Stonepine Capital Management, LLC
Net buyer this quarter
$177M
72
+$9.79M
40.9%
Holdings
| Company | Value | % of portfolio | % of company | POSITION CHANGE qoq % | First reported |
|---|---|---|---|---|---|
| Q2 2026 | |||||
 VSTM | $12.8M | 7.22% | 3.70% | +1.4% | Q4 2017 |
 EOLS | $11M | 6.23% | 2.41% | -9.6% | Q1 2018 |
 TENX | $9.6M | 5.42% | 2.07% | -32.3% | Q3 2024 |
 NKTR | $8.42M | 4.75% | 0.59% | +42.0% | Q1 2024 |
 ADMA | $6.19M | 3.49% | 0.33% | Not reported | Q4 2017 |
 CAMP | $6.07M | 3.43% | 2.68% | Not reported | Q4 2025 |
 ELOX | $5.51M | 3.11% | 9.84% | New | Q2 2026 |
 KZIA | $4.86M | 2.74% | 0.04% | Not reported | Q4 2025 |
 INDV | $4.1M | 2.31% | 0.08% | Not reported | Q3 2024 |
 CRBP | $3.99M | 2.25% | 2.28% | +10.8% | Q1 2025 |
 MSLE | $3.72M | 2.10% | 38.16% | +391.6% | Q1 2026 |
 ZVRA | $3.71M | 2.09% | 0.44% | -46.1% | Q3 2024 |
 ABEO | $3.44M | 1.94% | 0.97% | -25.4% | Q2 2025 |
 EDSA | $3.19M | 1.80% | 4.74% | +1421.5% | Q1 2025 |
 CABA | $2.85M | 1.61% | 0.56% | +1734.2% | Q4 2025 |
 ANTX | $2.67M | 1.51% | 1.52% | -22.7% | Q4 2024 |
 XLO | $2.17M | 1.22% | 3.43% | +252.2% | Q4 2025 |
 ACET | $2.12M | 1.20% | 2.62% | +10.6% | Q1 2024 |
 TELA | $2M | 1.13% | 5.94% | +1.7% | Q2 2023 |
 AYTU | $1.96M | 1.11% | 8.51% | +15.2% | Q4 2020 |
 CRIS | $1.73M | 0.98% | 169.94% | -11.1% | Q4 2025 |
 SPRB | $1.55M | 0.88% | 1.05% | Not reported | Q4 2025 |
 OKYO | $1.29M | 0.73% | 2.29% | +1.5% | Q1 2026 |
 KTTA | $1.13M | 0.64% | 6.59% | +164.8% | Q4 2025 |
 SLGL | $1.07M | 0.61% | 0.52% | -47.9% | Q1 2026 |
 LUNG | $1.06M | 0.60% | 1.90% | +6.1% | Q2 2025 |
 XFOR | $1.05M | 0.59% | 0.23% | -32.9% | Q2 2023 |
 INAB | $980K | 0.55% | 7.06% | +4.8% | Q2 2025 |
 MLTX | $974K | 0.55% | 0.07% | New | Q2 2026 |
 QNRX | $966K | 0.54% | 0.28% | +273.2% | Q4 2025 |
 MXCT | $924K | 0.52% | 0.71% | -25.2% | Q4 2022 |
 PHAT | $922K | 0.52% | 0.11% | +70.0% | Q1 2026 |
 AZTR | $887K | 0.50% | 8.72% | New | Q2 2026 |
 CNTB | $867K | 0.49% | 0.58% | +17.5% | Q1 2026 |
 HELP | $855K | 0.48% | 0.25% | -3.6% | Q4 2025 |
 RARE | $835K | 0.47% | 0.03% | Not reported | Q3 2025 |
 IKT | $804K | 0.45% | 0.30% | -58.6% | Q4 2024 |
 ZNTL | $784K | 0.44% | 0.23% | -40.0% | Q1 2025 |
 CTMX | $769K | 0.43% | 0.09% | +2.5% | Q3 2025 |
 NVCT | $736K | 0.41% | 0.15% | New | Q2 2026 |
 CBIO | $720K | 0.41% | 0.14% | -52.9% | Q4 2025 |
 PMVP | $718K | 0.41% | 1.00% | -24.3% | Q4 2024 |
 ORKA | $714K | 0.40% | 0.01% | New | Q2 2026 |
 RADX | $671K | 0.38% | 2.16% | Not reported | Q4 2025 |
 OKUR | $596K | 0.34% | 0.32% | -1.4% | Q1 2026 |
 NGEN | $560K | 0.32% | 0.34% | New | Q2 2026 |
 CALC | $545K | 0.31% | 2.03% | Not reported | Q1 2024 |
