First Light Asset Management, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), First Light Asset Management, LLC reported 41 stock positions worth $1.1 billion. Its top holding was Axogen (AXGN) at 9.8% of the portfolio, followed by Performant Healthcare (PHLT, 8.5%) and Centessa Pharmaceuticals (CNTA, 8.3%). Compared with Q2 2025, it opened 9 new positions, sold out of 6, added to 15 and reduced 17. The biggest buy was a new position in Amylyx Pharmaceuticals (AMLX) and the biggest sale Anaptysbio (ANAB, shares −72%).
- Most Recent 13F
- Q2 2026
- Location
- Edina, MN
- CIK
- 0001600004
- Portfolio Value
- $1.1B (Q3 2025)
- SEC Filing
- 0001999371-25-017920 ↗ filed Nov 14, 2025
Holdings Value
Holdings 41 stocks · $1.1B
| AXGN Axogen Inc. | 9.76% | 5,805,730 | $103.6M | Add +28.2% |
| PHLT Performant Healthcare Inc. | 8.54% | 11,718,612 | $90.6M | Reduce -11.0% |
| CNTA Centessa Pharmaceuticals Ltd. | 8.31% | 3,635,816 | $88.2M | Reduce -15.3% |
| NEO Neogenomics Inc. | 7.22% | 9,927,269 | $76.6M | Add +45.0% |
| AMLX Amylyx Pharmaceuticals Inc. | 4.30% | 3,355,882 | $45.6M | New |
| CRNX Crinetics Pharmaceuticals Inc. | 3.70% | 941,516 | $39.2M | Add +8.9% |
| HCAT Health Catalyst Inc. | 3.61% | 13,436,220 | $38.3M | Add +9.9% |
| PVLA Palvella Therapeutics Inc. | 3.20% | 541,544 | $33.9M | New |
| TWST Twist Bioscience Corp. | 3.17% | 1,194,883 | $33.6M | Add +26.4% |
| LENZ Lenz Therapeutics Inc. | 3.04% | 693,044 | $32.3M | New |
| ORGO Organogenesis Holdings Inc. | 2.98% | 7,497,911 | $31.6M | Add +10.6% |
| ATRC Atricure Inc. | 2.96% | 890,362 | $31.4M | Reduce -12.3% |
| ANAB Anaptysbio Inc. | 2.86% | 990,161 | $30.3M | Reduce -72.0% |
| SIBN Si-Bone Inc. | 2.66% | 1,917,903 | $28.2M | Add +9.5% |
| CDTX Cidara Therapeutics Inc. | 2.64% | 292,657 | $28.0M | Add +62.0% |
| IRTC Irhythm Holdings Inc. | 2.51% | 155,099 | $26.7M | Reduce -17.2% |
| MDXG Mimedx Group Inc. | 2.40% | 3,652,952 | $25.5M | Add +89.5% |
| EWTX Edgewise Therapeutics Inc. | 2.16% | 1,414,994 | $23.0M | Reduce -17.4% |
| MASS 908 Devices Inc. | 2.07% | 2,510,496 | $22.0M | Add +135.2% |
| MRUS Merus NV | 1.99% | 224,080 | $21.1M | New |
| RYTM Rhythm Pharmaceuticals Inc. | 1.72% | 180,484 | $18.2M | New |
| GH Guardant Health Inc. | 1.65% | 280,001 | $17.5M | Add +117.3% |
| KRMD Koru Medical Systems Inc. | 1.63% | 4,527,737 | $17.3M | Reduce -3.3% |
| ESTA Establishment Labs Holdings | 1.62% | 418,358 | $17.1M | Add +0.3% |
| ADMA Adma Biologics Inc. | 1.48% | 1,069,233 | $15.7M | Add +12.3% |
| IRON Disc Medicine Inc. | 1.44% | 231,186 | $15.3M | New |
| VERA Vera Therapeutics Inc. | 1.39% | 507,097 | $14.7M | Reduce -9.9% |
| NPCE Neuropace Inc. | 1.32% | 1,360,071 | $14.0M | Reduce -1.5% |
| CAI Caris Life Sciences Inc. | 1.12% | 403,924 | $11.9M | Reduce -8.8% |
| SLP Simulations Plus Inc. | 1.09% | 767,760 | $11.6M | Add +115.0% |
| RARE Ultragenyx Pharmaceutical Inc. | 0.81% | 285,699 | $8.6M | Reduce -47.9% |
| ABVX Abivax SA-ADR | 0.77% | 95,955 | $8.1M | New |
| SENS Senseonics Holdings Inc. | 0.74% | 18,007,632 | $7.8M | Reduce -49.6% |
| RGEN Repligen Corp. | 0.52% | 41,427 | $5.5M | Reduce -5.7% |
| GPCR Structure Therapeutics Inc. | 0.52% | 197,350 | $5.5M | Add +61.5% |
| MDGL Madrigal Pharmaceuticals Inc. | 0.50% | 11,539 | $5.3M | New |
