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Frazier Life Sciences Acquisition Corp. II (FLSC) had five reporting persons—Coastlands Capital LP, Coastlands Capital Partners LP, Coastlands Capital GP LLC, Coastlands Capital LLC, and Matthew D. Perry—each report beneficial ownership of 500,000 Class A ordinary shares, or 6.41%. Coastlands Capital Partners LP holds the same 500,000-share block directly; each reporting person reports shared voting and dispositive power over it.
The reporting persons filed jointly, but not as a group, and each disclaimed beneficial ownership except to the extent of that person's pecuniary interest. Coastlands Capital LP is the Partnership's investment adviser, Coastlands Capital GP LLC its general partner, Coastlands Capital LLC is the general partner of Coastlands Capital LP, and Perry is the entities' control person. They certified the shares were not acquired or held to change or influence control, other than activities solely in connection with a nomination. FLSC had 7,800,000 Class A ordinary shares outstanding as of October 15, 2026. Mark Shamia signed in chief operating officer capacities.
Key Figures
Beneficial ownership per reporting person:500,000 Class A ordinary sharesPercent of class per reporting person:6.41%Class A ordinary shares outstanding:7,800,000 shares+2 more
5 metrics
Beneficial ownership per reporting person500,000 Class A ordinary sharesReported by each of five reporting persons; the Partnership holds the shares directly.
Percent of class per reporting person6.41%Reported by each of five reporting persons.
Class A ordinary shares outstanding7,800,000 sharesAs of October 15, 2026.
Shared voting power500,000 sharesReported by each reporting person.
Shared dispositive power500,000 sharesReported by each reporting person.
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
shared voting powerregulatory
"Shared Voting Power 500,000.00"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
shared dispositive powerregulatory
"Shared Dispositive Power 500,000.00"
pecuniary interestregulatory
"except to the extent of that person's pecuniary interest therein"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many FLSC Class A ordinary shares did the reporting persons report?
Each of the five reporting persons listed 500,000 Class A ordinary shares as beneficially owned. The shares are held directly by Coastlands Capital Partners LP.
What percentage of FLSC did the reported shares represent?
The reported shares represented 6.41% of the class for each reporting person. The calculation used 7,800,000 Class A ordinary shares outstanding as of October 15, 2026.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Frazier Life Sciences Acquisition Corp. II
(Name of Issuer)
Class A Ordinary Shares, par value $0.0001 per share
(Title of Class of Securities)
G37103101
(CUSIP Number)
10/15/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
G37103101
1
Names of Reporting Persons
Coastlands Capital LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
500,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
500,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
500,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.41 %
12
Type of Reporting Person (See Instructions)
IA, PN
Comment for Type of Reporting Person: Consists of 500,000 Class A Ordinary Shares held directly by Coastlands Capital Partners LP. The calculation of the beneficial ownership of the Reporting Persons is based on 7,800,000 Class A Ordinary Shares outstanding as of October 15, 2026, as disclosed in the Current Report on Form 8-K filed by the Issuer on October 15, 2026.
SCHEDULE 13G
CUSIP Number(s):
G37103101
1
Names of Reporting Persons
Coastlands Capital Partners LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
500,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
500,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
500,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.41 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Consists of 500,000 Class A Ordinary Shares held directly by Coastlands Capital Partners LP. The calculation of the beneficial ownership of the Reporting Persons is based on 7,800,000 Class A Ordinary Shares outstanding as of October 15, 2026, as disclosed in the Current Report on Form 8-K filed by the Issuer on October 15, 2026.
SCHEDULE 13G
CUSIP Number(s):
G37103101
1
Names of Reporting Persons
Coastlands Capital GP LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
500,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
500,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
500,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.41 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Consists of 500,000 Class A Ordinary Shares held directly by Coastlands Capital Partners LP. The calculation of the beneficial ownership of the Reporting Persons is based on 7,800,000 Class A Ordinary Shares outstanding as of October 15, 2026, as disclosed in the Current Report on Form 8-K filed by the Issuer on October 15, 2026.
SCHEDULE 13G
CUSIP Number(s):
G37103101
1
Names of Reporting Persons
Coastlands Capital LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
500,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
500,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
500,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.41 %
12
Type of Reporting Person (See Instructions)
HC, OO
Comment for Type of Reporting Person: Consists of 500,000 Class A Ordinary Shares held directly by Coastlands Capital Partners LP. The calculation of the beneficial ownership of the Reporting Persons is based on 7,800,000 Class A Ordinary Shares outstanding as of October 15, 2026, as disclosed in the Current Report on Form 8-K filed by the Issuer on October 15, 2026.
