2026 Q1 Portfolio Activity
In 2026 Q1, Stonepine Capital Management, LLC maintained a portfolio of 101 distinct positions. The most significant new addition was SPDR SERIES TRUST, now representing 20.46% of the total fund value. They heavily accumulated shares in TENAX THERAPEUTICS INC, increasing the position by 8106.0%. The fund also reduced its exposure to EVOLUS INC by 74.3%.
Position History
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Total Positions
101
Quarter
2026 Q1
Top Holding
XBI (20.5%)
Top 10 Concentration
70.9%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
Showing 1-50 of 101
Stonepine Capital Management, LLC Full Holdings List — 2026 Q1
| Stock | History | Sector / Type | Port % | Prev % | Rank / Prev | Conviction | Change | % Change | Influence | Shares | Mkt Value | Avg Cost | Price Held | 1st Owned | Source | Source Date | Date Reported | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
XBI
PUT
SPDR SERIES TRU...
|
PUT Option | 20.46% | — |
#1
Prev: #—
|
9.5 |
—
|
400,000 | — |
NEW
|
400,000 | $51,092,000 |
$127.60
+14.3%
|
2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | ||
|
XBI
CALL
SPDR SERIES TRU...
|
CALL Option | 20.46% | — |
#2
Prev: #—
|
9.0 |
—
|
400,000 | — |
NEW
|
400,000 | $51,092,000 |
$127.60
+14.3%
|
2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | ||
|
VSTM
VERASTEM INC
|
Healthcare | 7.01% | 15.40% |
#3
2
Prev: #1
|
6.3 |
—
|
570,221 | 20.9% |
P
S
|
3,302,300 | $17,502,190 | 2024 Q3 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
TENX
TENAX THERAPEUT...
|
Healthcare | 6.24% | 0.11% |
#4
58
Prev: #62
|
6.0 |
—
|
963,316 | 8106.0% |
P
S
|
975,200 | $15,593,448 | 2024 Q3 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
ADMA
CALL
ADMA BIOLOGICS ...
|
CALL Option | 4.15% | — |
#5
Prev: #—
|
5.7 |
—
|
1,150,000 | — |
NEW
|
1,150,000 | $10,361,500 | 2017 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
EOLS
EVOLUS INC
|
Healthcare | 2.90% | 7.92% |
#6
3
Prev: #3
|
3.2 |
—
|
127,503 | 7.8% |
P
S
|
1,759,091 | $7,229,864 | 2018 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
ADMA
ADMA BIOLOGICS ...
|
Healthcare | 2.67% | 9.85% |
#7
5
Prev: #2
|
2.1 |
—
|
no change | no change |
P
S
|
740,000 | $6,667,400 | 2017 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
CAMP
CAMP4 THERAPEUT...
|
Healthcare | 2.45% | 1.02% |
#8
21
Prev: #29
|
4.0 |
—
|
1,160,728 | 507.1% |
P
S
|
1,389,622 | $6,128,233 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
NKTR
NEKTAR THERAPEU...
|
Healthcare | 2.45% | 2.62% |
#9
2
Prev: #7
|
2.0 |
—
|
no change | no change |
P
S
|
85,000 | $6,115,750 | 2024 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
TERN
CALL
TERNS PHARMACEU...
|
CALL Option | 2.11% | — |
#10
Prev: #—
|
4.3 |
—
|
100,000 | — |
NEW
|
100,000 | $5,272,000 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
ZVRA
ZEVRA THERAPEUT...
|
Healthcare | 1.79% | 3.72% |
#11
7
Prev: #4
|
1.2 |
—
|
-89,088 | -15.7% |
P
S
|
480,000 | $4,473,600 | 2024 Q3 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
CRBP
CORBUS PHARMACE...
|
Healthcare | 1.44% | 2.32% |
#12
3
Prev: #9
|
1.1 |
—
|
-6,454 | -1.7% |
P
S
|
383,462 | $3,600,708 | 2025 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
ABEO
ABEONA THERAPEU...
|
Healthcare | 1.34% | 2.73% |
#13
7
Prev: #6
|
2.5 |
—
|
37,082 | 5.2% |
P
S
|
746,587 | $3,344,710 | 2025 Q2 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
ESTA
CALL
ESTABLISHMENT L...
|
CALL Option | 1.14% | — |
#14
Prev: #—
|
4.0 |
—
|
50,000 | — |
NEW
|
50,000 | $2,839,000 | 2024 Q3 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
KZIA
KAZIA THERAPEUT...
