AWM Investment Company, Inc.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), AWM Investment Company, Inc. reported 102 stock positions worth $1.0 billion. Its top holding was Nlight (LASR) at 4.2% of the portfolio, followed by Adma Biologics (ADMA, 3.9%) and Vicor (VICR, 3.5%). Compared with Q3 2025, it opened 16 new positions, sold out of 15, added to 23 and reduced 31. The biggest buy was a new position in Owlet (OWLT) and the biggest sale Asp Isotopes (ASPI, shares −28%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001535264
Portfolio Value
$1.0B (Q4 2025)
SEC Filing
0001535264-26-000016 ↗ filed Feb 13, 2026

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $763.5M Q1 2024 Q2 2024: $740.2M Q2 2024 Q3 2024: $825.3M Q3 2024 Q4 2024: $820.5M Q4 2024 Q1 2025: $725.8M Q1 2025 Q2 2025: $891.5M Q2 2025 Q3 2025: $1.1B Q3 2025 Q4 2025: $1.0B $1.0B Q4 2025 Q1 2026: $903.4M Q1 2026 Q2 2026: $1.2B Q2 2026

Holdings 102 stocks · $1.0B
LASR Nlight Inc. 4.24% 1,169,680 $43.9M No change
ADMA Adma Biologics Inc. 3.88% 2,200,000 $40.1M No change
VICR Vicor Corp. 3.53% 333,180 $36.5M No change
BKSY Blacksky Technology Inc. 3.12% 1,725,610 $32.4M Reduce -12.8%
AEHR Aehr Test Systems 3.00% 1,536,771 $31.0M Reduce -1.9%
PI Impinj Inc. 2.99% 178,173 $31.0M No change
GILT Gilat Satellite Networks Ltd. 2.94% 2,353,227 $30.5M Reduce -1.9%
AVAV Aerovironment Inc. 2.78% 118,893 $28.8M Add +4.4%
OWLT Owlet Inc. 2.73% 1,748,251 $28.3M New
VELO VELO3D Inc. 2.70% 2,153,052 $28.0M Add +61.5%
KOPN Kopin Corp. 2.68% 11,844,812 $27.7M Reduce -12.1%
MASS 908 Devices Inc. 2.64% 5,199,924 $27.3M No change
AIOT Powerfleet Inc. 2.42% 4,701,506 $25.0M Reduce -0.0%
NGS Natural Gas Services Group 2.20% 676,652 $22.8M No change
REAL The Realreal Inc. filed as THE REALREAL INC 2.17% 1,423,847 $22.5M Reduce -0.7%
LPTH Lightpath Technologies Inc. Class A 2.13% 2,040,110 $22.0M Add +40.9%
AMSC American Superconductor Corp. 2.10% 754,220 $21.7M Add +1.2%
IMDX Insight Molecular Diagnostic 2.04% 2,814,230 $21.1M Reduce -0.3%
MRAM Everspin Technologies Inc. 1.91% 2,126,241 $19.7M No change
MDXH Mdxhealth 1.80% 5,221,282 $18.6M No change
DFTX Definium Therapeutics Inc. 1.80% 1,390,662 $18.6M New
CEVA Ceva Inc. 1.72% 827,806 $17.8M Add +24.1%
ARLO Arlo Technologies Inc. 1.58% 1,172,609 $16.4M Add +40.0%
BLZE Backblaze Inc. Class A 1.38% 3,067,569 $14.3M Add +0.1%
TALK Talkspace Inc. 1.38% 3,929,500 $14.3M Reduce -1.0%
SRTA Strata Critical Medical Inc. 1.31% 2,821,468 $13.6M No change
SNWV Sanuwave Health Inc. 1.31% 454,550 $13.6M No change
RDCM Radcom Ltd. 1.25% 991,261 $13.0M No change
BFLY Butterfly Network Inc. 1.25% 3,400,000 $12.9M Add +750.0%
GNSS Genasys Inc. 1.17% 5,649,544 $12.1M No change
FRGE Forge Global Holdings Inc. 1.14% 264,179 $11.8M Add +28.0%
ASPI Asp Isotopes Inc. 1.10% 2,124,496 $11.4M Reduce -28.2%
UTI Universal Technical Institut 1.10% 434,098 $11.3M No change
