# Nantahala Capital Management, LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1472322. Source: https://holderbook.com/funds/1472322-nantahala-capital-management-llc/

- Reported value: $6.0B
- Positions: 141
- Weight of the ten largest: 45.3%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $1.2B | 0 | 20.0% | 31 |
| PELOTON INTERACTIVE INC | [PTON](https://holderbook.com/stocks/PTON/) | $254.7M | 10,217,990 | 4.2% | 21 |
| HILTON GRAND VACATIONS INC | [HGV](https://holderbook.com/stocks/HGV/) | $220.8M | 2,066,340 | 3.7% | 15 |
| HERBALIFE LTD | [HLF](https://holderbook.com/stocks/HLF/) | $202.8M | 2,218,308 | 3.4% | 21 |
| BANCORP INC DEL | [TBBK](https://holderbook.com/stocks/TBBK/) | $171.1M | 2,479,774 | 2.8% | 9 |
| VIATRIS INC | [VTRS](https://holderbook.com/stocks/VTRS/) | $158.8M | 0 | 2.6% | 5 |
| EDWARDS LIFESCIENCES CORP | [EW](https://holderbook.com/stocks/EW/) | $144.7M | 0 | 2.4% | 4 |
| UNIQURE NV | [QURE](https://holderbook.com/stocks/QURE/) | $130.5M | 911,320 | 2.2% | 31 |
| SPDR SERIES TRUST | [XBI](https://holderbook.com/stocks/XBI/) | $126.6M | 0 | 2.1% | 12 |
| BIOVENTUS INC | [BVS](https://holderbook.com/stocks/BVS/) | $113.3M | 12,000,558 | 1.9% | 16 |
| SAVARA INC | [SVRA](https://holderbook.com/stocks/SVRA/) | $86.0M | 13,953,620 | 1.4% | 12 |
| ETON PHARMACEUTICALS INC | [ETON](https://holderbook.com/stocks/ETON/) | $85.1M | 2,351,902 | 1.4% | 9 |
| AMNEAL PHARMACEUTICALS INC | [AMRX](https://holderbook.com/stocks/AMRX/) | $78.5M | 4,537,502 | 1.3% | 14 |
| EVOLUS INC | [EOLS](https://holderbook.com/stocks/EOLS/) | $77.8M | 11,204,042 | 1.3% | 12 |
| ABEONA THERAPEUTICS INC | [ABEO](https://holderbook.com/stocks/ABEO/) | $76.1M | 10,272,980 | 1.3% | 15 |
| ETF SER SOLUTIONS | [QTUM](https://holderbook.com/stocks/QTUM/) | $73.8M | 0 | 1.2% | 1 |
| FOX FACTORY HLDG CORP | [FOXF](https://holderbook.com/stocks/FOXF/) | $71.5M | 2,621,390 | 1.2% | 7 |
| CAMPING WORLD HLDGS INC | [CWH](https://holderbook.com/stocks/CWH/) | $69.4M | 5,102,110 | 1.2% | 5 |
| AVALO THERAPEUTICS INC | [AVTX](https://holderbook.com/stocks/AVTX/) | $68.8M | 3,724,500 | 1.1% | 6 |
| LB PHARMACEUTICALS INC | [LBRX](https://holderbook.com/stocks/LBRX/) | $68.3M | 2,105,788 | 1.1% | 4 |
| NEUROCRINE BIOSCIENCES INC | [NBIX](https://holderbook.com/stocks/NBIX/) | $67.4M | 0 | 1.1% | 1 |
| PRAXIS PRECISION MEDICINES I | [PRAX](https://holderbook.com/stocks/PRAX/) | $67.0M | 0 | 1.1% | 1 |
| ANTERIS TECHNOLOGIES GLOBAL | [AVR](https://holderbook.com/stocks/AVR/) | $66.7M | 6,766,670 | 1.1% | 7 |
| RIDENOW GROUP INC | [RDNW](https://holderbook.com/stocks/RDNW/) | $66.2M | 6,545,690 | 1.1% | 17 |
| KRYSTAL BIOTECH INC | [KRYS](https://holderbook.com/stocks/KRYS/) | $63.2M | 0 | 1.0% | 1 |
