# Stonepine Capital Management, LLC: Form 13F holdings

An institutional investment manager in Bend, OR. SEC CIK 1440771.

- Quarter ended: 2026-06-30
- Filed: 2026-08-17
- Reported value: $177.3m
- Positions: 87 (87 lines in the filing's table; lines for the same security and option type are added together here)
- Compared with: the 13F for the quarter ended 2026-03-31
- Filing: https://www.sec.gov/Archives/edgar/data/1440771/000144077126000016/

## Holdings

As filed, largest first. Reported value is what the manager stated at the quarter end (Jun 30, 2026), in US dollars; it is filing data, not a price. Weight is the share of the total reported value.

| Issuer | Class | Reported value | Weight | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | ---: | --- | --- |
| [VERASTEM INC (VSTM)](/companies/vstm.md) | COM NEW | $12.8m | 7.2% | 3,349,627 |  | Added +47,327 |
| [EVOLUS INC (EOLS)](/companies/eols.md) | COM | $11.0m | 6.2% | 1,590,162 |  | Reduced −168,929 |
| [TENAX THERAPEUTICS INC (TENX)](/companies/tenx.md) | COM NEW | $9.6m | 5.4% | 660,000 |  | Reduced −315,200 |
| [NEKTAR THERAPEUTICS (NKTR)](/companies/nktr.md) | COM NEW | $8.4m | 4.8% | 120,654 |  | Added +35,654 |
| [ADMA BIOLOGICS INC (ADMA)](/companies/adma.md) | COM | $8.0m | 4.5% | 650,000 | Call | Reduced −500,000 |
| [ADMA BIOLOGICS INC (ADMA)](/companies/adma.md) | COM | $6.2m | 3.5% | 740,000 |  | Unchanged |
| [CAMP4 THERAPEUTICS CORP (CAMP)](/companies/camp.md) | COM 13469V AB 4 CAMTEK LTD NOTE        12/0 | $6.1m | 3.4% | 1,389,622 |  | Unchanged |
| [INSMED INC (INSM)](/companies/insm.md) | COM PAR $.01 | $5.6m | 3.2% | 40,000 | Call | New +40,000 |
| [ELOXX PHARMACEUTICALS INC (ELOX)](/companies/elox.md) | COM NEW | $5.5m | 3.1% | 397,160 |  | New +397,160 |
| [ULTRAGENYX PHARMACEUTICAL IN (RARE)](/companies/rare.md) | COM | $5.5m | 3.1% | 200,000 | Call | New +200,000 |
| [KAZIA THERAPEUTICS LTD (KZIA)](/companies/kzia.md) | SPONSORED ADS | $4.9m | 2.7% | 345,179 |  | Unchanged |
| MEDTRONIC PLC | SHS | $4.4m | 2.5% | 50,000 | Call | New +50,000 |
| [INDIVIOR PHARMACEUTICALS INC (INDV)](/companies/indv.md) | COM | $4.1m | 2.3% | 100,000 |  | New +100,000 |
| [CORBUS PHARMACEUTICALS HLDGS (CRBP)](/companies/crbp.md) | COM NEW | $4.0m | 2.2% | 425,000 |  | Added +41,538 |
| [ABBOTT LABORATORIES (ABT)](/companies/abt.md) | COM | $3.8m | 2.1% | 40,000 | Call | New +40,000 |
| [SATELLOS BIOSCIENCE INC (MSLE)](/companies/msle.md) | COM | $3.7m | 2.1% | 491,624 |  | Added +391,624 |
| [ZEVRA THERAPEUTICS INC (ZVRA)](/companies/zvra.md) | COM NEW | $3.7m | 2.1% | 258,701 |  | Reduced −221,299 |
| [ABEONA THERAPEUTICS INC (ABEO)](/companies/abeo.md) | COM NEW | $3.4m | 1.9% | 557,284 |  | Reduced −189,303 |
| [BOSTON SCIENTIFIC CORP (BSX)](/companies/bsx.md) | COM | $3.3m | 1.8% | 50,000 | Call | New +50,000 |
| [EDESA BIOTECH INC (EDSA)](/companies/edsa.md) | COM NEW | $3.2m | 1.8% | 456,439 |  | Added +426,439 |
| [EVOLUS INC (EOLS)](/companies/eols.md) | COM | $3.1m | 1.8% | 420,000 | Call | Unchanged |
| [BIOMARIN PHARMACEUTICAL INC (BMRN)](/companies/bmrn.md) | COM | $3.1m | 1.8% | 50,000 | Call | New +50,000 |
| [CABALETTA BIO INC (CABA)](/companies/caba.md) | COM | $2.9m | 1.6% | 917,100 |  | Added +867,100 |
| [AN2 THERAPEUTICS INC (ANTX)](/companies/antx.md) | COM | $2.7m | 1.5% | 551,692 |  | Reduced −162,153 |
