Stonepine Capital Management, LLC
Filing Date
Global Rank
#4,925
/ 8,622
▲ 367
· as of Mar 2026
Top Industry
Biotechnology
82.4%
3Y Alpha vs SPY
-3.8%
Period ended 4 months ago
Filed May 15, 2026 · 2mo
25 quarters · since Mar 2020
Clone Performance
Jul 2023–Jul 2026 · vs SPYHypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.
Cloned portfolio
+52.4%
SPY
+67.9%
Annualised alpha
-3.8%
Max drawdown
−60.9%
Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 98% of reported value on average across 13 quarters. Past performance does not predict future results.
Portfolio Concentration
71 tracked positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025Top Position
12.1%
−3.9 pts
Top 5
45.0%
+2.3 pts
Top 10
61.1%
+3.9 pts
HHI
552
Diversified−13
Portfolio Trend
25 quarters · across all stocks
Sector Breakdown
As of Mar 31, 2026| Sector | % Portfolio | Value |
|---|---|---|
| Healthcare | 98.4% | $142,541,906 |
| Real Estate | 1.6% | $2,321,000 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increased
20 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| CRIS | Curis Inc | +3,667,057 | 3,726,406 | $102,476 | |
| HRTX | Heron Therapeutics, Inc. /De/ | +1,164,389 | 2,402,191 | $1,921,752 | |
| CAMP | Camp4 Therapeutics Corp | +1,160,728 | 1,389,622 | $6,128,233 | |
| ADMA | Adma Biologics, Inc. | +1,150,000 | 1,890,000 | $17,028,900 | |
| TENX | Tenax Therapeutics, Inc. | +963,316 | 975,200 | $15,593,448 | |
| VSTM | Verastem, Inc. | +570,221 | 3,302,300 | $17,502,190 | |
| KTTA | Pasithea Therapeutics Corp. | +556,239 | 831,301 | $616,825 | |
| EOLS | Evolus, Inc. | +547,503 | 2,179,091 | $8,956,064 | |
| MXCT | Maxcyte, Inc. | +535,655 | 1,004,673 | $706,285 | |
| INAB | In8bio, Inc. | +498,519 | 663,412 | $981,849 | |
| MNKD | Mannkind Corp | +429,941 | 516,300 | $1,264,935 | |
| LUNG | Pulmonx Corp | +281,888 | 768,288 | $991,091 | |
| TELA | TELA Bio, Inc. | +265,220 | 2,617,252 | $1,622,696 | |
| CDXS | Codexis, Inc. | +161,888 | 417,994 | $681,330 | |
| ANTX | AN2 Therapeutics, Inc. | +86,177 | 713,845 | $2,441,349 | |
| DCTH | Delcath Systems, Inc. | +72,768 | 100,000 | $928,000 | |
| PCSA | Processa Pharmaceuticals, Inc. | +42,677 | 55,000 | $138,875 | |
| CNSP | CNS Pharmaceuticals, Inc. | +12,173 | 61,000 | $145,790 | |
| BIOA | BioAge Labs, Inc. | +5,000 | 50,000 | $874,500 | |
| ACET | Adicet Bio, Inc. | +1,944 | 221,955 | $1,511,513 | |
| No positions match the current search. | |||||
Trimmed
Positions the filer reduced
25 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| IKT | Inhibikase Therapeutics, Inc. | −1,390,945 | 957,202 | $1,608,099 | |
| ELDN | Eledon Pharmaceuticals, Inc. | −858,100 | 35,000 | $107,800 | |
| EDSA | Edesa Biotech, Inc. | −657,500 | 30,000 | $156,900 | |
| OABIW | OmniAb, Inc. | −536,955 | 164,045 | $257,550 | |
| PMVP | PMV Pharmaceuticals, Inc. | −442,657 | 708,102 | $878,046 | |
| XFOR | X4 Pharmaceuticals, Inc | −258,264 | 335,309 | $1,384,826 | |
| VRCA | Verrica Pharmaceuticals Inc. | −253,934 | 99,735 | $527,598 | |
| HELP | Cybin Inc. | −205,842 | 134,060 | $643,488 | |
| CGEN | Compugen Ltd | −201,100 | 104,300 | $222,159 | |
| ZNTL | Zentalis Pharmaceuticals, Inc. | −194,600 | 269,100 | $629,694 | |
| CABA | Cabaletta Bio, Inc. | −121,100 | 50,000 | $134,500 | |
| KZIA | Kazia Therapeutics Ltd | −115,180 | 345,179 | $2,568,131 | |
