Stonepine Capital Management, LLC
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 17, 2026), Stonepine Capital Management, LLC reported 72 stock positions worth $131.4 million. Its top holding was Verastem (VSTM) at 9.7% of the portfolio, followed by Evolus (EOLS, 8.4%) and Tenax Therapeutics (TENX, 7.3%). Compared with Q1 2026, it opened 18 new positions, sold out of 12, added to 24 and reduced 25. The biggest buy was a new position in Eloxx Pharmaceuticals (ELOX) and the biggest sale Tenax Therapeutics (TENX, shares −32%).
- Most Recent 13F
- Q2 2026
- Location
- Bend, OR
- CIK
- 0001440771
- Portfolio Value
- $131.4M (Q2 2026)
- SEC Filing
- 0001440771-26-000016 ↗ filed Aug 17, 2026
Holdings Value
Holdings 72 stocks · $131.4M
| VSTM Verastem Inc. | 9.74% | 3,349,627 | $12.8M | Add +1.4% |
| EOLS Evolus Inc. | 8.40% | 1,590,162 | $11.0M | Reduce -9.6% |
| TENX Tenax Therapeutics Inc. | 7.31% | 660,000 | $9.6M | Reduce -32.3% |
| NKTR Nektar Therapeutics | 6.41% | 120,654 | $8.4M | Add +42.0% |
| ADMA Adma Biologics Inc. | 4.72% | 740,000 | $6.2M | No change |
| CAMP CAMP4 Therapeutics Corp. | 4.62% | 1,389,622 | $6.1M | No change |
| ELOX Eloxx Pharmaceuticals Inc. | 4.20% | 397,160 | $5.5M | New |
| KZIA Kazia Therapeutics-Spon ADR | 3.70% | 345,179 | $4.9M | No change |
| INDV Indivior Pharmaceuticals Inc. | 3.12% | 100,000 | $4.1M | New |
| CRBP Corbus Pharmaceuticals Holdi | 3.03% | 425,000 | $4.0M | Add +10.8% |
| MSLE Satellos Bioscience Inc. | 2.83% | 491,624 | $3.7M | Add +391.6% |
| ZVRA Zevra Therapeutics Inc. | 2.82% | 258,701 | $3.7M | Reduce -46.1% |
| ABEO Abeona Therapeutics Inc. | 2.62% | 557,284 | $3.4M | Reduce -25.4% |
| EDSA Edesa Biotech Inc. | 2.43% | 456,439 | $3.2M | Add +1421.5% |
| CABA Cabaletta Bio Inc. | 2.17% | 917,100 | $2.9M | Add +1734.2% |
| ANTX AN2 Therapeutics Inc. | 2.03% | 551,692 | $2.7M | Reduce -22.7% |
| XLO Xilio Therapeutics Inc. | 1.65% | 225,994 | $2.2M | Add +252.2% |
| ACET Adicet Bio Inc. | 1.61% | 245,518 | $2.1M | Add +10.6% |
| TELA Tela Bio Inc. | 1.52% | 2,662,427 | $2.0M | Add +1.7% |
| AYTU Aytu Biopharma Inc. | 1.49% | 912,921 | $2.0M | Add +15.2% |
| CRIS Curis Inc. | 1.32% | 3,312,185 | $1.7M | Reduce -11.1% |
| SPRB Spruce Biosciences Inc. | 1.18% | 28,795 | $1.6M | New |
| OKYO Okyo Pharma Ltd. | 0.99% | 862,996 | $1.3M | Add +1.5% |
| KTTA Pasithea Therapeutics Corp. | 0.86% | 2,201,468 | $1.1M | Add +164.8% |
| SLGL Sol-Gel Technologies Ltd. | 0.82% | 14,469 | $1.1M | Reduce -47.9% |
