First Light Asset Management, LLC
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), First Light Asset Management, LLC reported 35 stock positions worth $1.1 billion. Its top holding was Axogen (AXGN) at 11.9% of the portfolio, followed by Palvella Therapeutics (PVLA, 11.0%) and Neogenomics (NEO, 6.5%). Compared with Q4 2025, it opened 7 new positions, sold out of 5, added to 9 and reduced 19. The biggest buy was Palvella Therapeutics (PVLA, shares +38%) and the biggest sale an exit from Disc Medicine (IRON).
- Most Recent 13F
- Q2 2026
- Location
- Edina, MN
- CIK
- 0001600004
- Portfolio Value
- $1.1B (Q1 2026)
- SEC Filing
- 0001999371-26-010896 ↗ filed May 15, 2026
Holdings Value
Holdings 35 stocks · $1.1B
| AXGN Axogen Inc. | 11.88% | 4,002,768 | $132.6M | Reduce -23.5% |
| PVLA Palvella Therapeutics Inc. | 10.96% | 980,758 | $122.3M | Add +38.3% |
| NEO Neogenomics Inc. | 6.47% | 9,729,978 | $72.2M | Reduce -3.0% |
| SIBN Si-Bone Inc. | 6.06% | 5,353,190 | $67.6M | Add +6.4% |
| CNTA Centessa Pharmaceuticals Ltd. | 5.56% | 1,560,991 | $62.0M | Reduce -31.5% |
| APGE Apogee Therapeutics Inc. | 4.35% | 576,684 | $48.5M | Add +102.3% |
| AMLX Amylyx Pharmaceuticals Inc. | 3.97% | 3,190,645 | $44.3M | Reduce -4.9% |
| TWST Twist Bioscience Corp. | 3.74% | 878,848 | $41.8M | Reduce -23.0% |
| CRNX Crinetics Pharmaceuticals Inc. | 3.55% | 1,089,670 | $39.6M | Reduce -8.8% |
| MASS 908 Devices Inc. | 3.33% | 6,072,563 | $37.2M | Add +25.6% |
| NPCE Neuropace Inc. | 2.90% | 2,459,966 | $32.3M | Add +82.3% |
| EWTX Edgewise Therapeutics Inc. | 2.83% | 1,001,846 | $31.6M | Reduce -36.3% |
| ANAB Anaptysbio Inc. | 2.81% | 565,431 | $31.4M | Reduce -12.5% |
| SLP Simulations Plus Inc. | 2.79% | 2,632,823 | $31.1M | Add +33.7% |
| GH Guardant Health Inc. | 2.32% | 280,299 | $25.9M | Reduce -4.9% |
| TNDM Tandem Diabetes Care Inc. | 2.26% | 1,314,715 | $25.2M | Add +20.7% |
| ATRC Atricure Inc. | 1.87% | 729,521 | $20.8M | Reduce -37.9% |
| TLSI Trisalus Life Sciences Inc. | 1.82% | 5,066,827 | $20.3M | New |
| TECX Tectonic Therapeutic Inc. | 1.79% | 647,743 | $20.0M | New |
| IRTC Irhythm Holdings Inc. | 1.78% | 168,116 | $19.8M | Add +9.3% |
| SEPN Septerna Inc. | 1.58% | 732,860 | $17.6M | Add +18.1% |
| ESTA Establishment Labs Holdings | 1.57% | 307,738 | $17.5M | Reduce -17.5% |
| HCAT Health Catalyst Inc. | 1.47% | 12,878,700 | $16.4M | Reduce -0.3% |
| OMCL Omnicell Inc. | 1.47% | 489,846 | $16.4M | New |
| KRMD Koru Medical Systems Inc. | 1.46% | 3,768,380 | $16.3M | Reduce -10.5% |
| WGS Genedx Holdings Corp. | 1.40% | 242,927 | $15.6M | New |
| WVE Wave Life Sciences Ltd. | 1.20% | 1,843,968 | $13.4M | Reduce -0.5% |
| VERA Vera Therapeutics Inc. | 1.13% | 313,906 | $12.6M | Reduce -63.9% |
| MDXG Mimedx Group Inc. | 1.01% | 2,842,892 | $11.2M | Reduce -6.5% |
| BFLY Butterfly Network Inc. | 0.96% | 2,660,167 | $10.7M | Reduce -5.4% |
