	CRESCENT BIOPHARMA INC.	272,951	$3,245	0.1%	$21.15	-39.8%	—	G2545C104

Decreased Positions (8)

BBIO BRIDGEBIO PHARMA INC 7.3%

Value ($000) $271,200 (+35.8%) Shares 3,545,557 (-7.8%) Est. Cost $21.54 Unrealized +204.7%

SVRA SAVARA INC 1.6%

Value ($000) $59,470 (+45.3%) Shares 9,862,301 (-14.0%) Est. Cost $3.69 Unrealized +32.9%

RVMD REVOLUTION MEDICINES INC 1.7%

Value ($000) $63,517 (+36.4%) Shares 797,455 (-20.1%) Est. Cost $25.35 Unrealized +158.7%

DSGN DESIGN THERAPEUTICS INC 0.1%

Value ($000) $4,887 (-66.8%) Shares 521,000 (-73.3%) Est. Cost $4.24 Unrealized +84.5%

TARS TARSUS PHARMACEUTICALS INC 1.6%

Value ($000) $59,661 (-14.0%) Shares 728,644 (-37.6%) Est. Cost $17.82 Unrealized +318.9%

IRON DISC MEDICINE INC 2.7%

Value ($000) $100,057 (+5.3%) Shares 1,260,000 (-12.4%) Est. Cost $35.82 Unrealized +135.9%

KRYS KRYSTAL BIOTECH INC 3.2%

Value ($000) $120,425 (-0.9%) Shares 488,460 (-29.1%) Est. Cost $64.17 Unrealized +228.0%

TVTX TRAVERE THERAPEUTICS INC 0.2%

Value ($000) $9,231 (-1.5%) Shares 241,592 (-38.4%) Est. Cost $16.57 Unrealized +96.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BBIO	BRIDGEBIO PHARMA INC	3,545,557 (-7.8%)	$271,200 (+35.8%)	7.3%	$21.54	+204.7%	COM	10806X102
SVRA	SAVARA INC	9,862,301 (-14.0%)	$59,470 (+45.3%)	1.6%	$3.69	+32.9%	COM	805111101
RVMD	REVOLUTION MEDICINES INC	797,455 (-20.1%)	$63,517 (+36.4%)	1.7%	$25.35	+158.7%	COM	76155X100
DSGN	DESIGN THERAPEUTICS INC	521,000 (-73.3%)	$4,887 (-66.8%)	0.1%	$4.24	+84.5%	COM	25056L103
TARS	TARSUS PHARMACEUTICALS INC	728,644 (-37.6%)	$59,661 (-14.0%)	1.6%	$17.82	+318.9%	COM	87650L103
IRON	DISC MEDICINE INC	1,260,000 (-12.4%)	$100,057 (+5.3%)	2.7%	$35.82	+135.9%	COM	254604101
KRYS	KRYSTAL BIOTECH INC	488,460 (-29.1%)	$120,425 (-0.9%)	3.2%	$64.17	+228.0%	COM	501147102
TVTX	TRAVERE THERAPEUTICS INC	241,592 (-38.4%)	$9,231 (-1.5%)	0.2%	$16.57	+96.2%	COM	89422G107

Unchanged Positions (21)

