Nantahala Capital Management, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Nantahala Capital Management, LLC reported 127 stock positions worth $1.7 billion. Its top holding was Bancorp (TBBK) at 4.3% of the portfolio, followed by Establishment Labs (ESTA, 4.3%) and Hilton Grand Vacations (HGV, 4.2%). Compared with Q3 2025, it opened 17 new positions, sold out of 17, added to 31 and reduced 31. The biggest buy was a new position in Gogo (GOGO) and the biggest sale Uniqure (QURE, shares −31%).
- Most Recent 13F
- Q2 2026
- Location
- NEW CANAAN, CT
- CIK
- 0001472322
- Portfolio Value
- $1.7B (Q4 2025)
- SEC Filing
- 0001104659-26-015271 ↗ filed Feb 13, 2026
Holdings Value
Holdings 127 stocks · $1.7B
| TBBK The Bancorp Inc. | 4.33% | 1,071,685 | $72.4M | Add +25.7% |
| ESTA Establishment Labs Holdings | 4.31% | 987,689 | $72.0M | Reduce -50.0% |
| HGV Hilton Grand Vacations Inc. | 4.18% | 1,561,622 | $69.9M | Reduce -6.4% |
| SLNO Soleno Therapeutics Inc. | 3.64% | 1,314,002 | $60.8M | Add +52.1% |
| XTNT Xtant Medical Holdings Inc. | 3.21% | 68,394,000 | $53.6M | No change |
| FULC Fulcrum Therapeutics Inc. | 2.90% | 4,293,346 | $48.6M | Reduce -8.1% |
| BVS Bioventus Inc. Class A | 2.69% | 6,047,403 | $45.0M | Add +4.1% |
| SVRA Savara Inc. | 2.65% | 7,344,783 | $44.3M | Reduce -16.3% |
| EOLS Evolus Inc. | 2.32% | 5,820,649 | $38.7M | Add +1.6% |
| FOXF Fox Factory Holding Corp. | 2.24% | 2,188,300 | $37.4M | Add +200.3% |
| PTON Peloton Interactive Inc. Class A | 2.19% | 5,932,676 | $36.5M | Add +60.4% |
| GOGO Gogo Inc. | 1.89% | 6,792,649 | $31.7M | New |
| TNGX Tango Therapeutics Inc. | 1.89% | 3,572,633 | $31.7M | Add +97.4% |
| AMRX Amneal Pharmaceuticals Inc. | 1.84% | 2,447,516 | $30.8M | Reduce -42.1% |
| EB Eventbrite Inc. Class A | 1.82% | 6,854,718 | $30.5M | Add +0.3% |
| IWM iShares Russell 2000 ETF | 1.73% | 117,159 | $28.8M | New |
| ABEO Abeona Therapeutics Inc. | 1.56% | 4,963,052 | $26.2M | Add +8.7% |
| RAPT Rapt Therapeutics Inc. | 1.53% | 754,153 | $25.5M | Add +21.0% |
| GUTS Fractyl Health Inc. | 1.43% | 10,846,440 | $23.9M | Reduce -10.6% |
| AVTX Avalo Therapeutics Inc. | 1.34% | 1,235,000 | $22.4M | No change |
| ABVX Abivax SA-ADR | 1.24% | 153,235 | $20.7M | Reduce -72.5% |
| ETON Eton Pharmaceuticals Inc. | 1.19% | 1,175,951 | $19.9M | No change |
| GMED Globus Medical Inc. Class A | 1.18% | 224,962 | $19.6M | Reduce -25.0% |
| ADCT Adc Therapeutics SA | 1.16% | 5,475,433 | $19.3M | Add +141.6% |
| FOSL Fossil Group Inc. | 1.14% | 5,064,359 | $19.0M | Add +35.4% |
| TITN Titan Machinery Inc. | 1.10% | 1,220,520 | $18.4M | Add +11.3% |
| RDNW Ridenow Group Inc. | 1.08% | 3,272,845 | $18.1M | No change |
