Nantahala Capital Management, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Nantahala Capital Management, LLC reported 133 stock positions worth $1.4 billion. Its top holding was Soleno Therapeutics (SLNO) at 5.9% of the portfolio, followed by Hilton Grand Vacations (HGV, 5.9%) and Establishment Labs (ESTA, 5.4%). Compared with Q1 2025, it opened 16 new positions, sold out of 9, added to 42 and reduced 11. The biggest buy was Xtant Medical (XTNT, shares +500%) and the biggest sale Soleno Therapeutics (SLNO, shares −43%).
- Most Recent 13F
- Q2 2026
- Location
- NEW CANAAN, CT
- CIK
- 0001472322
- Portfolio Value
- $1.4B (Q2 2025)
- SEC Filing
- 0001104659-25-078700 ↗ filed Aug 14, 2025
Holdings Value
Holdings 133 stocks · $1.4B
| SLNO Soleno Therapeutics Inc. | 5.95% | 1,001,350 | $83.9M | Reduce -43.0% |
| HGV Hilton Grand Vacations Inc. | 5.85% | 1,988,858 | $82.6M | Add +0.1% |
| ESTA Establishment Labs Holdings | 5.37% | 1,775,530 | $75.8M | Add +0.1% |
| TBBK The Bancorp Inc. | 3.91% | 968,503 | $55.2M | Add +16.9% |
| XTNT Xtant Medical Holdings Inc. | 3.58% | 68,394,000 | $50.5M | Add +500.3% |
| EOLS Evolus Inc. | 2.74% | 4,197,926 | $38.7M | Add +15.0% |
| CRMT America's Car-Mart Inc. | 2.56% | 644,686 | $36.1M | No change |
| AMRX Amneal Pharmaceuticals Inc. | 2.50% | 4,367,438 | $35.3M | Add +14.7% |
| BVS Bioventus Inc. Class A | 2.48% | 5,280,842 | $35.0M | Add +28.0% |
| IMAX Imax Corp. | 2.25% | 1,133,993 | $31.7M | Add +24.9% |
| FULC Fulcrum Therapeutics Inc. | 2.09% | 4,288,299 | $29.5M | Reduce -11.1% |
| QURE Uniqure NV | 2.03% | 2,051,852 | $28.6M | Reduce -25.6% |
| ABEO Abeona Therapeutics Inc. | 1.76% | 4,369,665 | $24.8M | Add +24.5% |
| PTON Peloton Interactive Inc. Class A | 1.61% | 3,267,737 | $22.7M | Reduce -25.1% |
| TITN Titan Machinery Inc. | 1.59% | 1,135,552 | $22.5M | Reduce -30.0% |
| KROS Keros Therapeutics Inc. | 1.53% | 1,620,692 | $21.6M | Add +7.6% |
| SVC Service Pptys TR | 1.36% | 8,057,887 | $19.3M | No change |
| SVRA Savara Inc. | 1.35% | 8,325,375 | $19.0M | Add +3.1% |
| FOXF Fox Factory Holding Corp. | 1.34% | 728,648 | $18.9M | Add +15.9% |
| AMLX Amylyx Pharmaceuticals Inc. | 1.33% | 2,934,405 | $18.8M | No change |
| RMR RMR Group Inc./the - A | 1.33% | 1,147,902 | $18.8M | Add +55.9% |
| NKTR Nektar Therapeutics | 1.30% | 709,761 | $18.3M | Add +36.7% |
| TNGX Tango Therapeutics Inc. | 1.25% | 3,439,594 | $17.6M | Add +15.1% |
| EB Eventbrite Inc. Class A | 1.19% | 6,381,395 | $16.8M | No change |
| ETON Eton Pharmaceuticals Inc. | 1.19% | 1,175,951 | $16.8M | No change |
| THRD Third Harmonic Bio Inc. | 1.13% | 2,938,700 | $16.0M | No change |
| GOGO Gogo Inc. | 1.09% | 1,044,415 | $15.3M | Reduce -70.7% |
| IRON Disc Medicine Inc. | 1.08% | 287,800 | $15.2M | Add +94.0% |
| ILPT Industrial Logistics Propert | 1.03% | 3,206,219 | $14.6M | Add +27.9% |
