Nuvation Bio Inc. (NUVB) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 16, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the NUVB SEC filings page.
Nuvation Bio Inc. (NUVB) reported $169.9M in revenue over the twelve months to Jun 30, 2026. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Revenue is scaling quickly, but operating spending still exceeds sales and external funding supports cash needs.
Revenue rose from$7.9M in FY2024 to$62.9M in FY2025. The operating margin improved from-75.3% to-3.4% , pointing chiefly to revenue scaling against a large operating base, not yet to self-funding economics.
The net loss narrowed from
Liabilities rose from
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Nuvation Bio Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Nuvation Bio Inc. held $529.2M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $173.4M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Nuvation Bio Inc. scores 61/100 among other emerging companies.
Nuvation Bio Inc. had 348M shares outstanding at the end of fiscal year 2025, against 340M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Nuvation Bio Inc. scores 29/100 among other emerging companies.
Nuvation Bio Inc. spent $115.1M on research and development in fiscal year 2025, which was 41.7% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Nuvation Bio Inc. scores 72/100 among other emerging companies.
Nuvation Bio Inc. reported revenue of $62.9M in fiscal year 2025, against $7.9M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Nuvation Bio Inc. scores 97/100 among other emerging companies.
Nuvation Bio Inc.'s operations used $173.4M of cash in fiscal year 2025, against $130.4M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Nuvation Bio Inc. scores 13/100 among other emerging companies.
Nuvation Bio Inc.'s cash, cash equivalents and investments came to $529.2M at the end of fiscal year 2025, against $289.1M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Nuvation Bio Inc. scores 72/100 among other emerging companies.
Nuvation Bio Inc. scores 0.75, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($1.7B) relative to total liabilities ($289.1M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Nuvation Bio Inc. passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
Nuvation Bio Inc. reported a net loss of $204.6M while operations used $173.4M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Nuvation Bio Inc. reported an operating loss of $213.1M against $13.7M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Nuvation Bio Inc. generated $31.7M in revenue in Q2 2026. This represents an increase of 555.6% from the same quarter a year earlier. Against the prior quarter it is down 61.9%.
Nuvation Bio Inc.'s EBITDA was -$50.5M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 20.1% from the same quarter a year earlier. Against the prior quarter it is down 1243.3%.
Nuvation Bio Inc. reported -$62.8M in net income in Q2 2026. This represents a decrease of 6.5% from the same quarter a year earlier. Against the prior quarter it is down 1264.4%.
Nuvation Bio Inc. earned -$0.18 per diluted share (EPS) in Q2 2026. This represents a decrease of 5.9% from the same quarter a year earlier.
Cash & Balance Sheet
Nuvation Bio Inc. held $258.6M in cash against $242.6M in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Nuvation Bio Inc.'s ROE was -24.8% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 8.9 percentage points from the same quarter a year earlier. Against the prior quarter it is down 26.4 percentage points.
Not reported for Q2 2026.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Nuvation Bio Inc. invested $30.7M in research and development in Q2 2026. This represents an increase of 12.1% from the same quarter a year earlier. Against the prior quarter it is down 12.5%.
Not reported for Q2 2026.
Not reported for Q2 2026.
NUVB Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $31.7M+555.6% | $83.2M+2598.7% | $41.9M | $13.1M+1704.7% | $4.8M+236.8% | $3.1M | N/A | $727K |
