Stonepine Capital Management, LLC

Bend, OR · CIK 1440771 · 13F filing filed 2026-08-17

SEC-registered investment adviser since 2026 · limited liability company

Assets managed$181.0m
Staff4 · 3 in investment roles
Main clients (by assets)Private funds 100%
Private funds1 (1 hedge) · $181.0m gross assets
Websitestonepinecap.com
Form ADV · 2026-06-26SEC adviser record

Legal entitySTONEPINE CAPITAL MANAGEMENT, LLC (US)

$131.4m reported value +15.5% vs Q1 2026

72positions

55.3%in top 10

19 new 23 added 25 reduced 13 sold out vs Q1 2026

Options: 15 call positions ($45.9m notional), 0 put positions (— notional) – listed below, not included above.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	VERASTEM INC COM NEW VSTM	VSTM	3,349,627	$12.8m9.74%	9.74%	Added +47.3k	+47,327 1.4%
2	EVOLUS INC COM EOLS	EOLS	1,590,162	$11.0m8.40%	8.40%	Reduced -168.9k	-168,929 -9.6%
3	TENAX THERAPEUTICS INC COM NEW TENX	TENX	660,000	$9.6m7.31%	7.31%	Reduced -315.2k	-315,200 -32.3%
4	NEKTAR THERAPEUTICS COM NEW NKTR	NKTR	120,654	$8.4m6.41%	6.41%	Added +35.7k	+35,654 42.0%
5	ADMA BIOLOGICS INC COM ADMA	ADMA	740,000	$6.2m4.72%	4.72%	Unchanged
6	CAMP4 THERAPEUTICS CORP COM CAMP	CAMP	1,389,622	$6.1m4.62%	4.62%	Unchanged
7	ELOXX PHARMACEUTICALS INC COM NEW ELOX	ELOX	397,160	$5.5m4.20%	4.20%	New
8	KAZIA THERAPEUTICS LTD SPONSORED ADS KZIA	KZIA	345,179	$4.9m3.70%	3.70%	Unchanged
9	INDIVIOR PHARMACEUTICALS INC COM INDV	INDV	100,000	$4.1m3.12%	3.12%	New
10	CORBUS PHARMACEUTICALS HLDGS COM NEW CRBP	CRBP	425,000	$4.0m3.03%	3.03%	Added +41.5k	+41,538 10.8%
11	SATELLOS BIOSCIENCE INC COM MSLE	MSLE	491,624	$3.7m2.83%	2.83%	Added +391.6k	+391,624 391.6%
12	ZEVRA THERAPEUTICS INC COM NEW ZVRA	ZVRA	258,701	$3.7m2.82%	2.82%	Reduced -221.3k	-221,299 -46.1%
13	ABEONA THERAPEUTICS INC COM NEW ABEO	ABEO	557,284	$3.4m2.62%	2.62%	Reduced -189.3k	-189,303 -25.4%
14	EDESA BIOTECH INC COM NEW EDSA	EDSA	456,439	$3.2m2.43%	2.43%	Added +426.4k	+426,439 1421.5%
15	CABALETTA BIO INC COM CABA	CABA	917,100	$2.9m2.17%	2.17%	Added +867.1k	+867,100 1734.2%
16	AN2 THERAPEUTICS INC COM ANTX	ANTX	551,692	$2.7m2.03%	2.03%	Reduced -162.2k	-162,153 -22.7%
17	XILIO THERAPEUTICS INC COM XLO	XLO	225,994	$2.2m1.65%	1.65%	Added +161.8k	+161,832 252.2%
18	ADICET BIO INC COM NEW ACET	ACET	245,518	$2.1m1.61%	1.61%	Added +23.6k	+23,563 10.6%
19	TELA BIO INC COM TELA	TELA	2,662,427	$2.0m1.52%	1.52%	Added +45.2k	+45,175 1.7%
20	AYTU BIOPHARMA INC COM AYTU	AYTU	912,921	$2.0m1.49%	1.49%	Added +120.6k	+120,632 15.2%
21	CURIS INC COM COM		3,312,185	$1.7m1.32%	1.32%	Reduced -414.2k	-414,221 -11.1%
22	SPRUCE BIOSCIENCES INC COM NEW SPRB	SPRB	28,795	$1.6m1.18%	1.18%	New
23	OKYO PHARMA LTD SHS NEW OKYO	OKYO	862,996	$1.3m0.99%	0.99%	Added +13.0k	+12,996 1.5%
24	PASITHEA THERAPEUTICS CORP COM NEW KTTA	KTTA	2,201,468	$1.1m0.86%	0.86%	Added +1.4m	+1,370,167 164.8%
25	SOL-GEL TECHNOLOGIES LTD SHS NEW SLGL	SLGL	14,469	$1.1m0.82%	0.82%	Reduced -13.3k	-13,309 -47.9%
26	PULMONX CORP COM LUNG	LUNG	815,436	$1.1m0.81%	0.81%	Added +47.1k	+47,148 6.1%
