AWM Investment Company, Inc. Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
OWLT	Owlet, Inc.	1,748,251	$28,304	2.7%	$11.34	0.0%	common	69120X206
DFTX	Definium Therapeutics, Inc.	1,390,662	$18,621	1.8%	$12.38	0.0%	common	24477V105
RANI	Rani Therapeutics Holdings Inc	6,500,000	$8,775	0.8%	$1.51	0.0%	common	753018100
RAPT	RAPT Therapeutics, Inc.	162,560	$5,506	0.5%	$31.06	0.0%	common	75382E208
FENC	Fennec Pharmaceuticals, Inc.	711,869	$5,481	0.5%	$8.21	0.0%	common	31447P100
COYA	Coya Therapeutics, Inc.	725,000	$4,205	0.4%	$6.08	0.0%	common	22407B108
GRO	Brazil Potash Corp. (Rest)	2,000,000	$3,780	0.4%	$2.27	0.0%	common	10586A108
BLNE	Beeline Holdings, Inc.	1,875,000	$3,225	0.3%	$2.43	0.0%	common	277802500
INDV	Indivior PLC (Great Britain)	75,605	$2,713	0.3%	$30.53	0.0%	common	45579U109
LENZ	LENZ Therapeutics, Inc.	150,000	$2,400	0.2%	$29.15	0.0%	common	52635N103
NXDR	Nextdoor Holdings, Inc.	1,000,000	$2,100	0.2%	$1.96	0.0%	common	65345M108
NXTC	NextCure, Inc.	117,371	$1,665	0.2%	$10.36	0.0%	common	65343E207
ELDN	Eledon Pharmaceuticals, Inc.	1,100,000	$1,661	0.2%	$2.38	0.0%	common	28617K101
OVID	Ovid Therapeutics, Inc.	899,200	$1,466	0.1%	$1.54	0.0%	common	690469101
SLNO	Soleno Therapeutics, Inc.	20,000	$926	0.1%	$54.83	0.0%	common	834203309
TYGO	Tigo Energy, Inc.	238,314	$329	0.0%	$2.00	0.0%	common	88675P103

Increased Positions (22)

VELO Velo3D, Inc. 2.7%

Value ($000) $28,008 (+584.2%) Shares 2,153,052 (+61.5%) Est. Cost $6.85 Unrealized —

AMSC American Superconductor Corp 2.1%

Value ($000) $21,706 (-51.0%) Shares 754,220 (+1.2%) Est. Cost $7.86 Unrealized +450.2%

BFLY Butterfly Network, Inc. 1.2%

Value ($000) $12,920 (+1573.6%) Shares 3,400,000 (+750.0%) Est. Cost $2.60 Unrealized +4.6%

LPTH LightPath Technologies, Inc. 2.1%

Value ($000) $22,033 (+91.9%) Shares 2,040,110 (+40.9%) Est. Cost $3.45 Unrealized +134.6%

FRGE Forge Global Holdings, Inc. 1.1%

Value ($000) $11,772 (+237.5%) Shares 264,179 (+28.0%) Est. Cost $21.89 Unrealized +54.4%

AVAV Aerovironment, Inc. 2.8%

Value ($000) $28,759 (-19.8%) Shares 118,893 (+4.4%) Est. Cost $127.97 Unrealized +145.7%

ACOG Alpha Cognition, Inc.(Canada) 1.0%

Value ($000) $10,869 (+52.4%) Shares 1,672,168 (+52.6%) Est. Cost $6.00 Unrealized +5.2%

PEPG PepGen, Inc. 0.8%

Value ($000) $8,463 (+78.7%) Shares 1,300,000 (+26.8%) Est. Cost $2.37 Unrealized +119.1%

CTRN Citi Trends, Inc. 1.0%

Value ($000) $10,043 (+39.2%) Shares 241,657 (+3.9%) Est. Cost $22.27 Unrealized +77.3%

ARLO Arlo Technologies, Inc. 1.6%

Value ($000) $16,405 (+15.5%) Shares 1,172,609 (+40.0%) Est. Cost $13.61 Unrealized +15.6%

PGNY Progyny, Inc. 0.5%

Value ($000) $5,136 (+32.6%) Shares 200,000 (+11.1%) Est. Cost $17.93 Unrealized +28.3%

BNTC Benitec Biopharma, Inc. (Aust 0.4%

Value ($000) $3,812 (+48.5%) Shares 282,977 (+54.7%) Est. Cost $11.68 Unrealized +18.4%

