# EDGAR Filing Document

**Accession Number:** 0001440771
**File Stem:** 0001440771-26-000002
**Filing Date:** 2026-5
**Character Count:** 12225
**Document Hash:** 329fafca9aaccb1a86bfc8d829c7bd39
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001440771-26-000002.hdr.sgml**: 20260514

**ACCESSION NUMBER**: 0001440771-26-000002

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260514

**DATE AS OF CHANGE**: 20260514

**EFFECTIVENESS DATE**: 20260514

**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:** 26979333

**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:** 03-31-2026

**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  05-14-2026<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:** 83

**Form 13F Information Table Value Total:** $249722452

      (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 |  | 3344710 | 746587 | SH |  | SOLE |  | 746587 | 0 | 0 |
| ABEONA THERAPEUTICS INC | COM NEW | 00289Y206 |  | 448000 | 100000 | SH | Call | SOLE |  | 100000 | 0 | 0 |
| ACADIA PHARMACEUTICALS INC | COM | 004225108 |  | 2226000 | 100000 | SH | Call | SOLE |  | 100000 | 0 | 0 |
| ADICET BIO INC | COM NEW | 007002207 |  | 1511514 | 221955 | SH |  | SOLE |  | 221955 | 0 | 0 |
| ADMA BIOLOGICS INC | COM | 000899104 |  | 6667400 | 740000 | SH |  | SOLE |  | 740000 | 0 | 0 |
| ADMA BIOLOGICS INC | COM | 000899104 |  | 10361500 | 1150000 | SH | Call | SOLE |  | 1150000 | 0 | 0 |
| ALEXANDRIA REAL ESTATE EQ IN | COM | 015271109 |  | 2321000 | 50000 | SH | Call | SOLE |  | 50000 | 0 | 0 |
| AN2 THERAPEUTICS INC | COM | 037326105 |  | 2441350 | 713845 | SH |  | SOLE |  | 713845 | 0 | 0 |
| ARDELYX INC | COM | 039697107 |  | 898500 | 150000 | SH | Call | SOLE |  | 150000 | 0 | 0 |
| ARVINAS INC | COM | 04335A105 |  | 291500 | 27500 | SH |  | SOLE |  | 27500 | 0 | 0 |
| AYTU BIOPHARMA INC | COM | 054754858 |  | 2162949 | 792289 | SH |  | SOLE |  | 792289 | 0 | 0 |
| BIOAGE LABS INC | COM | 09077V100 |  | 874500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| BIOATLA INC | COM | 09077B104 |  | 10527 | 65387 | SH |  | SOLE |  | 65387 | 0 | 0 |
| BOUNDLESS BIO INC | COM | 10170A100 |  | 657450 | 597682 | SH |  | SOLE |  | 597682 | 0 | 0 |
| CABALETTA BIO INC | COM | 12674W109 |  | 134500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| CAMP4 THERAPEUTICS CORP | COM | 13463J101 |  | 6128233 | 1389622 | SH |  | SOLE |  | 1389622 | 0 | 0 |
| CANDEL THERAPEUTICS INC | COM | 137404109 |  | 502250 | 102500 | SH |  | SOLE |  | 102500 | 0 | 0 |
| CNS PHARMACEUTICALS INC | COM | 18978H508 |  | 145790 | 61000 | SH |  | SOLE |  | 61000 | 0 | 0 |
| CODEXIS INC | COM | 192005106 |  | 681330 | 417994 | SH |  | SOLE |  | 417994 | 0 | 0 |
| COMPUGEN LTD | ORD | M25722105 |  | 222159 | 104300 | SH |  | SOLE |  | 104300 | 0 | 0 |
| CONNECT BIOPHARMA HLDGS LTD | SHS | G23549101 |  | 812200 | 310000 | SH |  | SOLE |  | 310000 | 0 | 0 |
| CORBUS PHARMACEUTICALS HLDGS | COM NEW | 21833P301 |  | 3600708 | 383462 | SH |  | SOLE |  | 383462 | 0 | 0 |
| CRESCENT BIOPHARMA INC. | COM | G2545C104 |  | 1561450 | 85000 | SH |  | SOLE |  | 85000 | 0 | 0 |