ACOG Alpha Cognition Inc. 1.05% 1,672,168 $10.9M Add +52.6%
CTRN Citi Trends Inc. 0.97% 241,657 $10.0M Add +4.0%
RANI Rani Therapeutics Holdings Class A 0.85% 6,500,000 $8.8M New
TLSI Trisalus Life Sciences Inc. 0.84% 1,243,780 $8.7M Reduce -0.5%
DXLG Destination XL Group Inc. 0.83% 9,399,297 $8.6M No change
GLXY Galaxy Digital Inc. Class A 0.83% 385,000 $8.6M Reduce -16.3%
PEPG Pepgen Inc. 0.82% 1,300,000 $8.5M Add +26.8%
REAL BROKERAGE INC/THE filed as THE REAL BROKERAGE INC 0.79% 2,230,940 $8.1M Reduce -3.8%
RCAT Red Cat Holdings Inc. 0.77% 1,010,856 $8.0M Reduce -21.4%
GRSD Grandstand Ltd. filed as GAMBLING COM GROUP LIMITED 0.76% 1,434,288 $7.8M Reduce -6.3%
LOVE The Lovesac Co. 0.71% 500,002 $7.4M Reduce -35.7%
PVLA Palvella Therapeutics Inc. 0.70% 69,416 $7.3M No change
AVDL Avadel Pharmaceuticals Ltd. 0.66% 316,189 $6.8M No change
VITL Vital Farms Inc. 0.63% 204,701 $6.5M Reduce -15.5%
FBRX Forte Biosciences Inc. 0.62% 236,821 $6.5M Reduce -9.6%
CRVO Cervomed Inc. 0.61% 794,634 $6.3M Reduce -7.9%
OOMA Ooma Inc. 0.57% 499,699 $5.9M No change
TBCH Turtle Beach Corp. 0.55% 406,191 $5.7M Reduce -10.2%
BTBT Bit Digital Inc. 0.55% 3,000,000 $5.7M Reduce -25.0%
RAPT Rapt Therapeutics Inc. 0.53% 162,560 $5.5M New
FENC Fennec Pharmaceuticals Inc. 0.53% 711,869 $5.5M New
WYFI Whitefiber Inc. 0.50% 329,000 $5.2M Reduce -20.9%
XTNT Xtant Medical Holdings Inc. 0.50% 6,594,121 $5.2M No change
PGNY Progyny Inc. 0.50% 200,000 $5.1M Add +11.1%
GRWG Growgeneration Corp. 0.49% 3,380,784 $5.1M Add +8.7%
INFU Infusystem Holdings Inc. 0.49% 561,656 $5.0M No change
LMAT Lemaitre Vascular Inc. 0.49% 62,000 $5.0M No change
ALLT Allot Ltd. 0.47% 498,700 $4.9M No change
ARBE Arbe Robotics Ltd. 0.45% 3,954,882 $4.7M Reduce -31.7%
CRNX Crinetics Pharmaceuticals Inc. 0.45% 100,000 $4.7M No change
GAIA Gaia Inc. 0.44% 1,252,090 $4.5M Reduce -34.5%
COYA Coya Therapeutics Inc. 0.41% 725,000 $4.2M New
RSVR Reservoir Media Inc. 0.40% 551,594 $4.2M Reduce -34.9%
ABEO Abeona Therapeutics Inc. 0.39% 774,130 $4.1M Add +41.5%
ANRO Alto Neuroscience Inc. 0.39% 225,000 $4.0M Reduce -19.8%
BNTC Benitec Biopharma Inc. 0.37% 282,977 $3.8M Add +54.6%
KIDS Orthopediatrics Corp. 0.37% 214,169 $3.8M Reduce -61.1%
GRO Brazil Potash Corp. 0.36% 2,000,000 $3.8M New
UCTT Ultra Clean Holdings Inc. 0.34% 140,440 $3.6M No change
AVNW Aviat Networks Inc. 0.34% 165,723 $3.5M Add +19.4%
APEI American Public Education 0.34% 92,500 $3.5M No change
ALMU Aeluma Inc. 0.33% 200,000 $3.4M No change
BLNE Beeline Holdings Inc. 0.31% 1,875,000 $3.2M New
ARGX Argenx SE - ADR 0.30% 3,750 $3.2M No change
SPIR Spire Global Inc. 0.30% 418,287 $3.1M Add +25.7%
HIPO Hippo Holdings Inc. 0.29% 100,000 $3.0M No change
OPRX Optimizerx Corp. 0.27% 230,421 $2.8M No change
INDV Indivior Pharmaceuticals Inc. 0.26% 75,605 $2.7M New
OPK Opko Health Inc. 0.26% 2,100,000 $2.6M Reduce -4.5%
IPWR Ideal Power Inc. 0.23% 786,094 $2.4M Add +21.7%
