2026 Q3 Portfolio Activity
In 2026 Q3, Stonepine Capital Management, LLC maintained a portfolio of 118 distinct positions. The most significant new addition was ZAI LAB LTD, now representing 2.82% of the total fund value. They heavily accumulated shares in CAMP4 THERAPEUTICS CORP, increasing the position by 100.5%. The fund also reduced its exposure to AZITRA INC by 93.6%.
Position History
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Total Positions
118
Quarter
2026 Q3
Top Holding
VSTM (15.4%)
Top 10 Concentration
52.3%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
Showing 1-50 of 118
Stonepine Capital Management, LLC Full Holdings List — 2026 Q3
| 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 | 15.37% | 5.99% |
#1
Prev: #1
|
6.5 |
—
|
-306,852 | -9.2% |
P
S
|
3,042,775 | $24,494,339 | 2024 Q3 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
CAMP
CAMP4 THERAPEUT...
|
Healthcare | 7.06% | 2.84% |
#2
9
Prev: #11
|
7.3 |
—
|
1,396,627 | 100.5% |
P
S
|
2,786,249 | $11,256,446 | 2025 Q4 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
EOLS
EVOLUS INC
|
Healthcare | 4.88% | 5.17% |
#3
1
Prev: #2
|
3.0 |
—
|
-618,540 | -38.9% |
P
S
|
971,622 | $7,772,976 | 2018 Q1 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
ADMA
ADMA BIOLOGICS ...
|
Healthcare | 4.41% | 2.90% |
#4
6
Prev: #10
|
2.8 |
—
|
-40,000 | -5.4% |
P
S
|
700,000 | $7,021,000 | 2017 Q4 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
NKTR
NEKTAR THERAPEU...
|
Healthcare | 4.18% | 3.94% |
#5
Prev: #5
|
2.7 |
—
|
-10,654 | -8.8% |
P
S
|
110,000 | $6,659,950 | 2024 Q1 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
ELOX
ELOXX PHARMACEU...
|
Healthcare | 3.67% | 2.91% |
#6
3
Prev: #9
|
2.0 |
—
|
-65,183 | -14.6% |
P
S
|
381,977 | $5,848,068 | 2026 Q2 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
INSM
CALL
INSMED INC
|
CALL Option | 3.51% | 2.62% |
#7
5
Prev: #12
|
2.4 |
—
|
no change | no change |
P
S
|
40,000 | $5,600,000 | 2026 Q2 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
ADMA
CALL
ADMA BIOLOGICS ...
|
CALL Option | 3.26% | 3.72% |
#8
1
Prev: #7
|
1.3 |
—
|
-250,000 | -38.5% |
P
S
|
400,000 | $5,200,000 | 2017 Q4 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
EOLS
CALL
EVOLUS INC
|
CALL Option | 3.14% | 1.47% |
#9
17
Prev: #26
|
3.3 |
—
|
80,000 | 19.0% |
P
S
|
500,000 | $5,000,000 | 2018 Q1 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
ZLAB
CALL
ZAI LAB LTD
|
CALL Option | 2.82% | — |
#10
Prev: #—
|
4.6 |
—
|
150,000 | — |
NEW
|
150,000 | $4,500,000 | 2026 Q3 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
ESTA
CALL
ESTABLISHMENT L...
|
CALL Option | 2.67% | — |
#11
Prev: #—
|
4.6 |
—
|
50,000 | — |
NEW
|
50,000 | $4,250,000 | 2024 Q3 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
MIRM
CALL
MIRUM PHARMACEU...
|
CALL Option | 2.64% | — |
#12
Prev: #—
|
4.6 |
—
|
40,000 | — |
NEW
|
40,000 | $4,200,000 | 2022 Q4 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
MSLE
SATELLOS BIOSCI...
|
Healthcare | 2.43% | 1.74% |
#13
7
Prev: #20
|
1.5 |
—
|
-36,566 | -7.4% |
P
S
|
455,058 | $3,866,320 | 2026 Q1 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
KZIA
KAZIA THERAPEUT...
|
Healthcare | 2.27% | 2.28% |
#14
Prev: #14
|
2.9 |
—
|
32,250 | 9.3% |
P
S
|
377,429 | $3,621,431 | 2025 Q4 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
INDV
INDIVIOR PHARMA...
|
Healthcare | 2.25% | 1.92% |
#15
2
Prev: #17
|
1.9 |
—
|
no change | no change |
P
S
|
100,000 | $3,585,000 | 2024 Q3 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
RARE
ULTRAGENYX PHAR...
