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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
ELUT icon
126
Elutia
ELUT
$34.6M
$2.84M 0.1%
3,184,947
– –
RDI icon
127
Reading International Class A
RDI
$34.5M
$2.82M 0.1%
1,921,088
– –
ABEO icon
128
CALL
Abeona Therapeutics
ABEO
$423M
$2.75M 0.1%
520,000
– –
CZR icon
129
Caesars Entertainment
CZR
$6.06B
$2.67M 0.09%
98,879
– –
MAZE
130
Maze Therapeutics
MAZE
$1.53B
$2.42M 0.08%
+93,351
New +$1.58M
SRL icon
131
Scully Royalty
SRL
$90.3M
$2.21M 0.08%
368,182
– –
ACHV icon
132
Achieve Life Sciences
ACHV
$693M
$2.04M 0.07%
648,885
-250,000
-28% -$686K
AYTU icon
133
AYTU BioPharma
AYTU
$25.9M
$2.04M 0.07%
1,086,812
– –
ASPSW
134
Altisource Portfolio Solutions SA Net Settle Stakeholder Warrants
ASPSW
$12.3M
$1.73M 0.06%
2,477,312
– –
CNTX icon
135
Context Therapeutics
CNTX
$43M
$1.61M 0.06%
1,661,950
-273,534
-14% -$222K
EDSA icon
136
Edesa Biotech
EDSA
$52.9M
$1.54M 0.05%
625,000
– –
ASPSZ
137
Altisource Portfolio Solutions SA Cash Exercise Stakeholder Warrants
ASPSZ
$7.43M
$1.44M 0.05%
2,477,312
– –
PHGE icon
138
BiomX
PHGE
$1.68M
$1.31M 0.05%
131,227
– –
SNTI icon
139
Senti Biosciences Holdings
SNTI
$11.2M
$1.25M 0.04%
888,000
– –
TELA icon
140
CALL
TELA Bio
TELA
$34.9M
$1.12M 0.04%
750,000
– –
PERF icon
141
Perfect Corp
PERF
$189M
$1.1M 0.04%
583,925
– –
KIDS icon
142
OrthoPediatrics
KIDS
$639M
$916K 0.03%
+49,449
New +$1.02M
ACU icon
143
Acme United Corp
ACU
$221M
$841K 0.03%
20,427
– –
SSKN
144
DELISTED
Strata Skin Sciences
SSKN
$832K 0.03%
403,917
– –
EVOK
145
DELISTED
Evoke Pharma
EVOK
$736K 0.03%
148,153
– –
SGRP
146
DELISTED
SPAR Group
SGRP
$681K 0.02%
660,688
– –
CASH icon
147
Pathward Financial
CASH
$1.82B
$617K 0.02%
8,341
– –
KPRX icon
148
Kiora Pharmaceuticals
KPRX
$11.7M
$435K 0.02%
156,427
-54,683
-26% -$150K
APRE icon
149
Aprea Therapeutics
APRE
$8.46M
$303K 0.01%
205,760
– –
ANIK icon
150
Anika Therapeutics
ANIK
$285M
$197K 0.01%
+20,961
New +$200K
4 5
6
7 8

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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.