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Stonepine Capital Management, LLC — 13F Holdings & Portfolio

CIK 1440771 · latest 13F-HR filed 2026-08-17

Backtest portfolio

Stonepine Capital Management, LLC manages $177.3M in 13F-reported U.S. long-equity assets across 87 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are VSTM (7.22%), EOLS (6.23%), TENX (5.42%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 19 new positions and exited 13; 24 existing positions rose in reported value and 25 fell.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

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AUM
$177.3M

Long-equity book

Holdings
87

Distinct positions

Period
2026-06-30

Filed 2026-08-17

Q/Q Activity
+19 / −13 / ↑24 / ↓25

vs 2026-03-31

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q2 26
VSTM9.7% · +1%EOLS8.4% · -10%TENX7.3% · -32%NKTR6.4% · +42%ADMA4.7% · 0%CAMP4.6% · 0%ELOX4.2% · newKZIA3.7% · 0%INDV3.1% · newCRBP3.0% · +11%MSLE2.8% · +392%ZVRA2.8% · -46%ABEO2.6% · -25%EDSA2.4% · +1422%CABA2.2% · +1734%ANTX2.0% · -23%XLO1.6% · +252%ACET1.6% · +11%TELA1.5% · +2%AYTU1.5% · +15%CRIS1.3% · -11%SPRB1.2% · newOKYO1.0% · +2%KTTA0.9% · +165%SLGL0.8% · -48%LUNG0.8% · +6%XFOR0.8% · -33%INAB0.7% · +5%MLTX0.7% · newQNRX0.7% · +273%MXCT0.7% · -25%PHAT0.7% · +70%AZTR0.7% · newCNTB0.7% · +18%HELP0.7% · -4%RARE0.6% · newIKT0.6% · -59%ZNTL0.6% · -40%CTMX0.6% · +2%NVCT0.6% · newCBIO0.5% · -53%PMVP0.5% · -24%ORKA0.5% · newRADX0.5% · 0%OKUR0.5% · -1%NGEN0.4% · newCALC0.4% · newARVN0.4% · +118%BIOA0.4% · -60%IRD0.3% · +47%QTI0.3% · newBOLD0.3% · -74%SINT0.3% · newCLRB0.2% · newEPRX0.2% · newSABS0.2% · +46%ANL0.2% · newSENS0.2% · newPLRX0.2% · +3%CDXS0.2% · -74%

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q1 26 → Q2 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

4 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 55.3%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People

As of the firm’s regulatory filing dated Jun 26, 2026.

Assets Under Management
$181.0M
Discretionary
$181.0M
Employees
4
Accounts
1
Address
2900 NW CLEARWATER DRIVE
SUITE 100-11
BEND, OR 97703
Phone
(541) 647-5673
Website
Name Title / Status Ownership Type
NUNNENKAMP, JEFFREY, PETER ControlCHIEF OPERATIONS OFFICER
since Mar 2017
Less than 5%Individual
NUNNENKAMP, JEFFREY, PETER ControlCHIEF OPERATIONS OFFICER
since Mar 2017
Less than 5%Individual
PLEXICO, JON, MABREY ControlMANAGING MEMBER
since Jan 2006
75% or moreIndividual
PLEXICO, JON, MABREY ControlMANAGING MEMBER
since Jan 2006
75% or moreIndividual
FONG, BRYANTMEMBER
since May 2024
10–25%Individual
FONG, BRYANTMEMBER
since May 2024
10–25%Individual
HOU, LILYCHIEF COMPLIANCE OFFICER
since Jun 2026
Less than 5%Individual
HOU, LILYCHIEF COMPLIANCE OFFICER
since Jun 2026
Less than 5%Individual
Ownership & leadership changes · 6 filings with changes since Mar 24, 2015

From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.