| [XILIO THERAPEUTICS INC (XLO)](/companies/xlo.md) | COM | $2.2m | 1.2% | 225,994 |  | Added +161,832 |
| [ADICET BIO INC (ACET)](/companies/acet.md) | COM NEW | $2.1m | 1.2% | 245,518 |  | Added +23,563 |
| [XERIS BIOPHARMA HOLDINGS INC (XERS)](/companies/xers.md) | COM | $2.1m | 1.2% | 280,000 | Call | Unchanged |
| [TELA BIO INC (TELA)](/companies/tela.md) | COM | $2.0m | 1.1% | 2,662,427 |  | Added +45,175 |
| [AYTU BIOPHARMA INC (AYTU)](/companies/aytu.md) | COM | $2.0m | 1.1% | 912,921 |  | Added +120,632 |
| CURIS INC | COM | $1.7m | 1.0% | 3,312,185 |  | Reduced −414,221 |
| [SPRUCE BIOSCIENCES INC (SPRB)](/companies/sprb.md) | COM NEW | $1.6m | 0.9% | 28,795 |  | New +28,795 |
| [HERON THERAPEUTICS INC (HRTX)](/companies/hrtx.md) | COM | $1.5m | 0.8% | 1,000,000 | Call | Unchanged |
| [SI BONE INC (SIBN)](/companies/sibn.md) | COM | $1.5m | 0.8% | 100,000 | Call | Unchanged |
| OKYO PHARMA LTD | SHS NEW | $1.3m | 0.7% | 862,996 |  | Added +12,996 |
| [NEUMORA THERAPEUTICS INC. (NMRA)](/companies/nmra.md) | COM | $1.3m | 0.7% | 500,000 | Call | Unchanged |
| [PASITHEA THERAPEUTICS CORP (KTTA)](/companies/ktta.md) | COM NEW | $1.1m | 0.6% | 2,201,468 |  | Added +1,370,167 |
| SOL-GEL TECHNOLOGIES LTD | SHS NEW | $1.1m | 0.6% | 14,469 |  | Reduced −13,309 |
| [PULMONX CORP (LUNG)](/companies/lung.md) | COM | $1.1m | 0.6% | 815,436 |  | Added +47,148 |
| [X4 PHARMACEUTICALS INC (XFOR)](/companies/xfor.md) | COM NEW | $1.1m | 0.6% | 224,989 |  | Reduced −110,320 |
| [ARDELYX INC (ARDX)](/companies/ardx.md) | COM | $1.1m | 0.6% | 150,000 | Call | Unchanged |
| [DELCATH SYS INC (DCTH)](/companies/dcth.md) | COM NEW | $1.0m | 0.6% | 100,000 | Call | Unchanged |
| [IN8BIO INC (INAB)](/companies/inab.md) | COM NEW | $980.4k | 0.6% | 695,287 |  | Added +31,875 |
| [MOONLAKE IMMUNOTHERAPEUTICS (MLTX)](/companies/mltx.md) | CLASS A ORD | $973.5k | 0.5% | 50,000 |  | New +50,000 |
| [QUOIN PHARMACEUTICALS LTD (QNRX)](/companies/qnrx.md) | SPONSORED ADS | $965.5k | 0.5% | 199,486 |  | Added +146,026 |
| [MAXCYTE INC (MXCT)](/companies/mxct.md) | COM | $924.5k | 0.5% | 751,606 |  | Reduced −253,067 |
| [PHATHOM PHARMACEUTICALS INC (PHAT)](/companies/phat.md) | COM | $922.4k | 0.5% | 85,010 |  | Added +35,000 |
| [AZITRA INC (AZTR)](/companies/aztr.md) | COM NEW | $886.9k | 0.5% | 5,285,476 |  | New +5,285,476 |
| CONNECT BIOPHARMA HLDGS LTD | SHS | $866.9k | 0.5% | 364,254 |  | Added +54,254 |
| CYBIN INC | COM NEW | $854.5k | 0.5% | 129,280 |  | Reduced −4,780 |
| [ULTRAGENYX PHARMACEUTICAL IN (RARE)](/companies/rare.md) | COM | $834.8k | 0.5% | 25,000 |  | New +25,000 |
| [INHIBIKASE THERAPEUTICS INC (IKT)](/companies/ikt.md) | COM NEW | $804.2k | 0.5% | 396,179 |  | Reduced −561,023 |
| [ZENTALIS PHARMACEUTICALS INC (ZNTL)](/companies/zntl.md) | COM | $783.7k | 0.4% | 161,583 |  | Reduced −107,517 |
| [CYTOMX THERAPEUTICS INC. (CTMX)](/companies/ctmx.md) | COM | $768.8k | 0.4% | 205,000 |  | Added +5,000 |
| [MANNKIND CORP (MNKD)](/companies/mnkd.md) | COM NEW | $750.0k | 0.4% | 250,000 | Call | Reduced −250,000 |
| [NUVECTIS PHARMA INC (NVCT)](/companies/nvct.md) | COM | $735.6k | 0.4% | 40,000 |  | New +40,000 |
| CRESCENT BIOPHARMA INC. | COM | $720.0k | 0.4% | 40,000 |  | Reduced −45,000 |
