22NW, LP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), 22NW, LP reported 20 stock positions worth $149.1 million. Its top holding was Lifecore Biomedical (LFCR) at 20.0% of the portfolio, followed by Foster (lb) Class A (FSTR, 17.3%) and Anebulo Pharmaceuticals (ANEB, 13.5%). Compared with Q4 2024, it opened 7 new positions, sold out of 3, added to 3 and reduced 1. The biggest buy was a new position in Mineralys Therapeutics (MLYS) and the biggest sale Barrett Business SVCS (BBSI, shares −50%).
- Most Recent 13F
- Q2 2026
- Location
- SEATTLE, WA
- CIK
- 0001694297
- Portfolio Value
- $149.1M (Q1 2025)
- SEC Filing
- 0001214659-25-007607 ↗ filed May 14, 2025
Holdings Value
Holdings 20 stocks · $149.1M
| LFCR Lifecore Biomedical Inc. | 20.00% | 1,755,161 | $29.8M | No change |
| FSTR Foster (lb) Co. Class A | 17.33% | 1,313,121 | $25.8M | No change |
| ANEB Anebulo Pharmaceuticals Inc. | 13.49% | 15,467,300 | $20.1M | No change |
| STRL Sterling Infrastructure Inc. | 7.58% | 99,783 | $11.3M | No change |
| CULP Culp Inc. | 6.23% | 1,859,061 | $9.3M | Add +14.4% |
| SRI Stoneridge Inc. | 5.01% | 1,627,653 | $7.5M | Add +374.8% |
| MLYS Mineralys Therapeutics Inc. | 4.91% | 461,344 | $7.3M | New |
| PFX Phenixfin Corp. | 4.19% | 117,885 | $6.2M | No change |
| BBSI Barrett Business SVCS Inc. | 3.66% | 132,452 | $5.5M | Reduce -50.0% |
| RGNX Regenxbio Inc. | 3.21% | 668,679 | $4.8M | New |
| FARM Farmer Bros Co. | 2.91% | 1,955,526 | $4.3M | No change |
| DHX Dhi Group Inc. | 2.43% | 2,603,643 | $3.6M | No change |
| UFI Unifi Inc. | 2.36% | 731,535 | $3.5M | Add +212.9% |
| ELDN Eledon Pharmaceuticals Inc. | 1.45% | 636,364 | $2.2M | New |
| CMPS Compass Pathways PLC | 1.24% | 646,559 | $1.8M | New |
| KROS Keros Therapeutics Inc. | 1.22% | 179,000 | $1.8M | New |
| NKTR Nektar Therapeutics | 1.00% | 2,191,750 | $1.5M | No change |
| SSKN Strata Skin Sciences Inc. | 0.95% | 536,995 | $1.4M | No change |
| PMDI Psychemedics Corp. | 0.43% | 276,034 | $643K | New |
| TISI Team Inc. | 0.40% | 34,835 | $589K | New |
Portfolio Sells Q4 2024 → Q1 2025
Portfolio Buys Q4 2024 → Q1 2025
| MLYS Mineralys Therapeutics Inc. | New | 4.91% | +4.91 |
| SRI Stoneridge Inc. | Add +374.8% | 5.01% | +3.66 |
| RGNX Regenxbio Inc. | New | 3.21% | +3.21 |
| ELDN Eledon Pharmaceuticals Inc. | New | 1.45% | +1.45 |
| UFI Unifi Inc. | Add +212.9% | 2.36% | +1.44 |
| CMPS Compass Pathways PLC | New | 1.24% | +1.24 |
| KROS Keros Therapeutics Inc. | New | 1.22% | +1.22 |
| PMDI Psychemedics Corp. | New | 0.43% | +0.43 |
| TISI Team Inc. | New | 0.40% | +0.40 |
| CULP Culp Inc. | Add +14.4% | 6.23% | +0.22 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 14 | $104.7M | NSP, NKTR, SRI, FOXF, CMT |
| Q1 2026 | 16 | $145.9M | FSTR, NKTR, LFCR, NSP, MLYS |
| Q4 2025 | 20 | $237.6M | ANEB, FSTR, LFCR, NKTR, RGNX |
| Q3 2025 | 21 | $212.3M | ANEB, FSTR, LFCR, NKTR, SRI |
| Q2 2025 | 21 | $158.8M | FSTR, LFCR, ANEB, SRI, DHX |
| Q1 2025 | 20 | $149.1M | LFCR, FSTR, ANEB, STRL, CULP |
| Q4 2024 | 16 | $158.5M | FSTR, LFCR, ANEB, STRL, BBSI |
| Q3 2024 | 13 | $119.3M | FSTR, LFCR, STRL, CULP, ANEB |
| Q2 2024 | 13 | $117.2M | FSTR, LFCR, ANEB, STRL, BBSI |
| Q1 2024 | 13 | $116.1M | FSTR, ANEB, STRL, LFCR, BBSI |