Stonepine Capital Management
Bend, ORfiles as Stonepine Capital Management, LLC
$131m in 72 US stocks at the end of 30 June 2026. The top 10 are 55.3% of the money. It changed about 28.4% of the portfolio this quarter.
Value
$131m
Stocks
72
Top 10 share
55.3%
Turnover
28.4%
What changed this quarter
New
Bought for the first time this quarter.
- Eloxx PharmaceuticalsELOX4.2% of the fund
- Indivior PharmaceuticalsINDV3.1% of the fund
- Spruce BiosciencesSPRB1.2% of the fund
- MoonLake ImmunotherapeuticsMLTX0.7% of the fund
- AzitraAZTR0.7% of the fund
- Ultragenyx PharmaceuticalRARE0.6% of the fund
- Nuvectis PharmaNVCT0.6% of the fund
- Oruka TherapeuticsORKA0.5% of the fund
- Nervgen PharmaNGEN0.4% of the fund
- Calcimedica0.4% of the fund
- QT Imaging HoldingsQTI0.3% of the fund
- Sintx TechnologiesSINT0.3% of the fund
- Cellectar BiosciencesCLRB0.2% of the fund
- Eupraxia PharmaceuticalsEPRX0.2% of the fund
- Adlai NortyeANL0.2% of the fund
- Senseonics HoldingsSENS0.2% of the fund
- Rein TherapeuticsRNTX0.2% of the fund
- HumacyteHUMA0.1% of the fund
- BioAtlaBCAB<0.1% of the fund
Added
Bought more of a stock they already held.
- Nektar TherapeuticsNKTR6.4% of the fund+42%
- Corbus Pharmaceuticals HoldingsCRBP3.0% of the fund+11%
- Satellos BioscienceMSLE2.8% of the fund+392%
- Edesa BiotechEDSA2.4% of the fund+1421%
- Cabaletta BioCABA2.2% of the fund+1734%
- Xilio TherapeuticsXLO1.6% of the fund+252%
- Adicet BioACET1.6% of the fund+11%
- Aytu BiopharmaAYTU1.5% of the fund+15%
- Pasithea TherapeuticsKTTA0.9% of the fund+165%
- PulmonxLUNG0.8% of the fund+6%
- In8bioINAB0.7% of the fund+5%
- Quoin PharmaceuticalsQNRX0.7% of the fund+273%
- Phathom PharmaceuticalsPHAT0.7% of the fund+70%
- Connect Biopharma HoldingsCNTB0.7% of the fund+18%
- CytomX TherapeuticsCTMX0.6% of the fund+3%
- ArvinasARVN0.4% of the fund+118%
- Opus GeneticsIRD0.3% of the fund+47%
- SAB BiotherapeuticsSABS0.2% of the fund+47%
- Pliant TherapeuticsPLRX0.2% of the fund+3%
- Kalaris TherapeuticsKLRS<0.1% of the fund+48%
Cut
Sold some of their stake.
- EvolusEOLS8.4% of the fund-10%
- Tenax TherapeuticsTENX7.3% of the fund-32%
- Zevra TherapeuticsZVRA2.8% of the fund-46%
- Abeona TherapeuticsABEO2.6% of the fund-25%
- AN2 TherapeuticsANTX2.0% of the fund-23%
- CurisCRIS1.3% of the fund-11%
- Sol-Gel TechnologiesSLGL0.8% of the fund-48%
- X4 PharmaceuticalsXFOR0.8% of the fund-33%
- MaxcyteMXCT0.7% of the fund-25%
- Helus PharmaHELP0.7% of the fund-4%
- Inhibikase TherapeuticsIKT0.6% of the fund-59%
- Zentalis PharmaceuticalsZNTL0.6% of the fund-40%
- Crescent BiopharmaCBIO0.5% of the fund-53%
- PMV PharmaceuticalsPMVP0.5% of the fund-24%
- BioAge LabsBIOA0.4% of the fund-60%
- Boundless BioBOLD0.3% of the fund-74%
- CodexisCDXS0.2% of the fund-74%
- Precision OpticsPOCI0.2% of the fund-54%
- Upstream BioUPB0.2% of the fund-4%
- Heron TherapeuticsHRTX0.2% of the fund-65%
- CNS PharmaceuticalsCNSP0.2% of the fund-32%
- CompugenCGEN<0.1% of the fund-70%
- Ovid TherapeuticsOVID<0.1% of the fund-47%
- Evaxion ASEVAX<0.1% of the fund-11%
Sold out
Sold their entire stake.
