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Albert Cha, M.D., Ph.D. Chief Executive Officer

Albert Cha is a Managing Partner at Frazier Life Sciences, which is a biotech investment firm that partners with and builds companies developing novel therapeutics. He led Frazier's previous special purpose acquisition company (SPAC), Frazier Lifesciences Acquisition, which successfully combined with cardiometabolic disease biotech NewAmsterdam Pharma in 2022. Frazier Life Sciences has been involved in the creation of over 25 companies and has overseen more than 50 IPOs and mergers and acquisitions since 2015.

Adams Francis Sherman Chief Financial Officer

Adams Francis Sherman is a Partner at van den Boom & Associates.

Ben Palleiko Chairman of the Board

Ben Palleiko serves as the Chairman of the Board of Directors for Frazier Life Sciences Acquisition II. He is also a Board Member at Frazier Life Sciences.

Kevin Li, M.D. Chief Business Officer

Kevin Li is a Partner on the Frazier Life Sciences team, where he focuses on investments in public and late-stage private companies for the Frazier Life Sciences Public Fund. He has led or co-led significant investments including Scorpion Therapeutics (acquired by Lilly) and 35Pharma (acquired by GSK). Before joining Frazier Life Sciences, Kevin was a resident physician in Internal Medicine at Stanford and a consultant at McKinsey & Company, where his work focused on corporate strategy, growth, and mergers and acquisitions within the hospital services and pharmaceutical industries.

Frazier Life Sciences Acquisition II (FLSC) is a blank check company, also known as a Special Purpose Acquisition Company (SPAC), formed with the primary objective of completing a business combination, such as a merger or acquisition, with one or more businesses, particularly within the biotechnology sector. Given this structure, the key risks to the business are primarily related to its ability to successfully identify and execute such a combination. The key risks to Frazier Life Sciences Acquisition II include:

Failure to Complete a Business Combination

As a blank check company, Frazier Life Sciences Acquisition II's sole purpose is to acquire or merge with an operating company. A significant risk is its inability to identify and successfully complete an initial business combination within the timeframe mandated by its governing documents. If it fails to do so, the company would generally be required to liquidate, returning capital to shareholders, which could result in investors only receiving their initial investment back, or potentially less, after expenses are deducted.

Dependence on Management Team's Ability to Identify and Execute an Acquisition

The success of Frazier Life Sciences Acquisition II hinges on the expertise and ability of its management team to identify promising opportunities within the biotechnology sector and to successfully negotiate and complete an acquisition. There is no guarantee that the management team will be able to find a suitable target company or complete a favorable transaction, which could negatively impact shareholder value.

Competition for Acquisition Targets

The market for attractive acquisition targets, especially in the biotechnology sector, is highly competitive. Frazier Life Sciences Acquisition II may face significant competition from other SPACs, private equity firms, and corporate strategic acquirers, which could make it difficult to identify and secure a suitable acquisition target at an attractive valuation, or at all.

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Frazier Life Sciences Acquisition II (FLSC) is a Special Purpose Acquisition Company (SPAC) that recently completed its initial public offering (IPO) on October 14, 2026. As a blank check company, FLSC's primary objective is to pursue a merger, acquisition, or similar business combination with one or more existing businesses, specifically targeting the biotechnology sector. Consequently, its future revenue growth over the next 2-3 years will be driven by the following factors:

• Successful Completion of a Business Combination: The foremost driver of future revenue for FLSC will be the successful identification and consummation of a merger or acquisition with an operating biotechnology company. As a SPAC, FLSC currently has no inherent revenue-generating operations; all future revenue will originate from the acquired entity.
• Strategic Selection of a High-Growth Biotechnology Target: The expertise of FLSC's management team in identifying promising opportunities within the biotechnology sector will be crucial. Acquiring a company with a strong product pipeline, significant market potential, and robust growth prospects will directly drive FLSC's revenue post-combination.
• Growth of the Acquired Company's Existing Product Portfolio: Once a business combination is complete, the revenue growth will be fueled by the performance and expansion of the acquired biotechnology company's current products and services. This includes factors such as market penetration, sales volume increases, and successful commercialization of therapies already in the market or late-stage development.
• Development and Commercialization of New Therapies: A key driver of long-term revenue growth will be the acquired company's ability to successfully develop and bring new therapeutic products to market. Investment in research and development, successful clinical trials, and regulatory approvals will lead to new revenue streams from innovative treatments in the biotechnology space.

Frazier Life Sciences Acquisition II (FLSC) recently priced its initial public offering (IPO) on October 14, 2026. As a newly public Special Purpose Acquisition Company (SPAC), its capital allocation decisions over the last 3-5 years are limited primarily to its formation and IPO.

Share Issuance

• Frazier Life Sciences Acquisition II priced its initial public offering of 7,500,000 Class A ordinary shares at $10.00 per share on October 14, 2026.
• The total offering size for the IPO was $75,000,000.

Outbound Investments

• Frazier Life Sciences Acquisition II is a blank check company formed to pursue a business combination, primarily in the biotechnology sector.
• As of its IPO, the company had not selected a target for acquisition.