Stonepine Capital Management, LLC

Q4 2025 13F-HR Holdings

Location
Bend, OR
Holdings as of
12/31/2025
Date filed
2/13/2026
Form type
13F-HR
Num holdings
66
Total value ($000)
$136,970
Net value change ($000)
+13,962 (11.4%)
New positions
27
Sold out positions
24
Turnover %
31.5%
Sector allocation + QoQ delta (equities-only)
Prev filing: 11/13/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
IKT 3,623 304.2%
CRBP 3,174 NEW
KZIA 3,172 NEW
VRCA 2,939 NEW
HELP 2,780 NEW
ADMA 2,664 24.6%
ACET 1,852 NEW
SPRB 1,720 NEW
EOLS 1,417 15.0%
CAMP 1,403 NEW
Top Reduces (Value $000, Stocks/ETFs)
DAWN -2,700 -59.2%
ZVRA -2,604 -33.8%
VSTM -2,484 -10.5%
OABIW -2,132 -62.2%
ENTA -2,074 -56.8%
SLNO -1,622 -100.0%
XOMA -1,392 -31.3%
NKTR -1,243 -25.7%
XFOR -1,239 -34.3%
ALMS -1,197 -100.0%
Instrument mix + QoQ Δ (ex-options)
Derivatives reported exposure ($000): 10,537 (7.7% of total reported value)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type