Nantahala Capital Management, LLC

CIK

1472322

Location

New Canaan, CT

Portfolio Value

Mid $2,106,704,031

Diversification

Diversified

Filing Date

Global Rank

#1,139 / 7,976 ▲ 147

Top Industry

Biotechnology 36.4%

3Y Alpha vs SPY

-2.5%

Period ended 9 months ago

Filed Nov 14, 2025 · 7mo

23 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+65.5%

SPY

+76.3%

Annualised alpha

-2.5%

Max drawdown

−28.5%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

129 positions · as of Sep 30, 2025 · Δ vs Jun 30, 2025

Top Position

6.6%

+0.0 pts

Top 5

21.5%

−2.2 pts

Top 10

35.2%

−1.9 pts

HHI

202

Diversified−17

Portfolio Trend

23 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2025

Sector	% Portfolio	Value	Positions
Healthcare	67.1%	$1,412,916,101	86
Consumer Cyclical	15.8%	$333,031,991	13
Financial Services	4.7%	$98,923,512	6
Consumer Defensive	3.6%	$75,030,906	4
Communication Services	3.3%	$69,894,283	5
Real Estate	2.2%	$46,950,212	3
Industrials	2.1%	$44,210,107	6
Technology	0.9%	$19,211,493	4
Basic Materials	0.2%	$3,685,882	1
Energy	0.1%	$2,849,544	1

Last Quarter's Activity

Export CSV

Sep 30, 2025 vs Jun 30, 2025

Added To

Positions the filer increased

24 positions

Ticker	Company	Δ Shares	Shares	Value
PTON	Peloton Interactive, Inc.	+1,929,963	8,197,700	$73,779,300
DXLG	Destination XL Group, Inc.	+1,928,226	4,505,000	$5,901,550
TEVA	Teva Pharmaceutical Industries Ltd	+1,500,000	2,500,000	$50,500,000
TLPH	Talphera, Inc.	+1,500,000	3,492,519	$3,108,341
EOLS	Evolus, Inc.	+1,428,931	5,726,857	$35,162,901
FLWS	1 800 Flowers Com Inc	+1,368,065	3,368,065	$15,493,099
NSPR	InspireMD, Inc.	+1,058,467	3,376,484	$8,137,326
CWH	Camping World Holdings, Inc.	+1,000,000	2,000,000	$31,580,000
HLF	Herbalife Ltd.	+620,133	7,742,431	$65,346,117
QNCX	Quince Therapeutics, Inc.	+545,427	3,073,729	$5,010,178
BVS	Bioventus Inc.	+529,820	5,810,662	$38,873,328
ZVRA	Zevra Therapeutics, Inc.	+500,000	1,971,936	$18,753,111
EHTH	eHealth, Inc.	+450,000	1,761,441	$7,591,810
SVRA	Savara Inc	+450,000	8,775,375	$31,328,088
FULC	Fulcrum Therapeutics, Inc.	+382,485	4,670,784	$42,971,212
XNCR	Xencor Inc	+279,897	1,100,000	$12,903,000
CMCO	Columbus Mckinnon Corp	+246,372	450,000	$6,453,000
AVTX	Avalo Therapeutics, Inc.	+240,000	1,235,000	$15,696,850
AVR	Anteris Technologies Global Corp.	+225,000	1,918,666	$8,633,997
GPCR	Structure Therapeutics Inc.	+200,000	518,553	$14,519,484
ESTA	Establishment Labs Holdings Inc.	+197,962	1,973,492	$80,893,437
ABEO	Abeona Therapeutics Inc.	+195,000	5,084,665	$26,847,031
TLSI	TriSalus Life Sciences, Inc.	+40,245	2,040,245	$9,487,139
DSGR	Distribution Solutions Group, Inc.	+19,539	230,339	$6,928,597
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
CMPS	COMPASS Pathways plc	−2,450,000	1,729,930	$9,912,498
AMLX	Amylyx Pharmaceuticals, Inc.	−1,998,721	935,684	$12,715,945
VSTM	Verastem, Inc.	−1,661,832	1,292,903	$11,416,333
TNGX	Tango Therapeutics, Inc.	−1,629,646	1,809,948	$15,203,563
ILPT	Industrial Logistics Properties Trust	−1,530,946	1,675,273	$9,766,841
FOSL	Fossil Group, Inc.	−1,346,646	3,741,157	$9,614,773
QURE	uniQure N.V.	−1,044,360	1,007,492	$58,807,308
SVC	Service Properties Trust	−1,000,000	7,057,887	$19,126,873
ABVX	Abivax S.A.	−925,430	557,564	$47,337,183
RSVR	Reservoir Media, Inc.	−491,176	950,960	$7,740,814
KROS	Keros Therapeutics, Inc.	−387,503	1,483,189	$23,464,049
HGV	Hilton Grand Vacations Inc.	−321,105	2,242,753	$93,769,502
KOD	Kodiak Sciences Inc.	−300,000	290,884	$4,761,771
NKTR	Nektar Therapeutics	−291,239	418,522	$23,813,901
CNTX	Context Therapeutics Inc.	−273,534	1,661,950	$1,610,429
ACHV	Achieve Life Sciences, Inc.	−250,000	648,885	$2,043,987
MLYS	Mineralys Therapeutics, Inc.	−195,269	158,713	$6,018,396
CNTA	Centessa Pharmaceuticals plc	−150,000	404,803	$9,816,472
COGT	Cogent Biosciences, Inc.	−148,700	1,506,989	$21,640,362
AMRX	Amneal Pharmaceuticals, Inc.	−142,874	4,224,564	$42,287,885
IMAX	Imax Corp	−137,843	996,150	$32,623,912
TBBK	Bancorp, Inc.	−116,169	852,334	$63,831,293
ALTG	Alta Equipment Group Inc.	−107,995	934,774	$6,767,763
KPRX	Kiora Pharmaceuticals Inc	−54,683	156,427	$434,867
DYN	Dyne Therapeutics, Inc.	−42,178	702,884	$8,891,482
No positions match the current search.

