Q4 2025 · 13F-HR
Nantahala Capital Management, LLCholdings as filed
Filed 2026-02-13 · accession 0001104659-26-015271
$3.02B
Reported value
153
Positions
2025-12-31
Period end
The Brief · Nantahala Capital Management, LLC · Q4 2025
AI · grounded in 13F
Nantahala Capital Management, LLC closed its position in KRYS, reducing its exposure by $35.3M. The fund established a new position in GOGO valued at $31.6M. Other notable activity includes increasing shares of FOXF by 200.3% and SLNO by 88.4%, while trimming its holding in ABVX by 72.5%.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 464287655 | IWM | ISHARES TR | $664.6M | 22.0% | 2,700,000 | PUT | SOLE |
| 28176E108 | EW | EDWARDS LIFESCIENCES CORP | $153.4M | 5.07% | 1,800,000 | PUT | SOLE |
| G4412G101 | HLF | HERBALIFE LTD | $100.5M | 3.32% | 7,800,000 | CALL | SOLE |
| 881624209 | TEVA | TEVA PHARMACEUTICAL INDS LTD | $78.0M | 2.58% | 2,500,000 | CALL | SOLE |
| 05969A105 | TBBK | BANCORP INC DEL | $72.4M | 2.39% | 1,071,685 | Common | SOLE |
| G31249108 | ESTA | ESTABLISHMENT LABS HLDGS INC | $72.0M | 2.38% | 987,689 | Common | SOLE |
| 43283X105 | HGV | HILTON GRAND VACATIONS INC | $69.9M | 2.31% | 1,561,622 | Common | SOLE |
| 92556V106 | VTRS | VIATRIS INC | $62.3M | 2.06% | 5,000,000 | CALL | SOLE |
| 834203309 | SLNO | SOLENO THERAPEUTICS INC | $60.8M | 2.01% | 1,314,002 | Common | SOLE |
| 98420P308 | XTNT | XTANT MED HLDGS INC | $53.6M | 1.77% | 68,394,000 | Common | SOLE |
| 78464A870 | XBI | SPDR SERIES TRUST | $48.8M | 1.61% | 400,000 | PUT | SOLE |
| 359616109 | FULC | FULCRUM THERAPEUTICS INC | $48.6M | 1.61% | 4,293,346 | Common | SOLE |
| 43283X105 | HGV | HILTON GRAND VACATIONS INC | $48.1M | 1.59% | 1,075,000 | CALL | SOLE |
| 09075A108 | BVS | BIOVENTUS INC | $45.0M | 1.49% | 6,047,403 | Common | SOLE |
| 805111101 | SVRA | SAVARA INC | $44.3M | 1.46% | 7,344,783 | Common | SOLE |
| 70614W100 | PTON | PELOTON INTERACTIVE INC | $40.0M | 1.32% | 6,500,000 | CALL | SOLE |
| 30052C107 | EOLS | EVOLUS INC | $38.7M | 1.28% | 5,820,649 | Common | SOLE |
| 35138V102 | FOXF | FOX FACTORY HLDG CORP | $37.4M | 1.24% | 2,188,300 | Common | SOLE |
| 70614W100 | PTON | PELOTON INTERACTIVE INC | $36.5M | 1.21% | 5,932,676 | Common | SOLE |
| 38046C109 | GOGO | GOGO INC | $31.7M | 1.05% | 6,792,649 | Common | SOLE |
| 87583X109 | TNGX | TANGO THERAPEUTICS INC | $31.7M | 1.05% | 3,572,633 | Common | SOLE |
| 75886F107 | REGN | REGENERON PHARMACEUTICALS | $30.9M | 1.02% | 40,000 | CALL | SOLE |
| 03168L105 | AMRX | AMNEAL PHARMACEUTICALS INC | $30.8M | 1.02% | 2,447,516 | Common | SOLE |
| 29975E109 | EB4 | EVENTBRITE INC | $30.5M | 1.01% | 6,854,718 | Common | SOLE |
| 464287655 | IWM | ISHARES TR | $28.8M | 0.95% | 117,159 | Common | SOLE |
