Nantahala Capital Management, LLC
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Nantahala Capital Management, LLC reported 125 stock positions worth $1.6 billion. Its top holding was Bancorp (TBBK) at 4.6% of the portfolio, followed by Hilton Grand Vacations (HGV, 3.7%) and Soleno Therapeutics (SLNO, 3.7%). Compared with Q4 2025, it opened 18 new positions, sold out of 20, added to 43 and reduced 23. The biggest buy was Mineralys Therapeutics (MLYS, shares +690%) and the biggest sale an exit from Eventbrite Class A (EB).
- Most Recent 13F
- Q2 2026
- Location
- NEW CANAAN, CT
- CIK
- 0001472322
- Portfolio Value
- $1.6B (Q1 2026)
- SEC Filing
- 0001104659-26-062659 ↗ filed May 15, 2026
Holdings Value
Holdings 125 stocks · $1.6B
| TBBK The Bancorp Inc. | 4.65% | 1,380,456 | $74.2M | Add +28.8% |
| HGV Hilton Grand Vacations Inc. | 3.71% | 1,513,656 | $59.2M | Reduce -3.1% |
| SLNO Soleno Therapeutics Inc. | 3.66% | 1,744,124 | $58.4M | Add +32.7% |
| BVS Bioventus Inc. Class A | 3.50% | 6,122,403 | $55.9M | Add +1.2% |
| PTON Peloton Interactive Inc. Class A | 3.23% | 12,000,000 | $51.5M | Add +102.3% |
| ESTA Establishment Labs Holdings | 2.96% | 832,956 | $47.3M | Reduce -15.7% |
| SVRA Savara Inc. | 2.51% | 7,344,783 | $40.1M | No change |
| XTNT Xtant Medical Holdings Inc. | 2.39% | 68,394,000 | $38.2M | No change |
| GOGO Gogo Inc. | 2.24% | 8,882,036 | $35.7M | Add +30.8% |
| AMRX Amneal Pharmaceuticals Inc. | 2.21% | 2,844,108 | $35.4M | Add +16.2% |
| AVR Anteris Technologies Global | 1.92% | 5,530,910 | $30.7M | Add +118.5% |
| ETON Eton Pharmaceuticals Inc. | 1.82% | 1,175,951 | $29.0M | No change |
| EOLS Evolus Inc. | 1.64% | 6,376,857 | $26.2M | Add +9.6% |
| TNGX Tango Therapeutics Inc. | 1.64% | 1,250,452 | $26.2M | Reduce -65.0% |
| LBRX LB Pharmaceuticals Inc. | 1.63% | 1,052,894 | $26.0M | Add +56.0% |
| FOXF Fox Factory Holding Corp. | 1.53% | 1,488,300 | $24.5M | Reduce -32.0% |
| MLYS Mineralys Therapeutics Inc. | 1.52% | 895,481 | $24.3M | Add +690.5% |
| ZVRA Zevra Therapeutics Inc. | 1.47% | 2,521,936 | $23.5M | Add +42.3% |
| FULC Fulcrum Therapeutics Inc. | 1.47% | 3,050,040 | $23.4M | Reduce -29.0% |
| FOSL Fossil Group Inc. | 1.46% | 5,404,024 | $23.3M | Add +6.7% |
| RDNW Ridenow Group Inc. | 1.45% | 3,272,845 | $23.1M | No change |
| ABEO Abeona Therapeutics Inc. | 1.41% | 5,013,052 | $22.5M | Add +1.0% |
| CWH Camping World Holdings Inc. Class A | 1.39% | 3,259,274 | $22.3M | Add +207.9% |
| ADCT Adc Therapeutics SA | 1.31% | 5,597,433 | $21.0M | Add +2.2% |
| TITN Titan Machinery Inc. | 1.31% | 1,254,520 | $21.0M | Add +2.8% |
| HLF Herbalife Ltd. | 1.25% | 1,353,653 | $19.9M | Add +53.5% |
| IMAX Imax Corp. | 1.23% | 515,554 | $19.6M | Add +8.1% |
