Stonepine Capital Management
Stonepine Capital Management reported 72 stocks worth $131M in its 13F filing for Q2 2026, filed Aug 17, 2026. Its largest holdings are VSTM (9.7%), EOLS (8.4%) and TENX (7.3%). Compared with Q1 2026, the fund opened new positions in ELOX, INDV and SPRB, added to VSTM, NKTR and CRBP, trimmed EOLS, TENX and ZVRA and sold out of SRZN, VRCA and CADL.
Holdings
| # | Stock | Value | Weight | Shares | Change | Shares, 8 qtrs | Held |
|---|---|---|---|---|---|---|---|
| 1 |  VSTM Verastem Inc | $12.8M | 9.7% | 3.3M | +47K (+1%) | 8 of 8 | |
| 2 |  EOLS Evolus Inc | $11M | 8.4% | 1.6M | −169K (−10%) | 8 of 8 | |
| 3 |  TENX Tenax Therapeutics Inc | $9.6M | 7.3% | 660K | −315K (−32%) | 4 of 8 | |
| 4 |  NKTR Nektar Therapeutics | $8.4M | 6.4% | 121K | +36K (+42%) | 5 of 8 | |
| 5 |  ADMA Adma Biologics Inc | $6.2M | 4.7% | 740K | No change | 8 of 8 | |
| 6 |  CAMP CAMP4 Therapeutics Corp | $6.1M | 4.6% | 1.4M | No change | 3 of 8 | |
| 7 |  ELOX Eloxx Pharmaceuticals Inc | $5.5M | 4.2% | 397K | New position | 1 of 8 | |
| 8 |  KZIA Kazia Therapeutics Ltd | $4.9M | 3.7% | 345K | No change | 3 of 8 | |
| 9 |  INDV Indivior PLC | $4.1M | 3.1% | 100K | New position | 1 of 8 | |
| 10 |  CRBP Corbus Pharmaceuticals Hldgs | $4M | 3.0% | 425K | +42K (+11%) | 4 of 8 |
Positions at Jun 30, 2026, as reported. Change is against the fund's Q1 2026 filing; weight is the share of the fund's reported stocks.
Sold out
held in Q1 2026, gone in Q2 2026| Stock | Value last quarter | Shares sold |
|---|---|---|
XOMA ROYALTY CORPORATION | $2.2M | 70K |
 SRZN Surrozen Inc | $961K | 33K |
 VRCA Verrica Pharmaceuticals Inc | $528K | 100K |
 CADL Candel Therapeutics Inc | $502K | 103K |
 ESTA Establishment Labs Hldgs Inc | $341K | 6,000 |
🔒 Free account: see all 13.
Options
valued at the underlying shares| Stock | Type | Value | Shares | Change |
|---|---|---|---|---|
ADMA Adma Biologics Inc | Call | $8M | 650K | −500,000 |
 INSM Insmed Inc | Call | $5.6M | 40K | +40,000 |
 RARE Ultragenyx Pharmaceutical in | Call | $5.5M | 200K | +200,000 |
 MDT Medtronic PLC F | Call | $4.4M | 50K | +50,000 |
 ABT Abbott Labs | Call | $3.8M | 40K | +40,000 |
🔒 Free account: see all 15.
Reported value
last 8 quartersThe value of the US stocks the fund reported, at quarter end prices. It moves with the market as well as with buying and selling.
Filings for Q2 2026
straight from the SEC| Filed | Form | Quarter | |
|---|---|---|---|
| Aug 17, 2026 | 13F-HR/A Amendment | Q2 2026 | SEC filing ↗ |
| Aug 14, 2026 | 13F-HR | Q2 2026 | SEC filing ↗ |
Includes an amendment, which can add positions the fund kept confidential at first, or replace the original report.
Other superinvestors
All hedge fund holdings →Stonepine Capital Management 13F FAQ
What does Stonepine Capital Management own?
Stonepine Capital Management reported 72 stocks worth $131M in its 13F filing for Q2 2026, filed Aug 17, 2026. Its largest holdings are VSTM (9.7%), EOLS (8.4%) and TENX (7.3%). The table above lists every position in the filing (the top 10 without an account).
What did Stonepine Capital Management buy and sell in Q2 2026?
Compared with Q1 2026: 19 new positions, 23 added to, 25 trimmed and 13 sold out. New positions include ELOX, INDV and SPRB. It sold all of SRZN, VRCA and CADL.
When will Stonepine Capital Management file its next 13F?
Holdings as of Sep 30, 2026 are due by Nov 16, 2026. The filing appears on this page within minutes of reaching the SEC.
How much is Stonepine Capital Management's portfolio worth?
The Q2 2026 filing reports $131M in US stocks ($177M including options). That leaves out cash, bonds, short positions and most foreign holdings, so the fund's total assets are usually larger.
For informational and educational purposes only. Not investment advice, and not a recommendation to buy or sell any security. Holdings come from the fund's SEC Form 13F filings as reported and show positions at the end of the quarter, up to 45 days before the filing. The fund may have changed its positions since. A 13F leaves out short positions, cash, bonds and most foreign holdings. See all hedge fund holdings.