Stonepine Capital Management, LLC Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CRBP	CORBUS PHARMACEUTICALS HLDGS	389,916	$3,174	2.3%	$12.34	0.0%	COM NEW	21833P301
KZIA	KAZIA THERAPEUTICS LTD	460,359	$3,172	2.3%	$6.89	—	SPONSORED ADS	48669G303
VRCA	VERRICA PHARMACEUTICALS INC	353,669	$2,939	2.1%	$5.54	0.0%	COM SHS	92511W207
HELP	CYBIN INC	339,902	$2,780	2.0%	$6.44	0.0%	COM NEW	23256X407
CRSP	CRISPR THERAPEUTICS AG	50,000	$2,622	1.9%	—	—	CALL	H17182108
ARE	ALEXANDRIA REAL ESTATE EQ IN	50,000	$2,447	1.8%	—	—	CALL	015271109
RARE	ULTRAGENYX PHARMACEUTICAL IN	100,000	$2,300	1.7%	$29.99	+9.7%	CALL	90400D108
NKTR	NEKTAR THERAPEUTICS	50,000	$2,114	1.5%	$20.19	+177.2%	CALL	640268306
ACET	ADICET BIO INC	220,011	$1,852	1.4%	$11.05	0.0%	COM NEW	007002207
SPRB	SPRUCE BIOSCIENCES INC	19,742	$1,720	1.3%	$107.14	0.0%	COM NEW	85209E208
CAMP	CAMP4 THERAPEUTICS CORP	228,894	$1,403	1.0%	$4.25	0.0%	COM	13463J101
ELDN	ELEDON PHARMACEUTICALS INC	893,100	$1,349	1.0%	$2.38	0.0%	COM	28617K101
MIST	MILESTONE PHARMACEUTICALS IN	662,666	$1,339	1.0%	$2.15	0.0%	COM	59935V107
QNRX	QUOIN PHARMACEUTICALS LTD	78,189	$1,128	0.8%	$14.43	—	SPONSORED ADS	74907L409
ABEO	ABEONA THERAPEUTICS INC	200,000	$1,054	0.8%	$5.82	-13.6%	CALL	00289Y206
CBIO	CRESCENT BIOPHARMA INC.	87,682	$1,040	0.8%	$12.74	0.0%	COM	G2545C104
RADX	RADIOPHARM THERANOSTICS LTD	51,000,000	$851	0.6%	$0.02	—	SPONSORED ADS	75041J101
SMLR	SEMLER SCIENTIFIC INC	50,000	$765	0.6%	$22.69	0.0%	COM	81684M104
CGEN	COMPUGEN LTD	305,400	$467	0.3%	$1.66	0.0%	ORD	M25722105
FENC	FENNEC PHARMACEUTICALS INC	50,000	$385	0.3%	$8.21	0.0%	COM	31447P100
CABA	CABALETTA BIO INC	171,100	$375	0.3%	$2.48	0.0%	COM	12674W109
KTTA	PASITHEA THERAPEUTICS CORP	275,062	$355	0.3%	$0.88	0.0%	COM NEW	70261F202
JANX	JANUX THERAPEUTICS INC	20,000	$276	0.2%	$23.52	0.0%	COM	47103J105
DCTH	DELCATH SYS INC	27,232	$275	0.2%	$9.94	0.0%	COM NEW	24661P807
CNSP	CNS PHARMACEUTICALS INC	48,827	$256	0.2%	$7.50	0.0%	COM	18978H508
TNYA	TENAYA THERAPEUTICS INC	352,001	$250	0.2%	$1.36	0.0%	COM	87990A106
OVID	OVID THERAPEUTICS INC	102,367	$167	0.1%	$1.54	0.0%	COM	690469101
TENX	TENAX THERAPEUTICS INC	11,884	$145	0.1%	$8.70	0.0%	COM NEW	88032L605
EVAX	EVAXION AS	20,000	$95	0.1%	$4.77	—	SPONSORED ADS	29970R303
XLO	XILIO THERAPEUTICS INC	126,270	$81	0.1%	$0.75	0.0%	COM	98422T100
CRIS	CURIS INC	59,349	$59	0.0%	$1.34	0.0%	COM	231269309
PCSA	PROCESSA PHARMACEUTICALS INC	12,323	$35	0.0%	$6.99	0.0%	COM SHS	74275C403

