Stonepine Capital Management, LLC

CIK

1440771

Location

BEND, OR

Portfolio Value

Small $364,916,189

Diversification

Highly concentrated

Filing Date

Global Rank

#3,087 / 8,603 ▼ 91 · as of Mar 2026

Top Industry

Biotechnology 93.0%

3Y Alpha vs SPY

-10.9%

Period ended 3 months ago

Filed May 15, 2026 · 55d

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+34.1%

SPY

+76.0%

Annualised alpha

-10.4%

Max drawdown

−61.5%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

69 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

60.1%

−6.6 pts

Top 5

76.3%

−3.2 pts

Top 10

83.4%

−1.5 pts

HHI

3,699

Highly concentrated−814

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Healthcare	99.4%	$362,595,189	68
Real Estate	0.6%	$2,321,000	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

20 positions

Ticker	Company	Δ Shares	Shares	Value
CRIS	Curis Inc	+3,667,057	3,726,406	$2,049,523
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
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
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
EVAX	Evaxion A/S	−287	19,713	$73,332
No positions match the current search.

New Positions

Positions the filer opened this quarter

20 positions

Ticker	Company	Shares	Value
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
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
BCAB	BioAtla, Inc.	65,387	$526,365
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
No positions match the current search.

Sold Out

Positions the filer fully exited

13 positions

Ticker	Company	Shares	Value
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
XLO	Xilio Therapeutics, Inc.	126,270	$1,131,379
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.

