Nantahala Capital Management, LLC
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Nantahala Capital Management, LLC reported 119 stock positions worth $1.2 billion. Its top holding was Soleno Therapeutics (SLNO) at 13.9% of the portfolio, followed by Establishment Labs (ESTA, 8.6%) and Bioventus Class A (BVS, 4.4%). Compared with Q2 2024, it opened 13 new positions, sold out of 7, added to 34 and reduced 24. The biggest buy was a new position in Titan Machinery (TITN) and the biggest sale Establishment Labs (ESTA, shares −6%).
- Most Recent 13F
- Q2 2026
- Location
- NEW CANAAN, CT
- CIK
- 0001472322
- Portfolio Value
- $1.2B (Q3 2024)
- SEC Filing
- 0001104659-24-118916 ↗ filed Nov 14, 2024
Holdings Value
Holdings 119 stocks · $1.2B
| SLNO Soleno Therapeutics Inc. | 13.90% | 3,270,448 | $165.1M | Add +6.1% |
| ESTA Establishment Labs Holdings | 8.59% | 2,359,141 | $102.1M | Reduce -6.1% |
| BVS Bioventus Inc. Class A | 4.38% | 4,350,870 | $52.0M | Reduce -18.5% |
| PTON Peloton Interactive Inc. Class A | 4.08% | 10,353,631 | $48.5M | Reduce -5.3% |
| EOLS Evolus Inc. | 3.85% | 2,824,849 | $45.8M | Reduce -3.0% |
| TBBK The Bancorp Inc. | 2.65% | 588,160 | $31.5M | Add +74.1% |
| HGV Hilton Grand Vacations Inc. | 2.28% | 746,829 | $27.1M | Add +11.7% |
| IMAX Imax Corp. | 2.21% | 1,278,774 | $26.2M | Reduce -28.9% |
| CRMT America's Car-Mart Inc. | 1.92% | 544,686 | $22.8M | Add +74.5% |
| TITN Titan Machinery Inc. | 1.91% | 1,625,276 | $22.6M | New |
| AMRX Amneal Pharmaceuticals Inc. | 1.87% | 2,669,943 | $22.2M | No change |
| KROS Keros Therapeutics Inc. | 1.87% | 381,659 | $22.2M | Add +0.8% |
| SVRA Savara Inc. | 1.85% | 5,180,951 | $22.0M | No change |
| ABEO Abeona Therapeutics Inc. | 1.83% | 3,432,637 | $21.7M | Reduce -1.1% |
| ZVRA Zevra Therapeutics Inc. | 1.71% | 2,924,021 | $20.3M | Add +20.9% |
| TRML Tourmaline Bio Inc. | 1.52% | 700,907 | $18.0M | No change |
| CASH Pathward Financial Inc. | 1.47% | 264,203 | $17.4M | Reduce -51.2% |
| FULC Fulcrum Therapeutics Inc. | 1.44% | 4,777,912 | $17.1M | New |
| PAYO Payoneer Global Inc. | 1.34% | 2,115,653 | $15.9M | No change |
| RDNW Ridenow Group Inc. filed as RUMBLEON INC | 1.24% | 3,066,537 | $14.7M | Reduce -30.6% |
| QURE Uniqure NV | 1.15% | 2,781,013 | $13.7M | Add +4.9% |
| PWSC Powerschool Holdings Inc. Class A | 1.12% | 585,000 | $13.3M | New |
| RDVT Red Violet Inc. | 1.08% | 452,466 | $12.9M | Add +0.0% |
| RSVR Reservoir Media Inc. | 1.07% | 1,560,797 | $12.7M | Add +0.6% |
| RZLT Rezolute Inc. | 1.05% | 2,577,121 | $12.5M | Reduce -13.8% |
| BKSY Blacksky Technology Inc. | 0.98% | 2,450,000 | $11.6M | New |
| ABVX Abivax SA-ADR | 0.96% | 985,634 | $11.4M | No change |