LENZ Lenz Therapeutics Inc. 0.23% 150,000 $2.4M New
NXDR Nextdoor Holdings Inc. 0.20% 1,000,000 $2.1M New
PAYS Paysign Inc. 0.17% 336,080 $1.7M Add +9.6%
NKTR Nektar Therapeutics 0.16% 40,000 $1.7M No change
NKTX Nkarta Inc. 0.16% 906,000 $1.7M Add +13.3%
NXTC Nextcure Inc. 0.16% 117,371 $1.7M New
ELDN Eledon Pharmaceuticals Inc. 0.16% 1,100,000 $1.7M New
AYTU Aytu Biopharma Inc. 0.16% 619,574 $1.6M No change
ABX Abacus Global Management Inc. 0.15% 177,772 $1.5M Reduce -75.0%
BDTX Black Diamond Therapeutics I 0.15% 625,000 $1.5M Add +4.2%
OVID Ovid Therapeutics Inc. 0.14% 899,200 $1.5M New
CNTY Century Casinos Inc. 0.10% 770,508 $1.0M Reduce -64.9%
SLNO Soleno Therapeutics Inc. 0.09% 20,000 $926K New
DHX Dhi Group Inc. 0.07% 497,698 $771K Reduce -26.9%
SABS Sab Biotherapeutics Inc. 0.07% 200,000 $748K No change
SERA Sera Prognostics Inc. Class A 0.06% 207,382 $612K No change
DCTH Delcath Systems Inc. 0.06% 60,000 $606K Add +4.0%
TYGO Tigo Energy Inc. 0.03% 238,314 $329K New
ASPN Aspen Aerogels Inc. 0.01% 41,092 $116K Reduce -97.4%

Portfolio Sells Q3 2025 → Q4 2025
ASPI Asp Isotopes Inc. Reduce -28.2% 1.10% −1.57
AEHR Aehr Test Systems Reduce -1.9% 3.00% −1.43
MIND MEDICINE MINDMED INC Sold out 0.00% −1.34
ASPN Aspen Aerogels Inc. Reduce -97.4% 0.01% −1.00
TSSI TSS Inc. Sold out 0.00% −0.76
EMPD Empery Digital Inc. Sold out 0.00% −0.74
GLXY Galaxy Digital Inc. Class A Reduce -16.3% 0.83% −0.63
GAIA Gaia Inc. Reduce -34.5% 0.44% −0.62
BKSY Blacksky Technology Inc. Reduce -12.8% 3.12% −0.62
KIDS Orthopediatrics Corp. Reduce -61.1% 0.37% −0.59
BTBT Bit Digital Inc. Reduce -25.0% 0.55% −0.58
WYFI Whitefiber Inc. Reduce -20.9% 0.50% −0.56
LOVE The Lovesac Co. Reduce -35.7% 0.71% −0.52
RCAT Red Cat Holdings Inc. Reduce -21.4% 0.77% −0.47
ARBE Arbe Robotics Ltd. Reduce -31.7% 0.45% −0.45
CNTY Century Casinos Inc. Reduce -64.9% 0.10% −0.44
GRSD Grandstand Ltd. Reduce -6.3% 0.76% −0.42
AIRO Airo Group Holdings Inc. Sold out 0.00% −0.41
LSF Laird Superfood Inc. Sold out 0.00% −0.38
KOPN Kopin Corp. Reduce -12.1% 2.68% −0.30
VITL Vital Farms Inc. Reduce -15.5% 0.63% −0.30
LUCD Lucid Diagnostics Inc. Sold out 0.00% −0.28
SNCR Synchronoss Technologies Inc. Sold out 0.00% −0.27
RSVR Reservoir Media Inc. Reduce -34.9% 0.40% −0.24
ABX Abacus Global Management Inc. Reduce -75.0% 0.15% −0.24
INDV Indivior Ltd. Sold out 0.00% −0.17
SYNX Silynxcom Ltd. Sold out 0.00% −0.14
TBCH Turtle Beach Corp. Reduce -10.2% 0.55% −0.12
REAL BROKERAGE INC/THE Reduce -3.8% 0.79% −0.12
DHX Dhi Group Inc. Reduce -26.9% 0.07% −0.10
RNXT Renovorx Inc. Sold out 0.00% −0.10
IMRX Immuneering Corp. Class A Sold out 0.00% −0.10
NEUROONE MED TECHNOLOGIES CO Sold out 0.00% −0.08
DRAGONFLY ENERGY HOLDINGS CO Sold out 0.00% −0.07
MFI MF International Ltd. Class A Sold out 0.00% −0.07
OPK Opko Health Inc. Reduce -4.5% 0.26% −0.06
MODULAR MED INC Sold out 0.00% −0.06
