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

0$500.0M$1.0B$1.5B$2.0B Q1 2024: $1.0B Q1 2024 Q2 2024: $994.2M Q2 2024 Q3 2024: $1.2B Q3 2024 Q4 2024: $1.4B Q4 2024 Q1 2025: $1.2B Q1 2025 Q2 2025: $1.4B $1.4B Q2 2025 Q3 2025: $1.6B Q3 2025 Q4 2025: $1.7B Q4 2025 Q1 2026: $1.6B Q1 2026 Q2 2026: $1.6B Q2 2026

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
RDI Reading International Inc. Class A 0.18% 1,921,088 $2.6M No change
NVNO Envveno Medical Corporation 0.17% 594,661 $2.4M No change
AYTU Aytu Biopharma Inc. 0.17% 1,086,812 $2.4M No change
KOD Kodiak Sciences Inc. 0.16% 590,884 $2.2M Add +11.3%
SRL Scully Royalty Ltd. 0.15% 368,182 $2.1M No change
SRZN Surrozen Inc. 0.15% 229,527 $2.1M No change
ACHV Achieve Life Sciences Inc. 0.14% 898,885 $2.0M No change
SNTI Senti Biosciences Inc. 0.13% 888,000 $1.9M No change
YMAB Y-Mabs Therapeutics Inc. 0.11% 351,878 $1.6M New
PERF Perfect Corp. 0.10% 583,925 $1.3M Add +17.9%
EDSA Edesa Biotech Inc. 0.09% 625,000 $1.3M No change
CNTX Context Therapeutics Inc. 0.09% 1,935,484 $1.3M No change
ALTISOURCE PORTFOLIO SOLNS S 0.08% 135,601 $1.2M Reduce -94.5%
DRIO Dariohealth Corp. 0.08% 1,692,303 $1.1M No change
BIOMX INC 0.08% 2,493,309 $1.1M No change
SSKN Strata Skin Sciences Inc. 0.07% 403,917 $925K No change
TLPH Talphera Inc. 0.07% 1,992,519 $917K No change
OLPX Olaplex Holdings Inc. 0.06% 650,000 $910K No change
ACU Acme United Corp. filed as ACME UTD CORP 0.06% 20,427 $847K No change
CASH Pathward Financial Inc. 0.05% 8,341 $660K New
SGRP Spar Group Inc. 0.04% 660,688 $634K No change
KPRX Kiora Pharmaceuticals Inc. 0.04% 211,110 $608K No change
FBIO Fortress Biotech Inc. 0.04% 325,520 $605K No change
XGN Exagen Inc. 0.03% 61,186 $427K No change
EVOK Evoke Pharma Inc. 0.03% 148,153 $385K No change
APRE Aprea Therapeutics Inc. 0.02% 205,760 $348K No change
LADR Ladder Capital Corp.-REIT 0.02% 25,401 $273K No change
PLCE The Children's Place Inc. 0.02% 57,030 $253K No change
OKUR Onkure Therapeutics Inc. Class A 0.01% 54,208 $130K No change
LUCD Lucid Diagnostics Inc. 0.01% 94,541 $109K No change
URGN Urogen Pharma Ltd. 0.01% 6,703 $92K Reduce -99.5%
TACT Transact Technologies Inc. 0.00% 15,046 $55K No change
BDSX Biodesix Inc. 0.00% 84,903 $24K New

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)
SecurityClassShares / PrincipalValueChange
ASPSW Altisource Portfolio - 30 *W EXP 04/30/203 2,477,312$1.3MNew
ASPSZ Altisource Portfolio - 29C *W EXP 04/02/202 2,477,312$1.2MNew
GFAIW Guardforce AI Co. Ltd. -CW26 *W EXP 10/01/202 154,205$38KNo change
PERFF Perfect Corp. *W EXP 10/28/202 16,075$660No change
IMTXW Immatics NV -CW *W EXP 07/01/202 248,506$149No 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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026Amended 128$1.6BTBBK, BVS, HGV, SVRA, ETON
Q1 2026 125$1.6BTBBK, HGV, SLNO, BVS, PTON
Q4 2025 127$1.7BTBBK, ESTA, HGV, SLNO, XTNT
Q3 2025 127$1.6BESTA, HGV, TBBK, QURE, SLNO
Q2 2025 133$1.4BSLNO, HGV, ESTA, TBBK, XTNT
Q1 2025 126$1.2BSLNO, HGV, ESTA, EOLS, TBBK
Q4 2024 118$1.4BSLNO, ESTA, HGV, PTON, TBBK
Q3 2024 119$1.2BSLNO, ESTA, BVS, PTON, EOLS
Q2 2024Amended 113$994.2MSLNO, ESTA, PTON, EOLS, BVS
Q1 2024 107$1.0BSLNO, ESTA, CASH, EOLS, IMAX