| ESTABLISHMENT LABS HLDGS INC | [ESTA](https://holderbook.com/stocks/ESTA/) | $57.6M | 671,660 | 1.0% | 31 |
| XTANT MED HLDGS INC | [XTNT](https://holderbook.com/stocks/XTNT/) | $57.6M | 136,788,000 | 1.0% | 12 |
| JACK IN THE BOX INC | [JACK](https://holderbook.com/stocks/JACK/) | $54.7M | 3,457,318 | 0.9% | 5 |
| GOGO INC | [GOGO](https://holderbook.com/stocks/GOGO/) | $53.9M | 17,395,462 | 0.9% | 3 |
| IMAX CORP | [IMAX](https://holderbook.com/stocks/IMAX/) | $52.5M | 1,316,018 | 0.9% | 23 |
| ZEVRA THERAPEUTICS INC | [ZVRA](https://holderbook.com/stocks/ZVRA/) | $51.6M | 3,594,952 | 0.9% | 12 |
| REGENERON PHARMACEUTICALS | [REGN](https://holderbook.com/stocks/REGN/) | $49.9M | 0 | 0.8% | 4 |
| TITAN MACHY INC | [TITN](https://holderbook.com/stocks/TITN/) | $47.9M | 2,266,176 | 0.8% | 8 |
| RMR GROUP INC | [RMR](https://holderbook.com/stocks/RMR/) | $47.1M | 2,295,804 | 0.8% | 23 |
| FOSSIL GROUP INC | [FOSL](https://holderbook.com/stocks/FOSL/) | $45.6M | 11,010,256 | 0.8% | 13 |
| SNAP INC | [SNAP](https://holderbook.com/stocks/SNAP/) | $44.4M | 400,000 | 0.7% | 1 |
| MINERALYS THERAPEUTICS INC | [MLYS](https://holderbook.com/stocks/MLYS/) | $44.3M | 1,640,962 | 0.7% | 10 |
| AURA BIOSCIENCES INC | [AURA](https://holderbook.com/stocks/AURA/) | $41.9M | 5,902,060 | 0.7% | 19 |
| AGOMAB THERAPEUTICS NV | [AGMB](https://holderbook.com/stocks/AGMB/) | $40.7M | 3,136,376 | 0.7% | 2 |
| FULCRUM THERAPEUTICS INC | [FULC](https://holderbook.com/stocks/FULC/) | $40.1M | 10,950,080 | 0.7% | 8 |
| BENITEC BIOPHARMA INC | [BNTC](https://holderbook.com/stocks/BNTC/) | $39.8M | 2,976,742 | 0.7% | 9 |
| ADMA BIOLOGICS INC | [ADMA](https://holderbook.com/stocks/ADMA/) | $39.5M | 4,719,986 | 0.7% | 1 |
| BIOCRYST PHARMACEUTICALS INC | [BCRX](https://holderbook.com/stocks/BCRX/) | $38.0M | 3,802,320 | 0.6% | 3 |
| MIMEDX GROUP INC | [MDXG](https://holderbook.com/stocks/MDXG/) | $36.7M | 9,535,104 | 0.6% | 4 |
| ABIVAX SA | [ABVX](https://holderbook.com/stocks/ABVX/) | $35.6M | 267,518 | 0.6% | 11 |
| USANA HEALTH SCIENCES INC | [USNA](https://holderbook.com/stocks/USNA/) | $34.6M | 1,620,148 | 0.6% | 3 |
| CHIME FINL INC | [CHYM](https://holderbook.com/stocks/CHYM/) | $31.6M | 344,238 | 0.5% | 3 |
| MONTE ROSA THERAPEUTICS INC | [GLUE](https://holderbook.com/stocks/GLUE/) | $31.6M | 1,303,986 | 0.5% | 3 |
| TANGO THERAPEUTICS INC | [TNGX](https://holderbook.com/stocks/TNGX/) | $31.3M | 1,001,318 | 0.5% | 7 |
| GERON CORP | [GERN](https://holderbook.com/stocks/GERN/) | $31.3M | 24,450,000 | 0.5% | 4 |
| VOR BIOPHARMA INC | [VOR](https://holderbook.com/stocks/VOR/) | $31.1M | 1,690,000 | 0.5% | 1 |
| KEROS THERAPEUTICS INC | [KROS](https://holderbook.com/stocks/KROS/) | $30.2M | 2,820,838 | 0.5% | 25 |
