# Stonepine Capital Management, LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1440771. Source: https://holderbook.com/funds/1440771-stonepine-capital-management-llc/

- Reported value: $390.9M
- Positions: 93
- Weight of the ten largest: 45.4%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| EVOLUS INC | [EOLS](https://holderbook.com/stocks/EOLS/) | $28.4M | 3,180,324 | 7.3% | 16 |
| ADMA BIOLOGICS INC | [ADMA](https://holderbook.com/stocks/ADMA/) | $28.3M | 1,480,000 | 7.2% | 19 |
| VERASTEM INC | [VSTM](https://holderbook.com/stocks/VSTM/) | $25.6M | 6,699,254 | 6.5% | 8 |
| TENAX THERAPEUTICS INC | [TENX](https://holderbook.com/stocks/TENX/) | $19.2M | 1,320,000 | 4.9% | 3 |
| NEKTAR THERAPEUTICS | [NKTR](https://holderbook.com/stocks/NKTR/) | $16.8M | 241,308 | 4.3% | 5 |
| ULTRAGENYX PHARMACEUTICAL IN | [RARE](https://holderbook.com/stocks/RARE/) | $12.7M | 50,000 | 3.2% | 1 |
| CAMP4 THERAPEUTICS CORP | [CAMP](https://holderbook.com/stocks/CAMP/) | $12.1M | 2,779,244 | 3.1% | 3 |
| ELOXX PHARMACEUTICALS INC | - | $11.7M | 844,320 | 3.0% | 1 |
| AYTU BIOPHARMA INC | [AYTU](https://holderbook.com/stocks/AYTU/) | $11.6M | 5,903,159 | 3.0% | 13 |
| INSMED INC | [INSM](https://holderbook.com/stocks/INSM/) | $11.2M | 0 | 2.9% | 1 |
| KAZIA THERAPEUTICS LTD | [KZIA](https://holderbook.com/stocks/KZIA/) | $9.7M | 690,358 | 2.5% | 3 |
| AZITRA INC | [AZTR](https://holderbook.com/stocks/AZTR/) | $8.9M | 87,083,029 | 2.3% | 1 |
| MEDTRONIC PLC | [MDT](https://holderbook.com/stocks/MDT/) | $8.8M | 0 | 2.2% | 1 |
| INDIVIOR PHARMACEUTICALS INC | [INDV](https://holderbook.com/stocks/INDV/) | $8.2M | 200,000 | 2.1% | 1 |
| CORBUS PHARMACEUTICALS HLDGS | [CRBP](https://holderbook.com/stocks/CRBP/) | $8.0M | 850,000 | 2.0% | 3 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $7.6M | 0 | 1.9% | 1 |
| SATELLOS BIOSCIENCE INC | [MSLE](https://holderbook.com/stocks/MSLE/) | $7.4M | 983,248 | 1.9% | 2 |
| ZEVRA THERAPEUTICS INC | [ZVRA](https://holderbook.com/stocks/ZVRA/) | $7.4M | 517,402 | 1.9% | 8 |
| ABEONA THERAPEUTICS INC | [ABEO](https://holderbook.com/stocks/ABEO/) | $6.9M | 1,114,568 | 1.8% | 5 |
| CNS PHARMACEUTICALS INC | [CNSP](https://holderbook.com/stocks/CNSP/) | $6.6M | 1,387,494 | 1.7% | 3 |
| BOSTON SCIENTIFIC CORP | [BSX](https://holderbook.com/stocks/BSX/) | $6.5M | 0 | 1.7% | 1 |
| EDESA BIOTECH INC | [EDSA](https://holderbook.com/stocks/EDSA/) | $6.4M | 912,878 | 1.6% | 4 |
| BIOMARIN PHARMACEUTICAL INC | [BMRN](https://holderbook.com/stocks/BMRN/) | $6.2M | 0 | 1.6% | 1 |
