NUVB on NYSE
Nuvation Bio Inc.
American pharmaceutical preparations company, incorporated in Delaware.
Price unavailable
Last updated Oct 18, 2026.
Overview
Compare with Fortress Biotech, Tango Therapeutics (United States) or Journey Medical Corp, or pick any stock.
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
-338.7%Operating margin2
-325.3%Net margin2
699.0%Revenue growth, 20252
-66.9%Return on equity2
0.15×Debt to equity2
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
License brought in 61% of the revenue Nuvation Bio Inc. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2024 | 2025 |
|---|---|---|
| License | $7.9M | $38.2M |
| Product Revenue | $24.7M |
Regions
Japan brought in 46% of the revenue Nuvation Bio Inc. broke down this way in fiscal 2025.
Regions by year
| Regions | 2024 | 2025 |
|---|---|---|
| Japan | $2.7M | $28.8M |
| United States | $0 | $24.7M |
| [Canada] | $5.1M | $9.4M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Research and development43¢$115.1M
- Selling, general and admin57¢$151.6M
Out of $62.9M in revenue.2 The company lost money this year.
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.2
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Revenue | $62.9M | $7.9M |
| Cost of sales | $856.0K | $0 |
| Cost of collaboration and license agreements revenue | $8.4M | $7.1M |
| Research and development | $115.1M | $99.1M |
| Acquired in-process research and development | $0 | $425.1M |
| Selling, general and administrative | $151.6M | $69.2M |
| Total costs and expenses | $276.0M | $600.5M |
| Loss from operations | -$213.1M | -$592.6M |
| Interest income | $21.4M | $27.1M |
| Interest expense | -$13.7M | -$341.0K |
| Investment advisory fees | -$722.0K | -$976.0K |
| Change in fair value of warrants liability | -$812.0K | -$936.0K |
| Realized gain (loss) on marketable securities | $5.0K | -$12.0K |
| Net loss on disposal of fixed assets | -$33.0K | $0 |
| Other income (expense) | $2.3M | -$109.0K |
| Total other income, net | $8.4M | $24.7M |
| Loss before income taxes | -$204.6M | -$567.9M |
| Provision for income taxes | $0 | $0 |
| Net loss | -$204.6M | -$567.9M |
| Net loss per share attributable to common stockholders, basic | -$0.60 | -$2.11 |
| Net loss per share attributable to common stockholders, diluted | -$0.60 | -$2.11 |
| Weighted average common shares outstanding, basic | 341.5K shares | 268.8K shares |
| Weighted average common shares outstanding, diluted | 341.5K shares | 268.8K shares |
| Currency translation adjustment | -$1.5M | $537.0K |
| Change in unrealized gain (loss) on available-for-sale securities | $741.0K | -$145.0K |
| Comprehensive loss | -$205.4M | -$567.5M |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $164.1M | $35.7M | |
| Accounts receivable, net of allowance for credit loss of $nil and $nil | $16.1M | $12.7M | |
| Inventory | $11.4M | $0 | |
| Prepaid expenses and other current assets | $11.5M | $7.3M | |
| Marketable securities | $365.1M | $467.0M | |
| Interest receivable on marketable securities | $3.3M | $3.6M | |
| Total current assets | $571.5M | $526.3M | |
| Property and equipment, net of accumulated depreciation of $1,184 and $874, respectively | $564.0K | $586.0K | |
| Intangible assets, net of accumulated amortization of $1,856 and $448, respectively | $11.2M | $4.6M | |
| Operating lease right-of-use assets | $3.9M | $2.4M | |
| Other non-current assets | $7.6M | $6.8M | |
| Total assets | $594.8M | $540.6M | |
| Accounts payable | $9.5M | $6.3M | |
| Current operating lease liabilities | $1.9M | $1.7M | |
| Contract liabilities, current portion | $7.5M | $11.1M | |
| Liability related to revenue interest financing agreement, current portion | $9.6M | $0 | |
