Q3 2025 · 13F-HR
Stonepine Capital Management, LLCholdings as filed
Filed 2025-11-13 · accession 0000935836-25-000666
$123.0M
Reported value
58
Positions
2025-09-30
Period end
The Brief · Stonepine Capital Management, LLC · Q3 2025
AI · grounded in 13F
Stonepine Capital Management, LLC established a new position in VSTM valued at $23.6M. The fund also initiated new stakes in ADMA for $10.8M and EOLS for $9.4M. Additional new positions include ZVRA, NKTR, and DAWNGBX.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 92337C203 | VSTM | VERASTEM INC | $23.6M | 19.2% | 2,670,032 | Common | SOLE |
| 000899104 | ADMA | ADMA BIOLOGICS INC | $10.8M | 8.81% | 739,000 | Common | SOLE |
| 30052C107 | EOLS | EVOLUS INC | $9.4M | 7.67% | 1,536,391 | Common | SOLE |
| 488445206 | ZVRA | ZEVRA THERAPEUTICS INC | $7.7M | 6.26% | 810,000 | Common | SOLE |
| 640268306 | NKTR | NEKTAR THERAPEUTICS | $4.8M | 3.93% | 85,000 | Common | SOLE |
| 23954D109 | DAWNGBX | DAY ONE BIOPHARMACEUTICALS I | $4.6M | 3.71% | 647,382 | Common | SOLE |
| 98419J206 | XOMA | XOMA ROYALTY CORPORATION | $4.4M | 3.62% | 115,459 | Common | SOLE |
| 004225108 | ACAD | ACADIA PHARMACEUTICALS INC | $3.7M | 3.03% | 174,544 | Common | SOLE |
| 29251M106 | ENTA | ENANTA PHARMACEUTICALS INC | $3.7M | 2.97% | 305,000 | Common | SOLE |
| 98420X202 | XFOR | X4 PHARMACEUTICALS INC | $3.6M | 2.94% | 1,056,338 | Common | SOLE |
| 68218J103 | OABI | OMNIAB INC | $3.4M | 2.79% | 2,142,857 | Common | SOLE |
| 86889P208 | SRZN | SURROZEN INC | $3.2M | 2.62% | 250,146 | Common | SOLE |
| 872381108 | TELA | TELA BIO INC | $3.2M | 2.61% | 2,155,519 | Common | SOLE |
| G4766E116 | INDV | INDIVIOR PLC | $2.4M | 1.96% | 100,000 | Common | SOLE |
| 00289Y206 | ABEO | ABEONA THERAPEUTICS INC | $2.4M | 1.94% | 450,970 | Common | SOLE |
| 374163103 | GERN | GERON CORP | $2.2M | 1.78% | 1,600,000 | Common | SOLE |
| 69353Y103 | PMVP | PMV PHARMACEUTICALS INC | $1.9M | 1.56% | 1,370,139 | Common | SOLE |
| 27966L306 | EDSA | EDESA BIOTECH INC | $1.7M | 1.38% | 687,500 | Common | SOLE |
| 054754858 | AYTU | AYTU BIOPHARMA INC | $1.7M | 1.36% | 891,855 | Common | SOLE |
| 834203309 | SLNO | SOLENO THERAPEUTICS INC | $1.6M | 1.32% | 24,000 | Common | SOLE |
| 49372L209 | 2KZ0 | KEZAR LIFE SCIENCES INC | $1.5M | 1.21% | 383,182 | Common | SOLE |
| 022307102 | ALMS | ALUMIS INC | $1.2M | 0.97% | 300,000 | Common | SOLE |
| 45719W205 | IKT | INHIBIKASE THERAPEUTICS INC | $1.2M | 0.97% | 735,019 | Common | SOLE |
| 09077V100 | BIOA | BIOAGE LABS INC | $1.1M | 0.90% | 188,571 | Common | SOLE |
| 039697107 | ARDX | ARDELYX INC | $1.1M | 0.90% | 200,000 | Common | SOLE |
| 745848101 | LUNG | PULMONX CORP | $1.1M | 0.88% | 670,000 | Common | SOLE |
| 268158201 | DVAX | DYNAVAX TECHNOLOGIES CORP | $1.1M | 0.87% | 108,094 | Common | SOLE |