| AURA Aura Biosciences Inc. | 0.94% | 2,117,697 | $13.3M | Add +67.0% |
| ZVRA Zevra Therapeutics Inc. | 0.92% | 1,471,936 | $13.0M | No change |
| VSTM Verastem Inc. | 0.87% | 2,954,735 | $12.3M | Add +28.6% |
| COGT Cogent Biosciences Inc. | 0.84% | 1,655,689 | $11.9M | Add +96.3% |
| CMPS Compass Pathways PLC | 0.83% | 4,179,930 | $11.7M | Add +47.7% |
| ABVX Abivax SA-ADR | 0.80% | 1,482,994 | $11.3M | No change |
| JCAP Jefferson Capital Inc. | 0.78% | 600,000 | $11.1M | New |
| RSVR Reservoir Media Inc. | 0.78% | 1,442,136 | $11.1M | No change |
| TLSI Trisalus Life Sciences Inc. | 0.77% | 2,000,000 | $10.9M | New |
| JACK Jack in the Box Inc. | 0.74% | 600,000 | $10.5M | New |
| RZLT Rezolute Inc. | 0.72% | 2,291,395 | $10.2M | Add +77.4% |
| TELA Tela Bio Inc. | 0.70% | 5,111,588 | $9.9M | Add +31.8% |
| FLWS 1-800-Flowers.com Inc. Class A | 0.70% | 2,000,000 | $9.8M | New |
| CDXS Codexis Inc. | 0.70% | 4,030,619 | $9.8M | Add +42.4% |
| BNTC Benitec Biopharma Inc. | 0.69% | 838,095 | $9.8M | No change |
| RDVT Red Violet Inc. | 0.68% | 194,339 | $9.6M | Reduce -43.1% |
| TRML Tourmaline Bio Inc. | 0.63% | 558,187 | $8.9M | Add +4.8% |
| STKS One Group Hospitality Inc. filed as THE ONE GROUP HOSPITALITY IN | 0.61% | 2,121,084 | $8.6M | No change |
| SLDB Solid Biosciences Inc. | 0.59% | 1,703,336 | $8.3M | Add +505.4% |
| DKS Dick's Sporting Goods Inc. | 0.56% | 40,000 | $7.9M | New |
| RAPT Rapt Therapeutics Inc. | 0.54% | 951,613 | $7.6M | New |
| RDNW Ridenow Group Inc. filed as RUMBLEON INC | 0.54% | 3,272,845 | $7.6M | No change |
| FOSL Fossil Group Inc. | 0.53% | 5,087,803 | $7.5M | Add +21.4% |
| APYX Apyx Medical Corp. | 0.53% | 3,338,048 | $7.5M | Add +2.5% |
| CNTA Centessa Pharmaceuticals Ltd. | 0.52% | 554,803 | $7.3M | No change |
| AKBA Akebia Therapeutics Inc. | 0.52% | 2,000,000 | $7.3M | No change |
| DYN Dyne Therapeutics Inc. | 0.50% | 745,062 | $7.1M | Add +115.9% |
| HLF Herbalife Ltd. | 0.50% | 822,298 | $7.1M | Add +722.3% |
| SNDX Syndax Pharmaceuticals Inc. | 0.50% | 754,503 | $7.1M | Add +36.1% |
| DHX Dhi Group Inc. | 0.50% | 2,374,027 | $7.1M | No change |
| ALTG Alta Equipment Group Inc. | 0.47% | 1,042,769 | $6.6M | No change |
| UPB Upstream Bio Inc. | 0.46% | 594,971 | $6.5M | No change |
| XNCR Xencor Inc. | 0.46% | 820,103 | $6.4M | Add +79.6% |
| VMD Viemed Healthcare Inc. | 0.46% | 932,445 | $6.4M | No change |
| AVR Anteris Technologies Global | 0.45% | 1,693,666 | $6.4M | Add +1.8% |
| ELUT Elutia Inc. | 0.45% | 3,184,947 | $6.3M | No change |
| ADCT Adc Therapeutics SA | 0.43% | 2,266,289 | $6.1M | New |
| SLN Silence Therapeutics PLC-ADR | 0.43% | 1,042,427 | $6.0M | No change |
| ITOS Iteos Therapeutics Inc. | 0.42% | 596,666 | $5.9M | New |
| DSGR Distribution Solutions Group | 0.41% | 210,800 | $5.8M | New |
| ATXS Astria Therapeutics Inc. | 0.41% | 1,069,530 | $5.7M | Add +59.7% |
| THTX Theratechnologies Inc. | 0.41% | 2,422,563 | $5.7M | No change |
