First Light Asset Management, LLC

Edina, MN · CIK 1600004 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2013 · limited liability company

Assets managed$1.4bn
Staff14 · 7 in investment roles
Main clients (by assets)Private funds 69%, High net worth individuals 25%, Individuals 3%
Private funds3 (3 hedge) · $975.2m gross assets
Form ADV · 2026-03-24SEC adviser record

Legal entityFIRST LIGHT ASSET MANAGEMENT, LLC (US)

$1.6bn reported value +47.4% vs Q1 2026

31positions

60.7%in top 10

2 new 17 added 12 reduced 6 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	NEOGENOMICS INC COM NEW NEO	NEO	12,279,523	$179.2m10.89%	10.89%	Added +2.5m	+2,549,545 26.2%
2	SI-BONE INC COM SIBN	SIBN	8,127,985	$132.6m8.06%	8.06%	Added +2.8m	+2,774,795 51.8%
3	AXOGEN INC COM AXGN	AXGN	2,748,361	$126.9m7.72%	7.72%	Reduced -1.3m	-1,254,407 -31.3%
4	APOGEE THERAPEUTICS INC COM COM		930,289	$123.5m7.50%	7.50%	Added +353.6k	+353,605 61.3%
5	PALVELLA THERAPEUTICS INC NE COM PVLA	PVLA	771,901	$118.0m7.17%	7.17%	Reduced -208.9k	-208,857 -21.3%
6	TWIST BIOSCIENCE CORP COM TWST	TWST	727,933	$74.9m4.55%	4.55%	Reduced -150.9k	-150,915 -17.2%
7	ENLIVEN THERAPEUTICS INC COM ELVN	ELVN	1,360,750	$69.1m4.20%	4.20%	Added +1.2m	+1,158,883 574.1%
8	GUARDANT HEALTH INC COM GH	GH	441,586	$66.3m4.03%	4.03%	Added +161.3k	+161,287 57.5%
9	908 DEVICES INC COM MASS	MASS	6,282,804	$54.7m3.32%	3.32%	Added +210.2k	+210,241 3.5%
10	AMYLYX PHARMACEUTICALS INC COM AMLX	AMLX	3,023,256	$54.3m3.30%	3.30%	Reduced -167.4k	-167,389 -5.2%
11	GENEDX HOLDINGS CORP COM CL A WGS	WGS	783,923	$53.8m3.27%	3.27%	Added +541.0k	+540,996 222.7%
12	SIMULATIONS PLUS INC COM COM		2,792,677	$51.1m3.11%	3.11%	Added +159.9k	+159,854 6.1%
13	TANDEM DIABETES CARE INC COM NEW TNDM	TNDM	3,383,553	$51.1m3.10%	3.10%	Added +2.1m	+2,068,838 157.4%
14	CRINETICS PHARMACEUTICALS IN COM CRNX	CRNX	1,360,866	$50.9m3.10%	3.10%	Added +271.2k	+271,196 24.9%
15	NEUROPACE INC COM NPCE	NPCE	2,861,167	$45.5m2.76%	2.76%	Added +401.2k	+401,201 16.3%
16	EDGEWISE THERAPEUTICS INC COM EWTX	EWTX	1,095,171	$44.5m2.70%	2.70%	Added +93.3k	+93,325 9.3%
17	ANAPTYSBIO INC COM ANAB	ANAB	582,004	$39.3m2.39%	2.39%	Added +16.6k	+16,573 2.9%
18	TREVI THERAPEUTICS INC COM TRVI	TRVI	2,097,215	$39.1m2.38%	2.38%	New
19	SEPTERNA INC COM SEPN	SEPN	963,260	$32.3m1.96%	1.96%	Added +230.4k	+230,400 31.4%
20	TRISALUS LIFE SCIENCES INC COM TLSI	TLSI	6,552,491	$29.8m1.81%	1.81%	Added +1.5m	+1,485,664 29.3%
