First Light Asset Management, LLC Diversified Active

CIK: 0001600004 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $1,307,968 (100.0% shares, 0.0% debt)

Holdings (33)

New Positions (6)

WVE WAVE LIFE SCIENCES LTD 2.4%

Value ($000) $31,515 Shares 1,853,851 Est. Cost $10.16 Unrealized 0.0%

TNDM TANDEM DIABETES CARE INC 1.8%

Value ($000) $23,947 Shares 1,089,493 Est. Cost $18.05 Unrealized 0.0%

APGE APOGEE THERAPEUTICS INC 1.6%

Value ($000) $21,511 Shares 284,991 Est. Cost $62.99 Unrealized 0.0%

SEPN SEPTERNA INC 1.3%

Value ($000) $17,308 Shares 620,811 Est. Cost $23.88 Unrealized 0.0%

DYN DYNE THERAPEUTICS INC 0.2%

Value ($000) $3,036 Shares 155,231 Est. Cost $18.94 Unrealized 0.0%

IWO ISHARES RUSSELL 2000 GROWTH ETF 0.0%

Value ($000) $245 Shares 760 Est. Cost $323.01 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WVE	WAVE LIFE SCIENCES LTD	1,853,851	$31,515	2.4%	$10.16	0.0%	Common Stocks	Y95308105
TNDM	TANDEM DIABETES CARE INC	1,089,493	$23,947	1.8%	$18.05	0.0%	Common Stocks	875372203
APGE	APOGEE THERAPEUTICS INC	284,991	$21,511	1.6%	$62.99	0.0%	Common Stocks	03770N101
SEPN	SEPTERNA INC	620,811	$17,308	1.3%	$23.88	0.0%	Common Stocks	81734D104
DYN	DYNE THERAPEUTICS INC	155,231	$3,036	0.2%	$18.94	0.0%	Common Stocks	26818M108
IWO	ISHARES RUSSELL 2000 GROWTH ETF	760	$245	0.0%	$323.01	—	Common Stocks	464287648

Increased Positions (14)

SIBN SI-BONE INC 7.6%

Value ($000) $99,249 (+251.6%) Shares 5,032,904 (+162.4%) Est. Cost $17.47 Unrealized -0.6%

NEO NEOGENOMICS INC 9.0%

Value ($000) $118,012 (+54.0%) Shares 10,035,063 (+1.1%) Est. Cost $11.42 Unrealized -5.5%

PVLA PALVELLA THERAPEUTICS INC 5.7%

Value ($000) $74,226 (+118.6%) Shares 709,141 (+30.9%) Est. Cost $54.22 Unrealized +57.3%

MDGL MADRIGAL PHARMACEUTICALS INC 3.0%

Value ($000) $38,918 (+635.4%) Shares 66,831 (+479.2%) Est. Cost $486.99 Unrealized +4.9%

VERA VERA THERAPEUTICS INC 3.4%

Value ($000) $44,040 (+198.9%) Shares 869,676 (+71.5%) Est. Cost $38.55 Unrealized -7.9%

IRON DISC MEDICINE INC 3.2%

Value ($000) $41,545 (+171.9%) Shares 523,167 (+126.3%) Est. Cost $73.44 Unrealized +15.0%

SLP SIMULATIONS PLUS INC 2.7%

Value ($000) $35,893 (+210.2%) Shares 1,968,917 (+156.4%) Est. Cost $18.82 Unrealized -6.8%

CRNX CRINETICS PHARMACEUTICALS INC 4.3%

Value ($000) $55,593 (+41.8%) Shares 1,194,263 (+26.8%) Est. Cost $27.92 Unrealized +59.5%

EWTX EDGEWISE THERAPEUTICS INC 3.0%

Value ($000) $39,051 (+70.1%) Shares 1,573,701 (+11.2%) Est. Cost $27.74 Unrealized -27.6%

ATRC ATRICURE INC 3.6%

Value ($000) $46,501 (+48.2%) Shares 1,175,445 (+32.0%) Est. Cost $39.94 Unrealized -8.2%

