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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
+65.65%
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
$2.88B
AUM Growth
+$328M
Cap. Flow
-$135M
Cap. Flow %
-4.67%
Top 10 Hldgs %
44.82%
Holding
180
New
22
Increased
28
Reduced
33
Closed
27

Top Buys

Rank Stock Value
1
GMED icon
Globus Medical
GMED
+$17.3M
2
GUTS icon
Fractyl Health
GUTS
+$15.7M
3
GERN icon
Geron
GERN
+$12M
4
EOLS icon
Evolus
EOLS
+$11.9M
5
LBRX
LB Pharmaceuticals
LBRX
+$10.7M

Top Sells

Rank Stock Value
1
ABVX
Abivax
ABVX
+$56.7M
2
QURE icon
uniQure
QURE
+$19M
3
AMLX icon
Amylyx Pharmaceuticals
AMLX
+$18.8M
4
THRD
Third Harmonic Bio
THRD
+$16M
5
GOGO icon
Gogo Inc
GOGO
+$15.3M

Sector Composition

Rank Sector Weight
1 Healthcare 38.97%
2 Consumer Discretionary 7.24%
3 Financials 2.94%
4 Communication Services 2.29%
5 Industrials 1.56%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AKBA icon
101
Akebia Therapeutics
AKBA
$243M
$5.46M 0.19%
2,000,000
– –
GAIA icon
102
Gaia
GAIA
$31.6M
$5.41M 0.19%
914,618
– –
SLN
103
Silence Therapeutics
SLN
$733M
$5.41M 0.19%
1,042,427
– –
NNBR icon
104
NN Inc
NNBR
$308M
$5.03M 0.17%
2,441,416
– –
QNCX icon
105
Quince Therapeutics
QNCX
$31.5M
$5.01M 0.17%
15,369
+2,727
+22% +$908K
SCPH
106
DELISTED
scPharmaceuticals
SCPH
$4.88M 0.17%
861,277
-134,161
-13% -$687K
KOD icon
107
Kodiak Sciences
KOD
$2.66B
$4.76M 0.17%
290,884
-300,000
-51% -$2.59M
HAIN icon
108
Hain Celestial
HAIN
$52.4M
$4.74M 0.16%
3,000,000
– –
CGON icon
109
CG Oncology
CGON
$6.75B
$4.41M 0.15%
+109,449
New +$3.18M
GPCR icon
110
CALL
Structure Therapeutics
GPCR
$3.72B
$4.2M 0.15%
150,000
– –
BRCC icon
111
BRC Inc
BRCC
$214M
$4.1M 0.14%
+2,630,517
New +$4.21M
UNCY icon
112
Unicycive Therapeutics
UNCY
$138M
$4.09M 0.14%
939,202
– –
AGIO icon
113
Agios Pharmaceuticals
AGIO
$1.98B
$4.01M 0.14%
+100,000
New +$3.76M
KROS icon
114
CALL
Keros Therapeutics
KROS
$211M
$3.96M 0.14%
250,000
– –
RYAM icon
115
Rayonier Advanced Materials
RYAM
$582M
$3.69M 0.13%
+510,510
New +$2.63M
IKT icon
116
Inhibikase Therapeutics
IKT
$389M
$3.55M 0.12%
2,190,000
– –
GRCE
117
Grace Therapeutics
GRCE
$44.6M
$3.51M 0.12%
1,178,203
– –
AQST icon
118
Aquestive Therapeutics
AQST
$575M
$3.35M 0.12%
+600,000
New +$2.59M
TLPH icon
119
Talphera
TLPH
$74.7M
$3.12M 0.11%
3,492,519
+1,500,000
+75% +$871K
NPCE icon
120
Neuropace
NPCE
$513M
$3.04M 0.11%
295,089
– –
SRZN icon
121
Surrozen
SRZN
$297M
$2.96M 0.1%
229,527
– –
ELDN icon
122
Eledon Pharmaceuticals
ELDN
$281M
$2.96M 0.1%
1,141,237
– –
PAYO icon
123
Payoneer
PAYO
$2.4B
$2.93M 0.1%
483,836
– –
NDLS icon
124
Noodles & Co
NDLS
$96.1M
$2.86M 0.1%
563,186
– –
KOS icon
125
Kosmos Energy
KOS
$1.52B
$2.85M 0.1%
1,716,593
– –
3 4
5
6 7

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Nantahala Capital Management's Q3 2025 Portfolio in Review

As of Q3 2025, Nantahala Capital Management held 180 positions worth $2.88B, up 13% from $2.55B the previous quarter. Its ten largest holdings account for 45% of the portfolio.

Nantahala Capital Management withdrew a net $135M in Q3 2025, closing 27 positions and reducing 33 holdings. Its most notable exit was Third Harmonic Bio, an estimated $16M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 39% of assets, up from 35% a quarter earlier, followed by Consumer Discretionary and Financials.

Against the trend, Nantahala Capital Management opened a new position in Globus Medical worth $17.2M.

  • Nantahala Capital Management's largest Q3 2025 buy was Globus Medical: 300,000 shares worth $17.2M.
  • Nantahala Capital Management added most to Evolus in Q3 2025, an estimated $11.9M increase.
  • Nantahala Capital Management's biggest Q3 2025 reduction was Abivax, cutting an estimated $56.7M.
  • Nantahala Capital Management fully exited Third Harmonic Bio in Q3 2025, selling an estimated $16M.
  • Nantahala Capital Management's ten largest holdings make up 45% of its $2.88B portfolio in Q3 2025.
  • Nantahala Capital Management opened 22 new positions and closed 27 in Q3 2025.
  • Nantahala Capital Management's portfolio value rose 13% quarter-over-quarter to $2.88B.

Based on Nantahala Capital Management's 13F filing for Q3 2025, filed 14 Nov 2025.