SI-BONE, Inc. ownership update: First Light Asset Management, LLC and Mathew P. Arens jointly filed an Amendment No. 1 to Schedule 13G reporting beneficial ownership positions. The Manager reports 7,971,486 shares (18.02%) and Mr. Arens reports 8,120,986 shares (18.36%).
The filing explains the Manager acts as investment adviser to separate accounts and private funds and that Mr. Arens controls the Manager and also holds direct shares (23,000 sole; 126,500 joint). Signatures are provided by the Manager's CCO and Mr. Arens.
Positive
None.
Negative
None.
Insights
Large passive stake disclosed by an adviser and its managing member.
The filing reports 7,971,486 shares (18.02%) held by First Light Asset Management, LLC and 8,120,986 shares (18.36%) attributable to Mathew P. Arens as of the amendment. The Manager's holdings reflect advisory relationships with separately managed accounts and private funds.
Because this is a Schedule 13G/A amendment, it reflects reported beneficial ownership rather than an active control change; subsequent filings would disclose any change in voting intentions or plans. Future transaction filings (Forms 3/4) would show purchases or dispositions if they occur.
Key Figures
First Light holdings:7,971,486 sharesMathew P. Arens attributable holdings:8,120,986 sharesMr. Arens sole voting power:23,000 shares+2 more
5 metrics
First Light holdings7,971,486 sharesreported beneficially owned; 18.02% of class
Mathew P. Arens attributable holdings8,120,986 sharesreported beneficially owned; 18.36% of class
Mr. Arens sole voting power23,000 sharessole power to vote reported in Item 4
Mr. Arens shared voting power8,097,986 sharesshared power to vote reported in Item 4
CUSIP825704109Common Stock CUSIP reported on cover
"jointly filed an Amendment No. 1 to Schedule 13G"
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 ownerregulatory
"may be deemed to be the beneficial owner of 7,971,486 of the Issuer's shares"
A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.
Shared dispositive powerregulatory
"Shared Dispositive Power 7,971,486.00"
Separately managed accountsfinancial
"Manager acts as an investment adviser to certain persons holding separately managed accounts"
A separately managed account is an investment portfolio owned by a single investor but professionally managed to that investor’s specific goals and preferences, rather than pooled with other clients’ money. It matters to investors because it offers greater customization, tax control and transparency—like hiring a personal chef instead of eating from a shared buffet—though it often requires higher minimums and can have different fee and liquidity implications.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
SI-BONE, Inc.
(Name of Issuer)
Common Stock, $0.001 par value
(Title of Class of Securities)
825704109
(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):
825704109
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
7,971,486.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
7,971,486.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,971,486.00
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)
18.02 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP Number(s):
825704109
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
23,000.00
6
Shared Voting Power
8,097,986.00
7
Sole Dispositive Power
23,000.00
8
Shared Dispositive Power
8,097,986.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,120,986.00
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)
18.36 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
SI-BONE, Inc.
(b)
Address of issuer's principal executive offices:
471 El Camino Real, Suite 101,Santa Clara, CA 95050
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 7,971,486 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 23,000 Shares in an individual capacity with sole control and 126,500 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, $0.001 par value
(e)
CUSIP No.:
825704109
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 - 7,971,486
Mathew P. Arens - 8,120,986
(b)
Percent of class:
First Light Asset Management, LLC - 18.02%
Mathew P. Arens - 18.36%
(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 - 23,000
(ii) Shared power to vote or to direct the vote:
First Light Asset Management, LLC - 7,971,486
Mathew P. Arens - 8,097,986
(iii) Sole power to dispose or to direct the disposition of:
First Light Asset Management, LLC - 0
Mathew P. Arens -23,000
(iv) Shared power to dispose or to direct the disposition of:
First Light Asset Management, LLC - 7,971,486
Mathew P. Arens - 8,097,986
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.
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.
What stake did First Light report in SI-BONE (SIBN)?
First Light Asset Management reported beneficial ownership of 7,971,486 shares (18.02%). The filing attributes these shares to the Manager in its role as adviser to separate accounts and private funds.
How many SI-BONE shares are attributable to Mathew P. Arens?
Mathew P. Arens is reported as beneficially owning 8,120,986 shares (18.36%). That total includes his direct holdings and shares attributable through control of the Manager.
Does this filing indicate a change in control of SI-BONE?
No, this Schedule 13G/A amendment reports beneficial ownership percentages and advisory relationships; it does not assert a change in corporate control or plans to influence governance.
What voting and dispositive powers are reported?
The Manager reports 0 sole voting and 7,971,486 shared voting power; Mr. Arens reports 23,000 sole and 8,097,986 shared voting power, per the Item 4 table in the filing.
Who signed the Schedule 13G/A amendment for SI-BONE?
The amendment is signed by Kurt T. Peterson as Chief Compliance Officer for the Manager and by Mathew P. Arens as Chief Executive Officer, with dated signatures in May 2026.
