{"url":"https://nivawealth.com/firms/first-light-asset-management-168899","iapdUrl":"https://adviserinfo.sec.gov/firm/summary/168899","regulatoryAum":1407517876,"crd":"168899","adviserRoster":{"asOf":"2026-10-09","items":[{"crd":"5639729","suffix":null,"lastName":"ARENS","firstName":"MATHEW","middleName":"PAUL"},{"crd":"4953378","suffix":null,"lastName":"JOHNSON","firstName":"BRETT","middleName":"THOMAS"}],"total":2,"loadedAt":"2026-10-10T00:20:19.761928+00:00","sourceUrl":"https://reports.adviserinfo.sec.gov/reports/CompilationReports/IA_INDVL_Feed_10_09_2026.xml.zip"},"history":[{"filedOn":"2021-05-28","regulatoryAum":1400003777,"clients":996,"employees":13,"offices":2},{"filedOn":"2022-07-15","regulatoryAum":1460778244,"clients":1138,"employees":13,"offices":2},{"filedOn":"2023-03-31","regulatoryAum":1264020395,"clients":1177,"employees":11,"offices":2},{"filedOn":"2024-07-22","regulatoryAum":1387863426,"clients":1165,"employees":14,"offices":2},{"filedOn":"2025-03-25","regulatoryAum":1131174724,"clients":1077,"employees":15,"offices":2},{"filedOn":"2026-03-24","regulatoryAum":1407517876,"clients":861,"employees":14,"offices":2}],"secFileNumber":"801-78528","legalName":"First Light Asset Management, LLC","displayName":"First Light Asset Management","slug":"first-light-asset-management-168899","website":"https://firstlightam.com/","classification":{"segment":"private_funds","segmentLabel":"Private funds","type":"private_fund_manager","typeLabel":null,"feeDisclosure":"payment_only"},"linkedinUrl":"https://www.linkedin.com/company/first-light-asset-management","founded":null,"organization":"Delaware limited liability company","fiscalYearEnd":"December","headquarters":{"street":"3300 Edinborough Way, Suite 201","city":"Edina","state":"MN","stateName":"Minnesota","country":"United States","postalCode":"55435"},"tradeNames":[],"registration":{"secApproved":"20 September 2013","noticeFilings":null,"latestNoticeFiling":null},"wealthAumPerClient":479522.22518159804,"staff":{"employees":14,"advisory":7,"brokerDealerReps":0,"insuranceAgents":0,"promoters":2},"aum":{"regulatory":1407517876,"discretionary":1407517876,"discretionaryAccounts":861,"nonDiscretionary":0,"nonDiscretionaryAccounts":0,"wrapProgram":376003924,"nonUsClientsPct":8,"nonAumClients":0},"clientTypes":[{"label":"Individuals (other than HNW)","clients":167,"regulatoryAum":41314626},{"label":"High-net-worth individuals","clients":659,"regulatoryAum":354770732},{"label":"Pooled investment vehicles","clients":5,"regulatoryAum":975233671},{"label":"Pension and profit-sharing plans","clients":5,"regulatoryAum":5594045},{"label":"Charitable organizations","clients":7,"regulatoryAum":4130314},{"label":"Corporations and other businesses","clients":18,"regulatoryAum":26474488}],"feePrograms":[],"brochureCoverage":{"scope":"known_documents","status":"not_processed","checkedAt":null,"documents":[]},"custodians":[{"name":"RBC Capital Markets, LLC","shortName":"RBC Capital Markets","location":"New York, NY","smaAssets":302813839},{"name":"Charles Schwab & Co., Inc.","shortName":"Charles Schwab","location":"Westlake, TX","smaAssets":56280281}],"custodyNote":"First Light Asset Management has custody of client assets.","otherCustodians":[],"leadership":[{"name":"Kurt Peterson","title":"Chief Financial Officer & Chief Compliance Officer","crd":"6167486"},{"name":"Mathew Arens","title":"Managing Member, CEO, & Senior Portfolio Manager","crd":"5639729"},{"name":"Brett Johnson","title":"Senior Research Analyst & Founding Principal","crd":"4953378"}],"ownership":[{"label":"Mathew Arens","detail":"Managing member, ceo, & senior portfolio manager in the 50% to 75% ownership band and a control person, since September 2013."},{"label":"Mathew Arens 2021 Irrevocable Trust","detail":"Member in the 25% to 50% ownership band and a control person, since December 2021."