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Nantahala Capital Management, LLC

13F for the quarter to June 30, 2026, filed August 19, 2026 · SEC CIK 1472322

Reported value
$3.3bn
96% in companies we cover
Positions we cover
113
Largest TBBK 4.7%
Copy, a year
+17.1%
S&P 500 +14.1%
Copy Sharpe ratio
0.63
S&P 500 0.78

How copying its 13F would have done

$10.0k$20.0k$40.0k$80.0k 2013201520172019202120232025 $80.4k$57.0k
CopyS&P 500 $10,000 copying Nantahala Capital Management, LLC's filed holdings in companies we cover from August 16, 2013, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −50.7% (S&P 500 −31.8%); beta 1.28; alpha +1.7% a year (t = 0.33); last 12 months +2.7% against +12.1%.

Reported value by quarter

Nantahala Capital Management, LLC: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $500B $1T $1.5T Reported value, 2013-06-30: $247.1M Reported value, 2013-09-30: $251.5M Reported value, 2013-12-31: $256.3M Reported value, 2014-03-31: $273.9M Reported value, 2014-06-30: $301.7M Reported value, 2014-09-30: $316.1M Reported value, 2014-12-31: $318M Reported value, 2015-03-31: $316.7M Reported value, 2015-06-30: $418.4M Reported value, 2015-09-30: $483.1M Reported value, 2015-12-31: $516.7M Reported value, 2016-03-31: $584.3M Reported value, 2016-06-30: $573.3M Reported value, 2016-09-30: $538.4M Reported value, 2016-12-31: $549.2M Reported value, 2017-03-31: $521.5M Reported value, 2017-06-30: $612.5M Reported value, 2017-09-30: $654.1M Reported value, 2017-12-31: $788.9M Reported value, 2018-03-31: $1B Reported value, 2018-06-30: $1.3B Reported value, 2018-09-30: $1.5B Reported value, 2018-12-31: $1.3B Reported value, 2019-03-31: $1.5B Reported value, 2019-06-30: $1.7B Reported value, 2019-09-30: $1.4B Reported value, 2019-12-31: $1.5B Reported value, 2020-03-31: $1.2B Reported value, 2020-06-30: $1.5B Reported value, 2020-09-30: $1.5B Reported value, 2020-12-31: $1.9B Reported value, 2021-03-31: $1.7B Reported value, 2021-06-30: $1.8B Reported value, 2021-09-30: $1.7B Reported value, 2021-12-31: $1.6B Reported value, 2022-03-31: $1.4B Reported value, 2022-06-30: $1.1B Reported value, 2022-09-30: $1B Reported value, 2022-12-31: $1.1T Reported value, 2023-03-31: $1B Reported value, 2023-06-30: $819.9M Reported value, 2023-09-30: $783.7M Reported value, 2023-12-31: $2B Reported value, 2024-03-31: $1B Reported value, 2024-06-30: $2B Reported value, 2024-09-30: $1.2B Reported value, 2024-12-31: $1.4B Reported value, 2025-03-31: $1.2B Reported value, 2025-06-30: $1.4B Reported value, 2025-09-30: $1.6B Reported value, 2025-12-31: $1.7B Reported value, 2026-03-31: $1.6B Reported value, 2026-06-30: $3.3B 2013-06-30 2016-03-31 2018-12-31 2021-09-30 2026-06-30 $3.3B
View chart data
Period Reported value
2013-06-30 $247.1M
2013-09-30 $251.5M
2013-12-31 $256.3M
2014-03-31 $273.9M
2014-06-30 $301.7M
2014-09-30 $316.1M
2014-12-31 $318M
2015-03-31 $316.7M
2015-06-30 $418.4M
2015-09-30 $483.1M
2015-12-31 $516.7M
2016-03-31 $584.3M
2016-06-30 $573.3M