ABEO Abeona Therapeutics, Inc. 0.4%

Value ($000) $4,080 (+41.3%) Shares 774,130 (+41.5%) Est. Cost $5.56 Unrealized -9.5%

IPWR Ideal Power, Inc. 0.2%

Value ($000) $2,429 (-25.2%) Shares 786,094 (+21.7%) Est. Cost $6.23 Unrealized -29.3%

BDTX Black Diamond Therapeutics Inc 0.1%

Value ($000) $1,519 (-33.2%) Shares 625,000 (+4.2%) Est. Cost $2.29 Unrealized +54.9%

GRWG GrowGeneration Corp. 0.5%

Value ($000) $5,071 (-12.8%) Shares 3,380,784 (+8.7%) Est. Cost $2.06 Unrealized -20.3%

SPIR Spire Global Inc. 0.3%

Value ($000) $3,137 (-14.2%) Shares 418,287 (+25.7%) Est. Cost $10.24 Unrealized -4.5%

AVNW Aviat Networks, Inc. 0.3%

Value ($000) $3,543 (+11.3%) Shares 165,723 (+19.4%) Est. Cost $29.73 Unrealized -25.0%

PAYS Paysign, Inc. 0.2%

Value ($000) $1,731 (-10.3%) Shares 336,080 (+9.6%) Est. Cost $6.31 Unrealized -14.5%

CEVA CEVA, Inc. 1.7%

Value ($000) $17,814 (+1.1%) Shares 827,806 (+24.1%) Est. Cost $22.83 Unrealized +7.5%

NKTX Nkarta, Inc. 0.2%

Value ($000) $1,676 (+1.2%) Shares 906,000 (+13.3%) Est. Cost $2.36 Unrealized -15.5%

DCTH Delcath Systems, Inc. 0.1%

Value ($000) $606 (-2.3%) Shares 60,000 (+3.9%) Est. Cost $11.12 Unrealized -10.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VELO	Velo3D, Inc.	2,153,052 (+61.5%)	$28,008 (+584.2%)	2.7%	$6.85	—	common	92259N302
AMSC	American Superconductor Corp	754,220 (+1.2%)	$21,706 (-51.0%)	2.1%	$7.86	+450.2%	common	030111207
BFLY	Butterfly Network, Inc.	3,400,000 (+750.0%)	$12,920 (+1573.6%)	1.2%	$2.60	+4.6%	common	124155102
LPTH	LightPath Technologies, Inc.	2,040,110 (+40.9%)	$22,033 (+91.9%)	2.1%	$3.45	+134.6%	common	532257805
FRGE	Forge Global Holdings, Inc.	264,179 (+28.0%)	$11,772 (+237.5%)	1.1%	$21.89	+54.4%	common	34629L202
AVAV	Aerovironment, Inc.	118,893 (+4.4%)	$28,759 (-19.8%)	2.8%	$127.97	+145.7%	common	008073108
ACOG	Alpha Cognition, Inc.(Canada)	1,672,168 (+52.6%)	$10,869 (+52.4%)	1.0%	$6.00	+5.2%	common	02074J501
PEPG	PepGen, Inc.	1,300,000 (+26.8%)	$8,463 (+78.7%)	0.8%	$2.37	+119.1%	common	713317105
CTRN	Citi Trends, Inc.	241,657 (+3.9%)	$10,043 (+39.2%)	1.0%	$22.27	+77.3%	common	17306X102
ARLO	Arlo Technologies, Inc.	1,172,609 (+40.0%)	$16,405 (+15.5%)	1.6%	$13.61	+15.6%	common	04206A101
PGNY	Progyny, Inc.	200,000 (+11.1%)	$5,136 (+32.6%)	0.5%	$17.93	+28.3%	common	74340E103
BNTC	Benitec Biopharma, Inc. (Aust	282,977 (+54.7%)	$3,812 (+48.5%)	0.4%	$11.68	+18.4%	common	08205P209
ABEO	Abeona Therapeutics, Inc.	774,130 (+41.5%)	$4,080 (+41.3%)	0.4%	$5.56	-9.5%	common	00289Y206
IPWR	Ideal Power, Inc.	786,094 (+21.7%)	$2,429 (-25.2%)	0.2%	$6.23	-29.3%	common	451622203
BDTX	Black Diamond Therapeutics Inc	625,000 (+4.2%)	$1,519 (-33.2%)	0.1%	$2.29	+54.9%	common	09203E105
GRWG	GrowGeneration Corp.	3,380,784 (+8.7%)	$5,071 (-12.8%)	0.5%	$2.06	-20.3%	common	39986L109
SPIR	Spire Global Inc.	418,287 (+25.7%)	$3,137 (-14.2%)	0.3%	$10.24	-4.5%	common	848560306
AVNW	Aviat Networks, Inc.	165,723 (+19.4%)	$3,543 (+11.3%)	0.3%	$29.73	-25.0%	common	05366Y201
PAYS	Paysign, Inc.	336,080 (+9.6%)	$1,731 (-10.3%)	0.2%	$6.31	-14.5%	common	70451A104
CEVA	CEVA, Inc.	827,806 (+24.1%)	$17,814 (+1.1%)	1.7%	$22.83	+7.5%	common	157210105
NKTX	Nkarta, Inc.	906,000 (+13.3%)	$1,676 (+1.2%)	0.2%	$2.36	-15.5%	common	65487U108
DCTH	Delcath Systems, Inc.	60,000 (+3.9%)	$606 (-2.3%)	0.1%	$11.12	-10.6%	common	24661P807