- Xoma Royalty-100%
- SurrozenSRZN-100%
- Verrica PharmaceuticalsVRCA-100%
- Candel TherapeuticsCADL-100%
- Establishment Labs HoldingsESTA-100%
- Janux TherapeuticsJANX-100%
- OmniAbOABI-100%
- Xeris Biopharma HoldingsXERS-100%
- Neumora TherapeuticsNMRA-100%
- Si-BoneSIBN-100%
- Eledon PharmaceuticalsELDN-100%
- MannkindMNKD-100%
- BioAtlaBCAB-100%
Holdings
- Kazia TherapeuticsKZIA
- Share
- 3.7%
- Value
- $5m
- Shares
- 345,179
Held
- Satellos BioscienceMSLE
- Share
- 2.8%
- Value
- $4m
- Shares
- 491,624
+392%
- Quoin PharmaceuticalsQNRX
- Share
- 0.7%
- Value
- $965,512
- Shares
- 199,486
+273%
- Helus PharmaHELP
- Share
- 0.7%
- Value
- $854,541
- Shares
- 129,280
-4%
- Radiopharm TheranosticsRADX
- Share
- 0.5%
- Value
- $670,500
- Shares
- 51,000,000
Held
- Nervgen PharmaNGEN
- Share
- 0.4%
- Value
- $559,657
- Shares
- 271,678
New
- Calcimedica
- Share
- 0.4%
- Value
- $544,939
- Shares
- 622,432
New
- Eupraxia PharmaceuticalsEPRX
- Share
- 0.2%
- Value
- $287,476
- Shares
- 43,491
New
- Adlai NortyeANL
- Share
- 0.2%
- Value
- $278,956
- Shares
- 24,257
New
- Evaxion ASEVAX
- Share
- <0.1%
- Value
- $54,442
- Shares
- 17,562
-11%
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| VerastemVSTM | 9.7% | $13m | 3,349,627 | Held |
| EvolusEOLS | 8.4% | $11m | 1,590,162 | -10% |
| Tenax TherapeuticsTENX | 7.3% | $10m | 660,000 | -32% |
| Nektar TherapeuticsNKTR | 6.4% | $8m | 120,654 | +42% |
| Adma BiologicsADMA | 4.7% | $6m | 740,000 | Held |
| Camp4 TherapeuticsCAMP | 4.6% | $6m | 1,389,622 | Held |
| Eloxx PharmaceuticalsELOX | 4.2% | $6m | 397,160 | New |
| Kazia TherapeuticsKZIA | 3.7% | $5m | 345,179 | Held |
| Indivior PharmaceuticalsINDV | 3.1% | $4m | 100,000 | New |
| Corbus Pharmaceuticals HoldingsCRBP | 3.0% | $4m | 425,000 | +11% |
| Satellos BioscienceMSLE | 2.8% | $4m | 491,624 | +392% |
| Zevra TherapeuticsZVRA | 2.8% | $4m | 258,701 | -46% |
| Abeona TherapeuticsABEO | 2.6% | $3m | 557,284 | -25% |
| Edesa BiotechEDSA | 2.4% | $3m | 456,439 | +1421% |
| Cabaletta BioCABA | 2.2% | $3m | 917,100 | +1734% |
| AN2 TherapeuticsANTX | 2.0% | $3m | 551,692 | -23% |
| Xilio TherapeuticsXLO | 1.6% | $2m | 225,994 | +252% |
| Adicet BioACET | 1.6% | $2m | 245,518 | +11% |
| TELA BioTELA | 1.5% | $2m | 2,662,427 | Held |
| Aytu BiopharmaAYTU | 1.5% | $2m | 912,921 | +15% |
| CurisCRIS | 1.3% | $2m | 3,312,185 | -11% |
| Spruce BiosciencesSPRB | 1.2% | $2m | 28,795 | New |
| OKYO PharmaOKYO | 1.0% | $1m | 862,996 | Held |
