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Livermore
Livermore
ZHEN

Nantahala Capital Management, LLC

SEC CIK
0001472322
Latest filing
Aug 18, 2026

The latest 13F from Nantahala Capital Management, LLC covers Q2 2026 (filed Aug 18, 2026): 132 long positions worth $1.66B. The top 10 holdings make up 27.4% of the portfolio, and the largest is Bancorp, Inc. (TBBK) at 4.7%. Livermore has 25 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
20
Est. +$133.5M
Added
25
Est. +$81.3M
Reduced
39
Est. −$258.0M
Sold out
18
Est. −$141.1M

Top 5 holdings

Share of this quarter's portfolio value

  1. TBBKBancorp, Inc.
    4.7%$77.7MHistory
  2. BVSBioventus Inc.
    3.4%$56.6MHistory
  3. HGVHilton Grand Vacations Inc.
    3.3%$54.1MHistory
  4. SVRASavara Inc
    2.6%$43.0MHistory
  5. ETONEton Pharmaceuticals, Inc.
    2.6%$42.6MHistory

Share of portfolio

Top 5 holdings and the other 127 positions, by share of portfolio value

  1. TBBK4.7%
  2. BVS3.4%
  3. HGV3.3%
  4. SVRA2.6%
  5. ETON2.6%
  6. Other 127 positions83.5%

Biggest buys

New and added positions, by estimated amount bought

  1. ADMAAdma Biologics, Inc.
    +$19.8MNewHistory
  2. VORVor Biopharma Inc.
    +$15.6MNewHistory
  3. PLNTPlanet Fitness, Inc.
    +$14.6MNewHistory
  4. AMANAmanat Acquisition Corp.
    +$12.2MNewHistory
  5. INSPInspire Medical Systems, Inc.
    +$12.0MNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. ADMAAdma Biologics, Inc.
    +1.19 pp0.0% → 1.2%History
  2. QUREuniQure N.V.
    +1.03 pp0.2% → 1.3%History
  3. VORVor Biopharma Inc.
    +0.94 pp0.0% → 0.9%History
  4. AVTXAvalo Therapeutics, Inc.
    +0.93 pp1.2% → 2.1%History
  5. PLNTPlanet Fitness, Inc.
    +0.88 pp0.0% → 0.9%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. SLNOSoleno Therapeutics Inc
    −$58.4MSold outHistory
  2. ESTAEstablishment Labs Holdings Inc.
    −$42.7MReducedHistory
  3. PTONPeloton Interactive, Inc.
    −$40.7MReducedHistory
  4. HGVHilton Grand Vacations Inc.
    −$25.2MReducedHistory
  5. TNGXTango Therapeutics, Inc.
    −$23.4MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. SLNOSoleno Therapeutics Inc
    −3.64 pp3.6% → 0.0%History
  2. PTONPeloton Interactive, Inc.
    −1.39 pp3.2% → 1.8%History
  3. ESTAEstablishment Labs Holdings Inc.
    −1.21 pp3.0% → 1.7%History
  4. ASRTAssertio Holdings, Inc.
    −0.82 pp0.8% → 0.0%History
  5. TNGXTango Therapeutics, Inc.
    −0.69 pp1.6% → 0.9%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$1.66B
+$53.5M (+3.3%) vs. prior quarter
Positions
132
+2 vs. prior quarter
Top 10 concentration
27.4%
Top 10 as share of value
Turnover
13.2%
Q2 2026, one quarter
Average holding period
9.2 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $1.81B (Q2 2021)

