13F 申報指南13F 觀念全攻略
什麼是 SEC Form 13F 申報？美股機構大戶持股全攻略
完整解讀 Form 13F 申報規範、1 億美元門檻與 45 天延遲申報機制，學會如何追蹤頂級對沖基金與機構法人持倉動向。
AlphaSMO 權威研究指南閱讀專題
CIK: 0001440771
申報總市值
US$1.8億
US$1.8億
72 檔
91.0%
根據最新整理的 13F 季度數據集，Stonepine Capital Management, LLC 於 Q1 2026 結束時的管理資產規模為 US$1.8億。該機構在本季度申報了 72 檔美股持倉，呈現出該時期的主要投資地圖。
Q1 2026 的申報記錄反映 Stonepine Capital Management, LLC 的板塊替換策略：機構本季推動了 43 筆增持與 40 筆減持，籌碼呈現明顯的結構重組。
整體而言，Stonepine Capital Management, LLC 的前 5 大持股（包含 XBI, VSTM, ADMA）貢獻了組合市值的 91.0%，形成該機構在 Q1 2026 季度的基本面基石。
| # | 代號 | 標的名稱 | 資產子類別 | 佔比 | 佔比變動 | 持倉量變化 | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | XBI | Ss Spdr S&p Biotech ETF | ETF-科技型 | 40.92% | -40.92% | EXIT | |
| 2 | VSTM | Verastem Inc | 股票-其他 | 7.01% | +0.21% | +20.87% | |
| 3 | ADMA | Adma Biologics Inc | 股票-醫療保健 | 6.82% | +1.16% | +155.41% | |
| 4 | TENX | Tenax Therapeutics Inc | 股票-其他 | 6.24% | -0.82% | +8105.99% | |
| 5 | EOLS | Evolus Inc | 股票-其他 | 3.59% | +4.41% | +33.56% | |
| 6 | CAMP | Camp4 Therapeutics CORP | 股票-其他 | 2.45% | +0.98% | +507.10% | |
| 7 | NKTR | Nektar Therapeutics | 股票-其他 | 2.45% | +2.30% | -37.04% | |
| 8 | 430 | Terns Pharmaceuticals Inc | 股票-其他 | 2.11% | -2.11% | EXIT | |
| 9 | ZVRA | Zevra Therapeutics Inc | 股票-其他 | 1.79% | +0.30% | -15.65% | |
| 10 | ABEO | Abeona Therapeutics Inc | 股票-其他 | 1.52% | +0.42% | -6.92% | |
| 11 | CRBP | Corbus Pharmaceuticals Holdi | 股票-其他 | 1.44% | +0.81% | -1.66% | |
| 12 | ✓ | Establishment Labs Holdings In | 股票-其他 | 1.27% | -1.27% | EXIT | |
| 13 | KZIA | Kazia Therapeutics-spon Adr | 股票-其他 | 1.03% | +1.71% | -25.02% | |
| 14 | ANTX | An2 Therapeutics Inc | 股票-其他 | 0.98% | +0.53% | +13.73% | |
| 15 | ARE | Alexandria Real Estate Equit | 股票-房地產 | 0.93% | -0.93% | EXIT | |
| 16 | ACAD | Acadia Pharmaceuticals Inc | 股票-醫療保健 | 0.89% | -0.89% | EXIT | |
| 17 | ✓ | 股票-其他 | 0.88% | -0.27% | — | ||
| 18 | XOMA | Xoma Royalty Corporation | 股票-其他 | 0.87% | -0.87% | EXIT | |
| 19 | AYTU | Aytu Biopharma Inc | 股票-其他 | 0.87% | +0.24% | -2.63% | |
| 20 | CRIS | Curis Inc | 股票-其他 | 0.82% | +0.16% | +6178.80% | |
| 21 | HRTX | Heron Therapeutics Inc | 股票-其他 | 0.77% | +0.19% | +94.07% | |
| 22 | CTMX | Cytomx Therapeutics Inc | 股票-其他 | 0.75% | -0.32% | — | |
| 23 | XERS | Xeris Biopharma Holdings Inc | 股票-其他 | 0.74% | +0.44% | — | |
| 24 | TELA | Tela Bio Inc | 股票-其他 | 0.65% | +0.48% | +11.28% | |
| 25 | IKT | Inhibikase Therapeutics Inc | 股票-其他 | 0.64% | -0.19% | -59.24% | |
| 26 | ✓ | Crescent Biopharma Inc. | 股票-其他 | 0.63% | -0.22% | -3.06% | |
| 27 | ACET | Adicet Bio Inc | 股票-其他 | 0.61% | +0.59% | +0.88% | |
| 28 | SIBN | Si-bone Inc | 股票-其他 | 0.58% | +0.27% | — | |
