Nuvalent, Inc. received an amended Schedule 13G/A showing that investment entities affiliated with Deerfield report significant beneficial ownership of its Class A common stock. Deerfield Management Company, L.P. and James E. Flynn each report beneficial ownership of 22,852,280 shares, or 24.21% of the Class A shares outstanding.
This position includes 17,248,450 existing Class A shares, 5,435,254 Class A shares issuable upon conversion of Class B shares, and 168,576 Class A shares underlying options and restricted stock units held by Nuvalent employees for Deerfield’s benefit. Several related Deerfield funds individually report 11.56% or 0.91% stakes.
The Class B shares are subject to an Ownership Cap that generally limits conversions so that the holder and its affiliates do not exceed 4.9% of Nuvalent’s outstanding Class A common stock upon conversion.
Positive
None.
Negative
None.
Insights
Deerfield-affiliated funds report a concentrated 24.21% stake in Nuvalent.
Affiliates of Deerfield Management Company, L.P. and James E. Flynn collectively report beneficial ownership of 22,852,280 Nuvalent Class A shares, or 24.21% of the class. This includes existing Class A shares, convertible Class B shares, and equity awards held for Deerfield’s benefit.
Several individual Deerfield vehicles each report 11.56% or 0.91% positions, indicating a coordinated complex-level holding. Class B shares carry a 4.9% Ownership Cap on conversions, which limits how much can be turned into Class A at any time.
This filing clarifies the structure and size of Deerfield’s economic exposure and voting power in Nuvalent as of 12/31/2025. Subsequent ownership changes, if material, would typically appear in later beneficial ownership updates.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 6)
Nuvalent, Inc.
(Name of Issuer)
Class A common stock, $0.0001 par value per share
(Title of Class of Securities)
670703107
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
670703107
1
Names of Reporting Persons
Deerfield Management Company, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
22,852,280.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
22,852,280.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
22,852,280.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
24.21 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Comprised of (i) an aggregate of 17,248,450 shares of Class A common stock held by Deerfield Partners, L.P., Deerfield Private Design Fund IV, L.P. and Deerfield Healthcare Innovations Fund, L.P., of which Deerfield Management Company, L.P. is the investment advisor,(ii) an aggregate of 5,435,254 shares of Class A common stock issuable upon conversion of an equal number of shares of Class B common stock held by Deerfield Private Design Fund IV, L.P. and Deerfield Healthcare Innovations Fund, L.P., of which Deerfield Management Company, L.P. is the investment advisor and (iii) an aggregate of 168,576 shares of Class A common stock issuable upon exercise or settlement of options and restricted stock units held by Cam Wheeler and Joe Pearlberg, each of whom is an employee of Deerfield Management Company, L.P., for the benefit and at the direction of Deerfield Management Company, L.P., to the extent such options and restricted stock units are currently exercisable or will become exercisable within sixty days. The terms of the Class B common stock restrict the conversion of such shares to the extent that, upon such conversion, the number of shares of Class A common stock then beneficially owned by the holder and its affiliates and any other person or entities with which such holder would constitute a Section 13(d) "group" would exceed 4.9 percent of the total number of shares of Class A common stock then outstanding (the "Ownership Cap"). Accordingly, notwithstanding the number of shares reported, the reporting person disclaims beneficial ownership of the shares of Class A common stock issuable upon conversion of Class B common stock to the extent that upon such conversion the number of shares beneficially owned by all reporting persons hereunder, in the aggregate, would exceed the Ownership Cap.
SCHEDULE 13G
CUSIP No.
670703107
1
Names of Reporting Persons
Deerfield Mgmt IV, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
11,016,852.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
11,016,852.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
11,016,852.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
11.56 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Comprised of (i) 8,299,225 shares of Class A common stock and (ii) 2,717,627 shares of Class A common stock issuable upon conversion of an equal number of shares of Class B common stock that, in each case, are held by Deerfield Private Design Fund IV, L.P., of which Deerfield Mgmt IV, L.P. is the general partner. The terms of the Class B common stock restrict the conversion of such shares to the extent that, upon such conversion, the number of shares of Class A common stock then beneficially owned by the holder and its affiliates and any other person or entities with which such holder would constitute a Section 13(d) "group" would exceed 4.9 percent of the total number of shares of Class A common stock then outstanding (the "Ownership Cap"). Accordingly, notwithstanding the number of shares reported, the reporting person disclaims beneficial ownership of the shares of Class A common stock issuable upon conversion of Class B common stock to the extent that upon such conversion the number of shares beneficially owned by all reporting persons hereunder, in the aggregate, would exceed the Ownership Cap.