| AURA Aura Biosciences Inc. | 0.95% | 1,270,035 | $11.3M | No change |
| VSTM Verastem Inc. | 0.94% | 3,733,333 | $11.2M | Add +833.3% |
| ELUT Elutia Inc. | 0.92% | 2,864,947 | $10.9M | Add +59.5% |
| ASSERTIO HOLDINGS INC | 0.89% | 8,948,336 | $10.6M | Reduce -3.5% |
| OPTINOSE INC | 0.81% | 14,356,703 | $9.6M | Add +7.0% |
| EB Eventbrite Inc. Class A | 0.77% | 3,361,200 | $9.2M | Add +110.1% |
| CDXS Codexis Inc. | 0.77% | 2,967,808 | $9.1M | Reduce -18.2% |
| EGRX Eagle Pharmaceuticals Inc. | 0.74% | 2,356,536 | $8.8M | Add +20.1% |
| SNDX Syndax Pharmaceuticals Inc. | 0.73% | 453,232 | $8.7M | No change |
| RMR RMR Group Inc./the - A | 0.73% | 339,486 | $8.6M | Add +12.9% |
| COGT Cogent Biosciences Inc. | 0.72% | 790,936 | $8.5M | No change |
| VMD Viemed Healthcare Inc. | 0.70% | 1,135,122 | $8.3M | Reduce -20.9% |
| CNTA Centessa Pharmaceuticals Ltd. | 0.69% | 512,647 | $8.2M | Add +13.9% |
| EHTH Ehealth Inc. | 0.66% | 1,911,821 | $7.8M | No change |
| BNTC Benitec Biopharma Inc. | 0.65% | 838,095 | $7.7M | Reduce -0.4% |
| MLYS Mineralys Therapeutics Inc. | 0.64% | 632,506 | $7.7M | Add +18.8% |
| GPCR Structure Therapeutics Inc. | 0.63% | 171,000 | $7.5M | New |
| VNDA Vanda Pharmaceuticals Inc. | 0.63% | 1,593,516 | $7.5M | No change |
| XTNT Xtant Medical Holdings Inc. | 0.63% | 11,394,000 | $7.4M | Add +218.3% |
| ATXS Astria Therapeutics Inc. | 0.63% | 675,000 | $7.4M | No change |
| IRON Disc Medicine Inc. | 0.62% | 150,000 | $7.4M | No change |
| IMTX Immatics NV | 0.60% | 625,659 | $7.1M | Reduce -20.6% |
| STKS One Group Hospitality Inc. filed as THE ONE GROUP HOSPITALITY IN | 0.52% | 1,684,073 | $6.2M | Add +40.0% |
| OCUL Ocular Therapeutix Inc. | 0.51% | 700,000 | $6.1M | Reduce -30.0% |
| ETON Eton Pharmaceuticals Inc. | 0.50% | 998,733 | $6.0M | Add +6.2% |
| NSPR Inspiremd Inc. | 0.50% | 2,209,593 | $5.9M | Add +9.0% |
| CLRB Cellectar Biosciences Inc. | 0.49% | 2,712,443 | $5.8M | Add +48.0% |
| ALTG Alta Equipment Group Inc. | 0.48% | 845,115 | $5.7M | Add +0.8% |
| NNBR NN Inc. | 0.48% | 1,458,416 | $5.7M | Add +0.1% |
| NDLS Noodles & Co. | 0.46% | 4,508,329 | $5.4M | Add +4.6% |
| ILPT Industrial Logistics Propert | 0.45% | 1,131,132 | $5.4M | Reduce -39.5% |
| LXFR Luxfer Holdings PLC | 0.45% | 413,950 | $5.4M | Reduce -31.5% |
| NKTR Nektar Therapeutics | 0.45% | 4,110,000 | $5.3M | No change |
| RDI Reading International Inc. Class A | 0.44% | 3,236,497 | $5.3M | Reduce -0.3% |
| TELA Tela Bio Inc. | 0.41% | 1,915,126 | $4.8M | Reduce -21.7% |
| VTGN Vistagen Therapeutics Inc. | 0.38% | 1,517,696 | $4.6M | No change |
| AMLX Amylyx Pharmaceuticals Inc. | 0.38% | 1,404,564 | $4.6M | New |
| GAIA Gaia Inc. | 0.38% | 915,029 | $4.5M | No change |
