22NW, LP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), 22NW, LP reported 21 stock positions worth $158.8 million. Its top holding was Foster (lb) Class A (FSTR) at 18.1% of the portfolio, followed by Lifecore Biomedical (LFCR, 14.2%) and Anebulo Pharmaceuticals (ANEB, 14.0%). Compared with Q1 2025, it opened 5 new positions, sold out of 4, added to 7 and reduced 1. The biggest buy was Dhi (DHX, shares +27%) and the biggest sale an exit from Sterling Infrastructure (STRL).
- Most Recent 13F
- Q2 2026
- Location
- SEATTLE, WA
- CIK
- 0001694297
- Portfolio Value
- $158.8M (Q2 2025)
- SEC Filing
- 0001214659-25-012016 ↗ filed Aug 14, 2025
Holdings Value
Holdings 21 stocks · $158.8M
| FSTR Foster (lb) Co. Class A | 18.08% | 1,313,121 | $28.7M | No change |
| LFCR Lifecore Biomedical Inc. | 14.25% | 264,180 | $22.6M | Reduce -85.0% |
| ANEB Anebulo Pharmaceuticals Inc. | 14.03% | 15,467,300 | $22.3M | No change |
| SRI Stoneridge Inc. | 8.62% | 1,943,508 | $13.7M | Add +19.4% |
| DHX Dhi Group Inc. | 6.17% | 3,299,937 | $9.8M | Add +26.7% |
| RGNX Regenxbio Inc. | 4.78% | 923,679 | $7.6M | Add +38.1% |
| MLYS Mineralys Therapeutics Inc. | 4.77% | 560,042 | $7.6M | Add +21.4% |
| CULP Culp Inc. | 4.60% | 1,859,061 | $7.3M | No change |
| PFX Phenixfin Corp. | 3.76% | 117,885 | $6.0M | No change |
| UFI Unifi Inc. | 3.23% | 981,535 | $5.1M | Add +34.2% |
| MGTX Meiragtx Holdings PLC | 2.41% | 586,519 | $3.8M | New |
| NKTR Nektar Therapeutics | 2.38% | 146,115 | $3.8M | No change |
| CMT Core Molding Technologies Inc. | 2.00% | 191,222 | $3.2M | New |
| TISI Team Inc. | 1.96% | 171,090 | $3.1M | Add +391.1% |
| ARVN Arvinas Inc. | 1.92% | 413,533 | $3.0M | New |
| FARM Farmer Bros Co. | 1.69% | 1,955,526 | $2.7M | No change |
| MEC Mayville Engineering Co. Inc. | 1.56% | 155,450 | $2.5M | New |
| CMPS Compass Pathways PLC | 1.56% | 882,844 | $2.5M | Add +36.5% |
| ELDN Eledon Pharmaceuticals Inc. | 1.09% | 636,364 | $1.7M | No change |
| SSKN Strata Skin Sciences Inc. | 0.78% | 536,995 | $1.2M | No change |
| PMDI Psychemedics Corp. | 0.39% | 276,034 | $618K | New |
Portfolio Sells Q1 2025 → Q2 2025
Portfolio Buys Q1 2025 → Q2 2025
| DHX Dhi Group Inc. | Add +26.7% | 6.17% | +3.74 |
| SRI Stoneridge Inc. | Add +19.4% | 8.62% | +3.60 |
| MGTX Meiragtx Holdings PLC | New | 2.41% | +2.41 |
| CMT Core Molding Technologies Inc. | New | 2.00% | +2.00 |
| ARVN Arvinas Inc. | New | 1.92% | +1.92 |
| RGNX Regenxbio Inc. | Add +38.1% | 4.78% | +1.57 |
| TISI Team Inc. | Add +391.1% | 1.96% | +1.57 |
| MEC Mayville Engineering Co. Inc. | New | 1.56% | +1.56 |
| UFI Unifi Inc. | Add +34.2% | 3.23% | +0.87 |
| PMDI Psychemedics Corp. | New | 0.39% | +0.39 |
| CMPS Compass Pathways PLC | Add +36.5% | 1.56% | +0.32 |
| MLYS Mineralys Therapeutics Inc. | Add +21.4% | 4.77% | −0.14 |
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 |