Nuvation Bio Inc Financials
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).
Nuvation Bio’s dominant mechanic is a transition from cash-funded development toward revenue emergence without cash-flow breakeven.
Revenue expanded roughly eightfold while operating margin improved to-3.4% , indicating that revenue scale, rather than broad cost contraction, drove the change. That improvement did not translate into cash: operating cash flow worsened to-$173.4M even as net loss narrowed to$204.6M , revealing a cash-conversion gap between accounting progress and funding needs.
The reported liquidity measure equated available cash and investments with 36.6 months of the latest annual operating outflow, while the current ratio remained high at 6.9x. However, liabilities increased from
Operating spending is becoming broader rather than simply leaner: SG&A reached
Financial Health Signals
Scored against operating 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's reported operating margin for fiscal year 2025 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 11/100.
Nuvation Bio Inc's revenue surged 699.0% year-over-year to $62.9M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Nuvation Bio Inc carries a low D/E ratio of 0.15, meaning only $0.15 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 77/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 6.95, Nuvation Bio Inc holds $6.95 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 94/100.
Not available for Nuvation Bio Inc, and counted as zero in the overall score.
Nuvation Bio Inc posts a -66.9% return on equity (ROE), meaning it loses $67 for every $100 of shareholders' equity. This results in a returns score of 20/100. This is up from -122.5% the prior year.
Nuvation Bio Inc scores 2.14, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($2.3B) relative to total liabilities ($289.1M). This signals moderate financial risk that warrants monitoring.
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 $62.9M in revenue in fiscal year 2025. This represents an increase of 699.0% from the prior year.
Nuvation Bio Inc's EBITDA was -$211.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 64.3% from the prior year.
Nuvation Bio Inc reported -$204.6M in net income in fiscal year 2025. This represents an increase of 64.0% from the prior year.
Nuvation Bio Inc earned -$0.60 per diluted share (EPS) in fiscal year 2025. This represents an increase of 71.6% from the prior year.
Cash & Balance Sheet
Nuvation Bio Inc held $164.1M in cash against $47.2M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Nuvation Bio Inc's ROE was -66.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 55.5 percentage points from the prior year.
Not reported for fiscal year 2025.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: 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 $115.1M in research and development in fiscal year 2025. This represents an increase of 16.1% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
NUVB Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $31.7M-61.9% | $83.2M+98.8% | $41.9M+219.1% | $13.1M+171.5% | $4.8M+56.7% | $3.1M | N/A | $727K |
| Cost of Revenue | N/A | N/A | N/A | $3.3M+30.0% | $2.6M+23.0% | $2.1M | N/A | $1.5M |
| Gross Profit | N/A | N/A | N/A | $9.8M+332.9% | $2.3M+128.0% | $990K | N/A | -$788K |
| R&D Expenses | $30.7M-12.5% | $35.0M+2.2% | $34.3M+18.9% | $28.8M+5.4% | $27.4M+11.2% | $24.6M | N/A | $27.7M |
| SG&A Expenses | $42.6M+11.2% | $38.3M-5.0% | $40.3M+7.9% | $37.4M-2.9% | $38.5M+8.7% | $35.4M | N/A | $19.6M |