27	X4 PHARMACEUTICALS INC COM NEW XFOR	XFOR	224,989	$1.1m0.80%	0.80%	Reduced -110.3k	-110,320 -32.9%
28	IN8BIO INC COM NEW INAB	INAB	695,287	$980.4k0.75%	0.75%	Added +31.9k	+31,875 4.8%
29	MOONLAKE IMMUNOTHERAPEUTICS CLASS A ORD MLTX	MLTX	50,000	$973.5k0.74%	0.74%	New
30	QUOIN PHARMACEUTICALS LTD SPONSORED ADS QNRX	QNRX	199,486	$965.5k0.74%	0.74%	Added +146.0k	+146,026 273.1%
31	MAXCYTE INC COM MXCT	MXCT	751,606	$924.5k0.70%	0.70%	Reduced -253.1k	-253,067 -25.2%
32	PHATHOM PHARMACEUTICALS INC COM PHAT	PHAT	85,010	$922.4k0.70%	0.70%	Added +35.0k	+35,000 70.0%
33	AZITRA INC COM NEW AZTR	AZTR	5,285,476	$886.9k0.68%	0.68%	New
34	CONNECT BIOPHARMA HLDGS LTD SHS CNTB	CNTB	364,254	$866.9k0.66%	0.66%	Added +54.3k	+54,254 17.5%
35	CYBIN INC COM NEW COM NEW		129,280	$854.5k0.65%	0.65%	Reduced -4.8k	-4,780 -3.6%
36	ULTRAGENYX PHARMACEUTICAL IN COM RARE	RARE	25,000	$834.8k0.64%	0.64%	New
37	INHIBIKASE THERAPEUTICS INC COM NEW IKT	IKT	396,179	$804.2k0.61%	0.61%	Reduced -561.0k	-561,023 -58.6%
38	ZENTALIS PHARMACEUTICALS INC COM ZNTL	ZNTL	161,583	$783.7k0.60%	0.60%	Reduced -107.5k	-107,517 -40.0%
39	CYTOMX THERAPEUTICS INC COM CTMX	CTMX	205,000	$768.8k0.59%	0.59%	Added +5.0k	+5,000 2.5%
40	NUVECTIS PHARMA INC COM NVCT	NVCT	40,000	$735.6k0.56%	0.56%	New
41	CRESCENT BIOPHARMA INC. COM CBIO	CBIO	40,000	$720.0k0.55%	0.55%	Reduced -45.0k	-45,000 -52.9%
42	PMV PHARMACEUTICALS INC COM PMVP	PMVP	536,086	$718.4k0.55%	0.55%	Reduced -172.0k	-172,016 -24.3%
43	ORUKA THERAPEUTICS INC COM ORKA	ORKA	7,500	$713.8k0.54%	0.54%	New
44	RADIOPHARM THERANOSTICS LTD SPONSORED ADS RADX	RADX	51,000,000	$670.5k0.51%	0.51%	Unchanged
45	ONKURE THERAPEUTICS INC COM CL A OKUR	OKUR	130,684	$595.9k0.45%	0.45%	Reduced -1.9k	-1,894 -1.4%
46	NERVGEN PHARMA CORP COM NGEN	NGEN	271,678	$559.7k0.43%	0.43%	New
47	CALCIMEDICA INC COM NEW COM NEW		622,432	$544.9k0.41%	0.41%	New
48	ARVINAS INC COM ARVN	ARVN	60,000	$498.6k0.38%	0.38%	Added +32.5k	+32,500 118.2%
49	BIOAGE LABS INC COM BIOA	BIOA	20,000	$490.2k0.37%	0.37%	Reduced -30.0k	-30,000 -60.0%
50	OPUS GENETICS INC COM IRD	IRD	100,718	$414.0k0.32%	0.32%	Added +32.0k	+32,030 46.6%
51	QT IMAGING HLDGS INC COM QTI	QTI	100,000	$407.0k0.31%	0.31%	New
52	BOUNDLESS BIO INC COM BOLD	BOLD	154,595	$386.5k0.29%	0.29%	Reduced -443.1k	-443,087 -74.1%
53	SINTX TECHNOLOGIES INC COM NEW SINT	SINT	209,205	$332.5k0.25%	0.25%	New
54	CELLECTAR BIOSCIENCES INC COM NEW CLRB	CLRB	104,550	$290.6k0.22%	0.22%	New
55	EUPRAXIA PHARMACEUTICALS INC COM EPRX	EPRX	43,491	$287.5k0.22%	0.22%	New
56	SAB BIOTHERAPEUTICS INC COM NEW SABS	SABS	73,271	$285.8k0.22%	0.22%	Added +23.3k	+23,271 46.5%
57	ADLAI NORTYE LTD SPONSORED ADS ANL	ANL	24,257	$279.0k0.21%	0.21%	New
58	SENSEONICS HLDGS INC COM SENS	SENS	48,680	$276.5k0.21%	0.21%	New
59	PLIANT THERAPEUTICS INC COM PLRX	PLRX	230,538	$262.8k0.20%	0.20%	Added +5.9k	+5,888 2.6%
60	CODEXIS INC COM CDXS	CDXS	109,662	$247.8k0.19%	0.19%	Reduced -308.3k	-308,332 -73.8%
