Stonepine Capital Management, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Stonepine Capital Management, LLC reported 58 stock positions worth $101.5 million. Its top holding was Adma Biologics (ADMA) at 13.5% of the portfolio, followed by Evolus (EOLS, 8.3%) and Zevra Therapeutics (ZVRA, 6.7%). Compared with Q1 2025, it opened 20 new positions, sold out of 28, added to 24 and reduced 14. The biggest buy was Acadia Pharmaceuticals (ACAD, shares +141%) and the biggest sale Ani Pharmaceuticals (ANIP, shares −20%).
- Most Recent 13F
- Q2 2026
- Location
- Bend, OR
- CIK
- 0001440771
- Portfolio Value
- $101.5M (Q2 2025)
- SEC Filing
- 0000935836-25-000497 ↗ filed Aug 13, 2025
Holdings Value
Holdings 58 stocks · $101.5M
| ADMA Adma Biologics Inc. | 13.45% | 750,000 | $13.7M | Reduce -7.4% |
| EOLS Evolus Inc. | 8.32% | 916,500 | $8.4M | Reduce -19.2% |
| ZVRA Zevra Therapeutics Inc. | 6.73% | 775,620 | $6.8M | Add +19.3% |
| VSTM Verastem Inc. | 5.56% | 1,360,386 | $5.6M | Add +121.9% |
| INDV Indivior Ltd. | 5.08% | 350,000 | $5.2M | Add +15.1% |
| ACAD Acadia Pharmaceuticals Inc. | 4.78% | 225,000 | $4.9M | Add +140.9% |
| ENTA Enanta Pharmaceuticals Inc. | 4.50% | 604,066 | $4.6M | Add +2.3% |
| TELA Tela Bio Inc. | 3.98% | 2,083,762 | $4.0M | Add +1.4% |
| XOMA Xoma Royalty Corporation | 3.78% | 152,143 | $3.8M | Add +17.2% |
| ITOS Iteos Therapeutics Inc. | 3.04% | 310,033 | $3.1M | Add +181.8% |
| DAWN Day One Biopharmaceuticals I | 2.88% | 450,000 | $2.9M | Add +29.0% |
| SRZN Surrozen Inc. | 2.70% | 306,029 | $2.7M | Add +7.1% |
| ANIP Ani Pharmaceuticals Inc. | 2.48% | 38,597 | $2.5M | Reduce -19.6% |
| ARDX Ardelyx Inc. | 2.14% | 555,000 | $2.2M | New |
| ANIK Anika Therapeutics Inc. | 1.99% | 190,590 | $2.0M | Reduce -7.8% |
| AYTU Aytu Biopharma Inc. | 1.75% | 812,676 | $1.8M | Add +75.3% |
| IKT Inhibikase Therapeutics Inc. | 1.41% | 733,793 | $1.4M | Reduce -19.8% |
| GERN Geron Corp. | 1.39% | 1,000,000 | $1.4M | Add +100.0% |
| HRTX Heron Therapeutics Inc. | 1.34% | 657,380 | $1.4M | Reduce -17.4% |
| NKTR Nektar Therapeutics | 1.28% | 50,200 | $1.3M | New |
| YMAB Y-Mabs Therapeutics Inc. | 1.27% | 285,300 | $1.3M | Add +117.5% |
| COLL Collegium Pharmaceutical Inc. | 1.21% | 41,500 | $1.2M | Add +101.4% |
| VNDA Vanda Pharmaceuticals Inc. | 1.16% | 250,000 | $1.2M | Add +611.3% |
| KALV Kalvista Pharmaceuticals Inc. | 1.11% | 100,000 | $1.1M | Add +364.0% |
| ALMS Alumis Inc. | 1.03% | 349,615 | $1.0M | New |
| MYO Myomo Inc. | 0.97% | 457,419 | $988K | Add +65.3% |
| RZLT Rezolute Inc. | 0.96% | 219,000 | $977K | New |
| XERS Xeris Biopharma Holdings Inc. | 0.94% | 205,100 | $958K | Add +100.6% |
| PMVP PMV Pharmaceuticals Inc. | 0.88% | 845,968 | $897K | Add +34.2% |
| SNDX Syndax Pharmaceuticals Inc. | 0.86% | 92,900 | $870K | New |
| GRCE Grace Therapeutics Inc. | 0.86% | 292,500 | $869K | Reduce -0.7% |
| KZR Kezar Life Sciences Inc. | 0.77% | 169,859 | $778K | Add +69.9% |
| ANGO Angiodynamics Inc. | 0.75% | 77,141 | $765K | New |
| ACHV Achieve Life Sciences Inc. | 0.74% | 333,333 | $753K | New |
| ACRS Aclaris Therapeutics Inc. | 0.69% | 491,300 | $698K | Reduce -6.9% |
| VIR Vir Biotechnology Inc. | 0.65% | 130,000 | $655K | Reduce -10.1% |
| BIOA Bioage Labs Inc. | 0.61% | 151,085 | $624K | Add +202.2% |
