Stonepine Capital Management, LLC
13F Reported Value
ⓘ$249.7M
incl. option notional
Equity Holdings
ⓘ$113.7M
Option Notional
ⓘ$136.0M
$51.1M puts / $84.9M calls
Holdings
83
Latest Filing
2026-03-31
Filing Quarter
Q1 2026
Portfolio Overview
Stonepine Capital Management, LLC disclosed 83 positions worth $249.7M in its Form 13F-HR for Q1 2026 — $113.7M in common stock plus $136.0M of put/call option positions (reported at underlying notional value, not premium at risk). During the quarter the fund opened 34 new positions and exited 17 and a full exit from $INDV. The portfolio is most concentrated in Healthcare (99.4% of disclosed assets). All figures are sourced directly from Stonepine Capital Management, LLC’s Form 13F-HR filing with the SEC under CIK 1440771.
AI Fund Analysis
ConcentratingSector Allocation
AUM History
Top Equity Holdings by Value
Option Positions
13F rules report options at the value of the underlying shares (notional) — not the premium paid or capital at risk. Shown separately from the equity sleeve above.
Quarterly Activity — Q1 2026
Click any card to unlockTop Holdings
SPDR SERIES TRUST CALL
—Quality
$51.1M400,000 shSPDR SERIES TRUST PUT
—Quality
$51.1M400,000 sh- 40.8#1,921
Quality
$17.5M3,302,300 sh - —
Quality
$15.6M975,200 sh - 76.0
Quality
$10.4M1,150,000 sh - 30.0
Quality
$7.2M1,759,091 sh - 76.0
Quality
$6.7M740,000 sh - 23.3
Quality
$6.1M1,389,622 sh - 10.2
Quality
$6.1M85,000 sh - $5.3M100,000 sh
| Company | Quality | Value | Shares |
|---|---|---|---|
| SPDR SERIES TRUST CALL | — | $51.1M | 400,000 |
| SPDR SERIES TRUST PUT | — | $51.1M | 400,000 |
 Verastem, Inc.$VSTM | 40.8#1,921 | $17.5M | 3,302,300 |
 TENAX THERAPEUTICS, INC.$TENX | — | $15.6M | 975,200 |
 ADMA BIOLOGICS, INC.$ADMACALL | 76.0 | $10.4M | 1,150,000 |
 Evolus, Inc.$EOLS | 30.0 | $7.2M | 1,759,091 |
| ADMA BIOLOGICS, INC.$ADMA | 76.0 | $6.7M | 740,000 |
 Camp4 Therapeutics Corp$CAMP | 23.3 | $6.1M | 1,389,622 |
 NEKTAR THERAPEUTICS$NKTR | 10.2 | $6.1M | 85,000 |
 Terns Pharmaceuticals, Inc.$TERNCALL | — | $5.3M | 100,000 |
Unlock AI quality scores for every holding
32-signal composite ranking on each of Stonepine Capital Management, LLC's 83 positions.
Showing top 10 of 83 holdings.
Sector Allocation
Healthcare
$113.0M
Materials
$681,330
Full Holdings — Stonepine Capital Management, LLC (Q1 2026)
All 83 disclosed positions from the latest Form 13F-HR, with quarter-over-quarter share changes and 13F Pro quality scores. Sourced from SEC EDGAR.
| # | Ticker | Company | Value | Weight | QoQ | Quality |
|---|---|---|---|---|---|---|
| 1 | — | SPDR SERIES TRUST | $51.1M | — | NEW | — |
| 2 | — | SPDR SERIES TRUST | $51.1M | — | NEW | — |
| 3 | $VSTM | Verastem, Inc. | $17.5M | 15.4% | +21% | 40.8 |
| 4 | $TENX | TENAX THERAPEUTICS, INC. | $15.6M | 13.7% | +8106% | — |
| 5 | $ADMACALL | ADMA BIOLOGICS, INC. | $10.4M | — | NEW | 76 |
| 6 | $EOLS | Evolus, Inc. | $7.2M | 6.4% | +8% | 30 |
| 7 | $ADMA | ADMA BIOLOGICS, INC. | $6.7M | 5.9% | +0% | 76 |
| 8 | $CAMP | Camp4 Therapeutics Corp | $6.1M | 5.4% | +507% | 23.3 |
| 9 | $NKTR | NEKTAR THERAPEUTICS | $6.1M | 5.4% | +0% | 10.2 |