Q1 2021: $1.76BQ2 2021: $1.81BQ3 2021: $1.69BQ4 2021: $1.61BQ1 2022: $1.45BQ2 2022: $1.15BQ3 2022: $1.02BQ4 2022: $1.11BQ1 2023: $1.04BQ2 2023: $823.8MQ3 2023: $788.0MQ4 2023: $998.8MQ1 2024: $1.02BQ2 2024: $995.6MQ3 2024: $1.19BQ4 2024: $1.43BQ1 2025: $1.21BQ2 2025: $1.41BQ3 2025: $1.62BQ4 2025: $1.68BQ1 2026: $1.60BQ2 2026: $1.66B
Q1 2021Q2 2026
13F filings of Nantahala Capital Management, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 18, 2026Amended132$1.66BTBBKBVSHGVvs. Q1 2026SEC
Q1 2026May 15, 2026130$1.60BTBBKHGVSLNOvs. Q4 2025SEC
Q4 2025Feb 13, 2026133$1.68BTBBKESTAHGVvs. Q3 2025SEC
Q3 2025Nov 14, 2025131$1.62BESTAHGVTBBKvs. Q2 2025SEC
Q2 2025Aug 14, 2025138$1.41BSLNOHGVESTAvs. Q1 2025SEC
Q1 2025May 15, 2025129$1.21BSLNOHGVESTAvs. Q4 2024SEC
Q4 2024Feb 14, 2025122$1.43BSLNOESTAHGVvs. Q3 2024SEC
Q3 2024Nov 14, 2024124$1.19BSLNOESTABVSvs. Q2 2024SEC
Q2 2024Aug 20, 2024Amended117$995.6MSLNOESTAPTONvs. Q1 2024SEC
Q1 2024May 15, 2024112$1.02BSLNOESTACASHvs. Q4 2023SEC
Q4 2023Feb 15, 2024Amended111$998.8MSLNOESTACASHvs. Q3 2023SEC
Q3 2023Nov 14, 2023113$788.0MESTACASHIMAXvs. Q2 2023SEC
Q2 2023Aug 14, 2023109$823.8MESTACASHIMAXvs. Q1 2023SEC
Q1 2023May 15, 2023110$1.04BESTAQUREIMAXvs. Q4 2022SEC
Q4 2022Feb 14, 2023104$1.11BiShares Russell 2000 ETFESTAQUREvs. Q3 2022SEC
Q3 2022Nov 10, 2022103$1.02BESTATAQUREvs. Q2 2022SEC
Q2 2022Aug 15, 2022105$1.15BESTAQURELNWOvs. Q1 2022SEC
Q1 2022May 13, 2022106$1.45BESTAiShares Russell 2000 ETFCDXSvs. Q4 2021SEC
Q4 2021Feb 14, 2022112$1.61BESTACDXSTAvs. Q3 2021SEC
Q3 2021Nov 15, 2021107$1.69BESTACDXSQad Incvs. Q2 2021SEC
Q2 2021Aug 16, 202199$1.81BESTACDXSQad Incvs. Q1 2021SEC
Q1 2021May 14, 202198$1.76BESTACDXSQad Inc–SEC

13D and 13G filings

Companies where Nantahala Capital Management, LLC reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

51 companies, largest stake first.

