Stonepine Capital Management, LLC
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 14, 2026), Stonepine Capital Management, LLC reported 66 stock positions worth $113.7 million. Its top holding was Verastem (VSTM) at 15.4% of the portfolio, followed by Tenax Therapeutics (TENX, 13.7%) and Evolus (EOLS, 6.4%). Compared with Q4 2025, it opened 19 new positions, sold out of 14, added to 19 and reduced 24. The biggest buy was Tenax Therapeutics (TENX, shares +8106%) and the biggest sale an exit from Indivior (INDV).
- Most Recent 13F
- Q2 2026
- Location
- Bend, OR
- CIK
- 0001440771
- Portfolio Value
- $113.7M (Q1 2026)
- SEC Filing
- 0001440771-26-000002 ↗ filed May 14, 2026
Holdings Value
Holdings 66 stocks · $113.7M
| VSTM Verastem Inc. | 15.39% | 3,302,300 | $17.5M | Add +20.9% |
| TENX Tenax Therapeutics Inc. | 13.72% | 975,200 | $15.6M | Add +8106.0% |
| EOLS Evolus Inc. | 6.36% | 1,759,091 | $7.2M | Add +7.8% |
| ADMA Adma Biologics Inc. | 5.86% | 740,000 | $6.7M | No change |
| CAMP CAMP4 Therapeutics Corp. | 5.39% | 1,389,622 | $6.1M | Add +507.1% |
| NKTR Nektar Therapeutics | 5.38% | 85,000 | $6.1M | No change |
| ZVRA Zevra Therapeutics Inc. | 3.93% | 480,000 | $4.5M | Reduce -15.7% |
| CRBP Corbus Pharmaceuticals Holdi | 3.17% | 383,462 | $3.6M | Reduce -1.7% |
| ABEO Abeona Therapeutics Inc. | 2.94% | 746,587 | $3.3M | Add +5.2% |
| KZIA Kazia Therapeutics-Spon ADR | 2.26% | 345,179 | $2.6M | Reduce -25.0% |
| ANTX AN2 Therapeutics Inc. | 2.15% | 713,845 | $2.4M | Add +13.7% |
| SLGL Sol-Gel Technologies Ltd. | 1.94% | 27,778 | $2.2M | New |
| XOMA Xoma Royalty Corporation | 1.92% | 69,500 | $2.2M | Reduce -39.6% |
| AYTU Aytu Biopharma Inc. | 1.90% | 792,289 | $2.2M | Reduce -2.6% |
| CRIS Curis Inc. | 1.79% | 3,726,406 | $2.0M | Add +6178.8% |
| TELA Tela Bio Inc. | 1.43% | 2,617,252 | $1.6M | Add +11.3% |
| IKT Inhibikase Therapeutics Inc. | 1.41% | 957,202 | $1.6M | Reduce -59.2% |
| CBIO Crescent Biopharma Inc. | 1.37% | 85,000 | $1.6M | Reduce -3.1% |
| ACET Adicet Bio Inc. | 1.33% | 221,955 | $1.5M | Add +0.9% |
| XFOR X4 Pharmaceuticals Inc. | 1.22% | 335,309 | $1.4M | Reduce -43.5% |
| OKYO Okyo Pharma Ltd. | 1.20% | 850,000 | $1.4M | New |
| HRTX Heron Therapeutics Inc. | 0.99% | 1,402,191 | $1.1M | Add +13.3% |
| LUNG Pulmonx Corp. | 0.87% | 768,288 | $991K | Add +58.0% |
| INAB IN8BIO Inc. | 0.86% | 663,412 | $982K | Add +302.3% |
| SRZN Surrozen Inc. | 0.85% | 33,005 | $961K | Reduce -71.0% |
| CTMX Cytomx Therapeutics Inc. | 0.83% | 200,000 | $940K | New |
| PMVP PMV Pharmaceuticals Inc. | 0.77% | 708,102 | $878K | Reduce -38.5% |
| BIOA Bioage Labs Inc. | 0.77% | 50,000 | $875K | Add +11.1% |
| CNTB Connect Biopharma Holdings L | 0.71% | 310,000 | $812K | New |