Exited Positions (16)

— Mind Medicine (MindMed) Inc. 1.4%

Value ($000) $14,333 Shares 1,215,662 Est. Cost $8.61 Unrealized —

TSSI TSS, Inc. 0.8%

Value ($000) $8,150 Shares 450,000 Est. Cost $19.98 Unrealized -35.3%

EMPD Empery Digital, Inc. 0.8%

Value ($000) $7,899 Shares 1,050,418 Est. Cost $9.03 Unrealized -35.3%

AIRO Airo Group Holdings, Inc. 0.4%

Value ($000) $4,320 Shares 225,000 Est. Cost $21.92 Unrealized -41.2%

LSF Laird Superfood, Inc. 0.4%

Value ($000) $4,071 Shares 729,506 Est. Cost $6.08 Unrealized —

LUCD Lucid Diagnostics, Inc. 0.3%

Value ($000) $3,020 Shares 2,990,500 Est. Cost $1.09 Unrealized +2.4%

SNCR Synchronoss Technologies, Inc. 0.3%

Value ($000) $2,826 Shares 464,785 Est. Cost $14.62 Unrealized —

— Indivior PLC (Great Britain) 0.2%

Value ($000) $1,823 Shares 75,605 Est. Cost $24.11 Unrealized —

SYNX Silynxcom, Ltd. (Israel) 0.1%

Value ($000) $1,540 Shares 1,040,314 Est. Cost $2.83 Unrealized -53.0%

RNXT RenovoRx, Inc. 0.1%

Value ($000) $1,097 Shares 863,790 Est. Cost $1.16 Unrealized -13.9%

IMRX Immuneering Corporation 0.1%

Value ($000) $1,050 Shares 150,000 Est. Cost $5.19 Unrealized +23.7%

MOBBW Mobilicom Ltd. @5.00 8/31/27 A 0.1%

Value ($000) $868 Shares 200,000 Est. Cost $0.38 Unrealized —

NMTC NeuroOne Medical Technologies 0.1%

Value ($000) $815 Shares 916,667 Est. Cost $0.82 Unrealized -7.0%

— Dragonfly Energy Holdings Corp 0.1%

Value ($000) $744 Shares 1,250,000 Est. Cost $0.59 Unrealized —

MFI mF International, Ltd. (Hong K 0.1%

Value ($000) $704 Shares 19,146 Est. Cost $34.55 Unrealized -29.3%

MODD Modular Medical, Inc. 0.1%

Value ($000) $615 Shares 878,628 Est. Cost $1.74 Unrealized -71.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	Mind Medicine (MindMed) Inc.	1,215,662	$14,333	1.4%	$8.61	—	—	60255C885
TSSI	TSS, Inc.	450,000	$8,150	0.8%	$19.98	-35.3%	—	87288V101
EMPD	Empery Digital, Inc.	1,050,418	$7,899	0.8%	$9.03	-35.3%	—	92864V608
AIRO	Airo Group Holdings, Inc.	225,000	$4,320	0.4%	$21.92	-41.2%	—	009422106
LSF	Laird Superfood, Inc.	729,506	$4,071	0.4%	$6.08	—	—	50736T102
LUCD	Lucid Diagnostics, Inc.	2,990,500	$3,020	0.3%	$1.09	+2.4%	—	54948X109
SNCR	Synchronoss Technologies, Inc.	464,785	$2,826	0.3%	$14.62	—	—	87157B400
—	Indivior PLC (Great Britain)	75,605	$1,823	0.2%	$24.11	—	—	G4766E116
SYNX	Silynxcom, Ltd. (Israel)	1,040,314	$1,540	0.1%	$2.83	-53.0%	—	M8T145100
