13F 申报指南13F 概念全攻略
什么是 SEC Form 13F 申报？美股机构大户持股全攻略
完整解读 Form 13F 申报规范、1 亿美元门槛与 45 天延迟申报机制，学会如何追踪顶级对冲基金与机构法人持仓动向。
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CIK: 0001440771
申报总市值
US$1.8亿
US$1.8亿
58 檔
31.8%
根据最新整理的 13F 季度数据集，Stonepine Capital Management, LLC 于 Q3 2025 结束时的管理资产规模为 US$1.8亿。该机构在本季度申报了 58 档美股持仓，呈现出该时期的主要投资地图。
Stonepine Capital Management, LLC 在 Q3 2025 进行了结构性的板块轮动与仓位换股。在开立 29 个全新仓位及加仓 16 档持股的同时，亦同步清仓 37 档并减仓 12 档标的。
在资产配置集中度方面，Stonepine Capital Management, LLC 的前 5 大核心持股（包含 VSTM, ADMA, EOLS 等）合计占整体申报市值的 31.8%，反映机构在主要关键仓位上的权重分布。
本季最大新建仓标的
NKTR
市值: US$483.7万
本季最大获利了结 / 清仓标的
ANIP
前期市值: US$1364.9万
| # | 代码 | 标的名称 | 资产子类别 | 占比 | 占比变动 | 持仓量变化 | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | VSTM | Verastem Inc | 股票-其他 | 19.17% | +0.21% | +82.83% | |
| 2 | ADMA | Adma Biologics Inc | 股票-医疗保健 | 8.81% | +1.16% | -1.47% | |
| 3 | EOLS | Evolus Inc | 股票-其他 | 7.67% | +4.41% | +67.64% | |
| 4 | ZVRA | Zevra Therapeutics Inc | 股票-其他 | 6.26% | +0.30% | +4.43% | |
| 5 | NKTR | Nektar Therapeutics | 股票-其他 | 3.93% | +2.30% | +69.32% | |
| 6 | DAWNGBX | Day One Biopharmaceuticals I | 股票-其他 | 3.71% | — | +43.86% | |
| 7 | XOMA | Xoma Royalty Corporation | 股票-其他 | 3.62% | -0.87% | EXIT | |
| 8 | ACAD | Acadia Pharmaceuticals Inc | 股票-医疗保健 | 3.03% | -0.89% | EXIT | |
| 9 | ENTA | Enanta Pharmaceuticals Inc | 股票-其他 | 2.97% | — | -49.51% | |
| 10 | XFOR | X4 Pharmaceuticals Inc | 股票-其他 | 2.94% | +0.04% | — | |
| 11 | OABI | Omniab Inc | 股票-其他 | 2.79% | -0.10% | EXIT | |
| 12 | SRZN | Surrozen Inc | 股票-其他 | 2.62% | -0.38% | EXIT | |
| 13 | TELA | Tela Bio Inc | 股票-其他 | 2.61% | +0.48% | +3.44% | |
| 14 | INDV | Indivior Pharmaceuticals, Inc. | 股票-其他 | 1.96% | — | -71.43% | |
| 15 | ABEO | Abeona Therapeutics Inc | 股票-其他 | 1.94% | +0.42% | +902.16% | |
| 16 | GERN | Geron CORP | 股票-其他 | 1.78% | — | +60.00% | |
| 17 | PMVP | Pmv Pharmaceuticals Inc | 股票-其他 | 1.56% | +0.06% | +61.96% | |
| 18 | EDSA | Edesa Biotech Inc | 股票-其他 | 1.38% | +1.74% | — | |
| 19 | AYTU | Aytu Biopharma Inc | 股票-其他 | 1.36% | +0.24% | +9.74% | |
| 20 | SLNOEUR | Soleno Therapeutics Inc | 股票-其他 | 1.32% | — | — | |
| 21 | 2KZ0 | Kezar Life Sciences Inc | 股票-其他 | 1.21% | — | +125.59% | |
| 22 | ALMS | Alumis Inc | 股票-其他 | 0.97% | — | -14.19% | |
| 23 | IKT | Inhibikase Therapeutics Inc | 股票-其他 | 0.97% | -0.19% | +0.17% | |
| 24 | BIOA | Bioage Labs Inc | 股票-其他 | 0.90% | -0.07% | +24.81% | |
| 25 | ARDX | Ardelyx Inc | 股票-其他 | 0.90% | +0.23% | -63.96% | |
| 26 | LUNG | Pulmonx CORP | 股票-其他 | 0.88% | +0.20% | +359.22% | |
| 27 | DVAX | Dynavax Technologies CORP | 股票-其他 | 0.87% | — | +260.31% | |
