Stonepine Capital Management, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Stonepine Capital Management, LLC reported 58 stock positions worth $123.0 million. Its top holding was Verastem (VSTM) at 19.2% of the portfolio, followed by Adma Biologics (ADMA, 8.8%) and Evolus (EOLS, 7.7%). Compared with Q2 2025, it opened 19 new positions, sold out of 19, added to 23 and reduced 16. The biggest buy was Verastem (VSTM, shares +96%) and the biggest sale Adma Biologics (ADMA, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- Bend, OR
- CIK
- 0001440771
- Portfolio Value
- $123.0M (Q3 2025)
- SEC Filing
- 0000935836-25-000666 ↗ filed Nov 13, 2025
Holdings Value
Holdings 58 stocks · $123.0M
| VSTM Verastem Inc. | 19.17% | 2,670,032 | $23.6M | Add +96.3% |
| ADMA Adma Biologics Inc. | 8.81% | 739,000 | $10.8M | Reduce -1.5% |
| EOLS Evolus Inc. | 7.67% | 1,536,391 | $9.4M | Add +67.6% |
| ZVRA Zevra Therapeutics Inc. | 6.26% | 810,000 | $7.7M | Add +4.4% |
| NKTR Nektar Therapeutics | 3.93% | 85,000 | $4.8M | Add +69.3% |
| DAWN Day One Biopharmaceuticals I | 3.71% | 647,382 | $4.6M | Add +43.9% |
| XOMA Xoma Royalty Corporation | 3.62% | 115,459 | $4.4M | Reduce -24.1% |
| ACAD Acadia Pharmaceuticals Inc. | 3.03% | 174,544 | $3.7M | Reduce -22.4% |
| ENTA Enanta Pharmaceuticals Inc. | 2.97% | 305,000 | $3.7M | Reduce -49.5% |
| XFOR X4 Pharmaceuticals Inc. | 2.94% | 1,056,338 | $3.6M | New |
| OABI Omniab Inc. | 2.79% | 2,142,857 | $3.4M | New |
| SRZN Surrozen Inc. | 2.62% | 250,146 | $3.2M | Reduce -18.3% |
| TELA Tela Bio Inc. | 2.61% | 2,155,519 | $3.2M | Add +3.4% |
| INDV Indivior Ltd. | 1.96% | 100,000 | $2.4M | Reduce -71.4% |
| ABEO Abeona Therapeutics Inc. | 1.94% | 450,970 | $2.4M | Add +902.2% |
| GERN Geron Corp. | 1.78% | 1,600,000 | $2.2M | Add +60.0% |
| PMVP PMV Pharmaceuticals Inc. | 1.56% | 1,370,139 | $1.9M | Add +62.0% |
| EDSA Edesa Biotech Inc. | 1.38% | 687,500 | $1.7M | New |
| AYTU Aytu Biopharma Inc. | 1.36% | 891,855 | $1.7M | Add +9.7% |
| SLNO Soleno Therapeutics Inc. | 1.32% | 24,000 | $1.6M | New |
| KZR Kezar Life Sciences Inc. | 1.21% | 383,182 | $1.5M | Add +125.6% |
| ALMS Alumis Inc. | 0.97% | 300,000 | $1.2M | Reduce -14.2% |
| IKT Inhibikase Therapeutics Inc. | 0.97% | 735,019 | $1.2M | Add +0.2% |
| BIOA Bioage Labs Inc. | 0.90% | 188,571 | $1.1M | Add +24.8% |
| ARDX Ardelyx Inc. | 0.90% | 200,000 | $1.1M | Reduce -64.0% |
| LUNG Pulmonx Corp. | 0.88% | 670,000 | $1.1M | Add +359.2% |
| DVAX Dynavax Technologies Corp. | 0.87% | 108,094 | $1.1M | Add +260.3% |
| HRTX Heron Therapeutics Inc. | 0.87% | 850,100 | $1.1M | Add +29.3% |
| VNDA Vanda Pharmaceuticals Inc. | 0.79% | 195,000 | $973K | Reduce -22.0% |
| VIR Vir Biotechnology Inc. | 0.74% | 160,000 | $914K | Add +23.1% |
| MNKD Mannkind Corp. | 0.69% | 157,569 | $846K | New |
| MXCT Maxcyte Inc. | 0.59% | 459,018 | $725K | New |
| ANTX AN2 Therapeutics Inc. | 0.58% | 563,913 | $716K | Add +3.6% |
| ZNTL Zentalis Pharmaceuticals Inc. | 0.56% | 453,800 | $685K | Add +316.3% |
| ANGO Angiodynamics Inc. | 0.54% | 60,000 | $670K | Reduce -22.2% |
