AXGN

AXGN

AXGN

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 2, 2025	Meridian Small Cap Growth Fund	6.9%	-	AXGN, MIR, NPKI, PACK, TPB, VNOM	growth, Quality, Recurring Revenue, risk management, small caps	The letter highlights small-cap growth investing with an emphasis on quality, recurring revenue, and risk management. Management avoids high-beta speculation and prioritizes resilience during market drawdowns. Long-term returns are expected from steady execution and earnings growth.	VNOM AXGN PACK	View
2025 Q2	Jul 21, 2025	Wasatch Micro Cap Fund	12.6%	-	AGYS, AXGN, GDYN, LMB, ROAD, WEAV	earnings growth, growth, innovation, Market cycles, Micro-Cap	The letter focuses on high-growth micro-cap companies with differentiated models and strong management teams. A risk-on environment favored lower-quality peers, creating relative underperformance. The fund remains focused on long-term growth rather than short-term style rotations.	GDYN AGYS ROAD LMB	View
2025 Q4	Jan 22, 2026	Wasatch Micro Cap Fund	1.9%	4.8%	ADUS, AXGN, BLZE, CLMB, COCO, CSTL, ESQR, EZPW, MAMA, RDVT, SXI, TATT, VECO, VITL	Biotechnology, growth, healthcare, Microcap, profitability, Quality, underperformance	The fund focuses on high-growth, high-quality companies with differentiated business models, avoiding the low-quality market rally that dominated 2025. The managers emphasize companies with strong fundamentals gauged by cash flow and earnings, believing these will ultimately be rewarded as the market returns to favoring profitability. Healthcare sector, particularly biotechnology and pharmaceutical companies in early research and development stages, dominated benchmark returns. The fund had no exposure to this area due to focus on profitable companies, which weighed on relative performance as many biotech companies are years away from turning a profit.	CLMB CSTL MAMA AXGN	View
2025 Q4	Jan 21, 2026	TimesSquare Capital Management U.S. Small Cap Growth Strategy	3.5%	5.9%	ABVX.PA, AXGN, BOOT, CBLL, CWST, FROG, LGCE, MTSI, NAMS, NSKE, OLLI, SLNO, STVN, TTEK, UEC, WRBY	Biotechnology, consumer, energy, growth, healthcare, industrials, small caps, technology	The fund holds multiple biotech positions including Abivax SA for ulcerative colitis treatment, NewAmsterdam Pharma for cholesterol inhibitors, and Axogen for peripheral nerve regeneration. Strong clinical trial results and FDA approvals are driving performance, with Abivax rising 58% on acquisition speculation. Focus on value-oriented retailers, franchise models, and premium brands including Boot Barn for western wear, Warby Parker for eyewear, and Ollie's Bargain Outlet for closeouts. Consumer behavior shifts toward lower-priced inventory are impacting performance, with mixed results across positions. Investment in cybersecurity companies like Netskope and JFrog, with JFrog being the portfolio's strongest performer rising 32% due to increased security demand following NPM supply chain attacks. Security add-on products are seeing significant pipeline growth. Position in Uranium Energy as the largest licensed uranium miner in the U.S., positioned to benefit from renewed focus on nuclear power as long-term energy solution and U.S. efforts to strengthen domestic nuclear fuel supply chains for national security. Holdings include Ceribell for portable EEG technology and Stevanato Group for pharmaceutical packaging. Ceribell surged 91% after FDA clearance for neonatal applications, while Stevanato faced conservative guidance despite beating expectations.	FROG AXGN UEC OLLI WRBY BOOT	View
2025 Q4	Jan 21, 2026	NCG Micro Cap Growth Strategy	6.4%	11.9%	AAOI, AGX, AII.TO, ALKT, AMPX, AMSC, ATEC, AVPT, AXGN, BLND, INOD, INTA, PHAT, PL, PSNL, TATT, TCMD, UAMY, UTI	active management, Biotechnology, growth, Microcap, Quality, small caps, underperformance	The firm emphasizes investing in high-quality growth companies with proven business models and sustainable growth drivers. They note that quality factors worked against active managers in 2025, with low-quality stocks significantly outperforming. The S&P 600 Growth Index, which requires profitability and has market cap constraints, returned only 5.4% versus Russell 2000/Microcap Growth at 13% and 22% respectively. Biotech was a significant area of outperformance that the firm avoided, contributing approximately 8 points to the Russell Microcap Growth Index's 21.84% return. The firm maintains low or no exposure to biotech, viewing many business models as unproven despite strong recent performance. This sector constituted almost all of the relative underperformance from their microcap strategy. The firm sees improving conditions for small cap performance, with earnings growth turning positive in 2025 and expected to accelerate in 2026. Small caps historically benefit during Fed rate-cutting cycles and continue to trade at a relative discount to large caps. Combined with an improving fundamental backdrop, they believe there's opportunity for this discount to narrow.		View