| LUNG Pulmonx Corp. | 0.81% | 815,436 | $1.1M | Add +6.1% |
| XFOR X4 Pharmaceuticals Inc. | 0.80% | 224,989 | $1.1M | Reduce -32.9% |
| INAB IN8BIO Inc. | 0.75% | 695,287 | $980K | Add +4.8% |
| MLTX Moonlake Immunotherapeutics | 0.74% | 50,000 | $974K | New |
| QNRX Quoin Pharmaceuticals LT-ADR | 0.73% | 199,486 | $966K | Add +273.1% |
| MXCT Maxcyte Inc. | 0.70% | 751,606 | $924K | Reduce -25.2% |
| PHAT Phathom Pharmaceuticals Inc. | 0.70% | 85,010 | $922K | Add +70.0% |
| AZTR Azitra Inc. | 0.68% | 5,285,476 | $887K | New |
| CNTB Connect Biopharma Holdings L | 0.66% | 364,254 | $867K | Add +17.5% |
| HELP Cybin Inc. | 0.65% | 129,280 | $855K | Reduce -3.6% |
| RARE Ultragenyx Pharmaceutical Inc. | 0.64% | 25,000 | $835K | New |
| IKT Inhibikase Therapeutics Inc. | 0.61% | 396,179 | $804K | Reduce -58.6% |
| ZNTL Zentalis Pharmaceuticals Inc. | 0.60% | 161,583 | $784K | Reduce -40.0% |
| CTMX Cytomx Therapeutics Inc. | 0.59% | 205,000 | $769K | Add +2.5% |
| NVCT Nuvectis Pharma Inc. | 0.56% | 40,000 | $736K | New |
| CBIO Crescent Biopharma Inc. | 0.55% | 40,000 | $720K | Reduce -52.9% |
| PMVP PMV Pharmaceuticals Inc. | 0.55% | 536,086 | $718K | Reduce -24.3% |
| ORKA Oruka Therapeutics Inc. | 0.54% | 7,500 | $714K | New |
| RADX Radiopharm Theranostics Ltd. | 0.51% | 51,000,000 | $671K | No change |
| OKUR Onkure Therapeutics Inc. Class A | 0.45% | 130,684 | $596K | Reduce -1.4% |
| NGEN Nervgen Pharma Corp. | 0.43% | 271,678 | $560K | New |
| CALC Calcimedica Inc. | 0.41% | 622,432 | $545K | New |
| ARVN Arvinas Inc. | 0.38% | 60,000 | $499K | Add +118.2% |
| BIOA Bioage Labs Inc. | 0.37% | 20,000 | $490K | Reduce -60.0% |
| IRD Opus Genetics Inc. | 0.32% | 100,718 | $414K | Add +46.6% |
| QTI QT Imaging Holdings Inc. | 0.31% | 100,000 | $407K | New |
| BOLD Boundless Bio Inc. | 0.29% | 154,595 | $386K | Reduce -74.1% |
| SINT Sintx Technologies Inc. | 0.25% | 209,205 | $333K | New |
| CLRB Cellectar Biosciences Inc. | 0.22% | 104,550 | $291K | New |
| EPRX Eupraxia Pharmaceuticals Inc. | 0.22% | 43,491 | $287K | New |
| SABS Sab Biotherapeutics Inc. | 0.22% | 73,271 | $286K | Add +46.5% |
| ANL Adlai Nortye Group Ltd. | 0.21% | 24,257 | $279K | New |
| SENS Senseonics Holdings Inc. | 0.21% | 48,680 | $277K | New |
| PLRX Pliant Therapeutics Inc. | 0.20% | 230,538 | $263K | Add +2.6% |
| CDXS Codexis Inc. | 0.19% | 109,662 | $248K | Reduce -73.8% |
| POCI Precision Optics Corp. Inc. | 0.18% | 46,390 | $237K | Reduce -53.6% |
| UPB Upstream Bio Inc. | 0.18% | 33,432 | $231K | Reduce -4.5% |