RYTM RHYTHM PHARMACEUTICALS INC 2.4%

Value ($000) $31,667 (+73.7%) Shares 295,844 (+63.9%) Est. Cost $98.00 Unrealized +8.2%

GH GUARDANT HEALTH 2.3%

Value ($000) $30,106 (+72.1%) Shares 294,751 (+5.3%) Est. Cost $45.46 Unrealized +96.8%

BFLY BUTTERFLY NETWORK INC 0.8%

Value ($000) $10,686 (+390.9%) Shares 2,812,131 (+149.3%) Est. Cost $2.78 Unrealized -2.1%

MASS 908 DEVICES INC 1.9%

Value ($000) $25,390 (+15.5%) Shares 4,836,186 (+92.6%) Est. Cost $6.00 Unrealized +16.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SIBN	SI-BONE INC	5,032,904 (+162.4%)	$99,249 (+251.6%)	7.6%	$17.47	-0.6%	Common Stocks	825704109
NEO	NEOGENOMICS INC	10,035,063 (+1.1%)	$118,012 (+54.0%)	9.0%	$11.42	-5.5%	Common Stocks	64049M209
PVLA	PALVELLA THERAPEUTICS INC	709,141 (+30.9%)	$74,226 (+118.6%)	5.7%	$54.22	+57.3%	Common Stocks	697947109
MDGL	MADRIGAL PHARMACEUTICALS INC	66,831 (+479.2%)	$38,918 (+635.4%)	3.0%	$486.99	+4.9%	Common Stocks	558868105
VERA	VERA THERAPEUTICS INC	869,676 (+71.5%)	$44,040 (+198.9%)	3.4%	$38.55	-7.9%	Common Stocks	92337R101
IRON	DISC MEDICINE INC	523,167 (+126.3%)	$41,545 (+171.9%)	3.2%	$73.44	+15.0%	Common Stocks	254604101
SLP	SIMULATIONS PLUS INC	1,968,917 (+156.4%)	$35,893 (+210.2%)	2.7%	$18.82	-6.8%	Common Stocks	829214105
CRNX	CRINETICS PHARMACEUTICALS INC	1,194,263 (+26.8%)	$55,593 (+41.8%)	4.3%	$27.92	+59.5%	Common Stocks	22663K107
EWTX	EDGEWISE THERAPEUTICS INC	1,573,701 (+11.2%)	$39,051 (+70.1%)	3.0%	$27.74	-27.6%	Common Stocks	28036F105
ATRC	ATRICURE INC	1,175,445 (+32.0%)	$46,501 (+48.2%)	3.6%	$39.94	-8.2%	Common Stocks	04963C209
RYTM	RHYTHM PHARMACEUTICALS INC	295,844 (+63.9%)	$31,667 (+73.7%)	2.4%	$98.00	+8.2%	Common Stocks	76243J105
GH	GUARDANT HEALTH	294,751 (+5.3%)	$30,106 (+72.1%)	2.3%	$45.46	+96.8%	Common Stocks	40131M109
BFLY	BUTTERFLY NETWORK INC	2,812,131 (+149.3%)	$10,686 (+390.9%)	0.8%	$2.78	-2.1%	Common Stocks	124155102
MASS	908 DEVICES INC	4,836,186 (+92.6%)	$25,390 (+15.5%)	1.9%	$6.00	+16.5%	Common Stocks	65443P102

Exited Positions (14)

