1y return+9.3%S&P 500 +20.9%
3y return+61.2%S&P 500 +68.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since June 30, 2023: $161 against $168 in the S&P 500.2
Stonepine Capital Management, LLCS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| VSTMVerastem Inc | $12.8M | 9.7% | +1.4% |
| EOLSEvolus Inc | $11.0M | 8.4% | −9.6% |
| TENXTenax Therapeutics Inc | $9.6M | 7.3% | −32.3% |
| NKTRNektar Therapeutics | $8.4M | 6.4% | +41.9% |
| ADMAAdma Biologics Inc | $6.2M | 4.7% | |
| CAMPCamp4 Therapeutics Corp | $6.1M | 4.6% | |
| ELOXEloxx Pharmaceuticals Inc | $5.5M | 4.2% | New |
| KZIAKazia Therapeutics Ltd | $4.9M | 3.7% | |
| INDVIndivior Pharmaceuticals Inc | $4.1M | 3.1% | New |
| CRBPCorbus Pharmaceuticals Hldgs | $4.0M | 3.0% | +10.8% |
| MSLESatellos Bioscience Inc | $3.7M | 2.8% | +391.6% |
| ZVRAZevra Therapeutics Inc | $3.7M | 2.8% | −46.1% |
| ABEOAbeona Therapeutics Inc | $3.4M | 2.6% | −25.4% |
| EDSAEdesa Biotech Inc | $3.2M | 2.4% | +1421.5% |
| CABACabaletta Bio Inc | $2.9M | 2.2% | +1734.2% |
| ANTXAn2 Therapeutics Inc | $2.7M | 2.0% | −22.7% |
| XLOXilio Therapeutics Inc | $2.2M | 1.6% | +252.2% |
| ACETAdicet Bio Inc | $2.1M | 1.6% | +10.6% |
| TELATela Bio Inc | $2.0M | 1.5% | +1.7% |
| AYTUAytu Biopharma Inc | $2.0M | 1.5% | +15.2% |
| Curis IncCUSIP 231269309 | $1.7M | 1.3% | −11.1% |
| SPRBSpruce Biosciences Inc | $1.6M | 1.2% | New |
| Okyo Pharma LtdCUSIP G6724L116 | $1.3M | 1.0% | +1.5% |
| KTTAPasithea Therapeutics Corp | $1.1M | 0.9% | +164.8% |
| Sol-gel Technologies LtdCUSIP M8694L137 | $1.1M | 0.8% | −47.9% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| ADMAAdma Biologics Inc | December 31, 2021 | +493.7% | $6.2M |
| ANTXAn2 Therapeutics Inc | June 30, 2025 | +356.6% | $2.7M |
| ZNTLZentalis Pharmaceuticals Inc | March 31, 2025 | +205.0% | $784K |
| NKTRNektar Therapeutics | June 30, 2025 | +170.2% | $8.4M |
| ZVRAZevra Therapeutics Inc | September 30, 2024 | +106.6% | $3.7M |
| KZIAKazia Therapeutics Ltd | December 31, 2025 | +104.4% | $4.9M |
| CABACabaletta Bio Inc | December 31, 2025 | +42.0% | $2.9M |
| MSLESatellos Bioscience Inc | March 31, 2026 | +38.1% | $3.7M |
| XFORX4 Pharmaceuticals Inc | September 30, 2025 | +36.5% | $1.1M |
| AYTUAytu Biopharma Inc | June 30, 2023 | +34.4% | $2.0M |
Sold off last quarter
- Xoma Royalty CorporationCUSIP 98419J206 was $2.2M
- SRZNSurrozen Inc was $961K
- VRCAVerrica Pharmaceuticals Inc was $528K
- CADLCandel Therapeutics Inc was $502K
- Establishment Labs Hldgs IncCUSIP G31249108 was $341K
- JANXJanux Therapeutics Inc was $278K
- OABIOmniab Inc was $258K
- XERSXeris Biopharma Holdings Inc was $232K
- NMRANeumora Therapeutics Inc. was $195K
- SIBNSi Bone Inc was $189K
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +1.2% | +14.8% |
| March 31, 2026 | −16.3% | −4.6% |
| December 31, 2025 | +9.3% | +2.4% |
| September 30, 2025 | +18.1% | +7.8% |
| June 30, 2025 | +2.1% | +10.5% |
| March 31, 2025 | −6.6% | −4.6% |
| December 31, 2024 | −4.2% | +2.1% |
| September 30, 2024 | +41.5% | +5.4% |
| June 30, 2024 | +4.5% | +4.0% |
| March 31, 2024 | +13.6% | +10.0% |
| December 31, 2023 | +6.1% | +11.2% |
| September 30, 2023 | −9.4% | −3.6% |
| March 31, 2023 | +15.8% | +7.0% |
| December 31, 2022 | +9.3% | +7.1% |
| September 30, 2022 | −4.3% | −5.3% |
| June 30, 2022 | −16.9% | −16.5% |
| March 31, 2022 | +1.3% | −4.9% |
| September 30, 2021 | −2.4% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Stonepine Capital Management, LLC Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1440771&type=13F-HR&dateb=&owner=include&count=40CIK 1440771
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1440771/000144077126000016/Filed August 17, 2026 · accession 0001440771-26-000016