| RNTX Rein Therapeutics Inc. | 0.17% | 218,038 | $227K | New |
| HRTX Heron Therapeutics Inc. | 0.16% | 490,787 | $209K | Reduce -65.0% |
| CNSP CNS Pharmaceuticals Inc. | 0.15% | 41,573 | $199K | Reduce -31.9% |
| HUMA Humacyte Inc. | 0.14% | 231,299 | $181K | New |
| KLRS Kalaris Therapeutics Inc. | 0.09% | 30,122 | $123K | Add +47.7% |
| PCSA Processa Pharmaceuticals Inc. | 0.08% | 55,000 | $106K | No change |
| BCAB Bioatla Inc. | 0.05% | 16,432 | $68K | Add +1156.5% |
| CGEN Compugen Ltd. | 0.05% | 31,387 | $67K | Reduce -69.9% |
| OVID Ovid Therapeutics Inc. | 0.04% | 21,300 | $57K | Reduce -46.8% |
| EVAX Evaxion A/S | 0.04% | 17,562 | $54K | Reduce -10.9% |
Options reported separately and not counted above: ADMA calls ($8.0M), INSM calls ($5.6M), RARE calls ($5.5M), MDT calls ($4.4M), ABT calls ($3.8M), BSX calls ($3.3M), EOLS calls ($3.1M), BMRN calls ($3.1M), XERS calls ($2.1M), HRTX calls ($1.5M), SIBN calls ($1.5M), NMRA calls ($1.3M), and 3 more.
Portfolio Sells Q1 2026 → Q2 2026
| TENX Tenax Therapeutics Inc. | Reduce -32.3% | 7.31% | −6.41 |
| XOMA Xoma Royalty Corporation | Sold out | 0.00% | −1.92 |
| SLGL Sol-Gel Technologies Ltd. | Reduce -47.9% | 0.82% | −1.12 |
| ZVRA Zevra Therapeutics Inc. | Reduce -46.1% | 2.82% | −1.11 |
| SRZN Surrozen Inc. | Sold out | 0.00% | −0.85 |
| HRTX Heron Therapeutics Inc. | Reduce -65.0% | 0.16% | −0.83 |
| CBIO Crescent Biopharma Inc. | Reduce -52.9% | 0.55% | −0.83 |
| IKT Inhibikase Therapeutics Inc. | Reduce -58.6% | 0.61% | −0.80 |
| CRIS Curis Inc. | Reduce -11.1% | 1.32% | −0.48 |
| VRCA Verrica Pharmaceuticals Inc. | Sold out | 0.00% | −0.46 |
| CADL Candel Therapeutics Inc. | Sold out | 0.00% | −0.44 |
| XFOR X4 Pharmaceuticals Inc. | Reduce -32.9% | 0.80% | −0.42 |
| CDXS Codexis Inc. | Reduce -73.8% | 0.19% | −0.41 |
| BIOA Bioage Labs Inc. | Reduce -60.0% | 0.37% | −0.40 |
| ABEO Abeona Therapeutics Inc. | Reduce -25.4% | 2.62% | −0.32 |
| ESTA Establishment Labs Holdings | Sold out | 0.00% | −0.30 |
| BOLD Boundless Bio Inc. | Reduce -74.1% | 0.29% | −0.28 |
| JANX Janux Therapeutics Inc. | Sold out | 0.00% | −0.24 |
| OABI Omniab Inc. | Sold out | 0.00% | −0.23 |
| PMVP PMV Pharmaceuticals Inc. | Reduce -24.3% | 0.55% | −0.23 |
| POCI Precision Optics Corp. Inc. | Reduce -53.6% | 0.18% | −0.21 |
| XERS Xeris Biopharma Holdings Inc. | Sold out | 0.00% | −0.20 |
| NMRA Neumora Therapeutics Inc. | Sold out | 0.00% | −0.17 |
| SIBN Si-Bone Inc. | Sold out | 0.00% | −0.17 |