 ARVN | $499K | 0.28% | 0.09% | +118.2% | Q1 2026 |
 BIOA | $490K | 0.28% | 0.04% | -60.0% | Q1 2025 |
 IRD | $414K | 0.23% | 0.12% | +46.6% | Q1 2026 |
| Q1 2026 | |||||
| VSTM | $17.5M | 7.01% | 3.76% | +20.9% | Q4 2017 |
| TENX | $15.6M | 6.24% | 4.02% | +8106.0% | Q3 2024 |
| EOLS | $7.23M | 2.90% | 2.67% | +7.8% | Q1 2018 |
| ADMA | $6.67M | 2.67% | 0.32% | Not reported | Q4 2017 |
| CAMP | $6.13M | 2.45% | 2.68% | +507.1% | Q4 2025 |
| NKTR | $6.12M | 2.45% | 0.42% | Not reported | Q1 2024 |
| ZVRA | $4.47M | 1.79% | 0.81% | -15.7% | Q3 2024 |
| CRBP | $3.6M | 1.44% | 2.16% | -1.7% | Q1 2025 |
| ABEO | $3.34M | 1.34% | 1.31% | +5.2% | Q2 2025 |
| KZIA | $2.57M | 1.03% | 0.04% | -25.0% | Q4 2025 |
| ANTX | $2.44M | 0.98% | 1.98% | +13.7% | Q4 2024 |
| SLGL | $2.2M | 0.88% | 1.00% | New | Q1 2026 |
| XOMA | $2.18M | 0.87% | 0.58% | -39.6% | Q1 2017 |
| AYTU | $2.16M | 0.87% | 7.38% | -2.6% | Q4 2020 |
| CRIS | $2.04M | 0.82% | 9.32% | +6178.8% | Q4 2025 |
| TELA | $1.62M | 0.65% | 5.85% | +11.3% | Q2 2023 |
| IKT | $1.61M | 0.64% | 0.73% | -59.2% | Q4 2024 |
| CBIO | $1.56M | 0.63% | 0.31% | -3.1% | Q4 2025 |
| ACET | $1.51M | 0.61% | 2.31% | +0.9% | Q1 2024 |
| XFOR | $1.38M | 0.55% | 0.36% | -43.5% | Q2 2023 |
| OKYO | $1.37M | 0.55% | 2.26% | New | Q1 2026 |
 HRTX | $1.12M | 0.45% | 0.74% | +13.3% | Q4 2024 |
| LUNG | $991K | 0.40% | 1.82% | +58.0% | Q2 2025 |
| INAB | $982K | 0.39% | 6.74% | +302.3% | Q2 2025 |
 SRZN | $961K | 0.39% | 0.29% | -71.0% | Q2 2024 |
| CTMX | $940K | 0.38% | 0.12% | Not reported | Q3 2025 |
| PMVP | $878K | 0.35% | 1.33% | -38.5% | Q4 2024 |
| BIOA | $875K | 0.35% | 0.11% | +11.1% | Q1 2025 |
| CNTB | $812K | 0.33% | 0.49% | New | Q1 2026 |
| RADX | $739K | 0.30% | 2.16% | Not reported | Q4 2025 |
| MXCT | $706K | 0.28% | 0.94% | +114.2% | Q4 2022 |
 CDXS | $681K | 0.27% | 0.46% | +63.2% | Q3 2025 |
 BOLD | $657K | 0.26% | 2.67% | -15.8% | Q2 2025 |
| HELP | $643K | 0.26% | 0.26% | -60.6% | Q4 2025 |
| ZNTL | $630K | 0.25% | 0.38% | -42.0% | Q1 2025 |
| KTTA | $617K | 0.25% | 3.33% | +202.2% | Q4 2025 |
| MSLE | $563K | 0.23% | 7.76% | New | Q1 2026 |
| PHAT | $556K | 0.22% | 0.06% | New | Q1 2026 |
| OKUR | $549K | 0.22% | 0.97% | New | Q1 2026 |
| XLO | $540K | 0.22% | 1.11% | +611.4% | Q4 2025 |
 VRCA | $528K | 0.21% | 0.58% | -71.8% | Q4 2025 |
 CADL | $502K | 0.20% | 0.14% | New | Q1 2026 |
 POCI | $439K | 0.18% | 0.91% | New | Q1 2026 |
| QNRX | $353K | 0.14% | 0.08% | -31.6% | Q4 2025 |
 ESTA | $341K | 0.14% | 0.02% | Not reported | Q3 2024 |
 UPB | $315K | 0.13% | 0.06% | New | Q1 2026 |
| IRD | $313K | 0.13% | 0.10% | New | Q1 2026 |
| ARVN | $292K | 0.12% | 0.04% | New | Q1 2026 |