| VSTM Verastem Inc. | 1.19% | 3,584,820 | $19.0M | Add +675.7% |
| BCRX Biocryst Pharmaceuticals Inc. | 1.19% | 1,987,397 | $18.9M | Add +46.5% |
| AVTX Avalo Therapeutics Inc. | 1.16% | 1,235,000 | $18.4M | No change |
| RMR RMR Group Inc./the - A | 1.11% | 1,147,902 | $17.8M | No change |
| RYAM Rayonier Advanced Materials | 1.11% | 1,600,000 | $17.7M | Reduce -11.1% |
| GERN Geron Corp. | 1.05% | 11,225,000 | $16.7M | Add +24.4% |
| BNTC Benitec Biopharma Inc. | 0.96% | 1,438,371 | $15.3M | Add +38.5% |
| ABVX Abivax SA-ADR | 0.96% | 137,237 | $15.3M | Reduce -10.4% |
| ITGR Integer Holdings Corp. | 0.95% | 172,000 | $15.1M | Add +68.6% |
| KROS Keros Therapeutics Inc. | 0.94% | 1,360,419 | $15.0M | Add +277.4% |
| JACK Jack in the Box Inc. | 0.93% | 1,542,715 | $14.9M | Add +78.1% |
| JCAP Jefferson Capital Inc. | 0.90% | 750,000 | $14.4M | Add +25.0% |
| AURA Aura Biosciences Inc. | 0.89% | 2,117,697 | $14.2M | No change |
| USNA Usana Health Sciences Inc. | 0.89% | 810,074 | $14.2M | Add +38.5% |
| PCVX Vaxcyte Inc. | 0.87% | 238,746 | $13.9M | New |
| MDXG Mimedx Group Inc. | 0.84% | 3,397,299 | $13.4M | Add +40.6% |
| ASRT Assertio Holdings Inc. | 0.83% | 692,335 | $13.2M | Add +17.9% |
| DSGR Distribution Solutions Group | 0.81% | 494,581 | $13.0M | Add +49.9% |
| AGMB Agomab Therapeutics NV | 0.81% | 1,200,000 | $12.9M | New |
| HLXC Helix Acquisition Corp. Class A | 0.80% | 1,250,000 | $12.7M | New |
| APYX Apyx Medical Corp. | 0.80% | 3,440,304 | $12.7M | Reduce -13.4% |
| SLN Silence Therapeutics PLC-ADR | 0.71% | 2,146,731 | $11.3M | Add +39.2% |
| JANX Janux Therapeutics Inc. | 0.71% | 809,914 | $11.3M | New |
| GLUE Monte Rosa Therapeutics Inc. | 0.67% | 651,993 | $10.7M | Add +1024.3% |
| FLWS 1-800-Flowers.com Inc. Class A | 0.64% | 3,375,065 | $10.3M | No change |
| CNTA Centessa Pharmaceuticals Ltd. | 0.63% | 254,803 | $10.1M | No change |
| XFOR X4 Pharmaceuticals Inc. | 0.63% | 2,449,468 | $10.1M | No change |
| DUOL Duolingo | 0.62% | 100,000 | $9.9M | New |
| COGT Cogent Biosciences Inc. | 0.60% | 250,000 | $9.6M | No change |
| SVC Service Pptys TR | 0.60% | 7,057,887 | $9.6M | No change |
| ILPT Industrial Logistics Propert | 0.60% | 1,678,973 | $9.5M | No change |
| RSVR Reservoir Media Inc. | 0.58% | 940,960 | $9.2M | No change |
| SLDB Solid Biosciences Inc. | 0.53% | 1,165,078 | $8.4M | Reduce -27.3% |
| TLSI Trisalus Life Sciences Inc. | 0.52% | 2,070,827 | $8.3M | No change |
| CRMT America's Car-Mart Inc. | 0.51% | 644,686 | $8.2M | No change |
| VMD Viemed Healthcare Inc. | 0.51% | 883,783 | $8.1M | Reduce -5.2% |
| RH RH | 0.51% | 57,791 | $8.1M | Add +52.9% |
| IRD Opus Genetics Inc. | 0.48% | 1,681,330 | $7.7M | Reduce -64.8% |
