CIK: 0001600004
Total reported value
$1.1B
Reporting period: 2026-03-31 · Number of holdings: 35
First Light Asset Management, LLC disclosed 35 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $1.1B and a quarterly turnover rate of 50.9%.
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First Light Asset Management, LLC's disclosed holdings carry a Herfindahl concentration index of 0.052 — mathematically equivalent to about 19 equally-sized positions, well below its 35 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.92), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 12% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Add PVLA
+38.3% $48.0M
Add APGE
+102.4% $27.0M
Trim NEO
-3.0% -$45.8M
Trim VERA
-63.9% -$31.4M
Trim RYTM
-70.5% -$24.1M
Trim ATRC
-37.9% -$25.7M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | AXGN | Axogen INC | Stock-Other | 11.88% | -1.22% | -23.51% | |
| 2 | PVLA | Palvella Therapeutics INC | Stock-Other | 10.96% | +5.29% | +38.30% | |
| 3 | NEO | Neogenomics INC | Stock-Healthcare | 6.47% | -2.55% | -3.04% | |
| 4 | SIBN | Si-bone INC | Stock-Other | 6.06% | -1.53% | +6.36% | |
| 5 | 260 | Centessa Pharmaceuticals-adr | Stock-Other | 5.56% | +1.20% | -31.50% | |
| 6 | APGE | Apogee Therapeutics INC | Stock-Other | 4.35% | +2.71% | +102.35% | |
| 7 | AMLX | Amylyx Pharmaceuticals INC | Stock-Other | 3.97% | +0.87% | -4.91% | |
| 8 | TWST | Twist Bioscience CORP | Stock-Other | 3.74% | +0.97% | -22.96% | |
| 9 | CRNX | Crinetics Pharmaceuticals In | Stock-Other | 3.55% | -0.70% | -8.76% | |
| 10 | MASS | 908 Devices INC | Stock-Other | 3.33% | +1.39% | +25.57% | |
| 11 | NPCE | Neuropace INC | Stock-Other | 2.90% | +1.31% | +82.29% | |
| 12 | EWTX | Edgewise Therapeutics INC | Stock-Other | 2.83% | -0.16% | -36.34% | |
| 13 | ANAB | Anaptysbio INC | Stock-Other | 2.81% | +0.41% | -12.50% | |
| 14 | SLP | Simulations Plus INC | Stock-Other | 2.79% | +0.05% | +33.72% | |
| 15 | GH | Guardant Health INC | Stock-Healthcare | 2.32% | +0.02% | -4.90% | |
| 16 | TNDM | Tandem Diabetes Care INC | Stock-Other | 2.26% | +0.43% | +20.67% | |
| 17 | ATRC | Atricure INC | Stock-Other | 1.87% | -1.69% | -37.94% | |
| 18 | TLSI | Trisalus Life Sciences INC | Stock-Other | 1.82% | +1.82% | NEW | |
| 19 | TECX | Tectonic Therapeutic INC | Stock-Other | 1.79% | +1.79% | NEW | |
| 20 | IRTC | Irhythm Holdings INC | Stock-Healthcare | 1.78% | -0.31% | +9.26% | |
| 21 | SEPN | Septerna INC | Stock-Other | 1.58% | +0.26% | +18.05% | |
| 22 | ✓ | Establishment Labs Hldgs INC | Stock-Other | 1.57% | -0.51% | -17.51% | |
| 23 | HCAT | Health Catalyst INC | Stock-Other | 1.47% | -0.89% | -0.25% | |
| 24 | OMCL | Omnicell INC | Stock-Healthcare | 1.47% | +1.47% | NEW | |
| 25 | KRMD | Koru Medical Systems INC | Stock-Other | 1.46% | -0.41% | -10.50% | |
| 26 | WGS | Genedx Holdings CORP | Stock-Other | 1.40% | +1.40% | NEW | |
| 27 | WVE | Wave Life Sciences Ltd. | Stock-Other | 1.20% | -1.21% | -0.53% | |
| 28 | VERA | Vera Therapeutics INC | Stock-Other | 1.13% | -2.24% | -63.91% | |
| 29 | MDXG | Mimedx Group INC | Stock-Other | 1.01% | -0.56% | -6.46% | |
| 30 | BFLY | Butterfly Network INC | Stock-Other | 0.96% | +0.14% | -5.40% | |
| 31 | SGP | Spyglass Pharma INC | Stock-Other | 0.87% | +0.87% | NEW | |
