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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
-3.81%
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
$2.52B
AUM Growth
+$188M
Cap. Flow
+$419M
Cap. Flow %
16.67%
Top 10 Hldgs %
60.9%
Holding
161
New
24
Increased
41
Reduced
59
Closed
16

Top Buys

Rank Stock Value
1
RH icon
RH
RH
+$17.4M
2
THRD
Third Harmonic Bio
THRD
+$11.8M
3
HGV icon
Hilton Grand Vacations
HGV
+$10.2M
4
GOGO icon
Gogo Inc
GOGO
+$7.74M
5
XNCR icon
Xencor
XNCR
+$7.55M

Top Sells

Rank Stock Value
1
SLNO
Soleno Therapeutics
SLNO
+$106M
2
PTON icon
Peloton Interactive
PTON
+$22.5M
3
BKSY icon
BlackSky Technology
BKSY
+$14.9M
4
IWM icon
iShares Russell 2000 ETF
IWM
+$14.9M
5
CASH icon
Pathward Financial
CASH
+$14.1M

Sector Composition

Rank Sector Weight
1 Healthcare 30.52%
2 Consumer Discretionary 7.42%
3 Communication Services 3.39%
4 Financials 2.21%
5 Industrials 1.62%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GRCE
101
Grace Therapeutics
GRCE
$44.6M
$2.69M 0.11%
+1,178,203
New +$3.71M
SRZN icon
102
Surrozen
SRZN
$296M
$2.68M 0.11%
229,527
+33,504
+17% +$389K
RDI icon
103
Reading International Class A
RDI
$34.5M
$2.67M 0.11%
1,921,088
-942,958
-33% -$1.37M
SCPH
104
DELISTED
scPharmaceuticals
SCPH
$2.62M 0.1%
995,438
-4,562
-0.5% -$14.9K
GPCR icon
105
CALL
Structure Therapeutics
GPCR
$3.74B
$2.6M 0.1%
150,000
– –
KROS icon
106
CALL
Keros Therapeutics
KROS
$211M
$2.55M 0.1%
250,000
– –
ABEO icon
107
CALL
Abeona Therapeutics
ABEO
$423M
$2.48M 0.1%
520,000
– –
CZR icon
108
Caesars Entertainment
CZR
$6.08B
$2.47M 0.1%
98,879
-1,121
-1% -$36.5K
ACHV icon
109
Achieve Life Sciences
ACHV
$701M
$2.4M 0.1%
898,885
+244,885
+37% +$762K
ACH
110
Accendra Health
ACH
$93.4M
$1.81M 0.07%
+200,000
New +$2.11M
ASPS icon
111
Altisource Portfolio Solutions
ASPS
$65.1M
$1.69M 0.07%
309,664
+43,628
+16% +$268K
NVNO
112
enVVeno Medical
NVNO
$7.31M
$1.56M 0.06%
16,990
-65
-0.4% -$7.24K
EDSA icon
113
Edesa Biotech
EDSA
$52.5M
$1.52M 0.06%
+625,000
New +$1.35M
KOD icon
114
Kodiak Sciences
KOD
$2.63B
$1.49M 0.06%
530,713
+264,100
+99% +$1.44M
PHGE icon
115
BiomX
PHGE
$1.69M
$1.39M 0.06%
131,227
+40,143
+44% +$560K
AYTU icon
116
AYTU BioPharma
AYTU
$25.9M
$1.3M 0.05%
1,086,812
– –
EOLS icon
117
CALL
Evolus
EOLS
$532M
$1.2M 0.05%
+100,000
New +$1.31M
CNTX icon
118
Context Therapeutics
CNTX
$43M
$1.2M 0.05%
1,935,484
– –
PAYO icon
119
Payoneer
PAYO
$2.4B
$1.08M 0.04%
148,052
-1,390,548
-90% -$13M
ZYXI
120
DELISTED
Zynex
ZYXI
$1.07M 0.04%
487,778
-2,222
-0.5% -$14.5K
SSKN
121
DELISTED
Strata Skin Sciences
SSKN
$1.07M 0.04%
403,917
– –
SLDB icon
122
Solid Biosciences
SLDB
$943M
$1.04M 0.04%
+281,368
New +$1.2M
DRIO icon
123
DarioHealth
DRIO
$75.1M
$1.04M 0.04%
84,615
-37,619
-31% -$531K
TLPH icon
124
Talphera
TLPH
$75.3M
$986K 0.04%
1,992,519
– –
TELA icon
125
CALL
TELA Bio
TELA
$34.9M
$915K 0.04%
750,000
– –
3 4
5
6 7

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Nantahala Capital Management's Q1 2025 Portfolio in Review

As of Q1 2025, Nantahala Capital Management held 161 positions worth $2.52B, up 8.1% from $2.33B the previous quarter. Its ten largest holdings account for 61% of the portfolio.

Nantahala Capital Management deployed $419M of net new capital in Q1 2025, opening 24 new positions and adding to 41 existing holdings. Its largest new stake was RH: 50,158 shares worth $11.8M.

By sector, the portfolio is most concentrated in Healthcare at 31% of assets, down from 38% a quarter earlier, followed by Consumer Discretionary and Communication Services.

On the sell side, the largest reduction was Soleno Therapeutics, an estimated $106M trimmed.

  • Nantahala Capital Management's largest Q1 2025 buy was RH: 50,158 shares worth $11.8M.
  • Nantahala Capital Management added most to Third Harmonic Bio in Q1 2025, an estimated $11.8M increase.
  • Nantahala Capital Management's biggest Q1 2025 reduction was Soleno Therapeutics, cutting an estimated $106M.
  • Nantahala Capital Management fully exited BlackSky Technology in Q1 2025, selling an estimated $14.9M.
  • Nantahala Capital Management's ten largest holdings make up 61% of its $2.52B portfolio in Q1 2025.
  • Nantahala Capital Management opened 24 new positions and closed 16 in Q1 2025.
  • Nantahala Capital Management's portfolio value rose 8.1% quarter-over-quarter to $2.52B.

Based on Nantahala Capital Management's 13F filing for Q1 2025, filed 15 May 2025.