SCHEDULE 13G
CUSIP No.
670703107
1
Names of Reporting Persons
Deerfield Private Design Fund IV, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
11,016,852.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
11,016,852.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
11,016,852.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
11.56 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Comprised of (i) 8,299,225 shares of Class A common stock and (ii) 2,717,627 shares of Class A common stock issuable upon conversion of an equal number of shares of Class B common stock. The terms of the Class B common stock restrict the conversion of such shares to the extent that, upon such conversion, the number of shares of Class A common stock then beneficially owned by the holder and its affiliates and any other person or entities with which such holder would constitute a Section 13(d) "group" would exceed 4.9 percent of the total number of shares of Class A common stock then outstanding (the "Ownership Cap"). Accordingly, notwithstanding the number of shares reported, the reporting person disclaims beneficial ownership of the shares of Class A common stock issuable upon conversion of Class B common stock to the extent that upon such conversion the number of shares beneficially owned by all reporting persons hereunder, in the aggregate, would exceed the Ownership Cap.
SCHEDULE 13G
CUSIP No.
670703107
1
Names of Reporting Persons
Deerfield Mgmt HIF, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
11,016,852.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
11,016,852.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
11,016,852.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
11.56 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Comprised of (i) 8,299,225 shares of Class A common stock and (ii) shares of Class A common stock issuable upon conversion of an equal number of shares of 2,717,627 of Class B common stock that, in each case, are held by Deerfield Healthcare Innovations Fund, L.P., of which Deerfield Mgmt HIF, L.P. is the general partner. The terms of the Class B common stock restrict the conversion of such shares to the extent that, upon such conversion, the number of shares of Class A common stock then beneficially owned by the holder and its affiliates and any other person or entities with which such holder would constitute a Section 13(d) "group" would exceed 4.9 percent of the total number of shares of Class A common stock then outstanding (the "Ownership Cap"). Accordingly, notwithstanding the number of shares reported, the reporting person disclaims beneficial ownership of the shares of Class A common stock issuable upon conversion of Class B common stock to the extent that upon such conversion the number of shares beneficially owned by all reporting persons hereunder, in the aggregate, would exceed the Ownership Cap.
SCHEDULE 13G
CUSIP No.
670703107
1
Names of Reporting Persons
Deerfield Healthcare Innovations Fund, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
11,016,852.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
11,016,852.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
11,016,852.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
11.56 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Comprised of (i) 8,299,225 shares of Class A common stock and (ii) shares of Class A common stock issuable upon conversion of an equal number of shares of 2,717,627 of Class B common stock. The terms of the Class B common stock restrict the conversion of such shares to the extent that, upon such conversion, the number of shares of Class A common stock then beneficially owned by the holder and its affiliates and any other person or entities with which such holder would constitute a Section 13(d) "group" would exceed 4.9 percent of the total number of shares of Class A common stock then outstanding (the "Ownership Cap"). Accordingly, notwithstanding the number of shares reported, the reporting person disclaims beneficial ownership of the shares of Class A common stock issuable upon conversion of Class B common stock to the extent that upon such conversion the number of shares beneficially owned by all reporting persons hereunder, in the aggregate, would exceed the Ownership Cap.
SCHEDULE 13G
CUSIP No.
670703107
1
Names of Reporting Persons
Deerfield Mgmt, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
650,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
650,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
650,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.91 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Comprised of 650,000 shares of Class A common stock held by Deerfield Partners, L.P., of which Deerfield Mgmt, L.P. is the general partner.
SCHEDULE 13G
CUSIP No.