| EHTH Ehealth Inc. | 0.40% | 1,311,441 | $5.7M | No change |
| ASSERTIO HOLDINGS INC | 0.40% | 8,810,073 | $5.6M | Add +4.4% |
| PVLA Palvella Therapeutics Inc. | 0.40% | 250,062 | $5.6M | No change |
| EYPT Eyepoint Inc. | 0.40% | 593,091 | $5.6M | No change |
| NSPR Inspiremd Inc. | 0.37% | 2,318,017 | $5.3M | No change |
| NNBR NN Inc. | 0.36% | 2,441,416 | $5.1M | Add +69.4% |
| AVTX Avalo Therapeutics Inc. | 0.35% | 995,000 | $5.0M | Add +10.6% |
| MLYS Mineralys Therapeutics Inc. | 0.34% | 353,982 | $4.8M | Reduce -55.1% |
| HAIN Hain Celestial Group Inc. | 0.32% | 3,000,000 | $4.6M | New |
| UNCY Unicycive Therapeutics Inc. | 0.32% | 939,202 | $4.6M | No change |
| CRGX Cargo Therapeutics Inc. | 0.32% | 1,100,000 | $4.5M | No change |
| ANEB Anebulo Pharmaceuticals Inc. | 0.31% | 3,036,325 | $4.4M | No change |
| IKT Inhibikase Therapeutics Inc. | 0.30% | 2,190,000 | $4.3M | No change |
| QUINCE THERAPEUTICS INC | 0.30% | 2,528,302 | $4.2M | New |
| GAIA Gaia Inc. | 0.28% | 914,618 | $4.0M | No change |
| VTGN Vistagen Therapeutics Inc. | 0.28% | 1,978,492 | $4.0M | No change |
| SCPH Scpharmaceuticals Inc. | 0.27% | 995,438 | $3.8M | No change |
| VERV Verve Therapeutics Inc. | 0.26% | 331,437 | $3.7M | New |
| GRCE Grace Therapeutics Inc. | 0.25% | 1,178,203 | $3.5M | No change |
| GPCR Structure Therapeutics Inc. | 0.25% | 168,553 | $3.5M | No change |
| PAYO Payoneer Global Inc. | 0.23% | 483,836 | $3.3M | Add +226.8% |
| NPCE Neuropace Inc. | 0.23% | 295,089 | $3.3M | Reduce -5.5% |
| NDLS Noodles & Co. | 0.23% | 4,505,489 | $3.2M | No change |
| IRD Opus Genetics Inc. | 0.22% | 3,345,923 | $3.2M | Add +6.0% |
| CMCO Columbus McKinnon Corp. | 0.22% | 203,628 | $3.1M | Add +1.8% |
| ELDN Eledon Pharmaceuticals Inc. | 0.22% | 1,141,237 | $3.1M | No change |
| KOS Kosmos Energy Ltd. | 0.21% | 1,716,593 | $3.0M | No change |
| DXLG Destination XL Group Inc. | 0.20% | 2,576,774 | $2.9M | New |
| CZR Caesars Entertainment Inc. | 0.20% | 98,879 | $2.8M | No change |
Options reported separately and not counted above: IWM puts ($776.8M), XBI puts ($66.3M), HLF calls ($54.3M), VTRS calls ($44.6M), KRYS puts ($27.5M), HGV calls ($23.9M), PTON calls ($20.8M), LYV puts ($19.7M), GMED calls ($17.7M), CWH calls ($17.2M), TEVA calls ($16.8M), CZR calls ($14.2M), and 8 more.
Other holdings (5): bonds, preferreds, convertibles and warrants · $2.5M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| ASPSW Altisource Portfolio - 30 | *W EXP 04/30/203 | 2,477,312 | $1.3M | New |
| ASPSZ Altisource Portfolio - 29C | *W EXP 04/02/202 | 2,477,312 | $1.2M | New |
| GFAIW Guardforce AI Co. Ltd. -CW26 | *W EXP 10/01/202 | 154,205 | $38K | No change |
| PERFF Perfect Corp. | *W EXP 10/28/202 | 16,075 | $660 | No change |
| IMTXW Immatics NV -CW | *W EXP 07/01/202 | 248,506 | $149 | No change |
Total filed on the 13F, all lines: $1.4B.
