NUVB

MKT CAP:$2B

Nuvation Bio Inc.

Market Cap

$2B

Healthcare·Biotechnology·🇺🇸 United States·NYSE

Healthcare·Biotechnology·🇺🇸·NYSE

Stock Price

$5.11-$3.47 (-40.44%)

Apr 21, 2026

Company Details

Nuvation Bio Inc., a clinical-stage biopharmaceutical company, focuses on the development of therapeutic candidates for oncology. The company's lead product candidate is NUV-422, a small molecule inhibitor targeting cyclin-dependent kinase ...

CEO

David T. Hung

IPO Date

Aug 26, 2020

Website

www.nuvationbio.com

Key Metrics TTM

Revenue

$27M

+1137.2% YoY

Net Income

-$217M

EPS (Diluted)

-$0.64

Free Cash Flow

-$190M

Revenue / Share

$0.08

Gross Margin

54.3%

Operating Margin

-871.0%

Net Margin

-813.1%

FCF Margin

-711.3%

P/S

64.3x

P/E

—

Earnings Reports

Q4 2025

May 6, 2026

PENDING

FY 2025

Mar 2, 2026

$63M+699.0%EPS -$0.60

Q3 2025

Nov 3, 2025

$13M+1704.7%EPS -$0.16

Q2 2025

Aug 7, 2025

$5M+236.8%EPS -$0.17

Q1 2025

May 7, 2025

$3MEPS -$0.16

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$0	$0	-$30M
Q1 22	$0	$0	-$28M
Q2 22	$0	$0	-$38M
Q3 22	$0	$0	-$29M
Q4 22	$0	$0	-$24M
Q1 23	$0	$0	-$27M
Q2 23	$0	$0	-$26M
Q3 23	$0	$0	-$26M
Q4 23	$0	$0	-$21M
Q1 24	$0	$0	-$20M
Q2 24	$1M	$88.0K	-$470M
Q3 24	$727.0K	-$788.0K	-$48M
Q4 24	$6M	$1M	-$54M
Q1 25	$3M	$990.0K	-$59M
Q2 25	$5M	$2M	-$64M
Q3 25	$13M	$10M	-$56M

Valuation

Quarter	P/S	P/E
Q4 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	1198.0x	—
Q3 24	795.2x	—
Q4 24	218.4x	—
Q1 25	156.9x	—
Q2 25	119.8x	—
Q3 25	64.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$23M	-$24M
Q1 22	-$25M	-$25M
Q2 22	-$27M	-$27M
Q3 22	-$28M	-$28M
Q4 22	-$16M	-$16M
Q1 23	-$19M	-$19M
Q2 23	-$17M	-$18M
Q3 23	-$16M	-$16M
Q4 23	-$15M	-$15M
Q1 24	-$16M	-$16M
Q2 24	-$37M	-$37M
Q3 24	-$31M	-$31M
Q4 24	-$46M	-$46M
Q1 25	-$43M	-$43M
Q2 25	-$48M	-$48M
Q3 25	-$53M	-$53M

Capital Expenditures

Quarter	CapEx
Q4 21	$135.0K
Q1 22	$7.0K
Q2 22	$195.0K
Q3 22	$103.0K
Q4 22	$65.0K
Q1 23	$12.0K
Q2 23	$22.0K
Q3 23	$22.0K
Q4 23	$13.0K
Q1 24	$27.0K
Q2 24	$0
Q3 24	$148.0K
Q4 24	$13.0K
Q1 25	$72.0K
Q2 25	$181.0K
Q3 25	$12.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	—	+115.1%
Q1 22	—	+37.6%
Q2 22	—	+85.3%
Q3 22	—	+28.7%
Q4 22	—	-17.8%
Q1 23	—	-5.9%
Q2 23	—	-31.0%
Q3 23	—	-10.2%
Q4 23	—	-14.4%
Q1 24	—	-23.8%
Q2 24	—	+1705.6%
Q3 24	—	+85.4%
Q4 24	—	+186.4%
Q1 25	—	+207.4%
Q2 25	+236.8%	-85.5%
Q3 25	+1704.7%	+42.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$3M	—
Q1 22	$4M	—
Q2 22	$5M	—
Q3 22	$3M	—
Q4 22	$5M	—
Q1 23	$5M	—
Q2 23	$6M	—
Q3 23	$5M	—
Q4 23	$4M	—
Q1 24	$5M	—
Q2 24	$10M	666.8%
Q3 24	$7M	1028.3%
Q4 24	$10M	178.4%
Q1 25	$8M	254.7%
Q2 25	$12M	248.9%
Q3 25	$8M	61.1%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q4 21	$22M	$8M	—	—
Q1 22	$21M	$7M	—	—
Q2 22	$29M	$9M	—	—
Q3 22	$21M	$8M	—	—
Q4 22	$17M	$7M	—	—
Q1 23	$19M	$8M	—	—
Q2 23	$19M	$8M	—	—
Q3 23	$19M	$8M	—	—
Q4 23	$15M	$5M	—	—
Q1 24	$13M	$7M	—	—
Q2 24	$454M	—	—	$16M
Q3 24	$28M	—	—	$20M
Q4 24	$29M	—	—	$26M
Q1 25	$25M	—	—	$35M
Q2 25	$27M	—	—	$38M
Q3 25	$29M	$37M	$500.0K	—

Revenue Segments

Quarter	License	Product
Q2 25	$4M	$1M

Revenue by Geography

Quarter	China	Japan	United States
Q3 24	$100.0K	$600.0K	—
Q1 25	$3M	$200.0K	—
Q2 25	$3M	$241.0K	$1M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$106M	$631M	$738M
Q2 22	$102M	$601M	$704M
Q3 22	$139M	$535M	$674M
Q4 22	$101M	$560M	$661M
Q1 23	$30M	$617M	$647M
Q2 23	$50M	$581M	$631M
Q3 23	$24M	$595M	$619M
Q4 23	$43M	$569M	$611M
Q1 24	$35M	$562M	$597M
Q2 24	$34M	$543M	$577M
Q3 24	$30M	$519M	$549M
Q4 24	$36M	$467M	$503M
Q1 25	$48M	$414M	$462M
Q2 25	$248M	$360M	$608M
Q3 25	$99M	$450M	$549M
Q4 25	$164M	$365M	$529M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	202M	-2.2%	+51.6%
Q1 22	213M	+5.4%	+25.8%
Q2 22	217M	+1.5%	+6.2%
Q3 22	218M	+0.8%	+5.4%
Q4 22	218M	+0.1%	+7.9%
Q1 23	219M	+0.1%	+2.5%
Q2 23	219M	+0.0%	+1.0%
Q3 23	219M	+0.0%	+0.3%
Q4 23	219M	-0.0%	+0.2%
Q1 24	219M	+0.1%	+0.1%
Q2 24	245M	+11.7%	+11.8%
Q3 24	274M	+11.8%	+25.0%
Q4 24	337M	+23.2%	+53.9%
Q1 25	339M	+0.5%	+54.6%
Q2 25	341M	+0.6%	+39.2%
Q3 25	342M	+0.5%	+25.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$0	64
Q1 22	$0	64
Q2 22	$0	64
Q3 22	$0	64
Q4 22	$0	53
Q1 23	$0	53
Q2 23	$0	53
Q3 23	$0	53
Q4 23	$0	51
Q1 24	$0	51
Q2 24	$28.1K	51
Q3 24	$14.3K	51
Q4 24	$26.0K	220
Q1 25	$14.0K	220
Q2 25	$22.0K	220
Q3 25	$59.6K	220

Revenue / Employee