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Stonepine Capital Management, LLC

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13F filer, CIK 1440771, Bend, OR

Stonepine Capital Management, LLC reported $249,722,452 across 83 holdings for the quarter ended 2026-03-31, in a 13F-HR filed 2026-05-14. Its ten largest share positions make up 64.41% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001440771-26-000002

Period
2026-03-31
Reported value
$250M
Holdings
83
Top 10 weight
64.41%
New
35
Sold out
18

Largest buys vs the previous quarter

SecurityShares changeApprox. value
TENXadded+963,316$15.4M
CAMPadded+1,160,728$5.12M
VSTMadded+570,221$3.02M
SLGLnew+27,778$2.2M
CRISadded+3,667,057$2.01M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
INDIVIOR PLCexited-100,000-$3.59M
EDSAreduced-657,500-$3.44M
ACADexited-100,000-$2.67M
ELDNreduced-858,100-$2.64M
SRZNreduced-80,626-$2.35M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q1 2026

Share positions as resolved from 13F-HR 0001440771-26-000002, largest first. % of portfolio is the value over $113,691,152, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
VSTMVERASTEM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 1,310,287 shares; 2024Q4: 870,000 shares; 2025Q1: 613,000 shares; 2025Q2: 1,360,386 shares; 2025Q3: 2,670,032 shares; 2025Q4: 2,732,079 shares; 2026Q1: 3,302,300 shares 3,302,300$17.5M15.39%+570,221Timeline
TENXTENAX THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 50,000 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 11,884 shares; 2026Q1: 975,200 shares 975,200$15.6M13.72%+963,316Timeline
EOLSEVOLUS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 1,369,821 shares; 2024Q4: 1,264,651 shares; 2025Q1: 1,134,574 shares; 2025Q2: 916,500 shares; 2025Q3: 1,536,391 shares; 2025Q4: 1,631,588 shares; 2026Q1: 1,759,091 shares 1,759,091$7.23M6.36%+127,503Timeline
ADMAADMA BIOLOGICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 1,870,000 shares; 2024Q4: 1,241,032 shares; 2025Q1: 810,000 shares; 2025Q2: 750,000 shares; 2025Q3: 739,000 shares; 2025Q4: 740,000 shares; 2026Q1: 740,000 shares 740,000$6.67M5.86%0Timeline
CAMPCAMP4 THERAPEUTICS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 228,894 shares; 2026Q1: 1,389,622 shares 1,389,622$6.13M5.39%+1,160,728Timeline
NKTRNEKTAR THERAPEUTICSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 50,200 shares; 2025Q3: 85,000 shares; 2025Q4: 85,000 shares; 2026Q1: 85,000 shares 85,000$6.12M5.38%0Timeline
ZVRAZEVRA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 700,000 shares; 2024Q4: 597,700 shares; 2025Q1: 650,000 shares; 2025Q2: 775,620 shares; 2025Q3: 810,000 shares; 2025Q4: 569,088 shares; 2026Q1: 480,000 shares 480,000$4.47M3.93%-89,088Timeline
CRBPCORBUS PHARMACEUTICALS HLDGSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 35,000 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 389,916 shares; 2026Q1: 383,462 shares 383,462$3.6M3.17%-6,454Timeline
ABEOABEONA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 45,000 shares; 2025Q3: 450,970 shares; 2025Q4: 709,505 shares; 2026Q1: 746,587 shares 746,587$3.34M2.94%+37,082Timeline
KZIAKAZIA THERAPEUTICS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 460,359 shares; 2026Q1: 345,179 shares 345,179$2.57M2.26%-115,180Timeline
ANTXAN2 THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 196,732 shares; 2025Q1: not reported; 2025Q2: 544,494 shares; 2025Q3: 563,913 shares; 2025Q4: 627,668 shares; 2026Q1: 713,845 shares 713,845$2.44M2.15%+86,177Timeline
SLGLSOL-GEL TECHNOLOGIES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 27,778 shares 27,778$2.2M1.94%newTimeline
XOMAXOMA ROYALTY CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 195,096 shares; 2024Q4: 125,700 shares; 2025Q1: 129,813 shares; 2025Q2: 152,143 shares; 2025Q3: 115,459 shares; 2025Q4: 115,000 shares; 2026Q1: 69,500 shares 69,500$2.18M1.92%-45,500Timeline
AYTUAYTU BIOPHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 500,958 shares; 2024Q4: 407,549 shares; 2025Q1: 463,721 shares; 2025Q2: 812,676 shares; 2025Q3: 891,855 shares; 2025Q4: 813,704 shares; 2026Q1: 792,289 shares 792,289$2.16M1.9%-21,415Timeline
CRISCURIS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 59,349 shares; 2026Q1: 3,726,406 shares 3,726,406$2.04M1.79%+3,667,057Timeline