| 28 | HRTX | Heron Therapeutics Inc | 股票-其他 | 0.87% | +0.19% | +29.32% | |
| 29 | VNDA | Vanda Pharmaceuticals Inc | 股票-其他 | 0.79% | — | -22.00% | |
| 30 | VIR | Vir Biotechnology Inc | 股票-其他 | 0.74% | — | +23.08% | |
| 31 | MNKD | Mannkind CORP | 股票-其他 | 0.69% | -0.09% | — | |
| 32 | MXCT | Maxcyte Inc | 股票-其他 | 0.59% | +0.24% | — | |
| 33 | ANTX | An2 Therapeutics Inc | 股票-其他 | 0.58% | +0.53% | +3.57% | |
| 34 | ZNTL | Zentalis Pharmaceuticals Inc | 股票-其他 | 0.56% | +0.19% | +316.29% | |
| 35 | ANGO | Angiodynamics Inc | 股票-其他 | 0.54% | — | -22.22% | |
| 36 | GRCE | Grace Therapeutics Inc | 股票-其他 | 0.51% | — | -27.86% | |
| 37 | RARE | Ultragenyx Pharmaceutical In | 股票-其他 | 0.49% | +3.57% | NEW | |
| 38 | SNDX | Syndax Pharmaceuticals Inc | 股票-其他 | 0.47% | — | -59.96% | |
| 39 | AQST | Aquestive Therapeutics Inc | 股票-其他 | 0.46% | — | — | |
| 40 | GOSS | Gossamer Bio Inc | 股票-其他 | 0.44% | — | — | |
| 41 | BOLD | Boundless Bio Inc | 股票-其他 | 0.41% | -0.04% | +289.41% | |
| 42 | HCAT | Health Catalyst Inc | 股票-其他 | 0.36% | — | +55.55% | |
| 43 | ✓ | Establishment Labs Holdings In | 股票-其他 | 0.35% | -1.27% | EXIT | |
| 44 | PLRX | Pliant Therapeutics Inc | 股票-其他 | 0.35% | +0.04% | — | |
| 45 | CTMX | Cytomx Therapeutics Inc | 股票-其他 | 0.32% | -0.32% | — | |
| 46 | KPRX | Kiora Pharmaceuticals Inc | 股票-其他 | 0.32% | — | -21.01% | |
| 47 | RZLT | Rezolute Inc | 股票-其他 | 0.31% | — | -81.74% | |
| 48 | ACRS | Aclaris Therapeutics Inc | 股票-其他 | 0.30% | — | -60.74% | |
| 49 | INAB | In8bio Inc | 股票-其他 | 0.28% | +0.16% | +93.40% | |
| 50 | HSDT | Solana Co | 股票-其他 | 0.24% | — | — |
| # | 代码 | 标的名称 | 占比变动 | 持仓量变化 | 异动类型 |
|---|---|---|---|---|---|
| 1 | VSTM | Verastem Inc | +15.6% | +82.83% | 加仓 |
| 2 | ADMA | Adma Biologics Inc | +8.8% | -1.47% | 减仓 |
| 3 | ACAD | Acadia Pharmaceuticals Inc | +2.9% | -22.42% | 加仓 |
| 4 | ZVRA | Zevra Therapeutics Inc | +1.5% | +4.43% | 加仓 |
| 5 | XOMA | Xoma Royalty Corporation | +1.1% | -24.11% | 减仓 |
| 6 | DAWNGBX | Day One Biopharmaceuticals I | +1% | +43.86% | 加仓 |
| 7 | GERN | Geron CORP | +1% | +60.00% | 加仓 |
| 8 | PMVP | Pmv Pharmaceuticals Inc | +0.9% | +61.96% | 加仓 |
| 9 | 2KZ0 | Kezar Life Sciences Inc | +0.7% | +125.59% | 加仓 |
| 10 | BIOA | Bioage Labs Inc | +0.7% | +24.81% | 加仓 |
| 11 | VNDA | Vanda Pharmaceuticals Inc | +0.6% | -22.00% | 加仓 |
| 12 | AYTU | Aytu Biopharma Inc | +0.6% | +9.74% | 加仓 |
| 13 | ZNTL | Zentalis Pharmaceuticals Inc | +0.5% | +316.29% | 加仓 |
| 14 | TELA | Tela Bio Inc | +0.2% | +3.44% | 加仓 |
| 15 | SVRA | Savara Inc | +0.1% | -29.41% | 加仓 |