| CURIS INC | COM | 231269309 |  | 2039462 | 3726406 | SH |  | SOLE |  | 3726406 | 0 | 0 |
| CYBIN INC | COM NEW | 23256X407 |  | 643488 | 134060 | SH |  | SOLE |  | 134060 | 0 | 0 |
| CYTOMX THERAPEUTICS INC. | COM | 23284F105 |  | 940000 | 200000 | SH | Call | SOLE |  | 200000 | 0 | 0 |
| CYTOMX THERAPEUTICS INC. | COM | 23284F105 |  | 940000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| DELCATH SYS INC | COM NEW | 24661P807 |  | 928000 | 100000 | SH | Call | SOLE |  | 100000 | 0 | 0 |
| EDESA BIOTECH INC | COM NEW | 27966L306 |  | 156900 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| ELEDON PHARMACEUTICALS INC | COM | 28617K101 |  | 107800 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| ESTABLISHMENT LABS HLDGS INC | COM | G31249108 |  | 2839000 | 50000 | SH | Call | SOLE |  | 50000 | 0 | 0 |
| ESTABLISHMENT LABS HLDGS INC | COM | G31249108 |  | 340680 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| EVAXION AS | SPONSORED ADS | 29970R303 |  | 73332 | 19713 | SH |  | SOLE |  | 19713 | 0 | 0 |
| EVOLUS INC | COM | 30052C107 |  | 7229864 | 1759091 | SH |  | SOLE |  | 1759091 | 0 | 0 |
| EVOLUS INC | COM | 30052C107 |  | 1726200 | 420000 | SH | Call | SOLE |  | 420000 | 0 | 0 |
| HERON THERAPEUTICS INC | COM | 427746102 |  | 1121893 | 1402191 | SH |  | SOLE |  | 1402191 | 0 | 0 |
| HERON THERAPEUTICS INC | COM | 427746102 |  | 800100 | 1000000 | SH | Call | SOLE |  | 1000000 | 0 | 0 |
| IN8BIO INC | COM NEW | 45674E208 |  | 981850 | 663412 | SH |  | SOLE |  | 663412 | 0 | 0 |
| INHIBIKASE THERAPEUTICS INC | COM NEW | 45719W205 |  | 1608099 | 957202 | SH |  | SOLE |  | 957202 | 0 | 0 |
| JANUX THERAPEUTICS INC | COM | 47103J105 |  | 278000 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| KALARIS THERAPEUTICS INC | COM | 482929106 |  | 117708 | 20400 | SH |  | SOLE |  | 20400 | 0 | 0 |
| KAZIA THERAPEUTICS LTD | SPONSORED ADS | 48669G303 |  | 2568132 | 345179 | SH |  | SOLE |  | 345179 | 0 | 0 |
| MANNKIND CORP | COM NEW | 56400P706 |  | 1225000 | 500000 | SH | Call | SOLE |  | 500000 | 0 | 0 |
| MANNKIND CORP | COM NEW | 56400P706 |  | 39935 | 16300 | SH |  | SOLE |  | 16300 | 0 | 0 |
| MAXCYTE INC | COM | 57777K106 |  | 705783 | 1004673 | SH |  | SOLE |  | 1004673 | 0 | 0 |
| NEKTAR THERAPEUTICS | COM NEW | 640268306 |  | 6115750 | 85000 | SH |  | SOLE |  | 85000 | 0 | 0 |
| NEUMORA THERAPEUTICS INC. | COM | 640979100 |  | 975000 | 500000 | SH | Call | SOLE |  | 500000 | 0 | 0 |
| NEUMORA THERAPEUTICS INC. | COM | 640979100 |  | 195000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| OKYO PHARMA LTD | SHS NEW | G6724L116 |  | 1368500 | 850000 | SH |  | SOLE |  | 850000 | 0 | 0 |
| OMNIAB INC | COM | 68218J103 |  | 257551 | 164045 | SH |  | SOLE |  | 164045 | 0 | 0 |
| ONKURE THERAPEUTICS INC | COM CL A | 68277Q105 |  | 548873 | 132578 | SH |  | SOLE |  | 132578 | 0 | 0 |
| OPUS GENETICS INC | COM | 67577R102 |  | 312530 | 68688 | SH |  | SOLE |  | 68688 | 0 | 0 |
| OVID THERAPEUTICS INC | COM | 690469101 |  | 88800 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| PASITHEA THERAPEUTICS CORP | COM NEW | 70261F202 |  | 616659 | 831301 | SH |  | SOLE |  | 831301 | 0 | 0 |
