# EDGAR Filing Document

**Accession Number:** 0001440771
**File Stem:** 0000935836-25-000585
**Filing Date:** 2025-9
**Character Count:** 27864
**Document Hash:** 333e7574eaaa6f84ecc0b0cbb8ddaf57
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000935836-25-000585.hdr.sgml**: 20250902

**ACCESSION NUMBER**: 0000935836-25-000585

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250902

**EFFECTIVENESS DATE**: 20250902

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Stonepine Capital Management, LLC
- **CENTRAL INDEX KEY:** 0001440771

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-17175
- **FILM NUMBER:** 251282476

**BUSINESS ADDRESS:**
- **STREET 1:** 2900 NW CLEARWATER DRIVE
- **STREET 2:** SUITE 100-11
- **CITY:** BEND
- **STATE:** OR
- **ZIP:** 97703
- **BUSINESS PHONE:** 541-647-5673

**MAIL ADDRESS:**
- **STREET 1:** 2900 NW CLEARWATER DRIVE
- **STREET 2:** SUITE 100-11
- **CITY:** BEND
- **STATE:** OR
- **ZIP:** 97703

## FORM N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0001440771

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** Stonepine Capital Management, LLC

**Address:** 2900 NW Clearwater Drive, BEND, OR 97703

**Telephone number:** 541-647-5673

**Name of agent for service:** CORPORATION SERVICE COMPANY

**Agent Address:** 251 LITTLE FALLS DRIVE, WILMINGTON, DE 19808

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 028-17175

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** 213800AIP1E4A547KD30

**Report Type (check only one):**

Institutional Manager.