670703107
1
Names of Reporting Persons
Deerfield Partners, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
650,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
650,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
650,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.91 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
670703107
1
Names of Reporting Persons
James E. Flynn
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
22,852,280.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
22,852,280.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
22,852,280.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
24.21 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: Comprised of (i) an aggregate of 17,248,450 shares of Class A common stock held by Deerfield Partners, L.P., Deerfield Private Design Fund IV, L.P. and Deerfield Healthcare Innovations Fund, L.P., (ii) an aggregate of 5,435,254 shares of Class A common stock issuable upon conversion of an equal number of shares of Class B common stock held by Deerfield Private Design Fund IV, L.P. and Deerfield Healthcare Innovations Fund, L.P. and (iii) an aggregate of 168,576 shares of Class A common stock issuable upon exercise or settlement of options and restricted stock units held by Cam Wheeler and Joe Pearlberg, each of whom is an employee of Deerfield Management Company, L.P., for the benefit and at the direction of Deerfield Management Company, L.P., to the extent such options and restricted stock units are currently exercisable or will become exercisable within sixty days. The terms of the Class B common stock restrict the conversion of such shares to the extent that, upon such conversion, the number of shares of Class A common stock then beneficially owned by the holder and its affiliates and any other person or entities with which such holder would constitute a Section 13(d) "group" would exceed 4.9 percent of the total number of shares of Class A common stock then outstanding (the "Ownership Cap"). Accordingly, notwithstanding the number of shares reported, the reporting person disclaims beneficial ownership of the shares of Class A common stock issuable upon conversion of Class B common stock to the extent that upon such conversion the number of shares beneficially owned by all reporting persons hereunder, in the aggregate, would exceed the Ownership Cap.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Nuvalent, Inc.
(b)
Address of issuer's principal executive offices:
One Broadway, 14th Floor, Cambridge, Massachusetts 02142
Item 2.
(a)
Name of person filing:
James E. Flynn, Deerfield Management Company, L.P., Deerfield Mgmt IV, L.P., Deerfield Private Design Fund IV, L.P., Deerfield Mgmt HIF, L.P., Deerfield Healthcare Innovations Fund, L.P., Deerfield Mgmt, L.P. and Deerfield Partners, L.P.
(b)
Address or principal business office or, if none, residence:
James E. Flynn, Deerfield Management Company, L.P., Deerfield Mgmt IV, L.P., Deerfield Private Design Fund IV, L.P., Deerfield Mgmt HIF, L.P., Deerfield Healthcare Innovations Fund, L.P., Deerfield Mgmt, L.P. and Deerfield Partners, L.P. 345 Park Avenue South, 12th Floor, New York, NY 10010
(c)
Citizenship:
Deerfield Management Company, L.P., Deerfield Mgmt IV, L.P., Deerfield Private Design Fund IV, L.P., Deerfield Mgmt HIF, L.P and Deerfield Healthcare Innovations Fund, L.P., Deerfield Mgmt, L.P. and Deerfield Partners, L.P. - Delaware limited partnerships;
James E. Flynn - United States citizen
(d)
Title of class of securities:
Class A common stock, $0.0001 par value per share
(e)
CUSIP No.:
670703107
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Deerfield Management Company, L.P. - 24.21%
Deerfield Mgmt IV, L.P. - 11.56%
Deerfield Mgmt HIF, L.P. - 11.56%
Deerfield Mgmt, L.P. - 0.91%
Deerfield Healthcare Innovations Fund, L.P. - 11.56%
Deerfield Private Design Fund IV, L.P. - 11.56%
Deerfield Partners, L.P. - 0.91%
James E. Flynn - 24.21%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
All Reporting Persons 0
(ii) Shared power to vote or to direct the vote:
Deerfield Management Company, L.P. - 22,852,280
Deerfield Mgmt IV, L.P. - 11,016,852
Deerfield Private Design Fund IV, L.P. - 11,016,852
Deerfield Mgmt HIF, L.P. - 11,016,852
Deerfield Healthcare Innovations Fund, L.P. - 11,016,852
Deerfield Mgmt, L.P. - 650,000 shares
Deerfield Partners, L.P. - 650,000 shares
James E. Flynn - 22,852,280
(iii) Sole power to dispose or to direct the disposition of:
All Reporting Persons 0
(iv) Shared power to dispose or to direct the disposition of:
Deerfield Management Company, L.P. - 22,852,280
Deerfield Mgmt IV, L.P. - 11,016,852
Deerfield Private Design Fund IV, L.P. - 11,016,852
Deerfield Mgmt HIF, L.P. - 11,016,852
Deerfield Healthcare Innovations Fund, L.P. - 11,016,852
Deerfield Mgmt, L.P. - 650,000 shares
Deerfield Partners, L.P. - 650,000 shares
James E. Flynn - 22,852,280
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
See Exhibit B
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
Not Applicable
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Deerfield Management Company, L.P.
