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First Light Asset Management, LLC — 13F Holdings & Portfolio

CIK 1600004 · latest 13F-HR filed 2026-08-14

Backtest portfolio

First Light Asset Management, LLC manages $1.65B in 13F-reported U.S. long-equity assets across 31 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are NEO (10.89%), SIBN (8.06%), AXGN (7.72%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 2 new positions and exited 6; 24 existing positions rose in reported value and 2 fell.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

Loading holdings…
AUM
$1.65B

Long-equity book

Holdings
31

Distinct positions

Period
2026-06-30

Filed 2026-08-14

Q/Q Activity
+2 / −6 / ↑24 / ↓2

vs 2026-03-31

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q2 26
NEO10.9% · +26%SIBN8.1% · +52%AXGN7.7% · -31%APGE7.5% · +61%PVLA7.2% · -21%TWST4.6% · -17%ELVN4.2% · +574%GH4.0% · +58%MASS3.3% · +4%AMLX3.3% · -5%WGS3.3% · +223%SLP3.1% · +6%TNDM3.1% · +157%CRNX3.1% · +25%NPCE2.8% · +16%EWTX2.7% · +9%ANAB2.4% · +3%TRVI2.4% · newSEPN2.0% · +31%TLSI1.8% · +29%TECX1.7% · +24%HCAT1.6% · -0%BFLY1.4% · -1%ESTA1.3% · -20%PCVX1.2% · +143%IRTC1.2% · -1%OMCL1.1% · -8%ATRC1.0% · -22%KRMD0.9% · -10%TCMD0.8% · newRYTM0.6% · -2%

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q1 26 → Q2 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

4 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 60.7%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People

As of the firm’s regulatory filing dated Mar 24, 2026.

Assets Under Management
$1.41B
Discretionary
$1.41B
Employees
14
Accounts
861
Address
3300 EDINBOROUGH WAY
SUITE 201
EDINA, MN 55435
Phone
(952) 831-6500
Website
Name Title / Status Ownership Type
ARENS, MATHEW, PAUL ControlMANAGING MEMBER, CEO, & SENIOR PORTFOLIO MANAGER
since Sep 2013
50–75%Individual
MATHEW ARENS 2021 IRREVOCABLE TRUST ControlMEMBER
since Dec 2021
25–50%Domestic Entity
PETERSON, KURT, TERRY ControlCHIEF FINANCIAL OFFICER & CHIEF COMPLIANCE OFFICER
since Mar 2023
Less than 5%Individual
JOHNSON, BRETT, THOMASSENIOR RESEARCH ANALYST & FOUNDING PRINCIPAL
since Sep 2018
Less than 5%Individual
FIRST TRUST COMPANY, LLC Control
Indirect owner via MATHEW ARENS 2021 IRREVOCABLE TRUST
TRUSTEE
since Oct 2021
General partner, trustee or managerDomestic Entity
Ownership & leadership changes · 15 filings with changes since Aug 29, 2013

From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.