},{"label":"First Trust Company, LLC","detail":"Indirect owner: trustee of Mathew Arens 2021 Irrevocable Trust and a control person, since October 2021.","parent":"Mathew Arens 2021 Irrevocable Trust"}],"branchOffices":null,"filedOffices":{"otherThanPrincipal":1,"privateResidences":0},"listedOfficeAddresses":2,"foreignOffices":[],"officesByState":[{"state":"California","offices":1,"addresses":[{"street":"1 Harbor Drive, Suite 108","city":"Sausalito"}]},{"state":"Minnesota","offices":1,"addresses":[{"street":"3300 Edinborough Way, Suite 201","city":"Edina","headquarters":true}]}],"advFacts":{"source":{"file":"ia100226.zip","asOf":"2 October 2026"},"telephone":"952-831-6500","stateRegisteredReps":3,"otherAdviserReps":0,"compensation":["A percentage of assets under management","Performance-based fees"],"activities":["Portfolio management for individuals and/or small businesses","Portfolio management for pooled investment vehicles (other than investment companies)","Portfolio management for businesses (other than small businesses) or institutional clients"],"financialPlanningClients":null,"assetMix":[{"label":"Exchange-traded equity securities","percent":100}],"privateFunds":3},"sources":{"adv1FilingDate":"24 March 2026","adv1Url":"https://reports.adviserinfo.sec.gov/reports/ADV/168899/PDF/168899.pdf","brochureDate":null,"brochureUrl":null,"iapdCompiledDate":null,"retrievedDate":"15 October 2026","retrievedOn":"2026-10-15","updatedOn":"2026-10-21","holdingsUpdatedOn":"2026-10-21","adv1Pages":{},"brochurePages":{}},"otherBusiness":[],"faq":[{"question":"How many clients does First Light Asset Management have?","answer":"First Light Asset Management has 861 clients and manages $1.41 billion for them, as of March 2026. They include 659 high-net-worth individuals, 167 individual clients, and 18 corporations and other businesses.","source":"Form ADV Part 1A, Items 5.D and 5.F, filed 24 March 2026","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What services does First Light Asset Management offer?","answer":"First Light Asset Management provides portfolio management for individuals and small businesses, portfolio management for pooled vehicles, and portfolio management for institutions.","source":"Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Which custodians does First Light Asset Management use?","answer":"First Light Asset Management’s separately managed account assets are held at RBC Capital Markets, LLC (New York, NY), with $303M and Charles Schwab & Co., Inc. (Westlake, TX), with $56.3M. Only custodians holding at least a tenth of those assets are named.","source":"Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 24 March 2026","sourceRef":{"doc":"adv1","section":"custodians"}},{"question":"How many financial advisors does First Light Asset Management have?","answer":"First Light Asset Management has 3 investment adviser representatives registered with state securities authorities, out of 14 employees, and 7 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.","source":"Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What does First Light Asset Management invest in?","answer":"At the end of its last fiscal year, First Light Asset Management’s separately managed accounts held 100% exchange-traded equities. It advises 3 private funds.","source":"Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Who owns First Light Asset Management?","answer":"First Light Asset Management’s direct owners are Mathew Arens (50% to 75%) and Mathew Arens 2021 Irrevocable Trust (25% to 50%).","source":"Form ADV Part 1A, Schedules A and B, filed 24 March 2026","sourceRef":{"doc":"adv1","section":"scheduleA"}},{"question":"How does First Light Asset Management get paid?","answer":"First Light Asset Management is paid through a percentage of assets under management and performance-based fees. Its Form ADV lists no commissions among how it is paid.","source":"Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"How do I contact First Light Asset Management?","answer":"First Light Asset Management’s main office is at 3300 Edinborough Way, Suite 201, Edina, MN 55435. Its phone number is 952-831-6500. Its website is firstlightam.com.","source":"Form