| 00289Y206 | ABEO | ABEONA THERAPEUTICS INC | $26.2M | 0.86% | 4,963,052 | Common | SOLE |
| 75382E208 | RAPT | RAPT THERAPEUTICS INC | $25.5M | 0.84% | 754,153 | Common | SOLE |
| 35168W103 | GUTS | FRACTYL HEALTH INC | $23.9M | 0.79% | 10,846,440 | Common | SOLE |
| 834203309 | SLNO | SOLENO THERAPEUTICS INC | $23.2M | 0.77% | 502,000 | CALL | SOLE |
| 05338F306 | AVTX | AVALO THERAPEUTICS INC | $22.4M | 0.74% | 1,235,000 | Common | SOLE |
| 00370M103 | ABVX | ABIVAX SA | $20.7M | 0.68% | 153,235 | Common | SOLE |
| 29772L108 | ETON | ETON PHARMACEUTICALS INC | $19.9M | 0.66% | 1,175,951 | Common | SOLE |
| 379577208 | GMED | GLOBUS MED INC | $19.6M | 0.65% | 224,962 | Common | SOLE |
| 13462K109 | CWH | CAMPING WORLD HLDGS INC | $19.5M | 0.64% | 2,000,000 | CALL | SOLE |
| H0036K147 | ADCT | ADC THERAPEUTICS SA | $19.3M | 0.64% | 5,475,433 | Common | SOLE |
| 34988V106 | FOSL | FOSSIL GROUP INC | $19.0M | 0.63% | 5,064,359 | Common | SOLE |
| 538034109 | LYV | LIVE NATION ENTERTAINMENT IN | $18.6M | 0.61% | 130,300 | PUT | SOLE |
| 88830R101 | TITN | TITAN MACHY INC | $18.4M | 0.61% | 1,220,520 | Common | SOLE |
| 781386305 | RDNW | RIDENOW GROUP INC | $18.1M | 0.60% | 3,272,845 | Common | SOLE |
| 45245E109 | IMAX | IMAX CORP | $17.6M | 0.58% | 477,092 | Common | SOLE |
| 74967R106 | RMR | RMR GROUP INC | $17.1M | 0.57% | 1,147,902 | Common | SOLE |
| N90064101 | QURE | UNIQURE NV | $16.7M | 0.55% | 699,298 | Common | SOLE |
| 466367109 | JACK | JACK IN THE BOX INC | $16.4M | 0.54% | 865,990 | Common | SOLE |
| 602496101 | MDXG | MIMEDX GROUP INC | $16.4M | 0.54% | 2,416,389 | Common | SOLE |
| 03062T105 | CRMT | AMERICAS CAR-MART INC | $16.3M | 0.54% | 644,686 | Common | SOLE |
| 488445206 | ZVRA | ZEVRA THERAPEUTICS INC | $15.9M | 0.52% | 1,771,936 | Common | SOLE |
| 016255101 | ALGN | ALIGN TECHNOLOGY INC | $15.6M | 0.52% | 100,000 | CALL | SOLE |
| 252828108 | DNTH | DIANTHUS THERAPEUTICS INC | $15.5M | 0.51% | 375,000 | Common | SOLE |
| 16935C109 | CHYM | CHIME FINL INC | $15.1M | 0.50% | 600,000 | CALL | SOLE |
| 50180M108 | LBRX | LB PHARMACEUTICALS INC | $15.0M | 0.50% | 675,000 | Common | SOLE |
| 89680M101 | TLSI | TRISALUS LIFE SCIENCES INC | $14.5M | 0.48% | 2,070,827 | Common | SOLE |
| 04635X102 | CATBUSD | ASTRIA THERAPEUTICS INC | $14.0M | 0.46% | 1,069,530 | Common | SOLE |
| 08205P209 | BNTC | BENITEC BIOPHARMA INC | $14.0M | 0.46% | 1,038,371 | Common | SOLE |
| 03837C106 | APYX | APYX MEDICAL CORPORATION | $13.9M | 0.46% | 3,974,091 | Common | SOLE |
| 91678A107 | UPB | UPSTREAM BIO INC | $13.4M | 0.44% | 494,971 | Common | SOLE |
| 47248R103 | JCAP | JEFFERSON CAPITAL INC | $13.4M | 0.44% | 600,000 | Common | SOLE |
| 68243Q106 | FLWS | 1 800 FLOWERS COM INC | $13.3M | 0.44% | 3,375,065 | Common | SOLE |