| IMAX Imax Corp. | 1.05% | 477,092 | $17.6M | Reduce -52.1% |
| RMR RMR Group Inc./the - A | 1.02% | 1,147,902 | $17.1M | No change |
| QURE Uniqure NV | 1.00% | 699,298 | $16.7M | Reduce -30.6% |
| JACK Jack in the Box Inc. | 0.98% | 865,990 | $16.4M | Add +44.3% |
| MDXG Mimedx Group Inc. | 0.98% | 2,416,389 | $16.4M | Add +64.8% |
| CRMT America's Car-Mart Inc. | 0.97% | 644,686 | $16.3M | No change |
| ZVRA Zevra Therapeutics Inc. | 0.95% | 1,771,936 | $15.9M | Reduce -10.1% |
| DNTH Dianthus Therapeutics Inc. | 0.92% | 375,000 | $15.5M | No change |
| LBRX LB Pharmaceuticals Inc. | 0.90% | 675,000 | $15.0M | No change |
| TLSI Trisalus Life Sciences Inc. | 0.86% | 2,070,827 | $14.5M | Add +1.5% |
| ATXS Astria Therapeutics Inc. | 0.84% | 1,069,530 | $14.0M | No change |
| BNTC Benitec Biopharma Inc. | 0.84% | 1,038,371 | $14.0M | Add +23.9% |
| APYX Apyx Medical Corp. | 0.83% | 3,974,091 | $13.9M | Add +19.1% |
| UPB Upstream Bio Inc. | 0.80% | 494,971 | $13.4M | Reduce -16.8% |
| JCAP Jefferson Capital Inc. | 0.80% | 600,000 | $13.4M | No change |
| FLWS 1-800-Flowers.com Inc. Class A | 0.79% | 3,375,065 | $13.3M | Add +0.2% |
| SVC Service Pptys TR | 0.78% | 7,057,887 | $13.0M | No change |
| AVR Anteris Technologies Global | 0.76% | 2,530,910 | $12.6M | Add +31.9% |
| GERN Geron Corp. | 0.71% | 9,025,000 | $11.9M | No change |
| AURA Aura Biosciences Inc. | 0.69% | 2,117,697 | $11.5M | No change |
| USNA Usana Health Sciences Inc. | 0.69% | 585,074 | $11.5M | New |
| HLF Herbalife Ltd. | 0.68% | 881,857 | $11.4M | Reduce -6.4% |
| RYAM Rayonier Advanced Materials | 0.63% | 1,800,000 | $10.6M | Add +252.6% |
| BCRX Biocryst Pharmaceuticals Inc. | 0.63% | 1,356,377 | $10.6M | New |
| IRON Disc Medicine Inc. | 0.63% | 132,800 | $10.5M | Reduce -53.9% |
| CWH Camping World Holdings Inc. Class A | 0.62% | 1,058,542 | $10.3M | New |
| AMLX Amylyx Pharmaceuticals Inc. | 0.60% | 835,684 | $10.1M | Reduce -10.7% |
| PEPG Pepgen Inc. | 0.60% | 1,547,229 | $10.1M | New |
| GDEN Golden Entertainment Inc. | 0.60% | 368,245 | $10.0M | New |
| LXEO Lexeo Therapeutics Inc. | 0.59% | 1,000,000 | $9.9M | New |
| XFOR X4 Pharmaceuticals Inc. | 0.59% | 2,449,468 | $9.8M | Add +9.9% |
| IRD Opus Genetics Inc. | 0.57% | 4,781,330 | $9.6M | Add +42.9% |
| SLN Silence Therapeutics PLC-ADR | 0.56% | 1,542,427 | $9.4M | Add +48.0% |
| CASH Pathward Financial Inc. | 0.56% | 131,608 | $9.3M | Add +1477.8% |
| ILPT Industrial Logistics Propert | 0.56% | 1,678,973 | $9.3M | Add +0.2% |
| SLDB Solid Biosciences Inc. | 0.54% | 1,603,336 | $9.0M | Reduce -5.6% |
| DSGR Distribution Solutions Group | 0.54% | 330,000 | $9.0M | Add +43.3% |
| QUINCE THERAPEUTICS INC | 0.54% | 2,672,429 | $9.0M | Reduce -13.1% |
