Latest Nantahala Capital Management, LLC Stock Portfolio

Nantahala Capital Management, LLC Performance:

2025 Q4: 5.48%YTD: 21.8%2024: 11.66%

Performance for 2025 Q4 is 5.48%, and YTD is 21.8%, and 2024 is 11.66%.

About Nantahala Capital Management, LLC and 13F Hedge Fund Stock Holdings

Nantahala Capital Management, LLC is a hedge fund based in New Canaan, CT. On 2026-02-13, the fund reported it's updated stock portfolio. In the 13F Holdings report, Nantahala Capital Management, LLC reported an equity portfolio of $3 Billions as of 31 Dec, 2025.

The top stock holdings of Nantahala Capital Management, LLC are TBBK, ESTA, HGV. The fund has invested 2.4% of it's portfolio in BANCORP INC DEL and 2.4% of portfolio in ESTABLISHMENT LABS HLDGS INC.

The fund managers got completely rid off PALVELLA THERAPEUTICS INC NE, DYNE THERAPEUTICS INC (DYN) and RED VIOLET INC (RDVT) stocks. They significantly reduced their stock positions in CONTEXT THERAPEUTICS INC (CNTX), XENCOR INC (XNCR) and COGENT BIOSCIENCES INC (COGT). Nantahala Capital Management, LLC opened new stock positions in GOGO INC (GOGO), ISHARES TR (IJR) and USANA HEALTH SCIENCES INC (USNA). The fund showed a lot of confidence in some stocks as they added substantially to PATHWARD FINANCIAL INC (CASH), ORTHOPEDIATRICS CORP (KIDS) and RAYONIER ADVANCED MATLS INC (RYAM).

Nantahala Capital Management, LLC Annual Return Estimates Vs S&P 500

Our best estimate is that Nantahala Capital Management, LLC made a return of 5.48% in the last quarter. In trailing 12 months, it's portfolio return was 21.8%.

Performance
S&P 500

New Buys

Ticker	$ Bought
gogo inc	31,653,700
ishares tr	28,839,900
usana health sciences inc	11,485,000
biocryst pharmaceuticals inc	10,579,700
camping world hldgs inc	10,299,600
pepgen inc	10,072,500
golden entmt inc	10,012,600
lexeo therapeutics inc	9,930,000

New stocks bought by Nantahala Capital Management, LLC

Additions

Ticker	% Inc.
pathward financial inc	1,477
orthopediatrics corp	303
rayonier advanced matls inc	252
fox factory hldg corp	200
adc therapeutics sa	141
hain celestial group inc	117
tango therapeutics inc	97.39
inhibikase therapeutics inc	79.42

Additions to existing portfolio by Nantahala Capital Management, LLC

Reductions

Ticker	% Reduced
context therapeutics inc	-97.72
xencor inc	-85.03
cogent biosciences inc	-83.41
compass pathways plc	-74.38
nektar therapeutics	-73.01
abivax sa	-72.52
keros therapeutics inc	-70.77
verastem inc	-64.26

Nantahala Capital Management, LLC reduced stake in above stock

Sold off

Ticker	$ Sold
vistagen therapeutics inc	-7,023,650
eledon pharmaceuticals inc	-2,955,800
scpharmaceuticals inc	-4,883,440
dyne therapeutics inc	-8,891,480
delcath sys inc	-7,164,180
aquestive therapeutics inc	-3,354,000
assertio holdings inc	-7,759,910
kodiak sciences inc	-4,761,770

Nantahala Capital Management, LLC got rid off the above stocks

Sector Distribution

Nantahala Capital Management, LLC has about 50.4% of it's holdings in Healthcare sector.

Sector	%
Healthcare	50.4
Consumer Cyclical	15.8
Others	14.7
Financial Services	5.4
Communication Services	3.7
Industrials	2.6
Real Estate	2.5
Technology	2.2
Consumer Defensive	2

Market Cap. Distribution

Nantahala Capital Management, LLC has about 1.2% of it's portfolio invested in the large-cap and mega-cap stocks.

