Knoll Capital Management, LLC Diversified Active

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $218,014 (100.0% shares, 0.0% debt)

Holdings (33)

New Positions (1)

Value ($000) $5,370 Shares 245,000 Est. Cost $22.26 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SSRM	SSR Mining Inc	245,000	$5,370	2.5%	$22.26	0.0%	COM	784730103

Increased Positions (4)

— Biohaven Pharmactl Hldg Co L 12.1%

Value ($000) $26,290 (+95.6%) Shares 2,328,602 (+160.1%) Est. Cost $18.79 Unrealized —

RGLD Royal Gold Inc. 5.4%

Value ($000) $11,726 (+549.5%) Shares 52,750 (+486.1%) Est. Cost $185.66 Unrealized +6.8%

NUVB Nuvation Bio Inc 6.2%

Value ($000) $13,427 (+142.2%) Shares 1,498,591 (+46.2%) Est. Cost $3.51 Unrealized +76.3%

ABEO Abeona Therapeutics 0.6%

Value ($000) $1,243 (+275.7%) Shares 235,953 (+276.4%) Est. Cost $5.21 Unrealized -3.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	Biohaven Pharmactl Hldg Co L	2,328,602 (+160.1%)	$26,290 (+95.6%)	12.1%	$18.79	—	COM	G11196105
RGLD	Royal Gold Inc.	52,750 (+486.1%)	$11,726 (+549.5%)	5.4%	$185.66	+6.8%	COM	780287108
NUVB	Nuvation Bio Inc	1,498,591 (+46.2%)	$13,427 (+142.2%)	6.2%	$3.51	+76.3%	COM CL A	67080N101
ABEO	Abeona Therapeutics	235,953 (+276.4%)	$1,243 (+275.7%)	0.6%	$5.21	-3.4%	COM NEW	00289Y206

Exited Positions (6)

— Sandstorm Gold Ltd 4.0%

Value ($000) $8,764 Shares 700,000 Est. Cost $7.55 Unrealized —

V Visa 0.8%

Value ($000) $1,656 Shares 4,850 Est. Cost $203.18 Unrealized +67.5%

DEO Diageo PLC 0.3%

Value ($000) $644 Shares 6,750 Est. Cost $148.59 Unrealized —

MREO Mereo Biopharma Group 0.2%

Value ($000) $537 Shares 260,470 Est. Cost $2.69 Unrealized —

— HOOKIPA PHARMA 0.2%

Value ($000) $461 Shares 498,625 Est. Cost $0.87 Unrealized —

OBIO Orchestra BioMed Holdings 0.2%

Value ($000) $421 Shares 455,128 Est. Cost $2.92 Unrealized +38.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	Sandstorm Gold Ltd	700,000	$8,764	4.0%	$7.55	—	—	80013R206
V	Visa	4,850	$1,656	0.8%	$203.18	+67.5%	—	92826C839
DEO	Diageo PLC	6,750	$644	0.3%	$148.59	—	—	25243Q205
MREO	Mereo Biopharma Group	260,470	$537	0.2%	$2.69	—	—	589492107
—	HOOKIPA PHARMA	498,625	$461	0.2%	$0.87	—	—	43906K100
OBIO	Orchestra BioMed Holdings	455,128	$421	0.2%	$2.92	+38.2%	—	68572M106

Decreased Positions (1)

— Applied Therapeutics Inc 0.3%

Value ($000) $605 (-87.2%) Shares 6,050,000 (-22.4%) Est. Cost $3.42 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	Applied Therapeutics Inc	6,050,000 (-22.4%)	$605 (-87.2%)	0.3%	$3.42	—	COM	03828A101

Unchanged Positions (27)