New Positions

Positions the filer opened this quarter

21 positions

Ticker	Company	Shares	Value
EW	Edwards Lifesciences Corp	1,800,000	$139,986,000
REGN	Regeneron Pharmaceuticals, Inc.	40,000	$22,490,800
GUTS	Fractyl Health, Inc.	12,136,917	$19,297,698
DNTH	Dianthus Therapeutics, Inc. /DE/	375,000	$14,756,250
HOOD	Robinhood Markets, Inc.	100,000	$14,318,000
ALGN	Align Technology Inc	100,000	$12,522,000
GERN	Geron Corp	9,025,000	$12,364,250
LBRX	Lb Pharmaceuticals Inc	675,000	$10,658,250
MDXG	Mimedx Group, Inc.	1,466,566	$10,236,630
DRIO	DarioHealth Corp.	563,233	$9,772,092
CYTK	Cytokinetics Inc	150,000	$8,244,000
XFOR	X4 Pharmaceuticals, Inc	2,228,350	$7,620,957
DCTH	Delcath Systems, Inc.	666,435	$7,164,176
CGON	CG Oncology, Inc.	109,449	$4,408,605
BRCC	BRC Inc.	2,630,517	$4,103,606
AGIO	Agios Pharmaceuticals, Inc.	100,000	$4,014,000
RYAM	Rayonier Advanced Materials Inc.	510,510	$3,685,882
AQST	Aquestive Therapeutics, Inc.	600,000	$3,354,000
MAZE	Maze Therapeutics, Inc.	93,351	$2,420,591
KIDS	Orthopediatrics Corp	49,449	$916,289
ANIK	Anika Therapeutics, Inc.	20,961	$197,033
No positions match the current search.

