First Light Asset Management, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), First Light Asset Management, LLC reported 37 stock positions worth $875.7 million. Its top holding was Anaptysbio (ANAB) at 9.8% of the portfolio, followed by Axogen (AXGN, 9.5%) and Centessa Pharmaceuticals (CNTA, 8.0%). Compared with Q4 2024, it opened 6 new positions, sold out of 5, added to 11 and reduced 19. The biggest buy was Anaptysbio (ANAB, shares +433%) and the biggest sale Paragon 28 (FNA, shares −95%).
- Most Recent 13F
- Q2 2026
- Location
- Edina, MN
- CIK
- 0001600004
- Portfolio Value
- $875.7M (Q1 2025)
- SEC Filing
- 0001999371-25-006243 ↗ filed May 15, 2025
Holdings Value
Holdings 37 stocks · $875.7M
| ANAB Anaptysbio Inc. | 9.84% | 4,633,602 | $86.1M | Add +433.3% |
| AXGN Axogen Inc. | 9.45% | 4,474,215 | $82.8M | Reduce -0.7% |
| CNTA Centessa Pharmaceuticals Ltd. | 8.00% | 4,874,124 | $70.1M | Reduce -16.0% |
| NEO Neogenomics Inc. | 6.55% | 6,042,822 | $57.3M | Add +90.8% |
| TWST Twist Bioscience Corp. | 5.46% | 1,218,699 | $47.8M | Reduce -0.6% |
| HCAT Health Catalyst Inc. | 5.40% | 10,436,807 | $47.3M | Add +99.1% |
| ATRC Atricure Inc. | 4.84% | 1,314,718 | $42.4M | Reduce -33.2% |
| EWTX Edgewise Therapeutics Inc. | 4.65% | 1,852,290 | $40.8M | Add +137.3% |
| PHLT Performant Healthcare Inc. | 3.95% | 11,693,033 | $34.6M | Add +3.0% |
| IRTC Irhythm Holdings Inc. | 3.89% | 325,046 | $34.0M | Reduce -24.5% |
| CRNX Crinetics Pharmaceuticals Inc. | 3.28% | 855,419 | $28.7M | Reduce -3.4% |
| VERA Vera Therapeutics Inc. | 3.23% | 1,175,879 | $28.2M | Reduce -6.8% |
| MDXG Mimedx Group Inc. | 3.00% | 3,453,074 | $26.2M | Add +3.3% |
| RARE Ultragenyx Pharmaceutical Inc. | 2.61% | 632,033 | $22.9M | Reduce -17.2% |
| SIBN Si-Bone Inc. | 2.58% | 1,612,408 | $22.6M | Add +41.8% |
| XENE Xenon Pharmaceuticals Inc. | 2.41% | 627,904 | $21.1M | Reduce -45.9% |
| NPCE Neuropace Inc. | 2.22% | 1,584,048 | $19.5M | New |
| ALHC Alignment Healthcare Inc. | 2.03% | 956,441 | $17.8M | New |
| JANX Janux Therapeutics Inc. | 2.03% | 658,824 | $17.8M | Add +110.0% |
| ESTA Establishment Labs Holdings | 1.57% | 336,870 | $13.7M | New |
| BFLY Butterfly Network Inc. | 1.43% | 5,505,649 | $12.6M | Add +37.8% |
| GH Guardant Health Inc. | 1.32% | 271,115 | $11.5M | Reduce -12.4% |
| KRMD Koru Medical Systems Inc. | 1.29% | 4,454,926 | $11.3M | Reduce -24.7% |
| RGEN Repligen Corp. | 1.28% | 87,850 | $11.2M | Add +6.5% |
| ELDN Eledon Pharmaceuticals Inc. | 0.90% | 2,328,768 | $7.9M | No change |
| MASS 908 Devices Inc. | 0.87% | 1,701,095 | $7.6M | New |
| TMDX Transmedics Group Inc. | 0.83% | 107,860 | $7.3M | Reduce -22.8% |
| OSCR Oscar Health Inc. Class A | 0.78% | 522,302 | $6.8M | Reduce -4.5% |
| FNA Paragon 28 Inc. | 0.75% | 500,000 | $6.5M | Reduce -95.3% |
| EVH Evolent Health Inc. Class A | 0.63% | 585,436 | $5.5M | Add +991.8% |
| INSM Insmed Inc. | 0.59% | 68,153 | $5.2M | Reduce -85.5% |
| TNDM Tandem Diabetes Care Inc. | 0.54% | 245,257 | $4.7M | Reduce -16.0% |
| PODD Insulet Corp. | 0.51% | 17,022 | $4.5M | Reduce -49.7% |
| PCVX Vaxcyte Inc. | 0.41% | 94,420 | $3.6M | New |
| SENS Senseonics Holdings Inc. | 0.35% | 4,657,505 | $3.1M | Reduce -27.6% |
