Stonepine Capital Management, LLC
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 13, 2024), Stonepine Capital Management, LLC reported 38 stock positions worth $158.2 million. Its top holding was Adma Biologics (ADMA) at 23.6% of the portfolio, followed by Evolus (EOLS, 14.0%) and Lakefront Biotherapeutic-ADR (LKFT, 8.7%). Compared with Q2 2024, it opened 17 new positions, sold out of 4, added to 12 and reduced 5. The biggest buy was a new position in Jazz Pharmaceuticals (JAZZ) and the biggest sale an exit from Alimera Sciences (ALIM).
- Most Recent 13F
- Q2 2026
- Location
- Bend, OR
- CIK
- 0001440771
- Portfolio Value
- $158.2M (Q3 2024)
- SEC Filing
- 0000935836-24-000663 ↗ filed Nov 13, 2024
Holdings Value
Holdings 38 stocks · $158.2M
| ADMA Adma Biologics Inc. | 23.62% | 1,870,000 | $37.4M | No change |
| EOLS Evolus Inc. | 14.02% | 1,369,821 | $22.2M | Reduce -17.4% |
| LKFT Lakefront Biotherapeutic-ADR filed as GALAPAGOS NV | 8.71% | 478,659 | $13.8M | Reduce -1.3% |
| JAZZ Jazz Pharmaceuticals PLC | 3.87% | 55,000 | $6.1M | New |
| RPRX Royalty Pharma PLC Class A | 3.79% | 212,000 | $6.0M | New |
| XOMA Xoma Royalty Corporation | 3.26% | 195,096 | $5.2M | Reduce -22.0% |
| RIGL Rigel Pharmaceuticals Inc. | 3.16% | 309,100 | $5.0M | Add +1.3% |
| ZVRA Zevra Therapeutics Inc. | 3.07% | 700,000 | $4.9M | New |
| ANIK Anika Therapeutics Inc. | 2.95% | 189,308 | $4.7M | Add +14.5% |
| RVNC Revance Therapeutics Inc. | 2.69% | 820,000 | $4.3M | Reduce -70.7% |
| IRWD Ironwood Pharmaceuticals Inc. | 2.60% | 1,000,000 | $4.1M | Add +1982.8% |
| VSTM Verastem Inc. | 2.48% | 1,310,287 | $3.9M | New |
| OPTINOSE INC | 2.41% | 5,688,590 | $3.8M | Add +142.1% |
| URGN Urogen Pharma Ltd. | 2.25% | 280,345 | $3.6M | New |
| SCPH Scpharmaceuticals Inc. | 2.24% | 778,874 | $3.6M | Add +84.7% |
| ESTA Establishment Labs Holdings | 2.05% | 75,000 | $3.2M | New |
| ACAD Acadia Pharmaceuticals Inc. | 1.91% | 196,895 | $3.0M | Add +3837.9% |
| DAWN Day One Biopharmaceuticals I | 1.81% | 205,675 | $2.9M | New |
| ACRS Aclaris Therapeutics Inc. | 1.79% | 2,458,873 | $2.8M | Add +27.6% |
| TELA Tela Bio Inc. | 1.77% | 1,110,000 | $2.8M | Add +77.4% |
| INDV Indivior Ltd. | 1.66% | 270,000 | $2.6M | New |
| XGN Exagen Inc. | 1.04% | 534,398 | $1.7M | Add +49.0% |
| MIST Milestone Pharmaceuticals Inc. | 0.96% | 999,790 | $1.5M | Reduce -19.3% |
| SRZN Surrozen Inc. | 0.83% | 110,000 | $1.3M | Add +66.5% |
| AYTU Aytu Biopharma Inc. | 0.74% | 500,958 | $1.2M | Add +6.0% |
| KEZAR LIFE SCIENCES INC | 0.73% | 1,491,305 | $1.2M | Add +42.0% |
| ACET Adicet Bio Inc. | 0.55% | 609,446 | $878K | No change |
| ARQT Arcutis Biotherapeutics Inc. | 0.52% | 88,457 | $823K | New |
| FNA Paragon 28 Inc. | 0.48% | 114,724 | $766K | New |
| KPRX Kiora Pharmaceuticals Inc. | 0.47% | 202,400 | $741K | New |