2016-09-30 $538.4M
2016-12-31 $549.2M
2017-03-31 $521.5M
2017-06-30 $612.5M
2017-09-30 $654.1M
2017-12-31 $788.9M
2018-03-31 $1B
2018-06-30 $1.3B
2018-09-30 $1.5B
2018-12-31 $1.3B
2019-03-31 $1.5B
2019-06-30 $1.7B
2019-09-30 $1.4B
2019-12-31 $1.5B
2020-03-31 $1.2B
2020-06-30 $1.5B
2020-09-30 $1.5B
2020-12-31 $1.9B
2021-03-31 $1.7B
2021-06-30 $1.8B
2021-09-30 $1.7B
2021-12-31 $1.6B
2022-03-31 $1.4B
2022-06-30 $1.1B
2022-09-30 $1B
2022-12-31 $1.1T
2023-03-31 $1B
2023-06-30 $819.9M
2023-09-30 $783.7M
2023-12-31 $2B
2024-03-31 $1B
2024-06-30 $2B
2024-09-30 $1.2B
2024-12-31 $1.4B
2025-03-31 $1.2B
2025-06-30 $1.4B
2025-09-30 $1.6B
2025-12-31 $1.7B
2026-03-31 $1.6B
2026-06-30 $3.3B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
TBBKBancorp, Inc.4.72%$155.3m2.48M+79.6% Added
BVSBioventus Inc.3.44%$113.3m12.00M+96.0% Added
HGVHilton Grand Vacations Inc.3.29%$108.2m2.07M+36.5% Added
SVRASavara Inc2.61%$86.0m13.95M+90.0% Added
ETONEton Pharmaceuticals, Inc.2.59%$85.1m2.35M+100.0% Added
AMRXAmneal Pharmaceuticals, Inc.2.39%$78.5m4.54M+59.5% Added
EOLSEvolus, Inc.2.36%$77.8m11.20M+75.7% Added
AVTXAvalo Therapeutics, Inc.2.09%$68.8m3.72M+201.6% Added
LBRXLB Pharmaceuticals Inc2.08%$68.3m2.11M+100.0% Added
AVRAnteris Technologies Global Corp.2.03%$66.7m6.77M+22.3% Added
ABEOAbeona Therapeutics Inc.1.93%$63.5m10.27M+104.9% Added
PTONPeloton Interactive, Inc.1.83%$60.4m10.22M−14.9% Reduced
ESTAEstablishment Labs Holdings Inc.1.75%$57.6m671.7K−19.4% Reduced
XTNTXtant Medical Holdings, Inc.1.75%$57.6m136.79M+100.0% Added
JACKJack IN The BOX Inc1.66%$54.7m3.46M+124.1% Added
GOGOGogo Inc.1.64%$53.9m17.40M+95.8% Added
IMAXImax Corp1.59%$52.5m1.32M+155.3% Added
ZVRAZevra Therapeutics, Inc.1.57%$51.6m3.59M+42.5% Added
TITNTitan Machinery Inc.1.46%$47.9m2.27M+80.6% Added
RMRRMR Group Inc.1.43%$47.1m2.30M+100.0% Added
FOSLFossil Group, Inc.1.39%$45.6m11.01M+103.7% Added
FOXFFOX Factory Holding Corp1.35%$44.4m2.62M+76.1% Added
MLYSMineralys Therapeutics, Inc.1.35%$44.3m1.64M+83.2% Added
RDNWRidenow Group, Inc.1.32%$43.6m6.55M+100.0% Added
QUREUniqure N.V.1.28%$42.0m911.3K+284.4% Added
AURAAura Biosciences, Inc.1.27%$41.9m5.90M+178.7% Added
AGMBAgomab Therapeutics NV1.24%$40.7m3.14M+161.4% Added
FULCFulcrum Therapeutics, Inc.1.22%$40.1m10.95M+259.0% Added
BNTCBenitec Biopharma Inc.1.21%$39.8m2.98M+107.0% Added
ADMAAdma Biologics, Inc.1.20%$39.5m4.72MNew
CWHCamping World Holdings, Inc.1.18%$38.9m5.10M+56.5% Added
BCRXBiocryst Pharmaceuticals Inc1.16%$38.0m3.80M+91.3% Added
MDXGMimedx Group, Inc.1.12%$36.7m9.54M+180.7% Added
ABVXAbivax S.a.1.08%$35.6m267.5K+94.9% Added
USNAUsana Health Sciences Inc1.05%$34.6m1.62M+100.0% Added
GLUEMonte Rosa Therapeutics, Inc.0.96%$31.6m1.30M+100.0% Added
TNGXTango Therapeutics, Inc.0.95%$31.3m1.00M−19.9% Reduced
GERNGeron Corp0.95%$31.3m24.45M+117.8% Added
VORVor Biopharma Inc.0.95%$31.1m1.69MNew
KROSKeros Therapeutics, Inc.0.92%$30.2m2.82M+107.4% Added
SLNSilence Therapeutics plc0.90%$29.6m2.69M+25.5% Added
APYXApyx Medical Corp0.89%$29.4m6.54M+90.1% Added