ADV Part 1A, Item 1.F, filed 24 March 2026","sourceRef":{"doc":"adv1","section":"offices"}}],"holdings":{"url":"https://nivawealth.com/firms/first-light-asset-management-168899/holdings","form":"13F-HR","periodOfReport":"2026-06-30","filedOn":"2026-08-14","filingIndexUrl":"https://www.sec.gov/Archives/edgar/data/1600004/000199937126018014/0001999371-26-018014-index.html","totalValue":1645275411,"positionCount":31,"top10Share":0.607405875829989,"top10":[{"issuer":"NEOGENOMICS INC","titleOfClass":"Common Stocks","cusip":"64049M209","value":179158241,"shares":12279523,"shareType":"SH","priorValue":72196437,"priorShares":9729978},{"issuer":"SI-BONE INC","titleOfClass":"Common Stocks","cusip":"825704109","value":132648715,"shares":8127985,"shareType":"SH","priorValue":67610790,"priorShares":5353190},{"issuer":"AXOGEN INC","titleOfClass":"Common Stocks","cusip":"05463X106","value":126946795,"shares":2748361,"shareType":"SH","priorValue":132611704,"priorShares":4002768},{"issuer":"APOGEE THERAPEUTICS INC","titleOfClass":"Common Stocks","cusip":"03770N101","value":123477259,"shares":930289,"shareType":"SH","priorValue":48539492,"priorShares":576684},{"issuer":"PALVELLA THERAPEUTICS INC","titleOfClass":"Common Stocks","cusip":"697947109","value":117961911,"shares":771901,"shareType":"SH","priorValue":122251485,"priorShares":980758},{"issuer":"TWIST BIOSCIENCE CORPORATION","titleOfClass":"Common Stocks","cusip":"90184D100","value":74889747,"shares":727933,"shareType":"SH","priorValue":41762857,"priorShares":878848},{"issuer":"ENLIVEN THERAPEUTICS INC","titleOfClass":"Common Stocks","cusip":"29337E102","value":69058063,"shares":1360750,"shareType":"SH","priorValue":7913186,"priorShares":201867},{"issuer":"GUARDANT HEALTH","titleOfClass":"Common Stocks","cusip":"40131M109","value":66251148,"shares":441586,"shareType":"SH","priorValue":25891219,"priorShares":280299},{"issuer":"908 DEVICES INC","titleOfClass":"Common Stocks","cusip":"65443P102","value":54660395,"shares":6282804,"shareType":"SH","priorValue":37164086,"priorShares":6072563},{"issuer":"AMYLYX PHARMACEUTICALS INC","titleOfClass":"Common Stocks","cusip":"03237H101","value":54297678,"shares":3023256,"shareType":"SH","priorValue":44349966,"priorShares":3190645}],"positionsListed":31,"positions":[{"issuer":"NEOGENOMICS INC","titleOfClass":"Common Stocks","cusip":"64049M209","value":179158241,"shares":12279523,"shareType":"SH","priorValue":72196437,"priorShares":9729978},{"issuer":"SI-BONE INC","titleOfClass":"Common Stocks","cusip":"825704109","value":132648715,"shares":8127985,"shareType":"SH","priorValue":67610790,"priorShares":5353190},{"issuer":"AXOGEN INC","titleOfClass":"Common Stocks","cusip":"05463X106","value":126946795,"shares":2748361,"shareType":"SH","priorValue":132611704,"priorShares":4002768},{"issuer":"APOGEE THERAPEUTICS INC","titleOfClass":"Common Stocks","cusip":"03770N101","value":123477259,"shares":930289,"shareType":"SH","priorValue":48539492,"priorShares":576684},{"issuer":"PALVELLA THERAPEUTICS INC","titleOfClass":"Common Stocks","cusip":"697947109","value":117961911,"shares":771901,"shareType":"SH","priorValue":122251485,"priorShares":980758},{"issuer":"TWIST BIOSCIENCE CORPORATION","titleOfClass":"Common Stocks","cusip":"90184D100","value":74889747,"shares":727933,"shareType":"SH","priorValue":41762857,"priorShares":878848},{"issuer":"ENLIVEN THERAPEUTICS INC","titleOfClass":"Common Stocks","cusip":"29337E102","value":69058063,"shares":1360750,"shareType":"SH","priorValue":7913186,"priorShares":201867},{"issuer":"GUARDANT HEALTH","titleOfClass":"Common Stocks","cusip":"40131M109","value":66251148,"shares":441586,"shareType":"SH","priorValue":25891219,"priorShares":280299},{"issuer":"908 DEVICES INC","titleOfClass":"Common Stocks","cusip":"65443P102","value":54660395,"shares":6282804,"shareType":"SH","priorValue":37164086,"priorShares":6072563},{"issuer":"AMYLYX PHARMACEUTICALS INC","titleOfClass":"Common Stocks","cusip":"03237H101","value":54297678,"shares":3023256,"shareType":"SH","priorValue":44349966,"priorShares":3190645},{"issuer":"GENEDX