| CABALETTA BIO INC | [CABA](https://holderbook.com/stocks/CABA/) | $5.7M | 1,834,200 | 1.5% | 3 |
| AN2 THERAPEUTICS INC | [ANTX](https://holderbook.com/stocks/ANTX/) | $5.3M | 1,103,384 | 1.4% | 5 |
| CURIS INC | [CRISXXXX](https://holderbook.com/stocks/CRISXXXX/) | $4.9M | 17,624,372 | 1.2% | 3 |
| SURROZEN INC | [SRZN](https://holderbook.com/stocks/SRZN/) | $4.7M | 68,001 | 1.2% | 9 |
| XILIO THERAPEUTICS INC | [XLO](https://holderbook.com/stocks/XLO/) | $4.3M | 451,988 | 1.1% | 2 |
| ADICET BIO INC | [ACET](https://holderbook.com/stocks/ACET/) | $4.2M | 491,036 | 1.1% | 3 |
| XERIS BIOPHARMA HOLDINGS INC | [XERS](https://holderbook.com/stocks/XERS/) | $4.2M | 0 | 1.1% | 2 |
| TELA BIO INC | [TELA](https://holderbook.com/stocks/TELA/) | $4.0M | 5,324,854 | 1.0% | 13 |
| HERON THERAPEUTICS INC | [HRTX](https://holderbook.com/stocks/HRTX/) | $3.4M | 981,574 | 0.9% | 7 |
| IN8BIO INC | [INAB](https://holderbook.com/stocks/INAB/) | $3.3M | 2,319,849 | 0.8% | 5 |
| INHIBIKASE THERAPEUTICS INC | [IKT](https://holderbook.com/stocks/IKT/) | $3.2M | 2,864,774 | 0.8% | 7 |
| SPRUCE BIOSCIENCES INC | [SPRB](https://holderbook.com/stocks/SPRB/) | $3.1M | 57,590 | 0.8% | 1 |
| QUOIN PHARMACEUTICALS LTD | [QNRX](https://holderbook.com/stocks/QNRX/) | $3.0M | 965,032 | 0.8% | 3 |
| SI-BONE INC | [SIBN](https://holderbook.com/stocks/SIBN/) | $3.0M | 0 | 0.8% | 2 |
| OKYO PHARMA LTD | [OKYO](https://holderbook.com/stocks/OKYO/) | $2.6M | 1,725,992 | 0.7% | 2 |
| NEUMORA THERAPEUTICS INC. | [NMRA](https://holderbook.com/stocks/NMRA/) | $2.5M | 0 | 0.6% | 2 |
| PASITHEA THERAPEUTICS CORP | [KTTA](https://holderbook.com/stocks/KTTA/) | $2.3M | 4,402,936 | 0.6% | 3 |
| SOL-GEL TECHNOLOGIES LTD | [SLGL](https://holderbook.com/stocks/SLGL/) | $2.1M | 28,938 | 0.5% | 2 |
| PULMONX CORP | [LUNG](https://holderbook.com/stocks/LUNG/) | $2.1M | 1,630,872 | 0.5% | 5 |
| X4 PHARMACEUTICALS INC | [XFOR](https://holderbook.com/stocks/XFOR/) | $2.1M | 449,978 | 0.5% | 4 |
| ARDELYX INC | [ARDX](https://holderbook.com/stocks/ARDX/) | $2.1M | 0 | 0.5% | 2 |
| DELCATH SYS INC | [DCTH](https://holderbook.com/stocks/DCTH/) | $2.0M | 0 | 0.5% | 3 |
| MOONLAKE IMMUNOTHERAPEUTICS | [MLTX](https://holderbook.com/stocks/MLTX/) | $1.9M | 100,000 | 0.5% | 1 |
| MAXCYTE INC | [MXCT](https://holderbook.com/stocks/MXCT/) | $1.8M | 1,503,212 | 0.5% | 4 |
| PHATHOM PHARMACEUTICALS INC | [PHAT](https://holderbook.com/stocks/PHAT/) | $1.8M | 170,020 | 0.5% | 2 |
| CYBIN INC | [HELP](https://holderbook.com/stocks/HELP/) | $1.8M | 459,810 | 0.5% | 3 |
| CALCIMEDICA INC | [CALC](https://holderbook.com/stocks/CALC/) | $1.8M | 2,751,029 | 0.5% | 1 |
