Data as of Q4 2025 (Dec 31, 2025)

Nantahala Capital Management, LLC

•CIK: 1472322•Filing: Q4 2025

**Nantahala Capital Management, LLC** manages $2.8B across a diversified portfolio of 142 positions. The firm maintains significant exposure to the broader market, highlighted by the top holding in IWM at $664.6M. Notable allocations include substantial positions in EW ($153.4M) and PRS ($100.5M). This structure suggests a tactical, large-cap focus across various market sectors.

Total AUM
$1.6B
+ $1.3B in options
QoQ Performance
-0.0%
Positions
126
+ 13 options
Top 10 Concentration
48.6%
Latest Filing
Q4 2025

Top Holdings Allocation

IWM
EW
IWM23.7%
EW5.5%
HLF3.6%
TEVA2.8%
TBBK2.6%
ESTA2.6%
VTRS2.2%
SLNO2.2%

📈 Biggest Buys

HLFCALL
HERBALIFE LTD
+727.6%
3.6% of portfolio
GOGO
GOGO INC
NEW
1.1% of portfolio
FOXF
FOX FACTORY HLDG CORP
+200.3%
1.3% of portfolio
SLNO
SOLENO THERAPEUTICS INC
+52.1%
2.2% of portfolio
TNGX
TANGO THERAPEUTICS INC
+97.4%
1.1% of portfolio

📉 Biggest Sells

ESTA
ESTABLISHMENT LABS HLDGS INC
-50.0%
2.6% of portfolio
ABVX
ABIVAX SA
-72.5%
0.7% of portfolio
COGT
COGENT BIOSCIENCES INC
-83.4%
0.3% of portfolio
XBIPUT
SPDR SERIES TRUST
-42.9%
1.7% of portfolio
HGVCALL
HILTON GRAND VACATIONS INC
-35.5%
1.7% of portfolio

Sector Breakdown

Other100.0%

🚪 Exited Positionssold since Q3 2025

KRYS
KRYSTAL BIOTECH INC
SOLD
$35.3M
PVLA
PALVELLA THERAPEUTICS INC NE
SOLD
$15.7M
HOOD
ROBINHOOD MKTS INC
SOLD
$14.3M
DYN
DYNE THERAPEUTICS INC
SOLD
$8.9M
RDVT
RED VIOLET INC
SOLD
$8.6M
+15 more exited positions

Changes from Q3 2025

NEW18 new positions
↑35 increased
↓32 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

IWM23.7%
ISHARES TR
$664.6M
EW5.5%
EDWARDS LIFESCIENCES CORP
$153.4M
HLF3.6%
HERBALIFE LTD
$100.5M
TEVA2.8%
TEVA PHARMACEUTICAL INDS LTD
$78.0M
TBBK2.6%
BANCORP INC DEL
$72.4M

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