| 10 | $TERNCALL | Terns Pharmaceuticals, Inc. | $5.3M | — | NEW | — |
| 11 |  $ZVRA | ZEVRA THERAPEUTICS, INC. | $4.5M | 3.9% | -16% | 65.6 |
| 12 |  $CRBP | Corbus Pharmaceuticals Holdings, Inc. | $3.6M | 3.2% | -2% | — |
| 13 |  $ABEO | ABEONA THERAPEUTICS INC. | $3.3M | 2.9% | +5% | 44.3 |
| 14 |  $ESTACALL | ESTABLISHMENT LABS HOLDINGS INC. | $2.8M | — | NEW | 26.7 |
| 15 |  $KZIA | KAZIA THERAPEUTICS LTD | $2.6M | 2.3% | -25% | — |
| 16 |  $ANTX | AN2 Therapeutics, Inc. | $2.4M | 2.1% | +14% | — |
| 17 |  $ARECALL | ALEXANDRIA REAL ESTATE EQUITIES, INC. | $2.3M | — | +0% | 45.1 |
| 18 |  $ACADCALL | ACADIA PHARMACEUTICALS INC | $2.2M | — | NEW | 69.8 |
| 19 |  $SLGL | Sol-Gel Technologies Ltd. | $2.2M | 1.9% | NEW | — |
| 20 |  $XOMA | XOMA Royalty Corp | $2.2M | 1.9% | -40% | 74 |
| 21 |  $AYTU | AYTU BIOPHARMA, INC | $2.2M | 1.9% | -3% | 21.5 |
| 22 |  $CRIS | CURIS INC | $2.0M | 1.8% | +6179% | — |
| 23 | $EOLSCALL | Evolus, Inc. | $1.7M | — | NEW | 30 |
| 24 |  $XERSCALL | Xeris Biopharma Holdings, Inc. | $1.6M | — | NEW | 45.5 |
| 25 |  $TELA | TELA Bio, Inc. | $1.6M | 1.4% | +11% | 24.9 |
| 26 |  $IKT | Inhibikase Therapeutics, Inc. | $1.6M | 1.4% | -59% | — |
| 27 |  $CBIO | CRESCENT BIOPHARMA, INC. | $1.6M | 1.4% | -3% | 28 |
| 28 |  $ACET | Adicet Bio, Inc. | $1.5M | 1.3% | +1% | — |
| 29 |  $XFOR | X4 Pharmaceuticals, Inc | $1.4M | 1.2% | -44% | 29.3 |
| 30 |  $OKYO | OKYO Pharma Ltd | $1.4M | 1.2% | NEW | — |
| 31 |  $SIBNCALL | SI-BONE, Inc. | $1.3M | — | NEW | 37.7 |
| 32 |  $MNKDCALL | MANNKIND CORP | $1.2M | — | NEW | 44.4 |
| 33 |  $HRTX | HERON THERAPEUTICS, INC. /DE/ | $1.1M | 1.0% | +13% | 30.6 |
| 34 |  $LUNG | Pulmonx Corp | $991,092 | 0.9% | +58% | 23.9 |
| 35 |  $INAB | IN8BIO, INC. | $981,850 | 0.9% | +302% | — |
| 36 |  $NMRACALL | Neumora Therapeutics, Inc. | $975,000 | — | NEW | — |
| 37 |  $SRZN | Surrozen, Inc./DE | $961,436 | 0.8% | -71% | — |
| 38 |  $CTMX | CytomX Therapeutics, Inc. | $940,000 | 0.8% | NEW | 19.1 |
| 39 | $CTMXCALL | CytomX Therapeutics, Inc. | $940,000 | — | NEW | 19.1 |
| 40 |  $DCTHCALL | DELCATH SYSTEMS, INC. | $928,000 | — | NEW | 54.9 |
| 41 |  $ARDXCALL | ARDELYX, INC. | $898,500 | — | NEW | 35.3 |
| 42 |  $PMVP | PMV Pharmaceuticals, Inc. | $878,046 | 0.8% | -38% | — |
| 43 |  $BIOA | BioAge Labs, Inc. | $874,500 | 0.8% | +11% | 28.6 |
| 44 |  $CNTB | Connect Biopharma Holdings Ltd | $812,200 | 0.7% | NEW | — |
| 45 | $HRTXCALL | HERON THERAPEUTICS, INC. /DE/ | $800,100 | — | NEW | 30.6 |
| 46 |  $RADX | Radiopharm Theranostics Ltd | $738,977 | 0.7% | +0% | — |
| 47 |  $MXCT | MAXCYTE, INC. | $705,783 | 0.6% | +114% | 16.7 |
| 48 |  $CDXS | CODEXIS, INC. | $681,330 | 0.6% | +63% | 11.3 |
| 49 |  $BOLD | Boundless Bio, Inc. | $657,450 | 0.6% | -16% | — |
| 50 |  $HELP | CYBIN INC. | $643,488 | 0.6% | -61% | — |
| 51 |  $ZNTL | Zentalis Pharmaceuticals, Inc. | $629,694 | 0.6% | -42% | — |
| 52 |  $KTTA | Pasithea Therapeutics Corp. | $616,659 | 0.5% | +202% | — |
| 53 |  $MSLE | Satellos Bioscience Inc. | $563,000 | 0.5% | NEW | — |
| 54 |  $PHAT | Phathom Pharmaceuticals, Inc. | $555,611 | 0.5% | NEW | 32.5 |
