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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 $771,311,137 across 38 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-14. Its ten largest share positions make up 60% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001999371-25-011375

Period
2025-06-30
Reported value
$771M
Holdings
38
Top 10 weight
60%
New
8
Sold out
7

Largest buys vs the previous quarter

SecurityShares changeApprox. value
ORGOnew+6,777,163$24.8M
ADMAnew+952,096$17.3M
SENSEONICS HLDGS INCadded+31,050,619$14.8M
CAInew+443,043$11.2M
CDTXnew+180,615$8.8M

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
ANABreduced-1,094,009-$24.3M
IRTCreduced-137,691-$21.2M
VERAreduced-612,898-$14.4M
XENEreduced-439,537-$13.8M
JANXreduced-509,228-$11.8M

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, Q2 2025

Share positions as resolved from 13F-HR 0001999371-25-011375, largest first. % of portfolio is the value over $771,311,137, 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; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 948,131 shares; 2024Q4: 868,882 shares; 2025Q1: 4,633,602 shares; 2025Q2: 3,539,593 shares 3,539,593$78.6M10.19%-1,094,009Timeline
CNTACENTESSA PHARMACEUTICALS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,940,132 shares; 2024Q4: 5,805,184 shares; 2025Q1: 4,874,124 shares; 2025Q2: 4,293,411 shares 4,293,411$56.4M7.31%-580,713Timeline
PERFORMANT HEALTHCARE INCPERFORMANT HEALTHCARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 11,210,400 shares; 2024Q4: 11,346,649 shares; 2025Q1: 11,693,033 shares; 2025Q2: 13,170,381 shares 13,170,381$52.7M6.83%+1,477,348
NEONEOGENOMICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,076,555 shares; 2024Q4: 3,167,585 shares; 2025Q1: 6,042,822 shares; 2025Q2: 6,846,432 shares 6,846,432$50M6.49%+803,610Timeline
AXGNAXOGEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,090,296 shares; 2024Q4: 4,506,795 shares; 2025Q1: 4,474,215 shares; 2025Q2: 4,529,243 shares 4,529,243$49.1M6.37%+55,028Timeline
HCATHEALTH CATALYST INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,296,490 shares; 2024Q4: 5,241,121 shares; 2025Q1: 10,436,807 shares; 2025Q2: 12,230,181 shares 12,230,181$46.1M5.98%+1,793,374Timeline
TWSTTWIST BIOSCIENCE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,226,255 shares; 2025Q1: 1,218,699 shares; 2025Q2: 945,033 shares 945,033$34.8M4.51%-273,666Timeline
ATRCATRICURE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,865,536 shares; 2024Q4: 1,969,221 shares; 2025Q1: 1,314,718 shares; 2025Q2: 1,015,170 shares 1,015,170$33.3M4.31%-299,548Timeline
SIBNSI BONE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,526,215 shares; 2024Q4: 1,136,982 shares; 2025Q1: 1,612,408 shares; 2025Q2: 1,751,001 shares 1,751,001$33M4.27%+138,593Timeline
IRTCIRHYTHM HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 430,500 shares; 2025Q1: 325,046 shares; 2025Q2: 187,355 shares 187,355$28.8M3.74%-137,691Timeline
CRNXCRINETICS PHARMACEUTICALS INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 943,611 shares; 2024Q4: 885,453 shares; 2025Q1: 855,419 shares; 2025Q2: 864,136 shares 864,136$24.9M3.22%+8,717Timeline
ORGOORGANOGENESIS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 6,777,163 shares 6,777,163$24.8M3.22%newTimeline
EWTXEDGEWISE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 780,639 shares; 2025Q1: 1,852,290 shares; 2025Q2: 1,714,019 shares 1,714,019$22.5M2.91%-138,271Timeline
RAREULTRAGENYX PHARMACEUTICAL INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 755,102 shares; 2024Q4: 763,607 shares; 2025Q1: 632,033 shares; 2025Q2: 547,905 shares 547,905$19.9M2.58%-84,128Timeline
ESTAESTABLISHMENT LABS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 336,870 shares; 2025Q2: 417,157 shares 417,157$17.8M2.31%+80,287Timeline
ADMAADMA BIOLOGICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 952,096 shares 952,096$17.3M2.25%newTimeline
