Stonepine Capital Management, LLC
13F Reported Value
ⓘ$213.6M
incl. option notional
Equity Holdings
ⓘ$167.7M
Option Notional
ⓘ$45.9M
$0 puts / $45.9M calls
Holdings
97
Latest Filing
2026-06-30
Filing Quarter
Q2 2026
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.
AI Fund Analysis
DiversifyingSector 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 — Q2 2026
Click any card to unlockTop Holdings
- 29.7#2,522
Quality
$12.8M3,349,627 sh - 39.0#2,167
Quality
$11.0M1,590,162 sh - 23.4#2,727
Quality
$9.6M4,990,238 sh - —
Quality
$9.6M660,000 sh - 9.7
Quality
$8.4M120,654 sh - —
Quality
$8.0M81,797,553 sh - 69.7
Quality
$8.0M650,000 sh - —
Quality
$6.4M1,345,921 sh - —
Quality
$6.2M447,160 sh - 69.7
Quality
$6.2M740,000 sh
| Company | Quality | Value | Shares |
|---|---|---|---|
 Verastem, Inc.$VSTM | 29.7#2,522 | $12.8M | 3,349,627 |
 Evolus, Inc.$EOLS | 39.0#2,167 | $11.0M | 1,590,162 |
 AYTU BIOPHARMA, INC$AYTU | 23.4#2,727 | $9.6M | 4,990,238 |
 TENAX THERAPEUTICS, INC.$TENX | — | $9.6M | 660,000 |
 NEKTAR THERAPEUTICS$NKTR | 9.7 | $8.4M | 120,654 |
 Azitra, Inc.$AZTR | — | $8.0M | 81,797,553 |
 ADMA BIOLOGICS, INC.$ADMACALL | 69.7 | $8.0M | 650,000 |
 CNS Pharmaceuticals, Inc.$CNSP | — | $6.4M | 1,345,921 |
 Eloxx Pharmaceuticals, Inc.$ELOX | — | $6.2M | 447,160 |
| ADMA BIOLOGICS, INC.$ADMA | 69.7 | $6.2M | 740,000 |
Unlock AI quality scores for every holding
32-signal composite ranking on each of Stonepine Capital Management, LLC's 97 positions.
Showing top 10 of 97 holdings.
Sector Allocation
Healthcare
$167.2M
Technology
$276,502
Materials
$247,836
Full Holdings — Stonepine Capital Management, LLC (Q2 2026)
All 97 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 | $VSTM | Verastem, Inc. | $12.8M | 7.6% | +1% | 29.7 |
| 2 | $EOLS | Evolus, Inc. | $11.0M | 6.6% | -10% | 39 |
| 3 | $AYTU | AYTU BIOPHARMA, INC | $9.6M | 5.7% | +530% | 23.4 |
| 4 | $TENX | TENAX THERAPEUTICS, INC. | $9.6M | 5.7% | -32% | — |
| 5 | $NKTR | NEKTAR THERAPEUTICS | $8.4M | 5.0% | +42% | 9.7 |
| 6 | $AZTR | Azitra, Inc. | $8.0M | 4.8% | NEW | — |
| 7 | $ADMACALL | ADMA BIOLOGICS, INC. | $8.0M | — | -43% | 69.7 |
| 8 | $CNSP | CNS Pharmaceuticals, Inc. | $6.4M | 3.8% | +2106% | — |
| 9 | $ELOX | Eloxx Pharmaceuticals, Inc. | $6.2M | 3.7% | NEW | — |
| 10 | $ADMA | ADMA BIOLOGICS, INC. | $6.2M | 3.7% | +0% | 69.7 |
