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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 $1,307,967,511 across 33 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 57.19% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001999371-26-003511

Period
2025-12-31
Reported value
$1.31B
Holdings
33
Top 10 weight
57.19%
New
6
Sold out
14

Largest buys vs the previous quarter

SecurityShares changeApprox. value
SIBNadded+3,115,001$61.4M
MDGLadded+55,292$32.2M
WVEnew+1,853,851$31.5M
TNDMnew+1,089,493$23.9M
IRONadded+291,981$23.2M

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
PERFORMANT HEALTHCARE INCexited-11,718,612-$90.6M
CNTAreduced-1,356,876-$33.9M
LENZexited-693,044-$32.3M
CDTXexited-292,657-$28M
MERUS N Vexited-224,080-$21.1M

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, Q4 2025

Share positions as resolved from 13F-HR 0001999371-26-003511, largest first. % of portfolio is the value over $1,307,967,511, 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; 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; 2025Q4: 5,233,326 shares 5,233,326$171M13.1%-572,404Timeline
NEONEOGENOMICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 10,035,063 shares 10,035,063$118M9.02%+107,794Timeline
SIBNSI BONE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 5,032,904 shares 5,032,904$99.2M7.59%+3,115,001Timeline
PVLAPALVELLA THERAPEUTICS INC NEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 541,544 shares; 2025Q4: 709,141 shares 709,141$74.2M5.67%+167,597Timeline
CNTACENTESSA PHARMACEUTICALS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,278,940 shares 2,278,940$57M4.36%-1,356,876Timeline
CRNXCRINETICS PHARMACEUTICALS INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 943,611 shares; 2024Q4: 885,453 shares; 2025Q1: 855,419 shares; 2025Q2: 864,136 shares; 2025Q3: 941,516 shares; 2025Q4: 1,194,263 shares 1,194,263$55.6M4.25%+252,747Timeline
ATRCATRICURE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,175,445 shares 1,175,445$46.5M3.56%+285,083Timeline
VERAVERA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 869,676 shares 869,676$44M3.37%+362,579Timeline
IRONDISC MEDICINE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 231,186 shares; 2025Q4: 523,167 shares 523,167$41.5M3.18%+291,981Timeline
AMLXAMYLYX PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 3,355,882 shares; 2025Q4: 3,355,539 shares 3,355,539$40.5M3.1%-343Timeline
EWTXEDGEWISE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,573,701 shares 1,573,701$39.1M2.99%+158,707Timeline
MDGLMADRIGAL PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 11,539 shares; 2025Q4: 66,831 shares 66,831$38.9M2.98%+55,292Timeline
TWSTTWIST BIOSCIENCE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,140,771 shares 1,140,771$36.2M2.77%-54,112Timeline
SLPSIMULATIONS PLUS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 357,157 shares; 2025Q3: 767,760 shares; 2025Q4: 1,968,917 shares 1,968,917$35.9M2.74%+1,201,157Timeline
RYTMRHYTHM PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 180,484 shares; 2025Q4: 295,844 shares 295,844$31.7M2.42%+115,360Timeline
WVEWAVE LIFE SCIENCES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,853,851 shares 1,853,851$31.5M2.41%newTimeline
ANABANAPTYSBIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 646,238 shares 646,238$31.3M2.4%-343,923Timeline
HCATHEALTH CATALYST INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 12,910,941 shares 12,910,941$30.9M2.36%-525,279Timeline
GHGUARDANT HEALTH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 648,993 shares; 2024Q4: 309,389 shares; 2025Q1: 271,115 shares; 2025Q2: 128,868 shares; 2025Q3: 280,001 shares; 2025Q4: 294,751 shares 294,751$30.1M2.3%+14,750Timeline
IRTCIRHYTHM HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 430,500 shares; 2025Q1: 325,046 shares; 2025Q2: 187,355 shares; 2025Q3: 155,099 shares; 2025Q4: 153,871 shares 153,871$27.3M2.09%-1,228Timeline
ESTAESTABLISHMENT LABS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 336,870 shares; 2025Q2: 417,157 shares; 2025Q3: 418,358 shares; 2025Q4: 373,082 shares 373,082$27.2M2.08%-45,276Timeline
MASS908 DEVICES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 4,836,186 shares 4,836,186$25.4M1.94%+2,325,690Timeline
KRMDKORU MEDICAL SYSTEMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 4,210,512 shares 4,210,512$24.5M1.87%-317,225Timeline
TNDMTANDEM DIABETES CARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,025,307 shares; 2024Q4: 292,117 shares; 2025Q1: 245,257 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,089,493 shares 1,089,493$23.9M1.83%newTimeline
APGEAPOGEE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 284,991 shares 284,991$21.5M1.64%newTimeline
NPCENEUROPACE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,349,482 shares 1,349,482$20.8M1.59%-10,589Timeline
MDXGMIMEDX GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,039,341 shares 3,039,341$20.6M1.57%-613,611Timeline
ORGOORGANOGENESIS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 6,777,163 shares; 2025Q3: 7,497,911 shares; 2025Q4: 3,862,820 shares 3,862,820$20M1.53%-3,635,091Timeline
SEPNSEPTERNA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 620,811 shares 620,811$17.3M1.32%newTimeline
ABVXABIVAX SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 95,955 shares; 2025Q4: 88,674 shares 88,674$12M0.91%-7,281Timeline
BFLYBUTTERFLY NETWORK INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,812,131 shares 2,812,131$10.7M0.82%+1,684,133Timeline
DYNDYNE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,257,285 shares; 2024Q4: 420,431 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 155,231 shares 155,231$3.04M0.23%newTimeline
IWOISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,208 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 760 shares 760$245K0.02%newTimeline

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
PERFORMANT HEALTHCARE INCPERFORMANT HEALTHCARE INC11,718,612$90.6Mshares
LENZLENZ THERAPEUTICS INC693,044$32.3Mshares
CDTXCIDARA THERAPEUTICS INC292,657$28Mshares
MERUS N VMERUS N V224,080$21.1Mshares
ADMAADMA BIOLOGICS INC1,069,233$15.7Mshares
CAICARIS LIFE SCIENCES INC403,924$11.9Mshares
RAREULTRAGENYX PHARMACEUTICAL IN285,699$8.59Mshares
SENSEONICS HLDGS INCSENSEONICS HLDGS INC18,007,632$7.85Mshares
RGENREPLIGEN CORP41,427$5.54Mshares
GPCRSTRUCTURE THERAPEUTICS INC197,350$5.53Mshares
EVHEVOLENT HEALTH INC545,282$4.61Mshares
ALHCALIGNMENT HEALTHCARE INC203,138$3.54Mshares
RDNTRADNET INC42,280$3.22Mshares
TECXTECTONIC THERAPEUTIC INC202,393$3.18Mshares

How Q4 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 0001999371-26-003511 base2026-02-17acceptance time not in the bulk data set