RNXT	RenovoRx, Inc.	863,790	$1,097	0.1%	$1.16	-13.9%	—	75989R107
IMRX	Immuneering Corporation	150,000	$1,050	0.1%	$5.19	+23.7%	—	45254E107
MOBBW	Mobilicom Ltd. @5.00 8/31/27 A	200,000	$868	0.1%	$0.38	—	—	60742B110
NMTC	NeuroOne Medical Technologies	916,667	$815	0.1%	$0.82	-7.0%	—	64130M209
—	Dragonfly Energy Holdings Corp	1,250,000	$744	0.1%	$0.59	—	—	26145B304
MFI	mF International, Ltd. (Hong K	19,146	$704	0.1%	$34.55	-29.3%	—	G6065C121
MODD	Modular Medical, Inc.	878,628	$615	0.1%	$1.74	-71.8%	—	60785L207

Decreased Positions (26)

ASPI ASP Isotopes, Inc. 1.1%

Value ($000) $11,366 (-60.1%) Shares 2,124,496 (-28.2%) Est. Cost $3.14 Unrealized +153.2%

AEHR Aehr Test Systems 3.0%

Value ($000) $31,027 (-34.2%) Shares 1,536,771 (-1.9%) Est. Cost $7.41 Unrealized +226.5%

ASPN Aspen Aerogels, Inc. 0.0%

Value ($000) $116 (-98.9%) Shares 41,092 (-97.4%) Est. Cost $10.08 Unrealized -48.8%

BKSY BlackSky Technology, Inc. 3.1%

Value ($000) $32,355 (-18.9%) Shares 1,725,610 (-12.8%) Est. Cost $7.92 Unrealized +157.5%

GLXY Galaxy Digital, Inc.-Class A 0.8%

Value ($000) $8,609 (-44.6%) Shares 385,000 (-16.3%) Est. Cost $26.97 Unrealized +14.9%

GAIA Gaia, Inc. 0.4%

Value ($000) $4,545 (-59.9%) Shares 1,252,090 (-34.5%) Est. Cost $5.42 Unrealized -15.7%

KIDS OrthoPediatrics Corporation 0.4%

Value ($000) $3,804 (-62.7%) Shares 214,169 (-61.1%) Est. Cost $27.62 Unrealized -36.6%

BTBT Bit Digital, Inc. 0.5%

Value ($000) $5,670 (-52.8%) Shares 3,000,000 (-25.0%) Est. Cost $3.03 Unrealized -4.7%

WYFI WhiteFiber, Inc. 0.5%

Value ($000) $5,198 (-54.0%) Shares 329,000 (-20.9%) Est. Cost $19.54 Unrealized +26.5%

LOVE The Lovesac Company 0.7%

Value ($000) $7,375 (-44.0%) Shares 500,002 (-35.7%) Est. Cost $24.88 Unrealized -43.2%

RCAT Red Cat Holdings, Inc. 0.8%

Value ($000) $8,016 (-39.8%) Shares 1,010,856 (-21.4%) Est. Cost $1.61 Unrealized +494.8%

ARBE Arbe Robotics, Ltd.(Israel) 0.5%

Value ($000) $4,667 (-51.1%) Shares 3,954,882 (-31.7%) Est. Cost $2.49 Unrealized -33.7%

CNTY Century Casinos, Inc. 0.1%

Value ($000) $1,025 (-82.1%) Shares 770,508 (-64.9%) Est. Cost $6.09 Unrealized -70.7%

GAMB Gambling.com Group Ltd. 0.8%

Value ($000) $7,831 (-37.4%) Shares 1,434,288 (-6.3%) Est. Cost $9.68 Unrealized -34.3%

KOPN Kopin Corporation 2.7%

Value ($000) $27,717 (-12.8%) Shares 11,844,812 (-12.1%) Est. Cost $1.41 Unrealized +104.9%