Mar 24, 2026 filing
  • ChangedJOHNSON, BRETT, THOMAS · ownership 5–10% → Less than 5%
Mar 31, 2023 filing
  • No longer listedCONRAD, PETER, JAMES · CHIEF OPERATING OFFICER/CHIEF FINANCIAL OFFICER & PRINCIPAL · 5–10% · control person · listed since Mar 2019
  • ChangedPETERSON, KURT, TERRY · title CHIEF COMPLIANCE OFFICER → CHIEF FINANCIAL OFFICER & CHIEF COMPLIANCE OFFICER
Mar 29, 2022 filing
  • AddedFIRST TRUST COMPANY, LLC · TRUSTEE · General partner, trustee or manager · indirect via MATHEW ARENS 2021 IRREVOCABLE TRUST · control person
  • AddedMATHEW ARENS 2021 IRREVOCABLE TRUST · MEMBER · 25–50% · control person
  • ChangedARENS, MATHEW, PAUL · ownership 75% or more → 50–75%
Jan 15, 2021 filing
  • No longer listedLIEN, JIN, KYONG · CHIEF COMPLIANCE OFFICER · Less than 5% · control person · listed since Mar 2017
  • No longer listedTHERKELSEN, DAVID, ALAN · SENIOR PORTFOLIO MANAGER, SENIOR RESEARCH ANALYST & PRINCIPAL · 5–10% · listed since Jan 2020
  • AddedPETERSON, KURT, TERRY · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
  • ChangedCONRAD, PETER, JAMES · ownership Less than 5% → 5–10%
Mar 30, 2020 filing
  • AddedTHERKELSEN, DAVID, ALAN · SENIOR PORTFOLIO MANAGER, SENIOR RESEARCH ANALYST & PRINCIPAL · 5–10%
Mar 29, 2019 filing
  • AddedCONRAD, PETER, JAMES · CHIEF OPERATING OFFICER/CHIEF FINANCIAL OFFICER & PRINCIPAL · Less than 5% · control person
Sep 28, 2018 filing
  • Listed againJOHNSON, BRETT, THOMAS · SENIOR RESEARCH ANALYST & FOUNDING PRINCIPAL · 5–10%
Aug 14, 2018 filing
  • No longer listedBEH, BRIAN, CARROLL · PRESIDENT & PRINCIPAL · 5–10% · control person · listed since Jan 2015
Mar 29, 2018 filing
  • Listed againBEH, BRIAN, CARROLL · PRESIDENT & PRINCIPAL · 5–10% · control person
Mar 31, 2017 filing
  • No longer listedBEH, BRIAN, CARROLL · PRESIDENT & PRINCIPAL · Less than 5% · control person · listed since Jan 2015
  • No longer listedJOHNSON, BRETT, THOMAS · SENIOR RESEARCH ANALYST, CHIEF COMPLIANCE OFFICER, & PRINCIPAL · Less than 5% · control person · listed since Sep 2013
  • AddedLIEN, JIN, KYONG · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
Older changes (6 more filings)
Mar 30, 2016 filing
  • ChangedARENS, MATHEW, PAUL · title MANAGING MEMBER, CEO & SENIOR PORTFOLIO MANAGER → MANAGING MEMBER, CEO, & SENIOR PORTFOLIO MANAGER
  • ChangedBEH, BRIAN, CARROLL · title MEMBER, PRESIDENT → PRESIDENT & PRINCIPAL
  • ChangedJOHNSON, BRETT, THOMAS · title MEMBER, SENIOR RESEARCH ANALYST, CHIEF COMPLIANCE OFFICER → SENIOR RESEARCH ANALYST, CHIEF COMPLIANCE OFFICER, & PRINCIPAL
Feb 25, 2015 filing
  • AddedBEH, BRIAN, CARROLL · MEMBER, PRESIDENT · Less than 5% · control person
  • ChangedJOHNSON, BRETT, THOMAS · title MANAGING DIRECTOR, CHIEF COMPLIANCE OFFICER → MEMBER, SENIOR RESEARCH ANALYST, CHIEF COMPLIANCE OFFICER
Apr 17, 2014 filing
  • No longer listedCROWLEY, STEVEN, FRANCIS · MANAGING DIRECTOR OF RESEARCH · Less than 5% · control person · listed since Mar 2014
Mar 31, 2014 filing
  • AddedCROWLEY, STEVEN, FRANCIS · MANAGING DIRECTOR OF RESEARCH · Less than 5% · control person
Oct 25, 2013 filing
  • AddedJOHNSON, BRETT, THOMAS · MANAGING DIRECTOR, CHIEF COMPLIANCE OFFICER · Less than 5% · control person
  • ChangedARENS, MATHEW, PAUL · title MANAGING MEMBER/CHIEF COMPLIANCE OFFICER → MANAGING MEMBER, CEO & SENIOR PORTFOLIO MANAGER
Aug 29, 2013 filing (earliest on record)
  • ListedARENS, MATHEW, PAUL · MANAGING MEMBER/CHIEF COMPLIANCE OFFICER · 75% or more · control person

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

First Light Asset Management, LLC Holdings (2026-06-30)