| BOLD | Boundless Bio, Inc. | −112,389 | 597,682 | $657,450 | |
| ZVRA | Zevra Therapeutics, Inc. | −89,088 | 480,000 | $4,473,600 | |
| SRZN | Surrozen, Inc./DE | −80,626 | 33,005 | $961,435 | |
| ABEO | Abeona Therapeutics Inc. | −62,918 | 846,587 | $3,792,709 | |
| OVID | Ovid Therapeutics Inc. | −62,367 | 40,000 | $88,800 | |
| XLO | Xilio Therapeutics, Inc. | −62,108 | 64,162 | $539,602 | |
| NKTR | Nektar Therapeutics | −50,000 | 85,000 | $6,115,750 | |
| XOMA | XOMA Royalty Corp | −45,500 | 69,500 | $2,180,215 | |
| QNRX | Quoin Pharmaceuticals, Ltd. | −24,729 | 53,460 | $352,836 | |
| AYTU | Aytu Biopharma, Inc | −21,415 | 792,289 | $2,162,948 | |
| CRBP | Corbus Pharmaceuticals Holdings, Inc. | −6,454 | 383,462 | $3,600,708 | |
| PLRX | Pliant Therapeutics, Inc. | −5,400 | 224,650 | $283,059 | |
| CBIO | Crescent Biopharma, Inc. | −2,682 | 85,000 | $1,561,450 | |
| No positions match the current search. | |||||
New Positions
Positions the filer opened this quarter
21 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| TERN | Terns Pharmaceuticals, Inc. | 100,000 | $5,272,000 | |
| ESTA | Establishment Labs Holdings Inc. | 56,000 | $3,179,680 | |
| SLGL | Sol-Gel Technologies Ltd. | 27,778 | $2,200,573 | |
| CTMX | CytomX Therapeutics, Inc. | 400,000 | $1,880,000 | |
| XERS | Xeris Biopharma Holdings, Inc. | 320,030 | $1,856,174 | |
| SIBN | SI-BONE, Inc. | 114,964 | $1,451,995 | |
| OKYO | OKYO Pharma Ltd | 850,000 | $1,368,500 | |
| NMRA | Neumora Therapeutics, Inc. | 600,000 | $1,170,000 | |
| ARDX | Ardelyx, Inc. | 150,000 | $898,500 | |
| CNTB | Connect Biopharma Holdings Ltd | 310,000 | $812,200 | |
| MSLE | Satellos Bioscience Inc. | 100,000 | $563,000 | |
| PHAT | Phathom Pharmaceuticals, Inc. | 50,010 | $555,611 | |
| OKUR | OnKure Therapeutics, Inc. | 132,578 | $548,872 | |
| CADL | Candel Therapeutics, Inc. | 102,500 | $502,250 | |
| POCI | Precision Optics Corporation, Inc. | 100,000 | $439,000 | |
| UPB | Upstream Bio, Inc. | 35,000 | $315,000 | |
| IRD | Opus Genetics, Inc. | 68,688 | $312,530 | |
| ARVN | Arvinas, Inc. | 27,500 | $291,500 | |
| SABS | SAB Biotherapeutics, Inc. | 50,000 | $191,500 | |
| KLRS | Kalaris Therapeutics, Inc. | 20,400 | $117,708 | |
| BCAB | BioAtla, Inc. | 65,387 | $10,527 | |
| No positions match the current search. | ||||
Sold Out
Positions the filer fully exited
12 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| CRSP | CRISPR Therapeutics AG | 50,000 | $2,622,000 | |
| RARE | Ultragenyx Pharmaceutical Inc. | 100,000 | $2,300,000 | |
| DAWN | Day One Biopharmaceuticals, Inc. | 200,000 | $1,864,000 | |
| SPRB | Spruce Biosciences, Inc. | 19,742 | $1,719,725 | |
| ENTA | Enanta Pharmaceuticals Inc | 100,000 | $1,577,000 | |
| MIST | Milestone Pharmaceuticals Inc. | 662,666 | $1,338,585 | |
| GERN | Geron Corp | 805,800 | $1,063,656 | |
| KZR | Kezar Life Sciences, Inc. | 156,179 | $982,365 | |
| GOSS | Gossamer Bio, Inc. | 204,770 | $634,787 | |
| FENC | Fennec Pharmaceuticals Inc. | 50,000 | $385,000 | |
| KPRX | Kiora Pharmaceuticals Inc | 131,144 | $258,353 | |
| TNYA | Tenaya Therapeutics, Inc. | 352,001 | $250,624 | |
| No positions match the current search. | ||||
71 tracked positions ·
$144,862,906 total
· as of Mar 31, 2026
Showing 1–50
of 71 positions by value
· page 1 of 2
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| VSTM |
Verastem, Inc.
