First Light Asset Management, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), First Light Asset Management, LLC reported 38 stock positions worth $771.3 million. Its top holding was Anaptysbio (ANAB) at 10.2% of the portfolio, followed by Centessa Pharmaceuticals (CNTA, 7.3%) and Performant Healthcare (PHLT, 6.8%). Compared with Q1 2025, it opened 8 new positions, sold out of 7, added to 11 and reduced 19. The biggest buy was a new position in Organogenesis (ORGO) and the biggest sale Edgewise Therapeutics (EWTX, shares −7%).
- Most Recent 13F
- Q2 2026
- Location
- Edina, MN
- CIK
- 0001600004
- Portfolio Value
- $771.3M (Q2 2025)
- SEC Filing
- 0001999371-25-011375 ↗ filed Aug 14, 2025
Holdings Value
Holdings 38 stocks · $771.3M
| ANAB Anaptysbio Inc. | 10.19% | 3,539,593 | $78.6M | Reduce -23.6% |
| CNTA Centessa Pharmaceuticals Ltd. | 7.31% | 4,293,411 | $56.4M | Reduce -11.9% |
| PHLT Performant Healthcare Inc. | 6.83% | 13,170,381 | $52.7M | Add +12.6% |
| NEO Neogenomics Inc. | 6.49% | 6,846,432 | $50.0M | Add +13.3% |
| AXGN Axogen Inc. | 6.37% | 4,529,243 | $49.1M | Add +1.2% |
| HCAT Health Catalyst Inc. | 5.98% | 12,230,181 | $46.1M | Add +17.2% |
| TWST Twist Bioscience Corp. | 4.51% | 945,033 | $34.8M | Reduce -22.5% |
| ATRC Atricure Inc. | 4.31% | 1,015,170 | $33.3M | Reduce -22.8% |
| SIBN Si-Bone Inc. | 4.27% | 1,751,001 | $33.0M | Add +8.6% |
| IRTC Irhythm Holdings Inc. | 3.74% | 187,355 | $28.8M | Reduce -42.4% |
| CRNX Crinetics Pharmaceuticals Inc. | 3.22% | 864,136 | $24.9M | Add +1.0% |
| ORGO Organogenesis Holdings Inc. | 3.22% | 6,777,163 | $24.8M | New |
| EWTX Edgewise Therapeutics Inc. | 2.91% | 1,714,019 | $22.5M | Reduce -7.5% |
| RARE Ultragenyx Pharmaceutical Inc. | 2.58% | 547,905 | $19.9M | Reduce -13.3% |
| ESTA Establishment Labs Holdings | 2.31% | 417,157 | $17.8M | Add +23.8% |
| ADMA Adma Biologics Inc. | 2.25% | 952,096 | $17.3M | New |
| SENS Senseonics Holdings Inc. | 2.21% | 35,708,124 | $17.0M | Add +666.7% |
| KRMD Koru Medical Systems Inc. | 2.17% | 4,681,626 | $16.8M | Add +5.1% |
| NPCE Neuropace Inc. | 1.99% | 1,380,410 | $15.4M | Reduce -12.9% |
| VERA Vera Therapeutics Inc. | 1.72% | 562,981 | $13.3M | Reduce -52.1% |
| MDXG Mimedx Group Inc. | 1.53% | 1,927,494 | $11.8M | Reduce -44.2% |
| CAI Caris Life Sciences Inc. | 1.46% | 443,043 | $11.2M | New |
| BFLY Butterfly Network Inc. | 1.42% | 5,465,032 | $10.9M | Reduce -0.7% |
| CDTX Cidara Therapeutics Inc. | 1.14% | 180,615 | $8.8M | New |
| EVH Evolent Health Inc. Class A | 1.08% | 738,550 | $8.3M | Add +26.1% |
| MASS 908 Devices Inc. | 0.99% | 1,067,613 | $7.6M | Reduce -37.2% |
| ELDN Eledon Pharmaceuticals Inc. | 0.91% | 2,600,498 | $7.0M | Add +11.7% |
| GH Guardant Health Inc. | 0.87% | 128,868 | $6.7M | Reduce -52.5% |
| INSM Insmed Inc. | 0.82% | 62,901 | $6.3M | Reduce -7.7% |
| SLP Simulations Plus Inc. | 0.81% | 357,157 | $6.2M | New |
| XENE Xenon Pharmaceuticals Inc. | 0.76% | 188,367 | $5.9M | Reduce -70.0% |
| RGEN Repligen Corp. | 0.71% | 43,949 | $5.5M | Reduce -50.0% |
| ALHC Alignment Healthcare Inc. | 0.70% | 383,663 | $5.4M | Reduce -59.9% |