- [x] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER                        | CUSIP     | MEETING DATE   | VOTE DESCRIPTION                                                                                                                                                                                                                                                                                                                                                             | VOTE CATEGORY                |   SHARES VOTED |   SHARES ON LOAN | HOW VOTED   |   SHARES VOTED FOR OR AGAINST MANAGEMENT | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| Lifeward Ltd.                         | M8216Q119 | 12/04/2024     | To approve a grant to Larry Jasinski, the Company's Chief Executive Officer, of 14,286 restricted stock units ("RSUs") and 14,285 performance-based RSUs.                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |           5241 |                0 | For         |                                     5241 | FOR                         |  |
| Enanta Pharmaceuticals, Inc.          | 29251M106 | 03/14/2025     | To approve, on an advisory basis, the compensation paid to our named executive officers, as disclosed in the proxy statement.                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |         434316 |                0 | For         |                                   434316 | FOR                         |  |
| Aytu BioPharma, Inc.                  | 054754858 | 05/21/2025     | To approve the advisory vote on exec compensation                                                                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         442663 |                0 | For         |                                   442663 | FOR                         |  |
| Galapagos N V                         | 36315X101 | 04/29/2025     | Acknowledgement and approval of the remuneration report.                                                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          93968 |                0 | For         |                                    93968 | FOR                         |  |
| Collegium Pharmaceutical, Inc.        | 19459J104 | 05/15/2025     | To approve executive compensation                                                                                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |           7318 |                0 | For         |                                     7318 | FOR                         |  |
| Corbus Pharmaceuticals Holdings, Inc. | 21833P301 | 05/15/2025     | To approve executive compensation                                                                                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |          30000 |                0 | For         |                                    30000 | FOR                         |  |
| Ani Pharmaceuticals, Inc.             | 00182C103 | 05/22/2025     | To approve executive compensation                                                                                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |          48000 |                0 | For         |                                    48000 | FOR                         |  |
| Geron Corporation                     | 374163103 | 05/21/2025     | To approve, on an advisory basis, the compensation of our Named Executive Officers, as disclosed in our Proxy Statement                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |         260000 |                0 | For         |                                   260000 | FOR                         |  |
| Verastem, Inc.                        | 92337C203 | 05/22/2025     | To approve an advisory vote on the compensation of the named executive officers                                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |         592750 |                0 | For         |                                   592750 | FOR                         |  |
| Tela Bio, Inc.                        | 872381108 | 05/28/2025     | To approve, on a non-binding, advisory basis, the compensation of the Company's named executive officers                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |        2055225 |                0 | Against     |                                  2055225 | AGAINST                     |  |
| Amarin Corporation PLC                | 023111404 | 05/13/2025     | Ordinary resolution to hold an advisory (non-binding) vote to approve the compensation of the Company's "named executive officers" as described in full in the "Executive Compensation Discussion and Analysis" section, the tabular disclosure regarding such compensation, and the accompanying narrative disclosure on pages 26 to 58 of the accompanying Proxy Statement | SECTION 14A SAY-ON-PAY VOTES |         651614 |                0 | For         |                                   651614 | FOR                         |  |
| Optinose, Inc.                        | 68404V209 | 05/16/2025     | To approve, by advisory (non-binding) vote, the compensation that may be paid or become payable to our named executive officers in connection with the consummation of the merger.                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |         100000 |                0 | For         |                                   100000 | FOR                         |  |
| Optinose, Inc.                        | 68404V209 | 05/16/2025     | To approve, by advisory (non-binding) vote, the compensation that may be paid or become payable to our named executive officers in connection with the consummation of the merger.                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |         691227 |                0 | For         |                                   691227 | FOR                         |  |
| ADMA Biologics, Inc.                  | 000899104 | 06/04/2025     | To approve, on a non-binding, advisory basis, the compensation of the Company's named executive officers.                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |         810000 |                0 | For         |                                   810000 | FOR                         |  |
| Inovia Pharmaceuticals, Inc.          | 45773H409 | 05/20/2025     | To approve, on a non-binding advisory basis, the resolution regarding compensation of our named executive officers described in the accompanying proxy statement                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |         701123 |                0 | For         |                                   701123 | FOR                         |  |
| Esperion Therapeutics, Inc.           | 29664W105 | 05/29/2025     | To approve the non-binding advisory resolution on the compensation of our named executive officers.                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          10000 |                0 | For         |                                    10000 | FOR                         |  |
| Vir Biotechnology, Inc.               | 92764N102 | 05/29/2025     | To approve, on an advisory basis, the compensation of the Company's named executive officers                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |         144628 |                0 | For         |                                   144628 | FOR                         |  |
| Day One Biopharmaceuticals, Inc.      | 23954D109 | 06/02/2025     | Approval, on a non-binding advisory basis, of the compensation of our named executive officers                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |         364238 |                0 | For         |                                   364238 | FOR                         |  |
| Establishment Labs Holdings Inc.      | G31249108 | 05/23/2025     | To approve, on an advisory basis, the compensation of our named executive officers                                                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          74500 |                0 | For         |                                    74500 | FOR                         |  |