Healthcare
|
Added | 3,302,300 | $17,502,190 | 12.08% | |
| ADMA |
Adma Biologics, Inc.
CALL
+ SHARES
Healthcare
|
Added | 1,890,000 | $17,028,900 | 11.76% | |
| TENX |
Tenax Therapeutics, Inc.
Healthcare
|
Added | 975,200 | $15,593,448 | 10.76% | |
| EOLS |
Evolus, Inc.
CALL
+ SHARES
Healthcare
|
Added | 2,179,091 | $8,956,064 | 6.18% | |
| CAMP |
Camp4 Therapeutics Corp
Healthcare
|
Added | 1,389,622 | $6,128,233 | 4.23% | |
| NKTR |
Nektar Therapeutics
Healthcare
|
Reduced | 85,000 | $6,115,750 | 4.22% | |
| TERN |
Terns Pharmaceuticals, Inc.
CALL
Healthcare
|
NEW | 100,000 | $5,272,000 | 3.64% | |
| ZVRA |
Zevra Therapeutics, Inc.
Healthcare
|
Reduced | 480,000 | $4,473,600 | 3.09% | |
| ABEO |
Abeona Therapeutics Inc.
CALL
+ SHARES
Healthcare
|
Reduced | 846,587 | $3,792,709 | 2.62% | |
| CRBP |
Corbus Pharmaceuticals Holdings, Inc.
Healthcare
|
Reduced | 383,462 | $3,600,708 | 2.49% | |
| ESTA |
Establishment Labs Holdings Inc.
CALL
+ SHARES
Healthcare
|
NEW | 56,000 | $3,179,680 | 2.19% | |
| KZIA |
Kazia Therapeutics Ltd
Healthcare
|
Reduced | 345,179 | $2,568,131 | 1.77% | |
| ANTX |
AN2 Therapeutics, Inc.
Healthcare
|
Added | 713,845 | $2,441,349 | 1.69% | |
| ARE |
Alexandria Real Estate Equities, Inc.
CALL
Real Estate
|
Held | 50,000 | $2,321,000 | 1.60% | |
| ACAD |
Acadia Pharmaceuticals Inc
CALL
Healthcare
|
Held | 100,000 | $2,226,000 | 1.54% | |
| SLGL |
Sol-Gel Technologies Ltd.
Healthcare
|
NEW | 27,778 | $2,200,573 | 1.52% | |
| XOMA |
XOMA Royalty Corp
Healthcare
|
Reduced | 69,500 | $2,180,215 | 1.51% | |
| AYTU |
Aytu Biopharma, Inc
Healthcare
|
Reduced | 792,289 | $2,162,948 | 1.49% | |
| HRTX |
Heron Therapeutics, Inc. /De/
CALL
+ SHARES
Healthcare
|
Added | 2,402,191 | $1,921,752 | 1.33% | |
| CTMX |
CytomX Therapeutics, Inc.
CALL
+ SHARES
Healthcare
|
NEW | 400,000 | $1,880,000 | 1.30% | |
| XERS |
Xeris Biopharma Holdings, Inc.
