First Light Asset Management, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), First Light Asset Management, LLC reported 33 stock positions worth $1.3 billion. Its top holding was Axogen (AXGN) at 13.1% of the portfolio, followed by Neogenomics (NEO, 9.0%) and Si-Bone (SIBN, 7.6%). Compared with Q3 2025, it opened 6 new positions, sold out of 14, added to 14 and reduced 13. The biggest buy was Si-Bone (SIBN, shares +162%) and the biggest sale an exit from Performant Healthcare (PHLT).
- Most Recent 13F
- Q2 2026
- Location
- Edina, MN
- CIK
- 0001600004
- Portfolio Value
- $1.3B (Q4 2025)
- SEC Filing
- 0001999371-26-003511 ↗ filed Feb 17, 2026
Holdings Value
Holdings 33 stocks · $1.3B
| AXGN Axogen Inc. | 13.10% | 5,233,326 | $171.3M | Reduce -9.9% |
| NEO Neogenomics Inc. | 9.02% | 10,035,063 | $118.0M | Add +1.1% |
| SIBN Si-Bone Inc. | 7.59% | 5,032,904 | $99.2M | Add +162.4% |
| PVLA Palvella Therapeutics Inc. | 5.67% | 709,141 | $74.2M | Add +30.9% |
| CNTA Centessa Pharmaceuticals Ltd. | 4.36% | 2,278,940 | $57.0M | Reduce -37.3% |
| CRNX Crinetics Pharmaceuticals Inc. | 4.25% | 1,194,263 | $55.6M | Add +26.8% |
| ATRC Atricure Inc. | 3.56% | 1,175,445 | $46.5M | Add +32.0% |
| VERA Vera Therapeutics Inc. | 3.37% | 869,676 | $44.0M | Add +71.5% |
| IRON Disc Medicine Inc. | 3.18% | 523,167 | $41.5M | Add +126.3% |
| AMLX Amylyx Pharmaceuticals Inc. | 3.10% | 3,355,539 | $40.5M | Reduce -0.0% |
| EWTX Edgewise Therapeutics Inc. | 2.99% | 1,573,701 | $39.1M | Add +11.2% |
| MDGL Madrigal Pharmaceuticals Inc. | 2.98% | 66,831 | $38.9M | Add +479.2% |
| TWST Twist Bioscience Corp. | 2.77% | 1,140,771 | $36.2M | Reduce -4.5% |
| SLP Simulations Plus Inc. | 2.74% | 1,968,917 | $35.9M | Add +156.4% |
| RYTM Rhythm Pharmaceuticals Inc. | 2.42% | 295,844 | $31.7M | Add +63.9% |
| WVE Wave Life Sciences Ltd. | 2.41% | 1,853,851 | $31.5M | New |
| ANAB Anaptysbio Inc. | 2.40% | 646,238 | $31.3M | Reduce -34.7% |
| HCAT Health Catalyst Inc. | 2.36% | 12,910,941 | $30.9M | Reduce -3.9% |
| GH Guardant Health Inc. | 2.30% | 294,751 | $30.1M | Add +5.3% |
| IRTC Irhythm Holdings Inc. | 2.09% | 153,871 | $27.3M | Reduce -0.8% |
| ESTA Establishment Labs Holdings | 2.08% | 373,082 | $27.2M | Reduce -10.8% |
| MASS 908 Devices Inc. | 1.94% | 4,836,186 | $25.4M | Add +92.6% |
| KRMD Koru Medical Systems Inc. | 1.87% | 4,210,512 | $24.5M | Reduce -7.0% |
| TNDM Tandem Diabetes Care Inc. | 1.83% | 1,089,493 | $23.9M | New |
| APGE Apogee Therapeutics Inc. | 1.64% | 284,991 | $21.5M | New |
| NPCE Neuropace Inc. | 1.59% | 1,349,482 | $20.8M | Reduce -0.8% |
| MDXG Mimedx Group Inc. | 1.57% | 3,039,341 | $20.6M | Reduce -16.8% |
| ORGO Organogenesis Holdings Inc. | 1.53% | 3,862,820 | $20.0M | Reduce -48.5% |
| SEPN Septerna Inc. | 1.32% | 620,811 | $17.3M | New |
| ABVX Abivax SA-ADR | 0.91% | 88,674 | $12.0M | Reduce -7.6% |
| BFLY Butterfly Network Inc. | 0.82% | 2,812,131 | $10.7M | Add +149.3% |
| DYN Dyne Therapeutics Inc. | 0.23% | 155,231 | $3.0M | New |
