X0202 SCHEDULE 13G/A 0001999371-24-014359 0001600004 XXXXXXXX LIVE 3 Common Stock, $0.01 par value 04/30/2026 0000805928 Axogen, Inc. 05463X106 13631 PROGRESS BLVD. SUITE 400 ALACHUA FL 32615 Rule 13d-1(b) First Light Asset Management, LLC DE 0.00 3291463.00 0.00 3291463.00 3291463.00 N 6.19 IA Mathew P. Arens X1 187000.00 3430993.00 187000.00 3430993.00 3617913.00 N 6.8 IN Axogen, Inc. 13631 Progress Boulevard, Suite 400, Alachua, FL 32615 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. Each of the reporting persons identified in Item 2(a) has its principal business office at: 3300 Edinborough Way, Suite 201, Edina, MN 55435 First Light Asset Management, LLC - Delaware limited liability company Mathew P. Arens - United States citizen N IA HC First Light Asset Management, LLC - 3,291,463 Mathew P. Arens - 3,617,993 First Light Asset Management, LLC - 6.19% Mathew P. Arens - 6.80% First Light Asset Management, LLC - 0 Mathew P. Arens - 187,000 First Light Asset Management, LLC - 3,291,463 Mathew P. Arens - 3,430,993 First Light Asset Management, LLC - 0 Mathew P. Arens - 187,000 First Light Asset Management, LLC - 3,291,463 Mathew P. Arens - 3,430,993 Y Y Y Y Y N 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. Exhibit A: Joint Filing Agreement First Light Asset Management, LLC /s/ Kurt T. Peterson 05/07/2026 Mathew P. Arens /s/ Mathew P. Arens 05/07/2026