Stonepine Capital Management, LLC — 13F Holdings & Portfolio
CIK 1440771 · latest 13F-HR filed 2026-05-14
Stonepine Capital Management, LLC manages $249.7M in 13F-reported U.S. long-equity assets across 83 reported positions as of its 2026-03-31 13F-HR filing. Its largest disclosed positions are XBI (20.46%), XBI (20.46%), VSTM (7.01%). Quarter over quarter (versus its 2025-12-31 filing) the fund opened 20 new positions, exited 15, added to 12, and trimmed 29.
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.
$249.7M
Long-equity book
83
Distinct positions
2026-03-31
Filed 2026-05-14
+20 / −15 / ↑12 / ↓29
vs 2025-12-31
| Name | Title / Status | Ownership | Type |
|---|
Top Adds (vs prior quarter)
- TENAX THERAPEUTICS INC$15.4M +10664.0%
- CAMP4 THERAPEUTICS CORP$4.7M +336.8%
- NEKTAR THERAPEUTICS$2.5M +70.2%
- CURIS INC$2.0M +3381.3%
- AN2 THERAPEUTICS INC$1.7M +241.2%
Top Trims
- ADMA BIOLOGICS INC-$6.8M -50.6%
- EVOLUS INC-$3.6M -33.4%
- VERASTEM INC-$3.6M -17.0%
- INHIBIKASE THERAPEUTICS INC-$3.2M -66.6%
- VERRICA PHARMACEUTICALS INC-$2.4M -82.0%
New Positions
- SOL-GEL TECHNOLOGIES LTD$2.2M
- OKYO PHARMA LTD$1.4M
- CYTOMX THERAPEUTICS INC.$940.0K
- CONNECT BIOPHARMA HLDGS LTD$812.2K
- SATELLOS BIOSCIENCE INC$563.0K
Exited Positions
- INDIVIOR PLC$3.6M
- ACADIA PHARMACEUTICALS INC$2.7M
- DAY ONE BIOPHARMACEUTICALS I$1.9M
- SPRUCE BIOSCIENCES INC$1.7M
- ENANTA PHARMACEUTICALS INC$1.6M
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 | SPDR SERIES TRUST Put | XBI | 78464A870 | $51.1M | 20.46% | 400,000 | SH |
| 2 | SPDR SERIES TRUST Call | XBI | 78464A870 | $51.1M | 20.46% | 400,000 | SH |
| 3 | VERASTEM INC | VSTM | 92337C203 | $17.5M | 7.01% | 3,302,300 | SH |
| 4 | TENAX THERAPEUTICS INC | TENX | 88032L605 | $15.6M | 6.24% | 975,200 | SH |
| 5 | ADMA BIOLOGICS INC Call | ADMA | 000899104 | $10.4M | 4.15% | 1,150,000 | SH |
| 6 | EVOLUS INC | EOLS | 30052C107 | $7.2M | 2.90% | 1,759,091 | SH |
| 7 | ADMA BIOLOGICS INC | ADMA | 000899104 | $6.7M | 2.67% | 740,000 | SH |
| 8 | CAMP4 THERAPEUTICS CORP | CAMP | 13463J101 | $6.1M | 2.45% | 1,389,622 | SH |
| 9 | NEKTAR THERAPEUTICS | NKTR | 640268306 | $6.1M | 2.45% | 85,000 | SH |
| 10 | TERNS PHARMACEUTICALS INC Call | TERN | 880881107 | $5.3M | 2.11% | 100,000 | SH |
| 11 | ZEVRA THERAPEUTICS INC | ZVRA | 488445206 | $4.5M | 1.79% | 480,000 | SH |
| 12 | CORBUS PHARMACEUTICALS HLDGS | CRBP | 21833P301 | $3.6M | 1.44% | 383,462 | SH |
| 13 | ABEONA THERAPEUTICS INC | ABEO | 00289Y206 | $3.3M | 1.34% | 746,587 | SH |
| 14 | ESTABLISHMENT LABS HLDGS INC Call | ESTA | G31249108 | $2.8M | 1.14% | 50,000 | SH |
| 15 | KAZIA THERAPEUTICS LTD | KZIA | 48669G303 | $2.6M | 1.03% | 345,179 | SH |
| 16 | AN2 THERAPEUTICS INC | ANTX | 037326105 | $2.4M | 0.98% | 713,845 | SH |
