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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
SNTI icon
126
Senti Biosciences Holdings
SNTI
$10.9M
$1.87M 0.07%
888,000
– –
YMAB
127
DELISTED
Y-mAbs Therapeutics
YMAB
$1.59M 0.06%
+351,878
New +$1.58M
TELA icon
128
CALL
TELA Bio
TELA
$41.6M
$1.46M 0.06%
750,000
– –
PERF icon
129
Perfect Corp
PERF
$190M
$1.34M 0.05%
583,925
+88,884
+18% +$164K
EDSA icon
130
Edesa Biotech
EDSA
$50.5M
$1.27M 0.05%
625,000
– –
CNTX icon
131
Context Therapeutics
CNTX
$41.6M
$1.27M 0.05%
1,935,484
– –
ASPSW
132
Altisource Portfolio Solutions SA Net Settle Stakeholder Warrants
ASPSW
$13.4M
$1.26M 0.05%
+2,477,312
New +$1.16M
ASPSZ
133
Altisource Portfolio Solutions SA Cash Exercise Stakeholder Warrants
ASPSZ
$7.4M
$1.24M 0.05%
+2,477,312
New +$1.27M
ASPS icon
134
Altisource Portfolio Solutions
ASPS
$63.3M
$1.16M 0.05%
135,601
-174,063
-56% -$1.27M
DRIO icon
135
DarioHealth
DRIO
$74.7M
$1.13M 0.04%
84,615
– –
PHGE icon
136
BiomX
PHGE
$1.78M
$1.12M 0.04%
131,227
– –
SSKN
137
DELISTED
Strata Skin Sciences
SSKN
$925K 0.04%
403,917
– –
EOLS icon
138
CALL
Evolus
EOLS
$500M
$921K 0.04%
100,000
– –
TLPH icon
139
Talphera
TLPH
$73.2M
$917K 0.04%
1,992,519
– –
OLPX
140
DELISTED
Olaplex Holdings
OLPX
$910K 0.04%
650,000
– –
ACU icon
141
Acme United Corp
ACU
$217M
$847K 0.03%
20,427
– –
CASH icon
142
Pathward Financial
CASH
$1.81B
$660K 0.03%
+8,341
New +$638K
SGRP
143
DELISTED
SPAR Group
SGRP
$634K 0.02%
660,688
– –
KPRX icon
144
Kiora Pharmaceuticals
KPRX
$11.4M
$608K 0.02%
211,110
– –
FBIO icon
145
Fortress Biotech
FBIO
$91.4M
$605K 0.02%
325,520
– –
XGN icon
146
Exagen
XGN
$161M
$427K 0.02%
61,186
– –
EVOK
147
DELISTED
Evoke Pharma
EVOK
$385K 0.02%
148,153
– –
APRE icon
148
Aprea Therapeutics
APRE
$7.98M
$348K 0.01%
205,760
– –
LADR
149
Ladder Capital
LADR
$1.22B
$273K 0.01%
25,401
– –
PLCE icon
150
Children's Place
PLCE
$58.3M
$253K 0.01%
57,030
– –
3 4 5
6
7

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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.