| CGEN Compugen Ltd. | Reduce -69.9% | 0.05% | −0.14 |
| ANTX AN2 Therapeutics Inc. | Reduce -22.7% | 2.03% | −0.11 |
| UPB Upstream Bio Inc. | Reduce -4.5% | 0.18% | −0.10 |
| ELDN Eledon Pharmaceuticals Inc. | Sold out | 0.00% | −0.09 |
| MNKD Mannkind Corp. | Sold out | 0.00% | −0.04 |
| OVID Ovid Therapeutics Inc. | Reduce -46.8% | 0.04% | −0.03 |
| OKUR Onkure Therapeutics Inc. Class A | Reduce -1.4% | 0.45% | −0.03 |
| EVAX Evaxion A/S | Reduce -10.9% | 0.04% | −0.02 |
| CNSP CNS Pharmaceuticals Inc. | Reduce -31.9% | 0.15% | +0.02 |
| ZNTL Zentalis Pharmaceuticals Inc. | Reduce -40.0% | 0.60% | +0.04 |
| MXCT Maxcyte Inc. | Reduce -25.2% | 0.70% | +0.08 |
| HELP Cybin Inc. | Reduce -3.6% | 0.65% | +0.08 |
| EOLS Evolus Inc. | Reduce -9.6% | 8.40% | +2.04 |
Portfolio Buys Q1 2026 → Q2 2026
| ELOX Eloxx Pharmaceuticals Inc. | New | 4.20% | +4.20 |
| INDV Indivior Pharmaceuticals Inc. | New | 3.12% | +3.12 |
| MSLE Satellos Bioscience Inc. | Add +391.6% | 2.83% | +2.34 |
| EDSA Edesa Biotech Inc. | Add +1421.5% | 2.43% | +2.29 |
| CABA Cabaletta Bio Inc. | Add +1734.2% | 2.17% | +2.05 |
| SPRB Spruce Biosciences Inc. | New | 1.18% | +1.18 |
| XLO Xilio Therapeutics Inc. | Add +252.2% | 1.65% | +1.17 |
| NKTR Nektar Therapeutics | Add +42.0% | 6.41% | +1.03 |
| MLTX Moonlake Immunotherapeutics | New | 0.74% | +0.74 |
| AZTR Azitra Inc. | New | 0.68% | +0.68 |
| RARE Ultragenyx Pharmaceutical Inc. | New | 0.64% | +0.64 |
| NVCT Nuvectis Pharma Inc. | New | 0.56% | +0.56 |
| ORKA Oruka Therapeutics Inc. | New | 0.54% | +0.54 |
| NGEN Nervgen Pharma Corp. | New | 0.43% | +0.43 |
| QNRX Quoin Pharmaceuticals LT-ADR | Add +273.1% | 0.73% | +0.42 |
| CALC Calcimedica Inc. | New | 0.41% | +0.41 |
| KTTA Pasithea Therapeutics Corp. | Add +164.8% | 0.86% | +0.32 |
| QTI QT Imaging Holdings Inc. | New | 0.31% | +0.31 |
| ACET Adicet Bio Inc. | Add +10.6% | 1.61% | +0.29 |
| SINT Sintx Technologies Inc. | New | 0.25% | +0.25 |
| CLRB Cellectar Biosciences Inc. | New | 0.22% | +0.22 |
| EPRX Eupraxia Pharmaceuticals Inc. | New | 0.22% | +0.22 |
| PHAT Phathom Pharmaceuticals Inc. | Add +70.0% | 0.70% | +0.21 |
| ANL Adlai Nortye Group Ltd. | New | 0.21% | +0.21 |
| SENS Senseonics Holdings Inc. | New | 0.21% | +0.21 |
| RNTX Rein Therapeutics Inc. | New | 0.17% | +0.17 |
| HUMA Humacyte Inc. | New | 0.14% | +0.14 |
| ARVN Arvinas Inc. | Add +118.2% | 0.38% | +0.12 |
| TELA Tela Bio Inc. | Add +1.7% | 1.52% | +0.09 |
| SABS Sab Biotherapeutics Inc. | Add +46.5% | 0.22% | +0.05 |