Portfolio Sells Q1 2025 → Q2 2025
| SLNO Soleno Therapeutics Inc. | Reduce -43.0% | 5.95% | −4.44 |
| GOGO Gogo Inc. | Reduce -70.7% | 1.09% | −1.45 |
| URGN Urogen Pharma Ltd. | Reduce -99.5% | 0.01% | −1.24 |
| RH RH | Sold out | 0.00% | −0.97 |
| OPTINOSE INC | Sold out | 0.00% | −0.75 |
| MLYS Mineralys Therapeutics Inc. | Reduce -55.1% | 0.34% | −0.70 |
| TITN Titan Machinery Inc. | Reduce -30.0% | 1.59% | −0.69 |
| PTON Peloton Interactive Inc. Class A | Reduce -25.1% | 1.61% | −0.67 |
| RAPT THERAPEUTICS INC | Sold out | 0.00% | −0.51 |
| IWM iShares Russell 2000 ETF | Sold out | 0.00% | −0.48 |
| QURE Uniqure NV | Reduce -25.6% | 2.03% | −0.39 |
| RDVT Red Violet Inc. | Reduce -43.1% | 0.68% | −0.38 |
| RCKT Rocket Pharmaceuticals Inc. | Sold out | 0.00% | −0.35 |
| ACH Accendra Health Inc. | Sold out | 0.00% | −0.15 |
| ZYXIQ Zynex Inc. | Sold out | 0.00% | −0.09 |
| NPCE Neuropace Inc. | Reduce -5.5% | 0.23% | −0.08 |
| ALTISOURCE PORTFOLIO SOLNS S | Reduce -94.5% | 0.08% | −0.06 |
| LXRX Lexicon Pharmaceuticals Inc. | Sold out | 0.00% | −0.02 |
| LAZYDAYS HLDGS INC | Sold out | 0.00% | −0.01 |
| FULC Fulcrum Therapeutics Inc. | Reduce -11.1% | 2.09% | +0.94 |
Portfolio Buys Q1 2025 → Q2 2025
| XTNT Xtant Medical Holdings Inc. | Add +500.3% | 3.58% | +3.14 |
| TNGX Tango Therapeutics Inc. | Add +15.1% | 1.25% | +0.91 |
| NKTR Nektar Therapeutics | Add +36.7% | 1.30% | +0.86 |
| JCAP Jefferson Capital Inc. | New | 0.78% | +0.78 |
| TLSI Trisalus Life Sciences Inc. | New | 0.77% | +0.77 |
| JACK Jack in the Box Inc. | New | 0.74% | +0.74 |
| FLWS 1-800-Flowers.com Inc. Class A | New | 0.70% | +0.70 |
| DKS Dick's Sporting Goods Inc. | New | 0.56% | +0.56 |
| RAPT Rapt Therapeutics Inc. | New | 0.54% | +0.54 |
| SLDB Solid Biosciences Inc. | Add +505.4% | 0.59% | +0.50 |
| IRON Disc Medicine Inc. | Add +94.0% | 1.08% | +0.47 |
| HLF Herbalife Ltd. | Add +722.3% | 0.50% | +0.43 |
| ADCT Adc Therapeutics SA | New | 0.43% | +0.43 |
| COGT Cogent Biosciences Inc. | Add +96.3% | 0.84% | +0.42 |
| ITOS Iteos Therapeutics Inc. | New | 0.42% | +0.42 |
| RZLT Rezolute Inc. | Add +77.4% | 0.72% | +0.41 |
| DSGR Distribution Solutions Group | New | 0.41% | +0.41 |
| ABEO Abeona Therapeutics Inc. | Add +24.5% | 1.76% | +0.38 |
| AURA Aura Biosciences Inc. | Add +67.0% | 0.94% | +0.33 |
| HAIN Hain Celestial Group Inc. | New | 0.32% | +0.32 |
| ILPT Industrial Logistics Propert | Add +27.9% | 1.03% | +0.32 |
| RMR RMR Group Inc./the - A | Add +55.9% | 1.33% | +0.32 |
| TELA Tela Bio Inc. | Add +31.8% | 0.70% | +0.31 |
| QUINCE THERAPEUTICS INC | New | 0.30% | +0.30 |
| TBBK The Bancorp Inc. | Add +16.9% | 3.91% | +0.29 |