| 11 |  $CAMP | Camp4 Therapeutics Corp | $6.1M | 3.6% | +0% | 25.3 |
| 12 |  $INSMCALL | INSMED Inc | $5.6M | — | NEW | 39.4 |
| 13 |  $RARECALL | Ultragenyx Pharmaceutical Inc. | $5.5M | — | NEW | 34.2 |
| 14 |  $KZIA | KAZIA THERAPEUTICS LTD | $4.9M | 2.9% | +0% | — |
| 15 |  $SRZN | Surrozen, Inc./DE | $4.7M | 2.8% | +106% | — |
| 16 |  $MDTCALL | Medtronic plc | $4.4M | — | NEW | 68.7 |
| 17 |  $INDV | Indivior Pharmaceuticals, Inc. | $4.1M | 2.5% | NEW | 58.5 |
| 18 |  $CRBP | Corbus Pharmaceuticals Holdings, Inc. | $4.0M | 2.4% | +11% | — |
| 19 |  $ABTCALL | ABBOTT LABORATORIES | $3.8M | — | NEW | 65.5 |
| 20 |  $MSLE | Satellos Bioscience Inc. | $3.7M | 2.2% | +392% | — |
| 21 |  $ZVRA | ZEVRA THERAPEUTICS, INC. | $3.7M | 2.2% | -46% | 72.8 |
| 22 |  $ABEO | ABEONA THERAPEUTICS INC. | $3.4M | 2.0% | -25% | 23.7 |
| 23 |  $BSXCALL | BOSTON SCIENTIFIC CORP | $3.3M | — | NEW | 77.5 |
| 24 |  $EDSA | Edesa Biotech, Inc. | $3.2M | 1.9% | +1421% | — |
| 25 |  $CRIS | CURIS INC | $3.2M | 1.9% | +284% | — |
| 26 | $EOLSCALL | Evolus, Inc. | $3.1M | — | +0% | 39 |
| 27 |  $BMRNCALL | BIOMARIN PHARMACEUTICAL INC | $3.1M | — | NEW | 58.2 |
| 28 |  $CABA | Cabaletta Bio, Inc. | $2.9M | 1.7% | +1734% | — |
| 29 |  $ANTX | AN2 Therapeutics, Inc. | $2.7M | 1.6% | -23% | — |
| 30 |  $IKT | Inhibikase Therapeutics, Inc. | $2.4M | 1.4% | +158% | — |
| 31 |  $INAB | IN8BIO, INC. | $2.3M | 1.4% | +145% | — |
| 32 |  $XLO | Xilio Therapeutics, Inc. | $2.2M | 1.3% | +252% | 35.6 |
| 33 |  $ACET | Adicet Bio, Inc. | $2.1M | 1.3% | +11% | — |
| 34 |  $XERSCALL | Xeris Biopharma Holdings, Inc. | $2.1M | — | +0% | 56.5 |
| 35 |  $QNRX | Quoin Pharmaceuticals, Ltd. | $2.0M | 1.2% | +1332% | — |
| 36 |  $TELA | TELA Bio, Inc. | $2.0M | 1.2% | +2% | 25.2 |
| 37 |  $ADIL | ADIAL PHARMACEUTICALS, INC. | $1.6M | 0.9% | NEW | — |
| 38 |  $SPRB | SPRUCE BIOSCIENCES, INC. | $1.6M | 0.9% | NEW | — |
| 39 |  $HRTXCALL | HERON THERAPEUTICS, INC. /DE/ | $1.5M | — | +0% | 24.7 |
| 40 |  $SIBNCALL | SI-BONE, Inc. | $1.5M | — | +0% | 42.7 |
| 41 |  $OKYO | OKYO Pharma Ltd | $1.3M | 0.8% | +2% | — |
| 42 |  $CALC | CalciMedica, Inc. | $1.3M | 0.8% | NEW | — |
| 43 |  $NMRACALL | Neumora Therapeutics, Inc. | $1.3M | — | +0% | — |
| 44 |  $KTTA | Pasithea Therapeutics Corp. | $1.1M | 0.7% | +165% | — |
| 45 |  $SLGL | Sol-Gel Technologies Ltd. | $1.1M | 0.6% | -48% | — |