| KRRO Korro Bio Inc. | 0.47% | 660,036 | $7.5M | Add +10.0% |
| AMLX Amylyx Pharmaceuticals Inc. | 0.47% | 535,684 | $7.4M | Reduce -35.9% |
| DMRA Damora Therapeutics Inc. | 0.45% | 278,000 | $7.2M | New |
| LXEO Lexeo Therapeutics Inc. | 0.43% | 1,200,000 | $6.9M | Add +20.0% |
| VENU Venu Holding Corp. filed as VENU HLDG CORP | 0.42% | 2,046,705 | $6.8M | New |
| CDXS Codexis Inc. | 0.42% | 4,123,613 | $6.7M | Add +3.3% |
| DHX Dhi Group Inc. | 0.42% | 2,374,027 | $6.7M | No change |
| UNCY Unicycive Therapeutics Inc. | 0.39% | 939,202 | $6.2M | No change |
| GUTS Fractyl Health Inc. | 0.38% | 13,364,519 | $6.1M | Add +23.2% |
| ALEC Alector Inc. | 0.38% | 2,815,983 | $6.1M | New |
| HAIN Hain Celestial Group Inc. | 0.37% | 8,528,789 | $6.0M | Add +30.6% |
| DNTH Dianthus Therapeutics Inc. | 0.35% | 67,282 | $5.6M | Reduce -82.1% |
| NSPR Inspiremd Inc. | 0.34% | 3,376,484 | $5.5M | No change |
| KOS Kosmos Energy Ltd. | 0.32% | 1,844,194 | $5.1M | Reduce -21.3% |
| COCH Envoy Medical Inc. | 0.32% | 7,650,000 | $5.1M | New |
| ALTG Alta Equipment Group Inc. | 0.31% | 934,774 | $5.0M | No change |
| DRIO Dariohealth Corp. | 0.31% | 610,690 | $4.9M | Add +8.4% |
| RVMD Revolution Medicines Inc. | 0.30% | 50,000 | $4.9M | New |
| NDLS Noodles & Co. | 0.30% | 553,746 | $4.7M | Add +7.4% |
| IKT Inhibikase Therapeutics Inc. | 0.28% | 2,701,863 | $4.5M | Reduce -31.2% |
| CZR Caesars Entertainment Inc. | 0.25% | 150,000 | $4.0M | New |
| FORR Forrester Research Inc. | 0.25% | 694,422 | $3.9M | New |
| QURE Uniqure NV | 0.24% | 237,078 | $3.9M | Reduce -66.1% |
| STKS One Group Hospitality Inc. filed as THE ONE GROUP HOSPITALITY IN | 0.24% | 2,121,084 | $3.8M | No change |
| CHYM Chime Financial Inc. Class A | 0.23% | 200,000 | $3.7M | New |
| UPB Upstream Bio Inc. | 0.23% | 400,000 | $3.6M | Reduce -19.2% |
| NNBR NN Inc. | 0.22% | 2,441,416 | $3.5M | No change |
| GRCE Grace Therapeutics Inc. | 0.21% | 728,203 | $3.4M | Reduce -38.2% |
| CGON CG Oncology Inc. | 0.21% | 49,449 | $3.3M | Reduce -54.8% |
| ELUT Elutia Inc. | 0.21% | 3,184,947 | $3.3M | No change |
| XNCR Xencor Inc. | 0.20% | 264,639 | $3.2M | Add +60.7% |
| TELA Tela Bio Inc. | 0.20% | 5,144,114 | $3.2M | Add +0.6% |
| ARVN Arvinas Inc. | 0.20% | 300,000 | $3.2M | No change |
| KIDS Orthopediatrics Corp. | 0.20% | 199,449 | $3.2M | No change |
| COOK Traeger Inc. | 0.19% | 102,408 | $3.0M | New |
Options reported separately and not counted above: IWM puts ($508.4M), HLF calls ($82.4M), PTON calls ($77.0M), VTRS calls ($67.5M), EW puts ($64.1M), TEVA calls ($45.2M), QURE calls ($42.5M), HGV calls ($42.1M), XBI puts ($38.3M), REGN calls ($30.9M), SLNO calls ($25.1M), ALGN calls ($17.1M), and 10 more.