| GRCE Grace Therapeutics Inc. | 0.51% | 211,010 | $628K | Reduce -27.9% |
| RARE Ultragenyx Pharmaceutical Inc. | 0.49% | 20,000 | $602K | New |
| SNDX Syndax Pharmaceuticals Inc. | 0.47% | 37,200 | $572K | Reduce -60.0% |
| AQST Aquestive Therapeutics Inc. | 0.46% | 100,600 | $562K | New |
| GOSS Gossamer Bio Inc. | 0.44% | 204,770 | $539K | New |
| BOLD Boundless Bio Inc. | 0.41% | 413,453 | $509K | Add +289.4% |
| HCAT Health Catalyst Inc. | 0.36% | 155,551 | $443K | Add +55.5% |
| ESTA Establishment Labs Holdings | 0.35% | 10,585 | $434K | Add +51.2% |
| PLRX Pliant Therapeutics Inc. | 0.35% | 289,237 | $428K | New |
| CTMX Cytomx Therapeutics Inc. | 0.32% | 125,000 | $399K | New |
| KPRX Kiora Pharmaceuticals Inc. | 0.32% | 140,598 | $391K | Reduce -21.0% |
| RZLT Rezolute Inc. | 0.31% | 40,000 | $376K | Reduce -81.7% |
| ACRS Aclaris Therapeutics Inc. | 0.30% | 192,900 | $367K | Reduce -60.7% |
| INAB IN8BIO Inc. | 0.28% | 159,421 | $346K | Add +93.4% |
| HSDT Solana Co. filed as HELIUS MED TECHNOLOGIES INC | 0.24% | 20,000 | $298K | New |
| CDXS Codexis Inc. | 0.18% | 88,264 | $215K | New |
| SVRA Savara Inc. | 0.17% | 60,000 | $214K | Reduce -29.4% |
| ABVX Abivax SA-ADR | 0.17% | 2,500 | $212K | New |
| PCSA Processa Pharmaceuticals Inc. | 0.16% | 1,030,200 | $198K | New |
| LRMR Larimar Therapeutics Inc. | 0.07% | 25,000 | $81K | New |
| CMMB Chemomab Therapeutics Ltd. | 0.06% | 30,000 | $79K | New |
| WHWK Whitehawk Therapeutics Inc. | 0.05% | 35,253 | $67K | New |
| JSPR Jasper Therapeutics Inc. | 0.04% | 20,200 | $48K | New |
Portfolio Sells Q2 2025 → Q3 2025
| ADMA Adma Biologics Inc. | Reduce -1.5% | 8.81% | −4.65 |
| INDV Indivior Ltd. | Reduce -71.4% | 1.96% | −3.12 |
| ITOS Iteos Therapeutics Inc. | Sold out | 0.00% | −3.04 |
| ANIP Ani Pharmaceuticals Inc. | Sold out | 0.00% | −2.48 |
| ANIK Anika Therapeutics Inc. | Sold out | 0.00% | −1.99 |
| ACAD Acadia Pharmaceuticals Inc. | Reduce -22.4% | 3.03% | −1.75 |
| ENTA Enanta Pharmaceuticals Inc. | Reduce -49.5% | 2.97% | −1.53 |
| YMAB Y-Mabs Therapeutics Inc. | Sold out | 0.00% | −1.27 |
| ARDX Ardelyx Inc. | Reduce -64.0% | 0.90% | −1.25 |
| COLL Collegium Pharmaceutical Inc. | Sold out | 0.00% | −1.21 |
| KALV Kalvista Pharmaceuticals Inc. | Sold out | 0.00% | −1.11 |
| MYO Myomo Inc. | Sold out | 0.00% | −0.97 |
| XERS Xeris Biopharma Holdings Inc. | Sold out | 0.00% | −0.94 |
| ACHV Achieve Life Sciences Inc. | Sold out | 0.00% | −0.74 |
| RZLT Rezolute Inc. | Reduce -81.7% | 0.31% | −0.66 |
| LQDA Liquidia Corp. | Sold out | 0.00% | −0.61 |
| SPRO Spero Therapeutics Inc. | Sold out | 0.00% | −0.45 |
| HLVX Hillevax Inc. | Sold out | 0.00% | −0.44 |
| THTX Theratechnologies Inc. | Sold out | 0.00% | −0.44 |
| SNDX Syndax Pharmaceuticals Inc. | Reduce -60.0% | 0.47% | −0.39 |
| ACRS Aclaris Therapeutics Inc. | Reduce -60.7% | 0.30% | −0.39 |
| VNDA Vanda Pharmaceuticals Inc. | Reduce -22.0% | 0.79% | −0.37 |
| GRCE Grace Therapeutics Inc. | Reduce -27.9% | 0.51% | −0.35 |
| ANGO Angiodynamics Inc. | Reduce -22.2% | 0.54% | −0.21 |
| KPRX Kiora Pharmaceuticals Inc. | Reduce -21.0% | 0.32% | −0.19 |