Increased Positions (12)

IKT INHIBIKASE THERAPEUTICS INC 3.5%

Value ($000) $4,814 (+304.3%) Shares 2,348,147 (+219.5%) Est. Cost $1.87 Unrealized -15.1%

VSTM VERASTEM INC 15.4%

Value ($000) $21,092 (-10.5%) Shares 2,732,079 (+2.3%) Est. Cost $6.09 Unrealized +46.3%

EOLS EVOLUS INC 7.9%

Value ($000) $10,850 (+15.0%) Shares 1,631,588 (+6.2%) Est. Cost $8.22 Unrealized -17.6%

ABEO ABEONA THERAPEUTICS INC 2.7%

Value ($000) $3,739 (+57.0%) Shares 709,505 (+57.3%) Est. Cost $5.82 Unrealized -13.6%

HRTX HERON THERAPEUTICS INC 1.2%

Value ($000) $1,609 (+50.2%) Shares 1,237,802 (+45.6%) Est. Cost $1.51 Unrealized -18.5%

TELA TELA BIO INC 2.0%

Value ($000) $2,775 (-13.6%) Shares 2,352,032 (+9.1%) Est. Cost $4.03 Unrealized -68.6%

BOLD BOUNDLESS BIO INC 0.6%

Value ($000) $852 (+67.6%) Shares 710,071 (+71.7%) Est. Cost $1.22 Unrealized +2.3%

CDXS CODEXIS INC 0.3%

Value ($000) $417 (+93.8%) Shares 256,106 (+190.2%) Est. Cost $2.28 Unrealized -10.4%

ZNTL ZENTALIS PHARMACEUTICALS INC 0.5%

Value ($000) $626 (-8.6%) Shares 463,700 (+2.2%) Est. Cost $1.56 Unrealized -7.0%

INAB IN8BIO INC 0.3%

Value ($000) $386 (+11.5%) Shares 164,893 (+3.4%) Est. Cost $3.12 Unrealized -39.1%

MXCT MAXCYTE INC 0.5%

Value ($000) $727 (+0.2%) Shares 469,018 (+2.2%) Est. Cost $1.73 Unrealized -7.9%

ANTX AN2 THERAPEUTICS INC 0.5%

Value ($000) $716 (-0.1%) Shares 627,668 (+11.3%) Est. Cost $1.19 Unrealized -1.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IKT	INHIBIKASE THERAPEUTICS INC	2,348,147 (+219.5%)	$4,814 (+304.3%)	3.5%	$1.87	-15.1%	COM NEW	45719W205
VSTM	VERASTEM INC	2,732,079 (+2.3%)	$21,092 (-10.5%)	15.4%	$6.09	+46.3%	COM NEW	92337C203
EOLS	EVOLUS INC	1,631,588 (+6.2%)	$10,850 (+15.0%)	7.9%	$8.22	-17.6%	COM	30052C107
ABEO	ABEONA THERAPEUTICS INC	709,505 (+57.3%)	$3,739 (+57.0%)	2.7%	$5.82	-13.6%	COM NEW	00289Y206
HRTX	HERON THERAPEUTICS INC	1,237,802 (+45.6%)	$1,609 (+50.2%)	1.2%	$1.51	-18.5%	COM	427746102
TELA	TELA BIO INC	2,352,032 (+9.1%)	$2,775 (-13.6%)	2.0%	$4.03	-68.6%	COM	872381108
BOLD	BOUNDLESS BIO INC	710,071 (+71.7%)	$852 (+67.6%)	0.6%	$1.22	+2.3%	COM	10170A100
CDXS	CODEXIS INC	256,106 (+190.2%)	$417 (+93.8%)	0.3%	$2.28	-10.4%	COM	192005106
ZNTL	ZENTALIS PHARMACEUTICALS INC	463,700 (+2.2%)	$626 (-8.6%)	0.5%	$1.56	-7.0%	COM	98943L107
INAB	IN8BIO INC	164,893 (+3.4%)	$386 (+11.5%)	0.3%	$3.12	-39.1%	COM NEW	45674E208
MXCT	MAXCYTE INC	469,018 (+2.2%)	$727 (+0.2%)	0.5%	$1.73	-7.9%	COM	57777K106
ANTX	AN2 THERAPEUTICS INC	627,668 (+11.3%)	$716 (-0.1%)	0.5%	$1.19	-1.7%	COM	037326105

