Stonepine Capital Management, LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Stonepine Capital Management, LLC reported 61 stock positions worth $126.4 million. Its top holding was Verastem (VSTM) at 16.7% of the portfolio, followed by Adma Biologics (ADMA, 10.7%) and Evolus (EOLS, 8.6%). Compared with Q3 2025, it opened 27 new positions, sold out of 24, added to 13 and reduced 17. The biggest buy was Inhibikase Therapeutics (IKT, shares +219%) and the biggest sale Day One Biopharmaceuticals I (DAWN, shares −69%).

Most Recent 13F
Q2 2026
Location
Bend, OR
CIK
0001440771
Portfolio Value
$126.4M (Q4 2025)
SEC Filing
0000935836-26-000090 ↗ filed Feb 13, 2026

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q1 2024: $126.1M Q1 2024 Q2 2024: $109.6M Q2 2024 Q3 2024: $158.2M Q3 2024 Q4 2024: $123.9M Q4 2024 Q1 2025: $102.8M Q1 2025 Q2 2025: $101.5M Q2 2025 Q3 2025: $123.0M Q3 2025 Q4 2025: $126.4M $126.4M Q4 2025 Q1 2026: $113.7M Q1 2026 Q2 2026: $131.4M Q2 2026

Holdings 61 stocks · $126.4M
VSTM Verastem Inc. 16.68% 2,732,079 $21.1M Add +2.3%
ADMA Adma Biologics Inc. 10.68% 740,000 $13.5M Add +0.1%
EOLS Evolus Inc. 8.58% 1,631,588 $10.9M Add +6.2%
ZVRA Zevra Therapeutics Inc. 4.03% 569,088 $5.1M Reduce -29.7%
IKT Inhibikase Therapeutics Inc. 3.81% 2,348,147 $4.8M Add +219.5%
ABEO Abeona Therapeutics Inc. 2.96% 709,505 $3.7M Add +57.3%
NKTR Nektar Therapeutics 2.84% 85,000 $3.6M No change
INDV Indivior Ltd. 2.84% 100,000 $3.6M No change
CRBP Corbus Pharmaceuticals Holdi 2.51% 389,916 $3.2M New
KZIA Kazia Therapeutics-Spon ADR 2.51% 460,359 $3.2M New
XOMA Xoma Royalty Corporation 2.42% 115,000 $3.1M Reduce -0.4%
VRCA Verrica Pharmaceuticals Inc. 2.32% 353,669 $2.9M New
HELP Cybin Inc. 2.20% 339,902 $2.8M New
TELA Tela Bio Inc. 2.20% 2,352,032 $2.8M Add +9.1%
ACAD Acadia Pharmaceuticals Inc. 2.11% 100,000 $2.7M Reduce -42.7%
SRZN Surrozen Inc. 2.03% 113,631 $2.6M Reduce -54.6%
XFOR X4 Pharmaceuticals Inc. 1.88% 593,573 $2.4M Reduce -43.8%
AYTU Aytu Biopharma Inc. 1.67% 813,704 $2.1M Reduce -8.8%
DAWN Day One Biopharmaceuticals I 1.47% 200,000 $1.9M Reduce -69.1%
ACET Adicet Bio Inc. 1.47% 220,011 $1.9M New
SPRB Spruce Biosciences Inc. 1.36% 19,742 $1.7M New
HRTX Heron Therapeutics Inc. 1.27% 1,237,802 $1.6M Add +45.6%
ENTA Enanta Pharmaceuticals Inc. 1.25% 100,000 $1.6M Reduce -67.2%
PMVP PMV Pharmaceuticals Inc. 1.14% 1,150,759 $1.4M Reduce -16.0%
CAMP CAMP4 Therapeutics Corp. 1.11% 228,894 $1.4M New
ELDN Eledon Pharmaceuticals Inc. 1.07% 893,100 $1.3M New
MIST Milestone Pharmaceuticals Inc. 1.06% 662,666 $1.3M New
OABI Omniab Inc. 1.03% 701,000 $1.3M Reduce -67.3%
QNRX Quoin Pharmaceuticals LT-ADR 0.89% 78,189 $1.1M New
LUNG Pulmonx Corp. 0.85% 486,400 $1.1M Reduce -27.4%
GERN Geron Corp. 0.84% 805,800 $1.1M Reduce -49.6%
CBIO Crescent Biopharma Inc. 0.82% 87,682 $1.0M New
KZR Kezar Life Sciences Inc. 0.78% 156,179 $982K Reduce -59.2%
EDSA Edesa Biotech Inc. 0.77% 687,500 $976K No change
BOLD Boundless Bio Inc. 0.67% 710,071 $852K Add +71.7%
RADX Radiopharm Theranostics Ltd. 0.67% 51,000,000 $851K New
SMLR Semler Scientific Inc. 0.60% 50,000 $765K New
MXCT Maxcyte Inc. 0.57% 469,018 $727K Add +2.2%
ANTX AN2 Therapeutics Inc. 0.57% 627,668 $716K Add +11.3%
GOSS Gossamer Bio Inc. 0.50% 204,770 $635K No change
ZNTL Zentalis Pharmaceuticals Inc. 0.50% 463,700 $626K Add +2.2%
BIOA Bioage Labs Inc. 0.47% 45,000 $595K Reduce -76.1%
MNKD Mannkind Corp. 0.39% 86,359 $490K Reduce -45.2%
CGEN Compugen Ltd. 0.37% 305,400 $467K New
CDXS Codexis Inc. 0.33% 256,106 $417K Add +190.2%
INAB IN8BIO Inc. 0.31% 164,893 $386K Add +3.4%
FENC Fennec Pharmaceuticals Inc. 0.30% 50,000 $385K New
CABA Cabaletta Bio Inc. 0.30% 171,100 $375K New
KTTA Pasithea Therapeutics Corp. 0.28% 275,062 $355K New
PLRX Pliant Therapeutics Inc. 0.22% 230,050 $281K Reduce -20.5%
JANX Janux Therapeutics Inc. 0.22% 20,000 $276K New
DCTH Delcath Systems Inc. 0.22% 27,232 $275K New
KPRX Kiora Pharmaceuticals Inc. 0.20% 131,144 $258K Reduce -6.7%
CNSP CNS Pharmaceuticals Inc. 0.20% 48,827 $256K New
TNYA Tenaya Therapeutics Inc. 0.20% 352,001 $250K New
OVID Ovid Therapeutics Inc. 0.13% 102,367 $167K New
TENX Tenax Therapeutics Inc. 0.11% 11,884 $145K New
EVAX Evaxion A/S 0.08% 20,000 $95K New
XLO Xilio Therapeutics Inc. 0.06% 126,270 $81K New
CRIS Curis Inc. 0.05% 59,349 $59K New
PCSA Processa Pharmaceuticals Inc. 0.03% 12,323 $35K New