| 81761L102 | SVC | SERVICE PPTYS TR | $13.0M | 0.43% | 7,057,887 | Common | SOLE |
| 03675P102 | AVR | ANTERIS TECHNOLOGIES GLOBAL | $12.6M | 0.42% | 2,530,910 | Common | SOLE |
| 374163103 | GERN | GERON CORP | $11.9M | 0.39% | 9,025,000 | Common | SOLE |
| 05153U107 | AURA | AURA BIOSCIENCES INC | $11.5M | 0.38% | 2,117,697 | Common | SOLE |
| 90328M107 | USNA | USANA HEALTH SCIENCES INC | $11.5M | 0.38% | 585,074 | Common | SOLE |
| G4412G101 | HLF | HERBALIFE LTD | $11.4M | 0.38% | 881,857 | Common | SOLE |
| 75508B104 | RYAM | RAYONIER ADVANCED MATLS INC | $10.6M | 0.35% | 1,800,000 | Common | SOLE |
| 09058V103 | BCRX | BIOCRYST PHARMACEUTICALS INC | $10.6M | 0.35% | 1,356,377 | Common | SOLE |
| 254604101 | IRON | DISC MEDICINE INC | $10.5M | 0.35% | 132,800 | Common | SOLE |
| 13462K109 | CWH | CAMPING WORLD HLDGS INC | $10.3M | 0.34% | 1,058,542 | Common | SOLE |
| 03237H101 | AMLX | AMYLYX PHARMACEUTICALS INC | $10.1M | 0.33% | 835,684 | Common | SOLE |
| 713317105 | PEPG | PEPGEN INC | $10.1M | 0.33% | 1,547,229 | Common | SOLE |
| 381013101 | GDEN | GOLDEN ENTMT INC | $10.0M | 0.33% | 368,245 | Common | SOLE |
| 52886X107 | LXEO | LEXEO THERAPEUTICS INC | $9.9M | 0.33% | 1,000,000 | Common | SOLE |
| 98420X202 | XFOR | X4 PHARMACEUTICALS INC | $9.8M | 0.32% | 2,449,468 | Common | SOLE |
| 67577R102 | IRD | OPUS GENETICS INC | $9.6M | 0.32% | 4,781,330 | Common | SOLE |
| 781386305 | RDNW | RIDENOW GROUP INC | $9.4M | 0.31% | 1,700,000 | CALL | SOLE |
| 82686Q101 | SLN | SILENCE THERAPEUTICS PLC | $9.4M | 0.31% | 1,542,427 | Common | SOLE |
| 59100U108 | CASH | PATHWARD FINANCIAL INC | $9.3M | 0.31% | 131,608 | Common | SOLE |
| 456237106 | ILPT | INDUSTRIAL LOGISTICS PPTYS T | $9.3M | 0.31% | 1,678,973 | Common | SOLE |
| 83422E204 | SLDB | SOLID BIOSCIENCES INC | $9.0M | 0.30% | 1,603,336 | Common | SOLE |
| 520776105 | DSGR | DISTRIBUTION SOLUTIONS GRP I | $9.0M | 0.30% | 330,000 | Common | SOLE |
| 74967X103 | RH | RH | $9.0M | 0.30% | 50,000 | CALL | SOLE |
| 22053A107 | QNCX | QUINCE THERAPEUTICS INC | $9.0M | 0.30% | 2,672,429 | Common | SOLE |
| 19240Q201 | COGT | COGENT BIOSCIENCES INC | $8.9M | 0.29% | 250,000 | Common | SOLE |
| 28238P109 | EHTH | EHEALTH INC | $8.1M | 0.27% | 1,761,441 | Common | SOLE |
| 45719W205 | IKT | INHIBIKASE THERAPEUTICS INC | $8.1M | 0.27% | 3,929,292 | Common | SOLE |
| 45826H109 | ITGR | INTEGER HLDGS CORP | $8.0M | 0.26% | 102,000 | Common | SOLE |
| 199333105 | CMCO | COLUMBUS MCKINNON CORP N Y | $7.8M | 0.26% | 450,000 | Common | SOLE |
| 492327101 | KROS | KEROS THERAPEUTICS INC | $7.3M | 0.24% | 360,419 | Common | SOLE |
| 76119X105 | RSVR | RESERVOIR MEDIA INC | $7.1M | 0.24% | 940,960 | Common | SOLE |