Jun 26, 2026 filing
  • AddedHOU, LILY · CHIEF COMPLIANCE OFFICER · Less than 5%
Mar 19, 2025 filing
  • No longer listedArruda, Jennifer, Lynn · CHIEF COMPLIANCE OFFICER · Less than 5% · control person · listed since Oct 2024
  • ChangedPLEXICO, JON, MABREY · ownership 50–75% → 75% or more
Oct 9, 2024 filing
  • No longer listedLYNCH, TIMOTHY, PATRICK · MANAGING MEMBER · 50–75% · control person · listed since Jul 2008
  • AddedArruda, Jennifer, Lynn · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
  • ChangedNUNNENKAMP, JEFFREY, PETER · title CHIEF COMPLIANCE OFFICER/CHIEF OPERATIONS OFFICER → CHIEF OPERATIONS OFFICER
May 28, 2024 filing
  • AddedFONG, BRYANT · MEMBER · 10–25%
Jun 29, 2017 filing
  • No longer listedCarroll, Matthew · CHIEF COMPLIANCE OFFICER · Less than 5% · control person · listed since Aug 2016
  • AddedNUNNENKAMP, JEFFREY, PETER · CHIEF COMPLIANCE OFFICER/CHIEF OPERATIONS OFFICER · Less than 5% · control person
Sep 1, 2016 filing
  • AddedCarroll, Matthew · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
Mar 24, 2015 filing (earliest on record)
  • ListedLYNCH, TIMOTHY, PATRICK · MANAGING MEMBER · 50–75% · control person
  • ListedPLEXICO, JON, MABREY · MANAGING MEMBER · 50–75% · control person

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

Stonepine Capital Management, LLC Holdings (2026-06-30)