 PLRX | $283K | 0.11% | 0.36% | -2.4% | Q3 2025 |
 JANX | $278K | 0.11% | 0.03% | Not reported | Q4 2025 |
| Q4 2025 | |||||
| VSTM | $21.1M | 15.40% | 3.51% | +2.3% | Q4 2017 |
| ADMA | $13.5M | 9.85% | 0.31% | +0.1% | Q4 2017 |
| EOLS | $10.9M | 7.92% | 2.51% | +6.2% | Q1 2018 |
| ZVRA | $5.1M | 3.72% | 1.00% | -29.7% | Q3 2024 |
| IKT | $4.81M | 3.51% | 1.78% | +219.5% | Q4 2024 |
| ABEO | $3.74M | 2.73% | 1.29% | +57.3% | Q2 2025 |
| NKTR | $3.59M | 2.62% | 0.42% | Not reported | Q1 2024 |
| INDV | $3.59M | 2.62% | 0.08% | Not reported | Q3 2024 |
| CRBP | $3.17M | 2.32% | 2.21% | Not reported | Q1 2025 |
| KZIA | $3.17M | 2.32% | 0.06% | New | Q4 2025 |
| XOMA | $3.06M | 2.23% | 0.97% | -0.4% | Q1 2017 |
| VRCA | $2.94M | 2.15% | 2.06% | New | Q4 2025 |
| HELP | $2.78M | 2.03% | 1.57% | New | Q4 2025 |
| TELA | $2.78M | 2.03% | 5.28% | +9.1% | Q2 2023 |
 ACAD | $2.67M | 1.95% | 0.06% | -42.7% | Q2 2018 |
| SRZN | $2.57M | 1.87% | 1.16% | -54.6% | Q2 2024 |
| XFOR | $2.37M | 1.73% | 0.65% | -43.8% | Q2 2023 |
| AYTU | $2.12M | 1.54% | 7.58% | -8.8% | Q4 2020 |
| DAWN | $1.86M | 1.36% | 0.19% | -69.1% | Q3 2024 |
| ACET | $1.85M | 1.35% | 2.29% | Not reported | Q1 2024 |
| SPRB | $1.72M | 1.26% | 1.44% | New | Q4 2025 |
| HRTX | $1.61M | 1.17% | 0.66% | +45.6% | Q4 2024 |
 ENTA | $1.58M | 1.15% | 0.34% | -67.2% | Q4 2015 |
| PMVP | $1.44M | 1.05% | 2.16% | -16.0% | Q4 2024 |
| CAMP | $1.4M | 1.02% | 0.44% | New | Q4 2025 |
 ELDN | $1.35M | 0.98% | 1.18% | New | Q4 2025 |
 MIST | $1.34M | 0.98% | 0.62% | Not reported | Q1 2024 |
 OABI | $1.3M | 0.95% | 0.49% | -67.3% | Q4 2022 |
| QNRX | $1.13M | 0.82% | 0.15% | New | Q4 2025 |
| LUNG | $1.07M | 0.78% | 1.17% | -27.4% | Q2 2025 |
 GERN | $1.06M | 0.78% | 0.13% | -49.6% | Q1 2025 |
| CBIO | $1.04M | 0.76% | 0.32% | New | Q4 2025 |
| KZR | $982K | 0.72% | 2.13% | -59.2% | Q2 2024 |
| EDSA | $976K | 0.71% | 8.25% | Not reported | Q1 2025 |
| BOLD | $852K | 0.62% | 3.17% | +71.7% | Q2 2025 |
| RADX | $851K | 0.62% | 2.16% | New | Q4 2025 |
| SMLR | $765K | 0.56% | 0.33% | New | Q4 2025 |
| MXCT | $727K | 0.53% | 0.44% | +2.2% | Q4 2022 |
| ANTX | $716K | 0.52% | 2.29% | +11.3% | Q4 2024 |
 GOSS | $635K | 0.46% | 0.09% | Not reported | Q3 2023 |
| ZNTL | $626K | 0.46% | 0.67% | +2.2% | Q1 2025 |
| BIOA | $595K | 0.43% | 0.12% | -76.1% | Q1 2025 |
 MNKD | $490K | 0.36% | 0.03% | -45.2% | Q3 2025 |
 CGEN | $467K | 0.34% | 0.32% | New | Q4 2025 |
| CDXS | $417K | 0.30% | 0.28% | +190.2% | Q3 2025 |
| INAB | $386K | 0.28% | 1.69% | +3.4% | Q2 2025 |
 FENC | $385K | 0.28% | 0.15% | New | Q4 2025 |
| CABA | $375K | 0.27% | 0.17% | New | Q4 2025 |
| KTTA | $355K | 0.26% | 1.19% | New | Q4 2025 |