— PERFORMANT HEALTHCARE INC 6.9%

Value ($000) $90,585 Shares 11,718,612 Est. Cost $3.56 Unrealized —

LENZ LENZ THERAPEUTICS INC 2.5%

Value ($000) $32,282 Shares 693,044 Est. Cost $36.77 Unrealized -20.7%

— CIDARA THERAPEUTICS INC 2.1%

Value ($000) $28,025 Shares 292,657 Est. Cost $66.72 Unrealized —

— MERUS NV 1.6%

Value ($000) $21,097 Shares 224,080 Est. Cost $94.15 Unrealized —

ADMA ADMA BIOLOGICS INC 1.2%

Value ($000) $15,675 Shares 1,069,233 Est. Cost $20.04 Unrealized -15.9%

CAI CARIS LIFE SCIENCES INC 0.9%

Value ($000) $11,885 Shares 403,924 Est. Cost $26.95 Unrealized +4.5%

RARE ULTRAGENYX PHARMACEUTICAL INC 0.7%

Value ($000) $8,594 Shares 285,699 Est. Cost $48.44 Unrealized -32.1%

— SENSEONICS HOLDINGS INC 0.6%

Value ($000) $7,848 Shares 18,007,632 Est. Cost $0.48 Unrealized —

RGEN REPLIGEN CORP 0.4%

Value ($000) $5,538 Shares 41,427 Est. Cost $144.04 Unrealized +8.7%

GPCR STRUCTURE THERAPEUTICS INC 0.4%

Value ($000) $5,526 Shares 197,350 Est. Cost $35.54 Unrealized —

EVH EVOLENT HEALTH INC 0.4%

Value ($000) $4,613 Shares 545,282 Est. Cost $11.09 Unrealized -49.9%

ALHC ALIGNMENT HEALTHCARE INC 0.3%

Value ($000) $3,545 Shares 203,138 Est. Cost $14.91 Unrealized +20.5%

RDNT RADNET INC 0.2%

Value ($000) $3,222 Shares 42,280 Est. Cost $54.92 Unrealized +40.6%

TECX TECTONIC THERAPEUTICS INC 0.2%

Value ($000) $3,176 Shares 202,393 Est. Cost $20.64 Unrealized -10.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	PERFORMANT HEALTHCARE INC	11,718,612	$90,585	6.9%	$3.56	—	—	71377E105
LENZ	LENZ THERAPEUTICS INC	693,044	$32,282	2.5%	$36.77	-20.7%	—	52635N103
—	CIDARA THERAPEUTICS INC	292,657	$28,025	2.1%	$66.72	—	—	171757206
—	MERUS NV	224,080	$21,097	1.6%	$94.15	—	—	N5749R100
ADMA	ADMA BIOLOGICS INC	1,069,233	$15,675	1.2%	$20.04	-15.9%	—	000899104
CAI	CARIS LIFE SCIENCES INC	403,924	$11,885	0.9%	$26.95	+4.5%	—	142152107
RARE	ULTRAGENYX PHARMACEUTICAL INC	285,699	$8,594	0.7%	$48.44	-32.1%	—	90400D108
—	SENSEONICS HOLDINGS INC	18,007,632	$7,848	0.6%	$0.48	—	—	81727U105
RGEN	REPLIGEN CORP	41,427	$5,538	0.4%	$144.04	+8.7%	—	759916109
GPCR	STRUCTURE THERAPEUTICS INC	197,350	$5,526	0.4%	$35.54	—	—	86366E106
EVH	EVOLENT HEALTH INC	545,282	$4,613	0.4%	$11.09	-49.9%	—	30050B101
ALHC	ALIGNMENT HEALTHCARE INC	203,138	$3,545	0.3%	$14.91	+20.5%	—	01625V104
RDNT	RADNET INC	42,280	$3,222	0.2%	$54.92	+40.6%	—	750491102
TECX	TECTONIC THERAPEUTICS INC	202,393	$3,176	0.2%	$20.64	-10.0%	—	878972108

Decreased Positions (10)

AXGN AXOGEN INC 13.1%

Value ($000) $171,287 (+65.4%) Shares 5,233,326 (-9.9%) Est. Cost $10.07 Unrealized +144.2%

CNTA CENTESSA PHARMACEUTICALS LIMITED 4.4%

Value ($000) $56,996 (-35.4%) Shares 2,278,940 (-37.3%) Est. Cost $11.54 Unrealized —

ORGO ORGANOGENESIS HOLDINGS INC 1.5%

Value ($000) $20,009 (-36.8%) Shares 3,862,820 (-48.5%) Est. Cost $3.82 Unrealized +27.0%

ESTA ESTABLISHMENT LABS HOLDINGS 2.1%

Value ($000) $27,190 (+58.6%) Shares 373,082 (-10.8%) Est. Cost $36.82 Unrealized +64.0%