| SCPHarmaceuticals Inc.                | 810648105 | 06/03/2025     | To approve, on an advisory (non-binding) basis, the compensation of the Company's named executive officers.                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         347687 |                0 | For         |                                   347687 | FOR                         |  |
| Edesa Biotech Inc                     | 27966L306 | 05/28/2025     | Advisory Vote on Executive Compensation: Approve, on an advisory basis, our executive compensation ("Say on Pay")                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         687500 |                0 | For         |                                   687500 | FOR                         |  |
| Xeris Biopharma Holdings, Inc.        | 98422E103 | 06/04/2025     | To approve, on a non-binding advisory basis, the compensation of our named executive officers                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |          60000 |                0 | For         |                                    60000 | FOR                         |  |
| Keros Therapeutics, Inc.              | 492327101 | 06/04/2025     | To approve, on an advisory basis, the compensation of the Company's named executive officers as disclosed in the accompanying Proxy Statement                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |         111900 |                0 | For         |                                   111900 | FOR                         |  |
| PMV Pharmaceuticals Inc.              | 69353Y103 | 06/05/2025     | Approval, on a non-binding advisory basis, of the compensation of our named executive officers.                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |         646282 |                0 | For         |                                   646282 | FOR                         |  |
| Evolus, Inc.                          | 30052C107 | 06/05/2025     | Approval of, on an advisory basis, the compensation of Evolus' named executive officers.                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |        1134574 |                0 | For         |                                  1134574 | FOR                         |  |
| Vanda Pharmaceuticals Inc.            | 921659108 | 06/05/2025     | To approve, on an advisory basis, the Company's named executive officer compensation.                                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          80148 |                0 | For         |                                    80148 | FOR                         |  |
| Savara Inc.                           | 805111101 | 06/05/2025     | To approve, on an advisory basis, the compensation of our named executives.                                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          35000 |                0 | For         |                                    35000 | FOR                         |  |
| Coherus Oncology, Inc.                | 19249H103 | 06/11/2025     | To vote on a non-binding, advisory basis to approve the compensation of the Company's named executive officers (a "Say-on-Pay" vote).                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         655000 |                0 | AGAINST     |                                   655000 | AGAINST                     |  |
| Exagen Inc.                           | 30068X103 | 06/10/2025     | To approve by an advisory vote the compensation of our named executive officers, as disclosed in the proxy statement                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          16362 |                0 | For         |                                    16362 | FOR                         |  |
| Acadia Pharmaceuticals Inc.           | 004225108 | 05/29/2025     | To approve, on an advisory basis, the compensation of the Company's named executive officers, as disclosed in the proxy statement.                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |         105000 |                0 | For         |                                   105000 | FOR                         |  |
| Zentalis Pharmaceuticals, Inc.        | 98943L107 | 06/17/2025     | To approve, on an advisory (non-binding) basis, the compensation of our named executive officers.                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |          92985 |                0 | For         |                                    92985 | FOR                         |  |
| Aquestive Therapeutics, Inc.          | 03843E104 | 06/11/2025     | To approve, on a non-binding advisory basis, the compensation of our named executive officers                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |         200000 |                0 | For         |                                   200000 | FOR                         |  |
| Iovance Biotherapeutics, Inc.         | 462260100 | 06/10/2025     | To approve, by non-binding advisory vote, the compensation of our named executive officers.                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          15000 |                0 | For         |                                    15000 | FOR                         |  |
| Adicet Bio, Inc.                      | 007002108 | 06/11/2025     | To ratify, on a non-binding advisory basis, the compensation of our named executive officers                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |         505117 |                0 | For         |                                   505117 | FOR                         |  |
| Kiora Pharmaceuticals Inc.            | 49721T507 | 06/04/2025     | To approve, on a non-binding advisory basis, the compensation of our named executive officers as disclosed in the proxy statement                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |            647 |                0 | For         |                                      647 | FOR                         |  |
| Kiora Pharmaceuticals Inc.            | 49721T507 | 06/04/2025     | To approve, on a non-binding advisory basis, the compensation of our named executive officers as disclosed in the proxy statement                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         200000 |                0 | For         |                                   200000 | FOR                         |  |
| Heron Therapeutics, Inc.              | 427746102 | 06/12/2025     | To approve, on a nonbinding advisory basis, compensation paid to our Named Executive Officers for the fiscal year ended December 31, 2024.                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |         796100 |                0 | For         |                                   796100 | FOR                         |  |
| Liquidia Corporation                  | 53635D202 | 06/17/2025     | To approve, on an advisory basis, the compensation of our named executive officers.                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          25000 |                0 | For         |                                    25000 | FOR                         |  |
| Kezar Life Sciences, Inc.             | 49372L209 | 06/17/2025     | Advisory vote on the compensation paid to our named executive officers.                                                                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |         100000 |                0 | For         |                                   100000 | FOR                         |  |
| Milestone Pharmaceuticals, Inc.       | 59935V107 | 06/10/2025     | Say-on-Pay - Approval, on an advisory basis, of the compensation paid to our named executive officers                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         126775 |                0 | For         |                                   126775 | FOR                         |  |
| Y-Mabs Therapeutics, Inc.             | 984241109 | 07/11/2025     | To approve, on a non-binding advisory vote basis, the compensation of the Company's named executive officers as disclosed in the proxy statement                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |         300000 |                0 | For         |                                   300000 | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** Stonepine Capital Management, LLC

**By (Signature):** Jon M. Plexico

**By (Printed Signature):** Jon M. Plexico

**By (Title):** Managing Member

**Date:** 08/29/2025