| COGT Cogent Biosciences Inc. | 0.53% | 250,000 | $8.9M | Reduce -83.4% |
| EHTH Ehealth Inc. | 0.48% | 1,761,441 | $8.1M | No change |
| IKT Inhibikase Therapeutics Inc. | 0.48% | 3,929,292 | $8.1M | Add +79.4% |
| ITGR Integer Holdings Corp. | 0.48% | 102,000 | $8.0M | New |
| CMCO Columbus McKinnon Corp. | 0.46% | 450,000 | $7.8M | No change |
| KROS Keros Therapeutics Inc. | 0.44% | 360,419 | $7.3M | Reduce -70.8% |
| RSVR Reservoir Media Inc. | 0.43% | 940,960 | $7.1M | Reduce -1.1% |
| HAIN Hain Celestial Group Inc. | 0.42% | 6,528,789 | $7.0M | Add +117.6% |
| VMD Viemed Healthcare Inc. | 0.41% | 932,445 | $6.9M | No change |
| RH RH | 0.41% | 37,791 | $6.8M | New |
| CDXS Codexis Inc. | 0.39% | 3,990,169 | $6.5M | Reduce -1.0% |
| DRIO Dariohealth Corp. | 0.38% | 563,232 | $6.4M | Reduce 0.0% |
| CNTA Centessa Pharmaceuticals Ltd. | 0.38% | 254,803 | $6.4M | Reduce -37.1% |
| TELA Tela Bio Inc. | 0.36% | 5,111,588 | $6.0M | No change |
| NSPR Inspiremd Inc. | 0.36% | 3,376,484 | $6.0M | No change |
| UNCY Unicycive Therapeutics Inc. | 0.32% | 939,202 | $5.4M | No change |
| ASRT Assertio Holdings Inc. | 0.32% | 587,335 | $5.3M | No change |
| SRZN Surrozen Inc. | 0.31% | 229,527 | $5.2M | No change |
| KRRO Korro Bio Inc. | 0.29% | 600,000 | $4.8M | New |
| NKTR Nektar Therapeutics | 0.29% | 112,946 | $4.8M | Reduce -73.0% |
| NPCE Neuropace Inc. | 0.27% | 295,089 | $4.6M | No change |
| CGON CG Oncology Inc. | 0.27% | 109,449 | $4.5M | No change |
| ALTG Alta Equipment Group Inc. | 0.26% | 934,774 | $4.3M | No change |
| DXLG Destination XL Group Inc. | 0.25% | 4,505,000 | $4.1M | No change |
| MLYS Mineralys Therapeutics Inc. | 0.25% | 113,285 | $4.1M | Reduce -28.6% |
| GRCE Grace Therapeutics Inc. | 0.24% | 1,178,203 | $4.1M | No change |
| TLPH Talphera Inc. | 0.24% | 3,492,519 | $4.0M | No change |
| STKS One Group Hospitality Inc. filed as THE ONE GROUP HOSPITALITY IN | 0.22% | 2,121,084 | $3.7M | No change |
| DHX Dhi Group Inc. | 0.22% | 2,374,027 | $3.7M | No change |
| VSTM Verastem Inc. | 0.21% | 462,140 | $3.6M | Reduce -64.3% |
| ARVN Arvinas Inc. | 0.21% | 300,000 | $3.6M | New |
| KIDS Orthopediatrics Corp. | 0.21% | 199,449 | $3.5M | Add +303.3% |
| GAIA Gaia Inc. | 0.20% | 914,618 | $3.3M | No change |
| ACHV Achieve Life Sciences Inc. | 0.19% | 648,885 | $3.2M | No change |
| AKBA Akebia Therapeutics Inc. | 0.19% | 2,000,000 | $3.2M | No change |
Options reported separately and not counted above: IWM puts ($664.6M), EW puts ($153.4M), HLF calls ($100.5M), TEVA calls ($78.0M), VTRS calls ($62.3M), XBI puts ($48.8M), HGV calls ($48.1M), PTON calls ($40.0M), REGN calls ($30.9M), SLNO calls ($23.2M), CWH calls ($19.5M), LYV puts ($18.6M), and 8 more.