Companies where Nantahala Capital Management, LLC owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
XTNTXtant Medical Holdings, Inc.13D/A49.10%68.4M shares0.00 ppfrom 49.10%Nov 14, 20243 filingsAug 5, 2025SEC
EGRXEagle Pharmaceuticals, Inc.13G/A38.08%4.95M shares0.00 ppfrom 38.08%Jul 3, 20244 filingsAug 14, 2025SEC
AYTUAytu Biopharma, Inc13D/A14.40%1.09M shares–May 26, 20234 filingsJun 9, 2025SEC
TELATELA Bio, Inc.13G/A12.94%5.79M shares+0.04 ppfrom 12.90%Nov 14, 20244 filingsAug 14, 2026SEC
TLPHTalphera, Inc.13D/A11.70%1.99M shares0.00 ppfrom 11.70%Jan 23, 20243 filingsApr 3, 2025SEC
GUTSFractyl Health, Inc.13G/A9.99%16.1M shares0.00 ppfrom 9.99%Nov 14, 20252 filingsMay 15, 2026SEC
COCHEnvoy Medical, Inc.13G9.99%7.68M sharesNewMay 15, 20261 filingMay 15, 2026SEC
AZTRAzitra, Inc.13G9.99%6.48M sharesNewAug 14, 20261 filingAug 14, 2026SEC
FOSLFossil Group, Inc.13G/A9.99%5.88M shares+0.50 ppfrom 9.49%Feb 14, 20254 filingsMay 15, 2026SEC
ABEOAbeona Therapeutics Inc.13G/A9.99%5.78M shares0.00 ppfrom 9.99%Feb 14, 20236 filingsMay 15, 2026SEC
NSPRInspireMD, Inc.13G/A9.99%4.82M shares0.00 ppfrom 9.99%Feb 14, 20246 filingsMay 15, 2026SEC
CRISCuris Inc13G9.99%4.22M shares0.00 ppfrom 9.99%Apr 7, 20262 filingsApr 24, 2026SEC
ELUTElutia Inc.13G/A9.99%4.12M shares0.00 ppfrom 9.99%Feb 14, 20244 filingsFeb 13, 2026SEC
APYXApyx Medical Corp13G/A9.99%4.11M shares0.00 ppfrom 9.99%Feb 14, 20252 filingsFeb 13, 2026SEC
UNCYUnicycive Therapeutics, Inc.13G/A9.99%2.81M shares0.00 ppfrom 9.99%Feb 14, 202210 filingsAug 14, 2026SEC
DRIODarioHealth Corp.13G/A9.99%688.7K shares0.00 ppfrom 9.99%Feb 16, 20219 filingsFeb 13, 2026SEC
KPRXKiora Pharmaceuticals Inc13G/A9.99%491.9K shares0.00 ppfrom 9.99%Nov 14, 20244 filingsAug 14, 2026SEC
ELOXEloxx Pharmaceuticals, Inc.13G9.91%400.0K sharesNewAug 14, 20261 filingAug 14, 2026SEC
ADCTADC Therapeutics SA13G9.69%12.3M sharesNewAug 14, 20261 filingAug 14, 2026SEC
SSKNSTRATA Skin Sciences, Inc.13G/A9.68%403.9K shares–Feb 12, 20215 filingsNov 14, 2024SEC
NDLSNOODLES & Co13G/A9.46%553.7K shares−0.42 ppfrom 9.88%Feb 14, 20243 filingsMay 15, 2026SEC
HAINHain Celestial Group Inc13G/A9.37%8.53M shares+2.16 ppfrom 7.21%Feb 13, 20262 filingsMay 15, 2026SEC
FLWS1 800 Flowers Com Inc13G/A9.21%3.37M shares+3.73 ppfrom 5.48%Aug 14, 20252 filingsNov 14, 2025SEC
BVSBioventus Inc.13G/A9.03%6.05M shares+1.07 ppfrom 7.96%Feb 14, 20235 filingsFeb 13, 2026SEC
EOLSEvolus, Inc.13G/A8.85%5.73M shares+2.95 ppfrom 5.90%Feb 14, 20244 filingsNov 14, 2025SEC

Showing the 25 largest of 51 stakes.

Latest filings

435 filings on file made by Nantahala Capital Management, LLC or listing it as a reporting person; the latest 20 are shown.

