Q4 2025 · 13F-HR
Stonepine Capital Management, LLCholdings as filed
Filed 2026-02-13 · accession 0000935836-26-000090
$137.0M
Reported value
66
Positions
2025-12-31
Period end
The Brief · Stonepine Capital Management, LLC · Q4 2025
AI · grounded in 13F
Stonepine Capital Management, LLC established a new position in CRBP with a $3.17M investment. The fund also opened new stakes in KZIA for $3.17M and VRCA for $2.94M. On the selling side, the fund closed its position in SLNO, resulting in a $1.62M reduction.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 92337C203 | VSTM | VERASTEM INC | $21.1M | 15.4% | 2,732,079 | Common | SOLE |
| 000899104 | ADMA | ADMA BIOLOGICS INC | $13.5M | 9.85% | 740,000 | Common | SOLE |
| 30052C107 | EOLS | EVOLUS INC | $10.9M | 7.92% | 1,631,588 | Common | SOLE |
| 488445206 | ZVRA | ZEVRA THERAPEUTICS INC | $5.1M | 3.72% | 569,088 | Common | SOLE |
| 45719W205 | IKT | INHIBIKASE THERAPEUTICS INC | $4.8M | 3.51% | 2,348,147 | Common | SOLE |
| 00289Y206 | ABEO | ABEONA THERAPEUTICS INC | $3.7M | 2.73% | 709,505 | Common | SOLE |
| 640268306 | NKTR | NEKTAR THERAPEUTICS | $3.6M | 2.62% | 85,000 | Common | SOLE |
| G4766E116 | INDV | INDIVIOR PLC | $3.6M | 2.62% | 100,000 | Common | SOLE |
| 21833P301 | CRBP | CORBUS PHARMACEUTICALS HLDGS | $3.2M | 2.32% | 389,916 | Common | SOLE |
| 48669G303 | KZIA | KAZIA THERAPEUTICS LTD | $3.2M | 2.32% | 460,359 | Common | SOLE |
| 98419J206 | XOMA | XOMA ROYALTY CORPORATION | $3.1M | 2.23% | 115,000 | Common | SOLE |
| 92511W207 | VRCA | VERRICA PHARMACEUTICALS INC | $2.9M | 2.15% | 353,669 | Common | SOLE |
| 23256X407 | HELP | CYBIN INC | $2.8M | 2.03% | 339,902 | Common | SOLE |
| 872381108 | TELA | TELA BIO INC | $2.8M | 2.03% | 2,352,032 | Common | SOLE |
| 004225108 | ACAD | ACADIA PHARMACEUTICALS INC | $2.7M | 1.95% | 100,000 | Common | SOLE |
| H17182108 | CRSP | CRISPR THERAPEUTICS AG | $2.6M | 1.91% | 50,000 | CALL | SOLE |
| 86889P208 | SRZN | SURROZEN INC | $2.6M | 1.87% | 113,631 | Common | SOLE |
| 015271109 | ARE | ALEXANDRIA REAL ESTATE EQ IN | $2.4M | 1.79% | 50,000 | CALL | SOLE |
| 98420X202 | XFOR | X4 PHARMACEUTICALS INC | $2.4M | 1.73% | 593,573 | Common | SOLE |
| 90400D108 | RARE | ULTRAGENYX PHARMACEUTICAL IN | $2.3M | 1.68% | 100,000 | CALL | SOLE |
| 054754858 | AYTU | AYTU BIOPHARMA INC | $2.1M | 1.54% | 813,704 | Common | SOLE |
| 640268306 | NKTR | NEKTAR THERAPEUTICS | $2.1M | 1.54% | 50,000 | CALL | SOLE |
| 23954D109 | DAWNGBX | DAY ONE BIOPHARMACEUTICALS I | $1.9M | 1.36% | 200,000 | Common | SOLE |
| 007002207 | ACET | ADICET BIO INC | $1.9M | 1.35% | 220,011 | Common | SOLE |
| 85209E208 | SPRB | SPRUCE BIOSCIENCES INC | $1.7M | 1.26% | 19,742 | Common | SOLE |
| 427746102 | HRTX | HERON THERAPEUTICS INC | $1.6M | 1.17% | 1,237,802 | Common | SOLE |
| 29251M106 | ENTA | ENANTA PHARMACEUTICALS INC | $1.6M | 1.15% | 100,000 | Common | SOLE |
| 69353Y103 | PMVP | PMV PHARMACEUTICALS INC | $1.4M | 1.05% | 1,150,759 | Common | SOLE |
| 13463J101 | CAMP | CAMP4 THERAPEUTICS CORP | $1.4M | 1.02% | 228,894 | Common | SOLE |
| 28617K101 | ELDN | ELEDON PHARMACEUTICALS INC | $1.3M | 0.98% | 893,100 | Common | SOLE |
