P3 Health Partners (PIII) had the highest return in May 2023 by a small-cap US stock, returning 202.2%.

ASSET	MONTH	% RETURN
P3 Health Partners (PIII)	May 2023	202.24%
Corvus Pharmaceuticals (CRVS)	May 2023	176.36%
Bioventus (BVS)	May 2023	167.82%
Ads Tec Energy (ADSE)	May 2023	161.3%
Verastem (VSTM)	May 2023	155.64%
Microvision (MVIS)	May 2023	133.33%
Nanobiotix (NBTX)	May 2023	125.17%
Kopin (KOPN)	May 2023	110.68%
Integra Resources (ITRG)	May 2023	109.26%
Ouster, Inc Common Stock (OUST)	May 2023	93.47%
Arteris (AIP)	May 2023	90.16%
Telos (TLS)	May 2023	88.82%
Mobilicom Limited Warrants (MOBBW)	May 2023	85.52%
Mercurity Fintech Holding Inc ADR (MFH)	May 2023	80.15%
Aquestive Therapeutics (AQST)	May 2023	79.07%
Organogenesis (ORGO)	May 2023	77.94%
Weave Communications (WEAV)	May 2023	77.73%
Bit Digital (BTBT)	May 2023	74.74%
Airsculpt Technologies (AIRS)	May 2023	72.6%
Autolus Therapeutics (AUTL)	May 2023	71.82%
NRx Pharmaceuticals (NRXPW)	May 2023	66.67%
Lightwave Logic (LWLG)	May 2023	65.03%
nLIGHT (LASR)	May 2023	64.88%
Evolv Technologies (EVLV)	May 2023	64.19%
Quantum-Si (QSIAW)	May 2023	62.25%

Small-cap stocks are treated as having a market cap between $300M and $2B.