| DHX Dhi Group Inc. | 0.36% | 2,376,606 | $4.3M | Add +15.0% |
| NPCE Neuropace Inc. | 0.36% | 607,890 | $4.2M | Reduce -1.4% |
| ZYXIQ Zynex Inc. | 0.34% | 490,000 | $4.0M | No change |
| CNTX Context Therapeutics Inc. | 0.32% | 1,935,484 | $3.8M | No change |
| SLN Silence Therapeutics PLC-ADR | 0.31% | 200,000 | $3.6M | No change |
| LXRX Lexicon Pharmaceuticals Inc. | 0.30% | 2,304,150 | $3.6M | No change |
| BCOV Brightcove | 0.30% | 1,664,768 | $3.6M | Add +26.7% |
| SCPH Scpharmaceuticals Inc. | 0.29% | 750,000 | $3.4M | New |
| GOGO Gogo Inc. | 0.29% | 475,497 | $3.4M | New |
| THTX Theratechnologies Inc. | 0.28% | 2,682,228 | $3.3M | No change |
| ACHV Achieve Life Sciences Inc. | 0.26% | 654,000 | $3.1M | No change |
| DRIO Dariohealth Corp. | 0.24% | 2,503,312 | $2.8M | Add +4.7% |
| MIST Milestone Pharmaceuticals Inc. | 0.22% | 1,750,000 | $2.7M | No change |
| AYTU Aytu Biopharma Inc. | 0.21% | 1,086,812 | $2.6M | No change |
| SRZN Surrozen Inc. | 0.19% | 187,206 | $2.2M | No change |
| MAX Mediaalpha Inc. Class A | 0.19% | 123,564 | $2.2M | No change |
| FOSL Fossil Group Inc. | 0.19% | 1,905,278 | $2.2M | No change |
| XBI SS SPDR S&P Biotech ETF | 0.18% | 21,646 | $2.1M | Reduce -3.2% |
| NVNO Envveno Medical Corporation | 0.17% | 596,917 | $2.0M | Add +24.9% |
| SRL Scully Royalty Ltd. | 0.16% | 239,197 | $1.9M | No change |
| NGNE Neurogene Inc. | 0.15% | 42,279 | $1.8M | Reduce -41.5% |
| BIOMX INC | 0.15% | 1,730,600 | $1.8M | New |
| TLPH Talphera Inc. | 0.14% | 1,992,519 | $1.7M | No change |
| RNTX Rein Therapeutics Inc. filed as AILERON THERAPEUTICS INC | 0.14% | 464,367 | $1.6M | No change |
| SGRP Spar Group Inc. | 0.14% | 662,028 | $1.6M | No change |
| ELDN Eledon Pharmaceuticals Inc. | 0.13% | 600,000 | $1.5M | No change |
| TIL Instil Bio Inc. | 0.11% | 20,276 | $1.4M | Reduce -84.1% |
| ALTISOURCE PORTFOLIO SOLNS S | 0.11% | 1,091,009 | $1.3M | No change |
| CMPS Compass Pathways PLC | 0.11% | 200,000 | $1.3M | New |
| UNICYCIVE THERAPEUTICS INC | 0.10% | 2,820,358 | $1.2M | No change |
| SSKN Strata Skin Sciences Inc. | 0.09% | 403,917 | $1.1M | Add +32.9% |
| ANEB Anebulo Pharmaceuticals Inc. | 0.08% | 511,073 | $986K | No change |
| RENEO PHARMACEUTICALS INC | 0.08% | 547,804 | $931K | No change |
| LAZYDAYS HLDGS INC | 0.07% | 551,135 | $827K | Add +10.2% |
| PERF Perfect Corp. | 0.07% | 419,133 | $805K | No change |
Options reported separately and not counted above: IWM puts ($408.6M), LLY puts ($79.7M), XBI puts ($79.0M), LOPE puts ($56.7M), SYK puts ($43.4M), PTON calls ($38.8M), IMAX calls ($30.8M), KRYS puts ($9.8M), ENVA calls ($9.1M), CZR calls ($8.3M), RDNW calls ($8.1M), HLF calls ($5.8M), and 4 more.