JCAPJefferson Capital, Inc. / DE0.89%$29.2m1.50M+100.0% Added
HLFHerbalife LTD.0.89%$29.2m2.22M+63.9% Added
PLNTPlanet Fitness, Inc.0.89%$29.1m558.0KNew
VSTMVerastem, Inc.0.83%$27.4m7.17M+100.0% Added
DSGRDistribution Solutions Group, Inc.0.82%$27.1m989.2K+100.0% Added
RYAMRayonier Advanced Materials Inc.0.81%$26.7m3.40M+112.2% Added
ADCTADC Therapeutics SA0.80%$26.4m24.65M+340.4% Added
PCVXVaxcyte, Inc.0.79%$25.8m444.3K+86.1% Added
IRDOpus Genetics, Inc.0.77%$25.2m6.12M+264.2% Added
JANXJanux Therapeutics, Inc.0.76%$24.9m1.62M+100.0% Added
INSPInspire Medical Systems, Inc.0.73%$24.0m538.9KNew
FLWS1 800 Flowers Com Inc0.71%$23.5m6.75M+100.0% Added
XFORX4 Pharmaceuticals, Inc0.69%$22.9m4.90M+100.0% Added
ITGRInteger Holdings Corp0.63%$20.8m222.6K+29.4% Added
IVAInventiva S.a.0.62%$20.3m5.37MNew
ILPTIndustrial Logistics Properties Trust0.60%$19.7m2.22M+32.4% Added
DUOLDuolingo, Inc.0.59%$19.3m167.8K+67.8% Added
RSVRReservoir Media, Inc.0.57%$18.6m1.88M+100.0% Added
GUTSFractyl Health, Inc.0.55%$17.9m22.58M+68.9% Added
DHXDHI Group, Inc.0.54%$17.6m4.75M+100.0% Added
AMLXAmylyx Pharmaceuticals, Inc.0.53%$17.5m973.4K+81.7% Added
KRROKorro Bio, Inc.0.53%$17.4m1.32M+100.0% Added
ALECAlector, Inc.0.53%$17.4m8.64M+206.7% Added
NDLSNoodles & Co0.50%$16.6m1.11M+100.0% Added
CDXSCodexis, Inc.0.50%$16.4m7.25M+75.7% Added
CATXPerspective Therapeutics, Inc.0.48%$15.9m4.65MNew
VMDViemed Healthcare, Inc.0.44%$14.4m1.26M+43.1% Added
UNCYUnicycive Therapeutics, Inc.0.40%$13.1m2.80M+198.4% Added
COOKTraeger, Inc.0.40%$13.1m165.7K+61.8% Added
FORRForrester Research, Inc.0.39%$12.8m1.53M+119.9% Added
LXEOLexeo Therapeutics, Inc.0.37%$12.1m2.60M+116.7% Added
RHRH0.37%$12.1m73.4K+27.0% Added
COCHEnvoy Medical, Inc.0.36%$11.9m15.30M+100.0% Added
ELOXEloxx Pharmaceuticals, Inc.0.34%$11.1m800.0KNew
IKTInhibikase Therapeutics, Inc.0.33%$11.0m5.40M+100.0% Added
TRAXFirst Tracks Biotherapeutics, Inc.0.31%$10.1m500.0KNew
HAINHain Celestial Group Inc0.29%$9.6m17.06M+100.0% Added
KIDSOrthopediatrics Corp0.28%$9.3m484.7K+143.0% Added
ALTAltimmune, Inc.0.28%$9.1m3.00MNew
TLSITrisalus Life Sciences, Inc.0.28%$9.1m2.00M−3.4% Reduced
TELATela Bio, Inc.0.27%$8.8m11.79M+129.2% Added
STKSONE Group Hospitality, Inc.0.26%$8.5m4.24M+100.0% Added
IMUXImmunic, Inc.0.23%$7.7m501.3KNew
ZLABZai Lab Ltd0.23%$7.6m400.0KNew
TLPHTalphera, Inc.0.22%$7.2m6.99M+100.0% Added
CHYMChime Financial, Inc.0.21%$7.0m344.2K+72.1% Added
VENUVenu Holding Corp0.21%$6.9m3.09M+51.1% Added
PAYOPayoneer Global Inc.0.21%$6.9m967.7K+100.0% Added
ELUTElutia Inc.0.19%$6.2m6.37M+100.0% Added
KLRAKailera Therapeutics, Inc.0.19%$6.2m280.0KNew
RLYBRallybio Corp0.18%$6.0m376.8K+25.3% Added
ARTVArtiva Biotherapeutics, Inc.0.18%$5.8m600.0KNew
DXLGDestination XL Group, Inc.0.17%$5.5m8.28M+100.0% Added
EDITEditas Medicine, Inc.0.17%$5.5m1.71MNew
EHTHEhealth, Inc.0.16%$5.2m3.52M+100.0% Added
ARVNArvinas, Inc.0.15%$5.0m600.0K+100.0% Added
RDIReading International Inc0.15%$4.9m3.84M+100.0% Added
NSPRInspiremd, Inc.0.14%$4.7m6.75M+100.0% Added
