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Stonepine Capital Management, LLC

Institutional InvestorSimilar funds →SEC EDGAR: CIK 1440771
Institutional-grade research for retail investors

Sector Allocation

  • Healthcare99.7%$167.2M
  • Technology0.2%$276,502
  • Materials0.1%$247,836

AUM History

13fpro.ai/research/fund/stonepine-capital-management-llc-1440771

Conviction and streaks

Diversifying · top 10 = 50.3%

From the fund's last 12 quarters of 13F filings: positions held longest at size, and names it added to or trimmed several quarters running.

VSTM$VSTMConviction hold7.6% weight · held 8 quartersEOLS$EOLSConviction hold6.6% weight · held 10 quartersAYTU$AYTUConviction hold5.7% weight · held 10 quartersNKTR$NKTRConviction hold5.0% weight · held 5 quartersADMA$ADMAConviction hold3.7% weight · held 10 quartersVSTM$VSTMAccumulating+446% shares · 5 quarters runningTELA$TELAAccumulating+30% shares · 5 quarters runningINAB$INABAccumulating+1871% shares · 4 quarters runningCNSP$CNSPAccumulating+2657% shares · 2 quarters runningCRIS$CRISAccumulating+24015% shares · 2 quarters runningZVRA$ZVRATrimming-68% shares · 3 quarters runningXFOR$XFORTrimming-79% shares · 3 quarters runningPMVP$PMVPTrimming-61% shares · 3 quarters runningZNTL$ZNTLTrimming-65% shares · 2 quarters runningCBIO$CBIOTrimming-54% shares · 2 quarters running

Largest positions — Q2 2026

Top 20 stock positions. Options are left out: 13F reports them at the underlying's value.

13fpro.ai/research/fund/stonepine-capital-management-llc-1440771

Stonepine Capital Management, LLC 13F holdings — Q2 2026

$213.6M portfolio (-14.5% QoQ) · 97 holdings · Q2 2026 13F · top 10 are 50% of the stock portfolio

Includes $45.9M of put/call options ($0 puts, $45.9M calls), which 13F rules report at the value of the underlying shares, not the premium at risk. Stocks alone: $167.7M. Weights use the stock portfolio.

All holdings — Stonepine Capital Management, LLC (Q2 2026)

97 disclosed positions from the Form 13F-HR on SEC EDGAR, with quarter-over-quarter share changes. Largest by value first; the ten above are not repeated.

Company
ADMA$ADMACALLADMA BIOLOGICS, INC.$8.0M-43%
INSM$INSMCALLINSMED Inc$5.6MNew
RARE$RARECALLUltragenyx Pharmaceutical Inc.$5.5MNew
KZIA$KZIAKAZIA THERAPEUTICS LTDadr$4.9M—
SRZN$SRZNSurrozen, Inc./DE$4.7M+106%
MDT$MDTCALLMedtronic plc$4.4MNew
INDV$INDVIndivior Pharmaceuticals, Inc.$4.1MNew
CRBP$CRBPCorbus Pharmaceuticals Holdings, Inc.$4.0M+11%
ABT$ABTCALLABBOTT LABORATORIES$3.8MNew
MSLE$MSLESatellos Bioscience Inc.$3.7M+392%
ZVRA$ZVRAZEVRA THERAPEUTICS, INC.$3.7M-46%
ABEO$ABEOABEONA THERAPEUTICS INC.$3.4M-25%
BSX$BSXCALLBOSTON SCIENTIFIC CORP$3.3MNew
EDSA$EDSAEdesa Biotech, Inc.$3.2M+1421%
CRIS$CRISCURIS INC$3.2M+284%

What changed in Q2 2026

Against the previous quarter's 13F: 32 new, 29 added to, 25 trimmed, 18 sold out. Share-count changes; largest moves by dollar size first.

New positions (32)

  • AZTR$AZTRAzitra, Inc.$8.0M

    first bought this quarter

  • ELOX$ELOXEloxx Pharmaceuticals, Inc.$6.2M

    first bought this quarter

  • INSM$INSMCALLINSMED Inc$5.6M

    first bought this quarter

  • RARE$RARECALLUltragenyx Pharmaceutical Inc.$5.5M

    first bought this quarter

  • MDT$MDTCALLMedtronic plc$4.4M

    first bought this quarter

  • INDV$INDVIndivior Pharmaceuticals, Inc.$4.1M

    first bought this quarter

+26 more in the Excel export

Added to (29)

  • AYTU$AYTUAYTU BIOPHARMA, INC+530%

    now $9.6M · held 5+ qtrs

  • CNSP$CNSPCNS Pharmaceuticals, Inc.+2106%

    now $6.4M · held 3 qtrs, 3 adds in a row

  • EDSA$EDSAEdesa Biotech, Inc.+1421%

    now $3.2M · held 4 qtrs

  • MSLE$MSLESatellos Bioscience Inc.+392%

    now $3.7M · held 2 qtrs, 2 adds in a row

  • CABA$CABACabaletta Bio, Inc.+1734%

    now $2.9M · held 3 qtrs

  • NKTR$NKTRNEKTAR THERAPEUTICS+42%

    now $8.4M · held 5+ qtrs

+23 more in the Excel export

Trimmed (25)

