Q2 2026 13F · SEC CIK 1440771

Stonepine Capital Management, LLC

Hedge fundFiled 2026-08-17 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $131.4M
Reported positions: 72
Top holdings a year, 3 yrs: +14.9%
Assets under management: $181.0M

Stonepine Capital Management, LLC is a hedge fund that reported 72 positions worth $131.4M in its Q2 2026 13F, filed 2026-08-17. Its largest holdings were Verastem Inc (VSTM, 9.7%), Evolus Inc (EOLS, 8.4%), Tenax Therapeutics Inc (TENX, 7.3%). A portfolio copying its top holdings returned 14.9% a year over the last 3 years, against 22.3% for the S&P 500.

Stonepine Capital Management, LLC holdings largest 50 of 72 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

Stonepine Capital Management, LLC 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
VSTMVerastem Inc	9.7%	15.4%	3,349,627	+1.4%	$12.8M
EOLSEvolus Inc	8.4%	6.4%	1,590,162	-9.6%	$11.0M
TENXTenax Therapeutics Inc	7.3%	13.7%	660,000	-32.3%	$9.6M
NKTRNektar Therapeutics	6.4%	5.4%	120,654	+41.9%	$8.4M
ADMAAdma Biologics Inc	4.7%	5.9%	740,000	+0.0%	$6.2M
CAMPCAMP4 Therapeutics Corporation	4.6%	5.4%	1,389,622	+0.0%	$6.1M
ELOXEloxx Pharmaceuticals Inc	4.2%	—	397,160	—	$5.5M
KZIAKazia Therapeutics Ltd	3.7%	2.3%	345,179	+0.0%	$4.9M
INDVIndivior Pharmaceuticals Inc	3.1%	—	100,000	—	$4.1M
CRBPCorbus Pharmaceuticals Hldgs	3.0%	3.2%	425,000	+10.8%	$4.0M
MSLESatellos Bioscience Inc	2.8%	0.5%	491,624	+391.6%	$3.7M
ZVRAZevra Therapeutics Inc	2.8%	3.9%	258,701	-46.1%	$3.7M
ABEOAbeona Therapeutics	2.6%	2.9%	557,284	-25.4%	$3.4M
EDSAEdesa Biotech Inc	2.4%	—	456,439	—	$3.2M
CABACabaletta Bio Inc	2.2%	—	917,100	—	$2.9M
ANTXAn2 Therapeutics Inc	2.0%	2.1%	551,692	-22.7%	$2.7M
XLOXilio Therapeutics Inc	1.6%	0.5%	225,994	+252.2%	$2.2M
ACETAdicet Bio Inc	1.6%	1.3%	245,518	+10.6%	$2.1M
TELATela Bio Inc	1.5%	1.4%	2,662,427	+1.7%	$2.0M
AYTUAytu Biopharma Inc	1.5%	1.9%	912,921	+15.2%	$2.0M
CRISCuris Inc	1.3%	1.8%	3,312,185	-11.1%	$1.7M
85209E208Spruce Biosciences Inc	1.2%	—	28,795	—	$1.6M
OKYOOkyo Pharma Ltd	1.0%	1.2%	862,996	+1.5%	$1.3M
KTTAPasithea Therapeutics Corp	0.9%	0.5%	2,201,468	+164.8%	$1.1M
SLGLSol-Gel Technologies Ltd	0.8%	1.9%	14,469	-47.9%	$1.1M
LUNGPulmonx Corp	0.8%	0.9%	815,436	+6.1%	$1.1M
XFORX4 Pharmaceuticals Inc	0.8%	1.2%	224,989	-32.9%	$1.1M
INABIn8bio Inc	0.7%	0.9%	695,287	+4.8%	$980K
MLTXMoonlake Immunotherapeutics	0.7%	—	50,000	—	$974K
QNRXQuoin Pharmaceuticals Ltd	0.7%	0.3%	199,486	+273.2%	$966K
MXCTMaxcyte Inc	0.7%	0.6%	751,606	-25.2%	$924K
PHATPhathom Pharmaceuticals Inc Com	0.7%	0.5%	85,010	+70.0%	$922K
05479L302Azitra Inc	0.7%	—	5,285,476	—	$887K
CNTBConnect Biopharma Hldgs Ltd	0.7%	0.7%	364,254	+17.5%	$867K
23256X407Cybin Inc	0.7%	0.6%	129,280	-3.6%	$855K
RAREUltragenyx Pharmaceutical in	0.6%	—	25,000	—	$835K
IKTInhibikase Therapeutics Inc	0.6%	1.4%	396,179	-58.6%	$804K
ZNTLZentalis Pharmaceuticals Inc	0.6%	0.6%	161,583	-40.0%	$784K
CTMXCytomx Therapeutics Inc.	0.6%	0.8%	205,000	+2.5%	$769K
NVCTNuvectis Pharma Inc	0.6%	—	40,000	—	$736K
CBIOCrescent Biopharma Inc	0.5%	1.4%	40,000	-52.9%	$720K
PMVPPmv Pharmaceuticals Inc	0.5%	0.8%	536,086	-24.3%	$718K
ORKAOruka Therapeutics Inc	0.5%	—	7,500	—	$714K
75041J101Radiopharm Theranostics Ltd	0.5%	0.7%	51,000,000	+0.0%	$671K
OKUROnkure Therapeutics Inc	0.5%	0.5%	130,684	-1.4%	$596K
NGENNervgen Pharma Corp	0.4%	—	271,678	—	$560K
CALCCalcimedica Inc	0.4%	—	622,432	—	$545K
ARVNArvinas Inc	0.4%	0.3%	60,000	+118.2%	$499K
BIOABioage Labs Inc	0.4%	0.8%	20,000	-60.0%	$490K
IRDOpus Genetics Inc	0.3%	0.3%	100,718	+46.6%	$414K