| CONNECT BIOPHARMA HLDGS LTD | [CNTB](https://holderbook.com/stocks/CNTB/) | $1.7M | 728,508 | 0.4% | 2 |
| ADIAL PHARMACEUTICALS INC | [ADIL](https://holderbook.com/stocks/ADIL/) | $1.6M | 727,563 | 0.4% | 1 |
| ZENTALIS PHARMACEUTICALS INC | [ZNTL](https://holderbook.com/stocks/ZNTL/) | $1.6M | 323,166 | 0.4% | 6 |
| CYTOMX THERAPEUTICS INC | [CTMX](https://holderbook.com/stocks/CTMX/) | $1.5M | 410,000 | 0.4% | 2 |
| MANNKIND CORP | [MNKD](https://holderbook.com/stocks/MNKD/) | $1.5M | 0 | 0.4% | 4 |
| NUVECTIS PHARMA INC | [NVCT](https://holderbook.com/stocks/NVCT/) | $1.5M | 80,000 | 0.4% | 1 |
| RADIOPHARM THERANOSTICS LTD | [RADX](https://holderbook.com/stocks/RADX/) | $1.5M | 153,000,000 | 0.4% | 3 |
| CRESCENT BIOPHARMA INC. | [CBIO](https://holderbook.com/stocks/CBIO/) | $1.4M | 80,000 | 0.4% | 3 |
| PMV PHARMACEUTICALS INC | [PMVP](https://holderbook.com/stocks/PMVP/) | $1.4M | 1,072,172 | 0.4% | 7 |
| ORUKA THERAPEUTICS INC | [ORKA](https://holderbook.com/stocks/ORKA/) | $1.4M | 15,000 | 0.4% | 1 |
| NERVGEN PHARMA CORP | [NGEN](https://holderbook.com/stocks/NGEN/) | $1.3M | 843,356 | 0.3% | 1 |
| ONKURE THERAPEUTICS INC | [OKUR](https://holderbook.com/stocks/OKUR/) | $1.2M | 261,368 | 0.3% | 2 |
| ARVINAS INC | [ARVN](https://holderbook.com/stocks/ARVN/) | $997.2K | 120,000 | 0.3% | 2 |
| BIOAGE LABS INC | [BIOA](https://holderbook.com/stocks/BIOA/) | $980.4K | 40,000 | 0.3% | 6 |
| SINTX TECHNOLOGIES INC | [SINT](https://holderbook.com/stocks/SINT/) | $891.0K | 836,820 | 0.2% | 1 |
| OPUS GENETICS INC | [IRD](https://holderbook.com/stocks/IRD/) | $827.9K | 201,436 | 0.2% | 2 |
| QT IMAGING HLDGS INC | [QTI](https://holderbook.com/stocks/QTI/) | $814.0K | 200,000 | 0.2% | 1 |
| BOUNDLESS BIO INC | [BOLD](https://holderbook.com/stocks/BOLD/) | $773.0K | 309,190 | 0.2% | 5 |
| CELLECTAR BIOSCIENCES INC | [CLRB](https://holderbook.com/stocks/CLRB/) | $581.3K | 209,100 | 0.1% | 1 |
| EUPRAXIA PHARMACEUTICALS INC | [EPRX](https://holderbook.com/stocks/EPRX/) | $575.0K | 86,982 | 0.1% | 1 |
| SAB BIOTHERAPEUTICS INC | [SABS](https://holderbook.com/stocks/SABS/) | $571.5K | 146,542 | 0.1% | 2 |
| ADLAI NORTYE LTD | [ANL](https://holderbook.com/stocks/ANL/) | $557.9K | 48,514 | 0.1% | 1 |
| SENSEONICS HLDGS INC | [SENS](https://holderbook.com/stocks/SENS/) | $553.0K | 97,360 | 0.1% | 1 |
| IMAGENEBIO INC | [IMA](https://holderbook.com/stocks/IMA/) | $539.0K | 96,172 | 0.1% | 1 |
| PLIANT THERAPEUTICS INC | [PLRX](https://holderbook.com/stocks/PLRX/) | $525.6K | 461,076 | 0.1% | 4 |
