Nuvation Bio Inc. (NUVB)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$169.9M

Revenue growth

1083.6%

Net income, last twelve months

-$149.8M

Earnings per share

-$0.44

Operating margin

-81.0%

Net margin

-88.2%

Return on equity

-59.0%

Market value

$1.6B

Cash

$258.6M

Debt

$248.5M

Debt to equity

0.98

Shares outstanding

346.5M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 6 August 2026.

• Net loss after first-quarter profit. Net loss was $62.8 million, or $(0.18) per basic and diluted share, compared with net income of $5.4 million in the first quarter and a $59.0 million loss a year earlier.
• Total revenue of $31.7 million. Total revenue was $31.7 million, including $23.2 million of net product revenue. First-quarter collaboration revenue had risen $58.7 million on the Eisai upfront payment.
• IBTROZI net product revenue rose 25%. Net product revenue from IBTROZI was $23.2 million, up 25% from $18.5 million in the first quarter and from $1.2 million in the second quarter of 2025.
• About 85% of starts TKI-naive. About 85% of the roughly 160 new patient starts were TKI-naive, a group where starts grew about 30% quarter over quarter.
• Most prescribed ROS1 TKI claim. The company said IBTROZI is the most prescribed ROS1 TKI for first-line and overall new patient starts in 2026, based on IQVIA claims for the first five months.
• TRUST-II quality-of-life results presented. Patient-reported outcomes from TRUST-II were presented at the 2026 ASCO Annual Meeting, with cognitive function scores improved or stable throughout treatment.
• Safusidenib long-term Phase 2 update. Phase 2 J201 data at a median 38.8 months of follow-up showed a 51.9% objective response rate and a 79.1% 36-month PFS rate, with no new safety findings.
• Two new safusidenib studies started. The two studies are a pivotal Phase 3 outside the U.S. (G307) and a Phase 2 in the U.S. after prior vorasidenib (G209), broadening the IDH1-mutant glioma program.
• IBTROZI sNDA accepted by FDA. The FDA accepted the sNDA with updated efficacy data in TKI-naive and TKI-pretreated patients. The filing adds 10 months of TRUST-I and TRUST-II data.
• Full safusidenib rights from Daiichi Sankyo. The Japan rights were acquired from Daiichi Sankyo in April 2026, as reported in the prior quarter, giving full global development and commercialization rights.
• Collaboration revenue rose on product supply. Collaboration and license revenue was $8.5 million, up from $3.6 million, mainly on $3.6 million higher product supply and $1.8 million higher royalties.
• R&D expense rose on trial costs. R&D expenses were $30.7 million, up from $27.4 million, as third-party clinical trial costs rose $4.6 million, partly offset by $1.3 million lower personnel costs.
• SG&A rose on headcount and legal fees. SG&A expenses were $42.6 million, up from $38.5 million, with higher salaries and stock-based compensation, $0.8 million higher legal fees and $0.7 million higher professional fees.
• Cash and securities reached $661.0 million. Cash, cash equivalents and marketable securities were $661.0 million at June 30, 2026, up from $533.7 million at March 31, 2026, before $36.5 million of overallotment proceeds in July.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

By region, FY2025

Company events

The newest 8-K filings of 60 held.

Every filing

The newest filings with the SEC of 156 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

270 funds held it at 30 Jun 2026: 149 added and 51 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Eli Lilly & Co. (LLY): revenue $79.7B, market value $1.21T
• Johnson & Johnson (JNJ): revenue $99.3B, market value $652.9B
• AbbVie Inc. (ABBV): revenue $64.4B, market value $506.1B
• Merck & Co., Inc. (MRK): revenue $66.6B, market value $348.1B
• Novartis AG (NVS): revenue $54.5B, market value $297.8B
• AstraZeneca PLC (AZN): revenue $58.7B, market value $263.1B
• Abbott Laboratories (ABT): revenue $46.6B, market value $177.7B
• Novo Nordisk A/S (NVO): revenue $46.8B, market value $171.0B
• Pfizer Inc. (PFE): revenue $63.7B, market value $168.0B
• Vertex Pharmaceuticals Inc. (VRTX): revenue $12.6B, market value $134.2B

What the company does

Nuvation Bio is a global oncology company that develops small-molecule cancer drugs. David Hung, M.D., founded it in 2018 and is its chief executive officer. Its first product, IBTROZI (taletrectinib), was approved by the United States Food and Drug Administration (FDA) on 11 June 2025 for adults with locally advanced or metastatic ROS1-positive non-small cell lung cancer (NSCLC), and launched in the United States that month. The company also has a clinical-stage brain tumour drug, safusidenib, and a drug-drug conjugate research platform. At 31 December 2025 it had 298 full-time employees. Its Class A common stock trades on The New York Stock Exchange under the symbol NUVB.