CALL
+ SHARES
Healthcare
|
NEW | 320,030 | $1,856,174 | 1.28% | |
| TELA |
TELA Bio, Inc.
Healthcare
|
Added | 2,617,252 | $1,622,696 | 1.12% | |
| IKT |
Inhibikase Therapeutics, Inc.
Healthcare
|
Reduced | 957,202 | $1,608,099 | 1.11% | |
| CBIO |
Crescent Biopharma, Inc.
Healthcare
|
Reduced | 85,000 | $1,561,450 | 1.08% | |
| ACET |
Adicet Bio, Inc.
Healthcare
|
Added | 221,955 | $1,511,513 | 1.04% | |
| SIBN |
SI-BONE, Inc.
CALL
+ SHARES
Healthcare
|
NEW | 114,964 | $1,451,995 | 1.00% | |
| XFOR |
X4 Pharmaceuticals, Inc
Healthcare
|
Reduced | 335,309 | $1,384,826 | 0.96% | |
| OKYO |
OKYO Pharma Ltd
Healthcare
|
NEW | 850,000 | $1,368,500 | 0.94% | |
| MNKD |
Mannkind Corp
CALL
+ SHARES
Healthcare
|
Added | 516,300 | $1,264,935 | 0.87% | |
| NMRA |
Neumora Therapeutics, Inc.
CALL
+ SHARES
Healthcare
|
NEW | 600,000 | $1,170,000 | 0.81% | |
| LUNG |
Pulmonx Corp
Healthcare
|
Added | 768,288 | $991,091 | 0.68% | |
| INAB |
In8bio, Inc.
Healthcare
|
Added | 663,412 | $981,849 | 0.68% | |
| SRZN |
Surrozen, Inc./DE
Healthcare
|
Reduced | 33,005 | $961,435 | 0.66% | |
| DCTH |
Delcath Systems, Inc.
CALL
Healthcare
|
Added | 100,000 | $928,000 | 0.64% | |
| ARDX |
Ardelyx, Inc.
CALL
Healthcare
|
NEW | 150,000 | $898,500 | 0.62% | |
| PMVP |
PMV Pharmaceuticals, Inc.
Healthcare
|
Reduced | 708,102 | $878,046 | 0.61% | |
| BIOA |
BioAge Labs, Inc.
Healthcare
|
Added | 50,000 | $874,500 | 0.60% | |
| CNTB |
Connect Biopharma Holdings Ltd
Healthcare
|
NEW | 310,000 | $812,200 | 0.56% | |
| MXCT |
Maxcyte, Inc.
Healthcare
|
Added | 1,004,673 | $706,285 | 0.49% | |
| CDXS |
Codexis, Inc.
Healthcare
|
Added | 417,994 | $681,330 | 0.47% | |
| BOLD |
Boundless Bio, Inc.
Healthcare
|
Reduced | 597,682 | $657,450 | 0.45% | |
| HELP |
Cybin Inc.
Healthcare
|
Reduced | 134,060 | $643,488 | 0.44% | |
| ZNTL |
Zentalis Pharmaceuticals, Inc.
Healthcare
|
Reduced | 269,100 | $629,694 | 0.43% | |
| KTTA |
Pasithea Therapeutics Corp.
Healthcare
|
Added | 831,301 | $616,825 | 0.43% | |
| MSLE |
Satellos Bioscience Inc.
Healthcare
|
NEW | 100,000 | $563,000 | 0.39% | |
| PHAT |
Phathom Pharmaceuticals, Inc.
Healthcare
|
NEW | 50,010 | $555,611 | 0.38% | |
| OKUR |
OnKure Therapeutics, Inc.
Healthcare
|
NEW | 132,578 | $548,872 | 0.38% | |
| XLO |
Xilio Therapeutics, Inc.
Healthcare
|
Reduced | 64,162 | $539,602 | 0.37% | |
| VRCA |
Verrica Pharmaceuticals Inc.
Healthcare
|
Reduced | 99,735 | $527,598 | 0.36% | |
| CADL |
Candel Therapeutics, Inc.
Healthcare
|
NEW | 102,500 | $502,250 | 0.35% |
Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.