Latest Stonepine Capital Management, LLC Stock Portfolio

Stonepine Capital Management, LLC Performance:

2025 Q4: 3.38%YTD: -31.98%2024: 32.67%

Performance for 2025 Q4 is 3.38%, and YTD is -31.98%, and 2024 is 32.67%.

About Stonepine Capital Management, LLC and 13F Hedge Fund Stock Holdings

Stonepine Capital Management, LLC is a hedge fund based in Bend, OR. On 2026-02-13, the fund reported it's updated stock portfolio. In the 13F Holdings report, Stonepine Capital Management, LLC reported an equity portfolio of $137 Millions as of 31 Dec, 2025.

The top stock holdings of Stonepine Capital Management, LLC are VSTM, ADMA, EOLS. The fund has invested 15.4% of it's portfolio in VERASTEM INC and 9.8% of portfolio in ADMA BIOLOGICS INC.

The fund managers got completely rid off SOLENO THERAPEUTICS INC (SLNO), ALUMIS INC and ARDELYX INC (ARDX) stocks. They significantly reduced their stock positions in BIOAGE LABS INC, DAY ONE BIOPHARMACEUTICALS I (DAWN) and ENANTA PHARMACEUTICALS INC (ENTA). Stonepine Capital Management, LLC opened new stock positions in CORBUS PHARMACEUTICALS HLDGS (CRBP), KAZIA THERAPEUTICS LTD (KZIA) and VERRICA PHARMACEUTICALS INC (VRCA). The fund showed a lot of confidence in some stocks as they added substantially to INHIBIKASE THERAPEUTICS INC (IKT), CODEXIS INC (CDXS) and BOUNDLESS BIO INC.

Stonepine Capital Management, LLC Annual Return Estimates Vs S&P 500

Our best estimate is that Stonepine Capital Management, LLC made a return of 3.38% in the last quarter. In trailing 12 months, it's portfolio return was -31.98%.

Performance
S&P 500

New Buys

Ticker	$ Bought
corbus pharmaceuticals hldgs	3,173,920
kazia therapeutics ltd	3,171,870
verrica pharmaceuticals inc	2,938,990
cybin inc	2,780,400
adicet bio inc	1,852,490
spruce biosciences inc	1,719,730
camp4 therapeutics corp	1,403,120
eledon pharmaceuticals inc	1,348,580

New stocks bought by Stonepine Capital Management, LLC

Additions

Ticker	% Inc.
inhibikase therapeutics inc	219
codexis inc	190
boundless bio inc	71.74
abeona therapeutics inc	57.33
heron therapeutics inc	45.61
an2 therapeutics inc	11.31
tela bio inc	9.12
evolus inc	6.2

Additions to existing portfolio by Stonepine Capital Management, LLC

Reductions

Ticker	% Reduced
bioage labs inc	-76.14
day one biopharmaceuticals i	-69.11
omniab inc	-67.29
enanta pharmaceuticals inc	-67.21
kezar life sciences inc	-59.24
surrozen inc	-54.57
geron corp	-49.64
mannkind corp	-45.19

Stonepine Capital Management, LLC reduced stake in above stock

Sold off

Ticker	$ Sold
alumis inc	-1,197,000
grace therapeutics inc	-628,177
ardelyx inc	-1,102,000
vanda pharmaceuticals inc	-973,050
aclaris therapeutics inc	-366,510
vir biotechnology inc	-913,600
health catalyst inc	-443,320
cytomx therapeutics inc	-398,750

Stonepine Capital Management, LLC got rid off the above stocks

Sector Distribution

Stonepine Capital Management, LLC has about 83.2% of it's holdings in Healthcare sector.

Sector	%
Healthcare	83.2
Others	16.8

Market Cap. Distribution

Stonepine Capital Management, LLC has about 0% of it's portfolio invested in the large-cap and mega-cap stocks.

Category	%
MICRO-CAP	38.3
SMALL-CAP	25
UNALLOCATED	16.8
MID-CAP	12.8
NANO-CAP	7.1

Stocks belong to which Index?

About 43% of the stocks held by Stonepine Capital Management, LLC either belong to S&P 500 or RUSSELL 2000 index.

Index	%
Others	57
RUSSELL 2000	43

Top 5 Winners (%)		%
	bioage labs inc	77.4 %
SRZN	surrozen inc	54.8 %
	indivior plc	48.8 %
KZR	kezar life sciences inc	43.1 %
AYTU	aytu biopharma inc	36.6 %

Top 5 Winners ($)		$
ADMA	adma biologics inc	2.6 M
SRZN	surrozen inc	1.8 M
	indivior plc	1.2 M
DAWN	day one biopharmaceuticals i	1.0 M
	bioage labs inc	0.9 M

Top 5 Losers (%)		%
EDSA	edesa biotech inc	-42.5 %
XOMA	xoma royalty corporation	-30.9 %
KPRX	kiora pharmaceuticals inc	-28.2 %
NKTR	nektar therapeutics	-25.7 %
CDXS	codexis inc	-25.0 %

Top 5 Losers ($)		$
VSTM	verastem inc	-3.0 M
XOMA	xoma royalty corporation	-1.4 M
NKTR	nektar therapeutics	-1.2 M
EDSA	edesa biotech inc	-0.7 M
TELA	tela bio inc	-0.7 M

Stonepine Capital Management, LLC Holdings Map

This heatmap illustrates the top 50 positions within the fund's portfolio.

Current Stock Holdings of Stonepine Capital Management, LLC

Stonepine Capital Management, LLC has 61 stocks in it's portfolio. About 53% of the portfolio is in top 10 stocks. VSTM proved to be the most loss making stock for the portfolio. ADMA was the most profitable stock for Stonepine Capital Management, LLC last quarter.

Last Reported on: 13 Feb, 2026

Ticker	Namesorted ascending	% Portfolio	Shares Held	$ Value	Type	% Change
AADI	whitehawk therapeutics inc	0.00	0.00	0.00	sold off	-100

ABEO	abeona therapeutics inc	2.73	709,505	3,739,090	added	57.33

ACAD	acadia pharmaceuticals inc	1.95	100,000	2,671,000	reduced	-42.71

ACET	adicet bio inc	1.35	220,011	1,852,490	new

ACRS	aclaris therapeutics inc	0.00	0.00	0.00	sold off	-100

ADMA	adma biologics inc	9.85	740,000	13,497,600	added	0.14

ANGO	angiodynamics inc	0.00	0.00	0.00	sold off	-100

ANTX	an2 therapeutics inc	0.52	627,668	715,542	added	11.31

AQST	aquestive therapeutics inc	0.00	0.00	0.00	sold off	-100

ARDX	ardelyx inc	0.00	0.00	0.00	sold off	-100

AYTU	aytu biopharma inc	1.54	813,704	2,115,630	reduced	-8.76

CABA	cabaletta bio inc	0.27	171,100	374,709	new

CDXS	codexis inc	0.30	256,106	417,453	added	190

CGEN	compugen ltd	0.34	305,400	467,262	new

CMMB	chemomab therapeutics ltd	0.00	0.00	0.00	sold off	-100

CNSP	cns pharmaceuticals inc	0.19	48,827	256,342	new

CRBP	corbus pharmaceuticals hldgs	2.32	389,916	3,173,920	new

CRIS	curis inc	0.04	59,349	58,583	new

CTMX	cytomx therapeutics inc	0.00	0.00	0.00	sold off	-100

CYBN	cybin inc	2.03	339,902	2,780,400	new