[Form 4] Nuvation Bio Inc. Insider Trading Activity

Rhea-AI Filing Summary

Nuvation Bio Inc. (NUVB) reported an insider equity transaction by its Chief Medical Officer. On 11/20/2025, the officer exercised a stock option to buy 20,000 shares of Class A common stock at $1.87 per share and then sold 20,000 shares of Class A common stock in an open-market transaction at a weighted-average price of $7.0037 per share. After these transactions, the officer beneficially owned 18,000 shares of Class A common stock directly and held 450,000 stock options with an exercise price of $1.87 per share, expiring on 02/27/2034. The option vests 25% on the one-year anniversary of 02/29/2024 and monthly over the following 36 months, subject to continuous service.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Liu Dongfang

(Last) (First) (Middle)

C/O NUVATION BIO INC.

1500 BROADWAY, SUITE 1401

(Street)

NEW YORK NY 10036

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Nuvation Bio Inc. [ NUVB ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CHIEF MEDICAL OFFICER

3. Date of Earliest Transaction (Month/Day/Year)
11/20/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	11/20/2025		M		20,000	A	$1.87	38,000	D
Class A Common Stock	11/20/2025		S		20,000	D	$7.0037(1)	18,000	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	$1.87	11/20/2025		M			20,000	(2)	02/27/2034	Class A Common Stock	20,000	$0	450,000	D

Explanation of Responses:

1. Price reported is a weighted-average sales price. The shares were sold at prices ranging from $7.00 to $7.005. The Reporting Person will provide, upon request, to the SEC, the Issuer or security holder of the Issuer, full information regarding the number of shares sold at each separate price.

2. Option vested as to 25% on the one year anniversary of 2/29/2024, and monthly thereafter over the following 36 months, subject to Reporting Person's continuous service on each such vesting date.

	/s/ Stephen Dang, Attorney-in-Fact	11/24/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Nuvation Bio (NUVB) report in this Form 4?

The Chief Medical Officer of Nuvation Bio Inc. (NUVB) exercised a stock option for 20,000 shares of Class A common stock at $1.87 per share and sold 20,000 shares on 11/20/2025.

At what prices were the NUVB shares bought and sold by the officer?

The officer acquired shares through a stock option at an exercise price of $1.87 per share and sold shares at a weighted-average price of $7.0037 per share, with sale prices ranging from $7.00 to $7.005.

How many Nuvation Bio (NUVB) shares does the officer own after the transaction?

Following the reported transactions, the officer beneficially owned 18,000 shares of Nuvation Bio Class A common stock directly.

How many Nuvation Bio (NUVB) stock options does the officer still hold?

After the transaction, the officer held 450,000 stock options with an exercise price of $1.87 per share, expiring on 02/27/2034.

What is the vesting schedule of the reported NUVB stock option grant?

The option vested as to 25% on the one-year anniversary of 02/29/2024, and vests monthly thereafter over the following 36 months, subject to the officer’s continuous service on each vesting date.

Who is the reporting person in this Nuvation Bio (NUVB) Form 4 and what is their role?

The reporting person is an officer of Nuvation Bio Inc., serving as the company’s Chief Medical Officer.