| RADX Radiopharm Theranostics Ltd. | 0.65% | 51,000,000 | $739K | No change |
| MXCT Maxcyte Inc. | 0.62% | 1,004,673 | $706K | Add +114.2% |
| CDXS Codexis Inc. | 0.60% | 417,994 | $681K | Add +63.2% |
| BOLD Boundless Bio Inc. | 0.58% | 597,682 | $657K | Reduce -15.8% |
| HELP Cybin Inc. | 0.57% | 134,060 | $643K | Reduce -60.6% |
| ZNTL Zentalis Pharmaceuticals Inc. | 0.55% | 269,100 | $630K | Reduce -42.0% |
| KTTA Pasithea Therapeutics Corp. | 0.54% | 831,301 | $617K | Add +202.2% |
| MSLE Satellos Bioscience Inc. | 0.50% | 100,000 | $563K | New |
| PHAT Phathom Pharmaceuticals Inc. | 0.49% | 50,010 | $556K | New |
| OKUR Onkure Therapeutics Inc. Class A | 0.48% | 132,578 | $549K | New |
| XLO Xilio Therapeutics Inc. | 0.47% | 64,162 | $540K | Add +611.4% |
| VRCA Verrica Pharmaceuticals Inc. | 0.46% | 99,735 | $528K | Reduce -71.8% |
| CADL Candel Therapeutics Inc. | 0.44% | 102,500 | $502K | New |
| POCI Precision Optics Corp. Inc. | 0.39% | 100,000 | $439K | New |
| QNRX Quoin Pharmaceuticals LT-ADR | 0.31% | 53,460 | $353K | Reduce -31.6% |
| ESTA Establishment Labs Holdings | 0.30% | 6,000 | $341K | New |
| UPB Upstream Bio Inc. | 0.28% | 35,000 | $315K | New |
| IRD Opus Genetics Inc. | 0.27% | 68,688 | $313K | New |
| ARVN Arvinas Inc. | 0.26% | 27,500 | $292K | New |
| PLRX Pliant Therapeutics Inc. | 0.25% | 224,650 | $283K | Reduce -2.4% |
| JANX Janux Therapeutics Inc. | 0.24% | 20,000 | $278K | No change |
| OABI Omniab Inc. | 0.23% | 164,045 | $258K | Reduce -76.6% |
| XERS Xeris Biopharma Holdings Inc. | 0.20% | 40,030 | $232K | New |
| CGEN Compugen Ltd. | 0.20% | 104,300 | $222K | Reduce -65.8% |
| NMRA Neumora Therapeutics Inc. | 0.17% | 100,000 | $195K | New |
| SABS Sab Biotherapeutics Inc. | 0.17% | 50,000 | $192K | New |
| SIBN Si-Bone Inc. | 0.17% | 14,964 | $189K | New |
| EDSA Edesa Biotech Inc. | 0.14% | 30,000 | $157K | Reduce -95.6% |
| CNSP CNS Pharmaceuticals Inc. | 0.13% | 61,000 | $146K | Add +24.9% |
| PCSA Processa Pharmaceuticals Inc. | 0.12% | 55,000 | $139K | Add +346.3% |
| CABA Cabaletta Bio Inc. | 0.12% | 50,000 | $135K | Reduce -70.8% |
| KLRS Kalaris Therapeutics Inc. | 0.10% | 20,400 | $118K | New |
| ELDN Eledon Pharmaceuticals Inc. | 0.09% | 35,000 | $108K | Reduce -96.1% |
| OVID Ovid Therapeutics Inc. | 0.08% | 40,000 | $89K | Reduce -60.9% |
| EVAX Evaxion A/S | 0.06% | 19,713 | $73K | Reduce -1.4% |
| MNKD Mannkind Corp. | 0.04% | 16,300 | $40K | Reduce -81.1% |
| BCAB Bioatla Inc. | 0.01% | 65,387 | $11K | New |
Options reported separately and not counted above: XBI puts ($51.1M), XBI calls ($51.1M), ADMA calls ($10.4M), TERN calls ($5.3M), ESTA calls ($2.8M), ARE calls ($2.3M), ACAD calls ($2.2M), EOLS calls ($1.7M), XERS calls ($1.6M), SIBN calls ($1.3M), MNKD calls ($1.2M), NMRA calls ($975K), and 5 more.