| BCAB Bioatla Inc. | Add +1156.5% | 0.05% | +0.04 |
| IRD Opus Genetics Inc. | Add +46.6% | 0.32% | +0.04 |
| KLRS Kalaris Therapeutics Inc. | Add +47.7% | 0.09% | −0.01 |
| PLRX Pliant Therapeutics Inc. | Add +2.6% | 0.20% | −0.05 |
| CNTB Connect Biopharma Holdings L | Add +17.5% | 0.66% | −0.05 |
| LUNG Pulmonx Corp. | Add +6.1% | 0.81% | −0.06 |
| INAB IN8BIO Inc. | Add +4.8% | 0.75% | −0.12 |
| CRBP Corbus Pharmaceuticals Holdi | Add +10.8% | 3.03% | −0.13 |
| OKYO Okyo Pharma Ltd. | Add +1.5% | 0.99% | −0.22 |
| CTMX Cytomx Therapeutics Inc. | Add +2.5% | 0.59% | −0.24 |
| AYTU Aytu Biopharma Inc. | Add +15.2% | 1.49% | −0.41 |
| VSTM Verastem Inc. | Add +1.4% | 9.74% | −5.65 |
Options Activity Q1 2026 → Q2 2026
| XBI SS SPDR S&P Biotech ETF | put | Sold out | 400,000 | $51.1Mbefore exit |
| XBI SS SPDR S&P Biotech ETF | call | Sold out | 400,000 | $51.1Mbefore exit |
| ADMA Adma Biologics Inc. | call | Reduce -43.5% | 650,000 | $8.0M |
| INSM Insmed Inc. | call | New | 40,000 | $5.6M |
| RARE Ultragenyx Pharmaceutical Inc. | call | New | 200,000 | $5.5M |
| TERN Terns Pharmaceuticals Inc. | call | Sold out | 100,000 | $5.3Mbefore exit |
| MDT Medtronic PLC | call | New | 50,000 | $4.4M |
| ABT Abbott Laboratories | call | New | 40,000 | $3.8M |
| BSX Boston Scientific Corp. | call | New | 50,000 | $3.3M |
| BMRN Biomarin Pharmaceutical Inc. | call | New | 50,000 | $3.1M |
| ESTA Establishment Labs Holdings | call | Sold out | 50,000 | $2.8Mbefore exit |
| ARE Alexandria Real Estate Equit | call | Sold out | 50,000 | $2.3Mbefore exit |
| ACAD Acadia Pharmaceuticals Inc. | call | Sold out | 100,000 | $2.2Mbefore exit |
| CTMX Cytomx Therapeutics Inc. | call | Sold out | 200,000 | $940Kbefore exit |
| MNKD Mannkind Corp. | call | Reduce -50.0% | 250,000 | $750K |
| ABEO Abeona Therapeutics Inc. | call | Sold out | 100,000 | $448Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026Amended | 72 | $131.4M | VSTM, EOLS, TENX, NKTR, ADMA |
| Q1 2026 | 66 | $113.7M | VSTM, TENX, EOLS, ADMA, CAMP |
| Q4 2025 | 61 | $126.4M | VSTM, ADMA, EOLS, ZVRA, IKT |
| Q3 2025 | 58 | $123.0M | VSTM, ADMA, EOLS, ZVRA, NKTR |
| Q2 2025 | 58 | $101.5M | ADMA, EOLS, ZVRA, VSTM, INDV |
| Q1 2025 | 66 | $102.8M | ANIP, EOLS, OPTINOSE INC, ZVRA, VSTM |
| Q4 2024 | 52 | $123.9M | ADMA, EOLS, TELA, LKFT, ZVRA |
| Q3 2024 | 38 | $158.2M | ADMA, EOLS, LKFT, JAZZ, RPRX |
| Q2 2024Amended | 25 | $109.6M | ADMA, ALIM, EOLS, LKFT, RVNC |
| Q1 2024 | 20 | $126.1M | EOLS, ADMA, ALIM, LKFT, RVNC |