| IMAX Imax Corp. | Add +24.9% | 2.25% | +0.27 |
| VERV Verve Therapeutics Inc. | New | 0.26% | +0.26 |
| KROS Keros Therapeutics Inc. | Add +7.6% | 1.53% | +0.26 |
| DYN Dyne Therapeutics Inc. | Add +115.9% | 0.50% | +0.20 |
| DXLG Destination XL Group Inc. | New | 0.20% | +0.20 |
| APYX Apyx Medical Corp. | Add +2.5% | 0.53% | +0.16 |
| CMPS Compass Pathways PLC | Add +47.7% | 0.83% | +0.16 |
| PAYO Payoneer Global Inc. | Add +226.8% | 0.23% | +0.15 |
| FOSL Fossil Group Inc. | Add +21.4% | 0.53% | +0.14 |
| FOXF Fox Factory Holding Corp. | Add +15.9% | 1.34% | +0.13 |
| YMAB Y-Mabs Therapeutics Inc. | New | 0.11% | +0.11 |
| ATXS Astria Therapeutics Inc. | Add +59.7% | 0.41% | +0.11 |
| NNBR NN Inc. | Add +69.4% | 0.36% | +0.09 |
| CDXS Codexis Inc. | Add +42.4% | 0.70% | +0.07 |
| XNCR Xencor Inc. | Add +79.6% | 0.46% | +0.05 |
| CASH Pathward Financial Inc. | New | 0.05% | +0.05 |
| KOD Kodiak Sciences Inc. | Add +11.3% | 0.16% | +0.03 |
| PERF Perfect Corp. | Add +17.9% | 0.10% | +0.02 |
| BDSX Biodesix Inc. | New | 0.00% | +0.00 |
| IRD Opus Genetics Inc. | Add +6.0% | 0.22% | −0.03 |
| AVR Anteris Technologies Global | Add +1.8% | 0.45% | −0.04 |
| TRML Tourmaline Bio Inc. | Add +4.8% | 0.63% | −0.04 |
| CMCO Columbus McKinnon Corp. | Add +1.8% | 0.22% | −0.06 |
| SNDX Syndax Pharmaceuticals Inc. | Add +36.1% | 0.50% | −0.06 |
| ASSERTIO HOLDINGS INC | Add +4.4% | 0.40% | −0.07 |
Options Activity Q1 2025 → Q2 2025
| IWM iShares Russell 2000 ETF | put | Add +18.0% | 3,600,000 | $776.8M |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | Sold out | 3,500,000 | $276.1Mbefore exit |
| QQQ Invesco QQQ Trust Series 1 | put | Sold out | 300,000 | $140.7Mbefore exit |
| XBI SS SPDR S&P Biotech ETF | put | Reduce -33.3% | 800,000 | $66.3M |
| HLF Herbalife Ltd. | call | Add +8.6% | 6,300,000 | $54.3M |
| VTRS Viatris Inc. | call | New | 5,000,000 | $44.6M |
| SLNO Soleno Therapeutics Inc. | put | Sold out | 600,000 | $42.9Mbefore exit |
| KRYS Krystal Biotech Inc. | put | New | 200,000 | $27.5M |
| PTON Peloton Interactive Inc. Class A | call | Reduce -28.6% | 3,000,000 | $20.8M |
| GMED Globus Medical Inc. Class A | call | New | 300,000 | $17.7M |
| CWH Camping World Holdings Inc. Class A | call | New | 1,000,000 | $17.2M |
| TEVA Teva Pharmaceutical-SP ADR | call | New | 1,000,000 | $16.8M |
| URGN Urogen Pharma Ltd. | call | New | 1,000,000 | $13.7M |
| RH RH | call | New | 50,000 | $9.5M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025
| ASPSW Altisource Portfolio - 30 | *W EXP 04/30/203 | New | 2,477,312 | $1.3M |
| ASPSZ Altisource Portfolio - 29C | *W EXP 04/02/202 | New | 2,477,312 | $1.2M |
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 |