| CODEXIS INC | [CDXS](https://holderbook.com/stocks/CDXS/) | $495.7K | 219,324 | 0.1% | 4 |
| PRECISION OPTICS CORP INC MA | [POCI](https://holderbook.com/stocks/POCI/) | $473.2K | 92,780 | 0.1% | 2 |
| UPSTREAM BIO INC | [UPB](https://holderbook.com/stocks/UPB/) | $462.7K | 66,864 | 0.1% | 2 |
| REIN THERAPEUTICS INC | [RNTX](https://holderbook.com/stocks/RNTX/) | $453.5K | 436,076 | 0.1% | 1 |
| HUMACYTE INC | [HUMA](https://holderbook.com/stocks/HUMA/) | $361.0K | 462,598 | 0.1% | 1 |
| MILESTONE SCIENTIFIC INC | [MLSS](https://holderbook.com/stocks/MLSS/) | $348.6K | 666,666 | 0.1% | 1 |
| KALARIS THERAPEUTICS INC | [KLRS](https://holderbook.com/stocks/KLRS/) | $245.2K | 60,244 | 0.1% | 2 |
| VERRICA PHARMACEUTICALS INC | [VRCA](https://holderbook.com/stocks/VRCA/) | $241.5K | 88,417 | 0.1% | 3 |
| PROCESSA PHARMACEUTICALS INC | [PCSA](https://holderbook.com/stocks/PCSA/) | $211.2K | 110,000 | 0.1% | 3 |
| INOVIO PHARMACEUTICALS INC | [INO](https://holderbook.com/stocks/INO/) | $210.2K | 1,345,237 | 0.1% | 1 |
| BIOATLA INC | [BCAB](https://holderbook.com/stocks/BCAB/) | $136.1K | 32,864 | 0.0% | 1 |
| COMPUGEN LTD | [CGEN](https://holderbook.com/stocks/CGEN/) | $134.3K | 62,774 | 0.0% | 3 |
| PRECISION BIOSCIENCES INC | [DTIL](https://holderbook.com/stocks/DTIL/) | $128.4K | 40,000 | 0.0% | 1 |
| OVID THERAPEUTICS INC | [OVID](https://holderbook.com/stocks/OVID/) | $114.6K | 42,600 | 0.0% | 3 |
| EVAXION AS | [EVAX](https://holderbook.com/stocks/EVAX/) | $108.9K | 35,124 | 0.0% | 3 |
| TENAYA THERAPEUTICS INC | [TNYA](https://holderbook.com/stocks/TNYA/) | $107.4K | 352,001 | 0.0% | 1 |
| GRACE THERAPEUTICS INC | [GRCE](https://holderbook.com/stocks/GRCE/) | $62.1K | 294,550 | 0.0% | 1 |
| APREA THERAPEUTICS INC | [APRE](https://holderbook.com/stocks/APRE/) | $0 | 137,174 | 0.0% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +8.4% | +14.8% | -6.4% | 84% |
| Q1 2026 | -11.6% | -4.6% | -7.0% | 94% |
| Q4 2025 | +8.9% | +2.4% | +6.5% | 100% |
| Q3 2025 | +17.4% | +7.8% | +9.6% | 95% |
| Q2 2025 | +4.2% | +10.5% | -6.2% | 79% |
| Q1 2025 | -8.0% | -4.6% | -3.5% | 100% |
| Q4 2024 | -4.2% | +2.1% | -6.3% | 97% |
| Q3 2024 | +41.5% | +5.4% | +36.0% | 81% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $390.9M | 93 |
| Q1 2026 | $249.7M | 72 |
| Q4 2025 | $137.0M | 64 |
| Q3 2025 | $123.0M | 58 |
| Q2 2025 | $101.9M | 58 |
| Q1 2025 | $102.8M | 66 |
| Q4 2024 | $123.9M | 52 |
| Q3 2024 | $158.2M | 38 |
| Q2 2024 | $109.6M | 25 |
| Q1 2024 | $126.1M | 20 |
| Q4 2023 | $231.2M | 16 |
| Q3 2023 | $301.0M | 23 |