Other holdings (6): bonds, preferreds, convertibles and warrants · $6.0M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| MARA HOLDINGS INC (MARA 0 03/01/30) | NOTE 3/0 · principal | 5,000,000 | $3.9M | New |
| ASPSW Altisource Portfolio - 30 | *W EXP 04/30/203 | 2,477,312 | $1.0M | No change |
| ASPSZ Altisource Portfolio - 29C | *W EXP 04/02/202 | 2,477,312 | $818K | No change |
| NUVB.WS Nuvation Bio Inc. -CW27 | *W EXP 02/10/202 | 626,191 | $207K | New |
| GFAIW Guardforce AI Co. Ltd. -CW26 | *W EXP 10/01/202 | 154,205 | $23K | No change |
| PERFF Perfect Corp. | *W EXP 10/28/202 | 16,075 | $323 | No change |
Total filed on the 13F, all lines: $1.7B.
Portfolio Sells Q3 2025 → Q4 2025
| QURE Uniqure NV | Reduce -30.6% | 1.00% | −2.64 |
| ABVX Abivax SA-ADR | Reduce -72.5% | 1.24% | −1.69 |
| NKTR Nektar Therapeutics | Reduce -73.0% | 0.29% | −1.19 |
| PVLA Palvella Therapeutics Inc. | Sold out | 0.00% | −0.97 |
| IMAX Imax Corp. | Reduce -52.1% | 1.05% | −0.96 |
| COGT Cogent Biosciences Inc. | Reduce -83.4% | 0.53% | −0.81 |
| AMRX Amneal Pharmaceuticals Inc. | Reduce -42.1% | 1.84% | −0.77 |
| KROS Keros Therapeutics Inc. | Reduce -70.8% | 0.44% | −0.77 |
| ESTA Establishment Labs Holdings | Reduce -50.0% | 4.31% | −0.70 |
| XNCR Xencor Inc. | Reduce -85.0% | 0.15% | −0.65 |
| GPCR Structure Therapeutics Inc. | Sold out | 0.00% | −0.64 |
| DYN Dyne Therapeutics Inc. | Sold out | 0.00% | −0.55 |
| IRON Disc Medicine Inc. | Reduce -53.9% | 0.63% | −0.55 |
| RDVT Red Violet Inc. | Sold out | 0.00% | −0.53 |
| CYTK Cytokinetics Inc. | Sold out | 0.00% | −0.51 |
| VSTM Verastem Inc. | Reduce -64.3% | 0.21% | −0.49 |
| DCTH Delcath Systems Inc. | Sold out | 0.00% | −0.44 |
| VTGN Vistagen Therapeutics Inc. | Sold out | 0.00% | −0.43 |
| CMPS Compass Pathways PLC | Reduce -74.4% | 0.18% | −0.43 |
| SCPH Scpharmaceuticals Inc. | Sold out | 0.00% | −0.30 |
| KOD Kodiak Sciences Inc. | Sold out | 0.00% | −0.29 |
| AGIO Agios Pharmaceuticals Inc. | Sold out | 0.00% | −0.25 |
| CNTA Centessa Pharmaceuticals Ltd. | Reduce -37.1% | 0.38% | −0.23 |
| DRIO Dariohealth Corp. | Reduce 0.0% | 0.38% | −0.22 |
| CDXS Codexis Inc. | Reduce -1.0% | 0.39% | −0.22 |
| ZVRA Zevra Therapeutics Inc. | Reduce -10.1% | 0.95% | −0.21 |
| AQST Aquestive Therapeutics Inc. | Sold out | 0.00% | −0.21 |
| AMLX Amylyx Pharmaceuticals Inc. | Reduce -10.7% | 0.60% | −0.18 |
| ELDN Eledon Pharmaceuticals Inc. | Sold out | 0.00% | −0.18 |
| CZR Caesars Entertainment Inc. | Sold out | 0.00% | −0.17 |