Schedule 13D and 13G filings by Nantahala Capital Management, LLC
CompanyFiled (ET)FilerFormStakeChangeEvent dateFiling
FEMYFemasys IncAug 17, 20264:30 PM ETNantahala Capital Partners Limited Partnershipand 3 others13D9.99%803.0K sharesNewAug 10, 2026SEC
CWHCamping World Holdings, Inc.Aug 14, 20264:47 PM ETNantahala Capital Management, LLCand 2 others13G/A7.16%4.55M shares−1.12 ppfrom 8.28%Jun 30, 2026SEC
PTONPeloton Interactive, Inc.Aug 14, 20264:46 PM ETNantahala Capital Management, LLCand 2 others13G/A5.17%21.5M shares−2.14 ppfrom 7.31%Jun 30, 2026SEC
RLYBRallybio CorpAug 14, 20264:46 PM ETNantahala Capital Management, LLCand 2 others13G/A3.56%188.4K shares−2.12 ppfrom 5.68%Below 5%Jun 30, 2026SEC
AVRAnteris Technologies Global Corp.Aug 14, 20264:45 PM ETNantahala Capital Management, LLCand 2 others13G/A4.08%4.00M shares−2.20 ppfrom 6.28%Below 5%Jun 30, 2026SEC
IMUXImmunic, Inc.Aug 14, 20264:45 PM ETNantahala Capital Management, LLCand 2 others13G/A7.47%1.08M shares−0.75 ppfrom 8.22%Jun 30, 2026SEC
QNCXQuince Therapeutics, Inc.Aug 14, 20264:44 PM ETNantahala Capital Management, LLCand 2 others13G/A0.00%0 shares−7.52 ppfrom 7.52%Below 5%Jun 30, 2026SEC
GRCEGrace Therapeutics, Inc.Aug 14, 20264:44 PM ETNantahala Capital Management, LLCand 2 others13G/A6.75%1.18M shares−3.24 ppfrom 9.99%Jun 30, 2026SEC
AVTXAvalo Therapeutics, Inc.Aug 14, 20264:40 PM ETNantahala Capital Management, LLCand 2 others13G/A3.54%1.86M shares−5.85 ppfrom 9.39%Below 5%Jun 30, 2026SEC
IKTInhibikase Therapeutics, Inc.Aug 14, 20264:40 PM ETNantahala Capital Management, LLCand 2 others13G/A4.30%5.81M shares−1.38 ppfrom 5.68%Below 5%Jun 30, 2026SEC
TELATELA Bio, Inc.Aug 14, 20264:39 PM ETNantahala Capital Management, LLCand 2 others13G/A12.94%5.79M shares+0.04 ppfrom 12.90%Jun 30, 2026SEC
KPRXKiora Pharmaceuticals IncAug 14, 20264:39 PM ETNantahala Capital Management, LLCand 2 others13G/A9.99%491.9K shares0.00 ppfrom 9.99%Jun 30, 2026SEC
FULCFulcrum Therapeutics, Inc.Aug 14, 20264:38 PM ETNantahala Capital Management, LLCand 2 others13G8.22%5.48M shares+3.64 ppfrom 4.58%Jun 30, 2026SEC
HLSQTessera Defense & Homeland Security Inc.Aug 14, 20264:37 PM ETNantahala Capital Management, LLCand 2 others13G/A7.13%730.6K shares−2.86 ppfrom 9.99%Jun 30, 2026SEC
UNCYUnicycive Therapeutics, Inc.Aug 14, 20264:37 PM ETNantahala Capital Management, LLCand 2 others13G/A9.99%2.81M shares0.00 ppfrom 9.99%Jun 30, 2026SEC
ELOXEloxx Pharmaceuticals, Inc.Aug 14, 20264:36 PM ETNantahala Capital Management, LLCand 2 others13G9.91%400.0K sharesNewJun 30, 2026SEC
AZTRAzitra, Inc.Aug 14, 20264:36 PM ETNantahala Capital Management, LLCand 2 others13G9.99%6.48M sharesNewJun 30, 2026SEC
ADCTADC Therapeutics SAAug 14, 20264:34 PM ETNantahala Capital Management, LLCand 2 others13G9.69%12.3M sharesNewJun 30, 2026SEC
ASRTAssertio Holdings, Inc.Jun 2, 20264:31 PM ETNantahala Capital Management, LLCand 2 others13G/A0.00%0 shares−10.74 ppfrom 10.74%Below 5%May 29, 2026SEC
ABEOAbeona Therapeutics Inc.May 15, 20264:44 PM ETNantahala Capital Management, LLCand 2 others13G/A9.99%5.78M shares0.00 ppfrom 9.99%Mar 31, 2026SEC