TELATELA BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 1,110,000 shares; 2024Q4: 2,353,099 shares; 2025Q1: 2,055,225 shares; 2025Q2: 2,083,762 shares; 2025Q3: 2,155,519 shares; 2025Q4: 2,352,032 shares; 2026Q1: 2,617,252 shares 2,617,252$1.62M1.43%+265,220Timeline
IKTINHIBIKASE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,132,388 shares; 2025Q1: 914,973 shares; 2025Q2: 733,793 shares; 2025Q3: 735,019 shares; 2025Q4: 2,348,147 shares; 2026Q1: 957,202 shares 957,202$1.61M1.41%-1,390,945Timeline
CBIOCRESCENT BIOPHARMA INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 87,682 shares; 2026Q1: 85,000 shares 85,000$1.56M1.37%-2,682Timeline
ACETADICET BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 220,011 shares; 2026Q1: 221,955 shares 221,955$1.51M1.33%+1,944Timeline
XFORX4 PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,056,338 shares; 2025Q4: 593,573 shares; 2026Q1: 335,309 shares 335,309$1.38M1.22%-258,264Timeline
OKYOOKYO PHARMA LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 850,000 shares 850,000$1.37M1.2%newTimeline
HRTXHERON THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 700,000 shares; 2025Q1: 796,100 shares; 2025Q2: 657,380 shares; 2025Q3: 850,100 shares; 2025Q4: 1,237,802 shares; 2026Q1: 1,402,191 shares 1,402,191$1.12M0.99%+164,389Timeline
LUNGPULMONX CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 145,900 shares; 2025Q3: 670,000 shares; 2025Q4: 486,400 shares; 2026Q1: 768,288 shares 768,288$991K0.87%+281,888Timeline
INABIN8BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 82,430 shares; 2025Q3: 159,421 shares; 2025Q4: 164,893 shares; 2026Q1: 663,412 shares 663,412$982K0.86%+498,519Timeline
SRZNSURROZEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 110,000 shares; 2024Q4: 137,200 shares; 2025Q1: 285,782 shares; 2025Q2: 306,029 shares; 2025Q3: 250,146 shares; 2025Q4: 113,631 shares; 2026Q1: 33,005 shares 33,005$961K0.85%-80,626Timeline
CTMXCYTOMX THERAPEUTICS INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 125,000 shares; 2025Q4: not reported; 2026Q1: 200,000 shares 200,000$940K0.83%newTimeline
PMVPPMV PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 535,805 shares; 2025Q1: 630,183 shares; 2025Q2: 845,968 shares; 2025Q3: 1,370,139 shares; 2025Q4: 1,150,759 shares; 2026Q1: 708,102 shares 708,102$878K0.77%-442,657Timeline
BIOABIOAGE LABS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 50,000 shares; 2025Q2: 151,085 shares; 2025Q3: 188,571 shares; 2025Q4: 45,000 shares; 2026Q1: 50,000 shares 50,000$874K0.77%+5,000Timeline
CNTBCONNECT BIOPHARMA HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 310,000 shares 310,000$812K0.71%newTimeline
RADXRADIOPHARM THERANOSTICS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 51,000,000 shares; 2026Q1: 51,000,000 shares 51,000,000$739K0.65%0Timeline
MXCTMAXCYTE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 459,018 shares; 2025Q4: 469,018 shares; 2026Q1: 1,004,673 shares 1,004,673$706K0.62%+535,655Timeline
CDXSCODEXIS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 88,264 shares; 2025Q4: 256,106 shares; 2026Q1: 417,994 shares 417,994$681K0.6%+161,888Timeline
BOLDBOUNDLESS BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 106,175 shares; 2025Q3: 413,453 shares; 2025Q4: 710,071 shares; 2026Q1: 597,682 shares 597,682$657K0.58%-112,389Timeline
HELPCYBIN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 339,902 shares; 2026Q1: 134,060 shares 134,060$643K0.57%-205,842Timeline
ZNTLZENTALIS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 60,000 shares; 2025Q2: 109,010 shares; 2025Q3: 453,800 shares; 2025Q4: 463,700 shares; 2026Q1: 269,100 shares 269,100$630K0.55%-194,600Timeline
KTTAPASITHEA THERAPEUTICS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 275,062 shares; 2026Q1: 831,301 shares 831,301$617K0.54%+556,239Timeline
MSLESATELLOS BIOSCIENCE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 100,000 shares 100,000$563K0.5%newTimeline
PHATPHATHOM PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 50,010 shares 50,010$556K0.49%newTimeline
OKURONKURE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 132,578 shares 132,578$549K0.48%newTimeline
XLOXILIO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 64,162 shares 64,162$540K0.47%newTimeline
VRCAVERRICA PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 353,669 shares; 2026Q1: 99,735 shares 99,735$528K0.46%-253,934Timeline
CADLCANDEL THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 102,500 shares 102,500$502K0.44%newTimeline