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 NEOGENOMICS INC NEO 64049M209 $179.2M 10.89% 12,279,523 SH
2 SI-BONE INC SIBN 825704109 $132.6M 8.06% 8,127,985 SH
3 AXOGEN INC AXGN 05463X106 $126.9M 7.72% 2,748,361 SH
4 APOGEE THERAPEUTICS INC APGE 03770N101 $123.5M 7.50% 930,289 SH
5 PALVELLA THERAPEUTICS INC PVLA 697947109 $118.0M 7.17% 771,901 SH
6 TWIST BIOSCIENCE CORPORATION TWST 90184D100 $74.9M 4.55% 727,933 SH
7 ENLIVEN THERAPEUTICS INC ELVN 29337E102 $69.1M 4.20% 1,360,750 SH
8 GUARDANT HEALTH GH 40131M109 $66.3M 4.03% 441,586 SH
9 908 DEVICES INC MASS 65443P102 $54.7M 3.32% 6,282,804 SH
10 AMYLYX PHARMACEUTICALS INC AMLX 03237H101 $54.3M 3.30% 3,023,256 SH
11 GENEDX HOLDINGS CORP WGS 81663L200 $53.8M 3.27% 783,923 SH
12 SIMULATIONS PLUS INC SLP 829214105 $51.1M 3.11% 2,792,677 SH
13 TANDEM DIABETES CARE INC TNDM 875372203 $51.1M 3.10% 3,383,553 SH
14 CRINETICS PHARMACEUTICALS INC CRNX 22663K107 $50.9M 3.10% 1,360,866 SH
15 NEUROPACE INC NPCE 641288105 $45.5M 2.76% 2,861,167 SH
16 EDGEWISE THERAPEUTICS INC EWTX 28036F105 $44.5M 2.70% 1,095,171 SH
17 ANAPTYS BIO INC ANAB 032724106 $39.3M 2.39% 582,004 SH
18 TREVI THERAPEUTICS INC TRVI 89532M101 $39.1M 2.38% 2,097,215 SH
19 SEPTERNA INC SEPN 81734D104 $32.3M 1.96% 963,260 SH
20 TRISALUS LIFE SCIENCES INC TLSI 89680M101 $29.8M 1.81% 6,552,491 SH
21 TECTONIC THERAPEUTICS INC TECX 878972108 $27.5M 1.67% 800,726 SH
22 HEALTH CATALYST INC HCAT 42225T107 $25.5M 1.55% 12,810,861 SH
23 BUTTERFLY NETWORK INC BFLY 124155102 $22.2M 1.35% 2,642,404 SH
24 ESTABLISHMENT LABS HOLDINGS ESTA G31249108 $21.2M 1.29% 246,577 SH
25 VAXCYTE INC PCVX 92243G108 $20.1M 1.22% 345,157 SH
26 IRHYTHM TECHNOLOGIES IRTC 450056106 $19.9M 1.21% 167,092 SH
27 OMNICELL INC OMCL 68213N109 $18.8M 1.14% 452,324 SH
28 ATRICURE INC ATRC 04963C209 $15.9M 0.97% 567,838 SH
29 KORU MEDICAL SYSTEMS INC KRMD 759910102 $14.2M 0.86% 3,387,902 SH
30 TACTILE SYSTEMS TECHNOLOGY INC TCMD 87357P100 $13.8M 0.84% 462,562 SH
31 RHYTHM PHARMACEUTICALS INC RYTM 76243J105 $9.5M 0.58% 85,765 SH
Filing History
Period Filed AUM Holdings Accession
2026-06-30 2026-08-14 $1.65B 31 0001999371-26-018014
2026-03-31 2026-05-15 $1.12B 35 0001999371-26-010896
2025-12-31 2026-02-17 $1.31B 33 0001999371-26-003511
2025-09-30 2025-11-14 $1.06B 41 0001999371-25-017920
Filer Information
Address
3300 EDINBOROUGH WAY
SUITE 201
EDINA, MN 55435
Phone
(952) 831-6500
Filing Manager
First Light Asset Management, LLC
Edina, MN
Signatory
Kurt T. Peterson
Chief Compliance Officer