| EVH Evolent Health Inc. Class A | 0.43% | 545,282 | $4.6M | Reduce -26.2% |
| ALHC Alignment Healthcare Inc. | 0.33% | 203,138 | $3.5M | Reduce -47.0% |
| RDNT Radnet Inc. | 0.30% | 42,280 | $3.2M | Reduce -38.5% |
| TECX Tectonic Therapeutic Inc. | 0.30% | 202,393 | $3.2M | New |
| BFLY Butterfly Network Inc. | 0.21% | 1,127,998 | $2.2M | Reduce -79.4% |
Portfolio Sells Q2 2025 → Q3 2025
| ANAB Anaptysbio Inc. | Reduce -72.0% | 2.86% | −7.33 |
| RARE Ultragenyx Pharmaceutical Inc. | Reduce -47.9% | 0.81% | −1.77 |
| SENS Senseonics Holdings Inc. | Reduce -49.6% | 0.74% | −1.47 |
| ATRC Atricure Inc. | Reduce -12.3% | 2.96% | −1.35 |
| IRTC Irhythm Holdings Inc. | Reduce -17.2% | 2.51% | −1.23 |
| BFLY Butterfly Network Inc. | Reduce -79.4% | 0.21% | −1.21 |
| ELDN Eledon Pharmaceuticals Inc. | Sold out | 0.00% | −0.91 |
| INSM Insmed Inc. | Sold out | 0.00% | −0.82 |
| XENE Xenon Pharmaceuticals Inc. | Sold out | 0.00% | −0.76 |
| EWTX Edgewise Therapeutics Inc. | Reduce -17.4% | 2.16% | −0.75 |
| NPCE Neuropace Inc. | Reduce -1.5% | 1.32% | −0.67 |
| EVH Evolent Health Inc. Class A | Reduce -26.2% | 0.43% | −0.64 |
| EOLS Evolus Inc. | Sold out | 0.00% | −0.62 |
| KRMD Koru Medical Systems Inc. | Reduce -3.3% | 1.63% | −0.54 |
| JANX Janux Therapeutics Inc. | Sold out | 0.00% | −0.45 |
| ALHC Alignment Healthcare Inc. | Reduce -47.0% | 0.33% | −0.36 |
| CAI Caris Life Sciences Inc. | Reduce -8.8% | 1.12% | −0.34 |
| VERA Vera Therapeutics Inc. | Reduce -9.9% | 1.39% | −0.33 |
| LNTH Lantheus Holdings Inc. | Sold out | 0.00% | −0.32 |
| RDNT Radnet Inc. | Reduce -38.5% | 0.30% | −0.20 |
| RGEN Repligen Corp. | Reduce -5.7% | 0.52% | −0.19 |
| CNTA Centessa Pharmaceuticals Ltd. | Reduce -15.3% | 8.31% | +1.00 |
| PHLT Performant Healthcare Inc. | Reduce -11.0% | 8.54% | +1.71 |
Portfolio Buys Q2 2025 → Q3 2025
| AMLX Amylyx Pharmaceuticals Inc. | New | 4.30% | +4.30 |
| AXGN Axogen Inc. | Add +28.2% | 9.76% | +3.39 |
| PVLA Palvella Therapeutics Inc. | New | 3.20% | +3.20 |
| LENZ Lenz Therapeutics Inc. | New | 3.04% | +3.04 |
| MRUS Merus NV | New | 1.99% | +1.99 |
| RYTM Rhythm Pharmaceuticals Inc. | New | 1.72% | +1.72 |
| CDTX Cidara Therapeutics Inc. | Add +62.0% | 2.64% | +1.50 |
| IRON Disc Medicine Inc. | New | 1.44% | +1.44 |
| MASS 908 Devices Inc. | Add +135.2% | 2.07% | +1.09 |
| MDXG Mimedx Group Inc. | Add +89.5% | 2.40% | +0.88 |
| GH Guardant Health Inc. | Add +117.3% | 1.65% | +0.78 |
| ABVX Abivax SA-ADR | New | 0.77% | +0.77 |
| NEO Neogenomics Inc. | Add +45.0% | 7.22% | +0.74 |
| MDGL Madrigal Pharmaceuticals Inc. | New | 0.50% | +0.50 |
| CRNX Crinetics Pharmaceuticals Inc. | Add +8.9% | 3.70% | +0.47 |
| TECX Tectonic Therapeutic Inc. | New | 0.30% | +0.30 |
| SLP Simulations Plus Inc. | Add +115.0% | 1.09% | +0.28 |
| GPCR Structure Therapeutics Inc. | Add +61.5% | 0.52% | +0.19 |
| ORGO Organogenesis Holdings Inc. | Add +10.6% | 2.98% | −0.23 |
| ESTA Establishment Labs Holdings | Add +0.3% | 1.62% | −0.69 |
| ADMA Adma Biologics Inc. | Add +12.3% | 1.48% | −0.77 |
| TWST Twist Bioscience Corp. | Add +26.4% | 3.17% | −1.34 |
| SIBN Si-Bone Inc. | Add +9.5% | 2.66% | −1.61 |
| HCAT Health Catalyst Inc. | Add +9.9% | 3.61% | −2.37 |
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 |