— Avadel Pharmaceuticals Plc 5.9%

Value ($000) $12,930 Shares 600,000 Est. Cost $15.45 Unrealized —

ELTX Elicio Therapeutics Inc 2.3%

Value ($000) $5,022 Shares 630,915 Est. Cost $7.75 Unrealized +17.1%

CGAU Centerra Gold Inc 3.3%

Value ($000) $7,148 Shares 497,402 Est. Cost $6.81 Unrealized +83.8%

SLV iShares Silver Trust 2.4%

Value ($000) $5,154 Shares 80,000 Est. Cost $24.98 Unrealized —

SA SEABRIDGE GOLD INC 4.3%

Value ($000) $9,380 Shares 317,003 Est. Cost $13.62 Unrealized +93.1%

KGC Kinross Gold Corp 5.3%

Value ($000) $11,546 Shares 410,000 Est. Cost $4.90 Unrealized +429.9%

PAAS Pan American Silver 2.4%

Value ($000) $5,183 Shares 100,035 Est. Cost $32.15 Unrealized +30.2%

GLD SPDR Gold Trust 5.8%

Value ($000) $12,682 Shares 32,000 Est. Cost $205.72 Unrealized —

FNV Franco Nev Corp 2.4%

Value ($000) $5,182 Shares 25,000 Est. Cost $108.28 Unrealized +87.3%

NEWP New Pac Metals Corp 0.8%

Value ($000) $1,702 Shares 485,000 Est. Cost $1.89 Unrealized +44.5%

MGTX MeiraGTX Holdings 4.6%

Value ($000) $9,938 Shares 1,250,000 Est. Cost $4.32 Unrealized +92.3%

OCUL Ocular Therapeutix Inc. 3.3%

Value ($000) $7,277 Shares 600,400 Est. Cost $6.48 Unrealized +87.5%

TFPM Triple Flag Precious Metals 0.9%

Value ($000) $1,953 Shares 58,800 Est. Cost $25.85 Unrealized +21.0%

ALDX Aldeyra Therapeutics Inc 13.0%

Value ($000) $28,363 Shares 5,475,516 Est. Cost $5.34 Unrealized -3.9%

BAH Booz Allen Hamilton HLDG COR 0.5%

Value ($000) $1,097 Shares 13,000 Est. Cost $76.36 Unrealized +15.9%

AGI Alamos Gold Inc 0.9%

Value ($000) $1,929 Shares 50,000 Est. Cost $14.56 Unrealized +139.2%

ALT Altimmune Inc 1.9%

Value ($000) $4,049 Shares 1,121,524 Est. Cost $7.72 Unrealized -43.5%

DC Dakota Gold Corp 0.3%

Value ($000) $698 Shares 122,921 Est. Cost $4.20 Unrealized +14.2%

ENTX Entera Bio Ltd 5.2%

Value ($000) $11,411 Shares 5,881,879 Est. Cost $2.26 Unrealized +3.9%

CDE Coeur Mining Inc 0.8%

Value ($000) $1,714 Shares 96,132 Est. Cost $6.17 Unrealized +181.8%

NOC Northrop Grumman Corp 0.6%

Value ($000) $1,235 Shares 2,165 Est. Cost $442.02 Unrealized +30.9%

WPM Wheaton Precious Metals Corp 0.7%

Value ($000) $1,469 Shares 12,500 Est. Cost $42.73 Unrealized +150.6%

AEM Agnico Eagle Mines Ltd 4.1%

Value ($000) $8,943 Shares 52,750 Est. Cost $47.02 Unrealized +256.9%

— Orgenesis, Inc. 0.0%

Value ($000) $8 Shares 50,623 Est. Cost $6.08 Unrealized —

ITA iSHares US Aerospace & Defense 0.8%

Value ($000) $1,642 Shares 7,650 Est. Cost $126.60 Unrealized —

PM Philip Morris Intl. Inc 0.7%

Value ($000) $1,604 Shares 10,000 Est. Cost $83.71 Unrealized +83.5%

CRDL Cardiol Therapeutics Inc 0.0%

Value ($000) $95 Shares 100,000 Est. Cost $2.12 Unrealized -50.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	Avadel Pharmaceuticals Plc	600,000	$12,930	5.9%	$15.45	—	SPONSORED ADR	05337M104
ELTX	Elicio Therapeutics Inc	630,915	$5,022	2.3%	$7.75	+17.1%	COM	28657F103
CGAU	Centerra Gold Inc	497,402	$7,148	3.3%	$6.81	+83.8%	COM	152006102
SLV	iShares Silver Trust	80,000	$5,154	2.4%	$24.98	—	iShares	46428Q109
SA	SEABRIDGE GOLD INC	317,003	$9,380	4.3%	$13.62	+93.1%	COM	811916105
KGC	Kinross Gold Corp	410,000	$11,546	5.3%	$4.90	+429.9%	COM	496902404
PAAS	Pan American Silver	100,035	$5,183	2.4%	$32.15	+30.2%	COM	697900108
GLD	SPDR Gold Trust	32,000	$12,682	5.8%	$205.72	—	Gold SHS	78463V107
FNV	Franco Nev Corp	25,000	$5,182	2.4%	$108.28	+87.3%	COM	351858105
NEWP	New Pac Metals Corp	485,000	$1,702	0.8%	$1.89	+44.5%	COM	64782A107
MGTX	MeiraGTX Holdings	1,250,000	$9,938	4.6%	$4.32	+92.3%	COM	G59665102
OCUL	Ocular Therapeutix Inc.	600,400	$7,277	3.3%	$6.48	+87.5%	COM	67576A100
TFPM	Triple Flag Precious Metals	58,800	$1,953	0.9%	$25.85	+21.0%	COM	89679M104
ALDX	Aldeyra Therapeutics Inc	5,475,516	$28,363	13.0%	$5.34	-3.9%	COM	01438T106
BAH	Booz Allen Hamilton HLDG COR	13,000	$1,097	0.5%	$76.36	+15.9%	CL A	099502106
AGI	Alamos Gold Inc	50,000	$1,929	0.9%	$14.56	+139.2%	COM CL New	011532108
ALT	Altimmune Inc	1,121,524	$4,049	1.9%	$7.72	-43.5%	COM NEW	02155H200
DC	Dakota Gold Corp	122,921	$698	0.3%	$4.20	+14.2%	COM	46655E100
ENTX	Entera Bio Ltd	5,881,879	$11,411	5.2%	$2.26	+3.9%	SHS	M40527109
CDE	Coeur Mining Inc	96,132	$1,714	0.8%	$6.17	+181.8%	COM NEW	192108504
NOC	Northrop Grumman Corp	2,165	$1,235	0.6%	$442.02	+30.9%	COM	666807102
WPM	Wheaton Precious Metals Corp	12,500	$1,469	0.7%	$42.73	+150.6%	COM	962879102
AEM	Agnico Eagle Mines Ltd	52,750	$8,943	4.1%	$47.02	+256.9%	COM	008474108
—	Orgenesis, Inc.	50,623	$8	0.0%	$6.08	—	COM	68619K105
ITA	iSHares US Aerospace & Defense	7,650	$1,642	0.8%	$126.60	—	US AER DEF ETF	464288760
PM	Philip Morris Intl. Inc	10,000	$1,604	0.7%	$83.71	+83.5%	COM	718172109
CRDL	Cardiol Therapeutics Inc	100,000	$95	0.0%	$2.12	-50.7%	COM Cal A	14161Y200