Options reported separately and not counted above: CRSP calls ($2.6M), ARE calls ($2.4M), RARE calls ($2.3M), NKTR calls ($2.1M), ABEO calls ($1.1M).

Portfolio Sells Q3 2025 → Q4 2025
DAWN Day One Biopharmaceuticals I Reduce -69.1% 1.47% −2.24
ZVRA Zevra Therapeutics Inc. Reduce -29.7% 4.03% −2.23
OABI Omniab Inc. Reduce -67.3% 1.03% −1.76
ENTA Enanta Pharmaceuticals Inc. Reduce -67.2% 1.25% −1.72
SLNO Soleno Therapeutics Inc. Sold out 0.00% −1.32
XOMA Xoma Royalty Corporation Reduce -0.4% 2.42% −1.20
XFOR X4 Pharmaceuticals Inc. Reduce -43.8% 1.88% −1.06
ALMS Alumis Inc. Sold out 0.00% −0.97
GERN Geron Corp. Reduce -49.6% 0.84% −0.94
ACAD Acadia Pharmaceuticals Inc. Reduce -42.7% 2.11% −0.92
ARDX Ardelyx Inc. Sold out 0.00% −0.90
DVAX Dynavax Technologies Corp. Sold out 0.00% −0.87
VNDA Vanda Pharmaceuticals Inc. Sold out 0.00% −0.79
VIR Vir Biotechnology Inc. Sold out 0.00% −0.74
SRZN Surrozen Inc. Reduce -54.6% 2.03% −0.59
ANGO Angiodynamics Inc. Sold out 0.00% −0.54
GRCE Grace Therapeutics Inc. Sold out 0.00% −0.51
RARE Ultragenyx Pharmaceutical Inc. Sold out 0.00% −0.49
SNDX Syndax Pharmaceuticals Inc. Sold out 0.00% −0.47
AQST Aquestive Therapeutics Inc. Sold out 0.00% −0.46
KZR Kezar Life Sciences Inc. Reduce -59.2% 0.78% −0.44
BIOA Bioage Labs Inc. Reduce -76.1% 0.47% −0.43
PMVP PMV Pharmaceuticals Inc. Reduce -16.0% 1.14% −0.42
HCAT Health Catalyst Inc. Sold out 0.00% −0.36
ESTA Establishment Labs Holdings Sold out 0.00% −0.35
CTMX Cytomx Therapeutics Inc. Sold out 0.00% −0.32
RZLT Rezolute Inc. Sold out 0.00% −0.31
MNKD Mannkind Corp. Reduce -45.2% 0.39% −0.30
ACRS Aclaris Therapeutics Inc. Sold out 0.00% −0.30
HSDT Solana Co. Sold out 0.00% −0.24
SVRA Savara Inc. Sold out 0.00% −0.17
ABVX Abivax SA-ADR Sold out 0.00% −0.17
PCSA Processa Pharmaceuticals Inc. Sold out 0.00% −0.16
PLRX Pliant Therapeutics Inc. Reduce -20.5% 0.22% −0.13
KPRX Kiora Pharmaceuticals Inc. Reduce -6.7% 0.20% −0.11
LRMR Larimar Therapeutics Inc. Sold out 0.00% −0.07
CMMB Chemomab Therapeutics Ltd. Sold out 0.00% −0.06
WHWK Whitehawk Therapeutics Inc. Sold out 0.00% −0.05
JSPR Jasper Therapeutics Inc. Sold out 0.00% −0.04
LUNG Pulmonx Corp. Reduce -27.4% 0.85% −0.03
AYTU Aytu Biopharma Inc. Reduce -8.8% 1.67% +0.31

