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NCM

Nantahala Capital Management Portfolio holdings

AUM $2.72B
1-Year Est. Return 121.58%
This Fund
S&P 500
This Quarter Est. Return
+21.01%
1 Year Est. Return
+121.58%
3 Year Est. Return
+308.64%
5 Year Est. Return
+308.9%
10 Year Est. Return
+2,888.73%
AUM
$2.55B
AUM Growth
+$35.6M
Cap. Flow
-$175M
Cap. Flow %
-6.85%
Top 10 Hldgs %
52.06%
Holding
169
New
24
Increased
46
Reduced
13
Closed
11

Top Buys

Rank Stock Value
1
XTNT icon
Xtant Medical Holdings
XTNT
+$32.4M
2
JACK icon
Jack in the Box
JACK
+$13.5M
3
JCAP
Jefferson Capital
JCAP
+$11.2M
4
TLSI icon
TriSalus Life Sciences
TLSI
+$10.7M
5
FLWS icon
1-800-Flowers.com
FLWS
+$10.4M

Top Sells

Rank Stock Value
1
SLNO
Soleno Therapeutics
SLNO
+$56.6M
2
GOGO icon
Gogo Inc
GOGO
+$25.6M
3
URGN icon
UroGen Pharma
URGN
+$13M
4
QURE icon
uniQure
QURE
+$9.47M
5
RH icon
RH
RH
+$9.32M

Sector Composition

Rank Sector Weight
1 Healthcare 35.18%
2 Consumer Discretionary 8.71%
3 Communication Services 3.19%
4 Financials 2.93%
5 Industrials 1.75%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
XNCR icon
76
Xencor
XNCR
$1.6B
$6.45M 0.25%
820,103
+363,362
+80% +$3.26M
VMD icon
77
Viemed Healthcare
VMD
$355M
$6.44M 0.25%
932,445
– –
AVR
78
Anteris Technologies
AVR
$872M
$6.42M 0.25%
1,693,666
+30,000
+2% +$122K
ELUT icon
79
Elutia
ELUT
$36M
$6.31M 0.25%
3,184,947
– –
ADCT icon
80
ADC Therapeutics
ADCT
$144M
$6.07M 0.24%
+2,266,289
New +$4.77M
SLN
81
Silence Therapeutics
SLN
$729M
$6.05M 0.24%
1,042,427
– –
ITOS
82
DELISTED
iTeos Therapeutics
ITOS
$5.95M 0.23%
+596,666
New +$4.81M
DSGR icon
83
Distribution Solutions Group
DSGR
$1.61B
$5.79M 0.23%
+210,800
New +$5.65M
ATXS
84
DELISTED
Astria Therapeutics
ATXS
$5.73M 0.22%
1,069,530
+400,000
+60% +$1.94M
THTX
85
DELISTED
Theratechnologies
THTX
$5.72M 0.22%
2,422,563
– –
EHTH icon
86
eHealth
EHTH
$40.4M
$5.7M 0.22%
1,311,441
– –
ASRT
87
DELISTED
Assertio
ASRT
$5.65M 0.22%
587,338
+24,687
+4% +$237K
PVLA
88
Palvella Therapeutics
PVLA
$2.19B
$5.64M 0.22%
250,062
– –
EYPT icon
89
EyePoint Inc
EYPT
$1.13B
$5.58M 0.22%
593,091
– –
NSPR icon
90
InspireMD
NSPR
$37.5M
$5.26M 0.21%
2,318,017
– –
NNBR icon
91
NN Inc
NNBR
$300M
$5.13M 0.2%
2,441,416
+1,000,000
+69% +$1.99M
AVTX icon
92
Avalo Therapeutics
AVTX
$1.06B
$4.97M 0.19%
995,000
+95,000
+11% +$444K
MLYS icon
93
Mineralys Therapeutics
MLYS
$2.41B
$4.79M 0.19%
353,982
-433,758
-55% -$6.29M
HAIN icon
94
Hain Celestial
HAIN
$53.4M
$4.56M 0.18%
+3,000,000
New +$7.01M
UNCY icon
95
Unicycive Therapeutics
UNCY
$138M
$4.56M 0.18%
939,202
+3
+0% +$19
CRGX
96
DELISTED
CARGO Therapeutics
CRGX
$4.53M 0.18%
1,100,000
– –
ANEB
97
DELISTED
Anebulo Pharmaceuticals
ANEB
$4.37M 0.17%
3,036,325
– –
IKT icon
98
Inhibikase Therapeutics
IKT
$386M
$4.27M 0.17%
2,190,000
– –
QNCX icon
99
Quince Therapeutics
QNCX
$30M
$4.17M 0.16%
+12,642
New +$2.89M
GAIA icon
100
Gaia
GAIA
$48.1M
$4.02M 0.16%
914,618
– –
2 3
4
5 6

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XL
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Nantahala Capital Management's Q2 2025 Portfolio in Review

As of Q2 2025, Nantahala Capital Management held 169 positions worth $2.55B, up 1.4% from $2.52B the previous quarter. Its ten largest holdings account for 52% of the portfolio.

Nantahala Capital Management withdrew a net $175M in Q2 2025, closing 11 positions and reducing 13 holdings. Its most notable exit was RH, an estimated $9.32M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 35% of assets, up from 31% a quarter earlier, followed by Consumer Discretionary and Communication Services.

Against the trend, Nantahala Capital Management opened a new position in Jack in the Box worth $10.5M.

  • Nantahala Capital Management's largest Q2 2025 buy was Jack in the Box: 600,000 shares worth $10.5M.
  • Nantahala Capital Management added most to Xtant Medical Holdings in Q2 2025, an estimated $32.4M increase.
  • Nantahala Capital Management's biggest Q2 2025 reduction was Soleno Therapeutics, cutting an estimated $56.6M.
  • Nantahala Capital Management fully exited RH in Q2 2025, selling an estimated $9.32M.
  • Nantahala Capital Management's ten largest holdings make up 52% of its $2.55B portfolio in Q2 2025.
  • Nantahala Capital Management opened 24 new positions and closed 11 in Q2 2025.
  • Nantahala Capital Management's portfolio value rose 1.4% quarter-over-quarter to $2.55B.

Based on Nantahala Capital Management's 13F filing for Q2 2025, filed 14 Aug 2025.