| [PMV PHARMACEUTICALS INC (PMVP)](/companies/pmvp.md) | COM | $718.4k | 0.4% | 536,086 |  | Reduced −172,016 |
| [ORUKA THERAPEUTICS INC (ORKA)](/companies/orka.md) | COM | $713.8k | 0.4% | 7,500 |  | New +7,500 |
| [RADIOPHARM THERANOSTICS LTD (RADX)](/companies/radx.md) | SPONSORED ADS | $670.5k | 0.4% | 51,000,000 |  | Unchanged |
| [ONKURE THERAPEUTICS INC (OKUR)](/companies/okur.md) | COM CL A | $595.9k | 0.3% | 130,684 |  | Reduced −1,894 |
| [NERVGEN PHARMA CORP (NGEN)](/companies/ngen.md) | COM | $559.7k | 0.3% | 271,678 |  | New +271,678 |
| CALCIMEDICA INC | COM NEW | $544.9k | 0.3% | 622,432 |  | New +622,432 |
| [ARVINAS INC (ARVN)](/companies/arvn.md) | COM | $498.6k | 0.3% | 60,000 |  | Added +32,500 |
| [BIOAGE LABS INC (BIOA)](/companies/bioa.md) | COM | $490.2k | 0.3% | 20,000 |  | Reduced −30,000 |
| [OPUS GENETICS INC (IRD)](/companies/ird.md) | COM | $414.0k | 0.2% | 100,718 |  | Added +32,030 |
| [QT IMAGING HLDGS INC (QTI)](/companies/qti.md) | COM | $407.0k | 0.2% | 100,000 |  | New +100,000 |
| [BOUNDLESS BIO INC (BOLD)](/companies/bold.md) | COM | $386.5k | 0.2% | 154,595 |  | Reduced −443,087 |
| [SINTX TECHNOLOGIES INC (SINT)](/companies/sint.md) | COM NEW | $332.5k | 0.2% | 209,205 |  | New +209,205 |
| [CELLECTAR BIOSCIENCES INC (CLRB)](/companies/clrb.md) | COM NEW | $290.6k | 0.2% | 104,550 |  | New +104,550 |
| [EUPRAXIA PHARMACEUTICALS INC (EPRX)](/companies/eprx.md) | COM 298736 AL 3 EURONET WORLDWIDE INC NOTE  0.750% 3/1 | $287.5k | 0.2% | 43,491 |  | New +43,491 |
| [SAB BIOTHERAPEUTICS INC (SABS)](/companies/sabs.md) | COM NEW | $285.8k | 0.2% | 73,271 |  | Added +23,271 |
| [ADLAI NORTYE LTD (ANL)](/companies/anl.md) | SPONSORED ADS | $279.0k | 0.2% | 24,257 |  | New +24,257 |
| [SENSEONICS HLDGS INC (SENS)](/companies/sens.md) | COM | $276.5k | 0.2% | 48,680 |  | New +48,680 |
| [PLIANT THERAPEUTICS INC (PLRX)](/companies/plrx.md) | COM | $262.8k | 0.1% | 230,538 |  | Added +5,888 |
| [CODEXIS INC (CDXS)](/companies/cdxs.md) | COM | $247.8k | 0.1% | 109,662 |  | Reduced −308,332 |
| [PRECISION OPTICS CORP INC MA (POCI)](/companies/poci.md) | COM NEW | $236.6k | 0.1% | 46,390 |  | Reduced −53,610 |
| [UPSTREAM BIO INC (UPB)](/companies/upb.md) | COM | $231.3k | 0.1% | 33,432 |  | Reduced −1,568 |
| [REIN THERAPEUTICS INC (RNTX)](/companies/rntx.md) | COM NEW | $226.8k | 0.1% | 218,038 |  | New +218,038 |
| [HERON THERAPEUTICS INC (HRTX)](/companies/hrtx.md) | COM | $209.5k | 0.1% | 490,787 |  | Reduced −911,404 |
| [CNS PHARMACEUTICALS INC (CNSP)](/companies/cnsp.md) | COM | $198.7k | 0.1% | 41,573 |  | Reduced −19,427 |
| [HUMACYTE INC (HUMA)](/companies/huma.md) | COM | $180.5k | 0.1% | 231,299 |  | New +231,299 |
| [KALARIS THERAPEUTICS INC (KLRS)](/companies/klrs.md) | COM | $122.6k | <0.1% | 30,122 |  | Added +9,722 |
| [PROCESSA PHARMACEUTICALS INC (PCSA)](/companies/pcsa.md) | COM SHS | $105.6k | <0.1% | 55,000 |  | Unchanged |
| [BIOATLA INC (BCAB)](/companies/bcab.md) | COM NEW | $68.0k | <0.1% | 16,432 |  | New +16,432 |
| COMPUGEN LTD | ORD | $67.2k | <0.1% | 31,387 |  | Reduced −72,913 |
| [OVID THERAPEUTICS INC (OVID)](/companies/ovid.md) | COM | $57.3k | <0.1% | 21,300 |  | Reduced −18,700 |
| [EVAXION AS (EVAX)](/companies/evax.md) | SPONSORED ADS | $54.4k | <0.1% | 17,562 |  | Reduced −2,151 |

