Nuvation Bio Accelerated IBTROZI Growth as Patient Mix Shifted
Second-quarter revenue reached $31.7 million, including collaboration and license revenue of $8.5 million.
Nuvation Bio (NUVB), the oncology-focused biotechnology company, increased IBTROZI net product revenue 25% sequentially as use shifted toward previously untreated patients.
IBTROZI generated $23.2 million in the second quarter, up from $18.5 million in the first quarter and $15.7 million in the fourth quarter of 2024. Sequential growth accelerated from about 18% in the prior period.
The gain came despite a decline in overall new-patient starts to approximately 160 from about 200 in the first quarter and 216 in the fourth quarter. About 85% of second-quarter starts were TKI-naïve, compared with more than half in the prior quarter, lifting TKI-naïve starts about 30% sequentially.
Collaboration and license revenue rose to $8.5 million from $3.6 million a year earlier, helped by higher product-supply revenue and royalties. Royalties from China and Japan totaled $2.1 million after taletrectinib joined China's reimbursement list at the start of 2025.
Operating loss narrowed to $51.0 million from $63.6 million a year earlier as revenue growth outpaced higher operating costs. Research and development expense increased to $30.7 million, driven mainly by clinical-trial costs, while selling, general and administrative expense rose to $42.6 million amid higher staffing, professional fees and commercial spending.
Net loss widened to $62.8 million, or $0.18 a share, from $59.0 million, or $0.17 a share. A $9.5 million loss on debt extinguishment and an increase in interest expense contributed to $11.8 million of net other expense, compared with $4.6 million of net other income a year earlier.
Nuvation ended June with $661.0 million in cash, cash equivalents and marketable securities, excluding another $36.5 million received in July through a convertible-notes overallotment. The financing produced approximately $279.1 million of net proceeds at closing before the additional July funds.
The company also expanded safusidenib development with two new trials after updated Phase 2 data showed a 51.9% centrally assessed response rate and median progression-free survival that remained unreached. Nuvation initiated an ex-U.S. pivotal Phase 3 study in grade 2 IDH1-mutant glioma and a U.S. Phase 2 trial for patients whose disease progressed after vorasidenib.