First Light Asset Management, LLC

CIK

1600004

Location

EDINA, MN

Portfolio Value

Mid $1,115,876,289

Diversification

Diversified

Filing Date

Global Rank

#1,656 / 8,622 ▼ 91 · as of Mar 2026

Top Industry

Biotechnology 39.8%

3Y Alpha vs SPY

-12.6%

Period ended 4 months ago

Filed May 15, 2026 · 3mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.

Cloned portfolio

+20.3%

SPY

+67.9%

Annualised alpha

-12.5%

Max drawdown

−43.6%

Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 100% of reported value on average across 13 quarters. Past performance does not predict future results.

Portfolio Concentration

35 tracked positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

11.9%

−1.2 pts

Top 5

40.9%

+1.2 pts

Top 10

59.9%

+2.7 pts

HHI

520

Diversified+2

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Healthcare	100.0%	$1,115,876,289	35

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

9 positions

Ticker	Company	Δ Shares	Shares	Value
MASS	908 Devices Inc.	+1,236,377	6,072,563	$37,164,085
NPCE	NeuroPace Inc	+1,110,484	2,459,966	$32,348,552
SLP	Simulations Plus, Inc.	+663,906	2,632,823	$31,119,967
SIBN	SI-BONE, Inc.	+320,286	5,353,190	$67,610,789
APGE	Apogee Therapeutics, Inc.	+291,693	576,684	$48,539,492
PVLA	Palvella Therapeutics, Inc.	+271,617	980,758	$122,251,484
TNDM	Tandem Diabetes Care Inc	+225,222	1,314,715	$25,203,086
SEPN	Septerna, Inc.	+112,049	732,860	$17,610,625
IRTC	iRhythm Holdings, Inc.	+14,245	168,116	$19,841,050
No positions match the current search.

Trimmed

Positions the filer reduced

19 positions

Ticker	Company	Δ Shares	Shares	Value
AXGN	Axogen, Inc.	−1,230,558	4,002,768	$132,611,703
CNTA	Centessa Pharmaceuticals plc	−717,949	1,560,991	$62,002,562
EWTX	Edgewise Therapeutics, Inc.	−571,855	1,001,846	$31,558,149
VERA	Vera Therapeutics, Inc.	−555,770	313,906	$12,628,438
ATRC	AtriCure, Inc.	−445,924	729,521	$20,813,234
KRMD	KORU Medical Systems, Inc.	−442,132	3,768,380	$16,279,401
ORGO	Organogenesis Holdings Inc.	−364,287	3,498,533	$8,291,523
NEO	Neogenomics Inc	−305,085	9,729,978	$72,196,436
TWST	Twist Bioscience Corp	−261,923	878,848	$41,762,856
RYTM	Rhythm Pharmaceuticals, Inc.	−208,663	87,181	$7,582,131
MDXG	Mimedx Group, Inc.	−196,449	2,842,892	$11,229,423
AMLX	Amylyx Pharmaceuticals, Inc.	−164,894	3,190,645	$44,349,965
BFLY	Butterfly Network, Inc.	−151,964	2,660,167	$10,747,074
CRNX	Crinetics Pharmaceuticals, Inc.	−104,593	1,089,670	$39,576,814
ANAB	Anaptysbio, Inc	−80,807	565,431	$31,358,774
ESTA	Establishment Labs Holdings Inc.	−65,344	307,738	$17,473,363
HCAT	Health Catalyst, Inc.	−32,241	12,878,700	$16,355,949
GH	Guardant Health, Inc.	−14,452	280,299	$25,891,218
WVE	Wave Life Sciences Ltd.	−9,883	1,843,968	$13,368,768
No positions match the current search.

New Positions

Positions the filer opened this quarter

7 positions

Ticker	Company	Shares	Value
TLSI	TriSalus Life Sciences, Inc.	5,066,827	$20,267,308
TECX	Tectonic Therapeutic, Inc.	647,743	$20,021,736
OMCL	Omnicell, Inc.	489,846	$16,351,059
WGS	GeneDx Holdings Corp.	242,927	$15,600,771
SGP	SpyGlass Pharma, Inc.	375,000	$9,716,250
PCVX	Vaxcyte, Inc.	141,784	$8,239,068
ELVN	Enliven Therapeutics, Inc.	201,867	$7,913,186
No positions match the current search.

