Stonepine Capital Management, LLC
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 21, 2024), Stonepine Capital Management, LLC reported 25 stock positions worth $109.6 million. Its top holding was Adma Biologics (ADMA) at 19.1% of the portfolio, followed by Alimera Sciences (ALIM, 17.8%) and Evolus (EOLS, 16.4%). Compared with Q1 2024, it opened 11 new positions, sold out of 6, added to 5 and reduced 8. The biggest buy was Anika Therapeutics (ANIK, shares +171%) and the biggest sale Evolus (EOLS, shares −38%).
- Most Recent 13F
- Q2 2026
- Location
- Bend, OR
- CIK
- 0001440771
- Portfolio Value
- $109.6M (Q2 2024)
- SEC Filing
- 0000935836-24-000540 ↗ filed Aug 21, 2024
Holdings Value
Holdings 25 stocks · $109.6M
| ADMA Adma Biologics Inc. | 19.07% | 1,870,000 | $20.9M | Reduce -45.4% |
| ALIM Alimera Sciences Inc. | 17.81% | 3,511,816 | $19.5M | Reduce -13.3% |
| EOLS Evolus Inc. | 16.41% | 1,657,611 | $18.0M | Reduce -38.0% |
| LKFT Lakefront Biotherapeutic-ADR filed as GALAPAGOS NV | 10.97% | 485,000 | $12.0M | Add +23.2% |
| RVNC Revance Therapeutics Inc. | 6.57% | 2,800,000 | $7.2M | Add +41.7% |
| XOMA Xoma Royalty Corporation filed as XOMA CORP DEL | 5.41% | 250,129 | $5.9M | Reduce -1.4% |
| ANIK Anika Therapeutics Inc. | 3.82% | 165,397 | $4.2M | Add +171.4% |
| TELA Tela Bio Inc. | 2.68% | 625,645 | $2.9M | Reduce -9.1% |
| RIGL Rigel Pharmaceuticals Inc. | 2.29% | 305,000 | $2.5M | Add +193.2% |
| OPTINOSE INC | 2.23% | 2,350,010 | $2.4M | New |
| ACRS Aclaris Therapeutics Inc. | 1.93% | 1,927,446 | $2.1M | New |
| SCPH Scpharmaceuticals Inc. | 1.67% | 421,703 | $1.8M | Reduce -5.6% |
| AUPH Aurinia Pharmaceuticals Inc. | 1.56% | 300,000 | $1.7M | New |
| MIST Milestone Pharmaceuticals Inc. | 1.49% | 1,239,199 | $1.6M | Reduce -15.3% |
| AYTU Aytu Biopharma Inc. | 1.26% | 472,469 | $1.4M | No change |
| KPRX Kiora Pharmaceuticals Inc. | 0.77% | 200,000 | $840K | New |
| ACET Adicet Bio Inc. | 0.67% | 609,446 | $737K | Add +330.6% |
| SRZN Surrozen Inc. | 0.66% | 66,084 | $724K | New |
| XGN Exagen Inc. | 0.60% | 358,697 | $653K | Reduce -6.7% |
| KEZAR LIFE SCIENCES INC | 0.57% | 1,050,452 | $630K | New |
| APRE Aprea Therapeutics Inc. | 0.51% | 137,174 | $558K | New |
| TSVT 2SEVENTY Bio Inc. | 0.35% | 100,000 | $385K | New |
| ETON Eton Pharmaceuticals Inc. | 0.33% | 110,000 | $362K | New |
| IRWD Ironwood Pharmaceuticals Inc. | 0.29% | 48,012 | $313K | New |
| ACAD Acadia Pharmaceuticals Inc. | 0.07% | 5,000 | $81K | New |
Portfolio Sells Q1 2024 → Q2 2024
| EOLS Evolus Inc. | Reduce -38.0% | 16.41% | −13.29 |
| NKTR Nektar Therapeutics | Sold out | 0.00% | −2.58 |
| CALC Calcimedica Inc. | Sold out | 0.00% | −1.72 |
| XERS Xeris Biopharma Holdings Inc. | Sold out | 0.00% | −1.05 |
| MIST Milestone Pharmaceuticals Inc. | Reduce -15.3% | 1.49% | −0.58 |
| TELA Tela Bio Inc. | Reduce -9.1% | 2.68% | −0.41 |
| RZLT Rezolute Inc. | Sold out | 0.00% | −0.25 |
| IOBTQ Io Biotech Inc. | Sold out | 0.00% | −0.21 |
| SCYX Scynexis Inc. | Sold out | 0.00% | −0.11 |
| SCPH Scpharmaceuticals Inc. | Reduce -5.6% | 1.67% | −0.11 |
| XGN Exagen Inc. | Reduce -6.7% | 0.60% | +0.11 |
| XOMA Xoma Royalty Corporation | Reduce -1.4% | 5.41% | +0.56 |
| ADMA Adma Biologics Inc. | Reduce -45.4% | 19.07% | +1.13 |
| ALIM Alimera Sciences Inc. | Reduce -13.3% | 17.81% | +5.28 |
Portfolio Buys Q1 2024 → Q2 2024
| ANIK Anika Therapeutics Inc. | Add +171.4% | 3.82% | +2.59 |
| OPTINOSE INC | New | 2.23% | +2.23 |
| ACRS Aclaris Therapeutics Inc. | New | 1.93% | +1.93 |
| AUPH Aurinia Pharmaceuticals Inc. | New | 1.56% | +1.56 |
| RIGL Rigel Pharmaceuticals Inc. | Add +193.2% | 2.29% | +1.07 |
| LKFT Lakefront Biotherapeutic-ADR | Add +23.2% | 10.97% | +0.91 |
| KPRX Kiora Pharmaceuticals Inc. | New | 0.77% | +0.77 |
| SRZN Surrozen Inc. | New | 0.66% | +0.66 |
| KEZAR LIFE SCIENCES INC | New | 0.57% | +0.57 |
| APRE Aprea Therapeutics Inc. | New | 0.51% | +0.51 |
| ACET Adicet Bio Inc. | Add +330.6% | 0.67% | +0.41 |
| TSVT 2SEVENTY Bio Inc. | New | 0.35% | +0.35 |
| ETON Eton Pharmaceuticals Inc. | New | 0.33% | +0.33 |
| IRWD Ironwood Pharmaceuticals Inc. | New | 0.29% | +0.29 |
| ACAD Acadia Pharmaceuticals Inc. | New | 0.07% | +0.07 |
| RVNC Revance Therapeutics Inc. | Add +41.7% | 6.57% | −1.15 |
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 |