Q2 2026 13F · SEC CIK 1472322

Nantahala Capital Management, LLC

Hedge fundFiled 2026-08-14 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $1.6B
Reported positions: 128
Top holdings a year, 3 yrs: +20.4%
Assets under management: $3.1B

Nantahala Capital Management, LLC is a hedge fund that reported 128 positions worth $1.6B in its Q2 2026 13F, filed 2026-08-14. Its largest holdings were Bancorp Inc (TBBK, 4.7%), Bioventus Inc (BVS, 3.5%), Hilton Grand Vacations Inc (HGV, 3.3%). A portfolio copying its top holdings returned 20.4% a year over the last 3 years, against 20.4% for the S&P 500.

Nantahala Capital Management, LLC holdings largest 50 of 128 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

Nantahala Capital Management, LLC 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
TBBKBancorp Inc	4.7%	4.6%	1,239,887	-10.2%	$77.7M
BVSBioventus Inc	3.5%	3.5%	6,000,279	-2.0%	$56.6M
HGVHilton Grand Vacations Inc	3.3%	3.7%	1,033,170	-31.7%	$54.1M
SVRASavara Inc	2.6%	2.5%	6,976,810	-5.0%	$43.0M
ETONEton Pharmaceuticals Inc	2.6%	1.8%	1,175,951	+0.0%	$42.6M
AMRXAmneal Pharmaceuticals Inc	2.4%	2.2%	2,268,751	-20.2%	$39.3M
EOLSEvolus Inc	2.4%	1.6%	5,602,021	-12.2%	$38.9M
AVTXAvalo Therapeutics Inc	2.1%	1.2%	1,862,250	+50.8%	$34.4M
LBRXLB Pharmaceuticals, Inc.	2.1%	1.6%	1,052,894	+0.0%	$34.2M
AVRAnteris Technologies Global	2.0%	1.9%	3,383,335	-38.8%	$33.3M
ABEOAbeona Therapeutics	1.9%	1.4%	5,136,490	+2.5%	$31.7M
PTONPeloton Interactive Inc	1.8%	3.2%	5,108,995	-57.4%	$30.2M
ESTAEstablishment Labs Hldgs Inc	1.8%	3.0%	335,830	-59.7%	$28.8M
XTNTXtant Med Hldgs Inc	1.8%	2.4%	68,394,000	+0.0%	$28.8M
JACKJack in the Box Inc	1.7%	0.9%	1,728,659	+12.1%	$27.3M
GOGOGogo Inc	1.6%	2.2%	8,697,731	-2.1%	$27.0M
IMAXImax Corp	1.6%	1.2%	658,009	+27.6%	$26.2M
ZVRAZevra Therapeutics Inc	1.6%	1.5%	1,797,476	-28.7%	$25.8M
TITNTitan Machy Inc	1.5%	1.3%	1,133,088	-9.7%	$23.9M
RMRRmr Group Inc.	1.4%	1.1%	1,147,902	+0.0%	$23.6M
FOSLFossil Group Inc	1.4%	1.5%	5,505,128	+1.9%	$22.8M
FOXFFox Factory Hldg Corp	1.4%	1.5%	1,310,695	-11.9%	$22.2M
MLYSMineralys Therapeutics Inc	1.4%	1.5%	820,481	-8.4%	$22.1M
RMBLRidenow Group Inc	1.3%	1.4%	3,272,845	+0.0%	$21.8M
QUREUniqure NV	1.3%	—	455,660	—	$21.0M
AURAAura Biosciences Inc	1.3%	0.9%	2,951,030	+39.4%	$21.0M
AGMBAgomab Therapeutics NV	1.2%	0.8%	1,568,188	+30.7%	$20.4M
FULCFulcrum Therapeutics Inc	1.2%	1.5%	5,475,040	+79.5%	$20.0M
BNTCBenitec Biopharma Inc	1.2%	1.0%	1,488,371	+3.5%	$19.9M
ADMAAdma Biologics Inc	1.2%	—	2,359,993	—	$19.8M
CWHCamping World Hldgs Inc	1.2%	1.4%	2,551,055	-21.7%	$19.5M
BCRXBiocryst Pharmaceuticals Inc	1.2%	1.2%	1,901,160	-4.3%	$19.0M
MDXGMimedx Group Inc	1.1%	0.8%	4,767,552	+40.3%	$18.4M
ABVXAbivax SA	1.1%	1.0%	133,759	-2.5%	$17.8M
USNAUsana Health Sciences Inc	1.1%	0.9%	810,074	+0.0%	$17.3M
GLUEMonte Rosa Therapeutics Inc	1.0%	—	651,993	—	$15.8M
TNGXTango Therapeutics Inc	1.0%	1.6%	500,659	-60.0%	$15.7M
GERNGeron Corp	1.0%	1.0%	12,225,000	+8.9%	$15.6M
VORVor Biopharma Inc	0.9%	—	845,000	—	$15.6M
KROSKeros Therapeutics Inc	0.9%	0.9%	1,410,419	+3.7%	$15.1M
SLNSilence Therapeutics PLC	0.9%	0.7%	1,346,731	-37.3%	$14.8M
APYXApyx Medical Corporation	0.9%	0.8%	3,270,248	-4.9%	$14.7M
JCAPJefferson Capital Inc	0.9%	0.9%	750,000	+0.0%	$14.6M
HLFHerbalife Ltd	0.9%	1.2%	1,109,154	-18.1%	$14.6M
PLNTPlanet Fitness Master Issuer	0.9%	—	279,000	—	$14.6M
VSTMVerastem Inc	0.8%	1.2%	3,584,820	+0.0%	$13.7M
LAWSDistribution Solutions Grp I	0.8%	0.8%	494,581	+0.0%	$13.5M
RYAMRayonier Advanced Matls Inc	0.8%	1.1%	1,697,726	+6.1%	$13.3M
HLXCHelix Acquisition Corp III	0.8%	0.8%	1,250,000	+0.0%	$13.3M
ADCTAdc Therapeutics SA	0.8%	1.3%	12,326,184	+120.2%	$13.2M