| Cost of Revenue | N/A | N/A | N/A | $3.3M+121.1% | $2.6M+91.2% | $2.1M | N/A | $1.5M |
| Gross Profit | N/A | N/A | N/A | $9.8M+1340.0% | $2.3M+2464.8% | $990K | N/A | -$788K |
| R&D Expenses | $30.7M+12.1% | $35.0M+42.5% | $34.3M | $28.8M+4.0% | $27.4M-6.4% | $24.6M+91.6% | N/A | $27.7M+49.4% |
| SG&A Expenses | $42.6M+10.7% | $38.3M+8.2% | $40.3M | $37.4M+90.8% | $38.5M+138.2% | $35.4M+381.1% | N/A | $19.6M+151.8% |
| Operating Income | -$51.0M+19.7% | $3.9M+106.6% | -$34.0M | -$56.4M-17.3% | -$63.6M+86.5% | -$59.0M-192.1% | N/A | -$48.1M-82.6% |
| EBITDA | -$50.5M+20.1% | $4.4M+107.5% | -$33.5M | -$55.9M-16.6% | -$63.2M+86.6% | -$58.7M-191.4% | N/A | -$47.9M-82.4% |
| Interest Expense | $6.8M+1505.5% | $6.7M+12322.2% | $8.1M | $5.1M+4167.5% | $421K+218.9% | $54K | N/A | $120K |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | N/A | $0 |
| Net Income | -$62.8M-6.5% | $5.4M+110.1% | -$36.6M | -$55.8M-35.4% | -$59.0M+87.2% | -$53.2M-259.9% | N/A | -$41.2M-109.7% |
| EPS (Basic) | -$0.18-5.9% | $0.02+112.5% | -$0.11 | -$0.16-6.7% | -$0.17+91.0% | -$0.16-128.6% | $0.00+100.0% | -$0.15-66.7% |
| EPS (Diluted) | -$0.18-5.9% | $0.01 | -$0.11 | -$0.16-6.7% | -$0.17+91.0% | -$0.16 | $0.00+100.0% | -$0.15-66.7% |
| Diluted Shares (Avg) | 348,770+2.4% | 377,521 | N/A | 342,393+25.2% | 340,746+39.2% | 338,612 | N/A | 273,565+25.0% |
NUVB Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $744.5M+15.0% | $610.2M+23.9% | $594.8M+10.0% | $601.6M+5.2% | $647.2M+8.8% | $492.5M-19.7% | $540.6M-13.0% | $571.6M-9.4% |
| Current Assets | $726.4M+16.6% | $591.5M+24.4% | $571.5M+8.6% | $577.5M+2.2% | $623.2M+6.1% | $475.6M-21.8% | $526.3M-14.6% | $565.0M-9.7% |
| Cash & Equivalents | $258.6M+4.3% | $125.4M+161.4% | $164.1M+359.3% | $98.9M+229.3% | $248.0M+623.3% | $48.0M+39.0% | $35.7M-16.2% | $30.0M+23.1% |
| Short-Term Investments | $402.4M+11.8% | $408.3M-1.3% | $365.1M-21.8% | $450.1M-13.3% | $359.8M-33.7% | $413.7M-26.4% | $467.0M-17.9% | $519.1M-12.7% |
| Inventory | $19.9M+3505.3% | $15.8M+113071.4% | $11.4M | $5.7M | $552K | $14K | $0 | N/A |
| Accounts Receivable | $27.8M+933.3% | $22.7M+5455.7% | $16.1M+26.4% | $8.3M+7331.3% | $2.7M+2201.7% | $409K | $12.7M | $112K |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $490.6M+78.9% | $290.7M+298.0% | $289.1M+276.3% | $275.7M+300.3% | $274.3M-18.7% | $73.0M+282.7% | $76.8M+369.6% | $68.9M+257.1% |
| Current Liabilities | $86.8M+30.7% | $79.5M+50.7% | $82.2M+41.2% | $68.1M+15.4% | $66.4M+29.9% | $52.8M+234.8% | $58.2M+316.8% | $59.0M+265.7% |
| Non-Current Liabilities | $403.9M+94.2% | $211.2M+942.4% | $206.9M+1012.6% | $207.5M+2011.4% | $208.0M-27.4% | $20.3M+510.0% | $18.6M+678.6% | $9.8M+213.2% |
| Long-Term Debt | $242.6M+416.5% | $47.3M | $47.2M | $47.1M | $47.0M | N/A | N/A | N/A |
| Total Equity | $253.9M-31.9% | $319.6M-23.8% | $305.7M-34.1% | $325.9M-35.2% | $372.9M+45.0% | $419.5M-29.4% | $463.8M-23.4% | $502.7M-17.8% |
| Retained Earnings | -$1.2B-14.6% | -$1.1B-15.1% | -$1.1B-22.5% | -$1.1B-25.3% | -$1.0B-24.7% | -$964.0M-169.6% | -$910.7M-165.7% | -$861.3M-161.8% |
Not reported in any period shown, so not listed: Goodwill.
NUVB Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$43.0M+10.8% | $5.1M+111.9% | -$29.7M+35.8% | -$52.9M-70.1% | -$48.2M-29.1% | -$42.6M-171.5% | -$46.3M-208.1% | -$31.1M-92.4% |
| Depreciation & Amortization | $536K+50.6% | $536K+72.9% | $539K+146.1% | $534K+229.6% | $356K+45.9% | $310K+434.5% | $219K+298.2% | $162K+194.5% |
| Stock-Based Compensation | $10.5M-13.1% | $9.0M+15.0% | N/A | $8.0M+7.3% | $12.0M+25.7% | $7.9M+55.8% | N/A | $7.5M+37.7% |
| Investing Cash Flow | $6.0M-89.1% | -$43.6M-180.5% | $87.1M+68.2% | -$96.6M-431.8% | $54.9M+60.1% | $54.2M+618.4% | $51.8M+56.1% | $29.1M+403.5% |
| Financing Cash Flow | $170.5M-11.8% | $44K-92.0% | $8.1M+995.9% | $501K+132.6% | $193.4M+6938.7% | $548K+2509.5% | -$900K-850.0% | -$1.5M-2097.4% |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.