| 55 |  $OKUR | OnKure Therapeutics, Inc. | $548,873 | 0.5% | NEW | — |
| 56 |  $XLO | Xilio Therapeutics, Inc. | $539,602 | 0.5% | -49% | 26.9 |
| 57 |  $VRCA | Verrica Pharmaceuticals Inc. | $527,598 | 0.5% | -72% | 26.1 |
| 58 |  $CADL | Candel Therapeutics, Inc. | $502,250 | 0.4% | NEW | — |
| 59 | $ABEOCALL | ABEONA THERAPEUTICS INC. | $448,000 | — | -50% | 44.3 |
| 60 |  $POCI | PRECISION OPTICS CORPORATION, INC. | $439,000 | 0.4% | NEW | — |
| 61 |  $QNRX | Quoin Pharmaceuticals, Ltd. | $352,836 | 0.3% | -32% | — |
| 62 | $ESTA | ESTABLISHMENT LABS HOLDINGS INC. | $340,680 | 0.3% | NEW | 26.7 |
| 63 |  $UPB | Upstream Bio, Inc. | $315,000 | 0.3% | NEW | 22.6 |
| 64 |  $IRD | Opus Genetics, Inc. | $312,530 | 0.3% | NEW | — |
| 65 |  $ARVN | ARVINAS, INC. | $291,500 | 0.3% | NEW | 13.9 |
| 66 |  $PLRX | PLIANT THERAPEUTICS, INC. | $283,059 | 0.3% | -2% | — |
| 67 |  $JANX | Janux Therapeutics, Inc. | $278,000 | 0.2% | +0% | 24.8 |
| 68 |  $OABI | OmniAb, Inc. | $257,551 | 0.2% | -77% | 9.7 |
| 69 | $XERS | Xeris Biopharma Holdings, Inc. | $232,174 | 0.2% | NEW | 45.5 |
| 70 |  $CGEN | COMPUGEN LTD | $222,159 | 0.2% | -66% | — |
| 71 | $NMRA | Neumora Therapeutics, Inc. | $195,000 | 0.2% | NEW | — |
| 72 |  $SABS | SAB Biotherapeutics, Inc. | $191,500 | 0.2% | NEW | — |
| 73 | $SIBN | SI-BONE, Inc. | $188,995 | 0.2% | NEW | 37.7 |
| 74 |  $EDSA | Edesa Biotech, Inc. | $156,900 | 0.1% | -96% | — |
| 75 |  $CNSP | CNS Pharmaceuticals, Inc. | $145,790 | 0.1% | +25% | — |
| 76 |  $PCSA | Processa Pharmaceuticals, Inc. | $138,875 | 0.1% | +346% | — |
| 77 |  $CABA | Cabaletta Bio, Inc. | $134,500 | 0.1% | -71% | — |
| 78 |  $KLRS | Kalaris Therapeutics, Inc. | $117,708 | 0.1% | NEW | — |
| 79 |  $ELDN | Eledon Pharmaceuticals, Inc. | $107,800 | 0.1% | -96% | — |
| 80 |  $OVID | Ovid Therapeutics Inc. | $88,800 | 0.1% | -61% | 13.1 |
| 81 |  $EVAX | Evaxion A/S | $73,332 | 0.1% | -1% | — |
| 82 | $MNKD | MANNKIND CORP | $39,935 | 0.0% | -81% | 44.4 |
| 83 |  $BCAB | BioAtla, Inc. | $10,527 | 0.0% | NEW | — |
New Positions (34)
$ADMACALL ADMA BIOLOGICS, INC.$10.4M$TERNCALL Terns Pharmaceuticals, Inc.$5.3M$ESTACALL ESTABLISHMENT LABS HOLDINGS INC.$2.8M$ACADCALL ACADIA PHARMACEUTICALS INC$2.2M$SLGL Sol-Gel Technologies Ltd.$2.2M$EOLSCALL Evolus, Inc.$1.7M$XERSCALL Xeris Biopharma Holdings, Inc.$1.6M$OKYO OKYO Pharma Ltd$1.4M$SIBNCALL SI-BONE, Inc.$1.3M$MNKDCALL MANNKIND CORP$1.2M$NMRACALL Neumora Therapeutics, Inc.$975,000$CTMX CytomX Therapeutics, Inc.$940,000$CTMXCALL CytomX Therapeutics, Inc.$940,000Exited Positions (17)
$INDV Indivior Pharmaceuticals, Inc.$ACAD ACADIA PHARMACEUTICALS INC
$CRSPCALL CRISPR Therapeutics AG
$RARECALL Ultragenyx Pharmaceutical Inc.$NKTRCALL NEKTAR THERAPEUTICS
$DAWN Day One Biopharmaceuticals, Inc.
$SPRB SPRUCE BIOSCIENCES, INC.
$ENTA ENANTA PHARMACEUTICALS INC
$MIST Milestone Pharmaceuticals Inc.
$GERN GERON CORP
$KZR Kezar Life Sciences, Inc.
$GOSS Gossamer Bio, Inc.
$FENC FENNEC PHARMACEUTICALS INC.$DCTH DELCATH SYSTEMS, INC.Browse Top Institutional Investors
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