Nantahala Capital Management, LLC

CIK

1472322

Location

New Canaan, CT

Portfolio Value

Micro $2,849,544

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

1 positions · $2,849,544 total · Energy only · as of Sep 30, 2025

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

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio	History
KOS	Kosmos Energy Ltd. Energy	Held	1,716,593	0	$2,849,544	−3.5%	100.00%