21	TECTONIC THERAPEUTIC INC COM TECX	TECX	800,726	$27.5m1.67%	1.67%	Added +153.0k	+152,983 23.6%
22	HEALTH CATALYST INC COM HCAT	HCAT	12,810,861	$25.5m1.55%	1.55%	Reduced -67.8k	-67,839 -0.5%
23	BUTTERFLY NETWORK INC COM CL A BFLY	BFLY	2,642,404	$22.2m1.35%	1.35%	Reduced -17.8k	-17,763 -0.7%
24	ESTABLISHMENT LABS HLDGS INC COM ESTA	ESTA	246,577	$21.2m1.29%	1.29%	Reduced -61.2k	-61,161 -19.9%
25	VAXCYTE INC COM PCVX	PCVX	345,157	$20.1m1.22%	1.22%	Added +203.4k	+203,373 143.4%
26	IRHYTHM TECHNOLOGIES INC COM IRTC	IRTC	167,092	$19.9m1.21%	1.21%	Reduced -1.0k	-1,024 -0.6%
27	OMNICELL COM COM OMCL	OMCL	452,324	$18.8m1.14%	1.14%	Reduced -37.5k	-37,522 -7.7%
28	ATRICURE INC COM ATRC	ATRC	567,838	$15.9m0.97%	0.97%	Reduced -161.7k	-161,683 -22.2%
29	KORU MEDICAL SYSTEMS INC COM KRMD	KRMD	3,387,902	$14.2m0.86%	0.86%	Reduced -380.5k	-380,478 -10.1%
30	TACTILE SYS TECHNOLOGY INC COM TCMD	TCMD	462,562	$13.8m0.84%	0.84%	New
31	RHYTHM PHARMACEUTICALS INC COM RYTM	RYTM	85,765	$9.5m0.58%	0.58%	Reduced -1.4k	-1,416 -1.6%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
CENTESSA PHARMACEUTICALS PLC		1,560,991	$62.0m1.6m shares
WAVE LIFE SCIENCES LTD 96663EUR	96663EUR	1,843,968	$13.4m1.8m shares
VERA THERAPEUTICS INC VERA	VERA	313,906	$12.6m313.9k shares
MIMEDX GROUP INC MDXG	MDXG	2,842,892	$11.2m2.8m shares
SPYGLASS PHARMA INC SGP	SGP	375,000	$9.7m375.0k shares
ORGANOGENESIS HLDGS INC ORGO	ORGO	3,498,533	$8.3m3.5m shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
SI-BONE INC SIBN · 13G · filed 2026-05-07	SIBN	18.4%≈ $132.5m	+6.4 pts	13G	2026-05-07
HEALTH CATALYST INC HCAT · 13D · filed 2026-03-13	HCAT	18.3%≈ $26.8m	-1.4 pts	13D	2026-03-13
908 DEVICES INC MASS · 13G · filed 2026-02-17	MASS	17.1%≈ $53.8m	+4.2 pts	13G	2026-02-17
PERFORMANT HEALTHCARE INC PFMT · 13G · filed 2025-08-14	PFMT	16.4%		13G	2025-08-14
SIMULATIONS PLUS INC 13G · filed 2026-02-06		13.2%≈ $48.5m	new	13G	2026-02-06
NEUROPACE INC NPCE · 13G · filed 2026-09-04	NPCE	12.2%≈ $66.8m	+3.6 pts	13G	2026-09-04
TRISALUS LIFE SCIENCES INC TLSI · 13G · filed 2026-07-07	TLSI	10.7%≈ $30.0m	+2.0 pts	13G	2026-07-07
NEOGENOMICS INC NEO · 13G · filed 2026-08-14	NEO	8.4%≈ $157.0m	-2.5 pts	13G	2026-08-14
KORU MEDICAL SYSTEMS INC KRMD · 13G · filed 2026-02-17	KRMD	8.3%≈ $16.1m	-2.2 pts	13G	2026-02-17
AXOGEN INC AXGN · 13G · filed 2026-08-14	AXGN	7.6%≈ $188.1m	+0.8 pts	13G	2026-08-14
PALVELLA THERAPEUTICS INC NE PVLA · 13G · filed 2026-08-14	PVLA	5.3%≈ $117.5m	-2.2 pts	13G	2026-08-14