Portfolio Buys Q3 2025 → Q4 2025
IKT Inhibikase Therapeutics Inc. Add +219.5% 3.81% +2.84
CRBP Corbus Pharmaceuticals Holdi New 2.51% +2.51
KZIA Kazia Therapeutics-Spon ADR New 2.51% +2.51
VRCA Verrica Pharmaceuticals Inc. New 2.32% +2.32
HELP Cybin Inc. New 2.20% +2.20
ADMA Adma Biologics Inc. Add +0.1% 10.68% +1.87
ACET Adicet Bio Inc. New 1.47% +1.47
SPRB Spruce Biosciences Inc. New 1.36% +1.36
CAMP CAMP4 Therapeutics Corp. New 1.11% +1.11
ELDN Eledon Pharmaceuticals Inc. New 1.07% +1.07
MIST Milestone Pharmaceuticals Inc. New 1.06% +1.06
ABEO Abeona Therapeutics Inc. Add +57.3% 2.96% +1.02
EOLS Evolus Inc. Add +6.2% 8.58% +0.91
QNRX Quoin Pharmaceuticals LT-ADR New 0.89% +0.89
CBIO Crescent Biopharma Inc. New 0.82% +0.82
RADX Radiopharm Theranostics Ltd. New 0.67% +0.67
SMLR Semler Scientific Inc. New 0.60% +0.60
HRTX Heron Therapeutics Inc. Add +45.6% 1.27% +0.40
CGEN Compugen Ltd. New 0.37% +0.37
FENC Fennec Pharmaceuticals Inc. New 0.30% +0.30
CABA Cabaletta Bio Inc. New 0.30% +0.30
KTTA Pasithea Therapeutics Corp. New 0.28% +0.28
BOLD Boundless Bio Inc. Add +71.7% 0.67% +0.26
JANX Janux Therapeutics Inc. New 0.22% +0.22
DCTH Delcath Systems Inc. New 0.22% +0.22
CNSP CNS Pharmaceuticals Inc. New 0.20% +0.20
TNYA Tenaya Therapeutics Inc. New 0.20% +0.20
CDXS Codexis Inc. Add +190.2% 0.33% +0.16
OVID Ovid Therapeutics Inc. New 0.13% +0.13
TENX Tenax Therapeutics Inc. New 0.11% +0.11
EVAX Evaxion A/S New 0.08% +0.08
XLO Xilio Therapeutics Inc. New 0.06% +0.06
CRIS Curis Inc. New 0.05% +0.05
PCSA Processa Pharmaceuticals Inc. New 0.03% +0.03
INAB IN8BIO Inc. Add +3.4% 0.31% +0.02
MXCT Maxcyte Inc. Add +2.2% 0.57% −0.01
ANTX AN2 Therapeutics Inc. Add +11.3% 0.57% −0.02
ZNTL Zentalis Pharmaceuticals Inc. Add +2.2% 0.50% −0.06
TELA Tela Bio Inc. Add +9.1% 2.20% −0.42
VSTM Verastem Inc. Add +2.3% 16.68% −2.48

Options Activity Q3 2025 → Q4 2025
CRSP Crispr Therapeutics AG call New 50,000 $2.6M
ARE Alexandria Real Estate Equit call New 50,000 $2.4M
RARE Ultragenyx Pharmaceutical Inc. call New 100,000 $2.3M
NKTR Nektar Therapeutics call New 50,000 $2.1M
ABEO Abeona Therapeutics Inc. call New 200,000 $1.1M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026Amended 72$131.4MVSTM, EOLS, TENX, NKTR, ADMA
Q1 2026 66$113.7MVSTM, TENX, EOLS, ADMA, CAMP
Q4 2025 61$126.4MVSTM, ADMA, EOLS, ZVRA, IKT
Q3 2025 58$123.0MVSTM, ADMA, EOLS, ZVRA, NKTR
Q2 2025 58$101.5MADMA, EOLS, ZVRA, VSTM, INDV
Q1 2025 66$102.8MANIP, EOLS, OPTINOSE INC, ZVRA, VSTM
Q4 2024 52$123.9MADMA, EOLS, TELA, LKFT, ZVRA
Q3 2024 38$158.2MADMA, EOLS, LKFT, JAZZ, RPRX
Q2 2024Amended 25$109.6MADMA, ALIM, EOLS, LKFT, RVNC
Q1 2024 20$126.1MEOLS, ADMA, ALIM, LKFT, RVNC