61	PRECISION OPTICS CORP INC MA COM NEW POCI	POCI	46,390	$236.6k0.18%	0.18%	Reduced -53.6k	-53,610 -53.6%
62	UPSTREAM BIO INC COM UPB	UPB	33,432	$231.3k0.18%	0.18%	Reduced -1.6k	-1,568 -4.5%
63	REIN THERAPEUTICS INC COM NEW RNTX	RNTX	218,038	$226.8k0.17%	0.17%	New
64	HERON THERAPEUTICS INC COM HRTX	HRTX	490,787	$209.5k0.16%	0.16%	Reduced -911.4k	-911,404 -65.0%
65	CNS PHARMACEUTICALS INC COM CNSP	CNSP	41,573	$198.7k0.15%	0.15%	Reduced -19.4k	-19,427 -31.9%
66	HUMACYTE INC COM HUMA	HUMA	231,299	$180.5k0.14%	0.14%	New
67	KALARIS THERAPEUTICS INC COM KLRS	KLRS	30,122	$122.6k0.09%	0.09%	Added +9.7k	+9,722 47.7%
68	PROCESSA PHARMACEUTICALS INC COM SHS PCSA	PCSA	55,000	$105.6k0.08%	0.08%	Unchanged
69	BIOATLA INC COM NEW BCAB	BCAB	16,432	$68.0k0.05%	0.05%	New
70	COMPUGEN LTD ORD CGEN	CGEN	31,387	$67.2k0.05%	0.05%	Reduced -72.9k	-72,913 -69.9%
71	OVID THERAPEUTICS INC COM OVID	OVID	21,300	$57.3k0.04%	0.04%	Reduced -18.7k	-18,700 -46.8%
72	EVAXION AS SPONSORED ADS EVAX	EVAX	17,562	$54.4k0.04%	0.04%	Reduced -2.2k	-2,151 -10.9%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
XOMA ROYALTY CORPORATION XOMA	XOMA	69,500	$2.2m69.5k shares
SURROZEN INC SRZN	SRZN	33,005	$961.4k33.0k shares
VERRICA PHARMACEUTICALS INC VRCA	VRCA	99,735	$527.6k99.7k shares
CANDEL THERAPEUTICS INC CADL	CADL	102,500	$502.2k102.5k shares
ESTABLISHMENT LABS HLDGS INC ESTA	ESTA	6,000	$340.7k6.0k shares
JANUX THERAPEUTICS INC JANX	JANX	20,000	$278.0k20.0k shares
OMNIAB INC OABI	OABI	164,045	$257.6k164.0k shares
XERIS BIOPHARMA HOLDINGS INC XERS	XERS	40,030	$232.2k40.0k shares
NEUMORA THERAPEUTICS INC. NMRA	NMRA	100,000	$195.0k100.0k shares
SI-BONE INC SIBN	SIBN	14,964	$189.0k15.0k shares
ELEDON PHARMACEUTICALS INC ELDN	ELDN	35,000	$107.8k35.0k shares
MANNKIND CORP MNKD	MNKD	16,300	$39.9k16.3k shares
BIOATLA INC BCAB	BCAB	65,387	$10.5k65.4k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
ADMA BIOLOGICS INC ADMA · Call	ADMA	Call	650,000	$8.0m650.0k shares	Reduced
INSMED INC INSM · Call	INSM	Call	40,000	$5.6m40.0k shares	New
ULTRAGENYX PHARMACEUTICAL IN RARE · Call	RARE	Call	200,000	$5.5m200.0k shares	New
MEDTRONIC PLC MDT · Call	MDT	Call	50,000	$4.4m50.0k shares	New
ABBOTT LABS ABT · Call	ABT	Call	40,000	$3.8m40.0k shares	New
BOSTON SCIENTIFIC CORP BSX · Call	BSX	Call	50,000	$3.2m50.0k shares	New
EVOLUS INC EOLS · Call	EOLS	Call	420,000	$3.1m420.0k shares	Unchanged
BIOMARIN PHARMACEUTICAL INC BMRN · Call	BMRN	Call	50,000	$3.1m50.0k shares	New
XERIS BIOPHARMA HOLDINGS INC XERS · Call	XERS	Call	280,000	$2.1m280.0k shares	Unchanged
SI-BONE INC SIBN · Call	SIBN	Call	100,000	$1.5m100.0k shares	Unchanged
HERON THERAPEUTICS INC HRTX · Call	HRTX	Call	1,000,000	$1.5m1.0m shares	Unchanged
NEUMORA THERAPEUTICS INC. NMRA · Call	NMRA	Call	500,000	$1.2m500.0k shares	Unchanged
ARDELYX INC ARDX · Call	ARDX	Call	150,000	$1.1m150.0k shares	Unchanged
DELCATH SYS INC DCTH · Call	DCTH	Call	100,000	$1.0m100.0k shares	Unchanged
MANNKIND CORP MNKD · Call	MNKD	Call	250,000	$750.0k250.0k shares	Reduced