| 32 | ORGO | Organogenesis Holdings INC | Stock-Other | 0.74% | -0.79% | -9.43% | |
| 33 | PCVX | Vaxcyte INC | Stock-Other | 0.74% | +0.74% | NEW | |
| 34 | ELVN | Enliven Therapeutics INC | Stock-Other | 0.71% | +0.71% | NEW | |
| 35 | RYTM | Rhythm Pharmaceuticals INC | Stock-Other | 0.68% | -1.74% | -70.53% |
Performance for Q3 2026
+28.7%
Performance Last 4 Quarters
+87.5%
Based on 83% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 35 | $1.1B | 51 | |
| 2025-12-31 | 33 | $1.3B | 72 | |
| 2025-09-30 | 41 | $1.1B | 79 | |
| 2025-06-30 | 38 | $771.3M | 0 | |
| 2025-03-31 | 37 | $875.7M | 100 | |
| 2024-12-31 | 36 | $1.0B | 0 | |
| 2024-09-30 | 38 | $1.2B | 0 | |
| 2024-06-30 | 44 | $1.1B | 0 | |
| 2024-03-31 | 50 | $1.3B | 0 | |
| 2023-12-31 | 75 | $1.2B | 0 | |
| 2023-09-30 | 75 | $1.1B | 0 | |
| 2023-06-30 | 79 | $1.3B | 0 | |
| 2023-03-31 | 74 | $1.1B | 0 | |
| 2022-12-31 | 74 | $1.1B | 0 | |
| 2022-09-30 | 71 | $988.1M | 0 | |
| 2022-06-30 | 71 | $859.4M | 0 | |
| 2022-03-31 | 75 | $1.1B | 0 | |
| 2021-12-31 | 79 | $1.4B | 0 | |
| 2021-09-30 | 83 | $1.5B | 0 | |
| 2021-06-30 | 79 | $1.7B | 95 | |
| 2021-03-31 | 77 | $1.5B | 51 | |
| 2020-12-31 | 74 | $1.4B | 64 | |
| 2020-09-30 | 60 | $976.0M | 49 | |
| 2020-06-30 | 60 | $858.2M | 66 | |
| 2020-03-31 | 64 | $585.8M | 72 | |
| 2019-12-31 | 69 | $782.3M | 31 | |
| 2019-09-30 | 71 | $661.5M | 48 | |
| 2019-06-30 | 73 | $720.2M | 42 | |
| 2019-03-31 | 63 | $769.6M | 39 | |
| 2018-12-31 | 59 | $627.2M | 42 | |
| 2018-09-30 | 59 | $619.8M | 25 | |
| 2018-06-30 | 55 | $642.3M | 45 | |
| 2018-03-31 | 52 | $455.4M | 36 | |
| 2017-12-31 | 52 | $364.7M | 31 | |
| 2017-09-30 | 52 | $315.8M | 42 | |
| 2017-06-30 | 55 | $298.1M | 25 | |
| 2017-03-31 | 52 | $261.9M | 39 | |
| 2016-12-31 | 54 | $227.5M | 36 | |
| 2016-09-30 | 68 | $232.3M | 29 | |
| 2016-06-30 | 65 | $215.9M | 33 | |
| 2016-03-31 | 67 | $198.2M | 32 | |
| 2015-12-31 | 65 | $238.8M | 46 | |
| 2015-09-30 | 62 | $202.4M | 34 | |
| 2015-06-30 | 61 | $212.5M | 28 | |
| 2015-03-31 | 62 | $195.8M | 31 | |
| 2014-12-31 | 66 | $176.5M | 43 | |
| 2014-09-30 | 62 | $146.2M | 33 | |
| 2014-06-30 | 68 | $148.4M | 25 | |
| 2014-03-31 | 70 | $141.2M | 58 | |
| 2013-12-31 | 66 | $117.9M | 0 |
First Light Asset Management, LLC's most significant position changes for 2026-03-31: Sold out: Disc Medicine INC (IRON); Sold out: Madrigal Pharmaceuticals INC (MDGL); New buy: Trisalus Life Sciences INC (TLSI); New buy: Tectonic Therapeutic INC (TECX); New buy: Omnicell INC (OMCL).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | PVLA | Palvella Therapeutics INC | +5.3% | +38.30% | Add |
| 2 | APGE | Apogee Therapeutics INC | +2.7% | +102.35% | Add |
| 3 | MASS | 908 Devices INC | +1.4% | +25.57% | Add |
| 4 | NPCE | Neuropace INC | +1.3% | +82.29% | Add |
| 5 | 260 | Centessa Pharmaceuticals-adr | +1.2% | -31.50% | Trim |
| 6 | TWST | Twist Bioscience CORP | +1% | -22.96% | Trim |
| 7 | AMLX | Amylyx Pharmaceuticals INC | +0.9% | -4.91% | Trim |
| 8 | TNDM | Tandem Diabetes Care INC | +0.4% | +20.67% | Add |
| 9 | ANAB | Anaptysbio INC | +0.4% | -12.50% | Trim |
| 10 | SEPN | Septerna INC | +0.3% | +18.05% | Add |
| 11 | BFLY | Butterfly Network INC | +0.1% | -5.40% | Trim |
| 12 | SLP | Simulations Plus INC | +0.1% | +33.72% | Add |