VITL Vital Farms, Inc. 0.6%

Value ($000) $6,538 (-34.4%) Shares 204,701 (-15.5%) Est. Cost $22.38 Unrealized +57.2%

ANRO Alto Neuroscience, Inc. 0.4%

Value ($000) $4,005 (+255.2%) Shares 225,000 (-19.8%) Est. Cost $10.49 Unrealized +20.1%

RSVR Reservoir Media, Inc. 0.4%

Value ($000) $4,176 (-39.5%) Shares 551,594 (-34.9%) Est. Cost $7.82 Unrealized -4.2%

ABX Abacus Life, Inc. 0.1%

Value ($000) $1,520 (-62.7%) Shares 177,772 (-75.0%) Est. Cost $8.79 Unrealized -26.5%

FBRX Forte Biosciences, Inc. 0.6%

Value ($000) $6,458 (+64.4%) Shares 236,821 (-9.5%) Est. Cost $11.52 Unrealized +52.2%

REAX The Real Brokerage, Inc.(Canad 0.8%

Value ($000) $8,143 (-16.0%) Shares 2,230,940 (-3.8%) Est. Cost $2.86 Unrealized +35.2%

TBCH Turtle Beach Corporation 0.6%

Value ($000) $5,699 (-20.8%) Shares 406,191 (-10.2%) Est. Cost $13.25 Unrealized +12.2%

DHX DHI Group, Inc. 0.1%

Value ($000) $771 (-59.3%) Shares 497,698 (-26.9%) Est. Cost $2.96 Unrealized -36.1%

GILT Gilat Satellite Networks, Ltd. 2.9%

Value ($000) $30,451 (-2.5%) Shares 2,353,227 (-1.9%) Est. Cost $5.42 Unrealized +137.0%

OPK OPKO Health, Inc. 0.3%

Value ($000) $2,646 (-22.4%) Shares 2,100,000 (-4.5%) Est. Cost $1.74 Unrealized -20.2%

CRVO CervoMed, Inc. 0.6%

Value ($000) $6,278 (-10.1%) Shares 794,634 (-7.9%) Est. Cost $3.81 Unrealized +111.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ASPI	ASP Isotopes, Inc.	2,124,496 (-28.2%)	$11,366 (-60.1%)	1.1%	$3.14	+153.2%	common	00218A105
AEHR	Aehr Test Systems	1,536,771 (-1.9%)	$31,027 (-34.2%)	3.0%	$7.41	+226.5%	common	00760J108
ASPN	Aspen Aerogels, Inc.	41,092 (-97.4%)	$116 (-98.9%)	0.0%	$10.08	-48.8%	common	04523Y105
BKSY	BlackSky Technology, Inc.	1,725,610 (-12.8%)	$32,355 (-18.9%)	3.1%	$7.92	+157.5%	common	09263B207
GLXY	Galaxy Digital, Inc.-Class A	385,000 (-16.3%)	$8,609 (-44.6%)	0.8%	$26.97	+14.9%	common	36317J209
GAIA	Gaia, Inc.	1,252,090 (-34.5%)	$4,545 (-59.9%)	0.4%	$5.42	-15.7%	common	36269P104
KIDS	OrthoPediatrics Corporation	214,169 (-61.1%)	$3,804 (-62.7%)	0.4%	$27.62	-36.6%	common	68752L100
BTBT	Bit Digital, Inc.	3,000,000 (-25.0%)	$5,670 (-52.8%)	0.5%	$3.03	-4.7%	common	G1144A105
WYFI	WhiteFiber, Inc.	329,000 (-20.9%)	$5,198 (-54.0%)	0.5%	$19.54	+26.5%	common	G96115103
LOVE	The Lovesac Company	500,002 (-35.7%)	$7,375 (-44.0%)	0.7%	$24.88	-43.2%	common	54738L109
RCAT	Red Cat Holdings, Inc.	1,010,856 (-21.4%)	$8,016 (-39.8%)	0.8%	$1.61	+494.8%	common	75644T100
ARBE	Arbe Robotics, Ltd.(Israel)	3,954,882 (-31.7%)	$4,667 (-51.1%)	0.5%	$2.49	-33.7%	common	M1R95N100
CNTY	Century Casinos, Inc.	770,508 (-64.9%)	$1,025 (-82.1%)	0.1%	$6.09	-70.7%	common	156492100
GAMB	Gambling.com Group Ltd.	1,434,288 (-6.3%)	$7,831 (-37.4%)	0.8%	$9.68	-34.3%	common	G3R239101
KOPN	Kopin Corporation	11,844,812 (-12.1%)	$27,717 (-12.8%)	2.7%	$1.41	+104.9%	common	500600101
VITL	Vital Farms, Inc.	204,701 (-15.5%)	$6,538 (-34.4%)	0.6%	$22.38	+57.2%	common	92847W103
ANRO	Alto Neuroscience, Inc.	225,000 (-19.8%)	$4,005 (+255.2%)	0.4%	$10.49	+20.1%	common	02157Q109
RSVR	Reservoir Media, Inc.	551,594 (-34.9%)	$4,176 (-39.5%)	0.4%	$7.82	-4.2%	common	76119X105
ABX	Abacus Life, Inc.	177,772 (-75.0%)	$1,520 (-62.7%)	0.1%	$8.79	-26.5%	common	00258Y104
FBRX	Forte Biosciences, Inc.	236,821 (-9.5%)	$6,458 (+64.4%)	0.6%	$11.52	+52.2%	common	34962G208
REAX	The Real Brokerage, Inc.(Canad	2,230,940 (-3.8%)	$8,143 (-16.0%)	0.8%	$2.86	+35.2%	common	75585H206
TBCH	Turtle Beach Corporation	406,191 (-10.2%)	$5,699 (-20.8%)	0.6%	$13.25	+12.2%	common	900450206
DHX	DHI Group, Inc.	497,698 (-26.9%)	$771 (-59.3%)	0.1%	$2.96	-36.1%	common	23331S100
GILT	Gilat Satellite Networks, Ltd.	2,353,227 (-1.9%)	$30,451 (-2.5%)	2.9%	$5.42	+137.0%	common	M51474118
OPK	OPKO Health, Inc.	2,100,000 (-4.5%)	$2,646 (-22.4%)	0.3%	$1.74	-20.2%	common	68375N103
CRVO	CervoMed, Inc.	794,634 (-7.9%)	$6,278 (-10.1%)	0.6%	$3.81	+111.0%	common	15713L109

