CIK: 0001440771
Total reported value
$249.7M
Reporting period: 2026-03-31 · Number of holdings: 83
Stonepine Capital Management, LLC disclosed 83 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $249.7M and a quarterly turnover rate of 105.9%.
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Stonepine Capital Management, LLC's disclosed holdings carry a Herfindahl concentration index of 0.186 — mathematically equivalent to about 5 equally-sized positions, well below its 83 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 3.55), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 9% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Trim VSTM
+20.9% -$3.6M
Add TENX
+8106.0% $15.4M
Trim EOLS
+33.6% -$1.9M
Trim ADMA
+155.4% $3.5M
Trim IKT
-59.2% -$3.2M
Trim ABEO
-6.9% -$1.0M
Showing top 72 holdings (of 83 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | XBI | Ss Spdr S&p Biotech ETF | ETF-Tech | 40.92% | +40.92% | NEW | |
| 2 | VSTM | Verastem INC | Stock-Other | 7.01% | -8.39% | +20.87% | |
| 3 | ADMA | Adma Biologics INC | Stock-Healthcare | 6.82% | -3.03% | +155.41% | |
| 4 | TENX | Tenax Therapeutics INC | Stock-Other | 6.24% | +6.13% | +8105.99% | |
| 5 | EOLS | Evolus INC | Stock-Other | 3.59% | -4.33% | +33.56% | |
| 6 | CAMP | Camp4 Therapeutics CORP | Stock-Other | 2.45% | +1.43% | +507.10% | |
| 7 | NKTR | Nektar Therapeutics | Stock-Other | 2.45% | — | -37.04% | |
| 8 | 430 | Terns Pharmaceuticals INC | Stock-Other | 2.11% | +2.11% | NEW | |
| 9 | ZVRA | Zevra Therapeutics INC | Stock-Other | 1.79% | -1.93% | -15.65% | |
| 10 | ABEO | Abeona Therapeutics INC | Stock-Other | 1.52% | -1.98% | -6.92% | |
| 11 | CRBP | Corbus Pharmaceuticals Holdi | Stock-Other | 1.44% | — | -1.66% | |
| 12 | ✓ | Establishment Labs Hldgs INC | Stock-Other | 1.27% | +1.27% | NEW | |
| 13 | KZIA | Kazia Therapeutics-spon Adr | Stock-Other | 1.03% | -1.29% | -25.02% | |
| 14 | ANTX | An2 Therapeutics INC | Stock-Other | 0.98% | +0.46% | +13.73% | |
| 15 | ARE | Alexandria Real Estate Equit | Stock-Real Estate | 0.93% | — | — | |
| 16 | ACAD | Acadia Pharmaceuticals INC | Stock-Healthcare | 0.89% | — | — | |
| 17 | ✓ | Stock-Other | 0.88% | +0.88% | NEW | ||
| 18 | XOMA | Xoma Royalty Corporation | Stock-Other | 0.87% | -1.36% | -39.57% | |
| 19 | AYTU | Aytu Biopharma INC | Stock-Other | 0.87% | — | -2.63% | |
| 20 | CRIS | Curis INC | Stock-Other | 0.82% | +0.78% | +6178.80% | |
| 21 | HRTX | Heron Therapeutics INC | Stock-Other | 0.77% | — | +94.07% | |
| 22 | CTMX | Cytomx Therapeutics INC | Stock-Other | 0.75% | +0.75% | NEW | |
| 23 | XERS | Xeris Biopharma Holdings INC | Stock-Other | 0.74% | +0.74% | NEW | |
| 24 | TELA | Tela Bio INC | Stock-Other | 0.65% | -1.38% | +11.28% | |
| 25 | IKT | Inhibikase Therapeutics INC | Stock-Other | 0.64% | -2.87% | -59.24% | |
| 26 | ✓ | Crescent Biopharma INC. | Stock-Other | 0.63% | — | -3.06% | |
| 27 | ACET | Adicet Bio INC | Stock-Other | 0.61% | — | +0.88% | |
| 28 | SIBN | Si-bone INC | Stock-Other | 0.58% | +0.58% | NEW | |
| 29 | XFOR | X4 Pharmaceuticals INC | Stock-Other | 0.55% | -1.18% | -43.51% | |
| 30 | ✓ | Okyo Pharma LTD | Stock-Other | 0.55% | +0.55% | NEW | |
| 31 | MNKD | Mannkind CORP | Stock-Other | 0.51% | +0.15% | +497.85% | |
| 32 | NMRA | Neumora Therapeutics INC | Stock-Other | 0.47% | +0.47% | NEW | |
| 33 | LUNG | Pulmonx CORP | Stock-Other | 0.40% | — | +57.95% | |
| 34 | INAB | In8bio INC | Stock-Other | 0.39% | +0.11% | +302.33% | |
| 35 | SRZN | Surrozen INC | Stock-Other | 0.39% | -1.49% | -70.95% | |
| 36 | DCTH | Delcath Systems INC | Stock-Other | 0.37% | +0.17% | +267.21% | |
| 37 | ARDX | Ardelyx INC | Stock-Other | 0.36% | +0.36% | NEW | |
| 38 | PMVP | Pmv Pharmaceuticals INC | Stock-Other | 0.35% | -0.70% | -38.47% | |
| 39 | BIOA | Bioage Labs INC | Stock-Other | 0.35% | — | +11.11% | |
| 40 | ✓ | Connect Biopharma Hldgs LTD | Stock-Other | 0.33% | +0.33% | NEW | |
| 41 | RADX | Radiopharm Theranostics LTD | Stock-Other | 0.30% | — | — | |