| 13 | GH | Guardant Health INC | 0% | -4.90% | Trim |
| 14 | EWTX | Edgewise Therapeutics INC | -0.2% | -36.34% | Trim |
| 15 | IRTC | Irhythm Holdings INC | -0.3% | +9.26% | Add |
| 16 | KRMD | Koru Medical Systems INC | -0.4% | -10.50% | Trim |
| 17 | ✓ | Establishment Labs Hldgs INC | -0.5% | -17.51% | Trim |
| 18 | MDXG | Mimedx Group INC | -0.6% | -6.46% | Trim |
| 19 | CRNX | Crinetics Pharmaceuticals In | -0.7% | -8.76% | Trim |
| 20 | ORGO | Organogenesis Holdings INC | -0.8% | -9.43% | Trim |
| 21 | HCAT | Health Catalyst INC | -0.9% | -0.25% | Trim |
| 22 | WVE | Wave Life Sciences Ltd. | -1.2% | -0.53% | Trim |
| 23 | AXGN | Axogen INC | -1.2% | -23.51% | Trim |
| 24 | SIBN | Si-bone INC | -1.5% | +6.36% | Add |
| 25 | ATRC | Atricure INC | -1.7% | -37.94% | Trim |
| 26 | RYTM | Rhythm Pharmaceuticals INC | -1.7% | -70.53% | Trim |
| 27 | VERA | Vera Therapeutics INC | -2.2% | -63.91% | Trim |
| 28 | NEO | Neogenomics INC | -2.6% | -3.04% | Trim |
| 29 | IRON | Disc Medicine INC | — | EXIT | Sold out |
| 30 | MDGL | Madrigal Pharmaceuticals INC | — | EXIT | Sold out |
| 31 | TLSI | Trisalus Life Sciences INC | — | NEW | New buy |
| 32 | TECX | Tectonic Therapeutic INC | — | NEW | New buy |
| 33 | OMCL | Omnicell INC | — | NEW | New buy |
| 34 | WGS | Genedx Holdings CORP | — | NEW | New buy |
| 35 | ABVX | Abivax Sa-adr | — | EXIT | Sold out |
| 36 | SGP | Spyglass Pharma INC | — | NEW | New buy |
| 37 | PCVX | Vaxcyte INC | — | NEW | New buy |
| 38 | ELVN | Enliven Therapeutics INC | — | NEW | New buy |
| 39 | DYN | Dyne Therapeutics INC | — | EXIT | Sold out |
| 40 | IWO | Ishares Russell 2000 Growth | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-12 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-13 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-12 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-13 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-17 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-16 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-13 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-15 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-15 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-15 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-14 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-14 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-14 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-15 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-15 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-15 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-15 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-16 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-12 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-16 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-14 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-15 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-17 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-14 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-14 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-15 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-14 | 13F-HR | View on EDGAR |
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