Stonepine Capital Management, LLC
Long book
$113.7M
Q1 2026
Positions
66
Top-10 weight
64%
concentration
Last quarter
+10.3%
SPY +14.8%
Turnover
43%
of book per quarter
Strategy in plain words
auto-generated from filingsStonepine Capital Management, LLC is a concentrated fundamental stock-picker, specialised in healthcare (99% of the long book), running a $113.7M US long book across 66 positions.
The portfolio is concentrated: the top 10 names carry 64% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: VERASTEM INC, TENAX THERAPEUTICS INC, EVOLUS INC, ADMA BIOLOGICS INC, CAMP4 THERAPEUTICS CORP.
Over the last 9 quarters its long book ran on average 1.6pp per quarter ahead of the S&P 500, beating the index in 3 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+3.3%
Q2 2024
+38.7%
Q3 2024
-2.6%
Q4 2024
-8.7%
Q1 2025
+2.6%
Q2 2025
+18.0%
Q3 2025
+7.4%
Q4 2025
-14.2%
Q1 2026
+10.3%
Sector allocation
Healthcare 99%
Other 1%
Long book by quarter
What does Stonepine Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| VSTM VERASTEM INC | Healthcare | 3.3M | $17.5M | 15.4% | +20.9% |
| TENX TENAX THERAPEUTICS INC | Healthcare | 975.2K | $15.6M | 13.7% | +8106.0% |
| EOLS EVOLUS INC | Healthcare | 1.8M | $7.2M | 6.4% | +7.8% |
| ADMA ADMA BIOLOGICS INC | Healthcare | 740.0K | $6.7M | 5.9% | Held |
| CAMP CAMP4 THERAPEUTICS CORP | Healthcare | 1.4M | $6.1M | 5.4% | +507.1% |
| NKTR NEKTAR THERAPEUTICS | Healthcare | 85.0K | $6.1M | 5.4% | Held |
| ZVRA ZEVRA THERAPEUTICS INC | Healthcare | 480.0K | $4.5M | 3.9% | -15.7% |
| CRBP CORBUS PHARMACEUTICALS HOLDI | Healthcare | 383.5K | $3.6M | 3.2% | -1.7% |
| ABEO ABEONA THERAPEUTICS INC | Healthcare | 746.6K | $3.3M | 2.9% | +5.2% |
| ANTX AN2 THERAPEUTICS INC | Healthcare | 713.8K | $2.4M | 2.1% | +13.7% |
| SLGL SOL-GEL TECHNOLOGIES LTD | Healthcare | 27.8K | $2.2M | 1.9% | New |
| XOMA XOMA ROYALTY CORPORATION | Healthcare | 69.5K | $2.2M | 1.9% | -39.6% |
| AYTU AYTU BIOPHARMA INC | Healthcare | 792.3K | $2.2M | 1.9% | -2.6% |
| CRIS CURIS INC | Healthcare | 3.7M | $2.0M | 1.8% | +6178.8% |
| TELA TELA BIO INC | Healthcare | 2.6M | $1.6M | 1.4% | +11.3% |
| IKT INHIBIKASE THERAPEUTICS INC | Healthcare | 957.2K | $1.6M | 1.4% | -59.2% |
| CBIO CRESCENT BIOPHARMA INC | Healthcare | 85.0K | $1.6M | 1.4% | -3.1% |
| ACET ADICET BIO INC | Healthcare | 222.0K | $1.5M | 1.3% | +0.9% |
| XFOR X4 PHARMACEUTICALS INC | Healthcare | 335.3K | $1.4M | 1.2% | -43.5% |
| OKYO OKYO PHARMA LTD | Healthcare | 850.0K | $1.4M | 1.2% | New |
| HRTX HERON THERAPEUTICS INC | Healthcare | 1.4M | $1.1M | 1.0% | +13.3% |
| LUNG PULMONX CORP | Healthcare | 768.3K | $991K | 0.9% | +58.0% |
| INAB IN8BIO INC | Healthcare | 663.4K | $982K | 0.9% | +302.3% |
| SRZN SURROZEN INC | Healthcare | 33.0K | $961K | 0.8% | -71.0% |
| CTMX CYTOMX THERAPEUTICS INC | Healthcare | 200.0K | $940K | 0.8% | New |
| PMVP PMV PHARMACEUTICALS INC | Healthcare | 708.1K | $878K | 0.8% | -38.5% |
| BIOA BIOAGE LABS INC | Healthcare | 50.0K | $875K | 0.8% | +11.1% |
| CNTB CONNECT BIOPHARMA HOLDINGS L | Healthcare | 310.0K | $812K | 0.7% | New |
| MXCT MAXCYTE INC | Healthcare | 1.0M | $706K | 0.6% | +114.2% |
| CDXS CODEXIS INC | Other | 418.0K | $681K | 0.6% | +63.2% |
| BOLD BOUNDLESS BIO INC | Healthcare | 597.7K | $657K | 0.6% | -15.8% |
| HELP CYBIN INC | Healthcare | 134.1K | $643K | 0.6% | -60.6% |
| ZNTL ZENTALIS PHARMACEUTICALS INC | Healthcare | 269.1K | $630K | 0.6% | -42.0% |
| KTTA PASITHEA THERAPEUTICS CORP | Healthcare | 831.3K | $617K | 0.5% | +202.2% |
| MSLE SATELLOS BIOSCIENCE INC | Healthcare | 100.0K | $563K | 0.5% | New |
| PHAT PHATHOM PHARMACEUTICALS INC | Healthcare | 50.0K | $556K | 0.5% | New |
| OKUR ONKURE THERAPEUTICS INC-A | Healthcare | 132.6K | $549K | 0.5% | New |
| XLO XILIO THERAPEUTICS INC | Healthcare | 64.2K | $540K | 0.5% | New |
| VRCA VERRICA PHARMACEUTICALS INC | Healthcare | 99.7K | $528K | 0.5% | -71.8% |
| CADL CANDEL THERAPEUTICS INC | Healthcare | 102.5K | $502K | 0.4% | New |
| POCI PRECISION OPTICS CORP INC | Healthcare | 100.0K | $439K | 0.4% | New |
| ESTA ESTABLISHMENT LABS HOLDINGS | Healthcare | 6.0K | $341K | 0.3% | New |
| UPB UPSTREAM BIO INC | Healthcare | 35.0K | $315K | 0.3% | New |
| IRD OPUS GENETICS INC | Healthcare | 68.7K | $313K | 0.3% | New |
| ARVN ARVINAS INC | Healthcare | 27.5K | $292K | 0.3% | New |
| PLRX PLIANT THERAPEUTICS INC | Healthcare | 224.7K | $283K | 0.2% | -2.3% |
| JANX JANUX THERAPEUTICS INC | Healthcare | 20.0K | $278K | 0.2% | Held |
| OABI OMNIAB INC | Healthcare | 164.0K | $258K | 0.2% | -76.6% |
| XERS XERIS BIOPHARMA HOLDINGS INC | Healthcare | 40.0K | $232K | 0.2% | New |
| CGEN COMPUGEN LTD | Healthcare | 104.3K | $222K | 0.2% | -65.8% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 14, 2026 | 83 | $249.7M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 66 | $137.0M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 58 | $123.0M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 59 | $101.9M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 66 | $102.8M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 52 | $123.9M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 38 | $158.2M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR/ARESTATEMENT | Aug 21, 2024 | 25 | $109.6M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 13, 2024 | 25 | $108.9M | SEC ↗ | |
| Q1 2024 | 13F-HR | May 15, 2024 | 20 | $126.1M | canonical | SEC ↗ |