|
Healthcare | 1.03% | 2.32% |
#15
5
Prev: #10
|
0.4 |
—
|
-115,180 | -25.0% |
P
S
|
345,179 | $2,568,132 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
ANTX
AN2 THERAPEUTIC...
|
Healthcare | 0.98% | 0.52% |
#16
28
Prev: #44
|
2.4 |
—
|
86,177 | 13.7% |
P
S
|
713,845 | $2,441,350 | 2024 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
ARE
CALL
ALEXANDRIA REAL...
|
CALL Option | 0.93% | 1.79% |
#17
1
Prev: #18
|
1.4 |
—
|
no change | no change |
P
S
|
50,000 | $2,321,000 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
ACAD
CALL
ACADIA PHARMACE...
|
CALL Option | 0.89% | — |
#18
Prev: #—
|
3.9 |
—
|
100,000 | — |
NEW
|
100,000 | $2,226,000 | 2018 Q2 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
SLGL
SOL-GEL TECHNOL...
|
Healthcare | 0.88% | — |
#19
Prev: #—
|
3.9 |
—
|
27,778 | — |
NEW
|
27,778 | $2,200,573 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
XOMA
XOMA ROYALTY CO...
|
Healthcare | 0.87% | 2.23% |
#20
9
Prev: #11
|
0.3 |
—
|
-45,500 | -39.6% |
P
S
|
69,500 | $2,180,215 | 2017 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
AYTU
AYTU BIOPHARMA ...
|
Healthcare | 0.87% | 1.54% |
#21
Prev: #21
|
0.8 |
—
|
-21,415 | -2.6% |
P
S
|
792,289 | $2,162,949 | 2020 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
CRIS
CURIS INC
|
Healthcare | 0.82% | 0.04% |
#22
43
Prev: #65
|
3.3 |
—
|
3,667,057 | 6178.8% |
P
S
|
3,726,406 | $2,039,462 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
EOLS
CALL
EVOLUS INC
|
CALL Option | 0.69% | — |
#23
Prev: #—
|
3.8 |
—
|
420,000 | — |
NEW
|
420,000 | $1,726,200 | 2018 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
XERS
CALL
XERIS BIOPHARMA...
|
CALL Option | 0.65% | — |
#24
Prev: #—
|
3.8 |
—
|
280,000 | — |
NEW
|
280,000 | $1,624,000 | 2021 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
TELA
TELA BIO INC
|
Healthcare | 0.65% | 2.03% |
#25
11
Prev: #14
|
2.3 |
—
|
265,220 | 11.3% |
P
S
|
2,617,252 | $1,622,696 | 2023 Q2 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
IKT
INHIBIKASE THER...
|
Healthcare | 0.64% | 3.51% |
#26
21
Prev: #5
|
0.3 |
—
|
-1,390,945 | -59.2% |
P
S
|
957,202 | $1,608,099 | 2024 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
N/A
CRESCENT BIOPHA...
|
|
Unknown | 0.63% | 0.76% |
#27
10
Prev: #37
|
0.8 |
—
|
-2,682 | -3.1% |
P
S
|
85,000 | $1,561,450 | — | 13F Filing | 2026-03-31 | 2026-05-14 | ||
|
ACET
ADICET BIO INC
|
Healthcare | 0.61% | 1.35% |
#28
4
Prev: #24
|
0.7 |
—
|
1,944 | 0.9% |
P
S
|
221,955 | $1,511,514 | 2024 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
XFOR
X4 PHARMACEUTIC...
|
Healthcare | 0.55% | 1.73% |
#29
10
Prev: #19
|
0.2 |
—
|
-258,264 | -43.5% |
P
S
|
335,309 | $1,384,826 | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
OKYO
OKYO PHARMA LTD
|
Healthcare | 0.55% | — |
#30
Prev: #—
|
3.7 |
—
|
850,000 | — |
NEW
|
850,000 | $1,368,500 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
SIBN
CALL
SI BONE INC
|
CALL Option | 0.51% | — |
#31
Prev: #—
|
3.7 |
—
|
100,000 | — |
NEW
|
100,000 | $1,263,000 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
MNKD
CALL
MANNKIND CORP
|
CALL Option | 0.49% | — |
#32
Prev: #—
|
3.7 |
—
|
500,000 | — |
NEW
|
500,000 | $1,225,000 | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
HRTX
HERON THERAPEUT...