CRVO Cervomed Inc. Reduce -7.9% 0.61% −0.05
GILT Gilat Satellite Networks Ltd. Reduce -1.9% 2.94% +0.01
AIOT Powerfleet Inc. Reduce -0.0% 2.42% +0.10
FBRX Forte Biosciences Inc. Reduce -9.6% 0.62% +0.26
ANRO Alto Neuroscience Inc. Reduce -19.8% 0.39% +0.28
TLSI Trisalus Life Sciences Inc. Reduce -0.5% 0.84% +0.29
TALK Talkspace Inc. Reduce -1.0% 1.38% +0.35
REAL The Realreal Inc. Reduce -0.7% 2.17% +0.74
IMDX Insight Molecular Diagnostic Reduce -0.3% 2.04% +1.16

Portfolio Buys Q3 2025 → Q4 2025
OWLT Owlet Inc. New 2.73% +2.73
VELO VELO3D Inc. Add +61.5% 2.70% +2.32
DFTX Definium Therapeutics Inc. New 1.80% +1.80
BFLY Butterfly Network Inc. Add +750.0% 1.25% +1.18
LPTH Lightpath Technologies Inc. Class A Add +40.9% 2.13% +1.05
RANI Rani Therapeutics Holdings Class A New 0.85% +0.85
FRGE Forge Global Holdings Inc. Add +28.0% 1.14% +0.81
RAPT Rapt Therapeutics Inc. New 0.53% +0.53
FENC Fennec Pharmaceuticals Inc. New 0.53% +0.53
COYA Coya Therapeutics Inc. New 0.41% +0.41
ACOG Alpha Cognition Inc. Add +52.6% 1.05% +0.38
PEPG Pepgen Inc. Add +26.8% 0.82% +0.37
GRO Brazil Potash Corp. New 0.36% +0.36
BLNE Beeline Holdings Inc. New 0.31% +0.31
CTRN Citi Trends Inc. Add +4.0% 0.97% +0.29
INDV Indivior Pharmaceuticals Inc. New 0.26% +0.26
ARLO Arlo Technologies Inc. Add +40.0% 1.58% +0.25
LENZ Lenz Therapeutics Inc. New 0.23% +0.23
NXDR Nextdoor Holdings Inc. New 0.20% +0.20
NXTC Nextcure Inc. New 0.16% +0.16
ELDN Eledon Pharmaceuticals Inc. New 0.16% +0.16
OVID Ovid Therapeutics Inc. New 0.14% +0.14
PGNY Progyny Inc. Add +11.1% 0.50% +0.13
BNTC Benitec Biopharma Inc. Add +54.6% 0.37% +0.13
ABEO Abeona Therapeutics Inc. Add +41.5% 0.39% +0.12
SLNO Soleno Therapeutics Inc. New 0.09% +0.09
CEVA Ceva Inc. Add +24.1% 1.72% +0.07
AVNW Aviat Networks Inc. Add +19.4% 0.34% +0.04
TYGO Tigo Energy Inc. New 0.03% +0.03
NKTX Nkarta Inc. Add +13.3% 0.16% +0.01
DCTH Delcath Systems Inc. Add +4.0% 0.06% +0.00
PAYS Paysign Inc. Add +9.6% 0.17% −0.01
SPIR Spire Global Inc. Add +25.7% 0.30% −0.04
GRWG Growgeneration Corp. Add +8.7% 0.49% −0.06
BDTX Black Diamond Therapeutics I Add +4.2% 0.15% −0.07
IPWR Ideal Power Inc. Add +21.7% 0.23% −0.07
AVAV Aerovironment Inc. Add +4.4% 2.78% −0.59
BLZE Backblaze Inc. Class A Add +0.1% 1.38% −1.29
AMSC American Superconductor Corp. Add +1.2% 2.10% −2.06

Notes & Other Activity Q3 2025 → Q4 2025
MOBBW Mobilicom Ltd. -27 *W EXP 08/31/202 Sold out 200,000 $868Kbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 106$1.2BLASR, VICR, MASS, LPTH, AMSC
Q1 2026 98$903.4MAEHR, LASR, VICR, BKSY, GILT
Q4 2025 102$1.0BLASR, ADMA, VICR, BKSY, AEHR
Q3 2025 101$1.1BAEHR, MASS, AMSC, BKSY, AVAV
Q2 2025 92$891.5MAMSC, BKSY, ADMA, MASS, AVAV
Q1 2025 93$725.8MADMA, AMSC, AIOT, MASS, ASPI
Q4 2024 85$820.5MADMA, AMSC, AIOT, BKSY, PI
Q3 2024 96$825.3MADMA, PI, AMSC, ASPN, DXLG
Q2 2024 98$740.2MADMA, AMSC, PI, DXLG, ASPN
Q1 2024 114$763.5MPI, ADMA, AMSC, ASPN, DXLG