22NW, LP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), 22NW, LP reported 21 stock positions worth $212.3 million. Its top holding was Anebulo Pharmaceuticals (ANEB) at 18.2% of the portfolio, followed by Foster (lb) Class A (FSTR, 16.7%) and Lifecore Biomedical (LFCR, 9.5%). Compared with Q2 2025, it opened 2 new positions, sold out of 2, added to 4 and reduced 5. The biggest buy was Nektar Therapeutics (NKTR, shares +127%) and the biggest sale Lifecore Biomedical (LFCR, shares −100%).
- Most Recent 13F
- Q2 2026
- Location
- SEATTLE, WA
- CIK
- 0001694297
- Portfolio Value
- $212.3M (Q3 2025)
- SEC Filing
- 0001214659-25-016649 ↗ filed Nov 14, 2025
Holdings Value
Holdings 21 stocks · $212.3M
| ANEB Anebulo Pharmaceuticals Inc. | 18.22% | 15,467,300 | $38.7M | No change |
| FSTR Foster (lb) Co. Class A | 16.67% | 1,313,121 | $35.4M | No change |
| LFCR Lifecore Biomedical Inc. | 9.49% | 1,254 | $20.1M | Reduce -99.5% |
| NKTR Nektar Therapeutics | 8.88% | 331,115 | $18.8M | Add +126.6% |
| SRI Stoneridge Inc. | 7.56% | 2,105,600 | $16.0M | Add +8.3% |
| MLYS Mineralys Therapeutics Inc. | 6.40% | 358,325 | $13.6M | Reduce -36.0% |
| RGNX Regenxbio Inc. | 4.20% | 923,679 | $8.9M | No change |
| CULP Culp Inc. | 3.91% | 1,859,061 | $8.3M | No change |
| RZLT Rezolute Inc. | 3.63% | 820,653 | $7.7M | New |
| DHX Dhi Group Inc. | 2.67% | 2,036,988 | $5.7M | Reduce -38.3% |
| PFX Phenixfin Corp. | 2.64% | 117,885 | $5.6M | No change |
| MEC Mayville Engineering Co. Inc. | 2.59% | 399,890 | $5.5M | Add +157.3% |
| MGTX Meiragtx Holdings PLC | 2.27% | 586,519 | $4.8M | No change |
| UFI Unifi Inc. | 2.19% | 977,639 | $4.7M | Reduce -0.4% |
| CMT Core Molding Technologies Inc. | 2.16% | 222,738 | $4.6M | Add +16.5% |
| AEBI Aebi Schmidt Holding AG | 2.04% | 347,840 | $4.3M | New |
| FARM Farmer Bros Co. | 1.58% | 1,955,526 | $3.3M | No change |
| TISI Team Inc. | 1.33% | 170,187 | $2.8M | Reduce -0.5% |
| ELDN Eledon Pharmaceuticals Inc. | 0.78% | 636,364 | $1.6M | No change |
| SSKN Strata Skin Sciences Inc. | 0.52% | 536,995 | $1.1M | No change |
| PMDI Psychemedics Corp. | 0.27% | 276,034 | $582K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| LFCR Lifecore Biomedical Inc. | Reduce -99.5% | 9.49% | −4.76 |
| DHX Dhi Group Inc. | Reduce -38.3% | 2.67% | −3.50 |
| ARVN Arvinas Inc. | Sold out | 0.00% | −1.92 |
| CMPS Compass Pathways PLC | Sold out | 0.00% | −1.56 |
| UFI Unifi Inc. | Reduce -0.4% | 2.19% | −1.03 |
| TISI Team Inc. | Reduce -0.5% | 1.33% | −0.63 |
| MLYS Mineralys Therapeutics Inc. | Reduce -36.0% | 6.40% | +1.63 |
Portfolio Buys Q2 2025 → Q3 2025
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 |