POCIPRECISION OPTICS CORP INC MAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 100,000 shares 100,000$439K0.39%newTimeline
QNRXQUOIN PHARMACEUTICALS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 78,189 shares; 2026Q1: 53,460 shares 53,460$353K0.31%-24,729Timeline
ESTAESTABLISHMENT LABS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 75,000 shares; 2024Q4: 80,002 shares; 2025Q1: 74,500 shares; 2025Q2: 7,000 shares; 2025Q3: 10,585 shares; 2025Q4: not reported; 2026Q1: 6,000 shares 6,000$341K0.3%newTimeline
UPBUPSTREAM BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 35,000 shares 35,000$315K0.28%newTimeline
IRDOPUS GENETICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 68,688 shares 68,688$313K0.27%newTimeline
ARVNARVINAS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 27,500 shares 27,500$292K0.26%newTimeline
PLRXPLIANT THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 289,237 shares; 2025Q4: 230,050 shares; 2026Q1: 224,650 shares 224,650$283K0.25%-5,400Timeline
JANXJANUX THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 20,000 shares; 2026Q1: 20,000 shares 20,000$278K0.24%0Timeline
OABIOMNIAB INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 2,142,857 shares; 2025Q4: 701,000 shares; 2026Q1: 164,045 shares 164,045$258K0.23%-536,955Timeline
XERSXERIS BIOPHARMA HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 182,317 shares; 2025Q1: 102,265 shares; 2025Q2: 205,100 shares; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 40,030 shares 40,030$232K0.2%newTimeline
CGENCOMPUGEN LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 305,400 shares; 2026Q1: 104,300 shares 104,300$222K0.2%-201,100Timeline
NMRANEUMORA THERAPEUTICS INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 100,000 shares 100,000$195K0.17%newTimeline
SABSSAB BIOTHERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 50,000 shares 50,000$192K0.17%newTimeline
SIBNSI BONE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 14,964 shares 14,964$189K0.17%newTimeline
EDSAEDESA BIOTECH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 687,500 shares; 2025Q2: not reported; 2025Q3: 687,500 shares; 2025Q4: 687,500 shares; 2026Q1: 30,000 shares 30,000$157K0.14%-657,500Timeline
CNSPCNS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 48,827 shares; 2026Q1: 61,000 shares 61,000$146K0.13%+12,173Timeline
PCSAPROCESSA PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 12,323 shares; 2026Q1: 55,000 shares 55,000$139K0.12%+42,677Timeline
CABACABALETTA BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 171,100 shares; 2026Q1: 50,000 shares 50,000$134K0.12%-121,100Timeline
KLRSKALARIS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 20,400 shares 20,400$118K0.1%newTimeline
ELDNELEDON PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 893,100 shares; 2026Q1: 35,000 shares 35,000$108K0.09%-858,100Timeline
OVIDOVID THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 102,367 shares; 2026Q1: 40,000 shares 40,000$88.8K0.08%-62,367Timeline
EVAXEVAXION ASQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 20,000 shares; 2026Q1: 19,713 shares 19,713$73.3K0.06%-287Timeline
MNKDMANNKIND CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 157,569 shares; 2025Q4: 86,359 shares; 2026Q1: 16,300 shares 16,300$39.9K0.04%-70,059Timeline
BCABBIOATLA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 65,387 shares 65,387$10.5K0.01%newTimeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
XBISPDR SERIES TRUST S&P BIOTECHput400,000$51.1Mnew
XBISPDR SERIES TRUST S&P BIOTECHcall400,000$51.1Mnew
ADMAADMA BIOLOGICS INC COMcall1,150,000$10.4Mnew
TERNTERNS PHARMACEUTICALS INC Stockcall100,000$5.27Mnew
ESTAESTABLISHMENT LABS HLDGS INC COMMON STOCKcall50,000$2.84Mnew
AREALEXANDRIA REAL ESTATE EQ IN REITcall50,000$2.32M0
ACADACADIA PHARMACEUTICALS INC COMcall100,000$2.23Mnew
EOLSEVOLUS INC COMcall420,000$1.73Mnew
XERSXERIS BIOPHARMA HOLDINGS INC COMcall280,000$1.62Mnew
SIBNSI BONE INC COMcall100,000$1.26Mnew
MNKDMANNKIND CORP Stockcall500,000$1.23Mnew
NMRANEUMORA THERAPEUTICS INC. COMcall500,000$975Knew
CTMXCYTOMX THERAPEUTICS INC. COMMON STOCKcall200,000$940Knew
DCTHDELCATH SYS INC COMMON STOCKcall100,000$928Knew
ARDXARDELYX INC COMcall150,000$898Knew
HRTXHERON THERAPEUTICS INC COMcall1,000,000$800Knew
ABEOABEONA THERAPEUTICS INC COM NEWcall100,000$448K-100,000