What Stonepine Capital Management, LLC bought and sold in Q2 2026, against Q1 2026.

New positions

Q1 2026's filing was too long to tell new positions apart.

Share counts compared with the Q1 2026 13F; a split also changes share counts. The latest filing lists more than 50 positions, so a position that left the top 50 may still be held.

How the holdings did against the S&P 500.

1 year: -13.0% /yr; S&P 500 +11.7%
3 years: +14.9% /yr; S&P 500 +22.3%
5 years: +5.5% /yr; S&P 500 +9.3%

A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$131.4M	72
Q1 2026	$113.7M	66
Q4 2025	$126.4M	61
Q3 2025	$123.0M	58
Q2 2025	$101.5M	58
Q1 2025	$102.8M	66
Q4 2024	$123.9M	52
Q3 2024	$158.2M	38
Q2 2024	$109.6M	25
Q1 2024	$126.1M	20
Q4 2023	$231.2M	16
Q3 2023	$301.0M	23

Questions about Stonepine Capital Management, LLC's portfolio

What stocks does Stonepine Capital Management, LLC own?

Stonepine Capital Management, LLC's latest 13F, for Q2 2026 and filed Aug 17, 2026, lists 72 positions worth $131.4M. The largest are Verastem Inc (VSTM) at 9.7%, Evolus Inc (EOLS) at 8.4%, Tenax Therapeutics Inc (TENX) at 7.3%, Nektar Therapeutics (NKTR) at 6.4% and Adma Biologics Inc (ADMA) at 4.7%.

What did Stonepine Capital Management, LLC buy last quarter?

In Q2 2026, Stonepine Capital Management, LLC added Satellos Bioscience Inc (MSLE) (+391.6% shares), Quoin Pharmaceuticals Ltd (QNRX) (+273.2% shares) and Xilio Therapeutics Inc (XLO) (+252.2% shares), compared with its Q1 2026 filing.

What did Stonepine Capital Management, LLC sell last quarter?

In Q2 2026, Stonepine Capital Management, LLC cut from its top 50 Xoma Royalty Corporation (XOMA), cut from its top 50 Heron Therapeutics Inc (HRTX), cut from its top 50 Surrozen Inc (SRZN), cut from its top 50 Codexis Inc (CDXS), cut from its top 50 Boundless Bio Inc (BOLD), Bioage Labs Inc (BIOA) (-60.0% shares), Inhibikase Therapeutics Inc (IKT) (-58.6% shares) and Crescent Biopharma Inc (CBIO) (-52.9% shares), compared with its Q1 2026 filing.

How has Stonepine Capital Management, LLC's portfolio performed?

A portfolio copying Stonepine Capital Management, LLC's 20 largest 13F holdings each quarter, from the day each filing was public, returned +14.9% a year over the last 3 years, against +22.3% for the S&P 500. Over 1 year: -13.0% against +11.7%. Over 5 years: +5.5% a year against +9.3%.

When is Stonepine Capital Management, LLC's next 13F filing due?

13F filings are due 45 days after each quarter ends. Stonepine Capital Management, LLC's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.

How much money does Stonepine Capital Management, LLC manage?

Stonepine Capital Management, LLC reported $181.0M of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $131.4M.