Exited Positions (24)

SLNO SOLENO THERAPEUTICS INC 1.2%

Value ($000) $1,622 Shares 24,000 Est. Cost $74.14 Unrealized -26.0%

ALMS ALUMIS INC 0.9%

Value ($000) $1,197 Shares 300,000 Est. Cost $4.72 Unrealized +47.8%

ARDX ARDELYX INC 0.8%

Value ($000) $1,102 Shares 200,000 Est. Cost $4.13 Unrealized +35.0%

— DYNAVAX TECHNOLOGIES CORP 0.8%

Value ($000) $1,073 Shares 108,094 Est. Cost $9.93 Unrealized —

VNDA VANDA PHARMACEUTICALS INC 0.7%

Value ($000) $973 Shares 195,000 Est. Cost $4.43 Unrealized +24.3%

VIR VIR BIOTECHNOLOGY INC 0.7%

Value ($000) $914 Shares 160,000 Est. Cost $7.37 Unrealized -19.2%

ANGO ANGIODYNAMICS INC 0.5%

Value ($000) $670 Shares 60,000 Est. Cost $9.79 Unrealized +26.1%

GRCE GRACE THERAPEUTICS INC 0.5%

Value ($000) $628 Shares 211,010 Est. Cost $3.15 Unrealized +0.8%

RARE ULTRAGENYX PHARMACEUTICAL IN 0.4%

Value ($000) $602 Shares 20,000 Est. Cost $29.99 Unrealized +9.7%

SNDX SYNDAX PHARMACEUTICALS INC 0.4%

Value ($000) $572 Shares 37,200 Est. Cost $11.01 Unrealized +58.5%

AQST AQUESTIVE THERAPEUTICS INC 0.4%

Value ($000) $562 Shares 100,600 Est. Cost $4.32 Unrealized +44.1%

HCAT HEALTH CATALYST INC 0.3%

Value ($000) $443 Shares 155,551 Est. Cost $3.75 Unrealized -27.1%

ESTA ESTABLISHMENT LABS HLDGS INC 0.3%

Value ($000) $434 Shares 10,585 Est. Cost $42.59 Unrealized +41.8%

CTMX CYTOMX THERAPEUTICS INC 0.3%

Value ($000) $399 Shares 125,000 Est. Cost $2.25 Unrealized +68.7%

RZLT REZOLUTE INC 0.3%

Value ($000) $376 Shares 40,000 Est. Cost $3.71 Unrealized +111.1%

ACRS ACLARIS THERAPEUTICS INC 0.3%

Value ($000) $367 Shares 192,900 Est. Cost $1.19 Unrealized +113.0%

HSDT HELIUS MED TECHNOLOGIES INC 0.2%

Value ($000) $298 Shares 20,000 Est. Cost $9.16 Unrealized -27.9%

SVRA SAVARA INC 0.2%

Value ($000) $214 Shares 60,000 Est. Cost $2.73 Unrealized +79.2%

ABVX ABIVAX SA 0.2%

Value ($000) $212 Shares 2,500 Est. Cost $84.90 Unrealized —

— PROCESSA PHARMACEUTICALS INC 0.1%

Value ($000) $198 Shares 1,030,200 Est. Cost $0.19 Unrealized —

LRMR LARIMAR THERAPEUTICS INC 0.1%