| 16 | WHWK | Whitehawk Therapeutics Inc | 0% | — | 减仓 |
| 17 | GRCE | Grace Therapeutics Inc | -0.1% | -27.86% | 减仓 |
| 18 | VIR | Vir Biotechnology Inc | -0.2% | +23.08% | 加仓 |
| 19 | ENTA | Enanta Pharmaceuticals Inc | -0.2% | -49.51% | 减仓 |
| 20 | EDSA | Edesa Biotech Inc | -0.3% | — | 不变 |
| 21 | KPRX | Kiora Pharmaceuticals Inc | -0.3% | -21.01% | 减仓 |
| 22 | SRZN | Surrozen Inc | -0.6% | -18.26% | 减仓 |
| 23 | HRTX | Heron Therapeutics Inc | -0.8% | +29.32% | 加仓 |
| 24 | INDV | Indivior Pharmaceuticals, Inc. | -0.9% | -71.43% | 减仓 |
| 25 | IKT | Inhibikase Therapeutics Inc | -1% | +0.17% | 减仓 |
| 26 | ACRS | Aclaris Therapeutics Inc | -2.4% | -60.74% | 减仓 |
| 27 | AQST | Aquestive Therapeutics Inc | -2.5% | — | 减仓 |
| 28 | ✓ | Establishment Labs Holdings In | -2.6% | +51.21% | 减仓 |
| 29 | EOLS | Evolus Inc | -5.6% | +67.64% | 加仓 |
| 30 | ANIP | Ani Pharmaceuticals Inc | — | EXIT | 清仓 |
| 31 | OPTNUSD | Optinose Inc | — | EXIT | 清仓 |
| 32 | NKTR | Nektar Therapeutics | — | NEW | 新建仓 |
| 33 | URGN | UroGen Pharma Ltd. | — | EXIT | 清仓 |
| 34 | XFOR | X4 Pharmaceuticals Inc | — | NEW | 新建仓 |
| 35 | OABI | Omniab Inc | — | NEW | 新建仓 |
| 36 | ANIK | Anika Therapeutics Inc | — | EXIT | 清仓 |
| 37 | ABEO | Abeona Therapeutics Inc | — | NEW | 新建仓 |
| 38 | LKFT | Lakefront Biotherapeutic-adr | — | EXIT | 清仓 |
| 39 | SLNOEUR | Soleno Therapeutics Inc | — | NEW | 新建仓 |
| 40 | MYO | Myomo Inc | — | EXIT | 清仓 |
| 41 | ALMS | Alumis Inc | — | NEW | 新建仓 |
| 42 | ARDX | Ardelyx Inc | — | NEW | 新建仓 |
| 43 | LUNG | Pulmonx CORP | — | NEW | 新建仓 |
| 44 | DVAX | Dynavax Technologies CORP | — | NEW | 新建仓 |
| 45 | KROS | Keros Therapeutics Inc | — | EXIT | 清仓 |
| 46 | SCPH | Scpharmaceuticals Inc | — | EXIT | 清仓 |
| 47 | MNKD | Mannkind CORP | — | NEW | 新建仓 |
| 48 | INO | Inovio Pharmaceuticals Inc | — | EXIT | 清仓 |
| 49 | PROF | Profound Medical CORP | — | EXIT | 清仓 |
| 50 | ✓ | Third Harmonic Bio Inc | — | EXIT | 清仓 |
根据 SEC 官方 Form 13F 申报备案，Stonepine Capital Management, LLC 在 Q3 2025 季度的美股持仓总市值约为 US$1.8亿，共申报了 58 个公开持股仓位。
在 Q3 2025 季度，Stonepine Capital Management, LLC 按市值排列的前三大核心持股分别为：VSTM (19.2%)、ADMA (8.8%)、EOLS (7.7%)。其中最大持股仓位 VSTM 占据整体投资组合约 19.2% 的权重。
在 Q3 2025 季度中，Stonepine Capital Management, LLC 共进行了 94 项持仓异动，包含新建仓 29 个仓位、加仓 16 个仓位、减仓 12 个仓位以及清仓 37 个仓位。 其中最大新建仓标的为 NKTR。 本季清仓仓位包含 ANIP。
本页面所有持股数据均直接同步自美国证券交易委员会（SEC）EDGAR 官方系统之 13F-HR / 13F-HR/A 季度申报文件。AlphaSMO 通过机器解析 CUSIP 与个股对照，提供 100% 精准对齐的历史时序数据集，并支持 Schema.org 结构化数据格式。
精选 AlphaSMO 大户持股与内部人交易深度分析，提升投资决策胜率
完整解读 Form 13F 申报规范、1 亿美元门槛与 45 天延迟申报机制，学会如何追踪顶级对冲基金与机构法人持仓动向。
深入剖析 5% 股权申报门槛、13D 与 13G 之差异，以及最新 SEC 申报时程规范，洞察机构法人的激进投资动向。