Unchanged Positions (38)

VICR Vicor Corporation 3.5%

Value ($000) $36,517 Shares 333,180 Est. Cost $48.76 Unrealized +74.4%

MASS 908 Devices, Inc. 2.6%

Value ($000) $27,300 Shares 5,199,924 Est. Cost $3.83 Unrealized +82.4%

BLZE Backblaze, Inc. 1.4%

Value ($000) $14,295 Shares 3,067,569 Est. Cost $6.72 Unrealized +2.0%

IMDX Insight Molecular Diagnostic I 2.0%

Value ($000) $21,107 Shares 2,814,230 Est. Cost $2.81 Unrealized +100.6%

LASR nLight, Inc. 4.2%

Value ($000) $43,875 Shares 1,169,680 Est. Cost $15.42 Unrealized +116.6%

ADMA ADMA Biologics, Inc. 3.9%

Value ($000) $40,128 Shares 2,200,000 Est. Cost $1.65 Unrealized +921.9%

REAL The RealReal, Inc. 2.2%

Value ($000) $22,468 Shares 1,423,847 Est. Cost $3.68 Unrealized +254.6%

MDXH MDxHealth, SA (Belgium) 1.8%

Value ($000) $18,640 Shares 5,221,282 Est. Cost $2.57 Unrealized +53.9%

NGS Natural Gas Services Group, In 2.2%

Value ($000) $22,769 Shares 676,652 Est. Cost $7.52 Unrealized +294.8%

DXLG Destination XL Group, Inc. 0.8%

Value ($000) $8,643 Shares 9,399,297 Est. Cost $5.24 Unrealized -80.4%

SNWV SANUWAVE Health, Inc. 1.3%

Value ($000) $13,564 Shares 454,550 Est. Cost $28.49 Unrealized +12.6%

TALK Talkspace, Inc. 1.4%

Value ($000) $14,264 Shares 3,929,500 Est. Cost $1.72 Unrealized +84.2%

PVLA Palvella Therapeutics, Inc. 0.7%

Value ($000) $7,266 Shares 69,416 Est. Cost $19.27 Unrealized +342.7%

TLSI TriSalus Life Sciences, Inc. 0.8%

Value ($000) $8,682 Shares 1,243,780 Est. Cost $5.36 Unrealized +4.4%

UTI Universal Technical Institute, 1.1%

Value ($000) $11,343 Shares 434,098 Est. Cost $6.52 Unrealized +334.2%

— Avadel Pharmaceutical PLC (Ire 0.7%

Value ($000) $6,814 Shares 316,189 Est. Cost $8.72 Unrealized —

OPRX OptimizeRx Corporation 0.3%

Value ($000) $2,825 Shares 230,421 Est. Cost $10.45 Unrealized +56.4%

GNSS Genasys, Inc. (F4) 1.2%

Value ($000) $12,118 Shares 5,649,544 Est. Cost $3.28 Unrealized -31.7%

RDCM RADCOM, Ltd. (Israel) 1.3%

Value ($000) $12,966 Shares 991,261 Est. Cost $12.83 Unrealized +4.3%

PI Impinj, Inc. 3.0%

Value ($000) $31,004 Shares 178,173 Est. Cost $48.94 Unrealized +264.0%

XTNT Xtant Medical Holdings, Inc. 0.5%

Value ($000) $5,170 Shares 6,594,121 Est. Cost $0.57 Unrealized +27.7%

INFU Infusystem Holdings, Inc. 0.5%

Value ($000) $5,038 Shares 561,656 Est. Cost $3.07 Unrealized +212.1%

