Stonepine Capital Management, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Stonepine Capital Management, LLC reported 66 stock positions worth $102.8 million. Its top holding was Ani Pharmaceuticals (ANIP) at 13.3% of the portfolio, followed by Evolus (EOLS, 13.3%) and Optinose (7.0%). Compared with Q4 2024, it opened 23 new positions, sold out of 9, added to 18 and reduced 24. The biggest buy was Ani Pharmaceuticals (ANIP, shares +135%) and the biggest sale Adma Biologics (ADMA, shares −35%).
- Most Recent 13F
- Q2 2026
- Location
- Bend, OR
- CIK
- 0001440771
- Portfolio Value
- $102.8M (Q1 2025)
- SEC Filing
- 0000935836-25-000328 ↗ filed May 14, 2025
Holdings Value
Holdings 66 stocks · $102.8M
| ANIP Ani Pharmaceuticals Inc. | 13.28% | 48,000 | $13.6M | Add +135.3% |
| EOLS Evolus Inc. | 13.28% | 1,134,574 | $13.6M | Reduce -10.3% |
| OPTINOSE INC | 7.04% | 788,647 | $7.2M | Add +34.0% |
| ZVRA Zevra Therapeutics Inc. | 4.74% | 650,000 | $4.9M | Add +8.8% |
| VSTM Verastem Inc. | 3.60% | 613,000 | $3.7M | Reduce -29.5% |
| URGN Urogen Pharma Ltd. | 3.59% | 333,400 | $3.7M | Add +2.8% |
| SRZN Surrozen Inc. | 3.24% | 285,782 | $3.3M | Add +108.3% |
| ANIK Anika Therapeutics Inc. | 3.17% | 206,639 | $3.3M | Reduce -13.3% |
| ENTA Enanta Pharmaceuticals Inc. | 3.17% | 590,742 | $3.3M | Add +78.0% |
| AQST Aquestive Therapeutics Inc. | 2.96% | 200,000 | $3.0M | Add +25.0% |
| ESTA Establishment Labs Holdings | 2.96% | 74,500 | $3.0M | Reduce -6.9% |
| INDV Indivior Ltd. | 2.82% | 304,000 | $2.9M | Reduce -0.3% |
| ACRS Aclaris Therapeutics Inc. | 2.69% | 527,842 | $2.8M | Reduce -20.4% |
| DAWN Day One Biopharmaceuticals I | 2.69% | 348,820 | $2.8M | Add +48.4% |
| XOMA Xoma Royalty Corporation | 2.52% | 129,813 | $2.6M | Add +3.3% |
| TELA Tela Bio Inc. | 2.44% | 2,055,225 | $2.5M | Reduce -12.7% |
| LKFT Lakefront Biotherapeutic-ADR filed as GALAPAGOS NV | 2.30% | 93,968 | $2.4M | Reduce -53.0% |
| IKT Inhibikase Therapeutics Inc. | 1.95% | 914,973 | $2.0M | Reduce -19.2% |
| HRTX Heron Therapeutics Inc. | 1.70% | 796,100 | $1.8M | Add +13.7% |
| EDSA Edesa Biotech Inc. | 1.63% | 687,500 | $1.7M | New |
| MYO Myomo Inc. | 1.30% | 276,707 | $1.3M | Add +0.8% |
| KROS Keros Therapeutics Inc. | 0.99% | 100,000 | $1.0M | New |
| VIR Vir Biotechnology Inc. | 0.91% | 144,628 | $937K | Reduce -11.9% |
| SCPH Scpharmaceuticals Inc. | 0.89% | 347,687 | $914K | Reduce -49.1% |
| INO Inovio Pharmaceuticals Inc. | 0.82% | 518,331 | $845K | Reduce -50.6% |
| PROF Profound Medical Corp. | 0.79% | 139,942 | $814K | Reduce -30.0% |
| AYTU Aytu Biopharma Inc. | 0.77% | 463,721 | $795K | Add +13.8% |
| GERN Geron Corp. | 0.77% | 500,000 | $795K | New |
| THRD Third Harmonic Bio Inc. | 0.72% | 212,783 | $738K | New |
| PMVP PMV Pharmaceuticals Inc. | 0.67% | 630,183 | $687K | Add +17.6% |
| GRCE Grace Therapeutics Inc. | 0.65% | 294,550 | $666K | New |
| ITOS Iteos Therapeutics Inc. | 0.64% | 110,000 | $657K | No change |
| COLL Collegium Pharmaceutical Inc. | 0.60% | 20,607 | $615K | New |
| CALC Calcimedica Inc. | 0.60% | 367,371 | $615K | Reduce -21.6% |
| KPRX Kiora Pharmaceuticals Inc. | 0.59% | 200,647 | $604K | Reduce -0.2% |
| YMAB Y-Mabs Therapeutics Inc. | 0.57% | 131,160 | $581K | New |