HOLDINGS CORP","titleOfClass":"Common Stocks","cusip":"81663L200","value":53816314,"shares":783923,"shareType":"SH","priorValue":15600772,"priorShares":242927},{"issuer":"SIMULATIONS PLUS INC","titleOfClass":"Common Stocks","cusip":"829214105","value":51133916,"shares":2792677,"shareType":"SH","priorValue":31119968,"priorShares":2632823},{"issuer":"TANDEM DIABETES CARE INC","titleOfClass":"Common Stocks","cusip":"875372203","value":51057815,"shares":3383553,"shareType":"SH","priorValue":25203087,"priorShares":1314715},{"issuer":"CRINETICS PHARMACEUTICALS INC","titleOfClass":"Common Stocks","cusip":"22663K107","value":50923606,"shares":1360866,"shareType":"SH","priorValue":39576814,"priorShares":1089670},{"issuer":"NEUROPACE INC","titleOfClass":"Common Stocks","cusip":"641288105","value":45463944,"shares":2861167,"shareType":"SH","priorValue":32348553,"priorShares":2459966},{"issuer":"EDGEWISE THERAPEUTICS INC","titleOfClass":"Common Stocks","cusip":"28036F105","value":44496798,"shares":1095171,"shareType":"SH","priorValue":31558149,"priorShares":1001846},{"issuer":"ANAPTYS BIO INC","titleOfClass":"Common Stocks","cusip":"032724106","value":39285270,"shares":582004,"shareType":"SH","priorValue":31358803,"priorShares":565431},{"issuer":"TREVI THERAPEUTICS INC","titleOfClass":"Common Stocks","cusip":"89532M101","value":39113060,"shares":2097215,"shareType":"SH"},{"issuer":"SEPTERNA INC","titleOfClass":"Common Stocks","cusip":"81734D104","value":32259577,"shares":963260,"shareType":"SH","priorValue":17610626,"priorShares":732860},{"issuer":"TRISALUS LIFE SCIENCES INC","titleOfClass":"Common Stocks","cusip":"89680M101","value":29813834,"shares":6552491,"shareType":"SH","priorValue":20267308,"priorShares":5066827},{"issuer":"TECTONIC THERAPEUTICS INC","titleOfClass":"Common Stocks","cusip":"878972108","value":27524958,"shares":800726,"shareType":"SH","priorValue":20021736,"priorShares":647743},{"issuer":"HEALTH CATALYST INC","titleOfClass":"Common Stocks","cusip":"42225T107","value":25493613,"shares":12810861,"shareType":"SH","priorValue":16355949,"priorShares":12878700},{"issuer":"BUTTERFLY NETWORK INC","titleOfClass":"Common Stocks","cusip":"124155102","value":22249042,"shares":2642404,"shareType":"SH","priorValue":10747075,"priorShares":2660167},{"issuer":"ESTABLISHMENT LABS HOLDINGS","titleOfClass":"Common Stocks","cusip":"G31249108","value":21158772,"shares":246577,"shareType":"SH","priorValue":17473364,"priorShares":307738},{"issuer":"VAXCYTE INC","titleOfClass":"Common Stocks","cusip":"92243G108","value":20063976,"shares":345157,"shareType":"SH","priorValue":8239068,"priorShares":141784},{"issuer":"IRHYTHM TECHNOLOGIES","titleOfClass":"Common Stocks","cusip":"450056106","value":19875593,"shares":167092,"shareType":"SH","priorValue":19841050,"priorShares":168116},{"issuer":"OMNICELL INC","titleOfClass":"Common Stocks","cusip":"68213N109","value":18780492,"shares":452324,"shareType":"SH","priorValue":16351059,"priorShares":489846},{"issuer":"ATRICURE INC","titleOfClass":"Common Stocks","cusip":"04963C209","value":15888107,"shares":567838,"shareType":"SH","priorValue":20813234,"priorShares":729521},{"issuer":"KORU MEDICAL SYSTEMS INC","titleOfClass":"Common Stocks","cusip":"759910102","value":14229188,"shares":3387902,"shareType":"SH","priorValue":16279402,"priorShares":3768380},{"issuer":"TACTILE SYSTEMS TECHNOLOGY INC","titleOfClass":"Common Stocks","cusip":"87357P100","value":13775096,"shares":462562,"shareType":"SH"},{"issuer":"RHYTHM PHARMACEUTICALS INC","titleOfClass":"Common Stocks","cusip":"76243J105","value":9522488,"shares":85765,"shareType":"SH","priorValue":7582132,"priorShares":87181}]},"notice":"Compiled from public SEC Form ADV filings on the dates in `sources`. Facts as filed; not a rating, ranking, or recommendation. Niva is not affiliated with this firm. Disciplinary history is deliberately not included here or on the page; the SEC publishes the complete record at the `iapdUrl` above."}