## Sold out

Held at the end of the quarter before and not reported this quarter.

| Issuer | Class | Reported value | Weight | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | ---: | --- | --- |
| [ABEONA THERAPEUTICS INC (ABEO)](/companies/abeo.md) | COM NEW | $0 | 0.0% | 0 | Call | Sold out −100,000 |
| [ACADIA PHARMACEUTICALS INC (ACAD)](/companies/acad.md) | COM | $0 | 0.0% | 0 | Call | Sold out −100,000 |
| [ALEXANDRIA REAL ESTATE EQ IN (ARE)](/companies/are.md) | COM | $0 | 0.0% | 0 | Call | Sold out −50,000 |
| BIOATLA INC | COM | $0 | 0.0% | 0 |  | Sold out −65,387 |
| [CANDEL THERAPEUTICS INC (CADL)](/companies/cadl.md) | COM | $0 | 0.0% | 0 |  | Sold out −102,500 |
| [CYTOMX THERAPEUTICS INC. (CTMX)](/companies/ctmx.md) | COM | $0 | 0.0% | 0 | Call | Sold out −200,000 |
| [ELEDON PHARMACEUTICALS INC (ELDN)](/companies/eldn.md) | COM | $0 | 0.0% | 0 |  | Sold out −35,000 |
| ESTABLISHMENT LABS HLDGS INC | COM | $0 | 0.0% | 0 | Call | Sold out −50,000 |
| ESTABLISHMENT LABS HLDGS INC | COM | $0 | 0.0% | 0 |  | Sold out −6,000 |
| [JANUX THERAPEUTICS INC (JANX)](/companies/janx.md) | COM | $0 | 0.0% | 0 |  | Sold out −20,000 |
| [MANNKIND CORP (MNKD)](/companies/mnkd.md) | COM NEW | $0 | 0.0% | 0 |  | Sold out −16,300 |
| [NEUMORA THERAPEUTICS INC. (NMRA)](/companies/nmra.md) | COM | $0 | 0.0% | 0 |  | Sold out −100,000 |
| [OMNIAB INC (OABI)](/companies/oabi.md) | COM | $0 | 0.0% | 0 |  | Sold out −164,045 |
| [SI BONE INC (SIBN)](/companies/sibn.md) | COM | $0 | 0.0% | 0 |  | Sold out −14,964 |
| SPDR SERIES TRUST | STATE STREET SPD | $0 | 0.0% | 0 | Call | Sold out −400,000 |
| SPDR SERIES TRUST | STATE STREET SPD | $0 | 0.0% | 0 | Put | Sold out −400,000 |
| [SURROZEN INC (SRZN)](/companies/srzn.md) | COM NEW | $0 | 0.0% | 0 |  | Sold out −33,005 |
| TERNS PHARMACEUTICALS INC | COM | $0 | 0.0% | 0 | Call | Sold out −100,000 |
| [VERRICA PHARMACEUTICALS INC (VRCA)](/companies/vrca.md) | COM SHS | $0 | 0.0% | 0 |  | Sold out −99,735 |
| [XERIS BIOPHARMA HOLDINGS INC (XERS)](/companies/xers.md) | COM | $0 | 0.0% | 0 |  | Sold out −40,030 |
| XOMA ROYALTY CORPORATION | COM NEW | $0 | 0.0% | 0 |  | Sold out −69,500 |

Source: SEC EDGAR, Form 13F-HR, accession 0001440771-26-000016. Last ingested by Listed: Oct 22, 2026, 05:26 ET. No prices; not investment advice.