Stonepine Capital Management, LLC reported 65 positions worth $131.03M for the quarter ended Jun 30, 2026, up 20.9% on the prior quarter. It opened 17 new positions, added to 24, trimmed 21 and exited 9. Its largest holding is Verastem, Inc. at 9.8% of the portfolio.
Reported 13F market value at each quarter end. A change mixes trading with price moves in the positions held.
Dollar value of shares bought and sold each quarter, at that quarter’s price. It counts trading only, not price changes.
How many positions were opened, added to, trimmed or closed each quarter.
Share of reported value in each sector at every quarter end.
| Holding | Change | Change % | Trade Value | Weight |
|---|---|---|---|---|
| AYTU Aytu Biopharma, Inc | +4.20M | +529.9% | $8.10M | 7.34% |
| INDV Indivior Pharmaceuticals, Inc. | +100.0K | – | $4.10M | 3.13% |
| CABA Cabaletta Bio, Inc. | +867.1K | +1,734.2% | $2.70M | 2.18% |
| NKTR Nektar Therapeutics | +35.7K | +41.9% | $2.49M | 6.43% |
| SRZN Surrozen, Inc. | +35.0K | +106.0% | $2.42M | 3.59% |
| CRIS Curis Inc | +529.3K | +284.1% | $2.33M | 2.4% |
| SPRB Spruce Biosciences, Inc. | +28.8K | – | $1.55M | 1.19% |
| XLO Xilio Therapeutics, Inc. | +161.8K | +252.2% | $1.55M | 1.65% |
| IKT Inhibikase Therapeutics, Inc. | +1.51M | +157.9% | $1.46M | 1.82% |
| CALC CalciMedica, Inc. | +425.7K | – | $1.26M | 0.964% |
| Holding | Change | Change % | Trade Value | Weight |
|---|---|---|---|---|
| TENX Tenax Therapeutics, Inc. | -315.2K | -32.3% | $4.59M | 7.33% |
| ZVRA Zevra Therapeutics, Inc. | -221.3K | -46.1% | $3.17M | 2.83% |
| EOLS Evolus, Inc. | -168.9K | -9.6% | $1.17M | 8.42% |
| ABEO Abeona Therapeutics Inc. | -189.3K | -25.4% | $1.17M | 2.63% |
| BOLD Boundless Bio, Inc. | -443.1K | -74.1% | $1.11M | 0.295% |
| SLGL Sol-Gel Technologies Ltd. | -13.3K | -47.9% | $986.73K | 0.819% |
| CBIO Crescent Biopharma, Inc. | -45.0K | -52.9% | $810.00K | 0.55% |
| ANTX AN2 Therapeutics, Inc. | -162.2K | -22.7% | $784.82K | 2.04% |
| BIOA BioAge Labs, Inc. | -30.0K | -60.0% | $735.30K | 0.374% |
| CDXS Codexis, Inc. | -308.3K | -73.8% | $696.83K | 0.189% |
| Holding | Shares | Trade Value | Weight |
|---|---|---|---|
| INDV Indivior Pharmaceuticals, Inc. | +100.0K | $4.10M | 3.13% |
| SPRB Spruce Biosciences, Inc. | +28.8K | $1.55M | 1.19% |
| CALC CalciMedica, Inc. | +425.7K | $1.26M | 0.964% |
| MLTX MoonLake Immunotherapeutics | +50.0K | $973.50K | 0.743% |
| RARE Ultragenyx Pharmaceutical Inc. | +25.0K | $834.75K | 0.637% |
| NVCT Nuvectis Pharma, Inc. | +40.0K | $735.60K | 0.561% |
| ORKA Oruka Therapeutics, Inc. | +7,500 | $713.78K | 0.545% |
| IMA ImageneBio, Inc. | +96.2K | $539.04K | 0.411% |
| MLSS Milestone Scientific Inc. | +666.7K | $348.57K | 0.266% |
| ANL Adlai Nortye Group Ltd. | +24.3K | $278.96K | 0.213% |
| Holding | Shares Sold | Trade Value | Prior Weight |
|---|---|---|---|
| CADL Candel Therapeutics, Inc. | -102.5K | $502.25K | 0.464% |
| ESTA Establishment Labs Holdings Inc. | -6,000 | $340.68K | 0.314% |
| JANX Janux Therapeutics, Inc. | -20.0K | $278.00K | 0.257% |
| OABI OmniAb, Inc. | -164.0K | $257.55K | 0.238% |
| XERS Xeris Biopharma Holdings, Inc. | -40.0K | $232.17K | 0.214% |
| NMRA Neumora Therapeutics, Inc. | -100.0K | $195.00K | 0.18% |