| IWO iShares Russell 2000 Growth | 0.02% | 760 | $245K | New |
Portfolio Sells Q3 2025 → Q4 2025
| PHLT Performant Healthcare Inc. | Sold out | 0.00% | −8.54 |
| CNTA Centessa Pharmaceuticals Ltd. | Reduce -37.3% | 4.36% | −3.95 |
| LENZ Lenz Therapeutics Inc. | Sold out | 0.00% | −3.04 |
| CDTX Cidara Therapeutics Inc. | Sold out | 0.00% | −2.64 |
| MRUS Merus NV | Sold out | 0.00% | −1.99 |
| ADMA Adma Biologics Inc. | Sold out | 0.00% | −1.48 |
| ORGO Organogenesis Holdings Inc. | Reduce -48.5% | 1.53% | −1.45 |
| HCAT Health Catalyst Inc. | Reduce -3.9% | 2.36% | −1.25 |
| AMLX Amylyx Pharmaceuticals Inc. | Reduce -0.0% | 3.10% | −1.20 |
| CAI Caris Life Sciences Inc. | Sold out | 0.00% | −1.12 |
| MDXG Mimedx Group Inc. | Reduce -16.8% | 1.57% | −0.83 |
| RARE Ultragenyx Pharmaceutical Inc. | Sold out | 0.00% | −0.81 |
| SENS Senseonics Holdings Inc. | Sold out | 0.00% | −0.74 |
| RGEN Repligen Corp. | Sold out | 0.00% | −0.52 |
| GPCR Structure Therapeutics Inc. | Sold out | 0.00% | −0.52 |
| ANAB Anaptysbio Inc. | Reduce -34.7% | 2.40% | −0.46 |
| EVH Evolent Health Inc. Class A | Sold out | 0.00% | −0.43 |
| IRTC Irhythm Holdings Inc. | Reduce -0.8% | 2.09% | −0.43 |
| TWST Twist Bioscience Corp. | Reduce -4.5% | 2.77% | −0.40 |
| ALHC Alignment Healthcare Inc. | Sold out | 0.00% | −0.33 |
| RDNT Radnet Inc. | Sold out | 0.00% | −0.30 |
| TECX Tectonic Therapeutic Inc. | Sold out | 0.00% | −0.30 |
| ABVX Abivax SA-ADR | Reduce -7.6% | 0.91% | +0.15 |
| KRMD Koru Medical Systems Inc. | Reduce -7.0% | 1.87% | +0.24 |
| NPCE Neuropace Inc. | Reduce -0.8% | 1.59% | +0.27 |
| ESTA Establishment Labs Holdings | Reduce -10.8% | 2.08% | +0.46 |
| AXGN Axogen Inc. | Reduce -9.9% | 13.10% | +3.33 |
Portfolio Buys Q3 2025 → Q4 2025
| SIBN Si-Bone Inc. | Add +162.4% | 7.59% | +4.93 |
| MDGL Madrigal Pharmaceuticals Inc. | Add +479.2% | 2.98% | +2.48 |
| PVLA Palvella Therapeutics Inc. | Add +30.9% | 5.67% | +2.47 |
| WVE Wave Life Sciences Ltd. | New | 2.41% | +2.41 |
| VERA Vera Therapeutics Inc. | Add +71.5% | 3.37% | +1.98 |
| TNDM Tandem Diabetes Care Inc. | New | 1.83% | +1.83 |
| NEO Neogenomics Inc. | Add +1.1% | 9.02% | +1.80 |
| IRON Disc Medicine Inc. | Add +126.3% | 3.18% | +1.74 |
| SLP Simulations Plus Inc. | Add +156.4% | 2.74% | +1.65 |
| APGE Apogee Therapeutics Inc. | New | 1.64% | +1.64 |
| SEPN Septerna Inc. | New | 1.32% | +1.32 |
| EWTX Edgewise Therapeutics Inc. | Add +11.2% | 2.99% | +0.82 |
| RYTM Rhythm Pharmaceuticals Inc. | Add +63.9% | 2.42% | +0.70 |
| GH Guardant Health Inc. | Add +5.3% | 2.30% | +0.65 |
| BFLY Butterfly Network Inc. | Add +149.3% | 0.82% | +0.61 |
| ATRC Atricure Inc. | Add +32.0% | 3.56% | +0.60 |
| CRNX Crinetics Pharmaceuticals Inc. | Add +26.8% | 4.25% | +0.55 |
| DYN Dyne Therapeutics Inc. | New | 0.23% | +0.23 |
| IWO iShares Russell 2000 Growth | New | 0.02% | +0.02 |
| MASS 908 Devices Inc. | Add +92.6% | 1.94% | −0.13 |
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 |