| 29 | XFOR | X4 Pharmaceuticals Inc | 股票-其他 | 0.55% | +0.04% | -43.51% | |
| 30 | ✓ | Okyo Pharma LTD | 股票-其他 | 0.55% | +0.18% | — | |
| 31 | MNKD | Mannkind CORP | 股票-其他 | 0.51% | -0.09% | +497.85% | |
| 32 | NMRA | Neumora Therapeutics Inc | 股票-其他 | 0.47% | +0.24% | — | |
| 33 | LUNG | Pulmonx CORP | 股票-其他 | 0.40% | +0.20% | +57.95% | |
| 34 | INAB | In8bio Inc | 股票-其他 | 0.39% | +0.16% | +302.33% | |
| 35 | SRZN | Surrozen Inc | 股票-其他 | 0.39% | -0.38% | EXIT | |
| 36 | DCTH | Delcath Systems Inc | 股票-其他 | 0.37% | +0.19% | +267.21% | |
| 37 | ARDX | Ardelyx Inc | 股票-其他 | 0.36% | +0.23% | — | |
| 38 | PMVP | Pmv Pharmaceuticals Inc | 股票-其他 | 0.35% | +0.06% | -38.47% | |
| 39 | BIOA | Bioage Labs Inc | 股票-其他 | 0.35% | -0.07% | +11.11% | |
| 40 | ✓ | Connect Biopharma Hldgs LTD | 股票-其他 | 0.33% | +0.16% | — | |
| 41 | RADX | Radiopharm Theranostics LTD | 股票-其他 | 0.30% | +0.08% | — | |
| 42 | MXCT | Maxcyte Inc | 股票-其他 | 0.28% | +0.24% | +114.21% | |
| 43 | CDXS | Codexis Inc | 股票-其他 | 0.27% | -0.13% | +63.21% | |
| 44 | BOLD | Boundless Bio Inc | 股票-其他 | 0.26% | -0.04% | -15.83% | |
| 45 | HELP | Cybin Inc | 股票-其他 | 0.26% | +0.22% | -60.56% | |
| 46 | ZNTL | Zentalis Pharmaceuticals Inc | 股票-其他 | 0.25% | +0.19% | -41.97% | |
| 47 | KTTA | Pasithea Therapeutics CORP | 股票-其他 | 0.25% | +0.39% | +202.22% | |
| 48 | MSLE | Satellos Bioscience Inc | 股票-其他 | 0.23% | +1.87% | — | |
| 49 | PHAT | Phathom Pharmaceuticals Inc | 股票-其他 | 0.22% | +0.30% | — | |
| 50 | OKUR | Onkure Therapeutics Inc-a | 股票-其他 | 0.22% | +0.12% | — |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | TENX | Tenax Therapeutics Inc | +6.1% | +8105.99% | 加碼 |
| 2 | CAMP | Camp4 Therapeutics CORP | +1.4% | +507.10% | 加碼 |
| 3 | CRIS | Curis Inc | +0.8% | +6178.80% | 加碼 |
| 4 | ANTX | An2 Therapeutics Inc | +0.5% | +13.73% | 加碼 |
| 5 | DCTH | Delcath Systems Inc | +0.2% | +267.21% | 加碼 |
| 6 | MNKD | Mannkind CORP | +0.2% | +497.85% | 加碼 |
| 7 | INAB | In8bio Inc | +0.1% | +302.33% | 加碼 |
| 8 | PCSA | Processa Pharmaceuticals Inc | 0% | +346.32% | 加碼 |
| 9 | KTTA | Pasithea Therapeutics CORP | 0% | +202.22% | 加碼 |
| 10 | CDXS | Codexis Inc | 0% | +63.21% | 加碼 |
| 11 | EVAX | Evaxion A/s | 0% | -1.44% | 減碼 |
| 12 | BIOA | Bioage Labs Inc | -0.1% | +11.11% | 加碼 |
| 13 | OVID | Ovid Therapeutics Inc | -0.1% | -60.92% | 減碼 |
| 14 | PLRX | Pliant Therapeutics Inc | -0.1% | -2.35% | 減碼 |
| 15 | JANX | Janux Therapeutics Inc | -0.1% | — | 不變 |
| 16 | ✓ | Crescent Biopharma Inc. | -0.1% | -3.06% | 減碼 |
| 17 | CNSP | Cns Pharmaceuticals Inc | -0.1% | +24.93% | 加碼 |
| 18 | ZNTL | Zentalis Pharmaceuticals Inc | -0.2% | -41.97% | 減碼 |