SENSEONICS HLDGS INCSENSEONICS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 6,431,799 shares; 2025Q1: 4,657,505 shares; 2025Q2: 35,708,124 shares 35,708,124$17M2.21%+31,050,619
KRMDKORU MEDICAL SYSTEMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,598,925 shares; 2024Q4: 5,915,434 shares; 2025Q1: 4,454,926 shares; 2025Q2: 4,681,626 shares 4,681,626$16.8M2.17%+226,700Timeline
NPCENEUROPACE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,584,048 shares; 2025Q2: 1,380,410 shares 1,380,410$15.4M1.99%-203,638Timeline
VERAVERA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 705,234 shares; 2024Q4: 1,261,246 shares; 2025Q1: 1,175,879 shares; 2025Q2: 562,981 shares 562,981$13.3M1.72%-612,898Timeline
MDXGMIMEDX GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 3,343,861 shares; 2025Q1: 3,453,074 shares; 2025Q2: 1,927,494 shares 1,927,494$11.8M1.53%-1,525,580Timeline
CAICARIS LIFE SCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 443,043 shares 443,043$11.2M1.46%newTimeline
BFLYBUTTERFLY NETWORK INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 3,994,620 shares; 2025Q1: 5,505,649 shares; 2025Q2: 5,465,032 shares 5,465,032$10.9M1.42%-40,617Timeline
CDTXCIDARA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 180,615 shares 180,615$8.8M1.14%newTimeline
EVHEVOLENT HEALTH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,298,261 shares; 2024Q4: 53,620 shares; 2025Q1: 585,436 shares; 2025Q2: 738,550 shares 738,550$8.32M1.08%+153,114Timeline
MASS908 DEVICES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,701,095 shares; 2025Q2: 1,067,613 shares 1,067,613$7.61M0.99%-633,482Timeline
ELDNELEDON PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 2,328,768 shares; 2025Q1: 2,328,768 shares; 2025Q2: 2,600,498 shares 2,600,498$7.05M0.91%+271,730Timeline
GHGUARDANT HEALTH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 648,993 shares; 2024Q4: 309,389 shares; 2025Q1: 271,115 shares; 2025Q2: 128,868 shares 128,868$6.71M0.87%-142,247Timeline
INSMINSMED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 688,910 shares; 2024Q4: 470,192 shares; 2025Q1: 68,153 shares; 2025Q2: 62,901 shares 62,901$6.33M0.82%-5,252Timeline
SLPSIMULATIONS PLUS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 357,157 shares 357,157$6.23M0.81%newTimeline
XENEXENON PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,181,662 shares; 2024Q4: 1,160,580 shares; 2025Q1: 627,904 shares; 2025Q2: 188,367 shares 188,367$5.9M0.76%-439,537Timeline
RGENREPLIGEN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 165,873 shares; 2024Q4: 82,455 shares; 2025Q1: 87,850 shares; 2025Q2: 43,949 shares 43,949$5.47M0.71%-43,901Timeline
ALHCALIGNMENT HEALTHCARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 956,441 shares; 2025Q2: 383,663 shares 383,663$5.37M0.7%-572,778Timeline
EOLSEVOLUS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 520,631 shares 520,631$4.8M0.62%newTimeline
RDNTRADNET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 68,694 shares 68,694$3.91M0.51%newTimeline
JANXJANUX THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 313,782 shares; 2025Q1: 658,824 shares; 2025Q2: 149,596 shares 149,596$3.46M0.45%-509,228Timeline
GPCRSTRUCTURE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 506,222 shares; 2024Q4: 398,855 shares; 2025Q1: 132,380 shares; 2025Q2: 122,226 shares 122,226$2.53M0.33%-10,154Timeline
LNTHLANTHEUS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 30,045 shares 30,045$2.46M0.32%newTimeline

Sold out in Q2 2025

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

SecurityShares beforeValue beforeType
TMDXTRANSMEDICS GROUP INC107,860$7.26Mshares
OSCROSCAR HEALTH INC522,302$6.85Mshares
PARAGON 28 INCPARAGON 28 INC500,000$6.53Mshares
TNDMTANDEM DIABETES CARE INC245,257$4.7Mshares
PODDINSULET CORP17,022$4.47Mshares
PCVXVAXCYTE INC94,420$3.57Mshares
DIREXION DAILY S&P BIOTECH …DIREXION DAILY S&P BIOTECH BEAR 3…140,282$2.3Mshares

How Q2 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 0001999371-25-011375 base2025-08-14acceptance time not in the bulk data set