# EDGAR Filing Document

**Accession Number:** 0001440771
**File Stem:** 0000935836-26-000090
**Filing Date:** 2026-2
**Character Count:** 10496
**Document Hash:** 43e8016929dd40b462cd806af69d4687
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000935836-26-000090.hdr.sgml**: 20260213

**ACCESSION NUMBER**: 0000935836-26-000090

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260213

**DATE AS OF CHANGE**: 20260213

**EFFECTIVENESS DATE**: 20260213

**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:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-17175
- **FILM NUMBER:** 26634148

**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 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Stonepine Capital Management LLC<br>**Address:** 2900 NW Clearwater Drive<br>Suite 100-11<br>Bend, OR 97703

**Form 13F File Number:** 028-17175

**CRD Number (if applicable):** 000139891

**SEC File Number (if applicable):** 801-110935

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Jon M. Plexico<br>**Title:** Managing Member<br>**Phone:** 541-647-5673

**Signature, Place, and Date of Signing:**

/s/ Jon M. Plexico  Bend, OR  02-13-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 66

**Form 13F Information Table Value Total:** $136970409

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABEONA THERAPEUTICS INC | COM NEW | 00289Y206 |  | 1054000 | 200000 | SH | Call | SOLE |  | 200000 | 0 | 0 |
| ABEONA THERAPEUTICS INC | COM NEW | 00289Y206 |  | 3739091 | 709505 | SH |  | SOLE |  | 709505 | 0 | 0 |
| ACADIA PHARMACEUTICALS INC | COM | 004225108 |  | 2671000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| ADICET BIO INC | COM NEW | 007002207 |  | 1852493 | 220011 | SH |  | SOLE |  | 220011 | 0 | 0 |
| ADMA BIOLOGICS INC | COM | 000899104 |  | 13497600 | 740000 | SH |  | SOLE |  | 740000 | 0 | 0 |
| ALEXANDRIA REAL ESTATE EQ IN | COM NEW | 015271109 |  | 2447000 | 50000 | SH | Call | SOLE |  | 50000 | 0 | 0 |
| AN2 THERAPEUTICS INC | COM | 037326105 |  | 715542 | 627668 | SH |  | SOLE |  | 627668 | 0 | 0 |
| AYTU BIOPHARMA INC | COM | 054754858 |  | 2115630 | 813704 | SH |  | SOLE |  | 813704 | 0 | 0 |
| BIOAGE LABS INC | COM | 09077V100 |  | 595350 | 45000 | SH |  | SOLE |  | 45000 | 0 | 0 |
| BOUNDLESS BIO INC | COM | 10170A100 |  | 852085 | 710071 | SH |  | SOLE |  | 710071 | 0 | 0 |
| CABALETTA BIO INC | COM | 12674W109 |  | 374709 | 171100 | SH |  | SOLE |  | 171100 | 0 | 0 |
| CAMP4 THERAPEUTICS CORP | COM | 13463J101 |  | 1403120 | 228894 | SH |  | SOLE |  | 228894 | 0 | 0 |
| CNS PHARMACEUTICALS INC | COM | 18978H508 |  | 256342 | 48827 | SH |  | SOLE |  | 48827 | 0 | 0 |
| CODEXIS INC | COM | 192005106 |  | 417453 | 256106 | SH |  | SOLE |  | 256106 | 0 | 0 |
| COMPUGEN LTD | ORD | M25722105 |  | 467262 | 305400 | SH |  | SOLE |  | 305400 | 0 | 0 |
| CORBUS PHARMACEUTICALS HLDGS | COM NEW | 21833P301 |  | 3173916 | 389916 | SH |  | SOLE |  | 389916 | 0 | 0 |
| CRESCENT BIOPHARMA INC. | COM | G2545C104 |  | 1039909 | 87682 | SH |  | SOLE |  | 87682 | 0 | 0 |
| CRISPR THERAPEUTICS AG | NAMEN AKT | H17182108 |  | 2622000 | 50000 | SH | Call | SOLE |  | 50000 | 0 | 0 |
| CURIS INC | COM | 231269309 |  | 58583 | 59349 | SH |  | SOLE |  | 59349 | 0 | 0 |
| CYBIN INC | COM NEW | 23256X407 |  | 2780398 | 339902 | SH |  | SOLE |  | 339902 | 0 | 0 |
| DAY ONE BIOPHARMACEUTICALS I | COM | 23954D109 |  | 1864000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| DELCATH SYS INC | COM NEW | 24661P807 |  | 275043 | 27232 | SH |  | SOLE |  | 27232 | 0 | 0 |
| EDESA BIOTECH INC | COM NEW | 27966L306 |  | 976250 | 687500 | SH |  | SOLE |  | 687500 | 0 | 0 |
| ELEDON PHARMACEUTICALS INC | COM | 28617K101 |  | 1348581 | 893100 | SH |  | SOLE |  | 893100 | 0 | 0 |
| ENANTA PHARMACEUTICALS INC | COM | 29251M106 |  | 1577000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| EVAXION AS | SPONSORED ADS | 29970R303 |  | 95400 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| EVOLUS INC | COM | 30052C107 |  | 10850060 | 1631588 | SH |  | SOLE |  | 1631588 | 0 | 0 |
