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First Light Asset Management, LLC

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13F filer, CIK 1600004, Edina, MN

First Light Asset Management, LLC reported $875,711,490 across 37 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-05-15. Its ten largest share positions make up 62.04% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001999371-25-006243

Period
2025-03-31
Reported value
$876M
Holdings
37
Top 10 weight
62.04%
New
6
Sold out
5

Largest buys vs the previous quarter

SecurityShares changeApprox. value
ANABadded+3,764,720$70M
NEOadded+2,875,237$27.3M
EWTXadded+1,071,651$23.6M
HCATadded+5,195,686$23.5M
NPCEnew+1,584,048$19.5M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
PARAGON 28 INCreduced-10,080,467-$132M
INSMreduced-402,039-$30.7M
PLRXexited-1,681,110-$22.1M
ATRCreduced-654,503-$21.1M
XENEreduced-532,676-$17.9M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q1 2025

Share positions as resolved from 13F-HR 0001999371-25-006243, largest first. % of portfolio is the value over $875,711,490, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
ANABANAPTYSBIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 948,131 shares; 2024Q4: 868,882 shares; 2025Q1: 4,633,602 shares 4,633,602$86.1M9.84%+3,764,720Timeline
AXGNAXOGEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,090,296 shares; 2024Q4: 4,506,795 shares; 2025Q1: 4,474,215 shares 4,474,215$82.8M9.45%-32,580Timeline
CNTACENTESSA PHARMACEUTICALS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,940,132 shares; 2024Q4: 5,805,184 shares; 2025Q1: 4,874,124 shares 4,874,124$70.1M8%-931,060Timeline
NEONEOGENOMICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,076,555 shares; 2024Q4: 3,167,585 shares; 2025Q1: 6,042,822 shares 6,042,822$57.3M6.55%+2,875,237Timeline
TWSTTWIST BIOSCIENCE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,226,255 shares; 2025Q1: 1,218,699 shares 1,218,699$47.8M5.46%-7,556Timeline
HCATHEALTH CATALYST INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,296,490 shares; 2024Q4: 5,241,121 shares; 2025Q1: 10,436,807 shares 10,436,807$47.3M5.4%+5,195,686Timeline
ATRCATRICURE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,865,536 shares; 2024Q4: 1,969,221 shares; 2025Q1: 1,314,718 shares 1,314,718$42.4M4.84%-654,503Timeline
EWTXEDGEWISE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 780,639 shares; 2025Q1: 1,852,290 shares 1,852,290$40.8M4.65%+1,071,651Timeline
PERFORMANT HEALTHCARE INCPERFORMANT HEALTHCARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 11,210,400 shares; 2024Q4: 11,346,649 shares; 2025Q1: 11,693,033 shares 11,693,033$34.6M3.95%+346,384
IRTCIRHYTHM HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 430,500 shares; 2025Q1: 325,046 shares 325,046$34M3.89%-105,454Timeline
CRNXCRINETICS PHARMACEUTICALS INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 943,611 shares; 2024Q4: 885,453 shares; 2025Q1: 855,419 shares 855,419$28.7M3.28%-30,034Timeline
VERAVERA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 705,234 shares; 2024Q4: 1,261,246 shares; 2025Q1: 1,175,879 shares 1,175,879$28.2M3.23%-85,367Timeline
MDXGMIMEDX GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 3,343,861 shares; 2025Q1: 3,453,074 shares 3,453,074$26.2M3%+109,213Timeline
RAREULTRAGENYX PHARMACEUTICAL INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 755,102 shares; 2024Q4: 763,607 shares; 2025Q1: 632,033 shares 632,033$22.9M2.61%-131,574Timeline
SIBNSI BONE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,526,215 shares; 2024Q4: 1,136,982 shares; 2025Q1: 1,612,408 shares 1,612,408$22.6M2.58%+475,426Timeline