Other holdings (5): bonds, preferreds, convertibles and warrants · $5.9M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| MARA HOLDINGS INC (MARA 0 03/01/30) | NOTE 3/0 · principal | 5,000,000 | $4.4M | No change |
| ASPSW Altisource Portfolio - 30 | *W EXP 04/30/203 | 2,477,312 | $941K | No change |
| ASPSZ Altisource Portfolio - 29C | *W EXP 04/02/202 | 2,477,312 | $495K | No change |
| GFAIW Guardforce AI Co. Ltd. -CW26 | *W EXP 10/01/202 | 154,205 | $9K | No change |
| PERFF Perfect Corp. | *W EXP 10/28/202 | 16,075 | $238 | No change |
Total filed on the 13F, all lines: $1.6B.
Portfolio Sells Q4 2025 → Q1 2026
| EB Eventbrite Inc. Class A | Sold out | 0.00% | −1.82 |
| IWM iShares Russell 2000 ETF | Sold out | 0.00% | −1.73 |
| RAPT Rapt Therapeutics Inc. | Sold out | 0.00% | −1.53 |
| FULC Fulcrum Therapeutics Inc. | Reduce -29.0% | 1.47% | −1.44 |
| ESTA Establishment Labs Holdings | Reduce -15.7% | 2.96% | −1.34 |
| GMED Globus Medical Inc. Class A | Sold out | 0.00% | −1.18 |
| ATXS Astria Therapeutics Inc. | Sold out | 0.00% | −0.84 |
| QURE Uniqure NV | Reduce -66.1% | 0.24% | −0.76 |
| FOXF Fox Factory Holding Corp. | Reduce -32.0% | 1.53% | −0.71 |
| GDEN Golden Entertainment Inc. | Sold out | 0.00% | −0.60 |
| UPB Upstream Bio Inc. | Reduce -19.2% | 0.23% | −0.58 |
| DNTH Dianthus Therapeutics Inc. | Reduce -82.1% | 0.35% | −0.57 |
| CASH Pathward Financial Inc. | Sold out | 0.00% | −0.56 |
| QUINCE THERAPEUTICS INC | Sold out | 0.00% | −0.54 |
| IRON Disc Medicine Inc. | Reduce -80.7% | 0.10% | −0.53 |
| PEPG Pepgen Inc. | Reduce -56.0% | 0.08% | −0.53 |
| HGV Hilton Grand Vacations Inc. | Reduce -3.1% | 3.71% | −0.47 |
| CMCO Columbus McKinnon Corp. | Sold out | 0.00% | −0.46 |
| SRZN Surrozen Inc. | Sold out | 0.00% | −0.31 |
| NKTR Nektar Therapeutics | Sold out | 0.00% | −0.29 |
| ABVX Abivax SA-ADR | Reduce -10.4% | 0.96% | −0.28 |
| NPCE Neuropace Inc. | Sold out | 0.00% | −0.27 |
| TNGX Tango Therapeutics Inc. | Reduce -65.0% | 1.64% | −0.25 |
| IKT Inhibikase Therapeutics Inc. | Reduce -31.2% | 0.28% | −0.20 |
| ANEB Anebulo Pharmaceuticals Inc. | Sold out | 0.00% | −0.18 |
| CMPS Compass Pathways PLC | Sold out | 0.00% | −0.18 |
| AMLX Amylyx Pharmaceuticals Inc. | Reduce -35.9% | 0.47% | −0.14 |
| DXLG Destination XL Group Inc. | Reduce -8.1% | 0.13% | −0.12 |
| KZR Kezar Life Sciences Inc. | Sold out | 0.00% | −0.10 |
| IRD Opus Genetics Inc. | Reduce -64.8% | 0.48% | −0.10 |
