Nantahala Capital Management, LLC

Q3 2025 13F-HR Holdings

Location
New Canaan, CT
Holdings as of
9/30/2025
Date filed
11/14/2025
Form type
13F-HR
Num holdings
153
Total value ($000)
$2,879,803
Net value change ($000)
+327,508 (12.8%)
New positions
18
Sold out positions
24
Turnover %
14.9%
Sector allocation + QoQ delta (equities-only)
Prev filing: 8/14/2025 Next filing: 2/13/2026 SEC filing

Snapshot: Change Analysis

Compared to Q2 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
ABVX 35,992 317.2%
QURE 30,204 105.6%
GUTS 19,298 NEW
GMED 17,181 NEW
DNTH 14,756 NEW
FULC 13,468 45.6%
GERN 12,364 NEW
SVRA 12,346 65.0%
AVTX 10,732 216.2%
LBRX 10,658 NEW
Top Reduces (Value $000, Stocks/ETFs)
SLNO -25,503 -30.4%
CRMT -17,297 -47.9%
Third Harmonic Bio, Inc. -15,957 -100.0%
GOGO -15,332 -100.0%
HGV -12,868 -15.6%
RZLT -10,220 -100.0%
TRML -8,925 -100.0%
DKS -7,912 -100.0%
SNDX -7,066 -100.0%
XTNT -6,162 -12.2%
Instrument mix + QoQ Δ (ex-options)
Derivatives reported exposure ($000): 1,260,691 (43.8% of total reported value)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type