|
Healthcare | 1.98% | 0.39% |
#16
39
Prev: #55
|
3.8 |
—
|
185,000 | 740.0% |
P
S
|
210,000 | $3,156,300 | 2025 Q3 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
RARE
CALL
ULTRAGENYX PHAR...
|
CALL Option | 1.88% | 2.57% |
#17
4
Prev: #13
|
0.8 |
—
|
-100,000 | -50.0% |
P
S
|
100,000 | $3,000,000 | 2025 Q3 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
EDSA
EDESA BIOTECH I...
|
Healthcare | 1.88% | 1.49% |
#18
6
Prev: #24
|
3.8 |
—
|
253,827 | 55.6% |
P
S
|
710,266 | $2,990,220 | 2025 Q1 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
ALMS
CALL
ALUMIS INC
|
CALL Option | 1.63% | — |
#19
Prev: #—
|
4.2 |
—
|
200,000 | — |
NEW
|
200,000 | $2,600,000 | 2025 Q2 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
BSX
BOSTON SCIENTIF...
|
Healthcare | 1.51% | — |
#20
Prev: #—
|
4.1 |
—
|
55,000 | — |
NEW
|
55,000 | $2,400,750 | 2026 Q2 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
AYTU
AYTU BIOPHARMA ...
|
Healthcare | 1.30% | 4.51% |
#21
18
Prev: #3
|
0.5 |
—
|
-4,025,338 | -80.7% |
P
S
|
964,900 | $2,064,886 | 2020 Q4 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
ANTX
AN2 THERAPEUTIC...
|
Healthcare | 1.17% | 1.25% |
#22
7
Prev: #29
|
0.5 |
—
|
-200,815 | -36.4% |
P
S
|
350,877 | $1,866,666 | 2024 Q4 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
XLO
XILIO THERAPEUT...
|
Healthcare | 1.07% | 1.01% |
#23
9
Prev: #32
|
0.9 |
—
|
-36,902 | -16.3% |
P
S
|
189,092 | $1,711,283 | 2025 Q4 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
PYXS
PYXIS ONCOLOGY ...
|
Healthcare | 1.01% | — |
#24
Prev: #—
|
3.9 |
—
|
689,000 | — |
NEW
|
689,000 | $1,605,370 | 2026 Q3 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
ARDX
CALL
ARDELYX INC
|
CALL Option | 0.94% | 0.49% |
#25
23
Prev: #48
|
3.4 |
—
|
150,000 | 100.0% |
P
S
|
300,000 | $1,500,000 | 2025 Q2 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
ABEO
ABEONA THERAPEU...
|
Healthcare | 0.93% | 1.61% |
#26
4
Prev: #22
|
0.4 |
—
|
-275,268 | -49.4% |
P
S
|
282,016 | $1,480,584 | 2025 Q2 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
SRZN
SURROZEN INC
|
Healthcare | 0.89% | 2.20% |
#27
12
Prev: #15
|
0.4 |
—
|
-23,901 | -35.1% |
P
S
|
44,100 | $1,419,138 | 2024 Q2 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
ABEO
CALL
ABEONA THERAPEU...
|
CALL Option | 0.88% | — |
#28
Prev: #—
|
3.9 |
—
|
200,000 | — |
NEW
|
200,000 | $1,400,000 | 2025 Q2 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
CLRB
CELLECTAR BIOSC...
|
Healthcare | 0.86% | 0.14% |
#29
45
Prev: #74
|
3.3 |
—
|
644,478 | 616.4% |
P
S
|
749,028 | $1,378,212 | 2026 Q2 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
KTTA
PASITHEA THERAP...
|
Healthcare | 0.86% | 0.53% |
#30
14
Prev: #44
|
2.8 |
—
|
572,766 | 26.0% |
P
S
|
2,774,234 | $1,367,697 | 2025 Q4 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
ACET
ADICET BIO INC
|
Healthcare | 0.84% | 0.99% |
#31
2
Prev: #33
|
0.3 |
—
|
-57,317 | -23.3% |
P
S
|
188,201 | $1,343,755 | 2024 Q1 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
IKT
INHIBIKASE THER...
|
Healthcare | 0.83% | 1.11% |
#32
2
Prev: #30
|
0.3 |
—
|
-1,821,310 | -73.8% |
P
S
|
647,285 | $1,330,171 | 2024 Q4 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
PHAT
CALL
PHATHOM PHARMAC...