| PLRX | $281K | 0.20% | 0.37% | -20.5% | Q3 2025 |
| Q3 2025 | |||||
| VSTM | $23.6M | 19.17% | 4.00% | +96.3% | Q4 2017 |
| ADMA | $10.8M | 8.81% | 0.31% | -1.5% | Q4 2017 |
| EOLS | $9.43M | 7.67% | 2.37% | +67.6% | Q1 2018 |
| ZVRA | $7.7M | 6.26% | 1.44% | +4.4% | Q3 2024 |
| NKTR | $4.84M | 3.93% | 0.43% | +69.3% | Q1 2024 |
| DAWN | $4.56M | 3.71% | 0.63% | +43.9% | Q3 2024 |
| XOMA | $4.45M | 3.62% | 0.94% | -24.1% | Q1 2017 |
| ACAD | $3.72M | 3.03% | 0.10% | -22.4% | Q2 2018 |
| ENTA | $3.65M | 2.97% | 1.43% | -49.5% | Q4 2015 |
| XFOR | $3.61M | 2.94% | 4.20% | Not reported | Q2 2023 |
| OABI | $3.43M | 2.79% | 1.49% | Not reported | Q4 2022 |
| SRZN | $3.22M | 2.62% | 2.92% | -18.3% | Q2 2024 |
| TELA | $3.21M | 2.61% | 5.34% | +3.4% | Q2 2023 |
| INDV | $2.41M | 1.96% | 0.08% | -71.4% | Q3 2024 |
| ABEO | $2.38M | 1.94% | 0.86% | +902.2% | Q2 2025 |
| GERN | $2.19M | 1.78% | 0.25% | +60.0% | Q1 2025 |
| PMVP | $1.92M | 1.56% | 2.59% | +62.0% | Q4 2024 |
| EDSA | $1.7M | 1.38% | 9.63% | Not reported | Q1 2025 |
| AYTU | $1.68M | 1.36% | 9.00% | +9.7% | Q4 2020 |
| SLNO | $1.62M | 1.32% | 0.04% | New | Q3 2025 |
| KZR | $1.49M | 1.21% | 5.23% | +125.6% | Q2 2024 |
 ALMS | $1.2M | 0.97% | Not reported | -14.2% | Q2 2025 |
| IKT | $1.19M | 0.97% | 0.98% | +0.2% | Q4 2024 |
| BIOA | $1.11M | 0.90% | 0.53% | +24.8% | Q1 2025 |
 ARDX | $1.1M | 0.90% | 0.08% | -64.0% | Q2 2025 |
| LUNG | $1.09M | 0.88% | 1.62% | +359.2% | Q2 2025 |
| DVAX | $1.07M | 0.87% | 0.09% | +260.3% | Q1 2023 |
| HRTX | $1.07M | 0.87% | 0.55% | +29.3% | Q4 2024 |
 VNDA | $973K | 0.79% | 0.33% | -22.0% | Q4 2015 |
 VIR | $914K | 0.74% | 0.12% | +23.1% | Q4 2024 |
| MNKD | $846K | 0.69% | 0.05% | New | Q3 2025 |
| MXCT | $725K | 0.59% | 0.43% | Not reported | Q4 2022 |
| ANTX | $716K | 0.58% | 2.06% | +3.6% | Q4 2024 |
| ZNTL | $685K | 0.56% | 0.63% | +316.3% | Q1 2025 |
 ANGO | $670K | 0.54% | 0.14% | -22.2% | Q2 2025 |
 GRCE | $628K | 0.51% | 1.49% | -27.9% | Q1 2025 |
| RARE | $602K | 0.49% | 0.02% | New | Q3 2025 |
 SNDX | $572K | 0.47% | 0.04% | -60.0% | Q2 2018 |
 AQST | $562K | 0.46% | 0.08% | Not reported | Q4 2024 |
| GOSS | $539K | 0.44% | 0.09% | Not reported | Q3 2023 |
| BOLD | $509K | 0.41% | 1.85% | +289.4% | Q2 2025 |
 HCAT | $443K | 0.36% | 0.22% | +55.6% | Q2 2025 |
| ESTA | $434K | 0.35% | 0.04% | +51.2% | Q3 2024 |
| PLRX | $428K | 0.35% | 0.47% | New | Q3 2025 |
| CTMX | $399K | 0.32% | 0.08% | New | Q3 2025 |
 KPRX | $391K | 0.32% | 4.09% | -21.0% | Q2 2024 |
 RZLT | $376K | 0.31% | 0.04% | -81.7% | Q4 2021 |
 ACRS | $367K | 0.30% | 0.18% | -60.7% | Q2 2024 |
| INAB | $346K | 0.28% | 3.47% | +93.4% | Q2 2025 |
 HSDT | $298K | 0.24% | 0.05% | New | Q3 2025 |