Nuvation Bio Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $62.9M | $7.9M | $0 | — | — |
| Cost of revenue | — | $7.1M | $0 | — | — |
| Gross profit | — | $795,000 | $0 | — | — |
| Selling, general & administrative | $151.6M | $69.2M | $28.5M | — | — |
| Research and development | $115.1M | $99.1M | $71.3M | $87.8M | $69.0M |
| Operating expenses | $276.0M | $600.5M | $99.8M | $119.7M | $93.3M |
| Operating income | -$213.1M | -$592.6M | -$99.8M | -$119.7M | -$93.3M |
| Interest expense | $13.7M | $341,000 | $0 | — | — |
| Pretax income | -$204.6M | -$567.9M | -$75.8M | -$104.2M | -$86.8M |
| Income tax expense | $0 | $0 | $0 | $0 | $0 |
| Net income | -$204.6M | -$567.9M | -$75.8M | -$104.2M | -$86.8M |
| Balance Sheet | |||||
| Cash and equivalents | $164.1M | $35.7M | $42.6M | $101.1M | $132.4M |
| Current assets | $571.5M | $526.3M | $616.4M | $667.3M | $772.1M |
| Total assets | $594.8M | $540.6M | $621.5M | $672.1M | $776.2M |
| Current liabilities | $82.2M | $58.2M | $14.0M | $13.2M | $16.9M |
| Total liabilities | $289.1M | $76.8M | $16.4M | $17.1M | $30.2M |
| Stockholders' equity | $305.7M | $463.8M | $605.1M | $655.1M | $746.0M |
| Cash Flow Statement | |||||
| Cash from operations | -$173.4M | -$130.4M | -$68.0M | -$96.1M | -$68.2M |
| Depreciation and amortization | $1.7M | $683,000 | $222,000 | $199,000 | $184,000 |
| Stock-based compensation | $35.9M | $32.3M | $19.5M | $16.3M | $9.3M |
Shares outstanding 348.2M · Free float 40.0%
Annual filing data through FY ended December 31, 2025; float as of July 15, 2026.