| 19 | CABA | Cabaletta Bio Inc | -0.2% | -70.78% | 減碼 |
| 20 | ✓ | Compugen LTD | -0.3% | -65.85% | 減碼 |
| 21 | MXCT | Maxcyte Inc | -0.3% | +114.21% | 加碼 |
| 22 | RADX | Radiopharm Theranostics LTD | -0.3% | — | 不變 |
| 23 | BOLD | Boundless Bio Inc | -0.4% | -15.83% | 減碼 |
| 24 | LUNG | Pulmonx CORP | -0.4% | +57.95% | 加碼 |
| 25 | HRTX | Heron Therapeutics Inc | -0.4% | +94.07% | 加碼 |
| 26 | EDSA | Edesa Biotech Inc | -0.7% | -95.64% | 減碼 |
| 27 | AYTU | Aytu Biopharma Inc | -0.7% | -2.63% | 減碼 |
| 28 | QNRX | Quoin Pharmaceuticals Lt-adr | -0.7% | -31.63% | 減碼 |
| 29 | PMVP | Pmv Pharmaceuticals Inc | -0.7% | -38.47% | 減碼 |
| 30 | ACET | Adicet Bio Inc | -0.7% | +0.88% | 加碼 |
| 31 | OABI | Omniab Inc | -0.9% | -76.60% | 減碼 |
| 32 | ARE | Alexandria Real Estate Equit | -0.9% | — | 不變 |
| 33 | CRBP | Corbus Pharmaceuticals Holdi | -0.9% | -1.66% | 減碼 |
| 34 | ELDN | Eledon Pharmaceuticals Inc | -0.9% | -96.08% | 減碼 |
| 35 | ACAD | Acadia Pharmaceuticals Inc | -1.1% | — | 不變 |
| 36 | XFOR | X4 Pharmaceuticals Inc | -1.2% | -43.51% | 減碼 |
| 37 | KZIA | Kazia Therapeutics-spon Adr | -1.3% | -25.02% | 減碼 |
| 38 | XOMA | Xoma Royalty Corporation | -1.4% | -39.57% | 減碼 |
| 39 | TELA | Tela Bio Inc | -1.4% | +11.28% | 加碼 |
| 40 | SRZN | Surrozen Inc | -1.5% | -70.95% | 減碼 |
| 41 | NKTR | Nektar Therapeutics | -1.7% | -37.04% | 減碼 |
| 42 | HELP | Cybin Inc | -1.8% | -60.56% | 減碼 |
| 43 | ZVRA | Zevra Therapeutics Inc | -1.9% | -15.65% | 減碼 |
| 44 | VRCA | Verrica Pharmaceuticals Inc | -1.9% | -71.80% | 減碼 |
| 45 | ABEO | Abeona Therapeutics Inc | -2% | -6.92% | 減碼 |
| 46 | IKT | Inhibikase Therapeutics Inc | -2.9% | -59.24% | 減碼 |
| 47 | ADMA | Adma Biologics Inc | -3% | +155.41% | 加碼 |
| 48 | EOLS | Evolus Inc | -4.3% | +33.56% | 加碼 |
| 49 | VSTM | Verastem Inc | -8.4% | +20.87% | 加碼 |
| 50 | XBI | Ss Spdr S&p Biotech ETF | — | NEW | 新建倉 |
根據 SEC 官方 Form 13F 申報備案，Stonepine Capital Management, LLC 在 Q1 2026 季度的美股持倉總市值約為 US$1.8億，共申報了 72 個公開持股部位。
在 Q1 2026 季度，Stonepine Capital Management, LLC 按市值排列的前三大核心持股分別為：XBI (40.9%)、VSTM (7.0%)、ADMA (6.8%)。其中最大持股部位 XBI 佔據整體投資組合約 40.9% 的權重。
精選 AlphaSMO 大戶持股與內部人交易深度分析，提升投資決策勝率
完整解讀 Form 13F 申報規範、1 億美元門檻與 45 天延遲申報機制，學會如何追蹤頂級對沖基金與機構法人持倉動向。
本季最大新建倉標的
XBI
市值: US$1.0億
本季最大獲利了結 / 清倉標的
INDV
前期市值: US$358.8萬
在 Q1 2026 季度中，Stonepine Capital Management, LLC 共進行了 83 項持倉異動，包含新建倉 23 個部位、加碼 20 個部位、減碼 25 個部位以及清倉 15 個部位。 其中最大新建倉標的為 XBI。 本季清倉部位包含 INDV。
本頁面所有持股數據均直接同步自美國證券交易委員會（SEC）EDGAR 官方系統之 13F-HR / 13F-HR/A 季度申報文件。AlphaSMO 透過機器解析 CUSIP 與個股對照，提供 100% 精準對齊的歷史時序數據集，並支援 Schema.org 結構化資料格式。
解析公司高管、董事與 10% 大股東之 Form 4 內部人交易申報，掌握高管自家股票買賣第一手訊號。
深入剖析 5% 股益申報門檻、13D 與 13G 之差異，以及最新 SEC 申報時程規範，洞察機構法人的激進投資動向。