ARQT ARCUTIS BIOTHERAPEUTICS INC 7.7%

Value ($000) $286,756 Shares 9,874,511 Est. Cost $16.74 Unrealized +52.9%

MBX MBX BIOSCIENCES INC 5.6%

Value ($000) $209,804 Shares 6,652,013 Est. Cost $21.92 Unrealized +10.7%

MAZE MAZE THERAPEUTICS INC 5.1%

Value ($000) $189,222 Shares 4,567,274 Est. Cost $11.88 Unrealized +189.3%

PHAT PHATHOM PHARMACEUTICALS INC 5.6%

Value ($000) $206,819 Shares 12,466,489 Est. Cost $12.14 Unrealized +17.6%

MIRM MIRUM PHARMACEUTICALS INC 14.4%

Value ($000) $536,747 Shares 6,795,121 Est. Cost $24.28 Unrealized +195.7%

ERAS ERASCA INC 2.3%

Value ($000) $84,554 Shares 22,729,436 Est. Cost $2.19 Unrealized +28.5%

TRVI TREVI THERAPEUTICS INC 3.4%

Value ($000) $128,448 Shares 10,259,409 Est. Cost $2.91 Unrealized +296.9%

PVLA PALVELLA THERAPEUTICS INC NE 2.0%

Value ($000) $75,614 Shares 722,400 Est. Cost $16.23 Unrealized +425.5%

KALV KALVISTA PHARMACEUTICALS INC 2.2%

Value ($000) $81,394 Shares 5,039,867 Est. Cost $10.00 Unrealized +32.4%

ABVX ABIVAX SA 1.4%

Value ($000) $51,016 Shares 378,300 Est. Cost $84.90 Unrealized —

AGIO AGIOS PHARMACEUTICALS INC 0.9%

Value ($000) $34,835 Shares 1,279,754 Est. Cost $31.94 Unrealized +9.8%

LXEO LEXEO THERAPEUTICS INC 1.2%

Value ($000) $43,938 Shares 4,424,725 Est. Cost $5.15 Unrealized +77.1%

VALN VALNEVA SE 0.5%

Value ($000) $20,212 Shares 2,291,666 Est. Cost $8.03 Unrealized —

AURA AURA BIOSCIENCES INC 0.7%

Value ($000) $27,795 Shares 5,100,000 Est. Cost $5.85 Unrealized +1.5%

NAMSW NEWAMSTERDAM PHARMA COMPANY 0.3%

Value ($000) $11,508 Shares 500,333 Est. Cost $0.87 Unrealized —

ASND ASCENDIS PHARMA A/S 0.8%

Value ($000) $28,432 Shares 133,333 Est. Cost $149.31 Unrealized —

AUTL AUTOLUS THERAPEUTICS PLC 0.2%

Value ($000) $9,200 Shares 4,623,324 Est. Cost $4.59 Unrealized —

ALKS ALKERMES PLC 0.5%

Value ($000) $19,604 Shares 700,647 Est. Cost $27.95 Unrealized +7.2%

EOLS EVOLUS INC 0.5%

Value ($000) $17,494 Shares 2,630,665 Est. Cost $10.05 Unrealized -32.6%

IMCR IMMUNOCORE HLDGS PLC 0.4%

Value ($000) $13,356 Shares 384,782 Est. Cost $31.23 Unrealized —

ALLO ALLOGENE THERAPEUTICS INC 0.1%

Value ($000) $5,300 Shares 3,868,750 Est. Cost $3.58 Unrealized -63.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ARQT	ARCUTIS BIOTHERAPEUTICS INC	9,874,511	$286,756	7.7%	$16.74	+52.9%	COM	03969K108
MBX	MBX BIOSCIENCES INC	6,652,013	$209,804	5.6%	$21.92	+10.7%	COM	55287L101
MAZE	MAZE THERAPEUTICS INC	4,567,274	$189,222	5.1%	$11.88	+189.3%	COM	578784100
PHAT	PHATHOM PHARMACEUTICALS INC	12,466,489	$206,819	5.6%	$12.14	+17.6%	COM	71722W107
MIRM	MIRUM PHARMACEUTICALS INC	6,795,121	$536,747	14.4%	$24.28	+195.7%	COM	604749101
ERAS	ERASCA INC	22,729,436	$84,554	2.3%	$2.19	+28.5%	COM	29479A108
TRVI	TREVI THERAPEUTICS INC	10,259,409	$128,448	3.4%	$2.91	+296.9%	COM	89532M101
PVLA	PALVELLA THERAPEUTICS INC NE	722,400	$75,614	2.0%	$16.23	+425.5%	COM	697947109
KALV	KALVISTA PHARMACEUTICALS INC	5,039,867	$81,394	2.2%	$10.00	+32.4%	COM	483497103
ABVX	ABIVAX SA	378,300	$51,016	1.4%	$84.90	—	SPONSORED ADS	00370M103
AGIO	AGIOS PHARMACEUTICALS INC	1,279,754	$34,835	0.9%	$31.94	+9.8%	COM	00847X104
LXEO	LEXEO THERAPEUTICS INC	4,424,725	$43,938	1.2%	$5.15	+77.1%	COM	52886X107
VALN	VALNEVA SE	2,291,666	$20,212	0.5%	$8.03	—	SPONSORED ADS	92025Y103
AURA	AURA BIOSCIENCES INC	5,100,000	$27,795	0.7%	$5.85	+1.5%	COM	05153U107
NAMSW	NEWAMSTERDAM PHARMA COMPANY	500,333	$11,508	0.3%	$0.87	—	*W EXP 99/99/999	N62509117
ASND	ASCENDIS PHARMA A/S	133,333	$28,432	0.8%	$149.31	—	SPONSORED ADR	04351P101
AUTL	AUTOLUS THERAPEUTICS PLC	4,623,324	$9,200	0.2%	$4.59	—	SPON ADS	05280R100
ALKS	ALKERMES PLC	700,647	$19,604	0.5%	$27.95	+7.2%	SHS	G01767105
EOLS	EVOLUS INC	2,630,665	$17,494	0.5%	$10.05	-32.6%	COM	30052C107
IMCR	IMMUNOCORE HLDGS PLC	384,782	$13,356	0.4%	$31.23	—	ADS	45258D105
ALLO	ALLOGENE THERAPEUTICS INC	3,868,750	$5,300	0.1%	$3.58	-63.2%	COM	019770106