| Short-term borrowings | $5.7M | $6.3M | |
| Warrant liability | $2.9M | $0 | |
| Accrued expenses | $45.2M | $32.8M | |
| Total current liabilities | $82.2M | $58.2M | |
| Warrant liability | $0 | $2.1M | |
| Contract liabilities, net of current portion | $11.3M | $15.6M | |
| Non-current operating lease liabilities | $2.5M | $969.0K | |
| Non-current liability related to revenue interest financing agreement, net of deferred financing costs of $4,241 and $0, respectively | $145.8M | $0 | |
| Long-term borrowings, net of deferred financing costs of $3,042 and $0, respectively | $47.2M | $0 | |
| Total liabilities | $289.1M | $76.8M | |
| 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 | $1.4B | $1.4B | |
| Accumulated deficit | -$1.1B | -$910.7M | |
| Accumulated other comprehensive income | -$187.0K | $573.0K | $181.0K |
| Total stockholders' equity | $305.7M | $463.8M | $605.1M |
| Total liabilities and stockholders' equity | $594.8M | $540.6M | |
| Accounts Receivable, Allowance for Credit Loss | $0 | $0 | |
| Property and equipment, net of accumulated depreciation of $874 and $666, respectively | $1.2M | $874.0K | |
| Intangible assets, net of accumulated amortization of $448 | $1.9M | $448.0K | |
| Non-current liability related to revenue interest financing agreement | $4.2M | $0 | |
| Long-term borrowings, net of current portion and deferred financing costs | $3.0M | $0 | |
| Common stock and additional paid in capital, shares authorized | 1.1B shares | 346.5M shares | |
| Common stock and additional paid in capital, shares issued | 337.8M shares | 337.8M shares | |
| Common stock and additional paid in capital, shares outstanding | 337.8M shares | 337.8M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $164.1M | $35.7M | |
| Accounts receivable, net of allowance for credit loss of $nil and $nil | $16.1M | $12.7M | |
| Inventory | $11.4M | $0 | |
| Prepaid expenses and other current assets | $11.5M | $7.3M | |
| Marketable securities | $365.1M | $467.0M | |
| Interest receivable on marketable securities | $3.3M | $3.6M | |
| Total current assets | $571.5M | $526.3M | |
| Property and equipment, net of accumulated depreciation of $1,184 and $874, respectively | $564.0K | $586.0K | |
| Intangible assets, net of accumulated amortization of $1,856 and $448, respectively | $11.2M | $4.6M | |
| Operating lease right-of-use assets | $3.9M | $2.4M | |
| Other non-current assets | $7.6M | $6.8M | |
| Total assets | $594.8M | $540.6M | |
| Accounts payable | $9.5M | $6.3M | |
| Current operating lease liabilities | $1.9M | $1.7M | |
| Contract liabilities, current portion | $7.5M | $11.1M | |
| Liability related to revenue interest financing agreement, current portion | $9.6M | $0 | |
| Short-term borrowings | $5.7M | $6.3M | |
| Warrant liability | $2.9M | $0 | |
| Accrued expenses | $45.2M | $32.8M | |
| Total current liabilities | $82.2M | $58.2M | |
| Warrant liability | $0 | $2.1M | |
| Contract liabilities, net of current portion | $11.3M | $15.6M | |
| Non-current operating lease liabilities | $2.5M | $969.0K | |
| Non-current liability related to revenue interest financing agreement, net of deferred financing costs of $4,241 and $0, respectively | $145.8M | $0 | |
| Long-term borrowings, net of deferred financing costs of $3,042 and $0, respectively | $47.2M | $0 | |
| Total liabilities | $289.1M | $76.8M | |
| 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 | $1.4B | $1.4B | |
| Accumulated deficit | -$1.1B | -$910.7M | |
| Accumulated other comprehensive income | -$187.0K | $573.0K | $181.0K |
| Total stockholders' equity | $305.7M | $463.8M | $605.1M |