Signature:
/s/ Jonathan Isler
Name/Title:
Jonathan Isler, Attorney-In-Fact
Date:
02/12/2026
Deerfield Mgmt IV, L.P.
Signature:
/s/ Jonathan Isler
Name/Title:
Jonathan Isler, Attorney-In-Fact
Date:
02/12/2026
Deerfield Private Design Fund IV, L.P.
Signature:
/s/ Jonathan Isler
Name/Title:
Jonathan Isler, Attorney-In-Fact
Date:
02/12/2026
Deerfield Mgmt HIF, L.P.
Signature:
/s/ Jonathan Isler
Name/Title:
Jonathan Isler, Attorney-In-Fact
Date:
02/12/2026
Deerfield Healthcare Innovations Fund, L.P.
Signature:
/s/ Jonathan Isler
Name/Title:
Jonathan Isler, Attorney-In-Fact
Date:
02/12/2026
Deerfield Mgmt, L.P.
Signature:
/s/ Jonathan Isler
Name/Title:
Jonathan Isler, Attorney-In-Fact
Date:
02/12/2026
Deerfield Partners, L.P.
Signature:
/s/ Jonathan Isler
Name/Title:
Jonathan Isler, Attorney-In-Fact
Date:
02/12/2026
James E. Flynn
Signature:
/s/ Jonathan Isler
Name/Title:
Jonathan Isler, Attorney-In-Fact
Date:
02/12/2026
Exhibit Information
Exhibit A. Joint Filing Agreement.
Exhibit B. Item 8 Statement.
Exhibit C. Power of Attorney (1).
(1) Power of Attorney previously filed as Exhibit 24 to a Form 3 with regard to BiomX Inc. filed with the Securities and Exchange Commission on March 19, 2024 by Deerfield Private Design Fund V, L.P., Deerfield Healthcare Innovations Fund II, L.P., Deerfield Mgmt V, L.P., Deerfield Mgmt HIF II, L.P., Deerfield Management Company, L.P. and James E. Flynn.
How much of Nuvalent (NUVL) do Deerfield entities report owning in this Schedule 13G/A?
Deerfield-affiliated entities and James E. Flynn report beneficial ownership of 22,852,280 Nuvalent Class A shares, equal to 24.21% of the class. This total combines existing Class A shares, shares issuable from Class B conversions, and certain options and restricted stock units.
Which Deerfield funds are included in the Nuvalent (NUVL) Schedule 13G/A filing?
The filing lists Deerfield Management Company, L.P., Deerfield Mgmt IV, L.P., Deerfield Private Design Fund IV, L.P., Deerfield Mgmt HIF, L.P., Deerfield Healthcare Innovations Fund, L.P., Deerfield Mgmt, L.P., Deerfield Partners, L.P., and individual filer James E. Flynn as reporting persons.
What ownership percentages do individual Deerfield entities hold in Nuvalent (NUVL)?
Deerfield Management Company, L.P. and James E. Flynn each report 24.21% of Nuvalent’s Class A shares. Several affiliated funds, including Deerfield Private Design Fund IV, Deerfield Healthcare Innovations Fund, and Deerfield Mgmt IV and HIF, each report 11.56%, while Deerfield Partners and Deerfield Mgmt each report 0.91%.
How are Deerfield’s Nuvalent (NUVL) holdings structured between Class A and Class B shares?
The 24.21% stake includes 17,248,450 Nuvalent Class A shares plus 5,435,254 Class A shares issuable upon conversion of an equal number of Class B shares. It also includes 168,576 Class A shares underlying options and restricted stock units held for Deerfield’s benefit.
What is the 4.9% Ownership Cap mentioned in Nuvalent’s (NUVL) Schedule 13G/A?
Nuvalent’s Class B common stock has an Ownership Cap limiting conversions so that, after conversion, the holder and its affiliates would not exceed 4.9% of outstanding Class A shares. Deerfield therefore disclaims beneficial ownership of Class A shares above this cap from Class B conversions.
Who signed the Nuvalent (NUVL) Schedule 13G/A on behalf of the Deerfield reporting persons?
Attorney-in-fact Jonathan Isler signed the Schedule 13G/A multiple times on behalf of the Deerfield entities and James E. Flynn. Each signature block reflects his authority under previously granted powers of attorney referenced in the exhibit section.