Other holdings (5): bonds, preferreds, convertibles and warrants · $619K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| IMTXW Immatics NV -CW | *W EXP 07/01/202 | 248,506 | $572K | No change |
| GFAIW Guardforce AI Co. Ltd. -CW26 | *W EXP 10/01/202 | 154,205 | $26K | No change |
| LMND.WS Lemonade Inc.-28 | *W EXP 02/09/202 | 507,460 | $16K | New |
| TCBWF TC Biopharm Holdings Ltd. | *W EXP 02/10/202 | 235,294 | $4K | No change |
| PERFF Perfect Corp. | *W EXP 10/28/202 | 16,075 | $1K | New |
Total filed on the 13F, all lines: $1.2B.
Portfolio Sells Q2 2024 → Q3 2024
| ESTA Establishment Labs Holdings | Reduce -6.1% | 8.59% | −2.89 |
| CASH Pathward Financial Inc. | Reduce -51.2% | 1.47% | −1.61 |
| IMAX Imax Corp. | Reduce -28.9% | 2.21% | −0.83 |
| TELA Tela Bio Inc. | Reduce -21.7% | 0.41% | −0.75 |
| RDNW Ridenow Group Inc. | Reduce -30.6% | 1.24% | −0.58 |
| AVDL Avadel Pharmaceuticals Ltd. | Sold out | 0.00% | −0.49 |
| DXPE DXP Enterprises Inc. | Sold out | 0.00% | −0.48 |
| PWP Perella Weinberg Partners | Sold out | 0.00% | −0.43 |
| CDXS Codexis Inc. | Reduce -18.2% | 0.77% | −0.36 |
| ENVA Enova International Inc. | Sold out | 0.00% | −0.35 |
| IMTX Immatics NV | Reduce -20.6% | 0.60% | −0.32 |
| ASSERTIO HOLDINGS INC | Reduce -3.5% | 0.89% | −0.27 |
| LXFR Luxfer Holdings PLC | Reduce -31.5% | 0.45% | −0.25 |
| VMD Viemed Healthcare Inc. | Reduce -20.9% | 0.70% | −0.25 |
| RZLT Rezolute Inc. | Reduce -13.8% | 1.05% | −0.24 |
| ILPT Industrial Logistics Propert | Reduce -39.5% | 0.45% | −0.24 |
| CONNQ Conn's Inc. | Sold out | 0.00% | −0.22 |
| OCUL Ocular Therapeutix Inc. | Reduce -30.0% | 0.51% | −0.18 |
| NGNE Neurogene Inc. | Reduce -41.5% | 0.15% | −0.12 |
| NPCE Neuropace Inc. | Reduce -1.4% | 0.36% | −0.11 |
| NKLAQ Nikola Corp. | Sold out | 0.00% | −0.08 |
| XBI SS SPDR S&P Biotech ETF | Reduce -3.2% | 0.18% | −0.03 |
| ANTX AN2 Therapeutics Inc. | Sold out | 0.00% | −0.02 |
| RDI Reading International Inc. Class A | Reduce -0.3% | 0.44% | −0.02 |
| TIL Instil Bio Inc. | Reduce -84.1% | 0.11% | −0.02 |
| NEUROONE MED TECHNOLOGIES CO | Reduce -16.0% | 0.07% | −0.01 |
| BNTC Benitec Biopharma Inc. | Reduce -0.4% | 0.65% | +0.06 |
| ABEO Abeona Therapeutics Inc. | Reduce -1.1% | 1.83% | +0.35 |
| PTON Peloton Interactive Inc. Class A | Reduce -5.3% | 4.08% | +0.36 |