Sold Out

Positions the filer fully exited

13 positions

Ticker	Company	Shares	Value
GOGO	Gogo Inc.	1,044,415	$15,332,012
URGN	UroGen Pharma Ltd.	1,006,703	$13,791,831
RZLT	Rezolute, Inc.	2,291,395	$10,219,621
DKS	Dick's Sporting Goods, Inc.	40,000	$7,912,400
SNDX	Syndax Pharmaceuticals Inc	754,503	$7,065,920
EYPT	EyePoint, Inc.	593,091	$5,580,986
OLPX	Olaplex Holdings, Inc.	650,000	$910,000
FBIO	Fortress Biotech, Inc.	325,520	$605,467
XGN	Exagen Inc.	61,186	$427,078
LADR	Ladder Capital Corp	25,401	$273,060
PLCE	Childrens Place, Inc.	57,030	$252,642
OKUR	OnKure Therapeutics, Inc.	54,208	$129,557
TACT	Transact Technologies Inc	15,046	$55,068
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

129 positions · $2,106,704,031 total · as of Sep 30, 2025

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology

Showing 1–50 of 129 positions by value · page 1 of 3

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
EW	Edwards Lifesciences Corp Healthcare	NEW	1,800,000	NEW	$139,986,000	NEW	6.64%
HGV	Hilton Grand Vacations Inc. Consumer Cyclical	Reduced	2,242,753	-321,105	$93,769,502	−11.9%	4.45%
ESTA	Establishment Labs Holdings Inc. Healthcare	Added	1,973,492	+197,962	$80,893,437	+6.7%	3.84%
PTON	Peloton Interactive, Inc. Consumer Cyclical	Added	8,197,700	+1,929,963	$73,779,300	+69.6%	3.50%
HLF	Herbalife Ltd. Consumer Defensive	Reduced	7,742,431	-6,502,165	$65,346,117	−46.8%	3.10%
SLNO	Soleno Therapeutics Inc Healthcare	Reduced	963,763	-37,587	$65,150,378	−22.3%	3.09%
TBBK	Bancorp, Inc. Financial Services	Reduced	852,334	-116,169	$63,831,293	+15.7%	3.03%
QURE	uniQure N.V. Healthcare	Reduced	1,007,492	-1,044,360	$58,807,308	+105.6%	2.79%
TEVA	Teva Pharmaceutical Industries Ltd Healthcare	Added	2,500,000	+1,500,000	$50,500,000	+201.3%	2.40%
VTRS	Viatris Inc Healthcare	Held	5,000,000	0	$49,500,000	+10.9%	2.35%
ABVX	Abivax S.A. Healthcare	Reduced	557,564	-925,430	$47,337,183	+317.3%	2.25%
XTNT	Xtant Medical Holdings, Inc. Healthcare	Held	68,394,000	0	$44,456,100	−12.2%	2.11%
FULC	Fulcrum Therapeutics, Inc. Healthcare	Added	4,670,784	+382,485	$42,971,212	+45.6%	2.04%
AMRX	Amneal Pharmaceuticals, Inc. Healthcare	Reduced	4,224,564	-142,874	$42,287,885	+19.7%	2.01%
BVS	Bioventus Inc. Healthcare	Added	5,810,662	+529,820	$38,873,328	+11.2%	1.85%
KRYS	Krystal Biotech, Inc. Healthcare	Held	200,000	0	$35,306,000	+28.4%	1.68%
EOLS	Evolus, Inc. Healthcare	Added	5,726,857	+1,428,931	$35,162,901	−11.2%	1.67%
IMAX	Imax Corp Communication Services	Reduced	996,150	-137,843	$32,623,912	+2.9%	1.55%
CWH	Camping World Holdings, Inc. Consumer Cyclical	Added	2,000,000	+1,000,000	$31,580,000	+83.7%	1.50%