Sold Out

Positions the filer fully exited

4 positions

Ticker	Company	Shares	Value
IRON	Disc Medicine, Inc.	523,167	$41,544,691
MDGL	Madrigal Pharmaceuticals, Inc.	66,831	$38,918,364
ABVX	Abivax S.A.	88,674	$11,958,132
DYN	Dyne Therapeutics, Inc.	155,231	$3,036,318
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

35 tracked positions · $1,115,876,289 total · filing declares 35 positions · $1,115,876,336 · as of Mar 31, 2026

All sectors Healthcare

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
AXGN	Axogen, Inc. Healthcare	Reduced	4,002,768	-1,230,558	$132,611,703	−22.6%	11.88%
PVLA	Palvella Therapeutics, Inc. Healthcare	Reduced	980,758	-615,414	$122,251,484	−26.8%	10.96%
NEO	Neogenomics Inc Healthcare	Reduced	9,729,978	-305,085	$72,196,436	−38.8%	6.47%
SIBN	SI-BONE, Inc. Healthcare	Added	5,353,190	+320,286	$67,610,789	−31.9%	6.06%
CNTA	Centessa Pharmaceuticals plc Healthcare	Reduced	1,560,991	-717,949	$62,002,562	+8.8%	5.56%
APGE	Apogee Therapeutics, Inc. Healthcare	Added	576,684	+291,693	$48,539,492	+125.6%	4.35%
AMLX	Amylyx Pharmaceuticals, Inc. Healthcare	Reduced	3,190,645	-164,894	$44,349,965	+9.4%	3.97%
TWST	Twist Bioscience Corp Healthcare	Reduced	878,848	-261,923	$41,762,856	+15.4%	3.74%
CRNX	Crinetics Pharmaceuticals, Inc. Healthcare	Reduced	1,089,670	-104,593	$39,576,814	−28.8%	3.55%
MASS	908 Devices Inc. Healthcare	Added	6,072,563	+1,236,377	$37,164,085	+46.4%	3.33%
NPCE	NeuroPace Inc Healthcare	Added	2,459,966	+1,110,484	$32,348,552	+55.3%	2.90%
EWTX	Edgewise Therapeutics, Inc. Healthcare	Reduced	1,001,846	-571,855	$31,558,149	−19.2%	2.83%
ANAB	Anaptysbio, Inc Healthcare	Reduced	565,431	-80,807	$31,358,774	+0.1%	2.81%
SLP	Simulations Plus, Inc. Healthcare	Added	2,632,823	+663,906	$31,119,967	−13.3%	2.79%
GH	Guardant Health, Inc. Healthcare	Reduced	280,299	-14,452	$25,891,218	−14.0%	2.32%
TNDM	Tandem Diabetes Care Inc Healthcare	Added	1,314,715	+225,222	$25,203,086	+5.2%	2.26%
ATRC	AtriCure, Inc. Healthcare	Reduced	729,521	-445,924	$20,813,234	−55.2%	1.87%
TLSI	TriSalus Life Sciences, Inc. Healthcare	NEW	5,066,827	NEW	$20,267,308	NEW	1.82%
TECX	Tectonic Therapeutic, Inc. Healthcare	NEW	647,743	NEW	$20,021,736	NEW	1.79%
IRTC	iRhythm Holdings, Inc. Healthcare	Added	168,116	+14,245	$19,841,050	−27.3%	1.78%
SEPN	Septerna, Inc. Healthcare	Added	732,860	+112,049	$17,610,625	+1.7%	1.58%
ESTA	Establishment Labs Holdings Inc. Healthcare	Reduced	307,738	-65,344	$17,473,363	−35.7%	1.57%
HCAT	Health Catalyst, Inc. Healthcare	Reduced	12,878,700	-32,241	$16,355,949	−47.0%	1.47%
OMCL	Omnicell, Inc. Healthcare	NEW	489,846	NEW	$16,351,059	NEW	1.47%
KRMD	KORU Medical Systems, Inc. Healthcare	Reduced	3,768,380	-442,132	$16,279,401	−33.5%	1.46%
WGS	GeneDx Holdings Corp. Healthcare	NEW	242,927	NEW	$15,600,771	NEW	1.40%
WVE	Wave Life Sciences Ltd. Healthcare	Reduced	1,843,968	-9,883	$13,368,768	−57.6%	1.20%
VERA	Vera Therapeutics, Inc. Healthcare	Reduced	313,906	-555,770	$12,628,438	−71.3%	1.13%
MDXG	Mimedx Group, Inc. Healthcare	Reduced	2,842,892	-196,449	$11,229,423	−45.4%	1.01%
BFLY	Butterfly Network, Inc. Healthcare	Reduced	2,660,167	-151,964	$10,747,074	+0.6%	0.96%
SGP	SpyGlass Pharma, Inc. Healthcare	NEW	375,000	NEW	$9,716,250	NEW	0.87%
ORGO	Organogenesis Holdings Inc. Healthcare	Reduced	3,498,533	-4,253,103	$8,291,523	−79.4%	0.74%
PCVX	Vaxcyte, Inc. Healthcare	NEW	141,784	NEW	$8,239,068	NEW	0.74%
ELVN	Enliven Therapeutics, Inc. Healthcare	NEW	201,867	NEW	$7,913,186	NEW	0.71%
RYTM	Rhythm Pharmaceuticals, Inc. Healthcare	Reduced	87,181	-208,663	$7,582,131	−76.1%	0.68%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.