| NUVB Nuvation Bio Inc. | Sold out | 0.00% | −0.16 |
| XOMA Xoma Royalty Corporation | Reduce -24.1% | 3.62% | −0.16 |
| KURA Kura Oncology Inc. | Sold out | 0.00% | −0.14 |
| CLYM Climb Bio Inc. | Sold out | 0.00% | −0.14 |
| CALC Calcimedica Inc. | Sold out | 0.00% | −0.13 |
| GLUE Monte Rosa Therapeutics Inc. | Sold out | 0.00% | −0.13 |
| SRZN Surrozen Inc. | Reduce -18.3% | 2.62% | −0.07 |
| ALMS Alumis Inc. | Reduce -14.2% | 0.97% | −0.06 |
| CHRS Coherus Oncology Inc. | Sold out | 0.00% | −0.05 |
| SVRA Savara Inc. | Reduce -29.4% | 0.17% | −0.02 |
Portfolio Buys Q2 2025 → Q3 2025
| VSTM Verastem Inc. | Add +96.3% | 19.17% | +13.61 |
| XFOR X4 Pharmaceuticals Inc. | New | 2.94% | +2.94 |
| OABI Omniab Inc. | New | 2.79% | +2.79 |
| NKTR Nektar Therapeutics | Add +69.3% | 3.93% | +2.65 |
| ABEO Abeona Therapeutics Inc. | Add +902.2% | 1.94% | +1.68 |
| EDSA Edesa Biotech Inc. | New | 1.38% | +1.38 |
| SLNO Soleno Therapeutics Inc. | New | 1.32% | +1.32 |
| DAWN Day One Biopharmaceuticals I | Add +43.9% | 3.71% | +0.83 |
| MNKD Mannkind Corp. | New | 0.69% | +0.69 |
| PMVP PMV Pharmaceuticals Inc. | Add +62.0% | 1.56% | +0.68 |
| MXCT Maxcyte Inc. | New | 0.59% | +0.59 |
| DVAX Dynavax Technologies Corp. | Add +260.3% | 0.87% | +0.58 |
| LUNG Pulmonx Corp. | Add +359.2% | 0.88% | +0.51 |
| RARE Ultragenyx Pharmaceutical Inc. | New | 0.49% | +0.49 |
| AQST Aquestive Therapeutics Inc. | New | 0.46% | +0.46 |
| KZR Kezar Life Sciences Inc. | Add +125.6% | 1.21% | +0.45 |
| GOSS Gossamer Bio Inc. | New | 0.44% | +0.44 |
| ZNTL Zentalis Pharmaceuticals Inc. | Add +316.3% | 0.56% | +0.43 |
| GERN Geron Corp. | Add +60.0% | 1.78% | +0.39 |
| PLRX Pliant Therapeutics Inc. | New | 0.35% | +0.35 |
| CTMX Cytomx Therapeutics Inc. | New | 0.32% | +0.32 |
| BOLD Boundless Bio Inc. | Add +289.4% | 0.41% | +0.31 |
| BIOA Bioage Labs Inc. | Add +24.8% | 0.90% | +0.29 |
| HSDT Solana Co. | New | 0.24% | +0.24 |
| CDXS Codexis Inc. | New | 0.18% | +0.18 |
| ABVX Abivax SA-ADR | New | 0.17% | +0.17 |
| PCSA Processa Pharmaceuticals Inc. | New | 0.16% | +0.16 |
| INAB IN8BIO Inc. | Add +93.4% | 0.28% | +0.11 |
| VIR Vir Biotechnology Inc. | Add +23.1% | 0.74% | +0.10 |
| LRMR Larimar Therapeutics Inc. | New | 0.07% | +0.07 |
| CMMB Chemomab Therapeutics Ltd. | New | 0.06% | +0.06 |
| ESTA Establishment Labs Holdings | Add +51.2% | 0.35% | +0.06 |
| WHWK Whitehawk Therapeutics Inc. | New | 0.05% | +0.05 |
| JSPR Jasper Therapeutics Inc. | New | 0.04% | +0.04 |
| ANTX AN2 Therapeutics Inc. | Add +3.6% | 0.58% | +0.01 |
| HCAT Health Catalyst Inc. | Add +55.5% | 0.36% | −0.01 |
| AYTU Aytu Biopharma Inc. | Add +9.7% | 1.36% | −0.38 |
| IKT Inhibikase Therapeutics Inc. | Add +0.2% | 0.97% | −0.44 |
| ZVRA Zevra Therapeutics Inc. | Add +4.4% | 6.26% | −0.47 |
| HRTX Heron Therapeutics Inc. | Add +29.3% | 0.87% | −0.47 |
| EOLS Evolus Inc. | Add +67.6% | 7.67% | −0.65 |
| TELA Tela Bio Inc. | Add +3.4% | 2.61% | −1.37 |
Options Activity Q2 2025 → Q3 2025
| VSTM Verastem Inc. | call | Sold out | 100,000 | $415Kbefore exit |
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 |