Stonepine Capital Management, LLC
Stonepine Capital Management, LLC reported 72 US-listed holdings worth $131.4 million in its 13F for the quarter ended 30 June 2026, filed 17 August 2026. Its largest: Verastem Inc. (9.7%), Evolus Inc. (8.4%) and Tenax Therapeutics Inc. (7.3%). Against the quarter before, it opened 19 positions, added to 23, trimmed 25 and sold out of 13.
Reported holdings$131.4M+15.5% on Q1 2026
Positions72+6 on Q1 2026
The largest ten55.3%of its reported holdings
Latest 13FQ2 2026filed 17 August 2026
OpenedAdded toHeldTrimmed
The 14 largest of its 72 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q1 2026.
What the fund reported holding at each quarter's end; hover a bar for the number of positions
What its reported holdings returned
Held through each quarter, the holdings it reported returned +14.8% over the 5 quarters to 31 December 2025, against +18.9% for the S&P 500.
Its reported holdingsThe S&P 500
Not the fund's own return: each 13F's holdings are kept unchanged until the next one, so trades inside a quarter, dividends, cash and fees are left out. A rough guide to how its picks have done over time.
What it did on the quarter
Opened 19Added 23Held 5Trimmed 25Sold out 13
Its positions against its 13F for the quarter to 31 March 2026; a change under 0.1% of a position counts as held
Opened 19
- Eloxx Pharmaceuticals Inc. ELOX$5.5 million
- Indivior Pharmaceuticals, Inc. INDV$4.1 million
- Spruce Biosciences Inc. SPRB$1.6 million
- Moonlake Immunotherapeutics MLTX$973,500
- Azitra Inc. AZTR$886,903
- Ultragenyx Pharmaceutical Inc. RARE$834,750
- Nuvectis Pharma Inc. NVCT$735,600
- Oruka Therapeutics Inc. ORKA$713,775
and 11 more in the table below
Added to 23
- Edesa Biotech Inc. EDSA+426,439 shares · +1421%
- Satellos Bioscience Inc. MSLE+391,624 shares · +392%
- Cabaletta Bio Inc. CABA+867,100 shares · +1734%
- Nektar Therapeutics NKTR+35,654 shares · +42%
- Xilio Therapeutics Inc. XLO+161,832 shares · +252%
- Quoin Pharmaceuticals Ltd ADR QNRX+146,026 shares · +273%
- Pasithea Therapeutics Corp. KTTA+1.4 million shares · +165%
- Corbus Pharmaceuticals Hldgs CRBP+41,538 shares · +11%
and 15 more in the table below
Trimmed 25
- Tenax Therapeutics Inc. TENX-315,200 shares · -32%
- Zevra Therapeutics Inc. ZVRA-221,299 shares · -46%
- Evolus Inc. EOLS-168,929 shares · -10%
- Abeona Therapeutics Inc. ABEO-189,303 shares · -25%
- Inhibikase Therapeutics Inc. IKT-561,023 shares · -59%
- Boundless Bio Inc. BOLD-443,087 shares · -74%
- Sol Gel Technologies SLGL-13,309 shares · -48%
- Crescent Biopharma Inc. CBIO-45,000 shares · -53%
and 17 more in the table below
Sold out of 13
- Xoma Royalty Corporation XOMA$2.2 million last quarter
- Surrozen Inc. SRZN$961,436 last quarter
- Verrica Pharmaceuticals Inc. VRCA$527,598 last quarter
- Candel Therapeutics Inc. CADL$502,250 last quarter
- Establishment Labs Holdings Inc. ESTA$340,680 last quarter
- Janux Therapeutics Inc. JANX$278,000 last quarter
- Omniab, Inc. OABI$257,551 last quarter
- Xeris Biopharma Holdings, Inc. XERS$232,174 last quarter
What it holds
| Company | Shares | Value | Of its book | Change in shares |
|---|---|---|---|---|