| Pasithea TherapeuticsKTTA | 0.9% | $1m | 2,201,468 | +165% |
| Sol-Gel TechnologiesSLGL | 0.8% | $1m | 14,469 | -48% |
| PulmonxLUNG | 0.8% | $1m | 815,436 | +6% |
| X4 PharmaceuticalsXFOR | 0.8% | $1m | 224,989 | -33% |
| In8bioINAB | 0.7% | $980,355 | 695,287 | +5% |
| MoonLake ImmunotherapeuticsMLTX | 0.7% | $973,500 | 50,000 | New |
| Quoin PharmaceuticalsQNRX | 0.7% | $965,512 | 199,486 | +273% |
| MaxcyteMXCT | 0.7% | $924,475 | 751,606 | -25% |
| Phathom PharmaceuticalsPHAT | 0.7% | $922,358 | 85,010 | +70% |
| AzitraAZTR | 0.7% | $886,903 | 5,285,476 | New |
| Connect Biopharma HoldingsCNTB | 0.7% | $866,925 | 364,254 | +18% |
| Helus PharmaHELP | 0.7% | $854,541 | 129,280 | -4% |
| Ultragenyx PharmaceuticalRARE | 0.6% | $834,750 | 25,000 | New |
| Inhibikase TherapeuticsIKT | 0.6% | $804,243 | 396,179 | -59% |
| Zentalis PharmaceuticalsZNTL | 0.6% | $783,678 | 161,583 | -40% |
| CytomX TherapeuticsCTMX | 0.6% | $768,750 | 205,000 | +3% |
| Nuvectis PharmaNVCT | 0.6% | $735,600 | 40,000 | New |
| Crescent BiopharmaCBIO | 0.5% | $720,000 | 40,000 | -53% |
| PMV PharmaceuticalsPMVP | 0.5% | $718,355 | 536,086 | -24% |
| Oruka TherapeuticsORKA | 0.5% | $713,775 | 7,500 | New |
| Radiopharm TheranosticsRADX | 0.5% | $670,500 | 51,000,000 | Held |
| OnKure TherapeuticsOKUR | 0.5% | $595,919 | 130,684 | Held |
| Nervgen PharmaNGEN | 0.4% | $559,657 | 271,678 | New |
| Calcimedica | 0.4% | $544,939 | 622,432 | New |
| ArvinasARVN | 0.4% | $498,600 | 60,000 | +118% |
| BioAge LabsBIOA | 0.4% | $490,200 | 20,000 | -60% |
| Opus GeneticsIRD | 0.3% | $413,951 | 100,718 | +47% |
| QT Imaging HoldingsQTI | 0.3% | $407,000 | 100,000 | New |
| Boundless BioBOLD | 0.3% | $386,488 | 154,595 | -74% |
| Sintx TechnologiesSINT | 0.3% | $332,531 | 209,205 | New |
| Cellectar BiosciencesCLRB | 0.2% | $290,649 | 104,550 | New |
| Eupraxia PharmaceuticalsEPRX | 0.2% | $287,476 | 43,491 | New |
| SAB BiotherapeuticsSABS | 0.2% | $285,757 | 73,271 | +47% |
| Adlai NortyeANL | 0.2% | $278,956 | 24,257 | New |
| Senseonics HoldingsSENS | 0.2% | $276,502 | 48,680 | New |
| Pliant TherapeuticsPLRX | 0.2% | $262,813 | 230,538 | +3% |
| CodexisCDXS | 0.2% | $247,836 | 109,662 | -74% |
| Precision OpticsPOCI | 0.2% | $236,589 | 46,390 | -54% |
| Upstream BioUPB | 0.2% | $231,349 | 33,432 | -4% |
| Rein TherapeuticsRNTX | 0.2% | $226,760 | 218,038 | New |
| Heron TherapeuticsHRTX | 0.2% | $209,468 | 490,787 | -65% |