| 46 |  $LUNG | Pulmonx Corp | $1.1M | 0.6% | +6% | 23.4 |
| 47 |  $XFOR | X4 Pharmaceuticals, Inc | $1.1M | 0.6% | -33% | 28 |
| 48 |  $ARDXCALL | ARDELYX, INC. | $1.1M | — | +0% | 41.9 |
| 49 |  $DCTHCALL | DELCATH SYSTEMS, INC. | $1.0M | — | +0% | 54.7 |
| 50 |  $MLTX | MoonLake Immunotherapeutics | $973,500 | 0.6% | NEW | — |
| 51 |  $HELP | CYBIN INC. | $965,796 | 0.6% | +147% | — |
| 52 |  $MXCT | MAXCYTE, INC. | $924,475 | 0.6% | -25% | 14.3 |
| 53 |  $PHAT | Phathom Pharmaceuticals, Inc. | $922,358 | 0.6% | +70% | 40.9 |
| 54 |  $CNTB | Connect Biopharma Holdings Ltd | $866,925 | 0.5% | +18% | — |
| 55 | $RARE | Ultragenyx Pharmaceutical Inc. | $834,750 | 0.5% | NEW | 34.2 |
| 56 |  $RADX | Radiopharm Theranostics Ltd | $794,013 | 0.5% | +100% | — |
| 57 |  $ZNTL | Zentalis Pharmaceuticals, Inc. | $783,678 | 0.5% | -40% | 11.6 |
| 58 |  $CTMX | CytomX Therapeutics, Inc. | $768,750 | 0.5% | +3% | 8.7 |
| 59 |  $MNKDCALL | MANNKIND CORP | $750,000 | — | -50% | 37.2 |
| 60 |  $NGEN | NERVGEN PHARMA CORP. | $740,220 | 0.4% | NEW | — |
| 61 |  $NVCT | Nuvectis Pharma, Inc. | $735,600 | 0.4% | NEW | — |
| 62 |  $CBIO | CRESCENT BIOPHARMA, INC. | $720,000 | 0.4% | -53% | 9.6 |
| 63 |  $PMVP | PMV Pharmaceuticals, Inc. | $718,355 | 0.4% | -24% | — |
| 64 |  $ORKA | Oruka Therapeutics, Inc. | $713,775 | 0.4% | NEW | — |
| 65 |  $OKUR | OnKure Therapeutics, Inc. | $595,919 | 0.4% | -1% | — |
| 66 |  $SINT | Sintx Technologies, Inc. | $558,432 | 0.3% | NEW | — |
| 67 |  $IMA | ImageneBio, Inc. | $539,044 | 0.3% | NEW | 6.6 |
| 68 |  $ARVN | ARVINAS, INC. | $498,600 | 0.3% | +118% | 36.6 |
| 69 |  $BIOA | BioAge Labs, Inc. | $490,200 | 0.3% | -60% | 26.8 |
| 70 |  $IRD | Opus Genetics, Inc. | $413,951 | 0.3% | +47% | — |
| 71 |  $QTI | QT IMAGING HOLDINGS, INC. | $407,000 | 0.2% | NEW | — |
| 72 |  $BOLD | Boundless Bio, Inc. | $386,488 | 0.2% | -74% | — |
| 73 |  $MLSS | MILESTONE SCIENTIFIC INC. | $348,565 | 0.2% | NEW | — |
| 74 |  $CLRB | Cellectar Biosciences, Inc. | $290,649 | 0.2% | NEW | — |
| 75 |  $EPRX | EUPRAXIA PHARMACEUTICALS INC. | $287,476 | 0.2% | NEW | — |
| 76 |  $SABS | SAB Biotherapeutics, Inc. | $285,757 | 0.2% | +47% | — |
| 77 |  $ANL | Adlai Nortye Group Ltd. | $278,956 | 0.2% | NEW | — |
| 78 |  $SENS | Senseonics Holdings, Inc. | $276,502 | 0.2% | NEW | 27.7 |
| 79 |  $PLRX | PLIANT THERAPEUTICS, INC. | $262,813 | 0.2% | +3% | — |