HCAT HEALTH CATALYST INC 2.4%

Value ($000) $30,857 (-19.4%) Shares 12,910,941 (-3.9%) Est. Cost $6.22 Unrealized -56.0%

KRMD KORU MEDICAL SYSTEMS INC 1.9%

Value ($000) $24,463 (+41.1%) Shares 4,210,512 (-7.0%) Est. Cost $2.22 Unrealized +115.9%

MDXG MIMEDX GROUP INC 1.6%

Value ($000) $20,576 (-19.3%) Shares 3,039,341 (-16.8%) Est. Cost $7.40 Unrealized -5.3%

ABVX ABIVAX SA-ADR 0.9%

Value ($000) $11,958 (+46.8%) Shares 88,674 (-7.6%) Est. Cost $84.90 Unrealized —

TWST TWIST BIOSCIENCE CORPORATION 2.8%

Value ($000) $36,185 (+7.6%) Shares 1,140,771 (-4.5%) Est. Cost $42.07 Unrealized -25.8%

ANAB ANAPTYS BIO INC 2.4%

Value ($000) $31,330 (+3.3%) Shares 646,238 (-34.7%) Est. Cost $17.58 Unrealized +121.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AXGN	AXOGEN INC	5,233,326 (-9.9%)	$171,287 (+65.4%)	13.1%	$10.07	+144.2%	Common Stocks	05463X106
CNTA	CENTESSA PHARMACEUTICALS LIMITED	2,278,940 (-37.3%)	$56,996 (-35.4%)	4.4%	$11.54	—	Common Stocks	152309100
ORGO	ORGANOGENESIS HOLDINGS INC	3,862,820 (-48.5%)	$20,009 (-36.8%)	1.5%	$3.82	+27.0%	Common Stocks	68621F102
ESTA	ESTABLISHMENT LABS HOLDINGS	373,082 (-10.8%)	$27,190 (+58.6%)	2.1%	$36.82	+64.0%	Common Stocks	G31249108
HCAT	HEALTH CATALYST INC	12,910,941 (-3.9%)	$30,857 (-19.4%)	2.4%	$6.22	-56.0%	Common Stocks	42225T107
KRMD	KORU MEDICAL SYSTEMS INC	4,210,512 (-7.0%)	$24,463 (+41.1%)	1.9%	$2.22	+115.9%	Common Stocks	759910102
MDXG	MIMEDX GROUP INC	3,039,341 (-16.8%)	$20,576 (-19.3%)	1.6%	$7.40	-5.3%	Common Stocks	602496101
ABVX	ABIVAX SA-ADR	88,674 (-7.6%)	$11,958 (+46.8%)	0.9%	$84.90	—	Common Stocks	00370M103
TWST	TWIST BIOSCIENCE CORPORATION	1,140,771 (-4.5%)	$36,185 (+7.6%)	2.8%	$42.07	-25.8%	Common Stocks	90184D100
ANAB	ANAPTYS BIO INC	646,238 (-34.7%)	$31,330 (+3.3%)	2.4%	$17.58	+121.7%	Common Stocks	032724106

Unchanged Positions (3)

NPCE NEUROPACE INC 1.6%

Value ($000) $20,836 Shares 1,349,482 Est. Cost $12.52 Unrealized +6.8%

AMLX AMYLYX PHARMACEUTICALS INC 3.1%

Value ($000) $40,535 Shares 3,355,539 Est. Cost $9.41 Unrealized +44.3%

IRTC IRHYTHM TECHNOLOGIES 2.1%

Value ($000) $27,303 Shares 153,871 Est. Cost $78.57 Unrealized +125.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NPCE	NEUROPACE INC	1,349,482	$20,836	1.6%	$12.52	+6.8%	Common Stocks	641288105
AMLX	AMYLYX PHARMACEUTICALS INC	3,355,539	$40,535	3.1%	$9.41	+44.3%	Common Stocks	03237H101
IRTC	IRHYTHM TECHNOLOGIES	153,871	$27,303	2.1%	$78.57	+125.5%	Common Stocks	450056106