| MAZE Maze Therapeutics Inc. | Sold out | 0.00% | −0.15 |
| HGV Hilton Grand Vacations Inc. | Reduce -6.4% | 4.18% | −0.13 |
| MLYS Mineralys Therapeutics Inc. | Reduce -28.6% | 0.25% | −0.13 |
| SLDB Solid Biosciences Inc. | Reduce -5.6% | 0.54% | −0.11 |
| CNTX Context Therapeutics Inc. | Reduce -97.7% | 0.00% | −0.10 |
| BIOMX INC | Sold out | 0.00% | −0.08 |
| RSVR Reservoir Media Inc. | Reduce -1.1% | 0.43% | −0.05 |
| EVOK Evoke Pharma Inc. | Sold out | 0.00% | −0.05 |
| KPRX Kiora Pharmaceuticals Inc. | Reduce -32.1% | 0.01% | −0.01 |
| ANIK Anika Therapeutics Inc. | Sold out | 0.00% | −0.01 |
| NDLS Noodles & Co. | Reduce -8.4% | 0.17% | −0.00 |
| UPB Upstream Bio Inc. | Reduce -16.8% | 0.80% | +0.11 |
| GMED Globus Medical Inc. Class A | Reduce -25.0% | 1.18% | +0.11 |
| HLF Herbalife Ltd. | Reduce -6.4% | 0.68% | +0.19 |
| QUINCE THERAPEUTICS INC | Reduce -13.1% | 0.54% | +0.23 |
| GUTS Fractyl Health Inc. | Reduce -10.6% | 1.43% | +0.23 |
| FULC Fulcrum Therapeutics Inc. | Reduce -8.1% | 2.90% | +0.25 |
| SVRA Savara Inc. | Reduce -16.3% | 2.65% | +0.71 |
Portfolio Buys Q3 2025 → Q4 2025
| GOGO Gogo Inc. | New | 1.89% | +1.89 |
| IWM iShares Russell 2000 ETF | New | 1.73% | +1.73 |
| FOXF Fox Factory Holding Corp. | Add +200.3% | 2.24% | +1.14 |
| TNGX Tango Therapeutics Inc. | Add +97.4% | 1.89% | +0.95 |
| EB Eventbrite Inc. Class A | Add +0.3% | 1.82% | +0.76 |
| USNA Usana Health Sciences Inc. | New | 0.69% | +0.69 |
| BCRX Biocryst Pharmaceuticals Inc. | New | 0.63% | +0.63 |
| CWH Camping World Holdings Inc. Class A | New | 0.62% | +0.62 |
| PEPG Pepgen Inc. | New | 0.60% | +0.60 |
| GDEN Golden Entertainment Inc. | New | 0.60% | +0.60 |
| ADCT Adc Therapeutics SA | Add +141.6% | 1.16% | +0.60 |
| LXEO Lexeo Therapeutics Inc. | New | 0.59% | +0.59 |
| FOSL Fossil Group Inc. | Add +35.4% | 1.14% | +0.54 |
| RAPT Rapt Therapeutics Inc. | Add +21.0% | 1.53% | +0.53 |
| CASH Pathward Financial Inc. | Add +1477.8% | 0.56% | +0.52 |
| ITGR Integer Holdings Corp. | New | 0.48% | +0.48 |
| RYAM Rayonier Advanced Materials | Add +252.6% | 0.63% | +0.41 |
| RH RH | New | 0.41% | +0.41 |
| APYX Apyx Medical Corp. | Add +19.1% | 0.83% | +0.39 |
| TBBK The Bancorp Inc. | Add +25.7% | 4.33% | +0.38 |
| MDXG Mimedx Group Inc. | Add +64.8% | 0.98% | +0.35 |
| KRRO Korro Bio Inc. | New | 0.29% | +0.29 |
| BVS Bioventus Inc. Class A | Add +4.1% | 2.69% | +0.29 |
| TLSI Trisalus Life Sciences Inc. | Add +1.5% | 0.86% | +0.28 |
| IKT Inhibikase Therapeutics Inc. | Add +79.4% | 0.48% | +0.26 |
