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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 $1,060,803,200 across 41 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 54.86% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001999371-25-017920

Period
2025-09-30
Reported value
$1.06B
Holdings
41
Top 10 weight
54.86%
New
9
Sold out
6

Largest buys vs the previous quarter

SecurityShares changeApprox. value
AMLXnew+3,355,882$45.6M
PVLAnew+541,544$33.9M
LENZnew+693,044$32.3M
NEOadded+3,080,837$23.8M
AXGNadded+1,276,487$22.8M

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-2,549,432-$78.1M
CNTAreduced-657,595-$15.9M
PERFORMANT HEALTHCARE INCreduced-1,451,769-$11.2M
BFLYreduced-4,337,034-$8.37M
RAREreduced-262,206-$7.89M

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, Q3 2025

Share positions as resolved from 13F-HR 0001999371-25-017920, largest first. % of portfolio is the value over $1,060,803,200, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
AXGNAXOGEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 5,805,730 shares 5,805,730$104M9.76%+1,276,487Timeline
PERFORMANT HEALTHCARE INCPERFORMANT HEALTHCARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 11,718,612 shares 11,718,612$90.6M8.54%-1,451,769
CNTACENTESSA PHARMACEUTICALS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 3,635,816 shares 3,635,816$88.2M8.31%-657,595Timeline
NEONEOGENOMICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 9,927,269 shares 9,927,269$76.6M7.22%+3,080,837Timeline
AMLXAMYLYX PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 3,355,882 shares 3,355,882$45.6M4.3%newTimeline
CRNXCRINETICS PHARMACEUTICALS INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 943,611 shares; 2024Q4: 885,453 shares; 2025Q1: 855,419 shares; 2025Q2: 864,136 shares; 2025Q3: 941,516 shares 941,516$39.2M3.7%+77,380Timeline
HCATHEALTH CATALYST INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 13,436,220 shares 13,436,220$38.3M3.61%+1,206,039Timeline
PVLAPALVELLA THERAPEUTICS INC NEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 541,544 shares 541,544$33.9M3.2%newTimeline
TWSTTWIST BIOSCIENCE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,226,255 shares; 2025Q1: 1,218,699 shares; 2025Q2: 945,033 shares; 2025Q3: 1,194,883 shares 1,194,883$33.6M3.17%+249,850Timeline
LENZLENZ THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 693,044 shares 693,044$32.3M3.04%newTimeline
ORGOORGANOGENESIS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 6,777,163 shares; 2025Q3: 7,497,911 shares 7,497,911$31.6M2.98%+720,748Timeline
ATRCATRICURE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 890,362 shares 890,362$31.4M2.96%-124,808Timeline
ANABANAPTYSBIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 948,131 shares; 2024Q4: 868,882 shares; 2025Q1: 4,633,602 shares; 2025Q2: 3,539,593 shares; 2025Q3: 990,161 shares 990,161$30.3M2.86%-2,549,432Timeline
SIBNSI BONE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,917,903 shares 1,917,903$28.2M2.66%+166,902Timeline
CDTXCIDARA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 180,615 shares; 2025Q3: 292,657 shares 292,657$28M2.64%+112,042Timeline
IRTCIRHYTHM HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 430,500 shares; 2025Q1: 325,046 shares; 2025Q2: 187,355 shares; 2025Q3: 155,099 shares 155,099$26.7M2.51%-32,256Timeline
MDXGMIMEDX GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 3,343,861 shares; 2025Q1: 3,453,074 shares; 2025Q2: 1,927,494 shares; 2025Q3: 3,652,952 shares 3,652,952$25.5M2.4%+1,725,458Timeline
EWTXEDGEWISE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 780,639 shares; 2025Q1: 1,852,290 shares; 2025Q2: 1,714,019 shares; 2025Q3: 1,414,994 shares 1,414,994$23M2.16%-299,025Timeline
MASS908 DEVICES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,701,095 shares; 2025Q2: 1,067,613 shares; 2025Q3: 2,510,496 shares 2,510,496$22M2.07%+1,442,883Timeline
MERUS N VMERUS N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 224,080 shares 224,080$21.1M1.99%new