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
QUOIN PHARMACEUTICALS LTD QNRX · 13G · filed 2026-05-15	QNRX	10.0%	-0.6 pts	13G	2026-05-15
AEON BIOPHARMA INC AEON · 13G · filed 2026-07-21	AEON	9.9%≈ $3.9m	new	13G	2026-07-21
AZITRA INC 13G · filed 2026-06-22		9.9%	new	13G	2026-06-22
ELOXX PHARMACEUTICALS INC ELOX · 13G · filed 2026-06-16	ELOX	9.9%≈ $5.6m	new	13G	2026-06-16
SINTX TECHNOLOGIES INC SINT · 13G · filed 2026-06-09	SINT	9.9%≈ $1.2m	new	13G	2026-06-09
CNS PHARMACEUTICALS INC CNSP · 13G · filed 2026-05-15	CNSP	9.9%≈ $760.7k	+2.0 pts	13G	2026-05-15
CELLECTAR BIOSCIENCES INC CLRB · 13G · filed 2026-05-11	CLRB	9.9%≈ $2.4m	new	13G	2026-05-11
CURIS INC 13G · filed 2026-03-27		9.9%≈ $2.1m	new	13G	2026-03-27
IN8BIO INC INAB · 13G · filed 2025-12-22	INAB	9.9%≈ $1.4m	new	13G	2025-12-22
AYTU BIOPHARMA INC AYTU · 13G · filed 2025-08-13	AYTU	9.9%≈ $1.9m		13G	2025-08-13
OPTINOSE INC OPTN · 13G · filed 2025-05-14	OPTN	7.8%	+1.9 pts	13G	2025-05-14
FEMASYS INC FEMY · 13G · filed 2026-08-31	FEMY	7.2%≈ $2.6m	new	13G	2026-08-31
EDESA BIOTECH INC EDSA · 13G · filed 2026-08-26	EDSA	6.9%≈ $5.9m	+6.6 pts	13G	2026-08-26
CALCIMEDICA INC 13G · filed 2026-08-25		6.0%≈ $2.2m	+1.4 pts	13G	2026-08-25
TELA BIO INC TELA · 13G · filed 2025-02-13	TELA	6.0%≈ $1.8m		13G	2025-02-13
PASITHEA THERAPEUTICS CORP KTTA · 13G · filed 2026-06-23	KTTA	5.8%≈ $1.0m	new	13G	2026-06-23