| 17 | ALEXANDRIA REAL ESTATE EQ IN Call | ARE | 015271109 | $2.3M | 0.93% | 50,000 | SH |
| 18 | ACADIA PHARMACEUTICALS INC Call | ACAD | 004225108 | $2.2M | 0.89% | 100,000 | SH |
| 19 | SOL-GEL TECHNOLOGIES LTD | SLGL | M8694L137 | $2.2M | 0.88% | 27,778 | SH |
| 20 | XOMA ROYALTY CORPORATION | XOMA | 98419J206 | $2.2M | 0.87% | 69,500 | SH |
| 21 | AYTU BIOPHARMA INC | AYTU | 054754858 | $2.2M | 0.87% | 792,289 | SH |
| 22 | CURIS INC | CRIS | 231269309 | $2.0M | 0.82% | 3,726,406 | SH |
| 23 | EVOLUS INC Call | EOLS | 30052C107 | $1.7M | 0.69% | 420,000 | SH |
| 24 | XERIS BIOPHARMA HOLDINGS INC Call | XERS | 98422E103 | $1.6M | 0.65% | 280,000 | SH |
| 25 | TELA BIO INC | TELA | 872381108 | $1.6M | 0.65% | 2,617,252 | SH |
| 26 | INHIBIKASE THERAPEUTICS INC | IKT | 45719W205 | $1.6M | 0.64% | 957,202 | SH |
| 27 | CRESCENT BIOPHARMA INC. | CBIO | G2545C104 | $1.6M | 0.63% | 85,000 | SH |
| 28 | ADICET BIO INC | ACET | 007002207 | $1.5M | 0.61% | 221,955 | SH |
| 29 | X4 PHARMACEUTICALS INC | XFOR | 98420X202 | $1.4M | 0.55% | 335,309 | SH |
| 30 | OKYO PHARMA LTD | OKYO | G6724L116 | $1.4M | 0.55% | 850,000 | SH |
| 31 | SI BONE INC Call | SIBN | 825704109 | $1.3M | 0.51% | 100,000 | SH |
| 32 | MANNKIND CORP Call | MNKD | 56400P706 | $1.2M | 0.49% | 500,000 | SH |
| 33 | HERON THERAPEUTICS INC | HRTX | 427746102 | $1.1M | 0.45% | 1,402,191 | SH |
| 34 | PULMONX CORP | LUNG | 745848101 | $991.1K | 0.40% | 768,288 | SH |
| 35 | IN8BIO INC | INAB | 45674E208 | $981.9K | 0.39% | 663,412 | SH |
| 36 | NEUMORA THERAPEUTICS INC. Call | NMRA | 640979100 | $975.0K | 0.39% | 500,000 | SH |
| 37 | SURROZEN INC | SRZN | 86889P208 | $961.4K | 0.39% | 33,005 | SH |
| 38 | CYTOMX THERAPEUTICS INC. Call | CTMX | 23284F105 | $940.0K | 0.38% | 200,000 | SH |
| 39 | CYTOMX THERAPEUTICS INC. | CTMX | 23284F105 | $940.0K | 0.38% | 200,000 | SH |
| 40 | DELCATH SYS INC Call | DCTH | 24661P807 | $928.0K | 0.37% | 100,000 | SH |
| 41 | ARDELYX INC Call | ARDX | 039697107 | $898.5K | 0.36% | 150,000 | SH |
| 42 | PMV PHARMACEUTICALS INC | PMVP | 69353Y103 | $878.0K | 0.35% | 708,102 | SH |
| 43 | BIOAGE LABS INC | BIOA | 09077V100 | $874.5K | 0.35% | 50,000 | SH |
| 44 | CONNECT BIOPHARMA HLDGS LTD | CNTB | G23549101 | $812.2K | 0.33% | 310,000 | SH |
| 45 | HERON THERAPEUTICS INC Call | HRTX | 427746102 | $800.1K | 0.32% | 1,000,000 | SH |
| 46 | RADIOPHARM THERANOSTICS LTD | RADX | 75041J101 | $739.0K | 0.30% | 51,000,000 | SH |
| 47 | MAXCYTE INC | MXCT | 57777K106 | $705.8K | 0.28% | 1,004,673 | SH |
| 48 | CODEXIS INC | CDXS | 192005106 | $681.3K | 0.27% | 417,994 | SH |
| 49 | BOUNDLESS BIO INC | BOLD | 10170A100 | $657.5K | 0.26% | 597,682 | SH |
| 50 | CYBIN INC | HELP | 23256X407 | $643.5K | 0.26% | 134,060 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 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 |