N
Nuvation Bio Inc.
NUVBCIK 0001811063NYSENon-AcceleratedSmaller ReportingPharmaceutical PreparationsDelawareFY ends Dec 31
Period
FY 2025
Revenue
$62.90M
Net Income
$-204.63M
Total Assets
$594.82M
Equity
$305.72M
Shares Out
348.20M
Op. Cash Flow
$-173.40M
Business
Nuvation Bio is a global oncology company developing small-molecule therapies for cancer treatment. The company's lead product, IBTROZI (taletrectinib), was FDA-approved in June 2025 for ROS1-positive non-small cell lung cancer and is being commercialized in the U.S., Japan, China, and Europe through partnerships. The pipeline includes safusidenib, a brain-penetrant mIDH1 inhibitor in Phase 3 development for IDH1-mutant glioma, and a drug-drug conjugate platform designed to deliver anti-cancer warheads to tissue-specific targets. The company operates through in-licensed intellectual property from Daiichi Sankyo and out-licensing partnerships with regional commercialization partners.
Summary from 10-K filed 2026-03-02
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Revenue | 63 | 8 | 0 | — | — | |
| Cost of sales | 856,000 | 0 | — | — | — | |
| Cost of collaboration and license agreements revenue | 8 | 7 | — | — | — | |
| Research and development | 115 | 99 | 71 | 88 | 69 | |
| Acquired in-process research and development | 0 | 425 | 0 | — | — | |
| Selling, general and administrative | 152 | 69 | 29 | — | — | |
| Total costs and expenses | 276 | 601 | 100 | 120 | 93 | |
| Loss from operations | −213 | −593 | −100 | −120 | −93 | |
| Interest income | 21 | 27 | 25 | 7 | 3 | |
| Interest expense | −14 | −341,000 | 0 | — | — | |
| Investment advisory fees | −722,000 | −976,000 | −949,000 | −872,000 | −644,000 | |
| Change in fair value of warrants liability | −812,000 | −936,000 | 497,000 | 10 | 4 | |
| Realized gain (loss) on marketable securities | 5,000 | −12,000 | −139,000 | — | — | |
| Net loss on disposal of fixed assets | −33,000 | 0 | — | — | — | |
| Other income (expense) | 2 | −109,000 | — | — | — | |
| Total other income, net | 8 | 25 | 24 | 16 | 6 | |
| Loss before income taxes | −205 | −568 | −76 | −104 | −87 | |
| Provision for income taxes | 0 | 0 | 0 | 0 | 0 | |
| Net loss | −205 | −568 | −76 | −104 | −87 | |
| Net loss per share attributable to common stockholders, basic | −0.6 | −2.11 | −0.35 | −0.48 | −0.44 | |
| Net loss per share attributable to common stockholders, diluted | −0.6 | −2.11 | −0.35 | −0.48 | −0.44 | |
| Weighted average common shares outstanding, basic | 341,541 | 268,772 | 218,880 | 216,721 | 197,887 | |
| Weighted average common shares outstanding, diluted | 341,541 | 268,772 | 218,880 | 216,721 | 197,887 | |
| Currency translation adjustment | −2 | 537,000 | 0 | — | — | |
| Change in unrealized gain (loss) on available-for-sale securities | 741,000 | −145,000 | 6 | −4 | −3 | |
| Comprehensive loss | −205 | −568 | −70 | −109 | −90 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 164 | 36 | 43 | 101 | 132 | |
| Accounts receivable, net of allowance for credit loss of $nil and $nil | 16 | 13 | 0 | — | — | |
| Inventory | 11 | 0 | — | — | — | |
| Prepaid expenses and other current assets | 12 | 7 | 2 | 4 | 4 | |
| Marketable securities | 365 | 467 | 569 | 560 | 633 | |
| Interest receivable on marketable securities | 3 | 4 | 4 | 2 | 3 | |
| Total current assets | 572 | 526 | 616 | 667 | 772 | |
| Property and equipment, net of accumulated depreciation of $1,184 and $874, respectively | 564,000 | 586,000 | 717,000 | 894,000 | 786,000 | |
| Intangible assets, net of accumulated amortization of $1,856 and $448, respectively | 11 | 5 | 0 | — | — | |
| Operating lease right-of-use assets | 4 | 2 | 4 | 4 | 3 | |
| Other non-current assets | 8 | 7 | 587,000 | 0 | — | |
| Total assets | 595 | 541 | 621 | 672 | 776 | |
| Accounts payable | 9 | 6 | 2 | 2 | 4 | |
| Current operating lease liabilities | 2 | 2 | 2 | 1 | 863,000 | |
| Contract liabilities, current portion | 8 | 11 | 0 | — | — | |
| Liability related to revenue interest financing agreement, current portion | 10 | 0 | — | — | — | |
| Short-term borrowings | 6 | 6 | 0 | — | — | |
| Warrant liability | 3 | 0 | — | — | — | |
| Accrued expenses | 45 | 33 | 10 | 10 | 12 | |
| Total current liabilities | 82 | 58 | 14 | 13 | 17 | |
| Warrant liability | 0 | 2 | 353,000 | 850,000 | 11 | |
| Contract liabilities, net of current portion | 11 | 16 | — | — | — | |
| Non-current operating lease liabilities | 3 | 969,000 | 2 | 3 | 2 | |
| Non-current liability related to revenue interest financing agreement, net of deferred financing costs of $4,241 and $0, respectively | 146 | 0 | — | — | — | |
| Long-term borrowings, net of deferred financing costs of $3,042 and $0, respectively | 47 | 0 | — | — | — | |
| Total liabilities | 289 | 77 | 16 | 17 | 30 | |