| DIREXION SHS ETF TR | 0.26% | 140,282 | $2.3M | New |
| GPCR Structure Therapeutics Inc. | 0.26% | 132,380 | $2.3M | Reduce -66.8% |
Portfolio Sells Q4 2024 → Q1 2025
| FNA Paragon 28 Inc. | Reduce -95.3% | 0.75% | −9.71 |
| INSM Insmed Inc. | Reduce -85.5% | 0.59% | −2.51 |
| PLRX Pliant Therapeutics Inc. | Sold out | 0.00% | −2.12 |
| XENE Xenon Pharmaceuticals Inc. | Reduce -45.9% | 2.41% | −1.95 |
| VERA Vera Therapeutics Inc. | Reduce -6.8% | 3.23% | −1.88 |
| KYMR Kymera Therapeutics Inc. | Sold out | 0.00% | −1.48 |
| NTRA Natera Inc. | Sold out | 0.00% | −1.41 |
| CNTA Centessa Pharmaceuticals Ltd. | Reduce -16.0% | 8.00% | −1.30 |
| CRNX Crinetics Pharmaceuticals Inc. | Reduce -3.4% | 3.28% | −1.06 |
| DYN Dyne Therapeutics Inc. | Sold out | 0.00% | −0.95 |
| ATRC Atricure Inc. | Reduce -33.2% | 4.84% | −0.91 |
| KRMD Koru Medical Systems Inc. | Reduce -24.7% | 1.29% | −0.89 |
| GPCR Structure Therapeutics Inc. | Reduce -66.8% | 0.26% | −0.77 |
| TNDM Tandem Diabetes Care Inc. | Reduce -16.0% | 0.54% | −0.47 |
| RARE Ultragenyx Pharmaceutical Inc. | Reduce -17.2% | 2.61% | −0.46 |
| PODD Insulet Corp. | Reduce -49.7% | 0.51% | −0.33 |
| IWO iShares Russell 2000 Growth | Sold out | 0.00% | −0.03 |
| TMDX Transmedics Group Inc. | Reduce -22.8% | 0.83% | −0.01 |
| TWST Twist Bioscience Corp. | Reduce -0.6% | 5.46% | +0.01 |
| SENS Senseonics Holdings Inc. | Reduce -27.6% | 0.35% | +0.03 |
| OSCR Oscar Health Inc. Class A | Reduce -4.5% | 0.78% | +0.08 |
| IRTC Irhythm Holdings Inc. | Reduce -24.5% | 3.89% | +0.17 |
| GH Guardant Health Inc. | Reduce -12.4% | 1.32% | +0.41 |
| AXGN Axogen Inc. | Reduce -0.7% | 9.45% | +2.35 |
Portfolio Buys Q4 2024 → Q1 2025
| ANAB Anaptysbio Inc. | Add +433.3% | 9.84% | +8.74 |
| EWTX Edgewise Therapeutics Inc. | Add +137.3% | 4.65% | +2.66 |
| NPCE Neuropace Inc. | New | 2.22% | +2.22 |
| ALHC Alignment Healthcare Inc. | New | 2.03% | +2.03 |
| HCAT Health Catalyst Inc. | Add +99.1% | 5.40% | +1.85 |
| ESTA Establishment Labs Holdings | New | 1.57% | +1.57 |
| NEO Neogenomics Inc. | Add +90.8% | 6.55% | +1.55 |
| SIBN Si-Bone Inc. | Add +41.8% | 2.58% | +1.06 |
| MASS 908 Devices Inc. | New | 0.87% | +0.87 |
| PHLT Performant Healthcare Inc. | Add +3.0% | 3.95% | +0.67 |
| EVH Evolent Health Inc. Class A | Add +991.8% | 0.63% | +0.58 |
| JANX Janux Therapeutics Inc. | Add +110.0% | 2.03% | +0.42 |
| PCVX Vaxcyte Inc. | New | 0.41% | +0.41 |
| DIREXION SHS ETF TR | New | 0.26% | +0.26 |
| BFLY Butterfly Network Inc. | Add +37.8% | 1.43% | +0.24 |
| RGEN Repligen Corp. | Add +6.5% | 1.28% | +0.14 |
| MDXG Mimedx Group Inc. | Add +3.3% | 3.00% | −0.08 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 31 | $1.6B | NEO, SIBN, AXGN, APGE, PVLA |
| Q1 2026 | 35 | $1.1B | AXGN, PVLA, NEO, SIBN, CNTA |
| Q4 2025 | 33 | $1.3B | AXGN, NEO, SIBN, PVLA, CNTA |
| Q3 2025 | 41 | $1.1B | AXGN, PHLT, CNTA, NEO, AMLX |
| Q2 2025 | 38 | $771.3M | ANAB, CNTA, PHLT, NEO, AXGN |
| Q1 2025 | 37 | $875.7M | ANAB, AXGN, CNTA, NEO, TWST |
| Q4 2024 | 36 | $1.0B | FNA, CNTA, AXGN, ATRC, TWST |
| Q3 2024 | 38 | $1.2B | CNTA, FNA, EVH, AXGN, ATRC |
| Q2 2024 | 44 | $1.1B | FNA, ATEC, CRNX, NEO, XENE |
| Q1 2024 | 50 | $1.3B | CRNX, ATEC, NTRA, XENE, PLRX |