NUVB Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | 74.5% | 46.7%+40.6pp | 32.1% | N/A | -108.4% |
| Operating Margin | -161.1% | 4.7% | -81.3% | -430.1% | -1315.7% | -1913.2% | N/A | -6616.4% |
| Net Margin | -198.3% | 6.5% | -87.4% | -425.2% | -1220.9% | -1726.2% | N/A | -5668.5% |
| Return on Equity | -24.8%-8.9pp | 1.7%+14.4pp | -12.0% | -17.1%-8.9pp | -15.8%+164.0pp | -12.7%-10.2pp | N/A | -8.2%-5.0pp |
| Return on Assets | -8.4%+0.7pp | 0.9%+11.7pp | -6.2% | -9.3%-2.1pp | -9.1%+68.6pp | -10.8%-8.4pp | N/A | -7.2%-4.1pp |
| Current Ratio | 8.37-1.0x | 7.44-1.6x | 6.95-2.1x | 8.48-1.1x | 9.39-2.1x | 9.01-29.6x | 9.04-35.1x | 9.57-29.2x |
| Debt-to-Equity | 0.96+0.8x | 0.150.0x | 0.150.0x | 0.140.0x | 0.13-1.2x | 0.17+0.1x | 0.17+0.1x | 0.14+0.1x |
| Asset Turnover | 0.040.0x | 0.14+0.1x | 0.07 | 0.020.0x | 0.010.0x | 0.010.0x | N/A | 0.000.0x |
Not reported in any period shown, so not listed: FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Gross Margin, Operating Margin, Net Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Nuvation Bio Inc. NUVB | FY2025 | $62.9M | -$204.6M | N/A | $1.7B | 57/100 |
| Enliven Therapeutics, Inc. ELVN | FY2025 | N/A | -$103.7M | N/A | $2.9B | — |
| Oric Pharmaceuticals, Inc. ORIC | FY2025 | N/A | -$129.5M | N/A | $1.2B | — |
| Arcus Biosciences, Inc. RCUS | FY2025 | $247.0M | -$353.0M | N/A | $2.9B | 61/100 |
| Structure Therapeutics Inc. GPCR | FY2025 | N/A | -$141.2M | N/A | $1.6B | — |
| Zymeworks Inc. ZYME | FY2025 | $106.0M | -$81.1M | -76.6% | $1.8B | 76/100 |
Where Nuvation Bio Inc. Ranks
Frequently Asked Questions
What is Nuvation Bio Inc.'s annual revenue?
Nuvation Bio Inc. (NUVB) reported $62.9M in total revenue for fiscal year 2025. This represents a 699.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Nuvation Bio Inc.'s revenue growing?
Nuvation Bio Inc. (NUVB) revenue grew by 699.0% year-over-year, from $7.9M to $62.9M in fiscal year 2025.
Is Nuvation Bio Inc. profitable?
No, Nuvation Bio Inc. (NUVB) reported a net income of -$204.6M in fiscal year 2025.
What is Nuvation Bio Inc.'s EBITDA?
Nuvation Bio Inc. (NUVB) had EBITDA of -$211.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Nuvation Bio Inc. have?
As of fiscal year 2025, Nuvation Bio Inc. (NUVB) had $164.1M in cash and equivalents against $47.2M in long-term debt.
What is Nuvation Bio Inc.'s return on equity (ROE)?
Nuvation Bio Inc. (NUVB) has a return on equity of -66.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Nuvation Bio Inc.'s operating cash flow?
Nuvation Bio Inc. (NUVB) recorded an outflow of $173.4M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Nuvation Bio Inc.'s total assets?
Nuvation Bio Inc. (NUVB) had $594.8M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does Nuvation Bio Inc. spend on research and development?
Nuvation Bio Inc. (NUVB) invested $115.1M in research and development during fiscal year 2025.
What is Nuvation Bio Inc.'s current ratio?
Nuvation Bio Inc. (NUVB) had a current ratio of 6.95 as of fiscal year 2025, which is generally considered healthy.
What is Nuvation Bio Inc.'s debt-to-equity ratio?
Nuvation Bio Inc. (NUVB) had a debt-to-equity ratio of 0.15 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Nuvation Bio Inc.'s return on assets (ROA)?
Nuvation Bio Inc. (NUVB) had a return on assets of -34.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Nuvation Bio Inc.'s P/E ratio?
Nuvation Bio Inc. (NUVB) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $1.7B as of Oct 16, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Nuvation Bio Inc.'s price-to-sales ratio?
Nuvation Bio Inc. (NUVB) trades at 9.8x sales, its market capitalization divided by revenue of $169.9M revenue, trailing 12 months to June 30, 2026. The market capitalization is $1.7B as of Oct 16, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Nuvation Bio Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Nuvation Bio Inc. (NUVB) held $529.2M in cash, cash equivalents and investments, and reported an operating cash outflow of $173.4M over that year. Dividing the one by the other, the reported balance equals about 37 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Nuvation Bio Inc.'s Altman Z-Score?
Nuvation Bio Inc. (NUVB) has an Altman Z-Score of 0.75, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Nuvation Bio Inc.'s Piotroski F-Score?
Nuvation Bio Inc. (NUVB) has a Piotroski F-Score of 3 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Nuvation Bio Inc.'s earnings high quality?
Nuvation Bio Inc. (NUVB) reported a net loss of $204.6M while operations used $173.4M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Nuvation Bio Inc. cover its interest payments?
Nuvation Bio Inc. (NUVB) reported an operating loss of $213.1M against $13.7M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Nuvation Bio Inc.?
Nuvation Bio Inc. (NUVB) scores 57 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.