| 59935V107 | MIST | MILESTONE PHARMACEUTICALS IN | $1.3M | 0.98% | 662,666 | Common | SOLE |
| 68218J103 | OABI | OMNIAB INC | $1.3M | 0.95% | 701,000 | Common | SOLE |
| 74907L409 | QNRX | QUOIN PHARMACEUTICALS LTD | $1.1M | 0.82% | 78,189 | Common | SOLE |
| 745848101 | LUNG | PULMONX CORP | $1.1M | 0.78% | 486,400 | Common | SOLE |
| 374163103 | GERN | GERON CORP | $1.1M | 0.78% | 805,800 | Common | SOLE |
| 00289Y206 | ABEO | ABEONA THERAPEUTICS INC | $1.1M | 0.77% | 200,000 | CALL | SOLE |
| G2545C104 | CBIO | CRESCENT BIOPHARMA INC. | $1.0M | 0.76% | 87,682 | Common | SOLE |
| 49372L209 | 2KZ0 | KEZAR LIFE SCIENCES INC | $982,366 | 0.72% | 156,179 | Common | SOLE |
| 27966L306 | EDSA | EDESA BIOTECH INC | $976,250 | 0.71% | 687,500 | Common | SOLE |
| 10170A100 | BOLD | BOUNDLESS BIO INC | $852,085 | 0.62% | 710,071 | Common | SOLE |
| 75041J101 | RADX | RADIOPHARM THERANOSTICS LTD | $850,851 | 0.62% | 51,000,000 | Common | SOLE |
| 81684M104 | SMLR | SEMLER SCIENTIFIC INC | $764,500 | 0.56% | 50,000 | Common | SOLE |
| 57777K106 | MXCT | MAXCYTE INC | $726,978 | 0.53% | 469,018 | Common | SOLE |
| 037326105 | ANTX | AN2 THERAPEUTICS INC | $715,542 | 0.52% | 627,668 | Common | SOLE |
| 38341P102 | GOSS | GOSSAMER BIO INC | $634,787 | 0.46% | 204,770 | Common | SOLE |
| 98943L107 | ZNTL | ZENTALIS PHARMACEUTICALS INC | $625,995 | 0.46% | 463,700 | Common | SOLE |
| 09077V100 | BIOA | BIOAGE LABS INC | $595,350 | 0.43% | 45,000 | Common | SOLE |
| 56400P706 | MNKD | MANNKIND CORP | $489,656 | 0.36% | 86,359 | Common | SOLE |
| M25722105 | CGEN | COMPUGEN LTD | $467,262 | 0.34% | 305,400 | Common | SOLE |
| 192005106 | CDXS | CODEXIS INC | $417,453 | 0.30% | 256,106 | Common | SOLE |
| 45674E208 | INAB | IN8BIO INC | $385,850 | 0.28% | 164,893 | Common | SOLE |
| 31447P100 | FENC | FENNEC PHARMACEUTICALS INC | $385,000 | 0.28% | 50,000 | Common | SOLE |
| 12674W109 | CABA | CABALETTA BIO INC | $374,709 | 0.27% | 171,100 | Common | SOLE |
| 70261F202 | KTTA | PASITHEA THERAPEUTICS CORP | $354,830 | 0.26% | 275,062 | Common | SOLE |
| 729139105 | PLRX | PLIANT THERAPEUTICS INC | $280,661 | 0.20% | 230,050 | Common | SOLE |
| 47103J105 | JANX | JANUX THERAPEUTICS INC | $276,000 | 0.20% | 20,000 | Common | SOLE |
| 24661P807 | DCTH | DELCATH SYS INC | $275,043 | 0.20% | 27,232 | Common | SOLE |
| 49721T507 | KPRX | KIORA PHARMACEUTICALS INC | $258,354 | 0.19% | 131,144 | Common | SOLE |
| 18978H508 | CNSP | CNS PHARMACEUTICALS INC | $256,342 | 0.19% | 48,827 | Common | SOLE |
| 87990A106 | TNYA | TENAYA THERAPEUTICS INC | $250,449 | 0.18% | 352,001 | Common | SOLE |
| 690469101 | OVID | OVID THERAPEUTICS INC | $166,858 | 0.12% | 102,367 | Common | SOLE |
| 88032L605 | TENX | TENAX THERAPEUTICS INC | $144,866 | 0.11% | 11,884 | Common | SOLE |
| 29970R303 | EVAX | EVAXION AS | $95,400 | 0.07% | 20,000 | Common | SOLE |
| 98422T100 | XLO | XILIO THERAPEUTICS INC | $80,838 | 0.06% | 126,270 | Common | SOLE |
| 231269309 | CRIS | CURIS INC | $58,583 | 0.04% | 59,349 | Common | SOLE |
| 74275C403 | PCSA | PROCESSA PHARMACEUTICALS INC | $35,490 | 0.03% | 12,323 | 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.