Value ($000) $81 Shares 25,000 Est. Cost $3.75 Unrealized +3.7%

CMMB CHEMOMAB THERAPEUTICS LTD 0.1%

Value ($000) $79 Shares 30,000 Est. Cost $2.63 Unrealized —

WHWK WHITEHAWK THERAPEUTICS INC 0.0%

Value ($000) $67 Shares 35,253 Est. Cost $1.84 Unrealized +24.8%

JSPR JASPER THERAPEUTICS INC 0.0%

Value ($000) $48 Shares 20,200 Est. Cost $3.03 Unrealized -33.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SLNO	SOLENO THERAPEUTICS INC	24,000	$1,622	1.2%	$74.14	-26.0%	—	834203309
ALMS	ALUMIS INC	300,000	$1,197	0.9%	$4.72	+47.8%	—	022307102
ARDX	ARDELYX INC	200,000	$1,102	0.8%	$4.13	+35.0%	—	039697107
—	DYNAVAX TECHNOLOGIES CORP	108,094	$1,073	0.8%	$9.93	—	—	268158201
VNDA	VANDA PHARMACEUTICALS INC	195,000	$973	0.7%	$4.43	+24.3%	—	921659108
VIR	VIR BIOTECHNOLOGY INC	160,000	$914	0.7%	$7.37	-19.2%	—	92764N102
ANGO	ANGIODYNAMICS INC	60,000	$670	0.5%	$9.79	+26.1%	—	03475V101
GRCE	GRACE THERAPEUTICS INC	211,010	$628	0.5%	$3.15	+0.8%	—	00439U104
RARE	ULTRAGENYX PHARMACEUTICAL IN	20,000	$602	0.4%	$29.99	+9.7%	—	90400D108
SNDX	SYNDAX PHARMACEUTICALS INC	37,200	$572	0.4%	$11.01	+58.5%	—	87164F105
AQST	AQUESTIVE THERAPEUTICS INC	100,600	$562	0.4%	$4.32	+44.1%	—	03843E104
HCAT	HEALTH CATALYST INC	155,551	$443	0.3%	$3.75	-27.1%	—	42225T107
ESTA	ESTABLISHMENT LABS HLDGS INC	10,585	$434	0.3%	$42.59	+41.8%	—	G31249108
CTMX	CYTOMX THERAPEUTICS INC	125,000	$399	0.3%	$2.25	+68.7%	—	23284F105
RZLT	REZOLUTE INC	40,000	$376	0.3%	$3.71	+111.1%	—	76200L309
ACRS	ACLARIS THERAPEUTICS INC	192,900	$367	0.3%	$1.19	+113.0%	—	00461U105
HSDT	HELIUS MED TECHNOLOGIES INC	20,000	$298	0.2%	$9.16	-27.9%	—	42328V876
SVRA	SAVARA INC	60,000	$214	0.2%	$2.73	+79.2%	—	805111101
ABVX	ABIVAX SA	2,500	$212	0.2%	$84.90	—	—	00370M103
—	PROCESSA PHARMACEUTICALS INC	1,030,200	$198	0.1%	$0.19	—	—	74275C304
LRMR	LARIMAR THERAPEUTICS INC	25,000	$81	0.1%	$3.75	+3.7%	—	517125100
CMMB	CHEMOMAB THERAPEUTICS LTD	30,000	$79	0.1%	$2.63	—	—	16385C203
WHWK	WHITEHAWK THERAPEUTICS INC	35,253	$67	0.0%	$1.84	+24.8%	—	00032Q104
JSPR	JASPER THERAPEUTICS INC	20,200	$48	0.0%	$3.03	-33.8%	—	471871202