| FENNEC PHARMACEUTICALS INC | COM | 31447P100 |  | 385000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| GERON CORP | COM | 374163103 |  | 1063656 | 805800 | SH |  | SOLE |  | 805800 | 0 | 0 |
| GOSSAMER BIO INC | COM | 38341P102 |  | 634787 | 204770 | SH |  | SOLE |  | 204770 | 0 | 0 |
| HERON THERAPEUTICS INC | COM | 427746102 |  | 1609143 | 1237802 | SH |  | SOLE |  | 1237802 | 0 | 0 |
| IN8BIO INC | COM NEW | 45674E208 |  | 385850 | 164893 | SH |  | SOLE |  | 164893 | 0 | 0 |
| INDIVIOR PLC | ORD | G4766E116 |  | 3588000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| INHIBIKASE THERAPEUTICS INC | COM NEW | 45719W205 |  | 4813701 | 2348147 | SH |  | SOLE |  | 2348147 | 0 | 0 |
| JANUX THERAPEUTICS INC | COM | 47103J105 |  | 276000 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| KAZIA THERAPEUTICS LTD | SPONSORED ADS | 48669G303 |  | 3171874 | 460359 | SH |  | SOLE |  | 460359 | 0 | 0 |
| KEZAR LIFE SCIENCES INC | COM NEW | 49372L209 |  | 982366 | 156179 | SH |  | SOLE |  | 156179 | 0 | 0 |
| KIORA PHARMACEUTICALS INC | COM | 49721T507 |  | 258354 | 131144 | SH |  | SOLE |  | 131144 | 0 | 0 |
| MANNKIND CORP | COM NEW | 56400P706 |  | 489656 | 86359 | SH |  | SOLE |  | 86359 | 0 | 0 |
| MAXCYTE INC | COM | 57777K106 |  | 726978 | 469018 | SH |  | SOLE |  | 469018 | 0 | 0 |
| MILESTONE PHARMACEUTICALS IN | COM | 59935V107 |  | 1338585 | 662666 | SH |  | SOLE |  | 662666 | 0 | 0 |
| NEKTAR THERAPEUTICS | COM NEW | 640268306 |  | 2114000 | 50000 | SH | Call | SOLE |  | 50000 | 0 | 0 |
| NEKTAR THERAPEUTICS | COM NEW | 640268306 |  | 3593800 | 85000 | SH |  | SOLE |  | 85000 | 0 | 0 |
| OMNIAB INC | COM | 68218J103 |  | 1296850 | 701000 | SH |  | SOLE |  | 701000 | 0 | 0 |
| OVID THERAPEUTICS INC | COM | 690469101 |  | 166858 | 102367 | SH |  | SOLE |  | 102367 | 0 | 0 |
| PASITHEA THERAPEUTICS CORP | COM NEW | 70261F202 |  | 354830 | 275062 | SH |  | SOLE |  | 275062 | 0 | 0 |
| PLIANT THERAPEUTICS INC | COM | 729139105 |  | 280661 | 230050 | SH |  | SOLE |  | 230050 | 0 | 0 |
| PMV PHARMACEUTICALS INC | COM | 69353Y103 |  | 1438449 | 1150759 | SH |  | SOLE |  | 1150759 | 0 | 0 |
| PROCESSA PHARMACEUTICALS INC | COM SHS | 74275C403 |  | 35490 | 12323 | SH |  | SOLE |  | 12323 | 0 | 0 |
| PULMONX CORP | COM | 745848101 |  | 1074944 | 486400 | SH |  | SOLE |  | 486400 | 0 | 0 |
| QUOIN PHARMACEUTICALS LTD | SPONSORED ADS | 74907L409 |  | 1128267 | 78189 | SH |  | SOLE |  | 78189 | 0 | 0 |
| RADIOPHARM THERANOSTICS LTD | SPONSORED ADS | 75041J101 |  | 850851 | 51000000 | SH |  | SOLE |  | 51000000 | 0 | 0 |
| SEMLER SCIENTIFIC INC | COM | 81684M104 |  | 764500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| SPRUCE BIOSCIENCES INC | COM NEW | 85209E208 |  | 1719726 | 19742 | SH |  | SOLE |  | 19742 | 0 | 0 |
| SURROZEN INC | COM NEW | 86889P208 |  | 2568061 | 113631 | SH |  | SOLE |  | 113631 | 0 | 0 |
| TELA BIO INC | COM | 872381108 |  | 2775398 | 2352032 | SH |  | SOLE |  | 2352032 | 0 | 0 |
| TENAX THERAPEUTICS INC | COM NEW | 88032L605 |  | 144866 | 11884 | SH |  | SOLE |  | 11884 | 0 | 0 |
| TENAYA THERAPEUTICS INC | COM | 87990A106 |  | 250449 | 352001 | SH |  | SOLE |  | 352001 | 0 | 0 |
| ULTRAGENYX PHARMACEUTICAL IN | COM | 90400D108 |  | 2300000 | 100000 | SH | Call | SOLE |  | 100000 | 0 | 0 |
| VERASTEM INC | COM NEW | 92337C203 |  | 21091650 | 2732079 | SH |  | SOLE |  | 2732079 | 0 | 0 |
| VERRICA PHARMACEUTICALS INC | COM SHS | 92511W207 |  | 2938989 | 353669 | SH |  | SOLE |  | 353669 | 0 | 0 |
| X4 PHARMACEUTICALS INC | COM NEW | 98420X202 |  | 2374292 | 593573 | SH |  | SOLE |  | 593573 | 0 | 0 |
| XILIO THERAPEUTICS INC | COM | 98422T100 |  | 80838 | 126270 | SH |  | SOLE |  | 126270 | 0 | 0 |
| XOMA ROYALTY CORPORATION | COM NEW | 98419J206 |  | 3057850 | 115000 | SH |  | SOLE |  | 115000 | 0 | 0 |
| ZENTALIS PHARMACEUTICALS INC | COM | 98943L107 |  | 625995 | 463700 | SH |  | SOLE |  | 463700 | 0 | 0 |
| ZEVRA THERAPEUTICS INC | COM NEW | 488445206 |  | 5099028 | 569088 | SH |  | SOLE |  | 569088 | 0 | 0 |

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