| EOLS Evolus Inc. | 0.62% | 520,631 | $4.8M | New |
| RDNT Radnet Inc. | 0.51% | 68,694 | $3.9M | New |
| JANX Janux Therapeutics Inc. | 0.45% | 149,596 | $3.5M | Reduce -77.3% |
| GPCR Structure Therapeutics Inc. | 0.33% | 122,226 | $2.5M | Reduce -7.7% |
| LNTH Lantheus Holdings Inc. | 0.32% | 30,045 | $2.5M | New |
Portfolio Sells Q1 2025 → Q2 2025
| EWTX Edgewise Therapeutics Inc. | Reduce -7.5% | 2.91% | −1.74 |
| XENE Xenon Pharmaceuticals Inc. | Reduce -70.0% | 0.76% | −1.64 |
| JANX Janux Therapeutics Inc. | Reduce -77.3% | 0.45% | −1.58 |
| VERA Vera Therapeutics Inc. | Reduce -52.1% | 1.72% | −1.51 |
| MDXG Mimedx Group Inc. | Reduce -44.2% | 1.53% | −1.47 |
| ALHC Alignment Healthcare Inc. | Reduce -59.9% | 0.70% | −1.34 |
| TWST Twist Bioscience Corp. | Reduce -22.5% | 4.51% | −0.96 |
| TMDX Transmedics Group Inc. | Sold out | 0.00% | −0.83 |
| OSCR Oscar Health Inc. Class A | Sold out | 0.00% | −0.78 |
| FNA Paragon 28 Inc. | Sold out | 0.00% | −0.75 |
| CNTA Centessa Pharmaceuticals Ltd. | Reduce -11.9% | 7.31% | −0.69 |
| RGEN Repligen Corp. | Reduce -50.0% | 0.71% | −0.57 |
| TNDM Tandem Diabetes Care Inc. | Sold out | 0.00% | −0.54 |
| ATRC Atricure Inc. | Reduce -22.8% | 4.31% | −0.53 |
| PODD Insulet Corp. | Sold out | 0.00% | −0.51 |
| GH Guardant Health Inc. | Reduce -52.5% | 0.87% | −0.45 |
| PCVX Vaxcyte Inc. | Sold out | 0.00% | −0.41 |
| DIREXION SHS ETF TR | Sold out | 0.00% | −0.26 |
| NPCE Neuropace Inc. | Reduce -12.9% | 1.99% | −0.23 |
| IRTC Irhythm Holdings Inc. | Reduce -42.4% | 3.74% | −0.15 |
| RARE Ultragenyx Pharmaceutical Inc. | Reduce -13.3% | 2.58% | −0.03 |
| BFLY Butterfly Network Inc. | Reduce -0.7% | 1.42% | −0.02 |
| GPCR Structure Therapeutics Inc. | Reduce -7.7% | 0.33% | +0.07 |
| MASS 908 Devices Inc. | Reduce -37.2% | 0.99% | +0.12 |
| INSM Insmed Inc. | Reduce -7.7% | 0.82% | +0.23 |
| ANAB Anaptysbio Inc. | Reduce -23.6% | 10.19% | +0.35 |
Portfolio Buys Q1 2025 → Q2 2025
| ORGO Organogenesis Holdings Inc. | New | 3.22% | +3.22 |
| PHLT Performant Healthcare Inc. | Add +12.6% | 6.83% | +2.88 |
| ADMA Adma Biologics Inc. | New | 2.25% | +2.25 |
| SENS Senseonics Holdings Inc. | Add +666.7% | 2.21% | +1.86 |
| SIBN Si-Bone Inc. | Add +8.6% | 4.27% | +1.69 |
| CAI Caris Life Sciences Inc. | New | 1.46% | +1.46 |
| CDTX Cidara Therapeutics Inc. | New | 1.14% | +1.14 |
| KRMD Koru Medical Systems Inc. | Add +5.1% | 2.17% | +0.88 |
| SLP Simulations Plus Inc. | New | 0.81% | +0.81 |
| ESTA Establishment Labs Holdings | Add +23.8% | 2.31% | +0.74 |
| EOLS Evolus Inc. | New | 0.62% | +0.62 |
| HCAT Health Catalyst Inc. | Add +17.2% | 5.98% | +0.58 |
| RDNT Radnet Inc. | New | 0.51% | +0.51 |
| EVH Evolent Health Inc. Class A | Add +26.1% | 1.08% | +0.45 |
| LNTH Lantheus Holdings Inc. | New | 0.32% | +0.32 |
| ELDN Eledon Pharmaceuticals Inc. | Add +11.7% | 0.91% | +0.01 |
| CRNX Crinetics Pharmaceuticals Inc. | Add +1.0% | 3.22% | −0.05 |
| NEO Neogenomics Inc. | Add +13.3% | 6.49% | −0.06 |
| AXGN Axogen Inc. | Add +1.2% | 6.37% | −3.08 |
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 |