On February 17, 2026, Knoll Capital Management disclosed a purchase of 473,591 shares of Nuvation Bio (NUVB 4.90%), an estimated $2.93 million trade based on quarterly average pricing.
What happened
According to a February 17, 2026 SEC filing, Knoll Capital Management increased its position in Nuvation Bio (NUVB 4.90%) by 473,591 shares. The estimated transaction value is $2.93 million, based on the average closing price within the filing quarter. At quarter end, the fund held 1,498,591 shares, with the value of the position rising by $7.88 million from the previous report, reflecting both the additional purchase and price appreciation.
What else to know
- Top five holdings after the filing:
- NASDAQ: ALDX: $28.36 million (13.2% of AUM)
- NYSE: BHVN: $26.29 million (12.3% of AUM)
- NYSE: NUVB: $13.43 million (6.3% of AUM)
- NASDAQ: AVDL: $12.93 million (6.0% of AUM)
- NYSEMKT: GLD: $12.68 million (5.9% of AUM)
- As of February 17, 2026, NUVB shares were priced at $4.25, up 130% over the past year and far outperforming the S&P 500’s roughly 16% gain in the same period.
Company overview
| Metric | Value |
|---|---|
| Market capitalization | $1.4 billion |
| Revenue (TTM) | $26.75 million |
| Net income (TTM) | ($217.48 million) |
| Price (as of Tuesday) | $4.25 |
Company snapshot
- Nuvation Bio develops oncology therapeutics, including small molecule inhibitors such as NUV-422 (CDK2/4/6 inhibitor), NUV-868 (BET inhibitor), NUV-569 (Wee1 kinase inhibitor), and an adenosine receptor inhibitor platform.
- The firm operates a clinical-stage biopharmaceutical business model focused on advancing proprietary drug candidates through clinical development to address unmet needs in cancer treatment.
- It focuses on developing oncology therapeutics to address unmet needs in cancer treatment.
Nuvation Bio is a clinical-stage biotechnology company specializing in the development of innovative oncology therapeutics. The company leverages a robust pipeline of small molecule inhibitors and drug conjugate platforms to address significant gaps in cancer care. With a strategy centered on advancing differentiated therapies for hard-to-treat cancers, Nuvation Bio aims to create a competitive edge through scientific innovation and targeted clinical development.
What this transaction means for investors
Knoll Capital’s portfolio is doubling down on commercial-stage oncology rather than pure preclinical hope.
Nuvation ended 2025 with $529.2 million in cash and marketable securities, and IBTROZI generated $15.7 million in fourth quarter net product revenue and $24.7 million for the year, not blockbuster numbers yet, but meaningful for a June launch. Adoption looks strong, with 432 patients started since mid 2025.
Though revenue is ramping, losses remain sizable. Full-year net loss totaled $204.6 million as R&D and commercialization spending scaled. That is typical for a company transitioning from pipeline to product, but execution now matters more than narrative.
Within the portfolio, ALDX and BHVN are larger biotech bets, but adding to NUVB pushes the fund deeper into clinical and commercial oncology risk rather than diversifying away from it.
For long-term investors, the thesis hinges on durable IBTROZI uptake and progress in the Phase 3 SIGMA trial. The balance sheet provides flexibility, but the question is whether commercialization momentum can outrun the burn.