What Nantahala Capital Management, LLC bought and sold in Q2 2026, against Q1 2026.

New positions

Q1 2026's filing was too long to tell new positions apart.

Share counts compared with the Q1 2026 13F; a split also changes share counts. The latest filing lists more than 50 positions, so a position that left the top 50 may still be held.

How the holdings did against the S&P 500.

1 year: +36.2% /yr; S&P 500 +20.1%
3 years: +20.4% /yr; S&P 500 +20.4%
5 years: +6.6% /yr; S&P 500 +11.6%

A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$1.6B	128
Q1 2026	$1.6B	129
Q4 2025	$1.7B	132
Q3 2025	$1.6B	131
Q2 2025	$1.4B	138
Q1 2025	$1.2B	129
Q4 2024	$1.4B	122
Q3 2024	$1.2B	124
Q2 2024	$984.2M	114
Q1 2024	$1.0B	110
Q4 2023	$991.6M	108
Q3 2023	$783.7M	112

Questions about Nantahala Capital Management, LLC's portfolio

What stocks does Nantahala Capital Management, LLC own?

Nantahala Capital Management, LLC's latest 13F, for Q2 2026 and filed Aug 14, 2026, lists 128 positions worth $1.6B. The largest are Bancorp Inc (TBBK) at 4.7%, Bioventus Inc (BVS) at 3.5%, Hilton Grand Vacations Inc (HGV) at 3.3%, Savara Inc (SVRA) at 2.6% and Eton Pharmaceuticals Inc (ETON) at 2.6%.

What did Nantahala Capital Management, LLC buy last quarter?

In Q2 2026, Nantahala Capital Management, LLC added Adc Therapeutics SA (ADCT) (+120.2% shares), Fulcrum Therapeutics Inc (FULC) (+79.5% shares) and Avalo Therapeutics Inc (AVTX) (+50.8% shares), compared with its Q1 2026 filing.

What did Nantahala Capital Management, LLC sell last quarter?

In Q2 2026, Nantahala Capital Management, LLC cut from its top 50 Soleno Therapeutics Inc (SLNO), cut from its top 50 Integer Hldgs Corp (ITGR), cut from its top 50 Vaxcyte Inc (PCVX), cut from its top 50 Assertio Holdings Inc, cut from its top 50 Janux Therapeutics Inc (JANX), Tango Therapeutics Inc (TNGX) (-60.0% shares), Establishment Labs Hldgs Inc (ESTA) (-59.7% shares) and Peloton Interactive Inc (PTON) (-57.4% shares), compared with its Q1 2026 filing.

How has Nantahala Capital Management, LLC's portfolio performed?

A portfolio copying Nantahala Capital Management, LLC's 20 largest 13F holdings each quarter, from the day each filing was public, returned +20.4% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +36.2% against +20.1%. Over 5 years: +6.6% a year against +11.6%.

When is Nantahala Capital Management, LLC's next 13F filing due?

13F filings are due 45 days after each quarter ends. Nantahala Capital Management, LLC's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.

How much money does Nantahala Capital Management, LLC manage?

Nantahala Capital Management, LLC reported $3.1B of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $1.6B.