|
CALL Option | 0.78% | — |
#33
Prev: #—
|
3.8 |
—
|
100,000 | — |
NEW
|
100,000 | $1,250,000 | 2026 Q1 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
OKYO
OKYO PHARMA LTD
|
Healthcare | 0.74% | 0.61% |
#34
7
Prev: #41
|
2.3 |
—
|
51,371 | 6.0% |
P
S
|
914,367 | $1,179,533 | 2026 Q1 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
QNRX
QUOIN PHARMACEU...
|
Healthcare | 0.72% | 0.96% |
#35
Prev: #35
|
0.3 |
—
|
-513,112 | -67.0% |
P
S
|
252,434 | $1,151,099 | 2025 Q4 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
TENX
TENAX THERAPEUT...
|
Healthcare | 0.70% | 4.50% |
#36
32
Prev: #4
|
0.8 |
—
|
-72,000 | -10.9% |
P
S
|
588,000 | $1,111,320 | 2024 Q3 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
ZVRA
CALL
ZEVRA THERAPEUT...
|
CALL Option | 0.69% | — |
#37
Prev: #—
|
3.8 |
—
|
100,000 | — |
NEW
|
100,000 | $1,100,000 | 2024 Q3 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
ZVRA
ZEVRA THERAPEUT...
|
Healthcare | 0.69% | 1.74% |
#38
17
Prev: #21
|
0.3 |
—
|
-158,701 | -61.3% |
P
S
|
100,000 | $1,097,000 | 2024 Q3 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
CABA
CABALETTA BIO I...
|
Healthcare | 0.63% | 1.34% |
#39
11
Prev: #28
|
0.3 |
—
|
-397,100 | -43.3% |
P
S
|
520,000 | $998,400 | 2025 Q4 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
CDXS
CODEXIS INC
|
Healthcare | 0.59% | 0.12% |
#40
40
Prev: #80
|
3.2 |
—
|
567,311 | 517.3% |
P
S
|
676,973 | $940,992 | 2025 Q3 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
INAB
IN8BIO INC
|
Healthcare | 0.58% | 1.07% |
#41
10
Prev: #31
|
0.2 |
—
|
-926,710 | -57.0% |
P
S
|
697,852 | $928,143 | 2025 Q2 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
GOSS
GOSSAMER BIO IN...
|
Healthcare | 0.47% | — |
#42
Prev: #—
|
3.7 |
—
|
63,039 | — |
NEW
|
63,039 | $747,012 | 2023 Q3 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
XENE
XENON PHARMACEU...
|
Healthcare | 0.47% | — |
#43
Prev: #—
|
3.7 |
—
|
20,000 | — |
NEW
|
20,000 | $743,800 | 2018 Q3 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
AZTR
AZITRA INC
|
Healthcare | 0.45% | 3.74% |
#44
38
Prev: #6
|
0.2 |
—
|
-76,570,115 | -93.6% |
P
S
|
5,227,438 | $719,295 | 2026 Q2 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
FEMY
FEMASYS INC
|
Healthcare | 0.44% | — |
#45
Prev: #—
|
3.7 |
—
|
326,770 | — |
NEW
|
326,770 | $705,823 | 2026 Q3 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
ZNTL
ZENTALIS PHARMA...
|
Healthcare | 0.44% | 0.37% |
#46
11
Prev: #57
|
3.2 |
—
|
93,176 | 57.7% |
P
S
|
254,759 | $705,682 | 2025 Q1 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
MLTX
MOONLAKE IMMUNO...
|
Healthcare | 0.44% | 0.46% |
#47
3
Prev: #50
|
2.7 |
—
|
10,000 | 20.0% |
P
S
|
60,000 | $702,000 | 2026 Q2 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
CRBP
CORBUS PHARMACE...
|
Healthcare | 0.41% | 1.87% |
#48
30
Prev: #18
|
0.2 |
—
|
-330,000 | -77.6% |
P
S
|
95,000 | $647,900 | 2025 Q1 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
AEON
AEON BIOPHARMA ...
|
Healthcare | 0.40% | — |
#49
Prev: #—
|
3.7 |
—
|
2,125,748 | — |
NEW
|
2,125,748 | $637,724 | 2026 Q3 | 13F Filing | 2026-09-30 | 2026-11-13 | |||
|
ALMS
ALUMIS INC
|
Healthcare | 0.39% | — |
#50
Prev: #—
|
3.7 |
—
|
85,000 | — |
NEW
|
85,000 | $628,150 | 2025 Q2 | 13F Filing | 2026-09-30 | 2026-11-13 |
Showing 1-50 of 118 holdings