| Total liabilities and stockholders' equity | $594.8M | $540.6M | |
| Accounts Receivable, Allowance for Credit Loss | $0 | $0 | |
| Property and equipment, net of accumulated depreciation of $874 and $666, respectively | $1.2M | $874.0K | |
| Intangible assets, net of accumulated amortization of $448 | $1.9M | $448.0K | |
| Non-current liability related to revenue interest financing agreement | $4.2M | $0 | |
| Long-term borrowings, net of current portion and deferred financing costs | $3.0M | $0 | |
| Common stock and additional paid in capital, shares authorized | 1.1B shares | 346.5M shares | |
| Common stock and additional paid in capital, shares issued | 337.8M shares | 337.8M shares | |
| Common stock and additional paid in capital, shares outstanding | 337.8M shares | 337.8M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.2
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss | -$204.6M | -$567.9M |
| Stock-based compensation | $35.9M | $32.3M |
| Depreciation and amortization | $1.7M | $683.0K |
| Non-cash lease expense | $275.0K | -$172.0K |
| Non-cash interest on revenue interest financing agreement | $10.1M | $0 |
| Amortization of issuance costs | $662.0K | $0 |
| Change in fair value of warrant liability | $812.0K | $936.0K |
| Amortization of premium and discounts on marketable securities | -$5.3M | -$9.0M |
| Realized loss (gain) on marketable securities | -$5.0K | $12.0K |
| Net loss on disposal of property and equipment | $33.0K | $0 |
| Unrealized foreign currency transaction loss | -$1.1M | $0 |
| Acquired in-process research and development | $0 | $425.1M |
| Accounts receivable | -$3.4M | -$12.7M |
| Prepaid expenses and other current assets | -$4.3M | -$3.0M |
| Inventory | -$11.4M | $0 |
| Interest receivable on marketable securities | $285.0K | $132.0K |
| Other non-current assets | -$846.0K | -$6.0M |
| Accounts payable | $3.1M | -$1.7M |
| Contract liabilities | -$7.9M | $3.9M |
| Accrued expenses | $12.3M | $6.8M |
| Net cash used in operating activities | -$173.4M | -$130.4M |
| Cash acquired from AnHeart acquisition | $0 | $19.9M |
| Transaction costs related to AnHeart acquisition | $0 | -$7.4M |
| Purchases of marketable securities | -$354.4M | -$339.6M |
| Proceeds from sale of marketable securities | $462.3M | $450.1M |
| Purchases of property and equipment | -$354.0K | -$162.0K |
| Cash paid for capitalized market approval intangibles | -$8.0M | $0 |
| Net cash provided by investing activities | $99.5M | $122.7M |
| Proceeds from borrowings, net of issuance costs | $60.1M | $12.6M |
| Proceeds from revenue interest financing agreement | $150.0M | $0 |
| Payments on borrowings | -$11.9M | -$17.2M |
| Payments on debt issuance costs | -$6.6M | $0 |
| Payments on Finance Agreement | -$493.0K | $0 |
| Proceeds from issuance of common stock under ESPP | $1.3M | $427.0K |
| Proceeds from exercises of options | $10.1M | $4.5M |
| Net cash provided by financing activities | $202.5M | $331.0K |
| Effect of foreign exchange rate changes on cash and cash equivalents | -$265.0K | $453.0K |
| Net decrease in cash and cash equivalents | $128.4M | -$6.9M |
| Cash paid for interest | $2.9M | $341.0K |
| Cash paid for tax | $197.0K | $373.0K |
| Right-of-use asset recognized | $3.9M | $620.0K |
| Operating lease liability recognized | $3.9M | $608.0K |
| Issuance of common stock related to the AnHeart acquisition | $0 | $89.3M |
| Issuance of convertible preferred stock related to the AnHeart acquisition | $0 | $274.9M |
| Issuance of warrants related to the AnHeart acquisition | $0 | $764.0K |
| Issuance of replacement awards related to the AnHeart acquisition | $0 | $24.8M |
No quarter-by-quarter statement was filed.