| XERS Xeris Biopharma Holdings Inc. | 0.55% | 102,265 | $561K | Reduce -43.9% |
| CHRS Coherus Oncology Inc. | 0.49% | 620,588 | $501K | Add +148.2% |
| KZR Kezar Life Sciences Inc. | 0.47% | 100,000 | $488K | Reduce -9.1% |
| SLRN Acelyrin Inc. | 0.40% | 167,580 | $414K | Add +26.1% |
| NBP Novabridge Biosciences filed as I MAB | 0.39% | 483,647 | $398K | New |
| SEPN Septerna Inc. | 0.38% | 68,084 | $394K | New |
| HLVX Hillevax Inc. | 0.34% | 238,950 | $346K | Add +80.5% |
| XGN Exagen Inc. | 0.33% | 95,747 | $344K | Reduce -61.9% |
| RNXT Renovorx Inc. | 0.27% | 278,188 | $275K | New |
| KALV Kalvista Pharmaceuticals Inc. | 0.24% | 21,550 | $249K | New |
| ACET Adicet Bio Inc. | 0.20% | 508,266 | $204K | Reduce -27.4% |
| CRGX Cargo Therapeutics Inc. | 0.20% | 50,000 | $204K | New |
| MIST Milestone Pharmaceuticals Inc. | 0.19% | 250,000 | $200K | Reduce -50.0% |
| BIOA Bioage Labs Inc. | 0.18% | 50,000 | $188K | New |
| ACAD Acadia Pharmaceuticals Inc. | 0.18% | 93,393 | $186K | Reduce -57.5% |
| CRBP Corbus Pharmaceuticals Holdi | 0.18% | 35,000 | $186K | New |
| VNDA Vanda Pharmaceuticals Inc. | 0.16% | 35,148 | $161K | Add +40.6% |
| PYPD Polypid Ltd. | 0.14% | 54,975 | $149K | Reduce -47.0% |
| AMARIN CORP PLC | 0.10% | 651,614 | $105K | Add +470.3% |
| ELAN Elanco Animal Health Inc. | 0.10% | 10,000 | $105K | New |
| ZNTL Zentalis Pharmaceuticals Inc. | 0.09% | 60,000 | $95K | New |
| WHWK Whitehawk Therapeutics Inc. | 0.08% | 46,698 | $83K | New |
| SVRA Savara Inc. | 0.08% | 29,079 | $81K | New |
| IOVA Iovance Biotherapeutics Inc. | 0.06% | 20,000 | $67K | New |
| THTX Theratechnologies Inc. | 0.04% | 25,825 | $36K | New |
| ADMA Adma Biologics Inc. | 0.02% | 810,000 | $24K | Reduce -34.7% |
| EBS Emergent Biosolutions Inc. | 0.02% | 5,000 | $24K | New |
| NKTX Nkarta Inc. | 0.02% | 10,000 | $18K | New |
| APRE Aprea Therapeutics Inc. | 0.01% | 102,242 | $14K | Reduce -31.5% |
| ESPR Esperion Therapeutics Inc. | 0.01% | 10,000 | $14K | New |
Portfolio Sells Q4 2024 → Q1 2025
| ADMA Adma Biologics Inc. | Reduce -34.7% | 0.02% | −17.16 |
| TELA Tela Bio Inc. | Reduce -12.7% | 2.44% | −3.30 |
| ACAD Acadia Pharmaceuticals Inc. | Reduce -57.5% | 0.18% | −3.08 |
| IRWD Ironwood Pharmaceuticals Inc. | Sold out | 0.00% | −2.32 |
| LKFT Lakefront Biotherapeutic-ADR | Reduce -53.0% | 2.30% | −2.14 |
| SCPH Scpharmaceuticals Inc. | Reduce -49.1% | 0.89% | −1.06 |
| IKT Inhibikase Therapeutics Inc. | Reduce -19.2% | 1.95% | −1.02 |
| JAZZ Jazz Pharmaceuticals PLC | Sold out | 0.00% | −0.99 |
| MIST Milestone Pharmaceuticals Inc. | Reduce -50.0% | 0.19% | −0.76 |
| CALC Calcimedica Inc. | Reduce -21.6% | 0.60% | −0.74 |
| INO Inovio Pharmaceuticals Inc. | Reduce -50.6% | 0.82% | −0.73 |
| TSVT 2SEVENTY Bio Inc. | Sold out | 0.00% | −0.71 |
| XGN Exagen Inc. | Reduce -61.9% | 0.33% | −0.50 |
| PROF Profound Medical Corp. | Reduce -30.0% | 0.79% | −0.42 |
| APRE Aprea Therapeutics Inc. | Reduce -31.5% | 0.01% | −0.38 |
| ACET Adicet Bio Inc. | Reduce -27.4% | 0.20% | −0.35 |
| INDV Indivior Ltd. | Reduce -0.3% | 2.82% | −0.24 |
| ANTX AN2 Therapeutics Inc. | Sold out | 0.00% | −0.22 |
| KZR Kezar Life Sciences Inc. | Reduce -9.1% | 0.47% | −0.12 |