| PYPD Polypid Ltd. | 0.30% | 138,504 | $476K | New |
| TSVT 2SEVENTY Bio Inc. | 0.30% | 100,000 | $472K | No change |
| MYO Myomo Inc. | 0.25% | 100,000 | $401K | New |
| APRE Aprea Therapeutics Inc. | 0.24% | 137,174 | $377K | No change |
| ITOS Iteos Therapeutics Inc. | 0.19% | 30,000 | $306K | New |
| TENX Tenax Therapeutics Inc. | 0.11% | 50,000 | $173K | New |
| VIRX Viracta Therapeutics Inc. | 0.07% | 500,000 | $116K | New |
| ALIMERA SCIENCES INC CVR | 0.06% | 2,408,469 | $96K | New |
Portfolio Sells Q2 2024 → Q3 2024
| ALIM Alimera Sciences Inc. | Sold out | 0.00% | −17.81 |
| RVNC Revance Therapeutics Inc. | Reduce -70.7% | 2.69% | −3.88 |
| EOLS Evolus Inc. | Reduce -17.4% | 14.02% | −2.39 |
| LKFT Lakefront Biotherapeutic-ADR | Reduce -1.3% | 8.71% | −2.26 |
| XOMA Xoma Royalty Corporation | Reduce -22.0% | 3.26% | −2.14 |
| AUPH Aurinia Pharmaceuticals Inc. | Sold out | 0.00% | −1.56 |
| KPRX Kiora Pharmaceuticals Inc. | Sold out | 0.00% | −0.77 |
| MIST Milestone Pharmaceuticals Inc. | Reduce -19.3% | 0.96% | −0.53 |
| ETON Eton Pharmaceuticals Inc. | Sold out | 0.00% | −0.33 |
Portfolio Buys Q2 2024 → Q3 2024
| JAZZ Jazz Pharmaceuticals PLC | New | 3.87% | +3.87 |
| RPRX Royalty Pharma PLC Class A | New | 3.79% | +3.79 |
| ZVRA Zevra Therapeutics Inc. | New | 3.07% | +3.07 |
| VSTM Verastem Inc. | New | 2.48% | +2.48 |
| IRWD Ironwood Pharmaceuticals Inc. | Add +1982.8% | 2.60% | +2.32 |
| URGN Urogen Pharma Ltd. | New | 2.25% | +2.25 |
| ESTA Establishment Labs Holdings | New | 2.05% | +2.05 |
| ACAD Acadia Pharmaceuticals Inc. | Add +3837.9% | 1.91% | +1.84 |
| DAWN Day One Biopharmaceuticals I | New | 1.81% | +1.81 |
| INDV Indivior Ltd. | New | 1.66% | +1.66 |
| RIGL Rigel Pharmaceuticals Inc. | Add +1.3% | 3.16% | +0.87 |
| SCPH Scpharmaceuticals Inc. | Add +84.7% | 2.24% | +0.57 |
| ARQT Arcutis Biotherapeutics Inc. | New | 0.52% | +0.52 |
| FNA Paragon 28 Inc. | New | 0.48% | +0.48 |
| KPRX Kiora Pharmaceuticals Inc. | New | 0.47% | +0.47 |
| XGN Exagen Inc. | Add +49.0% | 1.04% | +0.45 |
| PYPD Polypid Ltd. | New | 0.30% | +0.30 |
| MYO Myomo Inc. | New | 0.25% | +0.25 |
| ITOS Iteos Therapeutics Inc. | New | 0.19% | +0.19 |
| OPTINOSE INC | Add +142.1% | 2.41% | +0.18 |
| SRZN Surrozen Inc. | Add +66.5% | 0.83% | +0.17 |
| KEZAR LIFE SCIENCES INC | Add +42.0% | 0.73% | +0.15 |
| TENX Tenax Therapeutics Inc. | New | 0.11% | +0.11 |
| VIRX Viracta Therapeutics Inc. | New | 0.07% | +0.07 |
| ALIMERA SCIENCES INC CVR | New | 0.06% | +0.06 |
| ACRS Aclaris Therapeutics Inc. | Add +27.6% | 1.79% | −0.15 |
| AYTU Aytu Biopharma Inc. | Add +6.0% | 0.74% | −0.51 |
| ANIK Anika Therapeutics Inc. | Add +14.5% | 2.95% | −0.87 |
| TELA Tela Bio Inc. | Add +77.4% | 1.77% | −0.91 |
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 |