First Light, Mathew Arens report 3.62M Axogen holdings (AXGN)

Rhea-AI Filing Summary

Axogen, Inc. ownership update: First Light Asset Management, LLC and Mathew P. Arens jointly report beneficial ownership stakes in Axogen common stock via a Schedule 13G/A (Amendment No. 3).

First Light reports 3,291,463 shares (6.19%) and Mr. Arens reports 3,617,993 shares (6.80%), including 187,000 shares held solely by Mr. Arens. The filing is a joint statement per Item 2 and includes a Joint Filing Agreement.

Key Figures

First Light shares: 3,291,463 shares First Light percent: 6.19% Arens shares: 3,617,993 shares +2 more

5 metrics

First Light shares 3,291,463 shares beneficially owned per Schedule 13G/A

First Light percent 6.19% percent of class reported by First Light

Arens shares 3,617,993 shares beneficially owned per Schedule 13G/A

Arens percent 6.80% percent of class reported by Mathew P. Arens

Arens sole voting shares 187,000 shares sole voting and sole dispositive power held directly by Mr. Arens

Key Terms

Schedule 13G/A, beneficial ownership, shared dispositive power, Joint Filing Agreement

4 terms

Schedule 13G/A regulatory

"jointly filed by the following: First Light Asset Management, LLC"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

beneficial ownership financial

"may be deemed to be the beneficial owner of 3,291,463"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

shared dispositive power regulatory

"Shared Dispositive Power 3,291,463.00"

Joint Filing Agreement legal

"Exhibit A: Joint Filing Agreement"

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Axogen, Inc.

(Name of Issuer)

Common Stock, $0.01 par value

(Title of Class of Securities)

05463X106

(CUSIP Number)

04/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 05463X106

1

Names of Reporting Persons

First Light Asset Management, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,291,463.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,291,463.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,291,463.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.19 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP Number(s): 05463X106

1

Names of Reporting Persons

Mathew P. Arens

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 187,000.00
6	Shared Voting Power 3,430,993.00
7	Sole Dispositive Power 187,000.00
8	Shared Dispositive Power 3,430,993.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,617,913.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.8 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Axogen, Inc.
(b)	Address of issuer's principal executive offices: 13631 Progress Boulevard, Suite 400, Alachua, FL 32615
Item 2.
(a)	Name of person filing: This Schedule 13G is jointly filed by the following: First Light Asset Management, LLC (the "Manager") Mathew P. Arens ("Mr. Arens") The Manager may be deemed to be the beneficial owner of 3,291,463 of the Issuer's shares of common stock (the "Shares"). The Manager acts as an investment adviser to certain persons holding separately managed accounts with the Manager, each of whom has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of those shares. The Manager may also be deemed to be the beneficial owner of these shares because it acts as an investment adviser to certain private funds. Mr. Arens may also be deemed to be the beneficial owner of these shares because he controls the Manager in his position as managing member and majority owner of the Manager. Mr. Arens also directly holds 187,000 Shares in an individual capacity with sole control, and 139,530 Shares held in a joint account over which he shares control. The Manager and Mr. Arens are filing this Schedule 13G/A with respect to these Shares pursuant to Rule 13d-1(b) under the Act. The Manager and Mr. Arens may be deemed to be the beneficial owner of the total amount of Shares set forth across from its or his respective name in Item 4 below. The filing of this Schedule 13G shall not be construed as an admission that the reporting persons or any of their affiliates are the beneficial owner of any securities covered by this Schedule 13G for any other purposes other than Section 13(d) of the Securities Exchange Act of 1934.
(b)	Address or principal business office or, if none, residence: Each of the reporting persons identified in Item 2(a) has its principal business office at: 3300 Edinborough Way, Suite 201, Edina, MN 55435
(c)	Citizenship: First Light Asset Management, LLC - Delaware limited liability company Mathew P. Arens - United States citizen
(d)	Title of class of securities: Common Stock, $0.01 par value
(e)	CUSIP No.: 05463X106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: First Light Asset Management, LLC - 3,291,463 Mathew P. Arens - 3,617,993
(b)	Percent of class: First Light Asset Management, LLC - 6.19% Mathew P. Arens - 6.80%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: First Light Asset Management, LLC - 0 Mathew P. Arens - 187,000
	(ii) Shared power to vote or to direct the vote: First Light Asset Management, LLC - 3,291,463 Mathew P. Arens - 3,430,993
	(iii) Sole power to dispose or to direct the disposition of: First Light Asset Management, LLC - 0 Mathew P. Arens - 187,000
	(iv) Shared power to dispose or to direct the disposition of: First Light Asset Management, LLC - 3,291,463 Mathew P. Arens - 3,430,993
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete, and correct.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

First Light Asset Management, LLC

Signature:	/s/ Kurt T. Peterson
Name/Title:	Kurt T. Peterson/Chief Compliance Officer
Date:	05/07/2026

Mathew P. Arens

Signature:	/s/ Mathew P. Arens
Name/Title:	Mathew P. Arens/Chief Executive Officer
Date:	05/07/2026

Exhibit Information

Exhibit A: Joint Filing Agreement

FAQ

What stake does First Light Asset Management report in Axogen (AXGN)?

First Light Asset Management reports beneficial ownership of 3,291,463 shares, representing 6.19% of Axogen's common stock. The Manager's reported holdings reflect shared voting and dispositive power across managed accounts and certain private funds as stated in the filing.

How many Axogen shares does Mathew P. Arens report owning?

Mathew P. Arens reports beneficial ownership of 3,617,993 shares, representing 6.80% of common stock. That total includes 187,000 shares held with sole voting and dispositive power and additional shares held with shared power.

Do First Light and Mr. Arens file this ownership jointly?

Yes. The filing is a joint Schedule 13G/A submitted by First Light Asset Management, LLC and Mathew P. Arens. The filing includes a Joint Filing Agreement and states the Manager and Mr. Arens may be deemed beneficial owners as described in Item 2.

What voting or dispositive powers are reported for these holdings?

First Light reports 0 sole voting and 3,291,463 shared voting and dispositive powers. Mr. Arens reports 187,000 sole voting and dispositive and 3,430,993 shared voting and dispositive powers, per Item 4 of the filing.

Does the filing state any intent to buy or sell Axogen shares?

No trading intent is stated. The Schedule 13G/A discloses beneficial ownership and allocation of voting/dispositive powers; it does not state any planned purchases or sales or any change in holdings beyond the reported totals.