| EOLS Evolus Inc. | Reduce -3.0% | 3.85% | +0.68 |
| BVS Bioventus Inc. Class A | Reduce -18.5% | 4.38% | +1.29 |
Portfolio Buys Q2 2024 → Q3 2024
| TITN Titan Machinery Inc. | New | 1.91% | +1.91 |
| FULC Fulcrum Therapeutics Inc. | New | 1.44% | +1.44 |
| TBBK The Bancorp Inc. | Add +74.1% | 2.65% | +1.37 |
| SLNO Soleno Therapeutics Inc. | Add +6.1% | 13.90% | +1.25 |
| PWSC Powerschool Holdings Inc. Class A | New | 1.12% | +1.12 |
| BKSY Blacksky Technology Inc. | New | 0.98% | +0.98 |
| VSTM Verastem Inc. | Add +833.3% | 0.94% | +0.82 |
| GPCR Structure Therapeutics Inc. | New | 0.63% | +0.63 |
| ZVRA Zevra Therapeutics Inc. | Add +20.9% | 1.71% | +0.52 |
| XTNT Xtant Medical Holdings Inc. | Add +218.3% | 0.63% | +0.40 |
| AMLX Amylyx Pharmaceuticals Inc. | New | 0.38% | +0.38 |
| SCPH Scpharmaceuticals Inc. | New | 0.29% | +0.29 |
| GOGO Gogo Inc. | New | 0.29% | +0.29 |
| CNTA Centessa Pharmaceuticals Ltd. | Add +13.9% | 0.69% | +0.28 |
| ETON Eton Pharmaceuticals Inc. | Add +6.2% | 0.50% | +0.19 |
| BIOMX INC | New | 0.15% | +0.15 |
| KROS Keros Therapeutics Inc. | Add +0.8% | 1.87% | +0.12 |
| CMPS Compass Pathways PLC | New | 0.11% | +0.11 |
| RMR RMR Group Inc./the - A | Add +12.9% | 0.73% | +0.04 |
| NNBR NN Inc. | Add +0.1% | 0.48% | +0.04 |
| PLCE The Children's Place Inc. | New | 0.04% | +0.04 |
| CRMT America's Car-Mart Inc. | Add +74.5% | 1.92% | +0.03 |
| CLRB Cellectar Biosciences Inc. | Add +48.0% | 0.49% | +0.03 |
| ELUT Elutia Inc. | Add +59.5% | 0.92% | +0.02 |
| MLYS Mineralys Therapeutics Inc. | Add +18.8% | 0.64% | +0.02 |
| RILY BRC Group Holdings Inc. | Add +468.0% | 0.06% | +0.02 |
| KOD Kodiak Sciences Inc. | New | 0.02% | +0.02 |
| IWM iShares Russell 2000 ETF | Add +53.8% | 0.04% | +0.01 |
| STKS One Group Hospitality Inc. | Add +40.0% | 0.52% | +0.01 |
| XGN Exagen Inc. | Add +4.7% | 0.02% | +0.01 |
| KINTARA THERAPEUTICS INC | New | 0.00% | +0.00 |
| SSKN Strata Skin Sciences Inc. | Add +32.9% | 0.09% | −0.00 |
| EB Eventbrite Inc. Class A | Add +110.1% | 0.77% | −0.01 |
| NSPR Inspiremd Inc. | Add +9.0% | 0.50% | −0.01 |
| BCOV Brightcove | Add +26.7% | 0.30% | −0.01 |
| QURE Uniqure NV | Add +4.9% | 1.15% | −0.04 |
| DRIO Dariohealth Corp. | Add +4.7% | 0.24% | −0.05 |
