Stonepine Capital Management, LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Stonepine Capital Management, LLC reported 52 stock positions worth $123.9 million. Its top holding was Adma Biologics (ADMA) at 17.2% of the portfolio, followed by Evolus (EOLS, 11.3%) and Tela Bio (TELA, 5.7%). Compared with Q3 2024, it opened 20 new positions, sold out of 6, added to 14 and reduced 17. The biggest buy was Tela Bio (TELA, shares +112%) and the biggest sale Adma Biologics (ADMA, shares −34%).
- Most Recent 13F
- Q2 2026
- Location
- Bend, OR
- CIK
- 0001440771
- Portfolio Value
- $123.9M (Q4 2024)
- SEC Filing
- 0000935836-25-000151 ↗ filed Feb 14, 2025
Holdings Value
Holdings 52 stocks · $123.9M
| ADMA Adma Biologics Inc. | 17.18% | 1,241,032 | $21.3M | Reduce -33.6% |
| EOLS Evolus Inc. | 11.27% | 1,264,651 | $14.0M | Reduce -7.7% |
| TELA Tela Bio Inc. | 5.74% | 2,353,099 | $7.1M | Add +112.0% |
| LKFT Lakefront Biotherapeutic-ADR filed as GALAPAGOS NV | 4.44% | 200,000 | $5.5M | Reduce -58.2% |
| ZVRA Zevra Therapeutics Inc. | 4.02% | 597,700 | $5.0M | Reduce -14.6% |
| VSTM Verastem Inc. | 3.63% | 870,000 | $4.5M | Reduce -33.6% |
| ACAD Acadia Pharmaceuticals Inc. | 3.26% | 220,000 | $4.0M | Add +11.7% |
| OPTINOSE INC | 3.17% | 588,657 | $3.9M | Add +55.2% |
| ANIK Anika Therapeutics Inc. | 3.17% | 238,222 | $3.9M | Add +25.8% |
| INDV Indivior Ltd. | 3.06% | 305,000 | $3.8M | Add +13.0% |
| ESTA Establishment Labs Holdings | 2.98% | 80,002 | $3.7M | Add +6.7% |
| IKT Inhibikase Therapeutics Inc. | 2.97% | 1,132,388 | $3.7M | New |
| URGN Urogen Pharma Ltd. | 2.79% | 324,324 | $3.5M | Add +15.7% |
| XOMA Xoma Royalty Corporation | 2.67% | 125,700 | $3.3M | Reduce -35.6% |
| DAWN Day One Biopharmaceuticals I | 2.40% | 235,000 | $3.0M | Add +14.3% |
| IRWD Ironwood Pharmaceuticals Inc. | 2.32% | 648,785 | $2.9M | Reduce -35.1% |
| SCPH Scpharmaceuticals Inc. | 1.95% | 683,530 | $2.4M | Reduce -12.2% |
| SRZN Surrozen Inc. | 1.59% | 137,200 | $2.0M | Add +24.7% |
| INO Inovio Pharmaceuticals Inc. | 1.55% | 1,050,000 | $1.9M | New |
| ENTA Enanta Pharmaceuticals Inc. | 1.54% | 331,900 | $1.9M | New |
| MYO Myomo Inc. | 1.43% | 274,426 | $1.8M | Add +174.4% |
| CALC Calcimedica Inc. | 1.34% | 468,793 | $1.7M | New |
| ACRS Aclaris Therapeutics Inc. | 1.33% | 663,405 | $1.6M | Reduce -73.0% |
| PROF Profound Medical Corp. | 1.21% | 200,000 | $1.5M | New |
| JAZZ Jazz Pharmaceuticals PLC | 0.99% | 10,000 | $1.2M | Reduce -81.8% |
| VIR Vir Biotechnology Inc. | 0.97% | 164,106 | $1.2M | New |