| 42 | MXCT | Maxcyte INC | Stock-Other | 0.28% | — | +114.21% | |
| 43 | CDXS | Codexis INC | Stock-Other | 0.27% | — | +63.21% | |
| 44 | BOLD | Boundless Bio INC | Stock-Other | 0.26% | — | -15.83% | |
| 45 | HELP | Cybin INC | Stock-Other | 0.26% | -1.77% | -60.56% | |
| 46 | ZNTL | Zentalis Pharmaceuticals INC | Stock-Other | 0.25% | — | -41.97% | |
| 47 | KTTA | Pasithea Therapeutics CORP | Stock-Other | 0.25% | — | +202.22% | |
| 48 | MSLE | Satellos Bioscience INC | Stock-Other | 0.23% | +0.23% | NEW | |
| 49 | PHAT | Phathom Pharmaceuticals INC | Stock-Other | 0.22% | +0.22% | NEW | |
| 50 | OKUR | Onkure Therapeutics Inc-a | Stock-Other | 0.22% | +0.22% | NEW |
Performance for Q3 2026
-5.5%
Performance Last 4 Quarters
+13.8%
Based on 84% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 83 | $249.7M | 100 | |
| 2025-12-31 | 66 | $137.0M | 62 | |
| 2025-09-30 | 58 | $123.0M | 100 | |
| 2025-06-30 | 59 | $101.9M | 0 | |
| 2025-03-31 | 66 | $102.8M | 100 | |
| 2024-12-31 | 52 | $123.9M | 0 | |
| 2024-09-30 | 38 | $158.2M | 0 | |
| 2024-06-30 | 25 | $109.6M | 0 | |
| 2024-03-31 | 20 | $126.1M | 0 | |
| 2023-12-31 | 16 | $231.2M | 0 | |
| 2023-09-30 | 23 | $301.0M | 0 | |
| 2023-06-30 | 19 | $266.2M | 0 | |
| 2023-03-31 | 22 | $298.2M | 0 | |
| 2022-12-31 | 19 | $237.7M | 0 | |
| 2022-09-30 | 19 | $222.4M | 0 | |
| 2022-06-30 | 25 | $214.9M | 0 | |
| 2022-03-31 | 28 | $241.1M | 0 | |
| 2021-12-31 | 23 | $217.9M | 0 | |
| 2021-09-30 | 31 | $219.8M | 0 | |
| 2021-06-30 | 26 | $191.2M | 98 | |
| 2021-03-31 | 29 | $185.1M | 100 | |
| 2020-12-31 | 21 | $130.6M | 60 | |
| 2020-09-30 | 17 | $96.1M | 70 | |
| 2020-06-30 | 13 | $51.6M | 85 | |
| 2020-03-31 | 27 | $94.6M | 100 | |
| 2019-12-31 | 23 | $143.5M | 79 | |
| 2019-09-30 | 26 | $103.0M | 63 | |
| 2019-06-30 | 25 | $145.2M | 37 | |
| 2019-03-31 | 30 | $173.9M | 82 | |
| 2018-12-31 | 22 | $113.9M | 68 | |
| 2018-09-30 | 31 | $171.0M | 53 | |
| 2018-06-30 | 25 | $164.6M | 54 | |
| 2018-03-31 | 30 | $186.6M | 73 | |
| 2017-12-31 | 27 | $166.8M | 67 | |
| 2017-09-30 | 22 | $169.6M | 57 | |
| 2017-06-30 | 27 | $185.2M | 66 | |
| 2017-03-31 | 21 | $177.5M | 38 | |
| 2016-12-31 | 23 | $167.9M | 100 | |
| 2016-09-30 | 17 | $122.6M | 100 | |
| 2016-06-30 | 23 | $97.5M | 84 | |
| 2016-03-31 | 19 | $84.8M | 64 | |
| 2015-12-31 | 13 | $85.4M | 0 |
Stonepine Capital Management, LLC's most significant position changes for 2026-03-31: New buy: Ss Spdr S&p Biotech ETF (XBI); New buy: Terns Pharmaceuticals INC (430); Sold out: Indivior Pharmaceuticals, Inc. (INDV); New buy: Establishment Labs Hldgs INC; Sold out: CRISPR Therapeutics AG (CRSP).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | TENX | Tenax Therapeutics INC | +6.1% | +8105.99% | Add |
| 2 | CAMP | Camp4 Therapeutics CORP | +1.4% | +507.10% | Add |
| 3 | CRIS | Curis INC | +0.8% | +6178.80% | Add |
| 4 | ANTX | An2 Therapeutics INC | +0.5% | +13.73% | Add |
| 5 | DCTH | Delcath Systems INC | +0.2% | +267.21% | Add |
| 6 | MNKD | Mannkind CORP | +0.2% | +497.85% | Add |
| 7 | INAB | In8bio INC | +0.1% | +302.33% | Add |
| 8 | EDSA | Edesa Biotech INC | -0.7% | -95.64% | Trim |
| 9 | QNRX | Quoin Pharmaceuticals Lt-adr | -0.7% | -31.63% | Trim |
| 10 | PMVP | Pmv Pharmaceuticals INC | -0.7% | -38.47% | Trim |
| 11 | OABI | Omniab INC | -0.9% | -76.60% | Trim |
| 12 | ELDN | Eledon Pharmaceuticals INC | -0.9% | -96.08% | Trim |
| 13 | XFOR | X4 Pharmaceuticals INC | -1.2% | -43.51% | Trim |
| 14 | KZIA | Kazia Therapeutics-spon Adr | -1.3% | -25.02% | Trim |
| 15 | XOMA | Xoma Royalty Corporation | -1.4% | -39.57% | Trim |
| 16 | TELA | Tela Bio INC | -1.4% | +11.28% | Add |
| 17 | SRZN | Surrozen INC | -1.5% | -70.95% | Trim |
| 18 | HELP | Cybin INC | -1.8% | -60.56% | Trim |
| 19 | ZVRA | Zevra Therapeutics INC | -1.9% | -15.65% | Trim |
| 20 | VRCA | Verrica Pharmaceuticals INC | -1.9% | -71.80% | Trim |
| 21 | ABEO | Abeona Therapeutics INC | -2% | -6.92% | Trim |
| 22 | IKT | Inhibikase Therapeutics INC | -2.9% | -59.24% | Trim |