Decreased Positions (16)

DAWN DAY ONE BIOPHARMACEUTICALS I 1.4%

Value ($000) $1,864 (-59.2%) Shares 200,000 (-69.1%) Est. Cost $10.23 Unrealized -18.3%

ZVRA ZEVRA THERAPEUTICS INC 3.7%

Value ($000) $5,099 (-33.8%) Shares 569,088 (-29.7%) Est. Cost $7.20 Unrealized +31.4%

OABI OMNIAB INC 0.9%

Value ($000) $1,297 (-62.2%) Shares 701,000 (-67.3%) Est. Cost $1.83 Unrealized -4.9%

ENTA ENANTA PHARMACEUTICALS INC 1.2%

Value ($000) $1,577 (-56.8%) Shares 100,000 (-67.2%) Est. Cost $8.05 Unrealized +57.8%

XFOR X4 PHARMACEUTICALS INC 1.7%

Value ($000) $2,374 (-34.3%) Shares 593,573 (-43.8%) Est. Cost $2.58 Unrealized +40.9%

GERN GERON CORP 0.8%

Value ($000) $1,064 (-51.5%) Shares 805,800 (-49.6%) Est. Cost $1.70 Unrealized -26.3%

ACAD ACADIA PHARMACEUTICALS INC 2.0%

Value ($000) $2,671 (-28.3%) Shares 100,000 (-42.7%) Est. Cost $17.77 Unrealized +34.5%

SRZN SURROZEN INC 1.9%

Value ($000) $2,568 (-20.3%) Shares 113,631 (-54.6%) Est. Cost $10.69 Unrealized +51.4%

BIOA BIOAGE LABS INC 0.4%

Value ($000) $595 (-46.3%) Shares 45,000 (-76.1%) Est. Cost $4.32 Unrealized +105.3%

KZR KEZAR LIFE SCIENCES INC 0.7%

Value ($000) $982 (-34.3%) Shares 156,179 (-59.2%) Est. Cost $5.01 Unrealized +16.5%

PMVP PMV PHARMACEUTICALS INC 1.1%

Value ($000) $1,438 (-25.0%) Shares 1,150,759 (-16.0%) Est. Cost $1.40 Unrealized -4.1%

AYTU AYTU BIOPHARMA INC 1.5%

Value ($000) $2,116 (+26.2%) Shares 813,704 (-8.8%) Est. Cost $1.82 Unrealized +23.4%

MNKD MANNKIND CORP 0.4%

Value ($000) $490 (-42.1%) Shares 86,359 (-45.2%) Est. Cost $4.39 Unrealized +25.5%

PLRX PLIANT THERAPEUTICS INC 0.2%

Value ($000) $281 (-34.4%) Shares 230,050 (-20.5%) Est. Cost $1.53 Unrealized -1.5%

KPRX KIORA PHARMACEUTICALS INC 0.2%

Value ($000) $258 (-33.9%) Shares 131,144 (-6.7%) Est. Cost $3.90 Unrealized -41.5%