Leadership
Who has led Nuvation Bio Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
Chair
President
Chief financial officer
Chief operating officer
2025
- Chief executive officerDavid Hung Feb 12, 2021 to now10
- Chief executive officerOleg Nodelman Jun 30, 2020 to Jul 6, 202011
- ChairOleg Nodelman Jun 30, 2020 to Jul 6, 202011
- PresidentDavid Hung Feb 12, 2021 to now10
- Chief financial officerPhilippe Sauvage Oct 9, 2024 to now12
- Chief financial officerJennifer A. Fox Feb 12, 2021 to Mar 2, 202313
- Chief financial officerScott Perlen Jun 30, 2020 to Jun 30, 202014
- Chief operating officerScott Platshon Jun 30, 2020 to Jun 30, 202015
Board members and other officers (25)
- Chief Commercial OfficerColleen Sjogren Apr 2, 2024 to now16
- OfficerMoses Makunje Nov 27, 2023 to now17
- Chief Regulatory OfficerKerry Wentworth May 25, 2022 to now18
- Chief Scientific OfficerGary Hattersley Feb 12, 2021 to now19
- Chief Medical OfficerSergey Yurasov Feb 12, 2021 to Feb 12, 202120
- SVP, Human ResourcesStacy Markel Feb 12, 2021 to now21
- SVP, Pharmaceutical OpsThomas Templeman Feb 12, 2021 to Feb 12, 202122
- Chief Technical OperationsDavid C. Hanley Jun 3, 2021 to now23
- Chief Investment OfficerCaroline Stout Jun 30, 2020 to Jun 30, 202024
- SecretarySarah Marriott Jun 30, 2020 to Jun 30, 202025
- Board memberRobert Mashal Jan 10, 2024 to now26
- Board memberXiangmin Cui Apr 11, 2024 to now27
- Board memberDaniel G. Welch Feb 12, 2021 to May 29, 202428
- Board memberDavid Hung Feb 12, 2021 to now10
- Board memberKathryn E. Falberg Feb 12, 2021 to now29
- Board memberKim D. Blickenstaff Feb 12, 2021 to now30
- Board memberMichelle Doig Feb 12, 2021 to Feb 12, 202131
- Board memberOleg Nodelman Feb 12, 2021 to Sep 22, 202332
- Board memberRobert B. Bazemore Feb 12, 2021 to now33
- Board memberW. Anthony Vernon Feb 12, 2021 to now34
- Board memberDaniel Bradbury Jun 30, 2020 to Feb 26, 202135
- Board memberFaheem Hasnain Jun 30, 2020 to Feb 26, 202136
- Board memberGraham K. Cooper Jun 30, 2020 to Feb 26, 202137
- Board memberSarah Marriott Jun 30, 2020 to Jun 30, 202025
- Board memberShalini Sharp Jun 30, 2020 to Feb 26, 202138
Former names
- Panacea Acquisition CorpMay 15, 2020 to Feb 11, 20213
Timeline
Filings
285 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 49 major events, 139 insider forms, 17 large holders, 59 other. The latest 20:
- Aug 21, 20264 EDGAR
- Aug 19, 2026144 EDGAR
- Aug 6, 20268-K EDGAR
- Aug 6, 202610-Q EDGAR
- Jul 17, 20264 EDGAR
- Jul 6, 20268-K EDGAR
- Jun 30, 20268-K EDGAR
- Jun 29, 2026424B5 EDGAR
- Jun 29, 2026305B2 EDGAR
- Jun 26, 2026FWP EDGAR
- Jun 25, 2026424B5 EDGAR
- Jun 24, 20264 EDGAR
- Jun 24, 20264 EDGAR
- Jun 24, 20264 EDGAR
- Jun 23, 2026144 EDGAR
- Jun 23, 2026144 EDGAR
- Jun 23, 2026144 EDGAR
- Jun 11, 20264 EDGAR
- May 27, 20268-K EDGAR
- May 26, 20264 EDGAR
The 285 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last three years, summarized. The full record is on SEC EDGAR.
