First Light Asset Management, LLC

Q3 2025 13F-HR Holdings

Location
Edina, MN
Holdings as of
9/30/2025
Date filed
11/14/2025
Form type
13F-HR
Num holdings
41
Total value ($000)
$1,060,803
Net value change ($000)
+289,492 (37.5%)
New positions
9
Sold out positions
6
Turnover %
20.1%
Sector allocation + QoQ delta (equities-only)
Prev filing: 8/14/2025 Next filing: 2/17/2026 SEC filing

Snapshot: Change Analysis

Compared to Q2 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
AXGN 54,432 110.8%
AMLX 45,606 NEW
PHLT 37,903 71.9%
PVLA 33,949 NEW
LENZ 32,282 NEW
CNTA 31,754 56.3%
NEO 26,592 53.1%
Merus N.V. 21,097 NEW
CDTX 19,227 218.5%
RYTM 18,227 NEW
Top Reduces (Value $000, Stocks/ETFs)
ANAB -48,260 -61.4%
RARE -11,328 -56.9%
SENS -9,163 -53.9%
BFLY -8,753 -80.1%
HCAT -7,815 -16.9%
ELDN -7,047 -100.0%
INSM -6,330 -100.0%
XENE -5,896 -100.0%
EOLS -4,795 -100.0%
SIBN -4,722 -14.3%
Instrument mix + QoQ Δ (ex-options)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type