AYTUAytu Biopharma, Inc0.14%$4.7m2.17M+100.0% Added
AKBAAkebia Therapeutics, Inc.0.14%$4.6m4.00M+100.0% Added
TRDAEntrada Therapeutics, Inc.0.13%$4.4m601.1K+277.3% Added
GAIAGaia, Inc0.12%$3.8m1.83M+100.0% Added
CRMTAmericas Carmart Inc0.11%$3.6m1.29M+100.0% Added
ALXOALX Oncology Holdings Inc0.09%$3.1m1.50MNew
BRCCBRC Inc.0.09%$2.8m2.51M−4.4% Reduced
ACUAcme United Corp0.06%$1.9m40.9K+100.0% Added
SNAPSnap Inc0.05%$1.8m400.0KNew
CLRBCellectar Biosciences, Inc.0.04%$1.2m440.0KNew
SNTISenti Biosciences Holdings, Inc.0.03%$976,800888.0KNew
AZTRAzitra, Inc.0.02%$742,8884.43MNew
APREAprea Therapeutics, Inc.0.01%$330,162411.5K+100.0% Added
CompanyBought (value)Shares
TBBKBancorp, Inc.$68.9m1.10M
BVSBioventus Inc.$55.5m5.88M
AVTXAvalo Therapeutics, Inc.$46.0m2.49M
ETONEton Pharmaceuticals, Inc.$42.6m1.18M
SVRASavara Inc$40.7m6.61M
ADMAAdma Biologics, Inc.$39.5m4.72M
LBRXLB Pharmaceuticals Inc$34.2m1.05M
EOLSEvolus, Inc.$33.5m4.83M
ABEOAbeona Therapeutics Inc.$32.5m5.26M
IMAXImax Corp$31.9m800.5K
VORVor Biopharma Inc.$31.1m1.69M
QUREUniqure N.V.$31.1m674.2K
JACKJack IN The BOX Inc$30.3m1.91M
AMRXAmneal Pharmaceuticals, Inc.$29.3m1.69M
PLNTPlanet Fitness, Inc.$29.1m558.0K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
ESTAEstablishment Labs Holdings Inc.−$13.8m−161.3K
PTONPeloton Interactive, Inc.−$10.5m−1.78M
COGTCogent Biosciences, Inc.−$9.6m−250.0K
SLDBSolid Biosciences Inc.−$8.4m−1.17M
TNGXTango Therapeutics, Inc.−$7.8m−249.1K
DNTHDianthus Therapeutics, Inc.−$5.6m−67.3K
KOSKosmos Energy Ltd.−$5.1m−1.84M
RVMDRevolution Medicines, Inc.−$4.9m−50.0K
CZRCaesars Entertainment, Inc.−$4.0m−150.0K
UPBUpstream Bio, Inc.−$3.6m−400.0K
NNBRNN Inc−$3.5m−2.44M
GRCEGrace Therapeutics, Inc.−$3.4m−728.2K
CGONCG Oncology, Inc.−$3.3m−49.4K
XNCRXencor Inc−$3.2m−264.6K
ACHVAchieve Life Sciences, Inc.−$1.9m−648.9K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
COGTCogent Biosciences, Inc.$9.6m250.0K
SLDBSolid Biosciences Inc.$8.4m1.17M
DNTHDianthus Therapeutics, Inc.$5.6m67.3K
KOSKosmos Energy Ltd.$5.1m1.84M
RVMDRevolution Medicines, Inc.$4.9m50.0K
CZRCaesars Entertainment, Inc.$4.0m150.0K
UPBUpstream Bio, Inc.$3.6m400.0K
NNBRNN Inc$3.5m2.44M
GRCEGrace Therapeutics, Inc.$3.4m728.2K
CGONCG Oncology, Inc.$3.3m49.4K
XNCRXencor Inc$3.2m264.6K
ACHVAchieve Life Sciences, Inc.$1.9m648.9K
IRONDisc Medicine, Inc.$1.6m25.7K
PEPGPepgen Inc.$1.2m681.2K
  • Health Care63.6%
  • Consumer Discretionary16.3%
  • Financials6.4%
  • Industrials4.3%
  • Communication Services4.3%
  • Consumer Staples2.4%
  • Technology1.2%
  • Materials0.8%
  • Real Estate0.6%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestAugust 16, 2013 to November 2, 2026+17.1%+14.1%0.630.78−50.7%1.28
2018 onwardsJanuary 5, 2018 to November 2, 2026+14.5%+13.9%0.500.66−50.7%1.32
Last three yearsNovember 3, 2023 to November 2, 2026+25.1%+21.8%0.761.16−29.3%1.17
Last yearNovember 7, 2025 to November 2, 2026+10.6%+14.2%0.380.84−17.3%1.11

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.