<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0708</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001370042</cik>
        <entityName>STONEPINE CAPITAL, L.P.</entityName>
        <issuerAddress>
            <street1>2900 NW CLEARWATER DRIVE</street1>
            <street2>SUITE 100-11</street2>
            <city>BEND</city>
            <stateOrCountry>OR</stateOrCountry>
            <stateOrCountryDescription>OREGON</stateOrCountryDescription>
            <zipCode>97703</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>(541) 647-5673</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <previousName>STONEPINE CAPITAL L P</previousName>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>-</firstName>
                <lastName>Stonepine GP, LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2900 NW CLEARWATER DRIVE</street1>
                <street2>Suite 100-11</street2>
                <city>BEND</city>
                <stateOrCountry>OR</stateOrCountry>
                <stateOrCountryDescription>OREGON</stateOrCountryDescription>
                <zipCode>97703</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Bryant</firstName>
                <lastName>Fong</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>475 GATE FIVE ROAD, SUITE 324</street1>
                <city>SAUSALITO</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>94965</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Partner of Stonepine GP, LLC, General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jon</firstName>
                <middleName>M.</middleName>
                <lastName>Plexico</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>475 GATE FIVE ROAD, SUITE 324</street1>
                <city>Sausalito</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>94965</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Manager of Stonepine GP, LLC, General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jeff</firstName>
                <lastName>Nunnenkamp</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2900 NW CLEARWATER DRIVE, SUITE 100-11</street1>
                <city>BEND</city>
                <stateOrCountry>OR</stateOrCountry>
                <stateOrCountryDescription>OREGON</stateOrCountryDescription>
                <zipCode>97703</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive Officer of Stonepine GP, LLC, General Partner</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Hedge Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06b</item>
            <item>3C</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0000935836-25-000281</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2006-05-05</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
            <isOtherType>true</isOtherType>
            <descriptionOfOtherType>Limited Partner Interests</descriptionOfOtherType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>500000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Coronado Investments</recipientName>
                <recipientCRDNumber>000111992</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>5962 LA PLACE COURT, SUITE 140</street1>
                    <city>CARLSBAD</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>92008</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>CT</state>
                    <description>CONNECTICUT</description>
                    <state>IL</state>
                    <description>ILLINOIS</description>
                    <state>MA</state>
                    <description>MASSACHUSETTS</description>
                    <state>NJ</state>
                    <description>NEW JERSEY</description>
                    <state>NY</state>
                    <description>NEW YORK</description>
                    <state>OR</state>
                    <description>OREGON</description>
                    <state>PA</state>
                    <description>PENNSYLVANIA</description>
                    <state>TX</state>
                    <description>TEXAS</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>INTE Securities LLC</recipientName>
                <recipientCRDNumber>000047107</recipientCRDNumber>
                <associatedBDName>Alpine Capital Advisors</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>39 BROADWAY, SUITE 3300, ROOM 10</street1>
                    <city>NEW YORK</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                    <zipCode>10006-3019</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Hollister Associates, LLC</recipientName>
                <recipientCRDNumber>000173366</recipientCRDNumber>
                <associatedBDName>Alpine Capital Advisors</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>257 RIVER OAK DRIVE</street1>
                    <city>MOUNT PLEASANT</city>
                    <stateOrCountry>SC</stateOrCountry>
                    <stateOrCountryDescription>SOUTH CAROLINA</stateOrCountryDescription>
                    <zipCode>29464</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>294030928</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>182</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>6195050</dollarAmount>
                <isEstimate>true</isEstimate>
            </findersFees>
            <clarificationOfResponse>Includes amounts paid through March 1, 2026.   Fee is generally 20% of amounts collected from limited partners brought in by finders listed in Item 12.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>None, although the general partner of the issuer receives a special profit allocation and the investment adviser of the issuer receives investment management fees.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>STONEPINE CAPITAL, L.P.</issuerName>
                <signatureName>Jon M. Plexico</signatureName>
                <nameOfSigner>Jon M. Plexiso</nameOfSigner>
                <signatureTitle>Manager of Stonepine GP, LLC, General Partner</signatureTitle>
                <signatureDate>2026-04-03</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>