SRTA Strata Critical Medical, Inc. 1.3%

Value ($000) $13,571 Shares 2,821,468 Est. Cost $3.05 Unrealized +58.5%

HIPO Hippo Holdings, Inc. 0.3%

Value ($000) $3,008 Shares 100,000 Est. Cost $31.09 Unrealized +7.5%

NKTR Nektar Therapeutics 0.2%

Value ($000) $1,691 Shares 40,000 Est. Cost $33.10 Unrealized +69.1%

CRNX Crinetics Pharmaceuticals, Inc 0.4%

Value ($000) $4,655 Shares 100,000 Est. Cost $32.32 Unrealized +37.8%

AYTU Aytu BioPharma, Inc. 0.2%

Value ($000) $1,611 Shares 619,574 Est. Cost $1.55 Unrealized +44.4%

LMAT LeMaitre Vascular, Inc. 0.5%

Value ($000) $5,028 Shares 62,000 Est. Cost $6.39 Unrealized +1245.9%

ARGX argenx SE - ADR (Netherlands) 0.3%

Value ($000) $3,154 Shares 3,750 Est. Cost $21.21 Unrealized —

ALLT Allot Ltd. (Israel) 0.5%

Value ($000) $4,902 Shares 498,700 Est. Cost $8.48 Unrealized +13.1%

AIOT PowerFleet, Inc. 2.4%

Value ($000) $25,012 Shares 4,701,506 Est. Cost $4.86 Unrealized +5.3%

SABS SAB Biotherapeutics, Inc. 0.1%

Value ($000) $748 Shares 200,000 Est. Cost $2.26 Unrealized +45.5%

UCTT Ultra Clean Holdings, Inc. 0.3%

Value ($000) $3,557 Shares 140,440 Est. Cost $31.27 Unrealized -14.9%

ALMU Aeluma, Inc. 0.3%

Value ($000) $3,434 Shares 200,000 Est. Cost $18.71 Unrealized -15.6%

APEI American Public Education, Inc 0.3%

Value ($000) $3,497 Shares 92,500 Est. Cost $14.45 Unrealized +147.7%

OOMA Ooma, Inc. 0.6%

Value ($000) $5,861 Shares 499,699 Est. Cost $10.98 Unrealized +3.9%

MRAM Everspin Technology, Inc. 1.9%

Value ($000) $19,732 Shares 2,126,241 Est. Cost $7.58 Unrealized +25.4%

SERA Sera Prognostics, Inc. 0.1%

Value ($000) $612 Shares 207,382 Est. Cost $5.03 Unrealized -35.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VICR	Vicor Corporation	333,180	$36,517	3.5%	$48.76	+74.4%	common	925815102
MASS	908 Devices, Inc.	5,199,924	$27,300	2.6%	$3.83	+82.4%	common	65443P102
BLZE	Backblaze, Inc.	3,067,569	$14,295	1.4%	$6.72	+2.0%	common	05637B105
IMDX	Insight Molecular Diagnostic I	2,814,230	$21,107	2.0%	$2.81	+100.6%	common	68235C206
LASR	nLight, Inc.	1,169,680	$43,875	4.2%	$15.42	+116.6%	common	65487K100
ADMA	ADMA Biologics, Inc.	2,200,000	$40,128	3.9%	$1.65	+921.9%	common	000899104
REAL	The RealReal, Inc.	1,423,847	$22,468	2.2%	$3.68	+254.6%	common	88339P101
MDXH	MDxHealth, SA (Belgium)	5,221,282	$18,640	1.8%	$2.57	+53.9%	common	B5950S113
