First Light Asset Management, LLC

Q4 2025 13F-HR Holdings

Location
Edina, MN
Holdings as of
12/31/2025
Date filed
2/17/2026
Form type
13F-HR
Num holdings
33
Total value ($000)
$1,307,968
Net value change ($000)
+247,165 (23.3%)
New positions
6
Sold out positions
14
Turnover %
25.9%
Sector allocation + QoQ delta (equities-only)
Prev filing: 11/14/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 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)
SIBN 71,017 251.5%
AXGN 67,713 65.4%
NEO 41,373 54.0%
PVLA 40,277 118.6%
MDGL 33,626 635.4%
WAVE LIFE SCIENCES LTD 31,515 NEW
VERA 29,304 198.9%
IRON 26,268 171.9%
SLP 24,323 210.2%
TNDM 23,947 NEW
Top Reduces (Value $000, Stocks/ETFs)
PHLT -90,585 -100.0%
LENZ -32,282 -100.0%
CNTA -31,173 -35.4%
CDTX -28,025 -100.0%
Merus N.V. -21,097 -100.0%
ADMA -15,675 -100.0%
CAI -11,885 -100.0%
ORGO -11,632 -36.8%
RARE -8,594 -100.0%
SENS -7,848 -100.0%
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