| VAXCYTE INC | [PCVX](https://holderbook.com/stocks/PCVX/) | $29.9M | 444,292 | 0.5% | 3 |
| SILENCE THERAPEUTICS PLC | [SLN](https://holderbook.com/stocks/SLN/) | $29.6M | 2,693,462 | 0.5% | 10 |
| APYX MEDICAL CORPORATION | [APYX](https://holderbook.com/stocks/APYX/) | $29.4M | 6,540,496 | 0.5% | 7 |
| JEFFERSON CAPITAL INC | [JCAP](https://holderbook.com/stocks/JCAP/) | $29.2M | 1,500,000 | 0.5% | 5 |
| PLANET FITNESS MASTER ISSUER | [PLNT](https://holderbook.com/stocks/PLNT/) | $29.1M | 558,000 | 0.5% | 1 |
| RH | [RH](https://holderbook.com/stocks/RH/) | $28.6M | 73,372 | 0.5% | 6 |
| VERASTEM INC | [VSTM](https://holderbook.com/stocks/VSTM/) | $27.4M | 7,169,640 | 0.5% | 9 |
| DISTRIBUTION SOLUTIONS GRP I | [DSGR](https://holderbook.com/stocks/DSGR/) | $27.1M | 989,162 | 0.4% | 5 |
| RAYONIER ADVANCED MATLS INC | [RYAM](https://holderbook.com/stocks/RYAM/) | $26.7M | 3,395,452 | 0.4% | 4 |
| HELIX ACQUISITION CORP III | [HLXC](https://holderbook.com/stocks/HLXC/) | $26.6M | 2,500,000 | 0.4% | 2 |
| ADC THERAPEUTICS SA | [ADCT](https://holderbook.com/stocks/ADCT/) | $26.4M | 24,652,368 | 0.4% | 5 |
| OPUS GENETICS INC | [IRD](https://holderbook.com/stocks/IRD/) | $25.2M | 6,122,718 | 0.4% | 6 |
| JANUX THERAPEUTICS INC | [JANX](https://holderbook.com/stocks/JANX/) | $24.9M | 1,619,828 | 0.4% | 2 |
| AMANAT ACQUISITION CORP | [AMAN](https://holderbook.com/stocks/AMAN/) | $24.4M | 2,400,000 | 0.4% | 1 |
| INSPIRE MED SYS INC | [INSP](https://holderbook.com/stocks/INSP/) | $24.0M | 538,948 | 0.4% | 1 |
| 1 800 FLOWERS COM INC | [FLWS](https://holderbook.com/stocks/FLWS/) | $23.5M | 6,750,130 | 0.4% | 5 |
| X4 PHARMACEUTICALS INC | [XFOR](https://holderbook.com/stocks/XFOR/) | $22.9M | 4,898,936 | 0.4% | 4 |
| INTEGER HLDGS CORP | [ITGR](https://holderbook.com/stocks/ITGR/) | $20.8M | 222,604 | 0.3% | 3 |
| INVENTIVA SA | [IVA](https://holderbook.com/stocks/IVA/) | $20.3M | 5,372,786 | 0.3% | 1 |
| INDUSTRIAL LOGISTICS PPTYS T | [ILPT](https://holderbook.com/stocks/ILPT/) | $19.7M | 2,222,306 | 0.3% | 14 |
| DUOLINGO INC | [DUOL](https://holderbook.com/stocks/DUOL/) | $19.3M | 167,754 | 0.3% | 2 |
| RESERVOIR MEDIA INC | [RSVR](https://holderbook.com/stocks/RSVR/) | $18.6M | 1,881,920 | 0.3% | 12 |
| FRACTYL HEALTH INC | [GUTS](https://holderbook.com/stocks/GUTS/) | $17.9M | 22,578,192 | 0.3% | 4 |
| DHI GROUP INC | [DHX](https://holderbook.com/stocks/DHX/) | $17.6M | 4,748,054 | 0.3% | 31 |
| AMYLYX PHARMACEUTICALS INC | [AMLX](https://holderbook.com/stocks/AMLX/) | $17.5M | 973,368 | 0.3% | 8 |
| KORRO BIO INC | [KRRO](https://holderbook.com/stocks/KRRO/) | $17.4M | 1,320,072 | 0.3% | 3 |
| ALECTOR INC | [ALEC](https://holderbook.com/stocks/ALEC/) | $17.4M | 8,636,218 | 0.3% | 2 |
