22NW, LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), 22NW, LP reported 20 stock positions worth $237.6 million. Its top holding was Anebulo Pharmaceuticals (ANEB) at 35.7% of the portfolio, followed by Foster (lb) Class A (FSTR, 13.5%) and Lifecore Biomedical (LFCR, 9.7%). Compared with Q3 2025, it opened 1 new position, sold out of 2, added to 2 and reduced 2. The biggest buy was a new position in Insperity (NSP) and the biggest sale Foster (lb) Class A (FSTR, shares −9%).
- Most Recent 13F
- Q2 2026
- Location
- SEATTLE, WA
- CIK
- 0001694297
- Portfolio Value
- $237.6M (Q4 2025)
- SEC Filing
- 0001214659-26-001725 ↗ filed Feb 13, 2026
Holdings Value
Holdings 20 stocks · $237.6M
| ANEB Anebulo Pharmaceuticals Inc. | 35.68% | 15,467,300 | $84.8M | No change |
| FSTR Foster (lb) Co. Class A | 13.51% | 1,191,046 | $32.1M | Reduce -9.3% |
| LFCR Lifecore Biomedical Inc. | 9.69% | 1,254 | $23.0M | No change |
| NKTR Nektar Therapeutics | 5.89% | 331,115 | $14.0M | No change |
| RGNX Regenxbio Inc. | 5.60% | 923,679 | $13.3M | No change |
| MLYS Mineralys Therapeutics Inc. | 5.47% | 358,325 | $13.0M | No change |
| SRI Stoneridge Inc. | 5.34% | 2,192,764 | $12.7M | Add +4.1% |
| MEC Mayville Engineering Co. Inc. | 3.26% | 414,280 | $7.8M | Add +3.6% |
| CULP Culp Inc. | 2.79% | 1,859,061 | $6.6M | No change |
| PFX Phenixfin Corp. | 2.19% | 117,885 | $5.2M | No change |
| MGTX Meiragtx Holdings PLC | 1.96% | 586,519 | $4.7M | No change |
| CMT Core Molding Technologies Inc. | 1.88% | 222,738 | $4.5M | No change |
| NSP Insperity Inc. | 1.57% | 96,300 | $3.7M | New |
| UFI Unifi Inc. | 1.26% | 852,455 | $3.0M | Reduce -12.8% |
| FARM Farmer Bros Co. | 1.20% | 1,955,526 | $2.9M | No change |
| TISI Team Inc. | 1.01% | 170,187 | $2.4M | No change |
| RZLT Rezolute Inc. | 0.82% | 820,653 | $1.9M | No change |
| ELDN Eledon Pharmaceuticals Inc. | 0.40% | 636,364 | $961K | No change |
| SSKN Strata Skin Sciences Inc. | 0.28% | 536,995 | $677K | No change |
| PMDI Psychemedics Corp. | 0.19% | 276,034 | $442K | No change |
Portfolio Sells Q3 2025 → Q4 2025
Portfolio Buys Q3 2025 → Q4 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 |