| 427746102 | HRTX | HERON THERAPEUTICS INC | $1.1M | 0.87% | 850,100 | Common | SOLE |
| 921659108 | VNDA | VANDA PHARMACEUTICALS INC | $973,050 | 0.79% | 195,000 | Common | SOLE |
| 92764N102 | VIR | VIR BIOTECHNOLOGY INC | $913,600 | 0.74% | 160,000 | Common | SOLE |
| 56400P706 | MNKD | MANNKIND CORP | $846,146 | 0.69% | 157,569 | Common | SOLE |
| 57777K106 | MXCT | MAXCYTE INC | $725,248 | 0.59% | 459,018 | Common | SOLE |
| 037326105 | ANTX | AN2 THERAPEUTICS INC | $716,170 | 0.58% | 563,913 | Common | SOLE |
| 98943L107 | ZNTL | ZENTALIS PHARMACEUTICALS INC | $685,238 | 0.56% | 453,800 | Common | SOLE |
| 03475V101 | ANGO | ANGIODYNAMICS INC | $670,200 | 0.54% | 60,000 | Common | SOLE |
| 00439U104 | GRCE | GRACE THERAPEUTICS INC | $628,177 | 0.51% | 211,010 | Common | SOLE |
| 90400D108 | RARE | ULTRAGENYX PHARMACEUTICAL IN | $601,600 | 0.49% | 20,000 | Common | SOLE |
| 87164F105 | SNDX | SYNDAX PHARMACEUTICALS INC | $572,322 | 0.47% | 37,200 | Common | SOLE |
| 03843E104 | AQST | AQUESTIVE THERAPEUTICS INC | $562,354 | 0.46% | 100,600 | Common | SOLE |
| 38341P102 | GOSS | GOSSAMER BIO INC | $538,545 | 0.44% | 204,770 | Common | SOLE |
| 10170A100 | BOLD | BOUNDLESS BIO INC | $508,547 | 0.41% | 413,453 | Common | SOLE |
| 42225T107 | HCAT | HEALTH CATALYST INC | $443,320 | 0.36% | 155,551 | Common | SOLE |
| G31249108 | ESTA | ESTABLISHMENT LABS HLDGS INC | $433,879 | 0.35% | 10,585 | Common | SOLE |
| 729139105 | PLRX | PLIANT THERAPEUTICS INC | $428,071 | 0.35% | 289,237 | Common | SOLE |
| 23284F105 | CTMX | CYTOMX THERAPEUTICS INC | $398,750 | 0.32% | 125,000 | Common | SOLE |
| 49721T507 | KPRX | KIORA PHARMACEUTICALS INC | $390,862 | 0.32% | 140,598 | Common | SOLE |
| 76200L309 | RZLT | REZOLUTE INC | $376,000 | 0.31% | 40,000 | Common | SOLE |
| 00461U105 | ACRS | ACLARIS THERAPEUTICS INC | $366,510 | 0.30% | 192,900 | Common | SOLE |
| 45674E208 | INAB | IN8BIO INC | $345,944 | 0.28% | 159,421 | Common | SOLE |
| 42328V876 | HSDT | HELIUS MED TECHNOLOGIES INC | $297,800 | 0.24% | 20,000 | Common | SOLE |
| 192005106 | CDXS | CODEXIS INC | $215,364 | 0.18% | 88,264 | Common | SOLE |
| 805111101 | SVRA | SAVARA INC | $214,200 | 0.17% | 60,000 | Common | SOLE |
| 00370M103 | ABVX | ABIVAX SA | $212,250 | 0.17% | 2,500 | Common | SOLE |
| 74275C304 | PCSA | PROCESSA PHARMACEUTICALS INC | $197,695 | 0.16% | 1,030,200 | Common | SOLE |
| 517125100 | LRMR | LARIMAR THERAPEUTICS INC | $80,750 | 0.07% | 25,000 | Common | SOLE |
| 16385C203 | CMMB | CHEMOMAB THERAPEUTICS LTD | $78,900 | 0.06% | 30,000 | Common | SOLE |
| 00032Q104 | WHWK | WHITEHAWK THERAPEUTICS INC | $66,981 | 0.05% | 35,253 | Common | SOLE |
| 471871202 | JSPR | JASPER THERAPEUTICS INC | $48,076 | 0.04% | 20,200 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.