SVRA	Savara Inc Healthcare	Added	8,775,375	+450,000	$31,328,088	+65.0%	1.49%
ABEO	Abeona Therapeutics Inc. Healthcare	Added	5,084,665	+195,000	$26,847,031	−3.3%	1.27%
ETON	Eton Pharmaceuticals, Inc. Healthcare	Held	1,175,951	0	$25,553,415	+52.5%	1.21%
NKTR	Nektar Therapeutics Healthcare	Reduced	418,522	-1,001,000	$23,813,901	−35.1%	1.13%
KROS	Keros Therapeutics, Inc. Healthcare	Reduced	1,483,189	-387,503	$23,464,049	−6.0%	1.11%
REGN	Regeneron Pharmaceuticals, Inc. Healthcare	NEW	40,000	NEW	$22,490,800	NEW	1.07%
RDNW	RideNow Group, Inc. Consumer Cyclical	Held	4,972,845	0	$21,880,518	+90.5%	1.04%
COGT	Cogent Biosciences, Inc. Healthcare	Reduced	1,506,989	-148,700	$21,640,362	+82.0%	1.03%
LYV	Live Nation Entertainment, Inc. Communication Services	Held	130,300	0	$21,291,020	+8.0%	1.01%
GUTS	Fractyl Health, Inc. Healthcare	NEW	12,136,917	NEW	$19,297,698	NEW	0.92%
SVC	Service Properties Trust Real Estate	Reduced	7,057,887	-1,000,000	$19,126,873	−0.7%	0.91%
IRON	Disc Medicine, Inc. Healthcare	Held	287,800	0	$19,017,824	+24.8%	0.90%
CRMT	Americas Carmart Inc Consumer Cyclical	Held	644,686	0	$18,831,278	−47.9%	0.89%
ZVRA	Zevra Therapeutics, Inc. Healthcare	Added	1,971,936	+500,000	$18,753,111	+44.6%	0.89%
TITN	Titan Machinery Inc. Industrials	Reduced	1,096,232	-39,320	$18,350,923	−18.4%	0.87%
RMR	Rmr Group Inc. Real Estate	Held	1,147,902	0	$18,056,498	−3.8%	0.86%
FOXF	Fox Factory Holding Corp Consumer Cyclical	Held	728,648	0	$17,698,859	−6.4%	0.84%
GMED	Globus Medical Inc Healthcare	Held	300,000	0	$17,181,000	−3.0%	0.82%
CZR	Caesars Entertainment, Inc. Consumer Cyclical	Held	598,879	0	$16,184,704	−4.8%	0.77%
AVTX	Avalo Therapeutics, Inc. Healthcare	Added	1,235,000	+240,000	$15,696,850	+216.1%	0.75%
PVLA	Palvella Therapeutics, Inc. Healthcare	Held	250,062	0	$15,676,386	+178.1%	0.74%
FLWS	1 800 Flowers Com Inc Consumer Cyclical	Added	3,368,065	+1,368,065	$15,493,099	+57.5%	0.74%
TNGX	Tango Therapeutics, Inc. Healthcare	Reduced	1,809,948	-1,629,646	$15,203,563	−13.7%	0.72%
DNTH	Dianthus Therapeutics, Inc. /DE/ Healthcare	NEW	375,000	NEW	$14,756,250	NEW	0.70%
GPCR	Structure Therapeutics Inc. Healthcare	Added	518,553	+200,000	$14,519,484	+119.8%	0.69%
HOOD	Robinhood Markets, Inc. Financial Services	NEW	100,000	NEW	$14,318,000	NEW	0.68%
AURA	Aura Biosciences, Inc. Healthcare	Held	2,117,697	0	$13,087,367	−1.3%	0.62%
XNCR	Xencor Inc Healthcare	Added	1,100,000	+279,897	$12,903,000	+100.2%	0.61%
AMLX	Amylyx Pharmaceuticals, Inc. Healthcare	Reduced	935,684	-1,998,721	$12,715,945	−32.4%	0.60%
ALGN	Align Technology Inc Healthcare	NEW	100,000	NEW	$12,522,000	NEW	0.59%
GERN	Geron Corp Healthcare	NEW	9,025,000	NEW	$12,364,250	NEW	0.59%