Portfolio Positions

Compact Export CSV View 13F filing

69 positions · $364,916,189 total · as of Mar 31, 2026

All sectors Healthcare Real Estate

Showing 1–50 of 69 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
RADX	Radiopharm Theranostics Ltd Healthcare	Held	51,000,000	0	$219,300,000	−17.6%	60.10%
VSTM	Verastem, Inc. Healthcare	Added	3,302,300	+570,221	$17,502,190	−17.0%	4.80%
ADMA	Adma Biologics, Inc. Healthcare	Added	1,890,000	+1,150,000	$17,028,900	+26.2%	4.67%
TENX	Tenax Therapeutics, Inc. Healthcare	Added	975,200	+963,316	$15,593,448	+10664.1%	4.27%
EOLS	Evolus, Inc. Healthcare	Added	2,179,091	+547,503	$8,956,064	−17.5%	2.45%
CAMP	Camp4 Therapeutics Corp Healthcare	Added	1,389,622	+1,160,728	$6,128,233	+336.8%	1.68%
NKTR	Nektar Therapeutics Healthcare	Reduced	85,000	-50,000	$6,115,750	+7.1%	1.68%
TERN	Terns Pharmaceuticals, Inc. Healthcare	NEW	100,000	NEW	$5,272,000	NEW	1.44%
ZVRA	Zevra Therapeutics, Inc. Healthcare	Reduced	480,000	-89,088	$4,473,600	−12.3%	1.23%
ABEO	Abeona Therapeutics Inc. Healthcare	Reduced	846,587	-62,918	$3,792,709	−20.9%	1.04%
CRBP	Corbus Pharmaceuticals Holdings, Inc. Healthcare	Reduced	383,462	-6,454	$3,600,708	+13.4%	0.99%
ESTA	Establishment Labs Holdings Inc. Healthcare	NEW	56,000	NEW	$3,179,680	NEW	0.87%
KZIA	Kazia Therapeutics Ltd Healthcare	Reduced	345,179	-115,180	$2,568,131	−19.0%	0.70%
ANTX	AN2 Therapeutics, Inc. Healthcare	Added	713,845	+86,177	$2,441,349	+241.2%	0.67%
ARE	Alexandria Real Estate Equities, Inc. Real Estate	Held	50,000	0	$2,321,000	−5.1%	0.64%
ACAD	Acadia Pharmaceuticals Inc Healthcare	Held	100,000	0	$2,226,000	−16.7%	0.61%
SLGL	Sol-Gel Technologies Ltd. Healthcare	NEW	27,778	NEW	$2,200,573	NEW	0.60%
XOMA	XOMA Royalty Corp Healthcare	Reduced	69,500	-45,500	$2,180,215	−28.7%	0.60%
AYTU	Aytu Biopharma, Inc Healthcare	Reduced	792,289	-21,415	$2,162,948	+2.2%	0.59%
CRIS	Curis Inc Healthcare	Added	3,726,406	+3,667,057	$2,049,523	+3388.3%	0.56%
HRTX	Heron Therapeutics, Inc. /De/ Healthcare	Added	2,402,191	+1,164,389	$1,921,752	+19.4%	0.53%
CTMX	CytomX Therapeutics, Inc. Healthcare	NEW	400,000	NEW	$1,880,000	NEW	0.52%
XERS	Xeris Biopharma Holdings, Inc. Healthcare	NEW	320,030	NEW	$1,856,174	NEW	0.51%
TELA	TELA Bio, Inc. Healthcare	Added	2,617,252	+265,220	$1,622,696	−41.5%	0.44%
IKT	Inhibikase Therapeutics, Inc. Healthcare	Reduced	957,202	-1,390,945	$1,608,099	−66.6%	0.44%
CBIO	Crescent Biopharma, Inc. Healthcare	Reduced	85,000	-2,682	$1,561,450	+50.2%	0.43%
ACET	Adicet Bio, Inc. Healthcare	Added	221,955	+1,944	$1,511,513	−18.4%	0.41%
SIBN	SI-BONE, Inc. Healthcare	NEW	114,964	NEW	$1,451,995	NEW	0.40%
XFOR	X4 Pharmaceuticals, Inc Healthcare	Reduced	335,309	-258,264	$1,384,826	−41.7%	0.38%
OKYO	OKYO Pharma Ltd Healthcare	NEW	850,000	NEW	$1,368,500	NEW	0.38%
MNKD	Mannkind Corp Healthcare	Added	516,300	+429,941	$1,264,935	+158.3%	0.35%
LUNG	Pulmonx Corp Healthcare	Added	768,288	+281,888	$991,091	−7.8%	0.27%
INAB	In8bio, Inc. Healthcare	Added	663,412	+498,519	$981,849	+154.5%	0.27%
SRZN	Surrozen, Inc./DE Healthcare	Reduced	33,005	-80,626	$961,435	−62.6%	0.26%
DCTH	Delcath Systems, Inc. Healthcare	Added	100,000	+72,768	$928,000	+237.4%	0.25%
ARDX	Ardelyx, Inc. Healthcare	NEW	150,000	NEW	$898,500	NEW	0.25%
PMVP	PMV Pharmaceuticals, Inc. Healthcare	Reduced	708,102	-442,657	$878,046	−39.0%	0.24%
BIOA	BioAge Labs, Inc. Healthcare	Added	50,000	+5,000	$874,500	+46.9%	0.24%
CNTB	Connect Biopharma Holdings Ltd Healthcare	NEW	310,000	NEW	$812,200	NEW	0.22%
MXCT	Maxcyte, Inc. Healthcare	Added	1,004,673	+535,655	$706,285	−2.8%	0.19%
CDXS	Codexis, Inc. Healthcare	Added	417,994	+161,888	$681,330	+63.2%	0.19%
BOLD	Boundless Bio, Inc. Healthcare	Reduced	597,682	-112,389	$657,450	−22.8%	0.18%
HELP	Cybin Inc. Healthcare	Reduced	134,060	-205,842	$643,488	−76.9%	0.18%
ZNTL	Zentalis Pharmaceuticals, Inc. Healthcare	Reduced	269,100	-194,600	$629,694	+0.6%	0.17%
KTTA	Pasithea Therapeutics Corp. Healthcare	Added	831,301	+556,239	$616,825	+73.8%	0.17%
MSLE	Satellos Bioscience Inc. Healthcare	NEW	100,000	NEW	$563,000	NEW	0.15%
PHAT	Phathom Pharmaceuticals, Inc. Healthcare	NEW	50,010	NEW	$555,611	NEW	0.15%
OKUR	OnKure Therapeutics, Inc. Healthcare	NEW	132,578	NEW	$548,872	NEW	0.15%
VRCA	Verrica Pharmaceuticals Inc. Healthcare	Reduced	99,735	-253,934	$527,598	−82.0%	0.14%
BCAB	BioAtla, Inc. Healthcare	NEW	65,387	NEW	$526,365	NEW	0.14%