XENEXENON PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,181,662 shares; 2024Q4: 1,160,580 shares; 2025Q1: 627,904 shares 627,904$21.1M2.41%-532,676Timeline
NPCENEUROPACE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,584,048 shares 1,584,048$19.5M2.22%newTimeline
ALHCALIGNMENT HEALTHCARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 956,441 shares 956,441$17.8M2.03%newTimeline
JANXJANUX THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 313,782 shares; 2025Q1: 658,824 shares 658,824$17.8M2.03%+345,042Timeline
ESTAESTABLISHMENT LABS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 336,870 shares 336,870$13.7M1.57%newTimeline
BFLYBUTTERFLY NETWORK INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 3,994,620 shares; 2025Q1: 5,505,649 shares 5,505,649$12.6M1.43%+1,511,029Timeline
GHGUARDANT HEALTH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 648,993 shares; 2024Q4: 309,389 shares; 2025Q1: 271,115 shares 271,115$11.5M1.32%-38,274Timeline
KRMDKORU MEDICAL SYSTEMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,598,925 shares; 2024Q4: 5,915,434 shares; 2025Q1: 4,454,926 shares 4,454,926$11.3M1.29%-1,460,508Timeline
RGENREPLIGEN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 165,873 shares; 2024Q4: 82,455 shares; 2025Q1: 87,850 shares 87,850$11.2M1.28%+5,395Timeline
ELDNELEDON PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 2,328,768 shares; 2025Q1: 2,328,768 shares 2,328,768$7.89M0.9%0Timeline
MASS908 DEVICES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,701,095 shares 1,701,095$7.62M0.87%newTimeline
TMDXTRANSMEDICS GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 265,734 shares; 2024Q4: 139,757 shares; 2025Q1: 107,860 shares 107,860$7.26M0.83%-31,897Timeline
OSCROSCAR HEALTH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,765,892 shares; 2024Q4: 546,822 shares; 2025Q1: 522,302 shares 522,302$6.85M0.78%-24,520Timeline
PARAGON 28 INCPARAGON 28 INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,154,643 shares; 2024Q4: 10,580,467 shares; 2025Q1: 500,000 shares 500,000$6.53M0.75%-10,080,467
EVHEVOLENT HEALTH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,298,261 shares; 2024Q4: 53,620 shares; 2025Q1: 585,436 shares 585,436$5.54M0.63%+531,816Timeline
INSMINSMED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 688,910 shares; 2024Q4: 470,192 shares; 2025Q1: 68,153 shares 68,153$5.2M0.59%-402,039Timeline
TNDMTANDEM DIABETES CARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,025,307 shares; 2024Q4: 292,117 shares; 2025Q1: 245,257 shares 245,257$4.7M0.54%-46,860Timeline
PODDINSULET CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 159,082 shares; 2024Q4: 33,821 shares; 2025Q1: 17,022 shares 17,022$4.47M0.51%-16,799Timeline
PCVXVAXCYTE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 94,420 shares 94,420$3.57M0.41%newTimeline
SENSEONICS HLDGS INCSENSEONICS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 6,431,799 shares; 2025Q1: 4,657,505 shares 4,657,505$3.06M0.35%-1,774,294
DIREXION DAILY S&P BIOTECH …DIREXION DAILY S&P BIOTECH BEAR 3…Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 140,282 shares 140,282$2.3M0.26%new
GPCRSTRUCTURE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 506,222 shares; 2024Q4: 398,855 shares; 2025Q1: 132,380 shares 132,380$2.29M0.26%-266,475Timeline

Sold out in Q1 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
PLRXPLIANT THERAPEUTICS INC1,681,110$22.1Mshares
KYMRKYMERA THERAPEUTICS INC383,310$15.4Mshares
NTRANATERA INC93,088$14.7Mshares
DYNDYNE THERAPEUTICS INC420,431$9.91Mshares
IWOISHARES TR1,208$348Kshares

How Q1 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001999371-25-006243 base2025-05-15acceptance time not in the bulk data set