Latest First Light Asset Management, LLC Stock Portfolio

First Light Asset Management, LLC Performance:

2025 Q4: 23.88%YTD: 24.43%2024: 5.94%

Performance for 2025 Q4 is 23.88%, and YTD is 24.43%, and 2024 is 5.94%.

About First Light Asset Management, LLC and 13F Hedge Fund Stock Holdings

On 2026-02-17, the fund reported it's updated stock portfolio. In the 13F Holdings report, First Light Asset Management, LLC reported an equity portfolio of $1.3 Billions as of 31 Dec, 2025.

The top stock holdings of First Light Asset Management, LLC are AXGN, NEO, SIBN. The fund has invested 13.1% of it's portfolio in AXOGEN INC and 9% of portfolio in NEOGENOMICS INC.

The fund managers got completely rid off PERFORMANT HEALTHCARE INC (PFMT), LENZ THERAPEUTICS INC and CIDARA THERAPEUTICS INC (CDTX) stocks. They significantly reduced their stock positions in ORGANOGENESIS HOLDINGS INC (ORGO), CENTESSA PHARMACEUTICALS LIMITED (CNTA) and ANAPTYS BIO INC (ANAB). First Light Asset Management, LLC opened new stock positions in WAVE LIFE SCIENCES LTD (WVE), TANDEM DIABETES CARE INC (TNDM) and APOGEE THERAPEUTICS INC. The fund showed a lot of confidence in some stocks as they added substantially to MADRIGAL PHARMACEUTICALS INC (MDGL), SI-BONE INC (SIBN) and SIMULATIONS PLUS INC (SLP).

First Light Asset Management, LLC Annual Return Estimates Vs S&P 500

Our best estimate is that First Light Asset Management, LLC made a return of 23.88% in the last quarter. In trailing 12 months, it's portfolio return was 24.43%.

Performance
S&P 500

New Buys

Ticker	$ Bought
wave life sciences ltd	31,515,500
tandem diabetes care inc	23,947,100
apogee therapeutics inc	21,511,100
septerna inc	17,308,200
dyne therapeutics inc	3,036,320
ishares russell 2000 growth etf	245,488

New stocks bought by First Light Asset Management, LLC

Additions

Ticker	% Inc.
madrigal pharmaceuticals inc	479
si-bone inc	162
simulations plus inc	156
butterfly network inc	149
disc medicine inc	126
908 devices inc	92.64
vera therapeutics inc	71.5
rhythm pharmaceuticals inc	63.92

Additions to existing portfolio by First Light Asset Management, LLC

Reductions

Ticker	% Reduced
organogenesis holdings inc	-48.48
centessa pharmaceuticals limited	-37.32
anaptys bio inc	-34.73
mimedx group inc	-16.8
establishment labs holdings	-10.82
axogen inc	-9.86
abivax sa-adr	-7.59
koru medical systems inc	-7.01

First Light Asset Management, LLC reduced stake in above stock

Sold off

Ticker	$ Sold
performant healthcare inc	-90,584,900
adma biologics inc	-15,675,000
senseonics holdings inc	-7,847,730
lenz therapeutics inc	-32,282,000
evolent health inc	-4,613,090
caris life sciences inc	-11,884,700
cidara therapeutics inc	-28,024,800
ultragenyx pharmaceutical inc	-8,593,830

First Light Asset Management, LLC got rid off the above stocks

Sector Distribution

First Light Asset Management, LLC has about 87.2% of it's holdings in Healthcare sector.

Sector	%
Healthcare	87.2
Others	12.8

Market Cap. Distribution

First Light Asset Management, LLC has about 5.3% of it's portfolio invested in the large-cap and mega-cap stocks.

Category	%
SMALL-CAP	46.1
MID-CAP	27
UNALLOCATED	12.8
MICRO-CAP	8.9
LARGE-CAP	5.3

Stocks belong to which Index?

About 77.4% of the stocks held by First Light Asset Management, LLC either belong to S&P 500 or RUSSELL 2000 index.

Index	%
RUSSELL 2000	77.4
Others	22.6

Top 5 Winners (%)		%
AXGN	axogen inc	79.3 %
ESTA	establishment labs holdings	73.6 %
GH	guardant health	60.9 %
	abivax sa-adr	56.6 %
	palvella therapeutics inc	54.7 %

Top 5 Winners ($)		$
AXGN	axogen inc	82.2 M
NEO	neogenomics inc	40.3 M
	palvella therapeutics inc	26.3 M
SIBN	si-bone inc	17.4 M
VERA	vera therapeutics inc	14.9 M

Top 5 Losers (%)		%
MASS	908 devices inc	-33.7 %
HCAT	health catalyst inc	-15.8 %
AMLX	amylyx pharmaceuticals inc	-11.1 %
MDXG	mimedx group inc	-2.8 %

Top 5 Losers ($)		$
MASS	908 devices inc	-12.9 M
HCAT	health catalyst inc	-6.1 M
AMLX	amylyx pharmaceuticals inc	-5.1 M
MDXG	mimedx group inc	-0.7 M

First Light Asset Management, LLC Holdings Map

This heatmap illustrates the top 50 positions within the fund's portfolio.

Current Stock Holdings of First Light Asset Management, LLC

First Light Asset Management, LLC has 33 stocks in it's portfolio. About 57.2% of the portfolio is in top 10 stocks. MASS proved to be the most loss making stock for the portfolio. AXGN was the most profitable stock for First Light Asset Management, LLC last quarter.

Last Reported on: 17 Feb, 2026

Ticker	Namesorted ascending	% Portfolio	Shares Held	$ Value	Type	% Change
ADMA	adma biologics inc	0.00	0.00	0.00	sold off	-100

ALHC	alignment healthcare inc	0.00	0.00	0.00	sold off	-100

AMLX	amylyx pharmaceuticals inc	3.10	3,355,540	40,534,900	reduced	-0.01

ANAB	anaptys bio inc	2.40	646,238	31,329,600	reduced	-34.73

ATRC	atricure inc	3.56	1,175,440	46,500,600	added	32.02

AXGN	axogen inc	13.10	5,233,330	171,287,000	reduced	-9.86

BFLY	butterfly network inc	0.82	2,812,130	10,686,100	added	149

CDTX	cidara therapeutics inc	0.00	0.00	0.00	sold off	-100

CNTA	centessa pharmaceuticals limited	4.36	2,278,940	56,996,300	reduced	-37.32

CRNX	crinetics pharmaceuticals inc	4.25	1,194,260	55,592,900	added	26.84

DYN	dyne therapeutics inc	0.23	155,231	3,036,320	new

ESTA	establishment labs holdings	2.08	373,082	27,190,200	reduced	-10.82

EVH	evolent health inc	0.00	0.00	0.00	sold off	-100

EWTX	edgewise therapeutics inc	2.99	1,573,700	39,051,400	added	11.22

GH	guardant health	2.30	294,751	30,105,900	added	5.27

HCAT	health catalyst inc	2.36	12,910,900	30,857,100	reduced	-3.91

IJR	ishares russell 2000 growth etf	0.02	760	245,488	new

IRTC	irhythm technologies	2.09	153,871	27,302,900	reduced	-0.79

KRMD	koru medical systems inc	1.87	4,210,510	24,463,100	reduced	-7.01

MASS	908 devices inc	1.94	4,836,190	25,390,000	added	92.64