2025 Q4	Jan 21, 2026	NCG Small Cap Growth Strategy	4.2%	8.3%	ADPT, ATEC, AVPT, AXGN, BETA, BLND, CCB, CELH, COHR, ELF, KNX, KVYO, MTSI, PCOR, PEGA, PI, PRCH, QTWO, TOL, TTAN, UTI, WAL, WULF	active management, growth, healthcare, industrials, Outperformance, Quality, small caps, technology	The manager emphasizes investing in high-quality growth companies with proven business models and sustainable growth drivers. They note that quality factors worked against active managers in 2025, with low-quality stocks significantly outperforming. The S&P 600 Growth Index, which requires profitability, underperformed broader small cap indexes that included unprofitable companies. Biotech was a significant area of outperformance in small cap indexes during 2025, contributing approximately 8 points to the Russell Microcap Growth Index return. The manager has maintained low or no exposure to biotech, which contributed to relative underperformance. They continue to view many biotech business models as unproven despite strong recent performance. The portfolio includes holdings in AI infrastructure companies as part of their technology sector overweight. The manager sees strong growth prospects in AI-related investments and believes these companies are trading at attractive valuations within their diversified technology holdings. Nuclear energy was identified as one of the specific areas of outsized strength in small cap markets during 2025. The portfolio maintains exposure to the nuclear energy market through one company in their energy allocation, reflecting their focus on emerging energy themes.		View
2025 Q4	Jan 21, 2026	NCG SMID Cap Growth Strategy	3.6%	8.1%	ADPT, AII.TO, ATEC, AXGN, BETA, BLND, CELH, COHR, ELF, INOD, KVYO, MTSI, PCOR, PEGA, PHAT, PI, QTWO, TOL, TTAN, UAMY, UTI, WULF	Biotechnology, growth, healthcare, Quality, small caps, technology	The firm emphasizes investing in high-quality growth companies with proven business models and sustainable growth drivers. They believe quality factors worked against active managers in 2025, as low-quality stocks with negative earnings significantly outperformed. The firm maintains their focus on quality despite near-term headwinds. Small cap earnings growth turned positive during 2025 and is expected to stay positive and potentially accelerate in 2026. Small caps continue to trade at a relative discount to large caps, and the firm believes there is opportunity for this discount to narrow with an improving fundamental backdrop. Biotech was an area of outsized strength in 2025, contributing approximately 8 points to the Russell Microcap Growth Index return. However, the firm maintains low or no exposure to biotech as they view many business models as unproven with high expectations that may fail to materialize.		View
2025 Q4	Jan 21, 2026	Meridian Small Cap Growth Fund	0.9%	0.0%	ALKT, AMPL, AXGN, CCSI, CDNA, CERT, GPCR, KEX, RELY, TPB, VCYT, VNOM, ZNAS	Biotechnology, growth, healthcare, Quality, small caps, technology, value	Healthcare was the portfolio's largest allocation and top-performing sector for the quarter. The manager continues to view the sector as undervalued relative to long-term fundamentals, noting it has lagged the broader market over the last four years. Multiple biotech holdings contributed positively, including Structure Therapeutics with promising obesity therapy trials, Axogen with peripheral nerve regeneration technology, and Zenas BioPharma with autoimmune disease treatments in Phase 3 trials. The fund emphasizes investing in high-quality businesses with recurring revenue, sustainable competitive advantages, strong balance sheets, and clear visibility into sustainable earnings growth. This quality bias created a modest headwind during the quarter as lower-quality stocks outperformed.	ZBIO AXGN GPCR RELY CERT CCSI EXAS TNDM GMED RELY DOCS CERT	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 24, 2026	Fund Letters	Ken Korngiebel	Axogen, Inc.	Health Care	Health Care Equipment & Supplies	Bull	NASDAQ	Exclusivity, Fdaapproval, growth, Medicaldevices, Reimbursement	View Pitch
Jan 24, 2026	Fund Letters	Chad Meade	Axogen, Inc.	Health Care	Medical Devices	Bull	NASDAQ	FDA, Medicaldevices, Nerves, Regeneration, Reimbursement	View Pitch
Jan 24, 2026	Fund Letters	Grant R. Babyak	Axogen, Inc.	Health Care	Medical Devices	Bull	NASDAQ	FDA, Medicaldevices, Nerves, Regeneration, Trauma	View Pitch
Jan 8, 2026	Fund Letters	Chad Meade	Axogen Inc.	Health Care	Biotechnology	Bull	NASDAQ	Biotech, growth, Margins, Nerve, Regeneration	View Pitch

BSD Shareholders of AXGN

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
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