| Commitments and contingencies (Note 16) | — | — | — | — | — | |
| Class A and Class B common stock and additional paid in capital, $0.0001 par value per share; 1,060,000,000 (Class A 1,000,000,000, Class B 60,000,000) shares authorized as of December 31, 2025 and December 31, 2024, 346,503,675 (Class A 345,503,675, Class B 1,000,000) and 337,837,872 (Class A 336,837,872, Class B 1,000,000) shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | 1,421 | 1,374 | 948 | 928 | 910 | |
| Accumulated deficit | −1,115 | −911 | −343 | −267 | −163 | |
| Accumulated other comprehensive income | −187,000 | 573,000 | 181,000 | −6 | −1 | |
| Total stockholders' equity | 306 | 464 | 605 | 655 | 746 | |
| Total liabilities and stockholders' equity | 595 | 541 | 621 | 672 | 776 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Stock-based compensation | 36 | 32 | 20 | 16 | 9 | |
| Depreciation and amortization | 2 | 683,000 | 200,000 | 200,000 | 200,000 | |
| Non-cash lease expense | 275,000 | −172,000 | −67,000 | 285,000 | 184,000 | |
| Non-cash interest on revenue interest financing agreement | 10 | 0 | — | — | — | |
| Amortization of issuance costs | 662,000 | 0 | — | — | — | |
| Amortization of premium and discounts on marketable securities | −5 | −9 | — | — | — | |
| Unrealized foreign currency transaction loss | −1 | 0 | — | — | — | |
| Accounts receivable | −3 | −13 | 0 | — | — | |
| Prepaid expenses and other current assets | −4 | −3 | 2 | −177,000 | 2 | |
| Inventory | −11 | 0 | — | — | — | |
| Interest receivable on marketable securities | 285,000 | 132,000 | −1 | 554,000 | −2 | |
| Other non-current assets | −846,000 | −6 | −587,000 | 0 | — | |
| Accounts payable | 3 | −2 | 70,000 | −2 | 2 | |
| Contract liabilities | −8 | 4 | 0 | — | — | |
| Accrued expenses | 12 | 7 | −23,000 | −2 | 7 | |
| Net cash used in operating activities | −173 | −130 | −68 | −96 | −68 | |
| Cash acquired from AnHeart acquisition | 0 | 20 | 0 | — | — | |
| Transaction costs related to AnHeart acquisition | 0 | −7 | 0 | — | — | |
| Purchases of marketable securities | −354 | −340 | −703 | −520 | −609 | |
| Proceeds from sale of marketable securities | 462 | 450 | 712 | 584 | 155 | |
| Purchases of property and equipment | −354,000 | −162,000 | −69,000 | −370,000 | −282,000 | |
| Cash paid for capitalized market approval intangibles | −8 | 0 | — | — | — | |
| Net cash provided by investing activities | 100 | 123 | 9 | 63 | −455 | |
| Proceeds from borrowings, net of issuance costs | 60 | 13 | 0 | — | — | |
| Proceeds from revenue interest financing agreement | 150 | 0 | — | — | — | |
| Payments on borrowings | −12 | −17 | 0 | — | — | |
| Payments on debt issuance costs | −7 | 0 | — | — | — | |
| Payments on Finance Agreement | −493,000 | 0 | — | — | — | |
| Proceeds from issuance of common stock under ESPP | 1 | 427,000 | 253,000 | — | — | |
| Proceeds from exercises of options | 10 | 4 | 375,000 | 939,000 | 450,000 | |
| Net cash provided by financing activities | 203 | 331,000 | 628,000 | 1 | 626 | |
| Effect of foreign exchange rate changes on cash and cash equivalents | −265,000 | 453,000 | 0 | — | — | |
| Net decrease in cash and cash equivalents | 128 | −7 | −58 | −31 | 103 | |
| Cash paid for interest | 3 | 341,000 | 0 | — | — | |
| Cash paid for tax | 197,000 | 373,000 | 0 | — | — | |
| Right-of-use asset recognized | 4 | 620,000 | — | — | — | |
| Operating lease liability recognized | 4 | 608,000 | 1 | — | — | |
| Issuance of common stock related to the AnHeart acquisition | 0 | 89 | 0 | — | — | |
| Issuance of convertible preferred stock related to the AnHeart acquisition | 0 | 275 | 0 | — | — | |
| Issuance of warrants related to the AnHeart acquisition | 0 | 764,000 | 0 | — | — | |
| Issuance of replacement awards related to the AnHeart acquisition | 0 | 25 | 0 | — | — |
Filings
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Frequently asked questions
What is Nuvation Bio Inc.'s CIK number?
Nuvation Bio Inc.'s SEC CIK number is 0001811063 (1811063). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Nuvation Bio Inc.'s SEC filings?
All of Nuvation Bio Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Nuvation Bio Inc. last report earnings?
Nuvation Bio Inc. (NUVB) most recently filed an earnings 8-K with the SEC on May 4, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001193125-26-204056). This is Nuvation Bio Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Nuvation Bio Inc.'s most recent earnings 8-K?
Nuvation Bio Inc.'s latest earnings 8-K (Item 2.02) was filed May 4, 2026 under accession 0001193125-26-204056. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Nuvation Bio Inc.'s latest earnings 8-K →
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