| LQDA Liquidia Corp. | 0.61% | 50,000 | $623K | New |
| ANTX AN2 Therapeutics Inc. | 0.57% | 544,494 | $577K | New |
| KPRX Kiora Pharmaceuticals Inc. | 0.51% | 178,000 | $513K | Reduce -11.3% |
| SPRO Spero Therapeutics Inc. | 0.45% | 156,888 | $455K | New |
| HLVX Hillevax Inc. | 0.44% | 226,009 | $450K | Reduce -5.4% |
| THTX Theratechnologies Inc. | 0.44% | 189,051 | $446K | Add +632.0% |
| LUNG Pulmonx Corp. | 0.37% | 145,900 | $378K | New |
| HCAT Health Catalyst Inc. | 0.37% | 100,000 | $377K | New |
| ESTA Establishment Labs Holdings | 0.29% | 7,000 | $299K | Reduce -90.6% |
| DVAX Dynavax Technologies Corp. | 0.29% | 30,000 | $298K | New |
| ABEO Abeona Therapeutics Inc. | 0.25% | 45,000 | $256K | New |
| SVRA Savara Inc. | 0.19% | 85,000 | $194K | Add +192.3% |
| INAB IN8BIO Inc. | 0.17% | 82,430 | $172K | New |
| NUVB Nuvation Bio Inc. | 0.16% | 85,300 | $166K | New |
| KURA Kura Oncology Inc. | 0.14% | 25,000 | $144K | New |
| CLYM Climb Bio Inc. | 0.14% | 116,147 | $144K | New |
| CALC Calcimedica Inc. | 0.13% | 85,000 | $136K | Reduce -76.9% |
| GLUE Monte Rosa Therapeutics Inc. | 0.13% | 30,000 | $135K | New |
| ZNTL Zentalis Pharmaceuticals Inc. | 0.12% | 109,010 | $126K | Add +81.7% |
| BOLD Boundless Bio Inc. | 0.11% | 106,175 | $107K | New |
| CHRS Coherus Oncology Inc. | 0.05% | 62,700 | $46K | Reduce -89.9% |
Options reported separately and not counted above: VSTM calls ($415K).
Portfolio Sells Q1 2025 → Q2 2025
| ANIP Ani Pharmaceuticals Inc. | Reduce -19.6% | 2.48% | −10.80 |
| OPTINOSE INC | Sold out | 0.00% | −7.04 |
| EOLS Evolus Inc. | Reduce -19.2% | 8.32% | −4.97 |
| URGN Urogen Pharma Ltd. | Sold out | 0.00% | −3.59 |
| AQST Aquestive Therapeutics Inc. | Sold out | 0.00% | −2.96 |
| ESTA Establishment Labs Holdings | Reduce -90.6% | 0.29% | −2.66 |
| LKFT Lakefront Biotherapeutic-ADR | Sold out | 0.00% | −2.30 |
| ACRS Aclaris Therapeutics Inc. | Reduce -6.9% | 0.69% | −2.00 |
| EDSA Edesa Biotech Inc. | Sold out | 0.00% | −1.63 |
| ANIK Anika Therapeutics Inc. | Reduce -7.8% | 1.99% | −1.19 |
| KROS Keros Therapeutics Inc. | Sold out | 0.00% | −0.99 |
| SCPH Scpharmaceuticals Inc. | Sold out | 0.00% | −0.89 |
| INO Inovio Pharmaceuticals Inc. | Sold out | 0.00% | −0.82 |
| PROF Profound Medical Corp. | Sold out | 0.00% | −0.79 |
| THRD Third Harmonic Bio Inc. | Sold out | 0.00% | −0.72 |
| IKT Inhibikase Therapeutics Inc. | Reduce -19.8% | 1.41% | −0.54 |
| CALC Calcimedica Inc. | Reduce -76.9% | 0.13% | −0.46 |
| CHRS Coherus Oncology Inc. | Reduce -89.9% | 0.05% | −0.44 |
| SLRN Acelyrin Inc. | Sold out | 0.00% | −0.40 |
| NBP Novabridge Biosciences | Sold out | 0.00% | −0.39 |
| SEPN Septerna Inc. | Sold out | 0.00% | −0.38 |
| HRTX Heron Therapeutics Inc. | Reduce -17.4% | 1.34% | −0.36 |
| XGN Exagen Inc. | Sold out | 0.00% | −0.33 |
| RNXT Renovorx Inc. | Sold out | 0.00% | −0.27 |
| VIR Vir Biotechnology Inc. | Reduce -10.1% | 0.65% | −0.27 |
| ACET Adicet Bio Inc. | Sold out | 0.00% | −0.20 |
| CRGX Cargo Therapeutics Inc. | Sold out | 0.00% | −0.20 |
| MIST Milestone Pharmaceuticals Inc. | Sold out | 0.00% | −0.19 |
| CRBP Corbus Pharmaceuticals Holdi | Sold out | 0.00% | −0.18 |
| PYPD Polypid Ltd. | Sold out | 0.00% | −0.14 |
| AMARIN CORP PLC | Sold out | 0.00% | −0.10 |