Portfolio Sells Q4 2025 → Q1 2026
| INDV Indivior Ltd. | Sold out | 0.00% | −2.84 |
| IKT Inhibikase Therapeutics Inc. | Reduce -59.2% | 1.41% | −2.39 |
| ACAD Acadia Pharmaceuticals Inc. | Sold out | 0.00% | −2.11 |
| VRCA Verrica Pharmaceuticals Inc. | Reduce -71.8% | 0.46% | −1.86 |
| HELP Cybin Inc. | Reduce -60.6% | 0.57% | −1.63 |
| DAWN Day One Biopharmaceuticals I | Sold out | 0.00% | −1.47 |
| SPRB Spruce Biosciences Inc. | Sold out | 0.00% | −1.36 |
| ENTA Enanta Pharmaceuticals Inc. | Sold out | 0.00% | −1.25 |
| SRZN Surrozen Inc. | Reduce -71.0% | 0.85% | −1.19 |
| MIST Milestone Pharmaceuticals Inc. | Sold out | 0.00% | −1.06 |
| ELDN Eledon Pharmaceuticals Inc. | Reduce -96.1% | 0.09% | −0.97 |
| GERN Geron Corp. | Sold out | 0.00% | −0.84 |
| OABI Omniab Inc. | Reduce -76.6% | 0.23% | −0.80 |
| KZR Kezar Life Sciences Inc. | Sold out | 0.00% | −0.78 |
| XFOR X4 Pharmaceuticals Inc. | Reduce -43.5% | 1.22% | −0.66 |
| EDSA Edesa Biotech Inc. | Reduce -95.6% | 0.14% | −0.63 |
| SMLR Semler Scientific Inc. | Sold out | 0.00% | −0.60 |
| QNRX Quoin Pharmaceuticals LT-ADR | Reduce -31.6% | 0.31% | −0.58 |
| GOSS Gossamer Bio Inc. | Sold out | 0.00% | −0.50 |
| XOMA Xoma Royalty Corporation | Reduce -39.6% | 1.92% | −0.50 |
| PMVP PMV Pharmaceuticals Inc. | Reduce -38.5% | 0.77% | −0.37 |
| MNKD Mannkind Corp. | Reduce -81.1% | 0.04% | −0.35 |
| FENC Fennec Pharmaceuticals Inc. | Sold out | 0.00% | −0.30 |
| KZIA Kazia Therapeutics-Spon ADR | Reduce -25.0% | 2.26% | −0.25 |
| DCTH Delcath Systems Inc. | Sold out | 0.00% | −0.22 |
| KPRX Kiora Pharmaceuticals Inc. | Sold out | 0.00% | −0.20 |
| TNYA Tenaya Therapeutics Inc. | Sold out | 0.00% | −0.20 |
| CABA Cabaletta Bio Inc. | Reduce -70.8% | 0.12% | −0.18 |
| CGEN Compugen Ltd. | Reduce -65.8% | 0.20% | −0.17 |
| ZVRA Zevra Therapeutics Inc. | Reduce -15.7% | 3.93% | −0.10 |
| BOLD Boundless Bio Inc. | Reduce -15.8% | 0.58% | −0.10 |
| OVID Ovid Therapeutics Inc. | Reduce -60.9% | 0.08% | −0.05 |
| EVAX Evaxion A/S | Reduce -1.4% | 0.06% | −0.01 |
| PLRX Pliant Therapeutics Inc. | Reduce -2.4% | 0.25% | +0.03 |
| ZNTL Zentalis Pharmaceuticals Inc. | Reduce -42.0% | 0.55% | +0.06 |
| AYTU Aytu Biopharma Inc. | Reduce -2.6% | 1.90% | +0.23 |
| CBIO Crescent Biopharma Inc. | Reduce -3.1% | 1.37% | +0.55 |
| CRBP Corbus Pharmaceuticals Holdi | Reduce -1.7% | 3.17% | +0.66 |
Portfolio Buys Q4 2025 → Q1 2026
| TENX Tenax Therapeutics Inc. | Add +8106.0% | 13.72% | +13.60 |
| CAMP CAMP4 Therapeutics Corp. | Add +507.1% | 5.39% | +4.28 |
| SLGL Sol-Gel Technologies Ltd. | New | 1.94% | +1.94 |
| CRIS Curis Inc. | Add +6178.8% | 1.79% | +1.75 |
| ANTX AN2 Therapeutics Inc. | Add +13.7% | 2.15% | +1.58 |
| OKYO Okyo Pharma Ltd. | New | 1.20% | +1.20 |
| CTMX Cytomx Therapeutics Inc. | New | 0.83% | +0.83 |
| CNTB Connect Biopharma Holdings L | New | 0.71% | +0.71 |
| INAB IN8BIO Inc. | Add +302.3% | 0.86% | +0.56 |
