Initial Statement of Beneficial Ownership (Form 3)

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * Nantahala Capital Management, LLC 2. Date of Event Requiring Statement (Month/Day/Year) 04/10/2025 3. Issuer Name and Ticker or Trading Symbol Xtant Medical Holdings, Inc. [XTNT] (Last) (First) (Middle) 130 MAIN ST. 2ND FLOOR, 4. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director __X__ 10% Owner _____ Officer (give title below) _____ Other (specify below) 5. If Amendment, Date Original Filed (Month/Day/Year) (Street) NEW CANAAN, CT 06840 6. Individual or Joint/Group Filing (Check Applicable Line) ___ Form filed by One Reporting Person _X_ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Beneficially Owned

1.Title of Security (Instr. 4) 2. Amount of Securities Beneficially Owned (Instr. 4) 3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 4. Nature of Indirect Beneficial Ownership (Instr. 5) Common Stock 68,394,000 I See Footnote(1)

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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Nantahala Capital Management, LLC 130 MAIN ST. 2ND FLOOR NEW CANAAN, CT 06840		X
Harkey Wilmot B. C/O NANTAHALA CAPITAL MANAGEMENT, LLC 130 MAIN ST. 2ND FLOOR NEW CANAAN, CT 06840		X
Mack Daniel C/O NANTAHALA CAPITAL MANAGEMENT, LLC 130 MAIN ST. 2ND FLOOR NEW CANAAN, CT 06840		X
Nantahala Capital Partners Limited Partnership 130 MAIN ST. 2ND FLOOR NEW CANAAN, CT 06840		X

Signatures

/s/ Taki Vasilakis, Chief Compliance Officer, Nantahala Capital Management, LLC		04/17/2025
**Signature of Reporting Person		Date
/s/ Wilmot B. Harkey		04/17/2025
**Signature of Reporting Person		Date
/s/ Taki Vasilakis, CCO, Nantahala Capital Management, LLC, advisor to Nantahala Capital Partners Limited Partnership		04/17/2025
**Signature of Reporting Person		Date
/s/ Daniel Mack		04/17/2025
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 5(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Nantahala Capital Management, LLC ("NCM"), an investment adviser to certain private funds and managed accounts (the "NCM Investors") that hold the Xtant Medical Holdings, Inc. ("Issuer") common stock ("Common Stock"), par value $0.000001 per share, disclosed in this statement, may be deemed a beneficial owner of such shares of Common Stock, including 16,380,396 shares of Common Stock held and beneficially owned by Nantahala Capital Partners Limited Partnership ("NCP"). Each of Mr. Wilmot B. Harkey and Mr. Daniel Mack may be deemed a beneficial owner of Issuer securities beneficially owned by NCM. Each of NCP, NCM, Mr. Harkey and Mr. Mack disclaims beneficial ownership of the Issuer's securities disclosed herein except to the extent of their respective pecuniary interests therein.

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