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FLAM

First Light Asset Management Portfolio holdings

AUM $1.12B
1-Year Est. Return 114.45%
This Fund
S&P 500
This Quarter Est. Return
+50.7%
1 Year Est. Return
+114.45%
3 Year Est. Return
+266.49%
5 Year Est. Return
+454.92%
10 Year Est. Return
+8,470.94%
AUM
$1.06B
AUM Growth
+$289M
Cap. Flow
+$90.7M
Cap. Flow %
8.55%
Top 10 Hldgs %
54.86%
Holding
47
New
9
Increased
15
Reduced
17
Closed
6

Top Buys

Rank Stock Value
1
AMLX icon
Amylyx Pharmaceuticals
AMLX
+$31.6M
2
LENZ
LENZ Therapeutics
LENZ
+$25.5M
3
PVLA
Palvella Therapeutics
PVLA
+$24.1M
4
NEO icon
NeoGenomics
NEO
+$21.6M
5
AXGN icon
Axogen
AXGN
+$18.5M

Top Sells

Rank Stock Value
1
ANAB icon
AnaptysBio
ANAB
+$58.5M
2
CNTA
Centessa Pharmaceuticals
CNTA
+$11.7M
3
PHLT
Performant Healthcare Inc
PHLT
+$9.24M
4
SENS icon
Senseonics Holdings Inc
SENS
+$8.55M
5
RARE icon
Ultragenyx Pharmaceutical
RARE
+$7.86M

Sector Composition

Rank Sector Weight
1 Healthcare 100%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IRON icon
26
Disc Medicine
IRON
$2.83B
$15.3M 1.44%
+231,186
New +$13.8M
VERA icon
27
Vera Therapeutics
VERA
$2.54B
$14.7M 1.39%
507,097
-55,884
-10% -$1.29M
NPCE icon
28
Neuropace
NPCE
$505M
$14M 1.32%
1,360,071
-20,339
-1% -$192K
CAI
29
Caris Life Sciences
CAI
$4.39B
$11.9M 1.12%
403,924
-39,119
-9% -$1.25M
SLP icon
30
Simulations Plus
SLP
$371M
$11.6M 1.09%
767,760
+410,603
+115% +$5.97M
RARE icon
31
Ultragenyx Pharmaceutical
RARE
$2.65B
$8.59M 0.81%
285,699
-262,206
-48% -$7.86M
ABVX
32
Abivax
ABVX
$11B
$8.15M 0.77%
+95,955
New +$5.88M
SENS icon
33
Senseonics Holdings Inc
SENS
$254M
$7.85M 0.74%
900,382
-885,024
-50% -$8.55M
RGEN icon
34
Repligen
RGEN
$7.44B
$5.54M 0.52%
41,427
-2,522
-6% -$306K
GPCR icon
35
Structure Therapeutics
GPCR
$3.49B
$5.53M 0.52%
197,350
+75,124
+61% +$1.5M
MDGL icon
36
Madrigal Pharmaceuticals
MDGL
$12.6B
$5.29M 0.5%
+11,539
New +$4.3M
EVH icon
37
Evolent Health
EVH
$475M
$4.61M 0.43%
545,282
-193,268
-26% -$1.88M
ALHC icon
38
Alignment Healthcare
ALHC
$4.02B
$3.54M 0.33%
203,138
-180,525
-47% -$2.68M
RDNT icon
39
RadNet
RDNT
$4.84B
$3.22M 0.3%
42,280
-26,414
-38% -$1.72M
TECX
40
Tectonic Therapeutic
TECX
$573M
$3.18M 0.3%
+202,393
New +$4.18M
BFLY icon
41
Butterfly Network
BFLY
$1.72B
$2.18M 0.21%
1,127,998
-4,337,034
-79% -$7.37M
ELDN icon
42
Eledon Pharmaceuticals
ELDN
$276M
– –
-2,600,498
Closed -$7.05M
EOLS icon
43
Evolus
EOLS
$394M
– –
-520,631
Closed -$4.8M
INSM icon
44
Insmed
INSM
$23.2B
– –
-62,901
Closed -$6.33M
JANX icon
45
Janux Therapeutics
JANX
$935M
– –
-149,596
Closed -$3.46M
LNTH icon
46
Lantheus
LNTH
$6.82B
– –
-30,045
Closed -$2.46M
XENE icon
47
Xenon Pharmaceuticals
XENE
$6.32B
– –
-188,367
Closed -$5.9M
1
2

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First Light Asset Management's Q3 2025 Portfolio in Review

As of Q3 2025, First Light Asset Management held 47 positions worth $1.06B, up 38% from $771M the previous quarter. Its ten largest holdings account for 55% of the portfolio.

First Light Asset Management deployed $90.7M of net new capital in Q3 2025, opening 9 new positions and adding to 15 existing holdings. Its largest new stake was Amylyx Pharmaceuticals: 3,355,882 shares worth $45.6M.

By sector, the portfolio is most concentrated in Healthcare at 100% of assets, unchanged from a quarter earlier.

On the sell side, the largest reduction was AnaptysBio, an estimated $58.5M trimmed.

  • First Light Asset Management's largest Q3 2025 buy was Amylyx Pharmaceuticals: 3,355,882 shares worth $45.6M.
  • First Light Asset Management added most to NeoGenomics in Q3 2025, an estimated $21.6M increase.
  • First Light Asset Management's biggest Q3 2025 reduction was AnaptysBio, cutting an estimated $58.5M.
  • First Light Asset Management fully exited Eledon Pharmaceuticals in Q3 2025, selling an estimated $7.05M.
  • First Light Asset Management's ten largest holdings make up 55% of its $1.06B portfolio in Q3 2025.
  • First Light Asset Management opened 9 new positions and closed 6 in Q3 2025.
  • First Light Asset Management's portfolio value rose 38% quarter-over-quarter to $1.06B.

Based on First Light Asset Management's 13F filing for Q3 2025, filed 14 Nov 2025.