Stonepine Capital Management, LLC 13F holdings, Q4 2025
Holdings as of December 31, 2025 · filings on SEC EDGAR · latest filing →
Stonepine Capital Management, LLC disclosed 61 US equity positions worth $126.4m in its Q4 2025 13F filing. The largest position was VSTM at 16.7% of the reported book, followed by ADMA and EOLS. Against the Q3 2025 filing, it opened 17 new positions, added to 12 and reduced 15 among the top 50 holdings.
What did Stonepine Capital Management, LLC own in Q4 2025? Top 50 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q3 2025 |
|---|---|---|---|---|---|---|---|
| 1 | VSTM VERASTEM INC | Healthcare | 16.7% | $21.1m | 2,732,079 | 2% | added |
| 2 | ADMA ADMA BIOLOGICS INC | Healthcare | 10.7% | $13.5m | 740,000 | 0% | held |
| 3 | EOLS EVOLUS INC | Healthcare | 8.6% | $10.9m | 1,631,588 | 6% | added |
| 4 | ZVRA ZEVRA THERAPEUTICS INC | 4.0% | $5.1m | 569,088 | -30% | reduced | |
| 5 | IKT INHIBIKASE THERAPEUTICS INC | 3.8% | $4.8m | 2,348,147 | 219% | added | |
| 6 | ABEO ABEONA THERAPEUTICS INC | Healthcare | 3.0% | $3.7m | 709,505 | 57% | added |
| 7 | NKTR NEKTAR THERAPEUTICS | Healthcare | 2.8% | $3.6m | 85,000 | 0% | held |
| 8 | INDIVIOR PLC | 2.8% | $3.6m | 100,000 | 0% | held | |
| 9 | CRBP CORBUS PHARMACEUTICALS HLDGS | Healthcare | 2.5% | $3.2m | 389,916 | – | new |
| 10 | KZIA KAZIA THERAPEUTICS LTD | 2.5% | $3.2m | 460,359 | – | new | |
| 11 | XOMA ROYALTY CORPORATION | 2.4% | $3.1m | 115,000 | -0% | held | |
| 12 | VRCA VERRICA PHARMACEUTICALS INC | 2.3% | $2.9m | 353,669 | – | new | |
| 13 | HELP CYBIN INC | 2.2% | $2.8m | 339,902 | – | new | |
| 14 | TELA TELA BIO INC | 2.2% | $2.8m | 2,352,032 | 9% | added | |
| 15 | ACAD ACADIA PHARMACEUTICALS INC | Healthcare | 2.1% | $2.7m | 100,000 | -43% | reduced |
| 16 | SRZN SURROZEN INC | 2.0% | $2.6m | 113,631 | -55% | reduced | |
| 17 | XFOR X4 PHARMACEUTICALS INC | 1.9% | $2.4m | 593,573 | -44% | reduced | |
| 18 | AYTU AYTU BIOPHARMA INC | 1.7% | $2.1m | 813,704 | -9% | reduced | |
| 19 | DAWNGBX DAY ONE BIOPHARMACEUTICALS I | 1.5% | $1.9m | 200,000 | -69% | reduced | |
| 20 | ACET ADICET BIO INC | 1.5% | $1.9m | 220,011 | – | new | |
| 21 | SPRB SPRUCE BIOSCIENCES INC | 1.4% | $1.7m | 19,742 | – | new | |
| 22 | HRTX HERON THERAPEUTICS INC | Healthcare | 1.3% | $1.6m | 1,237,802 | 46% | added |
| 23 | ENTA ENANTA PHARMACEUTICALS INC | Healthcare | 1.2% | $1.6m | 100,000 | -67% | reduced |
| 24 | PMVP PMV PHARMACEUTICALS INC | 1.1% | $1.4m | 1,150,759 | -16% | reduced | |
| 25 | CAMP CAMP4 THERAPEUTICS CORP | 1.1% | $1.4m | 228,894 | – | new | |
| 26 | ELDN ELEDON PHARMACEUTICALS INC | 1.1% | $1.3m | 893,100 | – | new | |
| 27 | MIST MILESTONE PHARMACEUTICALS IN | 1.1% | $1.3m | 662,666 | – | new | |
| 28 | OABI OMNIAB INC | 1.0% | $1.3m | 701,000 | -67% | reduced | |
| 29 | QUOIN PHARMACEUTICALS LTD | 0.9% | $1.1m | 78,189 | – | new | |
| 30 | LUNG PULMONX CORP | Healthcare | 0.9% | $1.1m | 486,400 | -27% | reduced |
| 31 | GERN GERON CORP | Healthcare | 0.8% | $1.1m | 805,800 | -50% | reduced |
| 32 | CBIO CRESCENT BIOPHARMA INC. | 0.8% | $1.0m | 87,682 | – | new | |
| 33 | 2KZ0 KEZAR LIFE SCIENCES INC | 0.8% | $982.4k | 156,179 | -59% | reduced | |
| 34 | EDSA EDESA BIOTECH INC | 0.8% | $976.2k | 687,500 | 0% | held | |
| 35 | BOLD BOUNDLESS BIO INC | 0.7% | $852.1k | 710,071 | 72% | added | |
| 36 | RADIOPHARM THERANOSTICS LTD | 0.7% | $850.9k | 51,000,000 | – | new | |
| 37 | SMLRUSD SEMLER SCIENTIFIC INC | 0.6% | $764.5k | 50,000 | – | new | |
| 38 | MXCT MAXCYTE INC | 0.6% | $727.0k | 469,018 | 2% | added | |
| 39 | ANTX AN2 THERAPEUTICS INC | 0.6% | $715.5k | 627,668 | 11% | added | |
| 40 | GOSS GOSSAMER BIO INC | Healthcare | 0.5% | $634.8k | 204,770 | 0% | held |
| 41 | ZNTL ZENTALIS PHARMACEUTICALS INC | Healthcare | 0.5% | $626.0k | 463,700 | 2% | added |
| 42 | BIOA BIOAGE LABS INC | 0.5% | $595.4k | 45,000 | -76% | reduced | |
| 43 | MNKD MANNKIND CORP | Healthcare | 0.4% | $489.7k | 86,359 | -45% | reduced |
| 44 | CGEN COMPUGEN LTD | Healthcare | 0.4% | $467.3k | 305,400 | – | new |
| 45 | CDXS CODEXIS INC | Healthcare | 0.3% | $417.5k | 256,106 | 190% | added |
| 46 | INAB IN8BIO INC | 0.3% | $385.9k | 164,893 | 3% | added | |
| 47 | FENC FENNEC PHARMACEUTICALS INC | 0.3% | $385.0k | 50,000 | – | new | |
| 48 | CABA CABALETTA BIO INC | Healthcare | 0.3% | $374.7k | 171,100 | – | new |
| 49 | KTTA PASITHEA THERAPEUTICS CORP | 0.3% | $354.8k | 275,062 | – | new | |
| 50 | PLRX PLIANT THERAPEUTICS INC | Healthcare | 0.2% | $280.7k | 230,050 | -20% | reduced |
Weights are shares of the reported long US equity book (options excluded). Values are as filed, normalised to whole dollars. Share changes compare against the immediately preceding filing only.