  • ADMA$ADMACALLADMA BIOLOGICS, INC.-43%

    now $8.0M

  • TENX$TENXTENAX THERAPEUTICS, INC.-32%

    now $9.6M · held 3 qtrs

  • ZVRA$ZVRAZEVRA THERAPEUTICS, INC.-46%

    now $3.7M · held 5+ qtrs, 3 trims in a row

  • EOLS$EOLSEvolus, Inc.-10%

    now $11.0M · held 5+ qtrs

  • ABEO$ABEOABEONA THERAPEUTICS INC.-25%

    now $3.4M · held 5+ qtrs

  • BOLD$BOLDBoundless Bio, Inc.-74%

    now $386K · held 5+ qtrs, 2 trims in a row

+19 more in the Excel export

Sold out (18)

  • PUTSPDR SERIES TRUSTwas $51.1M
  • CALLSPDR SERIES TRUSTwas $51.1M
  • TERN$TERNCALLTerns Pharmaceuticals, Inc.was $5.3M
  • ESTA$ESTACALLESTABLISHMENT LABS HOLDINGS INC.was $2.8M
  • ARE$ARECALLALEXANDRIA REAL ESTATE EQUITIES, INC.was $2.3M
  • ACAD$ACADCALLACADIA PHARMACEUTICALS INCwas $2.2M

+12 more in the Excel export

Firm AUM (Form ADV): $181.0M as of 2025-12-31 · SEC IAPD

Share

Holdings by quarter

Every 13F Stonepine Capital Management, LLC has filed, 37 earlier quarters. Pick one to see what it held then.

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Is it too late to follow Stonepine Capital Management?

Q2 2026 13F filed with the SEC on Aug 14, 2026. Prices are closing prices as of Oct 26, 2026.

Average quality of Stonepine Capital Management's top 20 holdings: 36/100 (our AI quality score, weighted by position size; 9 of the 20 are scored)

Top 10 since filing

-5.9%

Value-weighted move of the 10 largest stock positions

Turnover

16%

Last quarter; 107% over the last 4

Top 10 weight

50%

Share of the stock portfolio in its 10 largest positions

Held 4+ quarters

47%

Share of portfolio value in positions held a year or more

Highest-quality names it owns(among its 100 largest positions)

The 8 highest-scoring companies in this portfolio are a Pro feature.

How these are measured
  • Moves since the quarter-end and since the filing date use our own daily closing prices, from the close on (or just before) each date to the latest close.
  • Turnover is the lesser of shares bought or sold in a quarter, valued at the quarter-end prices in the 13F, divided by the average of the two quarters' stock portfolio values.
  • Quarters held and add/trim streaks count back only through quarters whose filed holdings add up to the filing's own cover-page total (back to Q2 2025 for this fund). A change counts as an add or a trim when the split-adjusted share count moves by more than 1%.
  • Estimate, not the fund's reported cost. For each quarter in the current holding period in which the fund's share count rose (split-adjusted), we take that quarter's average daily close and weight it by the shares added; sales do not change an average cost. Quarters where the stock's price history and the 13F's own implied price disagree by more than 2x are left out.
  • Put and call option rows report the value of the underlying shares, not a position the fund paid for, so they are left out of all of the above.

Portfolio Overview

Stonepine Capital Management, LLC disclosed 97 positions worth $213.6M in its Form 13F-HR for Q2 2026 — $167.7M in common stock plus $45.9M of put/call option positions (reported at underlying notional value, not premium at risk), led by $VSTM (Verastem, Inc.) at 7.6% of the equity portfolio, followed by $EOLS and $AYTU. During the quarter the fund opened 32 new positions and exited 18 — including a new stake in $AZTR. The portfolio is most concentrated in Healthcare (99.7% of disclosed assets). All figures are sourced directly from Stonepine Capital Management, LLC’s Form 13F-HR filing with the SEC under CIK 1440771.

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AI-Powered Hedge Fund Analysis: Stonepine Capital Management, LLC

13F Pro is an AI hedge fund tracker and stock research platform. For Stonepine Capital Management, LLC (SEC CIK: 1440771), the platform ingests every quarterly Form 13F filing and applies AI-powered analysis on top — 10 specialized AI analysts (value, growth, momentum, macro, activist, and more) debate the fund's top positions and publish AI-generated analysis with cited SEC sources.

Every holding in Stonepine Capital Management, LLC's portfolio is scored on an AI quality ranking built from its SEC filings (ROIC, FCF margin, revenue growth, institutional flow, earnings quality, shareholder dilution, and more). Track accumulation and distribution quarter over quarter, identify conviction positions, and see AI stock analysis for each position — alongside 8,700+ other institutional filers and 2,800+ AI-ranked companies.