| MSLE Satellos Bioscience Inc. | New | 0.50% | +0.50 |
| PHAT Phathom Pharmaceuticals Inc. | New | 0.49% | +0.49 |
| OKUR Onkure Therapeutics Inc. Class A | New | 0.48% | +0.48 |
| CADL Candel Therapeutics Inc. | New | 0.44% | +0.44 |
| XLO Xilio Therapeutics Inc. | Add +611.4% | 0.47% | +0.41 |
| POCI Precision Optics Corp. Inc. | New | 0.39% | +0.39 |
| ESTA Establishment Labs Holdings | New | 0.30% | +0.30 |
| BIOA Bioage Labs Inc. | Add +11.1% | 0.77% | +0.30 |
| UPB Upstream Bio Inc. | New | 0.28% | +0.28 |
| IRD Opus Genetics Inc. | New | 0.27% | +0.27 |
| CDXS Codexis Inc. | Add +63.2% | 0.60% | +0.27 |
| KTTA Pasithea Therapeutics Corp. | Add +202.2% | 0.54% | +0.26 |
| ARVN Arvinas Inc. | New | 0.26% | +0.26 |
| XERS Xeris Biopharma Holdings Inc. | New | 0.20% | +0.20 |
| NMRA Neumora Therapeutics Inc. | New | 0.17% | +0.17 |
| SABS Sab Biotherapeutics Inc. | New | 0.17% | +0.17 |
| SIBN Si-Bone Inc. | New | 0.17% | +0.17 |
| KLRS Kalaris Therapeutics Inc. | New | 0.10% | +0.10 |
| PCSA Processa Pharmaceuticals Inc. | Add +346.3% | 0.12% | +0.09 |
| MXCT Maxcyte Inc. | Add +114.2% | 0.62% | +0.05 |
| LUNG Pulmonx Corp. | Add +58.0% | 0.87% | +0.02 |
| BCAB Bioatla Inc. | New | 0.01% | +0.01 |
| ABEO Abeona Therapeutics Inc. | Add +5.2% | 2.94% | −0.02 |
| CNSP CNS Pharmaceuticals Inc. | Add +24.9% | 0.13% | −0.07 |
| ACET Adicet Bio Inc. | Add +0.9% | 1.33% | −0.14 |
| HRTX Heron Therapeutics Inc. | Add +13.3% | 0.99% | −0.29 |
| TELA Tela Bio Inc. | Add +11.3% | 1.43% | −0.77 |
| VSTM Verastem Inc. | Add +20.9% | 15.39% | −1.29 |
| EOLS Evolus Inc. | Add +7.8% | 6.36% | −2.22 |
Options Activity Q4 2025 → Q1 2026
| XBI SS SPDR S&P Biotech ETF | put | New | 400,000 | $51.1M |
| XBI SS SPDR S&P Biotech ETF | call | New | 400,000 | $51.1M |
| ADMA Adma Biologics Inc. | call | New | 1,150,000 | $10.4M |
| TERN Terns Pharmaceuticals Inc. | call | New | 100,000 | $5.3M |
| ESTA Establishment Labs Holdings | call | New | 50,000 | $2.8M |
| CRSP Crispr Therapeutics AG | call | Sold out | 50,000 | $2.6Mbefore exit |
| RARE Ultragenyx Pharmaceutical Inc. | call | Sold out | 100,000 | $2.3Mbefore exit |
| ACAD Acadia Pharmaceuticals Inc. | call | New | 100,000 | $2.2M |
| NKTR Nektar Therapeutics | call | Sold out | 50,000 | $2.1Mbefore exit |
| EOLS Evolus Inc. | call | New | 420,000 | $1.7M |
| XERS Xeris Biopharma Holdings Inc. | call | New | 280,000 | $1.6M |
| SIBN Si-Bone Inc. | call | New | 100,000 | $1.3M |
| MNKD Mannkind Corp. | call | New | 500,000 | $1.2M |
| NMRA Neumora Therapeutics Inc. | call | New | 500,000 | $975K |
| CTMX Cytomx Therapeutics Inc. | call | New | 200,000 | $940K |
| DCTH Delcath Systems Inc. | call | New | 100,000 | $928K |
| ARDX Ardelyx Inc. | call | New | 150,000 | $899K |
| HRTX Heron Therapeutics Inc. | call | New | 1,000,000 | $800K |
| ABEO Abeona Therapeutics Inc. | call | Reduce -50.0% | 100,000 | $448K |
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 |