Stonepine Capital Management, LLC

All Holdings — 2025 Q4

Portfolio Concentration Analytics: 7.6
Risk-based ENB:
Total Positions
89
Quarter
2025 Q4
Top Holding
VSTM (15.4%)
Top 10 Concentration
53.0%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
1-25 of 89
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
VSTM
VERASTEM INC
Healthcare 15.40% 19.17% #1
Prev: #1
8.2 62,047 2.3%
P
S
2,732,079 $21,091,650 2024 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
ADMA
ADMA BIOLOGICS ...
Healthcare 9.85% 8.81% #2
Prev: #2
5.9 1,000 0.1%
P
S
740,000 $13,497,600 2017 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
EOLS
EVOLUS INC
Healthcare 7.92% 7.67% #3
Prev: #3
5.2 95,197 6.2%
P
S
1,631,588 $10,850,060 2018 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
ZVRA
ZEVRA THERAPEUT...
Healthcare 3.72% 6.26% #4
Prev: #4
1.6 -240,912 -29.7%
P
S
569,088 $5,099,028 2024 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
IKT
INHIBIKASE THER...
Healthcare 3.51% 0.97% #5 18
Prev: #23
3.7 1,613,128 219.5%
P
S
2,348,147 $4,813,701 2024 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
ABEO
ABEONA THERAPEU...
Healthcare 2.73% 1.94% #6 9
Prev: #15
3.3 258,535 57.3%
P
S
709,505 $3,739,091 2025 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
NKTR
NEKTAR THERAPEU...
Healthcare 2.62% 3.93% #7 2
Prev: #5
1.0 no change no change
P
S
85,000 $3,593,800 2024 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
INDV
INDIVIOR PLC
Healthcare 2.62% 1.96% #8 6
Prev: #14
1.0 no change no change
P
S
100,000 $3,588,000 2024 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
CRBP
CORBUS PHARMACE...
Healthcare 2.32% #9
Prev: #—
2.9 389,916 no change
NEW
389,916 $3,173,916 2025 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
KZIA
KAZIA THERAPEUT...
Healthcare 2.32% #10
Prev: #—
2.9 460,359 no change
NEW
460,359 $3,171,874 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
XOMA
XOMA ROYALTY CO...
Healthcare 2.23% 3.62% #11 4
Prev: #7
0.9 -459 -0.4%
P
S
115,000 $3,057,850 2017 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
VRCA
VERRICA PHARMAC...
Healthcare 2.15% #12
Prev: #—
2.9 353,669 no change
NEW
353,669 $2,938,989 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
CYBN
CYBIN INC
Healthcare 2.03% #13
Prev: #—
2.8 339,902 no change
NEW
339,902 $2,780,398 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
TELA
TELA BIO INC
Healthcare 2.03% 2.61% #14 1
Prev: #13
2.8 196,513 9.1%
P
S
2,352,032 $2,775,398 2023 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
ACAD
ACADIA PHARMACE...
Healthcare 1.95% 3.03% #15 7
Prev: #8
0.9 -74,544 -42.7%
P
S
100,000 $2,671,000 2018 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
CRSP
CRISPR THERAPEU...
CALL
CALL Option 1.91% #16
Prev: #—
2.8 50,000 no change
NEW
50,000 $2,622,000 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
SRZN
SURROZEN INC
Healthcare 1.87% 2.62% #17 5
Prev: #12
0.9 -136,515 -54.6%
P
S
113,631 $2,568,061 2024 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
ARE
ALEXANDRIA REAL...
CALL
CALL Option 1.79% #18
Prev: #—
2.7 50,000 no change
NEW
50,000 $2,447,000 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
XFOR
X4 PHARMACEUTIC...
Healthcare 1.73% 2.94% #19 9
Prev: #10
0.8 -462,765 -43.8%
P
S
593,573 $2,374,292 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
RARE
ULTRAGENYX PHAR...
CALL
CALL Option 1.68% #20
Prev: #—
2.7 100,000 no change
NEW
100,000 $2,300,000 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
AYTU
AYTU BIOPHARMA ...
Healthcare 1.54% 1.36% #21 2
Prev: #19
0.6 -78,151 -8.8%
P
S
813,704 $2,115,630 2020 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
NKTR
NEKTAR THERAPEU...
CALL
CALL Option 1.54% #22
Prev: #—
2.6 50,000 no change
NEW
50,000 $2,114,000 2024 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
DAWN
DAY ONE BIOPHAR...
Healthcare 1.36% 3.71% #23 17
Prev: #6
0.8 -447,382 -69.1%
P
S
200,000 $1,864,000 2024 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