| CGON CG Oncology Inc. | Reduce -54.8% | 0.21% | −0.06 |
| EDSA Edesa Biotech Inc. | Sold out | 0.00% | −0.05 |
| APYX Apyx Medical Corp. | Reduce -13.4% | 0.80% | −0.04 |
| GRCE Grace Therapeutics Inc. | Reduce -38.2% | 0.21% | −0.03 |
| SSKN Strata Skin Sciences Inc. | Sold out | 0.00% | −0.03 |
| SLDB Solid Biosciences Inc. | Reduce -27.3% | 0.53% | −0.02 |
| KPRX Kiora Pharmaceuticals Inc. | Sold out | 0.00% | −0.01 |
| LUCD Lucid Diagnostics Inc. | Sold out | 0.00% | −0.01 |
| CNTX Context Therapeutics Inc. | Sold out | 0.00% | −0.00 |
| IMUX Immunic Inc. | Reduce -42.8% | 0.17% | +0.03 |
| VMD Viemed Healthcare Inc. | Reduce -5.2% | 0.51% | +0.10 |
| KOS Kosmos Energy Ltd. | Reduce -21.3% | 0.32% | +0.19 |
| RYAM Rayonier Advanced Materials | Reduce -11.1% | 1.11% | +0.48 |
Portfolio Buys Q4 2025 → Q1 2026
| MLYS Mineralys Therapeutics Inc. | Add +690.5% | 1.52% | +1.27 |
| AVR Anteris Technologies Global | Add +118.5% | 1.92% | +1.17 |
| PTON Peloton Interactive Inc. Class A | Add +102.3% | 3.23% | +1.04 |
| VSTM Verastem Inc. | Add +675.7% | 1.19% | +0.98 |
| PCVX Vaxcyte Inc. | New | 0.87% | +0.87 |
| BVS Bioventus Inc. Class A | Add +1.2% | 3.50% | +0.81 |
| AGMB Agomab Therapeutics NV | New | 0.81% | +0.81 |
| HLXC Helix Acquisition Corp. Class A | New | 0.80% | +0.80 |
| CWH Camping World Holdings Inc. Class A | Add +207.9% | 1.39% | +0.78 |
| LBRX LB Pharmaceuticals Inc. | Add +56.0% | 1.63% | +0.73 |
| JANX Janux Therapeutics Inc. | New | 0.71% | +0.71 |
| DUOL Duolingo | New | 0.62% | +0.62 |
| GLUE Monte Rosa Therapeutics Inc. | Add +1024.3% | 0.67% | +0.62 |
| HLF Herbalife Ltd. | Add +53.5% | 1.25% | +0.57 |
| BCRX Biocryst Pharmaceuticals Inc. | Add +46.5% | 1.19% | +0.55 |
| ZVRA Zevra Therapeutics Inc. | Add +42.3% | 1.47% | +0.52 |
| ASRT Assertio Holdings Inc. | Add +17.9% | 0.83% | +0.51 |
| KROS Keros Therapeutics Inc. | Add +277.4% | 0.94% | +0.50 |
| ITGR Integer Holdings Corp. | Add +68.6% | 0.95% | +0.47 |
| DMRA Damora Therapeutics Inc. | New | 0.45% | +0.45 |
| VENU Venu Holding Corp. | New | 0.42% | +0.42 |
| ALEC Alector Inc. | New | 0.38% | +0.38 |
| AMRX Amneal Pharmaceuticals Inc. | Add +16.2% | 2.21% | +0.37 |
| GOGO Gogo Inc. | Add +30.8% | 2.24% | +0.34 |
| GERN Geron Corp. | Add +24.4% | 1.05% | +0.34 |
| FOSL Fossil Group Inc. | Add +6.7% | 1.46% | +0.32 |
| COCH Envoy Medical Inc. | New | 0.32% | +0.32 |
| TBBK The Bancorp Inc. | Add +28.8% | 4.65% | +0.32 |