| SGP Spyglass Pharma Inc. | 0.87% | 375,000 | $9.7M | New |
| ORGO Organogenesis Holdings Inc. | 0.74% | 3,498,533 | $8.3M | Reduce -9.4% |
| PCVX Vaxcyte Inc. | 0.74% | 141,784 | $8.2M | New |
| ELVN Enliven Therapeutics Inc. | 0.71% | 201,867 | $7.9M | New |
| RYTM Rhythm Pharmaceuticals Inc. | 0.68% | 87,181 | $7.6M | Reduce -70.5% |
Portfolio Sells Q4 2025 → Q1 2026
| IRON Disc Medicine Inc. | Sold out | 0.00% | −3.18 |
| MDGL Madrigal Pharmaceuticals Inc. | Sold out | 0.00% | −2.98 |
| NEO Neogenomics Inc. | Reduce -3.0% | 6.47% | −2.55 |
| VERA Vera Therapeutics Inc. | Reduce -63.9% | 1.13% | −2.24 |
| RYTM Rhythm Pharmaceuticals Inc. | Reduce -70.5% | 0.68% | −1.74 |
| ATRC Atricure Inc. | Reduce -37.9% | 1.87% | −1.69 |
| AXGN Axogen Inc. | Reduce -23.5% | 11.88% | −1.21 |
| WVE Wave Life Sciences Ltd. | Reduce -0.5% | 1.20% | −1.21 |
| ABVX Abivax SA-ADR | Sold out | 0.00% | −0.91 |
| HCAT Health Catalyst Inc. | Reduce -0.3% | 1.47% | −0.89 |
| ORGO Organogenesis Holdings Inc. | Reduce -9.4% | 0.74% | −0.79 |
| CRNX Crinetics Pharmaceuticals Inc. | Reduce -8.8% | 3.55% | −0.70 |
| MDXG Mimedx Group Inc. | Reduce -6.5% | 1.01% | −0.57 |
| ESTA Establishment Labs Holdings | Reduce -17.5% | 1.57% | −0.51 |
| KRMD Koru Medical Systems Inc. | Reduce -10.5% | 1.46% | −0.41 |
| DYN Dyne Therapeutics Inc. | Sold out | 0.00% | −0.23 |
| EWTX Edgewise Therapeutics Inc. | Reduce -36.3% | 2.83% | −0.16 |
| IWO iShares Russell 2000 Growth | Sold out | 0.00% | −0.02 |
| GH Guardant Health Inc. | Reduce -4.9% | 2.32% | +0.02 |
| BFLY Butterfly Network Inc. | Reduce -5.4% | 0.96% | +0.15 |
| ANAB Anaptysbio Inc. | Reduce -12.5% | 2.81% | +0.41 |
| AMLX Amylyx Pharmaceuticals Inc. | Reduce -4.9% | 3.97% | +0.88 |
| TWST Twist Bioscience Corp. | Reduce -23.0% | 3.74% | +0.98 |
| CNTA Centessa Pharmaceuticals Ltd. | Reduce -31.5% | 5.56% | +1.20 |
Portfolio Buys Q4 2025 → Q1 2026
| PVLA Palvella Therapeutics Inc. | Add +38.3% | 10.96% | +5.28 |
| APGE Apogee Therapeutics Inc. | Add +102.3% | 4.35% | +2.71 |
| TLSI Trisalus Life Sciences Inc. | New | 1.82% | +1.82 |
| TECX Tectonic Therapeutic Inc. | New | 1.79% | +1.79 |
| OMCL Omnicell Inc. | New | 1.47% | +1.47 |
| WGS Genedx Holdings Corp. | New | 1.40% | +1.40 |
| MASS 908 Devices Inc. | Add +25.6% | 3.33% | +1.39 |
| NPCE Neuropace Inc. | Add +82.3% | 2.90% | +1.31 |
| SGP Spyglass Pharma Inc. | New | 0.87% | +0.87 |
| PCVX Vaxcyte Inc. | New | 0.74% | +0.74 |
| ELVN Enliven Therapeutics Inc. | New | 0.71% | +0.71 |
| TNDM Tandem Diabetes Care Inc. | Add +20.7% | 2.26% | +0.43 |
| SEPN Septerna Inc. | Add +18.1% | 1.58% | +0.25 |
| SLP Simulations Plus Inc. | Add +33.7% | 2.79% | +0.04 |
| IRTC Irhythm Holdings Inc. | Add +9.3% | 1.78% | −0.31 |
| SIBN Si-Bone Inc. | Add +6.4% | 6.06% | −1.53 |
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 |