Category	%
SMALL-CAP	41.3
MICRO-CAP	20.5
MID-CAP	20.1
UNALLOCATED	14.6
NANO-CAP	2.4
LARGE-CAP	1.2

Stocks belong to which Index?

About 49.5% of the stocks held by Nantahala Capital Management, LLC either belong to S&P 500 or RUSSELL 2000 index.

Index	%
Others	50.5
RUSSELL 2000	49.5

Top 5 Winners (%)		%
QNCX	quince therapeutics inc	98.6 %
COGT	cogent biosciences inc	85.9 %
ATXS	astria therapeutics inc	79.8 %
EB	eventbrite inc	76.4 %
SRZN	surrozen inc	75.4 %

Top 5 Winners ($)		$
ESTA	establishment labs hldgs inc	47.2 M
SVRA	savara inc	19.8 M
COGT	cogent biosciences inc	18.6 M
	abivax sa	17.8 M
EB	eventbrite inc	13.2 M

Top 5 Losers (%)		%
ANEB	anebulo pharmaceuticals inc	-59.6 %
QURE	uniqure nv	-50.0 %
DHX	dhi group inc	-44.2 %
ASPS	altisource portfolio solutio	-43.1 %
EDSA	edesa biotech inc	-42.5 %

Top 5 Losers ($)		$
QURE	uniqure nv	-29.4 M
SLNO	soleno therapeutics inc	-23.2 M
PTON	peloton interactive inc	-13.7 M
FOXF	fox factory hldg corp	-10.5 M
TBBK	bancorp inc del	-7.1 M

Nantahala Capital Management, LLC Holdings Map

This heatmap illustrates the top 50 positions within the fund's portfolio.

Current Stock Holdings of Nantahala Capital Management, LLC

Nantahala Capital Management, LLC has 132 stocks in it's portfolio. About 17.9% of the portfolio is in top 10 stocks. QURE proved to be the most loss making stock for the portfolio. ESTA was the most profitable stock for Nantahala Capital Management, LLC last quarter.

Last Reported on: 13 Feb, 2026

Ticker	Namesorted ascending	% Portfolio	Shares Held	$ Value	Type	% Change
ABEO	abeona therapeutics inc	0.86	4,963,050	26,155,300	added	8.73

ACHV	achieve life sciences inc	0.11	648,885	3,224,960	unchanged	0.00

ACRX	talphera inc	0.13	3,492,520	3,981,470	unchanged	0.00

ACU	acme utd corp	0.03	20,427	823,412	unchanged	0.00

ADCT	adc therapeutics sa	0.64	5,475,430	19,328,300	added	141

AGIO	agios pharmaceuticals inc	0.00	0.00	0.00	sold off	-100

AKBA	akebia therapeutics inc	0.11	2,000,000	3,220,000	unchanged	0.00

ALTG	alta equipment group inc	0.14	934,774	4,299,960	unchanged	0.00

AMLX	amylyx pharmaceuticals inc	0.33	835,684	10,095,100	reduced	-10.69

AMRX	amneal pharmaceuticals inc	1.02	2,447,520	30,838,700	reduced	-42.06

ANEB	anebulo pharmaceuticals inc	0.10	3,036,320	3,066,690	unchanged	0.00

ANIK	anika therapeutics inc	0.00	0.00	0.00	sold off	-100

APRE	aprea therapeutics inc	0.01	205,760	175,513	unchanged	0.00

APYX	apyx medical corporation	0.46	3,974,090	13,909,300	added	19.05

AQST	aquestive therapeutics inc	0.00	0.00	0.00	sold off	-100

ARVN	arvinas inc	0.12	300,000	3,558,000	new

ASPS	altisource portfolio solutio	0.03	2,477,310	1,015,950	unchanged	0.00

ASPS	altisource portfolio solutio	0.03	2,477,310	817,513	unchanged	0.00

ASRT	assertio holdings inc	0.18	587,335	5,327,130	new

ASRT	assertio holdings inc	0.00	0.00	0.00	sold off	-100