| Operating Income | -$51.0M-1415.0% | $3.9M+111.4% | -$34.0M+39.7% | -$56.4M+11.3% | -$63.6M-7.8% | -$59.0M | N/A | -$48.1M |
| Interest Expense | $6.8M+0.8% | $6.7M-17.0% | $8.1M+57.9% | $5.1M+1116.4% | $421K+679.6% | $54K | N/A | $120K |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | N/A | $0 |
| Net Income | -$62.8M-1264.4% | $5.4M+114.7% | -$36.6M+34.4% | -$55.8M+5.4% | -$59.0M-10.8% | -$53.2M | N/A | -$41.2M |
| EPS (Diluted) | -$0.18 | $0.01 | -$0.11+31.3% | -$0.16+5.9% | -$0.17-6.3% | -$0.16 | $0.00+100.0% | -$0.15 |
NUVB Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $744.5M+22.0% | $610.2M+2.6% | $594.8M-1.1% | $601.6M-7.1% | $647.2M+31.4% | $492.5M-8.9% | $540.6M-5.4% | $571.6M |
| Current Assets | $726.4M+22.8% | $591.5M+3.5% | $571.5M-1.0% | $577.5M-7.3% | $623.2M+31.0% | $475.6M-9.6% | $526.3M-6.9% | $565.0M |
| Cash & Equivalents | $258.6M+106.2% | $125.4M-23.6% | $164.1M+65.9% | $98.9M-60.1% | $248.0M+416.9% | $48.0M+34.3% | $35.7M+18.9% | $30.0M |
| Inventory | $19.9M+25.6% | $15.8M+38.8% | $11.4M+99.8% | $5.7M+934.4% | $552K+3842.9% | $14K | $0 | N/A |
| Accounts Receivable | $27.8M+22.5% | $22.7M+41.3% | $16.1M+93.2% | $8.3M+209.1% | $2.7M+558.4% | $409K-96.8% | $12.7M+11258.9% | $112K |
| Total Liabilities | $490.6M+68.8% | $290.7M+0.5% | $289.1M+4.9% | $275.7M+0.5% | $274.3M+275.6% | $73.0M-5.0% | $76.8M+11.6% | $68.9M |
| Current Liabilities | $86.8M+9.1% | $79.5M-3.3% | $82.2M+20.7% | $68.1M+2.7% | $66.4M+25.7% | $52.8M-9.4% | $58.2M-1.3% | $59.0M |
| Long-Term Debt | $242.6M+412.7% | $47.3M+0.3% | $47.2M+0.3% | $47.1M+0.2% | $47.0M | N/A | N/A | N/A |
| Total Equity | $253.9M-20.6% | $319.6M+4.5% | $305.7M-6.2% | $325.9M-12.6% | $372.9M-11.1% | $419.5M-9.6% | $463.8M-7.7% | $502.7M |
| Retained Earnings | -$1.2B-5.7% | -$1.1B+0.5% | -$1.1B-3.4% | -$1.1B-5.5% | -$1.0B-6.1% | -$964.0M-5.8% | -$910.7M-5.7% | -$861.3M |
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.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$43.0M-947.7% | $5.1M+117.0% | -$29.7M+43.8% | -$52.9M-9.8% | -$48.2M-13.0% | -$42.6M+7.9% | -$46.3M-49.0% | -$31.1M |
| Investing Cash Flow | $6.0M+113.7% | -$43.6M-150.1% | $87.1M+190.1% | -$96.6M-276.1% | $54.9M+1.3% | $54.2M+4.7% | $51.8M+77.8% | $29.1M |
| Financing Cash Flow | $170.5M+387465.9% | $44K-99.5% | $8.1M+1509.4% | $501K-99.7% | $193.4M+35196.2% | $548K+160.9% | -$900K+41.5% | -$1.5M |
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.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | 74.5%+27.8pp | 46.7%+14.6pp | 32.1% | N/A | -108.4% |
| Operating Margin | -161.1% | 4.7%+86.0pp | -81.3% | -430.1% | -1315.7% | -1913.2% | N/A | -6616.4% |
| Net Margin | -198.3% | 6.5%+93.9pp | -87.4% | -425.2% | -1220.9% | -1726.2% | N/A | -5668.5% |
| Return on Equity | -24.8%-26.4pp | 1.7%+13.7pp | -12.0%+5.2pp | -17.1%-1.3pp | -15.8%-3.1pp | -12.7% | N/A | -8.2% |
| Return on Assets | -8.4%-9.3pp | 0.9%+7.0pp | -6.2%+3.1pp | -9.3%-0.2pp | -9.1%+1.7pp | -10.8% | N/A | -7.2% |
| Current Ratio | 8.37+0.9x | 7.44+0.5x | 6.95-1.5x | 8.48-0.9x | 9.39+0.4x | 9.010.0x | 9.04-0.5x | 9.57 |
| Debt-to-Equity | 0.96+0.8x | 0.150.0x | 0.150.0x | 0.140.0x | 0.130.0x | 0.170.0x | 0.170.0x | 0.14 |
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.
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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.
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 2.14, placing it in the Grey Zone (moderate 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 50 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), 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.