| NOODLES & CO | [NDLS](https://holderbook.com/stocks/NDLS/) | $16.6M | 1,107,492 | 0.3% | 2 |
| CODEXIS INC | [CDXS](https://holderbook.com/stocks/CDXS/) | $16.4M | 7,247,226 | 0.3% | 31 |
| PERSPECTIVE THERAPEUTICS INC | [CATX](https://holderbook.com/stocks/CATX/) | $15.9M | 4,650,900 | 0.3% | 1 |
| IRENIC ACQUISITION CORP | - | $15.2M | 1,500,000 | 0.3% | 1 |
| DAMORA THERAPEUTICS INC | [DMRA](https://holderbook.com/stocks/DMRA/) | $14.5M | 556,000 | 0.2% | 2 |
| VIEMED HEALTHCARE INC | [VMD](https://holderbook.com/stocks/VMD/) | $14.4M | 1,264,890 | 0.2% | 28 |
| UNICYCIVE THERAPEUTICS INC | [UNCY](https://holderbook.com/stocks/UNCY/) | $13.1M | 2,802,894 | 0.2% | 5 |
| TRAEGER INC | [COOK](https://holderbook.com/stocks/COOK/) | $13.1M | 165,662 | 0.2% | 2 |
| FORRESTER RESH INC | [FORR](https://holderbook.com/stocks/FORR/) | $12.8M | 1,526,892 | 0.2% | 2 |
| LEXEO THERAPEUTICS INC | [LXEO](https://holderbook.com/stocks/LXEO/) | $12.1M | 2,600,000 | 0.2% | 3 |
| ENVOY MEDICAL INC | [COCH](https://holderbook.com/stocks/COCH/) | $11.9M | 15,300,000 | 0.2% | 2 |
| ELOXX PHARMACEUTICALS INC | - | $11.1M | 800,000 | 0.2% | 1 |
| INHIBIKASE THERAPEUTICS INC | [IKT](https://holderbook.com/stocks/IKT/) | $11.0M | 5,403,726 | 0.2% | 7 |
| FIRST TRACKS BIOTHERAPEUTICS | [TRAX](https://holderbook.com/stocks/TRAX/) | $10.1M | 500,000 | 0.2% | 1 |
| MARA HOLDINGS INC | - | $10.0M | 10,000,000 | 0.2% | 3 |
| HAIN CELESTIAL GROUP INC | [HAIN](https://holderbook.com/stocks/HAIN/) | $9.6M | 17,057,578 | 0.2% | 5 |
| ALTA EQUIPMENT GROUP INC | [ALTG](https://holderbook.com/stocks/ALTG/) | $9.4M | 1,449,548 | 0.2% | 26 |
| ORTHOPEDIATRICS CORP | [KIDS](https://holderbook.com/stocks/KIDS/) | $9.3M | 484,684 | 0.2% | 4 |
| ALTIMMUNE INC | [ALT](https://holderbook.com/stocks/ALT/) | $9.1M | 3,000,000 | 0.2% | 1 |
| TRISALUS LIFE SCIENCES INC | [TLSI](https://holderbook.com/stocks/TLSI/) | $9.1M | 2,000,000 | 0.2% | 5 |
| SERVICE PPTYS TR | [SVC](https://holderbook.com/stocks/SVC/) | $9.0M | 5,322,641 | 0.1% | 7 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +16.6% | +14.8% | +1.8% | 78% |
| Q1 2026 | -6.1% | -4.6% | -1.4% | 61% |
| Q4 2025 | +11.9% | +2.4% | +9.5% | 90% |
| Q3 2025 | +33.9% | +7.8% | +26.1% | 90% |
| Q1 2025 | -6.0% | -4.6% | -1.5% | 70% |
| Q4 2024 | +5.1% | +2.1% | +2.9% | 66% |
| Q3 2024 | +13.6% | +5.4% | +8.2% | 66% |
| Q2 2024 | -10.7% | +4.0% | -14.7% | 81% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $6.0B | 141 |
| Q1 2026 | $2.7B | 137 |
| Q4 2025 | $3.0B | 142 |
| Q3 2025 | $2.9B | 143 |
| Q2 2025 | $2.6B | 147 |
| Q1 2025 | $2.5B | 133 |
| Q4 2024 | $2.3B | 127 |
| Q3 2024 | $2.0B | 131 |
| Q2 2024 | $3.4B | 121 |
| Q1 2024 | $1.8B | 118 |
| Q4 2023 | $3.3B | 116 |
| Q3 2023 | $1.2B | 120 |