| ELAN Elanco Animal Health Inc. | Sold out | 0.00% | −0.10 |
| KPRX Kiora Pharmaceuticals Inc. | Reduce -11.3% | 0.51% | −0.08 |
| WHWK Whitehawk Therapeutics Inc. | Sold out | 0.00% | −0.08 |
| IOVA Iovance Biotherapeutics Inc. | Sold out | 0.00% | −0.06 |
| EBS Emergent Biosolutions Inc. | Sold out | 0.00% | −0.02 |
| NKTX Nkarta Inc. | Sold out | 0.00% | −0.02 |
| APRE Aprea Therapeutics Inc. | Sold out | 0.00% | −0.01 |
| ESPR Esperion Therapeutics Inc. | Sold out | 0.00% | −0.01 |
| HLVX Hillevax Inc. | Reduce -5.4% | 0.44% | +0.11 |
| GRCE Grace Therapeutics Inc. | Reduce -0.7% | 0.86% | +0.21 |
| ADMA Adma Biologics Inc. | Reduce -7.4% | 13.45% | +13.43 |
Portfolio Buys Q1 2025 → Q2 2025
| ACAD Acadia Pharmaceuticals Inc. | Add +140.9% | 4.78% | +4.60 |
| ITOS Iteos Therapeutics Inc. | Add +181.8% | 3.04% | +2.41 |
| INDV Indivior Ltd. | Add +15.1% | 5.08% | +2.26 |
| ARDX Ardelyx Inc. | New | 2.14% | +2.14 |
| ZVRA Zevra Therapeutics Inc. | Add +19.3% | 6.73% | +1.99 |
| VSTM Verastem Inc. | Add +121.9% | 5.56% | +1.96 |
| TELA Tela Bio Inc. | Add +1.4% | 3.98% | +1.54 |
| ENTA Enanta Pharmaceuticals Inc. | Add +2.3% | 4.50% | +1.33 |
| NKTR Nektar Therapeutics | New | 1.28% | +1.28 |
| XOMA Xoma Royalty Corporation | Add +17.2% | 3.78% | +1.26 |
| ALMS Alumis Inc. | New | 1.03% | +1.03 |
| VNDA Vanda Pharmaceuticals Inc. | Add +611.3% | 1.16% | +1.01 |
| AYTU Aytu Biopharma Inc. | Add +75.3% | 1.75% | +0.97 |
| RZLT Rezolute Inc. | New | 0.96% | +0.96 |
| KALV Kalvista Pharmaceuticals Inc. | Add +364.0% | 1.11% | +0.87 |
| SNDX Syndax Pharmaceuticals Inc. | New | 0.86% | +0.86 |
| ANGO Angiodynamics Inc. | New | 0.75% | +0.75 |
| ACHV Achieve Life Sciences Inc. | New | 0.74% | +0.74 |
| YMAB Y-Mabs Therapeutics Inc. | Add +117.5% | 1.27% | +0.70 |
| GERN Geron Corp. | Add +100.0% | 1.39% | +0.62 |
| LQDA Liquidia Corp. | New | 0.61% | +0.61 |
| COLL Collegium Pharmaceutical Inc. | Add +101.4% | 1.21% | +0.61 |
| ANTX AN2 Therapeutics Inc. | New | 0.57% | +0.57 |
| SPRO Spero Therapeutics Inc. | New | 0.45% | +0.45 |
| BIOA Bioage Labs Inc. | Add +202.2% | 0.61% | +0.43 |
| THTX Theratechnologies Inc. | Add +632.0% | 0.44% | +0.40 |
| XERS Xeris Biopharma Holdings Inc. | Add +100.6% | 0.94% | +0.40 |
| LUNG Pulmonx Corp. | New | 0.37% | +0.37 |
| HCAT Health Catalyst Inc. | New | 0.37% | +0.37 |
| DVAX Dynavax Technologies Corp. | New | 0.29% | +0.29 |
| KZR Kezar Life Sciences Inc. | Add +69.9% | 0.77% | +0.29 |
| ABEO Abeona Therapeutics Inc. | New | 0.25% | +0.25 |
| PMVP PMV Pharmaceuticals Inc. | Add +34.2% | 0.88% | +0.21 |
| DAWN Day One Biopharmaceuticals I | Add +29.0% | 2.88% | +0.19 |
| INAB IN8BIO Inc. | New | 0.17% | +0.17 |
| NUVB Nuvation Bio Inc. | New | 0.16% | +0.16 |
| KURA Kura Oncology Inc. | New | 0.14% | +0.14 |
| CLYM Climb Bio Inc. | New | 0.14% | +0.14 |
| GLUE Monte Rosa Therapeutics Inc. | New | 0.13% | +0.13 |
| SVRA Savara Inc. | Add +192.3% | 0.19% | +0.11 |
| BOLD Boundless Bio Inc. | New | 0.11% | +0.11 |
| ZNTL Zentalis Pharmaceuticals Inc. | Add +81.7% | 0.12% | +0.03 |
| MYO Myomo Inc. | Add +65.3% | 0.97% | −0.32 |
| SRZN Surrozen Inc. | Add +7.1% | 2.70% | −0.55 |
Options Activity Q1 2025 → Q2 2025
| VSTM Verastem Inc. | call | New | 100,000 | $415K |
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 |