What it sells

IBTROZI is an oral ROS1 inhibitor. Taletrectinib is also approved by Japan's Ministry of Health, Labour, and Welfare and by China's National Medical Products Administration for the same lung cancer indication. The FDA label rests on two Phase 2 single-arm studies, TRUST-I in China and the global TRUST-II, which together enrolled nearly 300 patients. In patients not previously treated with a ROS1 inhibitor, the confirmed objective response rate was 90% in TRUST-I and 85% in TRUST-II. TRUST-III compares taletrectinib with crizotinib in China, and TRUST-IV tests it as adjuvant treatment after surgery in early-stage ROS1-positive NSCLC.

What else is in development

Safusidenib is an oral inhibitor of mutant isocitrate dehydrogenase 1 (mIDH1). It is in the SIGMA study, a randomized Phase 3 trial against placebo as maintenance treatment for high-risk or high-grade IDH1-mutant astrocytoma. The pivotal cohort has an enrollment target of 300 patients. A separate exploratory cohort of approximately 40 patients has grade 3 IDH1-mutant oligodendroglioma. The company also works on drug-drug conjugates, which fuse tissue-targeting small molecules to anti-cancer warheads of existing drugs. Its preclinical candidates come from this platform.

How it makes money

In the United States the company sells IBTROZI itself. It has 71 commercial field team members and 7 medical affairs field team members. It also runs a patient support program called Nuvation Connect.

- Innovent Biologics (Suzhou) Co. Ltd. holds rights in mainland China, Hong Kong, Macau and Taiwan and sells it as DOVBLERON. - Nippon Kayaku Co., Ltd holds rights in Japan and sells it as IBTROZI. - Eisai Co., Ltd. signed in January 2026 for Europe and other territories outside the United States, China and Japan. The company says it expects to submit a Marketing Authorization Application to the European Medicines Agency in the first half of 2026.

These agreements provide upfront payments, regulatory and commercial milestones and tiered royalties on partner net sales.

Where its drugs come from

Nuvation Bio in-licensed both drugs from Daiichi Sankyo Company, Limited. It holds worldwide rights to taletrectinib and rights to safusidenib everywhere except Japan. For each drug it owes milestone payments and a high single-digit percentage royalty on worldwide net sales. It owns no manufacturing facilities and relies on third parties to make, package, store and distribute its products. It currently relies on a single source for taletrectinib active pharmaceutical ingredient and says it is working to develop a second source. The company says patents covering taletrectinib are expected to expire from 2033 to 2042. For safusidenib the range is 2035 to 2041.

How it competes

The company names large cancer drug makers among its competitors, including AstraZeneca plc, Bristol-Myers Squibb Company, Eli Lilly, Merck, Novartis Pharmaceuticals Corporation, Pfizer, Roche and Regeneron Pharmaceuticals, Inc. Taletrectinib competes with Pfizer's Xalkori, Roche's Rozlytrek and Bristol-Myers Squibb's Augtyro. Nuvalent's zidesamtinib is a ROS1 inhibitor in clinical development. If approved, safusidenib would be expected to compete with Servier's Voranigo (vorasidenib), and Rigel's olutasidenib is in development for the same glioma setting. The filing says many competitors have greater financial resources and expertise. It lists efficacy, tolerability, convenience, price and reimbursement as the factors that decide success.

Its people and offices

Of the 298 full-time employees, 147 work in research and development and 151 in selling, general and administrative roles. 58 hold PhD, MD or PharmD degrees. The company also uses 67 independent contractors. Its principal executive offices are in New York, New York, and it leases offices in San Francisco and Burlington, Massachusetts. In China it occupies office space in Beijing, Guangzhou, Hangzhou and Shanghai. The company took its current form on 10 February 2021, when Legacy Nuvation Bio merged with Panacea Acquisition Corp. On 9 April 2024 it acquired AnHeart Therapeutics Ltd., which brought in taletrectinib and safusidenib.

*From Nuvation Bio's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1811063/000119312526085584/nuvb-20251231.htm)*

From the company's 10-K.