SCHEDULE 13G
CUSIP Number(s):
G37103101
1
Names of Reporting Persons
Matthew D. Perry
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
500,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
500,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
500,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.41 %
12
Type of Reporting Person (See Instructions)
HC, IN
Comment for Type of Reporting Person: Consists of 500,000 Class A Ordinary Shares held directly by Coastlands Capital Partners LP. The calculation of the beneficial ownership of the Reporting Persons is based on 7,800,000 Class A Ordinary Shares outstanding as of October 15, 2026, as disclosed in the Current Report on Form 8-K filed by the Issuer on October 15, 2026.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Frazier Life Sciences Acquisition Corp. II
(b)
Address of issuer's principal executive offices:
1001 Page Mill Road, Building 4, Suite 200B, Palo Alto, CA 94304
Item 2.
(a)
Name of person filing:
Coastlands Capital LP, a Delaware limited partnership ("Coastlands")
Coastlands Capital Partners LP, a Delaware limited partnership (the "Partnership")
Coastlands Capital GP LLC, a Delaware limited liability company (the "General Partner")
Coastlands Capital LLC, a Delaware limited liability company ("Coastlands GP")
Matthew D. Perry
Coastlands and the General Partner are the investment adviser and general partner, respectively, of the Partnership. Coastlands GP is the general partner of Coastlands. Mr. Perry is the control person of Coastlands, the Partnership, Coastlands GP and the General Partner. The reporting persons are filing this Schedule 13G jointly, but not as members of a group, and each disclaims membership in a group. Each reporting person also disclaims beneficial ownership of Class A Ordinary Shares except to the extent of that person's pecuniary interest therein. In addition, the filing of this Schedule 13G on behalf of the Partnership should not be construed as an admission that it is, and it disclaims that it is, a beneficial owner, as defined in Rule 13d-3 under the Act, of any Class A Ordinary Shares covered by this Schedule 13G.
(b)
Address or principal business office or, if none, residence:
601 California Street, Suite 1210, San Francisco, CA 94108
(c)
Citizenship:
See Item 4 of the cover sheet for each reporting person.
(d)
Title of class of securities:
Class A Ordinary Shares, par value $0.0001 per share
(e)
CUSIP Number(s):
G37103101
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Coastlands: 500,000
Partnership: 500,000
General Partner: 500,000
Coastlands GP: 500,000
Matthew D. Perry: 500,000
(b)
Percent of class:
Coastlands: 6.41%
Partnership: 6.41%
General Partner: 6.41%
Coastlands GP: 6.41%
Matthew D. Perry: 6.41%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Coastlands: 0
Partnership: 0
General Partner: 0
Coastlands GP: 0
Matthew D. Perry: 0
(ii) Shared power to vote or to direct the vote:
Coastlands: 500,000
Partnership: 500,000
General Partner: 500,000
Coastlands GP: 500,000
Matthew D. Perry: 500,000
(iii) Sole power to dispose or to direct the disposition of:
Coastlands: 0
Partnership: 0
General Partner: 0
Coastlands GP: 0
Matthew D. Perry: 0
(iv) Shared power to dispose or to direct the disposition of:
Coastlands: 500,000
Partnership: 500,000
General Partner: 500,000
Coastlands GP: 500,000
Matthew D. Perry: 500,000
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
The Partnership holds the Class A Ordinary Shares for the benefit of its investors and has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, Class A Ordinary Shares.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Coastlands Capital LP
Signature:
/s/ Mark Shamia
Name/Title:
Chief Operating Officer of the General Partner, Coastlands Capital LLC
Date:
10/16/2026
Coastlands Capital Partners LP
Signature:
/s/ Mark Shamia
Name/Title:
Chief Operating Officer of the General Partner, Coastlands Capital GP LLC
Date:
10/16/2026
Coastlands Capital GP LLC
Signature:
/s/ Mark Shamia
Name/Title:
Chief Operating Officer
Date:
10/16/2026
Coastlands Capital LLC
Signature:
/s/ Mark Shamia
Name/Title:
Chief Operating Officer
Date:
10/16/2026
Matthew D. Perry
Signature:
/s/ Matthew D. Perry
Name/Title:
Reporting Person
Date:
10/16/2026
Exhibit Information
Exhibit 99.1 - Agreement Regarding Joint Filing of Statement on Schedule 13D or 13G