ACET
ADICET BIO INC
Healthcare 1.35% #24
Prev: #—
2.5 220,011 no change
NEW
220,011 $1,852,493 2024 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
SPRB
SPRUCE BIOSCIEN...
Healthcare 1.26% #25
Prev: #—
2.5 19,742 no change
NEW
19,742 $1,719,726 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
SLNO
SOLENO THERAPEU...
Healthcare 0.00% 1.32%
Sold All 😨
(Was: #20)
0.3 -24,000 -100.0%
CLOSED
$— 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
ALMS
ALUMIS INC
Healthcare 0.00% 0.97%
Sold All 😨
(Was: #22)
0.3 -300,000 -100.0%
CLOSED
$— 2025 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
ARDX
ARDELYX INC
Healthcare 0.00% 0.90%
Sold All 😨
(Was: #25)
0.3 -200,000 -100.0%
CLOSED
$— 2025 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
DVAX
DYNAVAX TECHNOL...
Healthcare 0.00% 0.87%
Sold All 😨
(Was: #27)
0.3 -108,094 -100.0%
CLOSED
$— 2023 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
VNDA
VANDA PHARMACEU...
Healthcare 0.00% 0.79%
Sold All 😨
(Was: #29)
0.3 -195,000 -100.0%
CLOSED
$— 2015 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
VIR
VIR BIOTECHNOLO...
Healthcare 0.00% 0.74%
Sold All 😨
(Was: #30)
0.3 -160,000 -100.0%
CLOSED
$— 2024 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
ANGO
ANGIODYNAMICS I...
Healthcare 0.00% 0.54%
Sold All 😨
(Was: #35)
0.3 -60,000 -100.0%
CLOSED
$— 2025 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
GRCE
GRACE THERAPEUT...
Healthcare 0.00% 0.51%
Sold All 😨
(Was: #36)
0.3 -211,010 -100.0%
CLOSED
$— 2025 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
RARE
ULTRAGENYX PHAR...
Healthcare 0.00% 0.49%
Sold All 😨
(Was: #37)
0.3 -20,000 -100.0%
CLOSED
$— 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
SNDX
SYNDAX PHARMACE...
Healthcare 0.00% 0.47%
Sold All 😨
(Was: #38)
0.3 -37,200 -100.0%
CLOSED
$— 2018 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
AQST
AQUESTIVE THERA...
Healthcare 0.00% 0.46%
Sold All 😨
(Was: #39)
0.3 -100,600 -100.0%
CLOSED
$— 2024 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
HCAT
HEALTH CATALYST...
Healthcare 0.00% 0.36%
Sold All 😨
(Was: #42)
0.3 -155,551 -100.0%
CLOSED
$— 2025 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
ESTA
ESTABLISHMENT L...
Healthcare 0.00% 0.35%
Sold All 😨
(Was: #43)
0.3 -10,585 -100.0%
CLOSED
$— 2024 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
CTMX
CYTOMX THERAPEU...
Healthcare 0.00% 0.32%
Sold All 😨
(Was: #45)
0.3 -125,000 -100.0%
CLOSED
$— 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
RZLT
REZOLUTE INC
Healthcare 0.00% 0.31%
Sold All 😨
(Was: #47)
0.3 -40,000 -100.0%
CLOSED
$— 2021 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
ACRS
ACLARIS THERAPE...
Healthcare 0.00% 0.30%
Sold All 😨
(Was: #48)
0.3 -192,900 -100.0%
CLOSED
$— 2024 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
HSDT
HELIUS MED TECH...
Financial Services 0.00% 0.24%
Sold All 😨
(Was: #50)
0.3 -20,000 -100.0%
CLOSED
$— 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
SVRA
SAVARA INC
Healthcare 0.00% 0.17%
Sold All 😨
(Was: #52)
0.3 -60,000 -100.0%
CLOSED
$— 2025 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
ABVX
ABIVAX SA
Healthcare 0.00% 0.17%
Sold All 😨
(Was: #53)
0.3 -2,500 -100.0%
CLOSED
$— 2024 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
LRMR
LARIMAR THERAPE...
Healthcare 0.00% 0.07%
Sold All 😨
(Was: #55)
0.3 -25,000 -100.0%
CLOSED
$— 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
CMMB
CHEMOMAB THERAP...
Healthcare 0.00% 0.06%
Sold All 😨
(Was: #56)
0.3 -30,000 -100.0%
CLOSED
$— 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
WHWK
WHITEHAWK THERA...
Healthcare 0.00% 0.05%
Sold All 😨
(Was: #57)
0.3 -35,253 -100.0%
CLOSED
$— 2025 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
JSPR
JASPER THERAPEU...
Healthcare 0.00% 0.04%
Sold All 😨
(Was: #58)
0.3 -20,200 -100.0%
CLOSED
$— 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
Showing 1-25 of 89 holdings

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