| MIST Milestone Pharmaceuticals Inc. | 0.95% | 500,000 | $1.2M | Reduce -50.0% |
| ANIP Ani Pharmaceuticals Inc. | 0.91% | 20,400 | $1.1M | New |
| HRTX Heron Therapeutics Inc. | 0.86% | 700,000 | $1.1M | New |
| XGN Exagen Inc. | 0.83% | 251,049 | $1.0M | Reduce -53.0% |
| TSVT 2SEVENTY Bio Inc. | 0.71% | 300,000 | $882K | Add +200.0% |
| ITOS Iteos Therapeutics Inc. | 0.68% | 110,000 | $845K | Add +266.7% |
| PMVP PMV Pharmaceuticals Inc. | 0.65% | 535,805 | $809K | New |
| KZR Kezar Life Sciences Inc. | 0.60% | 110,000 | $739K | Reduce -26.2% |
| AYTU Aytu Biopharma Inc. | 0.56% | 407,549 | $693K | Reduce -18.6% |
| ACET Adicet Bio Inc. | 0.54% | 700,000 | $673K | Add +14.9% |
| KPRX Kiora Pharmaceuticals Inc. | 0.54% | 200,970 | $663K | Reduce -0.7% |
| XERS Xeris Biopharma Holdings Inc. | 0.50% | 182,317 | $618K | New |
| AQST Aquestive Therapeutics Inc. | 0.46% | 160,000 | $570K | New |
| APRE Aprea Therapeutics Inc. | 0.40% | 149,221 | $491K | Add +8.8% |
| SLRN Acelyrin Inc. | 0.34% | 132,870 | $417K | New |
| CHRS Coherus Oncology Inc. | 0.28% | 250,000 | $345K | New |
| PYPD Polypid Ltd. | 0.25% | 103,668 | $315K | Reduce -25.1% |
| HLVX Hillevax Inc. | 0.22% | 132,347 | $274K | New |
| ANTX AN2 Therapeutics Inc. | 0.22% | 196,732 | $271K | New |
| VNDA Vanda Pharmaceuticals Inc. | 0.10% | 25,000 | $120K | New |
| ELEV Elevation Oncology Inc. | 0.09% | 200,000 | $113K | New |
| ABVX Abivax SA-ADR | 0.09% | 15,000 | $110K | New |
| ALIMERA SCIENCES INC CVR | 0.09% | 2,408,469 | $107K | No change |
| ALLR Allarity Therapeutics Inc. | 0.06% | 67,289 | $79K | New |
| RVNC Revance Therapeutics Inc. | 0.06% | 23,264 | $71K | Reduce -97.2% |
| AMARIN CORP PLC | 0.04% | 114,257 | $55K | New |
Portfolio Sells Q3 2024 → Q4 2024
| ADMA Adma Biologics Inc. | Reduce -33.6% | 17.18% | −6.44 |
| LKFT Lakefront Biotherapeutic-ADR | Reduce -58.2% | 4.44% | −4.27 |
| RPRX Royalty Pharma PLC Class A | Sold out | 0.00% | −3.79 |
| RIGL Rigel Pharmaceuticals Inc. | Sold out | 0.00% | −3.16 |
| JAZZ Jazz Pharmaceuticals PLC | Reduce -81.8% | 0.99% | −2.88 |
| EOLS Evolus Inc. | Reduce -7.7% | 11.27% | −2.75 |
| RVNC Revance Therapeutics Inc. | Reduce -97.2% | 0.06% | −2.63 |
| XOMA Xoma Royalty Corporation | Reduce -35.6% | 2.67% | −0.60 |
| ARQT Arcutis Biotherapeutics Inc. | Sold out | 0.00% | −0.52 |
| FNA Paragon 28 Inc. | Sold out | 0.00% | −0.48 |
| ACRS Aclaris Therapeutics Inc. | Reduce -73.0% | 1.33% | −0.46 |
| SCPH Scpharmaceuticals Inc. | Reduce -12.2% | 1.95% | −0.29 |
| IRWD Ironwood Pharmaceuticals Inc. | Reduce -35.1% | 2.32% | −0.28 |