| CNS PharmaceuticalsCNSP | 0.2% | $198,719 | 41,573 | -32% |
| HumacyteHUMA | 0.1% | $180,506 | 231,299 | New |
| Kalaris TherapeuticsKLRS | <0.1% | $122,597 | 30,122 | +48% |
| Processa PharmaceuticalsPCSA | <0.1% | $105,600 | 55,000 | Held |
| BioAtlaBCAB | <0.1% | $68,028 | 16,432 | New |
| CompugenCGEN | <0.1% | $67,168 | 31,387 | -70% |
| Ovid TherapeuticsOVID | <0.1% | $57,297 | 21,300 | -47% |
| Evaxion ASEVAX | <0.1% | $54,442 | 17,562 | -11% |
Options (15)
- Adma BiologicsADMA
- Type
- Call
- Value
- $8m
- Contracts
- 650,000
- InsmedINSM
- Type
- Call
- Value
- $6m
- Contracts
- 40,000
- Ultragenyx PharmaceuticalRARE
- Type
- Call
- Value
- $6m
- Contracts
- 200,000
- MedtronicMDT
- Type
- Call
- Value
- $4m
- Contracts
- 50,000
- Abbott LaboratoriesABT
- Type
- Call
- Value
- $4m
- Contracts
- 40,000
- Boston ScientificBSX
- Type
- Call
- Value
- $3m
- Contracts
- 50,000
- EvolusEOLS
- Type
- Call
- Value
- $3m
- Contracts
- 420,000
- Biomarin PharmaceuticalBMRN
- Type
- Call
- Value
- $3m
- Contracts
- 50,000
- Xeris Biopharma HoldingsXERS
- Type
- Call
- Value
- $2m
- Contracts
- 280,000
- Heron TherapeuticsHRTX
- Type
- Call
- Value
- $2m
- Contracts
- 1,000,000
- Si-BoneSIBN
- Type
- Call
- Value
- $2m
- Contracts
- 100,000
- Neumora TherapeuticsNMRA
- Type
- Call
- Value
- $1m
- Contracts
- 500,000
- ArdelyxARDX
- Type
- Call
- Value
- $1m
- Contracts
- 150,000
- Delcath SystemsDCTH
- Type
- Call
- Value
- $1m
- Contracts
- 100,000
- MannkindMNKD
- Type
- Call
- Value
- $750,000
- Contracts
- 250,000
| Company | Type | Value | Contracts |
|---|---|---|---|
| Adma BiologicsADMA | Call | $8m | 650,000 |
| InsmedINSM | Call | $6m | 40,000 |
| Ultragenyx PharmaceuticalRARE | Call | $6m | 200,000 |
| MedtronicMDT | Call | $4m | 50,000 |
| Abbott LaboratoriesABT | Call | $4m | 40,000 |
| Boston ScientificBSX | Call | $3m | 50,000 |
| EvolusEOLS | Call | $3m | 420,000 |
| Biomarin PharmaceuticalBMRN | Call | $3m | 50,000 |
| Xeris Biopharma HoldingsXERS | Call | $2m | 280,000 |
| Heron TherapeuticsHRTX | Call | $2m | 1,000,000 |
| Si-BoneSIBN | Call | $2m | 100,000 |
| Neumora TherapeuticsNMRA | Call | $1m | 500,000 |
| ArdelyxARDX | Call | $1m | 150,000 |
| Delcath SystemsDCTH | Call | $1m | 100,000 |
| MannkindMNKD | Call | $750,000 | 250,000 |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 29.4% since 30 June 2025.
Where the money is
Health care94.0%
Industrials0.2%
Materials0.2%
Other5.6%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.