| 405217100 | HAIN | HAIN CELESTIAL GROUP INC | $7.0M | 0.23% | 6,528,789 | Common | SOLE |
| 92663R105 | VMD | VIEMED HEALTHCARE INC | $6.9M | 0.23% | 932,445 | Common | SOLE |
| 74967X103 | RH | RH | $6.8M | 0.22% | 37,791 | Common | SOLE |
| 192005106 | CDXS | CODEXIS INC | $6.5M | 0.22% | 3,990,169 | Common | SOLE |
| 23725P308 | DRIO | DARIOHEALTH CORP | $6.4M | 0.21% | 563,232 | Common | SOLE |
| 152309100 | CNTA | CENTESSA PHARMACEUTICALS PLC | $6.4M | 0.21% | 254,803 | Common | SOLE |
| 872381108 | TELA | TELA BIO INC | $6.0M | 0.20% | 5,111,588 | Common | SOLE |
| 45779A846 | NSPR | INSPIREMD INC | $6.0M | 0.20% | 3,376,484 | Common | SOLE |
| 90466Y202 | UNCY | UNICYCIVE THERAPEUTICS INC | $5.4M | 0.18% | 939,202 | Common | SOLE |
| 04546C304 | ASRT | ASSERTIO HOLDINGS INC | $5.3M | 0.18% | 587,335 | Common | SOLE |
| 86889P208 | SRZN | SURROZEN INC | $5.2M | 0.17% | 229,527 | Common | SOLE |
| 492327101 | KROS | KEROS THERAPEUTICS INC | $5.1M | 0.17% | 250,000 | CALL | SOLE |
| 500946108 | KRRO | KORRO BIO INC | $4.8M | 0.16% | 600,000 | Common | SOLE |
| 640268306 | NKTR | NEKTAR THERAPEUTICS | $4.8M | 0.16% | 112,946 | Common | SOLE |
| 641288105 | NPCE | NEUROPACE INC | $4.6M | 0.15% | 295,089 | Common | SOLE |
| 156944100 | CGON | CG ONCOLOGY INC | $4.5M | 0.15% | 109,449 | Common | SOLE |
| 02128L106 | ALTG | ALTA EQUIPMENT GROUP INC | $4.3M | 0.14% | 934,774 | Common | SOLE |
| 25065K104 | DXLG | DESTINATION XL GROUP INC | $4.1M | 0.14% | 4,505,000 | Common | SOLE |
| 603170101 | MLYS | MINERALYS THERAPEUTICS INC | $4.1M | 0.14% | 113,285 | Common | SOLE |
| 00439U104 | GRCE | GRACE THERAPEUTICS INC | $4.1M | 0.13% | 1,178,203 | Common | SOLE |
| 00444T209 | TLPH | TALPHERA INC | $4.0M | 0.13% | 3,492,519 | Common | SOLE |
| 565788AF3 | MARA 0 03/01/30 | MARA HOLDINGS INC | $3.9M | 0.13% | 5,000,000 | Common | SOLE |
| 88338K103 | STKS | THE ONE GROUP HOSPITALITY IN | $3.7M | 0.12% | 2,121,084 | Common | SOLE |
| 23331S100 | DHX | DHI GROUP INC | $3.7M | 0.12% | 2,374,027 | Common | SOLE |
| 92337C203 | VSTM | VERASTEM INC | $3.6M | 0.12% | 462,140 | Common | SOLE |
| 04335A105 | ARVN | ARVINAS INC | $3.6M | 0.12% | 300,000 | Common | SOLE |
| 68752L100 | KIDS | ORTHOPEDIATRICS CORP | $3.5M | 0.12% | 199,449 | Common | SOLE |
| 36269P104 | GAIA | GAIA INC NEW | $3.3M | 0.11% | 914,618 | Common | SOLE |
| 004468500 | ACHV | ACHIEVE LIFE SCIENCES INC | $3.2M | 0.11% | 648,885 | Common | SOLE |
| 00972D105 | AKBA | AKEBIA THERAPEUTICS INC | $3.2M | 0.11% | 2,000,000 | Common | SOLE |
| G7T96K107 | SRL | SCULLY ROYALTY LTD | $3.1M | 0.10% | 368,182 | Common | SOLE |
| 629337106 | NNBR | NN INC | $3.1M | 0.10% | 2,441,416 | Common | SOLE |
| 034569103 | ANEB | ANEBULO PHARMACEUTICALS INC | $3.1M | 0.10% | 3,036,325 | Common | SOLE |