| Verastem Inc. VSTM | 3.3M | $12.8 million | 9.74% | +47.3K |
| Evolus Inc. EOLS | 1.6M | $11.0 million | 8.40% | -168.9K |
| Tenax Therapeutics Inc. TENX | 660.0K | $9.6 million | 7.31% | -315.2K |
| Nektar Therapeutics NKTR | 120.7K | $8.4 million | 6.41% | +35.7K |
| Adma Biologics, Inc. ADMA | 740.0K | $6.2 million | 4.72% | no change |
| CAMP4 Therapeutics Corp. CAMP | 1.4M | $6.1 million | 4.62% | no change |
| Eloxx Pharmaceuticals Inc. ELOX | 397.2K | $5.5 million | 4.20% | new |
| Kazia Therapeutics Ltd KZIA | 345.2K | $4.9 million | 3.70% | no change |
| Indivior Pharmaceuticals, Inc. INDV | 100.0K | $4.1 million | 3.12% | new |
| Corbus Pharmaceuticals Hldgs CRBP | 425.0K | $4.0 million | 3.03% | +41.5K |
| Satellos Bioscience Inc. MSLE | 491.6K | $3.7 million | 2.83% | +391.6K |
| Zevra Therapeutics Inc. ZVRA | 258.7K | $3.7 million | 2.82% | -221.3K |
| Abeona Therapeutics Inc. ABEO | 557.3K | $3.4 million | 2.62% | -189.3K |
| Edesa Biotech Inc. EDSA | 456.4K | $3.2 million | 2.43% | +426.4K |
| Cabaletta Bio Inc. CABA | 917.1K | $2.9 million | 2.17% | +867.1K |
| AN2 Therapeutics Inc. ANTX | 551.7K | $2.7 million | 2.03% | -162.2K |
| Xilio Therapeutics Inc. XLO | 226.0K | $2.2 million | 1.65% | +161.8K |
| Adicet Bio Inc. ACET | 245.5K | $2.1 million | 1.61% | +23.6K |
| Tela Bio Inc. TELA | 2.7M | $2.0 million | 1.52% | +45.2K |
| Aytu Biopharma Inc. AYTU | 912.9K | $2.0 million | 1.49% | +120.6K |
| Curis Inc. CRIS | 3.3M | $1.7 million | 1.32% | -414.2K |
| Spruce Biosciences Inc. SPRB | 28.8K | $1.6 million | 1.18% | new |
| Okyo Pharma Ltd OKYO | 863.0K | $1.3 million | 0.99% | +13.0K |
| Pasithea Therapeutics Corp. KTTA | 2.2M | $1.1 million | 0.86% | +1.4M |
| Sol Gel Technologies SLGL | 14.5K | $1.1 million | 0.82% | -13.3K |
| Pulmonx Corp. LUNG | 815.4K | $1.1 million | 0.81% | +47.1K |
| X4 Pharmaceuticals Inc. XFOR | 225.0K | $1.1 million | 0.80% | -110.3K |
| IN8BIO Inc. INAB | 695.3K | $980,355 | 0.75% | +31.9K |
| Moonlake Immunotherapeutics MLTX | 50.0K | $973,500 | 0.74% | new |
| Quoin Pharmaceuticals Ltd ADR QNRX | 199.5K | $965,512 | 0.74% | +146.0K |
| Maxcyte Inc. MXCT | 751.6K | $924,475 | 0.70% | -253.1K |
| Phathom Pharmaceuticals Inc. PHAT | 85.0K | $922,358 | 0.70% | +35.0K |
| Azitra Inc. AZTR | 5.3M | $886,903 | 0.68% | new |
| Connect Biopharma Hldgs Ltd CNTB | 364.3K | $866,925 | 0.66% | +54.3K |
| Cybin Inc. HELP | 129.3K | $854,541 | 0.65% | -4.8K |
| Ultragenyx Pharmaceutical Inc. RARE | 25.0K | $834,750 | 0.64% | new |
| Inhibikase Therapeutics Inc. IKT | 396.2K | $804,243 | 0.61% | -561.0K |
| Zentalis Pharmaceuticals Inc. ZNTL | 161.6K | $783,678 | 0.60% | -107.5K |
| Cytomx Therapeutics Inc. CTMX | 205.0K | $768,750 | 0.59% | +5.0K |
| Nuvectis Pharma Inc. NVCT | 40.0K | $735,600 | 0.56% | new |
| Crescent Biopharma Inc. CBIO | 40.0K | $720,000 | 0.55% | -45.0K |
| PMV Pharmaceuticals Inc. PMVP | 536.1K | $718,355 | 0.55% | -172.0K |
| Oruka Therapeutics Inc. ORKA | 7.5K | $713,775 | 0.54% | new |
| Radiopharm Theranostics Ltd RADX | 51.0M | $670,500 | 0.51% | no change |
| Onkure Therapeutics Inc OKUR | 130.7K | $595,919 | 0.45% | -1.9K |
| Nervgen Pharma Corp. NGEN | 271.7K | $559,657 | 0.43% | new |