LUNG PULMONX CORP 0.8%

Value ($000) $1,075 (-1.0%) Shares 486,400 (-27.4%) Est. Cost $2.50 Unrealized -24.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DAWN	DAY ONE BIOPHARMACEUTICALS I	200,000 (-69.1%)	$1,864 (-59.2%)	1.4%	$10.23	-18.3%	COM	23954D109
ZVRA	ZEVRA THERAPEUTICS INC	569,088 (-29.7%)	$5,099 (-33.8%)	3.7%	$7.20	+31.4%	COM NEW	488445206
OABI	OMNIAB INC	701,000 (-67.3%)	$1,297 (-62.2%)	0.9%	$1.83	-4.9%	COM	68218J103
ENTA	ENANTA PHARMACEUTICALS INC	100,000 (-67.2%)	$1,577 (-56.8%)	1.2%	$8.05	+57.8%	COM	29251M106
XFOR	X4 PHARMACEUTICALS INC	593,573 (-43.8%)	$2,374 (-34.3%)	1.7%	$2.58	+40.9%	COM NEW	98420X202
GERN	GERON CORP	805,800 (-49.6%)	$1,064 (-51.5%)	0.8%	$1.70	-26.3%	COM	374163103
ACAD	ACADIA PHARMACEUTICALS INC	100,000 (-42.7%)	$2,671 (-28.3%)	2.0%	$17.77	+34.5%	COM	004225108
SRZN	SURROZEN INC	113,631 (-54.6%)	$2,568 (-20.3%)	1.9%	$10.69	+51.4%	COM NEW	86889P208
BIOA	BIOAGE LABS INC	45,000 (-76.1%)	$595 (-46.3%)	0.4%	$4.32	+105.3%	COM	09077V100
KZR	KEZAR LIFE SCIENCES INC	156,179 (-59.2%)	$982 (-34.3%)	0.7%	$5.01	+16.5%	COM NEW	49372L209
PMVP	PMV PHARMACEUTICALS INC	1,150,759 (-16.0%)	$1,438 (-25.0%)	1.1%	$1.40	-4.1%	COM	69353Y103
AYTU	AYTU BIOPHARMA INC	813,704 (-8.8%)	$2,116 (+26.2%)	1.5%	$1.82	+23.4%	COM	054754858
MNKD	MANNKIND CORP	86,359 (-45.2%)	$490 (-42.1%)	0.4%	$4.39	+25.5%	COM NEW	56400P706
PLRX	PLIANT THERAPEUTICS INC	230,050 (-20.5%)	$281 (-34.4%)	0.2%	$1.53	-1.5%	COM	729139105
KPRX	KIORA PHARMACEUTICALS INC	131,144 (-6.7%)	$258 (-33.9%)	0.2%	$3.90	-41.5%	COM	49721T507
LUNG	PULMONX CORP	486,400 (-27.4%)	$1,075 (-1.0%)	0.8%	$2.50	-24.7%	COM	745848101

Unchanged Positions (6)

ADMA ADMA BIOLOGICS INC 9.9%

Value ($000) $13,498 Shares 740,000 Est. Cost $2.26 Unrealized +644.4%

XOMA XOMA ROYALTY CORPORATION 2.2%

Value ($000) $3,058 Shares 115,000 Est. Cost $20.48 Unrealized +57.2%

NKTR NEKTAR THERAPEUTICS 2.6%

Value ($000) $3,594 Shares 85,000 Est. Cost $20.19 Unrealized +177.2%

— INDIVIOR PLC 2.6%

Value ($000) $3,588 Shares 100,000 Est. Cost $10.67 Unrealized —

EDSA EDESA BIOTECH INC 0.7%

Value ($000) $976 Shares 687,500 Est. Cost $2.31 Unrealized -15.3%

GOSS GOSSAMER BIO INC 0.5%

Value ($000) $635 Shares 204,770 Est. Cost $2.20 Unrealized +29.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ADMA	ADMA BIOLOGICS INC	740,000	$13,498	9.9%	$2.26	+644.4%	COM	000899104
XOMA	XOMA ROYALTY CORPORATION	115,000	$3,058	2.2%	$20.48	+57.2%	COM NEW	98419J206
NKTR	NEKTAR THERAPEUTICS	85,000	$3,594	2.6%	$20.19	+177.2%	COM NEW	640268306
—	INDIVIOR PLC	100,000	$3,588	2.6%	$10.67	—	ORD	G4766E116
EDSA	EDESA BIOTECH INC	687,500	$976	0.7%	$2.31	-15.3%	COM NEW	27966L306
GOSS	GOSSAMER BIO INC	204,770	$635	0.5%	$2.20	+29.5%	COM	38341P102