| 23 | ADMA | Adma Biologics INC | -3% | +155.41% | Add |
| 24 | EOLS | Evolus INC | -4.3% | +33.56% | Add |
| 25 | VSTM | Verastem INC | -8.4% | +20.87% | Add |
| 26 | XBI | Ss Spdr S&p Biotech ETF | — | NEW | New buy |
| 27 | 430 | Terns Pharmaceuticals INC | — | NEW | New buy |
| 28 | INDV | Indivior Pharmaceuticals, Inc. | — | EXIT | Sold out |
| 29 | ✓ | Establishment Labs Hldgs INC | — | NEW | New buy |
| 30 | CRSP | CRISPR Therapeutics AG | — | EXIT | Sold out |
| 31 | RARE | Ultragenyx Pharmaceutical In | — | EXIT | Sold out |
| 32 | ✓ | — | NEW | New buy | |
| 33 | CTMX | Cytomx Therapeutics INC | — | NEW | New buy |
| 34 | DAWNGBX | Day One Biopharmaceuticals I | — | EXIT | Sold out |
| 35 | XERS | Xeris Biopharma Holdings INC | — | NEW | New buy |
| 36 | SPRB | Spruce Biosciences INC | — | EXIT | Sold out |
| 37 | ENTA | Enanta Pharmaceuticals INC | — | EXIT | Sold out |
| 38 | SIBN | Si-bone INC | — | NEW | New buy |
| 39 | ✓ | Okyo Pharma LTD | — | NEW | New buy |
| 40 | MIST | Milestone Pharmaceuticals In | — | EXIT | Sold out |
| 41 | NMRA | Neumora Therapeutics INC | — | NEW | New buy |
| 42 | GERN | Geron CORP | — | EXIT | Sold out |
| 43 | 2KZ0 | Kezar Life Sciences INC | — | EXIT | Sold out |
| 44 | ARDX | Ardelyx INC | — | NEW | New buy |
| 45 | ✓ | Connect Biopharma Hldgs LTD | — | NEW | New buy |
| 46 | SMLR | Semler Scientific INC | — | EXIT | Sold out |
| 47 | GOSS | Gossamer Bio INC | — | EXIT | Sold out |
| 48 | MSLE | Satellos Bioscience INC | — | NEW | New buy |
| 49 | PHAT | Phathom Pharmaceuticals INC | — | NEW | New buy |
| 50 | OKUR | Onkure Therapeutics Inc-a | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-14 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-13 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-13 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-13 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-14 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-13 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-21 | Amendment | View on EDGAR |
| 2024-06-30 | 2024-08-13 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-13 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-13 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-16 | Amendment | View on EDGAR |
| 2023-06-30 | 2023-08-11 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-12 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-10 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-12 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-16 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-12 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-16 | Amendment | View on EDGAR |
| 2021-06-30 | 2021-08-13 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-14 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-12 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-13 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-13 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-14 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-13 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-13 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-13 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-14 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-13 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-28 | Amendment | View on EDGAR |
| 2018-09-30 | 2018-11-13 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-14 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-13 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-13 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-14 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-12 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-10 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-11 | Amendment | View on EDGAR |
| 2016-06-30 | 2016-08-10 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-11 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-11 | 13F-HR | View on EDGAR |
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