| RVMD Revolution Medicines Inc. | New | 0.30% | +0.30 |
| DSGR Distribution Solutions Group | Add +49.9% | 0.81% | +0.27 |
| CZR Caesars Entertainment Inc. | New | 0.25% | +0.25 |
| FORR Forrester Research Inc. | New | 0.25% | +0.25 |
| CHYM Chime Financial Inc. Class A | New | 0.23% | +0.23 |
| TITN Titan Machinery Inc. | Add +2.8% | 1.31% | +0.22 |
| USNA Usana Health Sciences Inc. | Add +38.5% | 0.89% | +0.20 |
| COOK Traeger Inc. | New | 0.19% | +0.19 |
| KRRO Korro Bio Inc. | Add +10.0% | 0.47% | +0.18 |
| IMAX Imax Corp. | Add +8.1% | 1.23% | +0.17 |
| RLYB Rallybio Corp. | New | 0.17% | +0.17 |
| ADCT Adc Therapeutics SA | Add +2.2% | 1.31% | +0.16 |
| SLN Silence Therapeutics PLC-ADR | Add +39.2% | 0.71% | +0.15 |
| TRDA Entrada Therapeutics Inc. | New | 0.13% | +0.13 |
| BNTC Benitec Biopharma Inc. | Add +38.5% | 0.96% | +0.12 |
| NDLS Noodles & Co. | Add +7.4% | 0.30% | +0.12 |
| JCAP Jefferson Capital Inc. | Add +25.0% | 0.90% | +0.10 |
| RH RH | Add +52.9% | 0.51% | +0.10 |
| POCI Precision Optics Corp. Inc. | New | 0.08% | +0.08 |
| CRIS Curis Inc. | New | 0.07% | +0.07 |
| XNCR Xencor Inc. | Add +60.7% | 0.20% | +0.05 |
| VYNE THERAPEUTICS INC | Add +100.0% | 0.07% | +0.04 |
Options Activity Q4 2025 → Q1 2026
| IWM iShares Russell 2000 ETF | put | Reduce -24.1% | 2,050,000 | $508.4M |
| HLF Herbalife Ltd. | call | Reduce -28.2% | 5,600,000 | $82.4M |
| PTON Peloton Interactive Inc. Class A | call | Add +176.0% | 17,938,900 | $77.0M |
| EW Edwards Lifesciences Corp. | put | Reduce -55.6% | 800,000 | $64.1M |
| TEVA Teva Pharmaceutical-SP ADR | call | Reduce -40.0% | 1,500,000 | $45.2M |
| QURE Uniqure NV | call | New | 2,600,000 | $42.5M |
| XBI SS SPDR S&P Biotech ETF | put | Reduce -25.0% | 300,000 | $38.3M |
| SLNO Soleno Therapeutics Inc. | call | Add +49.4% | 750,000 | $25.1M |
| LYV Live Nation Entertainment Inc. | put | Sold out | 130,300 | $18.6Mbefore exit |
| FOXF Fox Factory Holding Corp. | call | New | 800,000 | $13.2M |
| TBBK The Bancorp Inc. | call | New | 125,800 | $6.8M |
| KROS Keros Therapeutics Inc. | call | Sold out | 250,000 | $5.1Mbefore exit |
| ABEO Abeona Therapeutics Inc. | call | Add +96.2% | 1,020,000 | $4.6M |
| IRON Disc Medicine Inc. | put | New | 41,000 | $2.6M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2025 → Q1 2026
| NUVB.WS Nuvation Bio Inc. -CW27 | *W EXP 02/10/202 | Sold out | 626,191 | $207Kbefore exit |
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 |