| PYPD Polypid Ltd. | Reduce -47.0% | 0.14% | −0.11 |
| ELEV Elevation Oncology Inc. | Sold out | 0.00% | −0.09 |
| ABVX Abivax SA-ADR | Sold out | 0.00% | −0.09 |
| ALIMERA SCIENCES INC CVR | Sold out | 0.00% | −0.09 |
| ALLR Allarity Therapeutics Inc. | Sold out | 0.00% | −0.06 |
| VIR Vir Biotechnology Inc. | Reduce -11.9% | 0.91% | −0.06 |
| RVNC Revance Therapeutics Inc. | Sold out | 0.00% | −0.06 |
| VSTM Verastem Inc. | Reduce -29.5% | 3.60% | −0.03 |
| ESTA Establishment Labs Holdings | Reduce -6.9% | 2.96% | −0.02 |
| ANIK Anika Therapeutics Inc. | Reduce -13.3% | 3.17% | +0.01 |
| XERS Xeris Biopharma Holdings Inc. | Reduce -43.9% | 0.55% | +0.05 |
| KPRX Kiora Pharmaceuticals Inc. | Reduce -0.2% | 0.59% | +0.05 |
| ACRS Aclaris Therapeutics Inc. | Reduce -20.4% | 2.69% | +1.36 |
| EOLS Evolus Inc. | Reduce -10.3% | 13.28% | +2.01 |
Portfolio Buys Q4 2024 → Q1 2025
| ANIP Ani Pharmaceuticals Inc. | Add +135.3% | 13.28% | +12.37 |
| OPTINOSE INC | Add +34.0% | 7.04% | +3.86 |
| AQST Aquestive Therapeutics Inc. | Add +25.0% | 2.96% | +2.50 |
| SRZN Surrozen Inc. | Add +108.3% | 3.24% | +1.65 |
| ENTA Enanta Pharmaceuticals Inc. | Add +78.0% | 3.17% | +1.63 |
| EDSA Edesa Biotech Inc. | New | 1.63% | +1.63 |
| KROS Keros Therapeutics Inc. | New | 0.99% | +0.99 |
| HRTX Heron Therapeutics Inc. | Add +13.7% | 1.70% | +0.84 |
| URGN Urogen Pharma Ltd. | Add +2.8% | 3.59% | +0.80 |
| GERN Geron Corp. | New | 0.77% | +0.77 |
| THRD Third Harmonic Bio Inc. | New | 0.72% | +0.72 |
| ZVRA Zevra Therapeutics Inc. | Add +8.8% | 4.74% | +0.71 |
| GRCE Grace Therapeutics Inc. | New | 0.65% | +0.65 |
| COLL Collegium Pharmaceutical Inc. | New | 0.60% | +0.60 |
| YMAB Y-Mabs Therapeutics Inc. | New | 0.57% | +0.57 |
| NBP Novabridge Biosciences | New | 0.39% | +0.39 |
| SEPN Septerna Inc. | New | 0.38% | +0.38 |
| DAWN Day One Biopharmaceuticals I | Add +48.4% | 2.69% | +0.29 |
| RNXT Renovorx Inc. | New | 0.27% | +0.27 |
| KALV Kalvista Pharmaceuticals Inc. | New | 0.24% | +0.24 |
| AYTU Aytu Biopharma Inc. | Add +13.8% | 0.77% | +0.21 |
| CHRS Coherus Oncology Inc. | Add +148.2% | 0.49% | +0.21 |
| CRGX Cargo Therapeutics Inc. | New | 0.20% | +0.20 |
| BIOA Bioage Labs Inc. | New | 0.18% | +0.18 |
| CRBP Corbus Pharmaceuticals Holdi | New | 0.18% | +0.18 |
| HLVX Hillevax Inc. | Add +80.5% | 0.34% | +0.12 |
| ELAN Elanco Animal Health Inc. | New | 0.10% | +0.10 |
| ZNTL Zentalis Pharmaceuticals Inc. | New | 0.09% | +0.09 |
| WHWK Whitehawk Therapeutics Inc. | New | 0.08% | +0.08 |
| SVRA Savara Inc. | New | 0.08% | +0.08 |
| SLRN Acelyrin Inc. | Add +26.1% | 0.40% | +0.07 |
| IOVA Iovance Biotherapeutics Inc. | New | 0.06% | +0.06 |
| VNDA Vanda Pharmaceuticals Inc. | Add +40.6% | 0.16% | +0.06 |
| AMARIN CORP PLC | Add +470.3% | 0.10% | +0.06 |
| THTX Theratechnologies Inc. | New | 0.04% | +0.04 |
| EBS Emergent Biosolutions Inc. | New | 0.02% | +0.02 |
| NKTX Nkarta Inc. | New | 0.02% | +0.02 |
| PMVP PMV Pharmaceuticals Inc. | Add +17.6% | 0.67% | +0.02 |
| ESPR Esperion Therapeutics Inc. | New | 0.01% | +0.01 |
| MYO Myomo Inc. | Add +0.8% | 1.30% | −0.13 |
| XOMA Xoma Royalty Corporation | Add +3.3% | 2.52% | −0.15 |
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 |