| 80 |  $CDXS | CODEXIS, INC. | $247,836 | 0.1% | -74% | 28.9 |
| 81 |  $VRCA | Verrica Pharmaceuticals Inc. | $241,454 | 0.1% | -11% | 32.7 |
| 82 |  $POCI | PRECISION OPTICS CORPORATION, INC. | $236,589 | 0.1% | -54% | — |
| 83 |  $UPB | Upstream Bio, Inc. | $231,349 | 0.1% | -4% | 19.7 |
| 84 |  $RNTX | Rein Therapeutics, Inc. | $226,760 | 0.1% | NEW | — |
| 85 |  $INO | INOVIO PHARMACEUTICALS, INC. | $210,176 | 0.1% | NEW | 8.3 |
| 86 | $HRTX | HERON THERAPEUTICS, INC. /DE/ | $209,468 | 0.1% | -65% | 24.7 |
| 87 |  $HUMA | Humacyte, Inc. | $180,506 | 0.1% | NEW | 9.1 |
| 88 |  $DTIL | PRECISION BIOSCIENCES INC | $128,418 | 0.1% | NEW | 10.6 |
| 89 |  $KLRS | Kalaris Therapeutics, Inc. | $122,597 | 0.1% | +48% | — |
| 90 |  $TNYA | Tenaya Therapeutics, Inc. | $107,429 | 0.1% | NEW | — |
| 91 |  $PCSA | Processa Pharmaceuticals, Inc. | $105,600 | 0.1% | +0% | — |
| 92 |  $BCAB | BioAtla, Inc. | $68,028 | 0.0% | -75% | — |
| 93 |  $CGEN | COMPUGEN LTD | $67,168 | 0.0% | -70% | — |
| 94 |  $GRCE | Grace Therapeutics, Inc. | $62,125 | 0.0% | NEW | — |
| 95 |  $OVID | Ovid Therapeutics Inc. | $57,297 | 0.0% | -47% | 26.4 |
| 96 |  $EVAX | Evaxion A/S | $54,442 | 0.0% | -11% | — |
| 97 |  $APRE | Aprea Therapeutics, Inc. | $0 | 0.0% | NEW | — |
New Positions (32)
$AZTR Azitra, Inc.$8.0M$ELOX Eloxx Pharmaceuticals, Inc.$6.2M$INSMCALL INSMED Inc$5.6M$RARECALL Ultragenyx Pharmaceutical Inc.$5.5M$MDTCALL Medtronic plc$4.4M$INDV Indivior Pharmaceuticals, Inc.$4.1M$ABTCALL ABBOTT LABORATORIES$3.8M$BSXCALL BOSTON SCIENTIFIC CORP$3.3M$BMRNCALL BIOMARIN PHARMACEUTICAL INC$3.1M$ADIL ADIAL PHARMACEUTICALS, INC.$1.6M$SPRB SPRUCE BIOSCIENCES, INC.$1.6M$CALC CalciMedica, Inc.$1.3M$MLTX MoonLake Immunotherapeutics$973,500$RARE Ultragenyx Pharmaceutical Inc.$834,750$NGEN NERVGEN PHARMA CORP.$740,220Exited Positions (18)
$TERNCALL Terns Pharmaceuticals, Inc.
$ESTACALL ESTABLISHMENT LABS HOLDINGS INC.
$ARECALL ALEXANDRIA REAL ESTATE EQUITIES, INC.
$ACADCALL ACADIA PHARMACEUTICALS INC
$XOMA XOMA Royalty Corp$CTMXCALL CytomX Therapeutics, Inc.
$CADL Candel Therapeutics, Inc.$ABEOCALL ABEONA THERAPEUTICS INC.$ESTA ESTABLISHMENT LABS HOLDINGS INC.
$JANX Janux Therapeutics, Inc.
$OABI OmniAb, Inc.$XERS Xeris Biopharma Holdings, Inc.$NMRA Neumora Therapeutics, Inc.Browse Top Institutional Investors
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