NGS	Natural Gas Services Group, In	676,652	$22,769	2.2%	$7.52	+294.8%	common	63886Q109
DXLG	Destination XL Group, Inc.	9,399,297	$8,643	0.8%	$5.24	-80.4%	common	25065K104
SNWV	SANUWAVE Health, Inc.	454,550	$13,564	1.3%	$28.49	+12.6%	common	80303D305
TALK	Talkspace, Inc.	3,929,500	$14,264	1.4%	$1.72	+84.2%	common	87427V103
PVLA	Palvella Therapeutics, Inc.	69,416	$7,266	0.7%	$19.27	+342.7%	common	697947109
TLSI	TriSalus Life Sciences, Inc.	1,243,780	$8,682	0.8%	$5.36	+4.4%	common	89680M101
UTI	Universal Technical Institute,	434,098	$11,343	1.1%	$6.52	+334.2%	common	913915104
—	Avadel Pharmaceutical PLC (Ire	316,189	$6,814	0.7%	$8.72	—	common	G29687103
OPRX	OptimizeRx Corporation	230,421	$2,825	0.3%	$10.45	+56.4%	common	68401U204
GNSS	Genasys, Inc. (F4)	5,649,544	$12,118	1.2%	$3.28	-31.7%	common	36872P103
RDCM	RADCOM, Ltd. (Israel)	991,261	$12,966	1.3%	$12.83	+4.3%	common	M81865111
PI	Impinj, Inc.	178,173	$31,004	3.0%	$48.94	+264.0%	common	453204109
XTNT	Xtant Medical Holdings, Inc.	6,594,121	$5,170	0.5%	$0.57	+27.7%	common	98420P308
INFU	Infusystem Holdings, Inc.	561,656	$5,038	0.5%	$3.07	+212.1%	common	45685K102
SRTA	Strata Critical Medical, Inc.	2,821,468	$13,571	1.3%	$3.05	+58.5%	common	092667104
HIPO	Hippo Holdings, Inc.	100,000	$3,008	0.3%	$31.09	+7.5%	common	433539202
NKTR	Nektar Therapeutics	40,000	$1,691	0.2%	$33.10	+69.1%	common	640268306
CRNX	Crinetics Pharmaceuticals, Inc	100,000	$4,655	0.4%	$32.32	+37.8%	common	22663K107
AYTU	Aytu BioPharma, Inc.	619,574	$1,611	0.2%	$1.55	+44.4%	common	054754858
LMAT	LeMaitre Vascular, Inc.	62,000	$5,028	0.5%	$6.39	+1245.9%	common	525558201
ARGX	argenx SE - ADR (Netherlands)	3,750	$3,154	0.3%	$21.21	—	common	04016X101
ALLT	Allot Ltd. (Israel)	498,700	$4,902	0.5%	$8.48	+13.1%	common	M0854Q105
AIOT	PowerFleet, Inc.	4,701,506	$25,012	2.4%	$4.86	+5.3%	common	73931J109
SABS	SAB Biotherapeutics, Inc.	200,000	$748	0.1%	$2.26	+45.5%	common	78397T202
UCTT	Ultra Clean Holdings, Inc.	140,440	$3,557	0.3%	$31.27	-14.9%	common	90385V107
ALMU	Aeluma, Inc.	200,000	$3,434	0.3%	$18.71	-15.6%	common	00776X109
APEI	American Public Education, Inc	92,500	$3,497	0.3%	$14.45	+147.7%	common	02913V103
OOMA	Ooma, Inc.	499,699	$5,861	0.6%	$10.98	+3.9%	common	683416101
MRAM	Everspin Technology, Inc.	2,126,241	$19,732	1.9%	$7.58	+25.4%	common	30041T104
SERA	Sera Prognostics, Inc.	207,382	$612	0.1%	$5.03	-35.8%	common	81749D107