|
Healthcare | 0.45% | 1.17% |
#33
7
Prev: #26
|
2.2 |
—
|
164,389 | 13.3% |
P
S
|
1,402,191 | $1,121,893 | 2024 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
LUNG
PULMONX CORP
|
Healthcare | 0.40% | 0.78% |
#34
Prev: #34
|
3.2 |
—
|
281,888 | 58.0% |
P
S
|
768,288 | $991,092 | 2025 Q2 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
INAB
IN8BIO INC
|
Healthcare | 0.39% | 0.28% |
#35
16
Prev: #51
|
3.2 |
—
|
498,519 | 302.3% |
P
S
|
663,412 | $981,850 | 2025 Q2 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
NMRA
CALL
NEUMORA THERAPE...
|
CALL Option | 0.39% | — |
#36
Prev: #—
|
3.7 |
—
|
500,000 | — |
NEW
|
500,000 | $975,000 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
SRZN
SURROZEN INC
|
Healthcare | 0.39% | 1.87% |
#37
20
Prev: #17
|
0.2 |
—
|
-80,626 | -71.0% |
P
S
|
33,005 | $961,436 | 2024 Q2 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
CTMX
CYTOMX THERAPEU...
|
Healthcare | 0.38% | — |
#38
Prev: #—
|
3.7 |
—
|
200,000 | — |
NEW
|
200,000 | $940,000 | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
CTMX
CALL
CYTOMX THERAPEU...
|
CALL Option | 0.38% | — |
#39
Prev: #—
|
3.7 |
—
|
200,000 | — |
NEW
|
200,000 | $940,000 | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
DCTH
CALL
DELCATH SYS INC
|
CALL Option | 0.37% | — |
#40
Prev: #—
|
3.6 |
—
|
100,000 | — |
NEW
|
100,000 | $928,000 | 2023 Q3 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
ARDX
CALL
ARDELYX INC
|
CALL Option | 0.36% | — |
#41
Prev: #—
|
3.6 |
—
|
150,000 | — |
NEW
|
150,000 | $898,500 | 2025 Q2 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
PMVP
PMV PHARMACEUTI...
|
Healthcare | 0.35% | 1.05% |
#42
14
Prev: #28
|
0.1 |
—
|
-442,657 | -38.5% |
P
S
|
708,102 | $878,046 | 2024 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
BIOA
BIOAGE LABS INC
|
Healthcare | 0.35% | 0.43% |
#43
4
Prev: #47
|
2.1 |
—
|
5,000 | 11.1% |
P
S
|
50,000 | $874,500 | 2025 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
N/A
CONNECT BIOPHAR...
|
|
Unknown | 0.33% | — |
#44
Prev: #—
|
3.6 |
—
|
310,000 | — |
NEW
|
310,000 | $812,200 | — | 13F Filing | 2026-03-31 | 2026-05-14 | ||
|
HRTX
CALL
HERON THERAPEUT...
|
CALL Option | 0.32% | — |
#45
Prev: #—
|
3.6 |
—
|
1,000,000 | — |
NEW
|
1,000,000 | $800,100 | 2024 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
RADX
RADIOPHARM THER...
|
Healthcare | 0.30% | 0.62% |
#46
5
Prev: #41
|
1.1 |
—
|
no change | no change |
P
S
|
51,000,000 | $738,977 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
MXCT
MAXCYTE INC
|
Healthcare | 0.28% | 0.53% |
#47
4
Prev: #43
|
3.1 |
—
|
535,655 | 114.2% |
P
S
|
1,004,673 | $705,783 | 2022 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
CDXS
CODEXIS INC
|
Healthcare | 0.27% | 0.30% |
#48
2
Prev: #50
|
3.1 |
—
|
161,888 | 63.2% |
P
S
|
417,994 | $681,330 | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
BOLD
BOUNDLESS BIO I...
|
Healthcare | 0.26% | 0.62% |
#49
9
Prev: #40
|
0.6 |
—
|
-112,389 | -15.8% |
P
S
|
597,682 | $657,450 | 2025 Q2 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
CYBN
CYBIN INC
|
Unknown | 0.26% | 2.03% |
#50
37
Prev: #13
|
0.1 |
—
|
-205,842 | -60.6% |
P
S
|
134,060 | $643,488 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 |
Showing 1-50 of 101 holdings