Insider trades and holders
Large holders
Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 17 such filings since October 2021, the latest 10:
- May 12, 2025SCHEDULE 13G/A
- Feb 12, 2025SCHEDULE 13G/A
- Dec 6, 2024SCHEDULE 13G/A
- Nov 12, 2024SC 13G/A
- Oct 18, 2024SC 13D/A
- Sep 10, 2024SC 13D
- Mar 26, 2024SC 13D/A
- Feb 9, 2024SC 13G/A
- Jan 29, 2024SC 13G
- Feb 14, 2023SC 13G/A
From Forms 4 and Schedules 13D and 13G filed with the SEC.
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Fmr LLC | 52,230,295 | $296.7M | 0.0% | +240,702 |
| BlackRock, Inc. | 27,630,837 | $156.9M | 0.0% | +2,530,463 |
| Decheng Capital LLC | 25,954,439 | $147.4M | 20.1% | No change |
| Vanguard Capital Management LLC | 11,919,514 | $67.7M | 0.0% | +293,316 |
| Omega Fund Management, LLC | 8,081,089 | $45.9M | 24.7% | No change |
| Laurion Capital Management LP | 7,820,013 | $44.4M | 3.4% | −2,625 |
| State Street Corp | 7,370,794 | $41.9M | 0.0% | +585,867 |
| Geode Capital Management, LLC | 6,244,805 | $35.5M | 0.0% | +381,151 |
| American Century Companies Inc | 4,499,643 | $25.6M | 0.0% | +1,602,565 |
| Bank Of America Corp /de/ | 3,529,748 | $20.0M | 0.0% | +309,922 |
| Tang Capital Management LLC | 3,299,557 | $18.7M | 0.9% | +150,000 |
| Redmile Group, LLC | 3,031,009 | $17.2M | 1.2% | −122,247 |
| Vanguard Portfolio Management LLC | 2,688,666 | $15.3M | 0.0% | +413,220 |
| Aqr Capital Management LLC | 2,356,429 | $13.4M | 0.0% | +360,671 |
| Northern Trust Corp | 2,321,873 | $13.2M | 0.0% | +318,765 |
| Algert Global LLC | 2,277,358 | $12.9M | 0.2% | +435,280 |
| Charles Schwab Investment Management Inc | 2,058,870 | $11.7M | 0.0% | +66,419 |
| Dimensional Fund Advisors LP | 2,047,876 | $11.6M | 0.0% | −4,815 |
| Armistice Capital, LLC | 2,000,000 | $11.4M | 0.3% | +264,000 |
| Citadel Advisors LLC | 1,988,330 | $11.3M | 0.0% | −77,081 |
| Goldman Sachs Group Inc | 1,904,686 | $10.8M | 0.0% | −25,267 |
| Vanguard Fiduciary Trust Co | 1,776,554 | $10.1M | 0.0% | +184,105 |
| Connor, Clark & Lunn Investment Management Ltd. | 1,756,820 | $10.0M | 0.0% | +549,049 |
| Arrowstreet Capital, Limited Partnership | 1,621,686 | $9.2M | 0.0% | +182,329 |
| Knoll Capital Management, LLC | 1,598,591 | $9.1M | 5.1% | +100,000 |
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10SEC EDGARDavid Hung, Chief executive officer
- 11
- 12
- 13
- 14
- 15
- 16
- 17SEC EDGARMoses Makunje, Officer
- 18
- 19
- 20
- 21SEC EDGARStacy Markel, SVP, Human Resources
- 22
- 23
- 24
- 25SEC EDGARSarah Marriott, Secretary
- 26SEC EDGARRobert Mashal, Board member
- 27SEC EDGARXiangmin Cui, Board member
- 28SEC EDGARDaniel G. Welch, Board member
- 29SEC EDGARKathryn E. Falberg, Board member
- 30SEC EDGARKim D. Blickenstaff, Board member
- 31SEC EDGARMichelle Doig, Board member
- 32SEC EDGAROleg Nodelman, Board member
- 33SEC EDGARRobert B. Bazemore, Board member
- 34SEC EDGARW. Anthony Vernon, Board member
- 35SEC EDGARDaniel Bradbury, Board member
- 36SEC EDGARFaheem Hasnain, Board member
- 37SEC EDGARGraham K. Cooper, Board member
- 38SEC EDGARShalini Sharp, Board member