First Light Asset Management, LLC

CIK

1600004

Location

EDINA, MN

Portfolio Value

Mid $1,105,423,364

Diversification

Diversified

Filing Date

Global Rank

#1,650 / 8,603 ▼ 82 · as of Mar 2026

Top Industry

Biotechnology 39.2%

3Y Alpha vs SPY

-12.4%

Period ended 3 months ago

Filed May 15, 2026 · 55d

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+26.3%

SPY

+76.5%

Annualised alpha

-12.8%

Max drawdown

−44.5%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

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

Top Position

12.0%

−1.2 pts

Top 5

41.3%

+1.2 pts

Top 10

60.4%

+2.8 pts

HHI

525

Diversified+2

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Healthcare	100.0%	$1,105,423,364	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	$20,905,849
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 positions · $1,105,423,364 total · 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%	12.00%
PVLA	Palvella Therapeutics, Inc. Healthcare	Reduced	980,758	-615,414	$122,251,484	−26.8%	11.06%
NEO	Neogenomics Inc Healthcare	Reduced	9,729,978	-305,085	$72,196,436	−38.8%	6.53%
SIBN	SI-BONE, Inc. Healthcare	Added	5,353,190	+320,286	$67,610,789	−31.9%	6.12%
CNTA	Centessa Pharmaceuticals plc Healthcare	Reduced	1,560,991	-717,949	$62,002,562	+8.8%	5.61%
APGE	Apogee Therapeutics, Inc. Healthcare	Added	576,684	+291,693	$48,539,492	+125.6%	4.39%
AMLX	Amylyx Pharmaceuticals, Inc. Healthcare	Reduced	3,190,645	-164,894	$44,349,965	+9.4%	4.01%
TWST	Twist Bioscience Corp Healthcare	Reduced	878,848	-261,923	$41,762,856	+15.4%	3.78%
CRNX	Crinetics Pharmaceuticals, Inc. Healthcare	Reduced	1,089,670	-104,593	$39,576,814	−28.8%	3.58%
MASS	908 Devices Inc. Healthcare	Added	6,072,563	+1,236,377	$37,164,085	+46.4%	3.36%
NPCE	NeuroPace Inc Healthcare	Added	2,459,966	+1,110,484	$32,348,552	+55.3%	2.93%
EWTX	Edgewise Therapeutics, Inc. Healthcare	Reduced	1,001,846	-571,855	$31,558,149	−19.2%	2.85%
SLP	Simulations Plus, Inc. Healthcare	Added	2,632,823	+663,906	$31,119,967	−13.3%	2.82%
GH	Guardant Health, Inc. Healthcare	Reduced	280,299	-14,452	$25,891,218	−14.0%	2.34%
TNDM	Tandem Diabetes Care Inc Healthcare	Added	1,314,715	+225,222	$25,203,086	+5.2%	2.28%
ANAB	Anaptysbio, Inc Healthcare	Reduced	565,431	-80,807	$20,905,849	+0.1%	1.89%
ATRC	AtriCure, Inc. Healthcare	Reduced	729,521	-445,924	$20,813,234	−55.2%	1.88%
TLSI	TriSalus Life Sciences, Inc. Healthcare	NEW	5,066,827	NEW	$20,267,308	NEW	1.83%
TECX	Tectonic Therapeutic, Inc. Healthcare	NEW	647,743	NEW	$20,021,736	NEW	1.81%
IRTC	iRhythm Holdings, Inc. Healthcare	Added	168,116	+14,245	$19,841,050	−27.3%	1.79%
SEPN	Septerna, Inc. Healthcare	Added	732,860	+112,049	$17,610,625	+1.7%	1.59%
ESTA	Establishment Labs Holdings Inc. Healthcare	Reduced	307,738	-65,344	$17,473,363	−35.7%	1.58%
HCAT	Health Catalyst, Inc. Healthcare	Reduced	12,878,700	-32,241	$16,355,949	−47.0%	1.48%
OMCL	Omnicell, Inc. Healthcare	NEW	489,846	NEW	$16,351,059	NEW	1.48%
KRMD	KORU Medical Systems, Inc. Healthcare	Reduced	3,768,380	-442,132	$16,279,401	−33.5%	1.47%
WGS	GeneDx Holdings Corp. Healthcare	NEW	242,927	NEW	$15,600,771	NEW	1.41%
WVE	Wave Life Sciences Ltd. Healthcare	Reduced	1,843,968	-9,883	$13,368,768	−57.6%	1.21%
VERA	Vera Therapeutics, Inc. Healthcare	Reduced	313,906	-555,770	$12,628,438	−71.3%	1.14%
MDXG	Mimedx Group, Inc. Healthcare	Reduced	2,842,892	-196,449	$11,229,423	−45.4%	1.02%
BFLY	Butterfly Network, Inc. Healthcare	Reduced	2,660,167	-151,964	$10,747,074	+0.6%	0.97%
SGP	SpyGlass Pharma, Inc. Healthcare	NEW	375,000	NEW	$9,716,250	NEW	0.88%
ORGO	Organogenesis Holdings Inc. Healthcare	Reduced	3,498,533	-4,253,103	$8,291,523	−79.4%	0.75%
PCVX	Vaxcyte, Inc. Healthcare	NEW	141,784	NEW	$8,239,068	NEW	0.75%
ELVN	Enliven Therapeutics, Inc. Healthcare	NEW	201,867	NEW	$7,913,186	NEW	0.72%
RYTM	Rhythm Pharmaceuticals, Inc. Healthcare	Reduced	87,181	-208,663	$7,582,131	−76.1%	0.69%