RYTMRHYTHM PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 180,484 shares 180,484$18.2M1.72%newTimeline
GHGUARDANT HEALTH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 648,993 shares; 2024Q4: 309,389 shares; 2025Q1: 271,115 shares; 2025Q2: 128,868 shares; 2025Q3: 280,001 shares 280,001$17.5M1.65%+151,133Timeline
KRMDKORU MEDICAL SYSTEMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 4,527,737 shares 4,527,737$17.3M1.63%-153,889Timeline
ESTAESTABLISHMENT LABS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 336,870 shares; 2025Q2: 417,157 shares; 2025Q3: 418,358 shares 418,358$17.1M1.62%+1,201Timeline
ADMAADMA BIOLOGICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 952,096 shares; 2025Q3: 1,069,233 shares 1,069,233$15.7M1.48%+117,137Timeline
IRONDISC MEDICINE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 231,186 shares 231,186$15.3M1.44%newTimeline
VERAVERA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 705,234 shares; 2024Q4: 1,261,246 shares; 2025Q1: 1,175,879 shares; 2025Q2: 562,981 shares; 2025Q3: 507,097 shares 507,097$14.7M1.39%-55,884Timeline
NPCENEUROPACE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,584,048 shares; 2025Q2: 1,380,410 shares; 2025Q3: 1,360,071 shares 1,360,071$14M1.32%-20,339Timeline
CAICARIS LIFE SCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 443,043 shares; 2025Q3: 403,924 shares 403,924$11.9M1.12%-39,119Timeline
SLPSIMULATIONS PLUS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 357,157 shares; 2025Q3: 767,760 shares 767,760$11.6M1.09%+410,603Timeline
RAREULTRAGENYX PHARMACEUTICAL INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 755,102 shares; 2024Q4: 763,607 shares; 2025Q1: 632,033 shares; 2025Q2: 547,905 shares; 2025Q3: 285,699 shares 285,699$8.59M0.81%-262,206Timeline
ABVXABIVAX SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 95,955 shares 95,955$8.15M0.77%newTimeline
SENSEONICS HLDGS INCSENSEONICS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 6,431,799 shares; 2025Q1: 4,657,505 shares; 2025Q2: 35,708,124 shares; 2025Q3: 18,007,632 shares 18,007,632$7.85M0.74%-17,700,492
RGENREPLIGEN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 165,873 shares; 2024Q4: 82,455 shares; 2025Q1: 87,850 shares; 2025Q2: 43,949 shares; 2025Q3: 41,427 shares 41,427$5.54M0.52%-2,522Timeline
GPCRSTRUCTURE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 506,222 shares; 2024Q4: 398,855 shares; 2025Q1: 132,380 shares; 2025Q2: 122,226 shares; 2025Q3: 197,350 shares 197,350$5.53M0.52%+75,124Timeline
MDGLMADRIGAL PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 11,539 shares 11,539$5.29M0.5%newTimeline
EVHEVOLENT HEALTH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,298,261 shares; 2024Q4: 53,620 shares; 2025Q1: 585,436 shares; 2025Q2: 738,550 shares; 2025Q3: 545,282 shares 545,282$4.61M0.43%-193,268Timeline
ALHCALIGNMENT HEALTHCARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 956,441 shares; 2025Q2: 383,663 shares; 2025Q3: 203,138 shares 203,138$3.54M0.33%-180,525Timeline
RDNTRADNET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 68,694 shares; 2025Q3: 42,280 shares 42,280$3.22M0.3%-26,414Timeline
TECXTECTONIC THERAPEUTIC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 202,393 shares 202,393$3.18M0.3%newTimeline
BFLYBUTTERFLY NETWORK INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 3,994,620 shares; 2025Q1: 5,505,649 shares; 2025Q2: 5,465,032 shares; 2025Q3: 1,127,998 shares 1,127,998$2.18M0.21%-4,337,034Timeline

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
ELDNELEDON PHARMACEUTICALS INC2,600,498$7.05Mshares
INSMINSMED INC62,901$6.33Mshares
XENEXENON PHARMACEUTICALS INC188,367$5.9Mshares
EOLSEVOLUS INC520,631$4.8Mshares
JANXJANUX THERAPEUTICS INC149,596$3.46Mshares
LNTHLANTHEUS HLDGS INC30,045$2.46Mshares

How Q3 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 0001999371-25-017920 base2025-11-14acceptance time not in the bulk data set