| 20451W101 | CMPS | COMPASS PATHWAYS PLC | $3.1M | 0.10% | 443,293 | Common | SOLE |
| 05601U105 | BRCC | BRC INC | $2.9M | 0.10% | 2,630,517 | Common | SOLE |
| 65540B105 | NDLSUSD | NOODLES & CO | $2.9M | 0.10% | 4,124,708 | Common | SOLE |
| 054754858 | AYTU | AYTU BIOPHARMA INC | $2.8M | 0.09% | 1,086,812 | Common | SOLE |
| 00289Y206 | ABEO | ABEONA THERAPEUTICS INC | $2.7M | 0.09% | 520,000 | CALL | SOLE |
| 70451X104 | PAYO | PAYONEER GLOBAL INC | $2.7M | 0.09% | 483,836 | Common | SOLE |
| 98401F105 | XNCR | XENCOR INC | $2.5M | 0.08% | 164,639 | Common | SOLE |
| 4525EP101 | VTLUSD | IMMUNIC INC | $2.3M | 0.08% | 4,378,406 | Common | SOLE |
| 05479K106 | ELUT | ELUTIA INC | $2.2M | 0.07% | 3,184,947 | Common | SOLE |
| 500688106 | KOS | KOSMOS ENERGY LTD | $2.1M | 0.07% | 2,344,194 | Common | SOLE |
| 755408101 | RDI | READING INTL INC | $2.0M | 0.07% | 1,921,088 | Common | SOLE |
| 49372L209 | 2KZ0 | KEZAR LIFE SCIENCES INC | $1.7M | 0.06% | 276,754 | Common | SOLE |
| 92243G108 | PCVX | VAXCYTE INC | $1.6M | 0.05% | 35,200 | CALL | SOLE |
| G7006A109 | PERF | PERFECT CORP | $1.1M | 0.03% | 583,925 | Common | SOLE |
| L0175J112 | ASPSW | ALTISOURCE PORTFOLIO SOLUTIO | $1.0M | 0.03% | 2,477,312 | Common | SOLE |
| 81726A209 | — | SENTI BIOSCIENCES INC | $923,520 | 0.03% | 888,000 | Common | SOLE |
| 61225M102 | GLUE | MONTE ROSA THERAPEUTICS INC | $909,299 | 0.03% | 57,991 | Common | SOLE |
| 27966L306 | EDSA | EDESA BIOTECH INC | $887,500 | 0.03% | 625,000 | Common | SOLE |
| 872381108 | TELA | TELA BIO INC | $885,000 | 0.03% | 750,000 | CALL | SOLE |
| 004816104 | ACU | ACME UTD CORP | $823,412 | 0.03% | 20,427 | Common | SOLE |
| L0175J120 | ASPSZ | ALTISOURCE PORTFOLIO SOLUTIO | $817,513 | 0.03% | 2,477,312 | Common | SOLE |
| 92941V308 | VYNE | VYNE THERAPEUTICS INC | $580,100 | 0.02% | 1,000,000 | Common | SOLE |
| 784933103 | SGRP | SPAR GROUP INC | $532,316 | 0.02% | 660,688 | Common | SOLE |
| 86272A305 | SSKN | STRATA SKIN SCIENCES INC | $508,935 | 0.02% | 403,917 | Common | SOLE |
| 09090D509 | PHGE | BIOMX INC | $214,666 | 0.01% | 114,795 | Common | SOLE |
| 49721T507 | KPRX | KIORA PHARMACEUTICALS INC | $209,127 | 0.01% | 106,156 | Common | SOLE |
| 67080N119 | NUVB/WS | NUVATION BIO INC | $206,643 | 0.01% | 626,191 | Common | SOLE |
| 03836J201 | APRE | APREA THERAPEUTICS INC | $175,513 | 0.01% | 205,760 | Common | SOLE |
| 54948X109 | LUCD | LUCID DIAGNOSTICS INC | $103,050 | 0.00% | 94,541 | Common | SOLE |
| 21077P108 | CNTX | CONTEXT THERAPEUTICS INC | $55,620 | 0.00% | 37,837 | Common | SOLE |
| G4236L120 | GFAIW | GUARDFORCE AI CO LTD | $23,131 | 0.00% | 154,205 | Common | SOLE |
| G7006A117 | PERFF | PERFECT CORP | $323 | 0.00% | 16,075 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.