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 VERASTEM INC VSTM 92337C203 $12.8M 7.22% 3,349,627 SH
2 EVOLUS INC EOLS 30052C107 $11.0M 6.23% 1,590,162 SH
3 TENAX THERAPEUTICS INC TENX 88032L605 $9.6M 5.42% 660,000 SH
4 NEKTAR THERAPEUTICS NKTR 640268306 $8.4M 4.75% 120,654 SH
5 ADMA BIOLOGICS INC Call ADMA 000899104 $8.0M 4.48% 650,000 SH
6 ADMA BIOLOGICS INC ADMA 000899104 $6.2M 3.49% 740,000 SH
7 CAMP4 THERAPEUTICS CORP CAMP 13463J101 $6.1M 3.43% 1,389,622 SH
8 INSMED INC Call INSM 457669307 $5.6M 3.16% 40,000 SH
9 ELOXX PHARMACEUTICALS INC ELOX 29014R301 $5.5M 3.11% 397,160 SH
10 ULTRAGENYX PHARMACEUTICAL IN Call RARE 90400D108 $5.5M 3.10% 200,000 SH
11 KAZIA THERAPEUTICS LTD KZIA 48669G303 $4.9M 2.74% 345,179 SH
12 MEDTRONIC PLC Call MDT G5960L103 $4.4M 2.47% 50,000 SH
13 INDIVIOR PHARMACEUTICALS INC INDV 45579U109 $4.1M 2.31% 100,000 SH
14 CORBUS PHARMACEUTICALS HLDGS CRBP 21833P301 $4.0M 2.25% 425,000 SH
15 ABBOTT LABORATORIES Call ABT 002824100 $3.8M 2.14% 40,000 SH
16 SATELLOS BIOSCIENCE INC MSLE 80401L803 $3.7M 2.10% 491,624 SH
17 ZEVRA THERAPEUTICS INC ZVRA 488445206 $3.7M 2.09% 258,701 SH
18 ABEONA THERAPEUTICS INC ABEO 00289Y206 $3.4M 1.94% 557,284 SH
19 BOSTON SCIENTIFIC CORP Call BSX 101137107 $3.2M 1.83% 50,000 SH
20 EDESA BIOTECH INC EDSA 27966L306 $3.2M 1.80% 456,439 SH
21 EVOLUS INC Call EOLS 30052C107 $3.1M 1.78% 420,000 SH
22 BIOMARIN PHARMACEUTICAL INC Call BMRN 09061G101 $3.1M 1.76% 50,000 SH
23 CABALETTA BIO INC CABA 12674W109 $2.9M 1.61% 917,100 SH
24 AN2 THERAPEUTICS INC ANTX 037326105 $2.7M 1.51% 551,692 SH
25 XILIO THERAPEUTICS INC XLO 98422T209 $2.2M 1.22% 225,994 SH
26 ADICET BIO INC ACET 007002207 $2.1M 1.20% 245,518 SH
27 XERIS BIOPHARMA HOLDINGS INC Call XERS 98422E103 $2.1M 1.18% 280,000 SH
28 TELA BIO INC TELA 872381108 $2.0M 1.13% 2,662,427 SH
29 AYTU BIOPHARMA INC AYTU 054754858 $2.0M 1.11% 912,921 SH
30 CURIS INC CRIS 231269309 $1.7M 0.98% 3,312,185 SH
31 SPRUCE BIOSCIENCES INC SPRB 85209E208 $1.6M 0.88% 28,795 SH
32 HERON THERAPEUTICS INC Call HRTX 427746102 $1.5M 0.85% 1,000,000 SH
33 SI BONE INC Call SIBN 825704109 $1.5M 0.85% 100,000 SH
34 OKYO PHARMA LTD OKYO G6724L116 $1.3M 0.73% 862,996 SH
35 NEUMORA THERAPEUTICS INC. Call NMRA 640979100 $1.2M 0.71% 500,000 SH
36 PASITHEA THERAPEUTICS CORP KTTA 70261F202 $1.1M 0.64% 2,201,468 SH
37 SOL-GEL TECHNOLOGIES LTD SLGL M8694L137 $1.1M 0.61% 14,469 SH
38 PULMONX CORP LUNG 745848101 $1.1M 0.60% 815,436 SH
39 X4 PHARMACEUTICALS INC XFOR 98420X202 $1.1M 0.59% 224,989 SH
40 ARDELYX INC Call ARDX 039697107 $1.1M 0.59% 150,000 SH
41 DELCATH SYS INC Call DCTH 24661P807 $1.0M 0.56% 100,000 SH
42 IN8BIO INC INAB 45674E208 $980.4K 0.55% 695,287 SH
43 MOONLAKE IMMUNOTHERAPEUTICS MLTX 61559X104 $973.5K 0.55% 50,000 SH
44 QUOIN PHARMACEUTICALS LTD QNRX 74907L409 $965.5K 0.54% 199,486 SH
45 MAXCYTE INC MXCT 57777K106 $924.5K 0.52% 751,606 SH
46 PHATHOM PHARMACEUTICALS INC PHAT 71722W107 $922.4K 0.52% 85,010 SH
47 AZITRA INC AZTR 05479L302 $886.9K 0.50% 5,285,476 SH
48 CONNECT BIOPHARMA HLDGS LTD CNTB G23549101 $866.9K 0.49% 364,254 SH
49 CYBIN INC HELP 23256X407 $854.5K 0.48% 129,280 SH
50 ULTRAGENYX PHARMACEUTICAL IN RARE 90400D108 $834.8K 0.47% 25,000 SH
Filing History
Period Filed AUM Holdings Accession
2026-06-30 2026-08-17 $177.3M 87 0001440771-26-000016
2026-06-30 2026-08-14 $213.6M 97 0001440771-26-000014
2026-03-31 2026-05-14 $249.7M 83 0001440771-26-000002
2025-12-31 2026-02-13 $137.0M 66 0000935836-26-000090
2025-09-30 2025-11-13 $123.0M 58 0000935836-25-000666
Filer Information
Address
2900 NW CLEARWATER DRIVE
SUITE 100-11
BEND, OR 97703
Phone
(541) 647-5673
Filing Manager
Stonepine Capital Management, LLC
Bend, OR
Signatory
Jon M. Plexico
Managing Member