| JACK Jack in the Box Inc. | Add +44.3% | 0.98% | +0.25 |
| IRD Opus Genetics Inc. | Add +42.9% | 0.57% | +0.23 |
| SLN Silence Therapeutics PLC-ADR | Add +48.0% | 0.56% | +0.23 |
| AVR Anteris Technologies Global | Add +31.9% | 0.76% | +0.22 |
| ARVN Arvinas Inc. | New | 0.21% | +0.21 |
| KIDS Orthopediatrics Corp. | Add +303.3% | 0.21% | +0.16 |
| IMUX Immunic Inc. | New | 0.14% | +0.14 |
| EOLS Evolus Inc. | Add +1.6% | 2.32% | +0.14 |
| PTON Peloton Interactive Inc. Class A | Add +60.4% | 2.19% | +0.13 |
| HAIN Hain Celestial Group Inc. | Add +117.6% | 0.42% | +0.12 |
| XFOR X4 Pharmaceuticals Inc. | Add +9.9% | 0.59% | +0.11 |
| DSGR Distribution Solutions Group | Add +43.3% | 0.54% | +0.11 |
| BNTC Benitec Biopharma Inc. | Add +23.9% | 0.84% | +0.11 |
| KZR Kezar Life Sciences Inc. | New | 0.10% | +0.10 |
| ABEO Abeona Therapeutics Inc. | Add +8.7% | 1.56% | +0.07 |
| GLUE Monte Rosa Therapeutics Inc. | New | 0.05% | +0.05 |
| VYNE THERAPEUTICS INC | New | 0.03% | +0.03 |
| SLNO Soleno Therapeutics Inc. | Add +52.1% | 3.64% | +0.03 |
| BIOMX INC | New | 0.01% | +0.01 |
| TITN Titan Machinery Inc. | Add +11.3% | 1.10% | −0.04 |
| ILPT Industrial Logistics Propert | Add +0.2% | 0.56% | −0.05 |
| KOS Kosmos Energy Ltd. | Add +36.6% | 0.13% | −0.05 |
| FLWS 1-800-Flowers.com Inc. Class A | Add +0.2% | 0.79% | −0.17 |
Options Activity Q3 2025 → Q4 2025
| IWM iShares Russell 2000 ETF | put | Add +1.9% | 2,700,000 | $664.6M |
| HLF Herbalife Ltd. | call | Add +14.7% | 7,800,000 | $100.5M |
| XBI SS SPDR S&P Biotech ETF | put | Reduce -42.9% | 400,000 | $48.8M |
| HGV Hilton Grand Vacations Inc. | call | Add +87.0% | 1,075,000 | $48.1M |
| PTON Peloton Interactive Inc. Class A | call | Add +44.4% | 6,500,000 | $40.0M |
| KRYS Krystal Biotech Inc. | put | Sold out | 200,000 | $35.3Mbefore exit |
| SLNO Soleno Therapeutics Inc. | call | Add +402.0% | 502,000 | $23.2M |
| CHYM Chime Financial Inc. Class A | call | New | 600,000 | $15.1M |
| HOOD Robinhood Markets Inc. Class A | put | Sold out | 100,000 | $14.3Mbefore exit |
| CZR Caesars Entertainment Inc. | call | Sold out | 500,000 | $13.5Mbefore exit |
| GPCR Structure Therapeutics Inc. | call | Sold out | 150,000 | $4.2Mbefore exit |
| PCVX Vaxcyte Inc. | call | New | 35,200 | $1.6M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025
| MARA HOLDINGS INC (MARA 0 03/01/30) | NOTE 3/0 · principal | New | 5,000,000 | $3.9M |
| NUVB.WS Nuvation Bio Inc. -CW27 | *W EXP 02/10/202 | New | 626,191 | $207K |
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 |