First Light Asset Management, LLC

Based on the SEC 13F filing data for First Light Asset Management, LLC as of September 30, 2025, here is a comprehensive analysis of the portfolio's composition, activity, and strategic orientation.

1. Portfolio Overview

First Light Asset Management manages a highly concentrated portfolio totaling approximately $598.65 million across 21 holdings. The firm experienced a significant reduction in assets under management (AUM) this quarter, with the portfolio value declining by **22.4%...