| LAZYDAYS HLDGS INC | Add +10.2% | 0.07% | −0.06 |
| DHX Dhi Group Inc. | Add +15.0% | 0.36% | −0.07 |
| RDVT Red Violet Inc. | Add +0.0% | 1.08% | −0.07 |
| NVNO Envveno Medical Corporation | Add +24.9% | 0.17% | −0.08 |
| RSVR Reservoir Media Inc. | Add +0.6% | 1.07% | −0.17 |
| ALTG Alta Equipment Group Inc. | Add +0.8% | 0.48% | −0.20 |
| NDLS Noodles & Co. | Add +4.6% | 0.46% | −0.23 |
| EGRX Eagle Pharmaceuticals Inc. | Add +20.1% | 0.74% | −0.37 |
| HGV Hilton Grand Vacations Inc. | Add +11.7% | 2.28% | −0.44 |
| OPTINOSE INC | Add +7.0% | 0.81% | −0.64 |
Options Activity Q2 2024 → Q3 2024
| IWM iShares Russell 2000 ETF | put | Add +37.0% | 1,850,000 | $408.6M |
| LLY Eli Lilly & Co. | put | Reduce -43.8% | 90,000 | $79.7M |
| XBI SS SPDR S&P Biotech ETF | put | Reduce -33.3% | 800,000 | $79.0M |
| IWM iShares Russell 2000 ETF | call | Sold out | 300,000 | $60.9Mbefore exit |
| SYK Stryker Corp. | put | New | 120,000 | $43.4M |
| PTON Peloton Interactive Inc. Class A | call | Add +3.8% | 8,289,700 | $38.8M |
| IMAX Imax Corp. | call | Add +50.0% | 1,500,000 | $30.8M |
| KRYS Krystal Biotech Inc. | put | Add +1282.0% | 53,900 | $9.8M |
| CZR Caesars Entertainment Inc. | call | New | 200,000 | $8.3M |
| RDNW Ridenow Group Inc. | call | New | 1,700,000 | $8.1M |
| TELA Tela Bio Inc. | call | New | 750,000 | $1.9M |
| QURE Uniqure NV | call | Reduce -17.3% | 201,000 | $991K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2024 → Q3 2024
| CUTERA INC (CUTR 4 06/01/29) | NOTE 4.000% 6/0 · principal | Sold out | 4,000,000 | $694Kbefore exit |
| LMND.WS Lemonade Inc.-28 | *W EXP 02/09/202 | New | 507,460 | $16K |
| PERFF Perfect Corp. | *W EXP 10/28/202 | New | 16,075 | $1K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026Amended | 128 | $1.6B | TBBK, BVS, HGV, SVRA, ETON |
| Q1 2026 | 125 | $1.6B | TBBK, HGV, SLNO, BVS, PTON |
| Q4 2025 | 127 | $1.7B | TBBK, ESTA, HGV, SLNO, XTNT |
| Q3 2025 | 127 | $1.6B | ESTA, HGV, TBBK, QURE, SLNO |
| Q2 2025 | 133 | $1.4B | SLNO, HGV, ESTA, TBBK, XTNT |
| Q1 2025 | 126 | $1.2B | SLNO, HGV, ESTA, EOLS, TBBK |
| Q4 2024 | 118 | $1.4B | SLNO, ESTA, HGV, PTON, TBBK |
| Q3 2024 | 119 | $1.2B | SLNO, ESTA, BVS, PTON, EOLS |
| Q2 2024Amended | 113 | $994.2M | SLNO, ESTA, PTON, EOLS, BVS |
| Q1 2024 | 107 | $1.0B | SLNO, ESTA, CASH, EOLS, IMAX |