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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
+11.54%
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
$3.02B
AUM Growth
+$145M
Cap. Flow
-$41.1M
Cap. Flow %
-1.36%
Top 10 Hldgs %
45.87%
Holding
173
New
19
Increased
36
Reduced
34
Closed
20

Top Buys

Rank Stock Value
1
GOGO icon
Gogo Inc
GOGO
+$49.8M
2
IWM icon
iShares Russell 2000 ETF
IWM
+$28.8M
3
FOXF icon
Fox Factory Holding Corp
FOXF
+$27.8M
4
SLNO
Soleno Therapeutics
SLNO
+$24.7M
5
PTON icon
Peloton Interactive
PTON
+$15.7M

Top Sells

Rank Stock Value
1
ESTA icon
Establishment Labs
ESTA
+$59.5M
2
ABVX
Abivax
ABVX
+$44.1M
3
COGT icon
Cogent Biosciences
COGT
+$35.3M
4
AMRX icon
Amneal Pharmaceuticals
AMRX
+$20.3M
5
IMAX icon
IMAX
IMAX
+$18.1M

Sector Composition

Rank Sector Weight
1 Healthcare 34.48%
2 Consumer Discretionary 8.75%
3 Financials 3.52%
4 Communication Services 3.05%
5 Industrials 1.45%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PAYO icon
126
Payoneer
PAYO
$2.4B
$2.72M 0.09%
483,836
– –
XNCR icon
127
Xencor
XNCR
$1.64B
$2.52M 0.08%
164,639
-935,361
-85% -$14M
IMUX icon
128
Immunic
IMUX
$206M
$2.34M 0.08%
+437,841
New +$3.21M
ELUT icon
129
Elutia
ELUT
$34.9M
$2.21M 0.07%
3,184,947
– –
KOS icon
130
Kosmos Energy
KOS
$1.52B
$2.13M 0.07%
2,344,194
+627,601
+37% +$827K
RDI icon
131
Reading International Class A
RDI
$33.8M
$2.02M 0.07%
1,921,088
– –
KZR
132
DELISTED
Kezar Life Sciences
KZR
$1.74M 0.06%
+276,754
New +$1.61M
PCVX icon
133
CALL
Vaxcyte
PCVX
$8.85B
$1.62M 0.05%
+35,200
New +$1.57M
PERF icon
134
Perfect Corp
PERF
$189M
$1.06M 0.03%
583,925
– –
ASPSW
135
Altisource Portfolio Solutions SA Net Settle Stakeholder Warrants
ASPSW
$12.3M
$1.02M 0.03%
2,477,312
– –
SNTI icon
136
Senti Biosciences Holdings
SNTI
$11.5M
$924K 0.03%
888,000
– –
GLUE icon
137
Monte Rosa Therapeutics
GLUE
$1.35B
$909K 0.03%
+57,991
New +$781K
EDSA icon
138
Edesa Biotech
EDSA
$52.5M
$888K 0.03%
625,000
– –
TELA icon
139
CALL
TELA Bio
TELA
$36.1M
$885K 0.03%
750,000
– –
ACU icon
140
Acme United Corp
ACU
$223M
$823K 0.03%
20,427
– –
ASPSZ
141
Altisource Portfolio Solutions SA Cash Exercise Stakeholder Warrants
ASPSZ
$7.43M
$818K 0.03%
2,477,312
– –
YARW
142
Yarrow Bioscience, Inc. Common Stock
YARW
$112M
$580K 0.02%
+20,000
New +$401K
SGRP
143
DELISTED
SPAR Group
SGRP
$532K 0.02%
660,688
– –
SSKN
144
DELISTED
Strata Skin Sciences
SSKN
$509K 0.02%
403,917
– –
PHGE icon
145
BiomX
PHGE
$1.7M
$215K 0.01%
114,795
-16,432
-13% -$111K
KPRX icon
146
Kiora Pharmaceuticals
KPRX
$11.6M
$209K 0.01%
106,156
-50,271
-32% -$115K
NUVB.WS
147
DELISTED
Nuvation Bio Inc Warrants
NUVB.WS
$207K 0.01%
+626,191
New +$137K
APRE icon
148
Aprea Therapeutics
APRE
$8.28M
$176K 0.01%
205,760
– –
LUCD icon
149
Lucid Diagnostics
LUCD
$184M
$103K ﹤0.01%
94,541
– –
CNTX icon
150
Context Therapeutics
CNTX
$43M
$55.6K ﹤0.01%
37,837
-1,624,113
-98% -$1.9M
3 4 5
6
7

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Nantahala Capital Management's Q4 2025 Portfolio in Review

As of Q4 2025, Nantahala Capital Management held 173 positions worth $3.02B, up 5% from $2.88B the previous quarter. Its ten largest holdings account for 46% of the portfolio.

Nantahala Capital Management's Q4 2025 filing shows 19 new, 36 increased, 34 reduced and 20 closed positions. Its largest new stake was Gogo Inc: 6,792,649 shares worth $31.7M. The largest sale was Establishment Labs, an estimated $59.5M.

By sector, the portfolio is most concentrated in Healthcare at 34% of assets, down from 39% a quarter earlier, followed by Consumer Discretionary and Financials.

  • Nantahala Capital Management's largest Q4 2025 buy was Gogo Inc: 6,792,649 shares worth $31.7M.
  • Nantahala Capital Management added most to Fox Factory Holding Corp in Q4 2025, an estimated $27.8M increase.
  • Nantahala Capital Management's biggest Q4 2025 reduction was Establishment Labs, cutting an estimated $59.5M.
  • Nantahala Capital Management fully exited Palvella Therapeutics in Q4 2025, selling an estimated $15.7M.
  • Nantahala Capital Management's ten largest holdings make up 46% of its $3.02B portfolio in Q4 2025.
  • Nantahala Capital Management opened 19 new positions and closed 20 in Q4 2025.
  • Nantahala Capital Management's portfolio value rose 5% quarter-over-quarter to $3.02B.

Based on Nantahala Capital Management's 13F filing for Q4 2025, filed 13 Feb 2026.