Sold out in Q1 2026

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
INDIVIOR PLCINDIVIOR PLC100,000$3.59Mshares
ACADACADIA PHARMACEUTICALS INC100,000$2.67Mshares
CRSPCRISPR THERAPEUTICS AG50,000$2.62Mcall
RAREULTRAGENYX PHARMACEUTICAL IN100,000$2.3Mcall
NKTRNEKTAR THERAPEUTICS50,000$2.11Mcall
DAWNDAY ONE BIOPHARMACEUTICALS I200,000$1.86Mshares
SPRBSPRUCE BIOSCIENCES INC19,742$1.72Mshares
ENTAENANTA PHARMACEUTICALS INC100,000$1.58Mshares
MISTMILESTONE PHARMACEUTICALS IN662,666$1.34Mshares
GERNGERON CORP805,800$1.06Mshares
KZRKEZAR LIFE SCIENCES INC156,179$982Kshares
SEMLER SCIENTIFIC INCSEMLER SCIENTIFIC INC50,000$764Kshares
GOSSGOSSAMER BIO INC204,770$635Kshares
FENCFENNEC PHARMACEUTICALS INC50,000$385Kshares
DCTHDELCATH SYS INC27,232$275Kshares
KPRXKIORA PHARMACEUTICALS INC131,144$258Kshares
TNYATENAYA THERAPEUTICS INC352,001$250Kshares
XLOXilio Therapeutics Inc.126,270$80.8Kshares

How Q1 2026 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001440771-26-000002 base2026-05-14acceptance time not in the bulk data set