| SIBN SI-BONE, Inc. | -15.0K | $189.00K | 0.174% |
| ELDN Eledon Pharmaceuticals, Inc. | -35.0K | $107.80K | 0.099% |
| MNKD Mannkind Corp | -16.3K | $39.94K | 0.037% |
| # | Activity | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 1 | VSTM Verastem, Inc. | Healthcare | 3.35M | $12.80M | 9.77% | +47.3K | +1.4% | Added | 3.35% |
| 2 | EOLS Evolus, Inc. | Healthcare | 1.59M | $11.04M | 8.42% | -168.9K | -9.6% | Reduced | 2.41% |
| 3 | AYTU Aytu Biopharma, Inc | Healthcare | 4.99M | $9.62M | 7.34% | +4.20M | +529.9% | Added | 40.51% |
| 4 | TENX Tenax Therapeutics, Inc. | Healthcare | 660.0K | $9.60M | 7.33% | -315.2K | -32.3% | Reduced | 1.3% |
| 5 | NKTR Nektar Therapeutics | Healthcare | 120.7K | $8.42M | 6.43% | +35.7K | +41.9% | Added | 0.37% |
| 6 | ADMA Adma Biologics, Inc. | Healthcare | 740.0K | $6.19M | 4.73% | 0 | 0.0% | Unchanged | 0.32% |
| 7 | CAMP Camp4 Therapeutics Corp | Healthcare | 1.39M | $6.07M | 4.63% | 0 | 0.0% | Unchanged | 2.4% |
| 8 | KZIA Kazia Therapeutics Ltd | Healthcare | 345.2K | $4.86M | 3.71% | 0 | 0.0% | Unchanged | 0% |
| 9 | SRZN Surrozen, Inc. | Healthcare | 68.0K | $4.71M | 3.59% | +35.0K | +106.0% | Added | 0.58% |
| 10 | INDV Indivior Pharmaceuticals, Inc. | Healthcare | 100.0K | $4.10M | 3.13% | +100.0K | – | New | 0.08% |
| 11 | CRBP Corbus Pharmaceuticals Holdings, Inc. | Healthcare | 425.0K | $3.99M | 3.04% | +41.5K | +10.8% | Added | 2.19% |
| 12 | ZVRA Zevra Therapeutics, Inc. | Healthcare | 258.7K | $3.71M | 2.83% | -221.3K | -46.1% | Reduced | 0.44% |
| 13 | ABEO Abeona Therapeutics Inc. | Healthcare | 557.3K | $3.44M | 2.63% | -189.3K | -25.4% | Reduced | 0.97% |
| 14 | CRIS Curis Inc | Healthcare | 715.6K | $3.15M | 2.4% | +529.3K | +284.1% | Added | 33.5% |
| 15 | CABA Cabaletta Bio, Inc. | Healthcare | 917.1K | $2.85M | 2.18% | +867.1K | +1,734.2% | Added | 0.54% |
Tip. Select a row to see that position’s full history at Stonepine Capital Management.
As of its Q2 2026 13F filing, Stonepine Capital Management, LLC’s five largest positions were Verastem, Inc. (VSTM) at 9.8%, Evolus, Inc. (EOLS) at 8.4%, Aytu Biopharma, Inc (AYTU) at 7.3%, Tenax Therapeutics, Inc. (TENX) at 7.3%, Nektar Therapeutics (NKTR) at 6.4% of the reported portfolio.
Stonepine Capital Management, LLC reported a 13F portfolio worth $131.03M across 65 positions for Q2 2026. That is up 20.9% from the previous quarter.
Its largest purchases by value were Aytu Biopharma, Inc ($8.10M), Indivior Pharmaceuticals, Inc. ($4.10M), Cabaletta Bio, Inc. ($2.70M). It opened 17 new positions.
Its largest sales by value were Tenax Therapeutics, Inc. ($4.59M), Zevra Therapeutics, Inc. ($3.17M), Evolus, Inc. ($1.17M). It exited 9 positions entirely.
From the Form 13F-HR reports Stonepine Capital Management, LLC files with the SEC each quarter, within 45 days of quarter end. A 13F lists long positions in US-listed equities and options; it excludes short positions, cash, bonds and most non-US holdings.
13F data reflects long positions in US-listed equities and options as reported to the SEC up to 45 days after quarter end. It excludes short positions, cash, bonds and most non-US securities, so it is not a complete picture of a manager’s assets.