# Stonepine Capital Management, LLC

> Stonepine Capital Management, LLC is an SEC-registered investment advisory firm in Bend, OR, registered since 2026, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated June 26, 2026.

- CRD: 139891
- Filed as: STONEPINE CAPITAL MANAGEMENT, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Bend, OR
- Filing period: October 2026
- Form ADV filing dated: June 26, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/139891
- AdvisorCensus page: https://advisorcensus.com/firm/stonepine-capital-management-llc-bend-or-139891

## Quick answers

**How is Stonepine Capital Management, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Stonepine Capital Management, LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees.

**Where is Stonepine Capital Management, LLC located?**
Stonepine Capital Management, LLC's principal office is in Bend, OR, according to its Form ADV; the July 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Stonepine Capital Management, LLC registered with the SEC or a state?**
Stonepine Capital Management, LLC is an SEC-registered investment advisory firm, registered since 2026. Status as filed: Approved. CRD 139891.

**How much does Stonepine Capital Management, LLC manage?**
Stonepine Capital Management, LLC reports $181,001,870 in regulatory assets under management in its Form ADV filing dated June 26, 2026 (100% discretionary).

**How have Stonepine Capital Management, LLC's assets and staff changed since 2021?**
In the Form ADV data for Stonepine Capital Management, LLC: Regulatory assets under management: $246,869,329 in the October 2021 data and $181,001,870 in the October 2026 data, down 27%. Total employees: 5 in October 2021 and 4 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Stonepine Capital Management, LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (1).

**Does Stonepine Capital Management, LLC report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/139891

**Does Stonepine Capital Management, LLC state an account minimum?**
Its Form ADV Part 2A brochure dated June 26, 2026 says: "Investors in the Funds generally are required to invest a minimum of $ 500,000, but Stonepine may waive, and has waived, this minimum."

**What changed in Stonepine Capital Management, LLC's recent Form ADV filings?**
In the July 2026 filing data: Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Fees and minimums (Form ADV Part 2A brochure dated June 26, 2026)

- Account minimum: $500,000 (the brochure says it may be waived or negotiated)

> Investors in the Funds generally are required to invest a minimum of $ 500,000, but Stonepine may waive, and has waived, this minimum.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Regulatory assets under management (Item 5.F)
- Total: $181,001,870
- Discretionary: $181,001,870
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 1 | $181,001,870 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2026 (0 years)
- Employees: 4 total, 3 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, OR
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the July 2026 filing
- Sausalito, CA

### Websites listed on Form ADV (Item 1.I)
- stonepinecap.com

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $246,869,329 | 5 | March 30, 2021 |
| October 2022 | $257,734,669 | 5 | March 30, 2022 |
| October 2023 | $271,520,031 | 5 | June 8, 2023 |
| October 2024 | $347,828,196 | 6 | May 28, 2024 |
| October 2025 | Not reported | Not reported | April 3, 2025 |
| October 2026 | $181,001,870 | 4 | June 26, 2026 |

Regulatory assets under management: $246,869,329 in the October 2021 data and $181,001,870 in the October 2026 data, down 27%.
Total employees: 5 in October 2021 and 4 in October 2026.

## Changes in the filing (last 12 months)

### July 2026
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Stonepine Capital Management, LLC (CRD 139891): Form ADV filing data as of October 2026.