| XGN Exagen Inc. | Reduce -53.0% | 0.83% | −0.21 |
| AYTU Aytu Biopharma Inc. | Reduce -18.6% | 0.56% | −0.18 |
| KZR Kezar Life Sciences Inc. | Reduce -26.2% | 0.60% | −0.13 |
| TENX Tenax Therapeutics Inc. | Sold out | 0.00% | −0.11 |
| VIRX Viracta Therapeutics Inc. | Sold out | 0.00% | −0.07 |
| PYPD Polypid Ltd. | Reduce -25.1% | 0.25% | −0.05 |
| MIST Milestone Pharmaceuticals Inc. | Reduce -50.0% | 0.95% | −0.01 |
| KPRX Kiora Pharmaceuticals Inc. | Reduce -0.7% | 0.54% | +0.07 |
| ZVRA Zevra Therapeutics Inc. | Reduce -14.6% | 4.02% | +0.95 |
| VSTM Verastem Inc. | Reduce -33.6% | 3.63% | +1.15 |
Portfolio Buys Q3 2024 → Q4 2024
| TELA Tela Bio Inc. | Add +112.0% | 5.74% | +3.96 |
| IKT Inhibikase Therapeutics Inc. | New | 2.97% | +2.97 |
| INO Inovio Pharmaceuticals Inc. | New | 1.55% | +1.55 |
| ENTA Enanta Pharmaceuticals Inc. | New | 1.54% | +1.54 |
| INDV Indivior Ltd. | Add +13.0% | 3.06% | +1.40 |
| ACAD Acadia Pharmaceuticals Inc. | Add +11.7% | 3.26% | +1.34 |
| CALC Calcimedica Inc. | New | 1.34% | +1.34 |
| PROF Profound Medical Corp. | New | 1.21% | +1.21 |
| MYO Myomo Inc. | Add +174.4% | 1.43% | +1.17 |
| VIR Vir Biotechnology Inc. | New | 0.97% | +0.97 |
| ESTA Establishment Labs Holdings | Add +6.7% | 2.98% | +0.92 |
| ANIP Ani Pharmaceuticals Inc. | New | 0.91% | +0.91 |
| HRTX Heron Therapeutics Inc. | New | 0.86% | +0.86 |
| OPTINOSE INC | Add +55.2% | 3.17% | +0.77 |
| SRZN Surrozen Inc. | Add +24.7% | 1.59% | +0.76 |
| PMVP PMV Pharmaceuticals Inc. | New | 0.65% | +0.65 |
| DAWN Day One Biopharmaceuticals I | Add +14.3% | 2.40% | +0.59 |
| URGN Urogen Pharma Ltd. | Add +15.7% | 2.79% | +0.54 |
| XERS Xeris Biopharma Holdings Inc. | New | 0.50% | +0.50 |
| ITOS Iteos Therapeutics Inc. | Add +266.7% | 0.68% | +0.49 |
| AQST Aquestive Therapeutics Inc. | New | 0.46% | +0.46 |
| TSVT 2SEVENTY Bio Inc. | Add +200.0% | 0.71% | +0.41 |
| SLRN Acelyrin Inc. | New | 0.34% | +0.34 |
| CHRS Coherus Oncology Inc. | New | 0.28% | +0.28 |
| HLVX Hillevax Inc. | New | 0.22% | +0.22 |
| ANTX AN2 Therapeutics Inc. | New | 0.22% | +0.22 |
| ANIK Anika Therapeutics Inc. | Add +25.8% | 3.17% | +0.21 |
| APRE Aprea Therapeutics Inc. | Add +8.8% | 0.40% | +0.16 |
| VNDA Vanda Pharmaceuticals Inc. | New | 0.10% | +0.10 |
| ELEV Elevation Oncology Inc. | New | 0.09% | +0.09 |
| ABVX Abivax SA-ADR | New | 0.09% | +0.09 |
| ALLR Allarity Therapeutics Inc. | New | 0.06% | +0.06 |
| AMARIN CORP PLC | New | 0.04% | +0.04 |
| ACET Adicet Bio Inc. | Add +14.9% | 0.54% | −0.01 |
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 |