| CalciMedica, Inc. (calc) CALC | 622.4K | $544,939 | 0.41% | new |
| Arvinas Inc. ARVN | 60.0K | $498,600 | 0.38% | +32.5K |
| Bioage Labs Inc. BIOA | 20.0K | $490,200 | 0.37% | -30.0K |
| Ocuphire Pharma Inc. IRD | 100.7K | $413,951 | 0.32% | +32.0K |
| QT Imaging Hldgs Inc. QTI | 100.0K | $407,000 | 0.31% | new |
| Boundless Bio Inc. BOLD | 154.6K | $386,488 | 0.29% | -443.1K |
| Sintx Technologies Inc. SINT | 209.2K | $332,531 | 0.25% | new |
| Cellectar Biosciences Inc. CLRB | 104.5K | $290,649 | 0.22% | new |
| Eupraxia Pharmaceuticals Inc. EPRX | 43.5K | $287,476 | 0.22% | new |
| Sab Biotherapeutics Inc. SABS | 73.3K | $285,757 | 0.22% | +23.3K |
| Adlai Nortye Ltd ANL | 24.3K | $278,956 | 0.21% | new |
| Senseonics Hldgs Inc. Com SENS | 48.7K | $276,502 | 0.21% | new |
| Pliant Therapeutics Inc. PLRX | 230.5K | $262,813 | 0.20% | +5.9K |
| Codexis Inc. CDXS | 109.7K | $247,836 | 0.19% | -308.3K |
| Precision Optics Corp. Inc. Mass Com New POCI | 46.4K | $236,589 | 0.18% | -53.6K |
| Upstream Bio Inc. UPB | 33.4K | $231,349 | 0.18% | -1.6K |
| Aileron Therapeutics Inc. RNTX | 218.0K | $226,760 | 0.17% | new |
| Heron Therapeutics Inc. HRTX | 490.8K | $209,468 | 0.16% | -911.4K |
| CNS Pharmaceuticals Inc CNSP | 41.6K | $198,719 | 0.15% | -19.4K |
| Humacyte Inc. HUMA | 231.3K | $180,506 | 0.14% | new |
| Kalaris Therapeutics Inc KLRS | 30.1K | $122,597 | 0.09% | +9.7K |
| Processa Pharmaceuticals Inc. PCSA | 55.0K | $105,600 | 0.08% | no change |
| Bioatla Inc. BCAB | 16.4K | $68,028 | 0.05% | new |
| Compugen Ltd CGEN | 31.4K | $67,168 | 0.05% | -72.9K |
| Ovid Therapeutics Inc. OVID | 21.3K | $57,297 | 0.04% | -18.7K |
| Evaxion Biotech A/S ADR EVAX | 17.6K | $54,442 | 0.04% | -2.2K |
Every US-listed position in the fund's 13F for the quarter ended 30 June 2026, by the value it reported.
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Change is shares against its 13F for the quarter before; the 13 it sold out of are in the box above.Options it reported
| Company | Option | Shares under the options | Value of those shares |
|---|---|---|---|
| Adma Biologics, Inc. ADMA | Calls | 650.0K | $8.0 million |
| Insmed Inc. INSM | Calls | 40.0K | $5.6 million |
| Ultragenyx Pharmaceutical Inc. RARE | Calls | 200.0K | $5.5 million |
| Medtronic plc MDT | Calls | 50.0K | $4.4 million |
| Abbott Laboratories ABT | Calls | 40.0K | $3.8 million |
| Boston Scientific Corp. BSX | Calls | 50.0K | $3.2 million |
| Evolus Inc. EOLS | Calls | 420.0K | $3.1 million |
| Biomarin Pharmaceutical Inc. BMRN | Calls | 50.0K | $3.1 million |
| Xeris Biopharma Holdings, Inc. XERS | Calls | 280.0K | $2.1 million |
| Heron Therapeutics Inc. HRTX | Calls | 1.0M | $1.5 million |
| Si-Bone Inc. SIBN | Calls | 100.0K | $1.5 million |
| Neumora Therapeutics Inc. NMRA | Calls | 500.0K | $1.2 million |
| Ardelyx Inc. ARDX | Calls | 150.0K | $1.1 million |
| Delcath Sys Inc. DCTH | Calls | 100.0K | $1.0 million |
| Mannkind Corp. MNKD | Calls | 250.0K | $750,000 |
15 option lines. A 13F lists calls and puts by the shares they cover and what those shares were worth at the quarter's end, not what the options cost; they are not counted in the holdings above.