| PHATHOM PHARMACEUTICALS INC | COM | 71722W107 |  | 555611 | 50010 | SH |  | SOLE |  | 50010 | 0 | 0 |
| PLIANT THERAPEUTICS INC | COM | 729139105 |  | 283059 | 224650 | SH |  | SOLE |  | 224650 | 0 | 0 |
| PMV PHARMACEUTICALS INC | COM | 69353Y103 |  | 878046 | 708102 | SH |  | SOLE |  | 708102 | 0 | 0 |
| PRECISION OPTICS CORP INC MA | COM NEW | 740294400 |  | 439000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| PROCESSA PHARMACEUTICALS INC | COM SHS | 74275C403 |  | 138875 | 55000 | SH |  | SOLE |  | 55000 | 0 | 0 |
| PULMONX CORP | COM | 745848101 |  | 991092 | 768288 | SH |  | SOLE |  | 768288 | 0 | 0 |
| QUOIN PHARMACEUTICALS LTD | SPONSORED ADS | 74907L409 |  | 352836 | 53460 | SH |  | SOLE |  | 53460 | 0 | 0 |
| RADIOPHARM THERANOSTICS LTD | SPONSORED ADS | 75041J101 |  | 738977 | 51000000 | SH |  | SOLE |  | 51000000 | 0 | 0 |
| SAB BIOTHERAPEUTICS INC | COM NEW | 78397T202 |  | 191500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| SATELLOS BIOSCIENCE INC | COM | 80401L803 |  | 563000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| SI BONE INC | COM | 825704109 |  | 1263000 | 100000 | SH | Call | SOLE |  | 100000 | 0 | 0 |
| SI BONE INC | COM | 825704109 |  | 188995 | 14964 | SH |  | SOLE |  | 14964 | 0 | 0 |
| SOL-GEL TECHNOLOGIES LTD | SHS NEW | M8694L137 |  | 2200573 | 27778 | SH |  | SOLE |  | 27778 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A870 |  | 51092000 | 400000 | SH | Put | SOLE |  | 400000 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A870 |  | 51092000 | 400000 | SH | Call | SOLE |  | 400000 | 0 | 0 |
| SURROZEN INC | COM NEW | 86889P208 |  | 961436 | 33005 | SH |  | SOLE |  | 33005 | 0 | 0 |
| TELA BIO INC | COM | 872381108 |  | 1622696 | 2617252 | SH |  | SOLE |  | 2617252 | 0 | 0 |
| TENAX THERAPEUTICS INC | COM NEW | 88032L605 |  | 15593448 | 975200 | SH |  | SOLE |  | 975200 | 0 | 0 |
| TERNS PHARMACEUTICALS INC | COM | 880881107 |  | 5272000 | 100000 | SH | Call | SOLE |  | 100000 | 0 | 0 |
| UPSTREAM BIO INC | COM | 91678A107 |  | 315000 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| VERASTEM INC | COM NEW | 92337C203 |  | 17502190 | 3302300 | SH |  | SOLE |  | 3302300 | 0 | 0 |
| VERRICA PHARMACEUTICALS INC | COM SHS | 92511W207 |  | 527598 | 99735 | SH |  | SOLE |  | 99735 | 0 | 0 |
| X4 PHARMACEUTICALS INC | COM NEW | 98420X202 |  | 1384826 | 335309 | SH |  | SOLE |  | 335309 | 0 | 0 |
| XERIS BIOPHARMA HOLDINGS INC | COM | 98422E103 |  | 1624000 | 280000 | SH | Call | SOLE |  | 280000 | 0 | 0 |
| XERIS BIOPHARMA HOLDINGS INC | COM | 98422E103 |  | 232174 | 40030 | SH |  | SOLE |  | 40030 | 0 | 0 |
| XILIO THERAPEUTICS INC | COM NEW | 98422T209 |  | 539602 | 64162 | SH |  | SOLE |  | 64162 | 0 | 0 |
| XOMA ROYALTY CORPORATION | COM NEW | 98419J206 |  | 2180215 | 69500 | SH |  | SOLE |  | 69500 | 0 | 0 |
| ZENTALIS PHARMACEUTICALS INC | COM | 98943L107 |  | 629694 | 269100 | SH |  | SOLE |  | 269100 | 0 | 0 |
| ZEVRA THERAPEUTICS INC | COM NEW | 488445206 |  | 4473600 | 480000 | SH |  | SOLE |  | 480000 | 0 | 0 |

---