[Form 4] Nuvation Bio Inc. Insider Trading Activity

Rhea-AI Filing Summary

Nuvation Bio Inc. (NUVB)11/19/2025, the officer exercised 200,000 stock options at an exercise price of $1.87 per share, converting them into Class A common stock. On the same date, the officer sold 200,000 Class A common shares at a weighted-average price of $7.1384 per share. After these transactions, the officer directly held 24,000 shares of Class A common stock and 300,000 stock options. The filing notes additional shares acquired through the company’s 2021 Employee Stock Purchase Plan and describes the vesting schedule for the option grant.

11/21/2025 - 04:05 PM

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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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^*

Hanley David C.

(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 TECHNICAL OPERATIONS

3. Date of Earliest Transaction (Month/Day/Year)
11/19/2025

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	11/19/2025		M		200,000	A	$1.87	224,000(1)	D
Class A Common Stock	11/19/2025		S		200,000	D	$7.1384(2)	24,000	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	11/19/2025		M			200,000	(3)	02/27/2034	Class A Common Stock	200,000	$0	300,000	D

Explanation of Responses:

1. Includes 3,000 shares acquired on each of May 19, 2025 and November 19, 2025 under the Issuer's 2021 Employee Stock Purchase Plan.

2. Price reported is a weighted-average sales price. The shares were sold at prices ranging from $7.045 to $7.260. 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.

3. Option vests 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	11/21/2025
	** 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 Technical Operations officer of Nuvation Bio Inc. (NUVB) reported exercising 200,000 stock options and selling 200,000 Class A common shares on 11/19/2025.

At what prices were the Nuvation Bio (NUVB) options exercised and shares sold?

The stock options were exercised at $1.87 per share, and the 200,000 Class A common shares were sold at a weighted-average price of $7.1384 per share, with sale prices ranging from $7.045 to $7.260.

How many Nuvation Bio (NUVB) shares does the insider hold after this transaction?

Following the reported transactions, the officer directly owned 24,000 Class A common shares of Nuvation Bio Inc.

How many Nuvation Bio (NUVB) stock options does the insider hold after the transaction?

After exercising 200,000 options, the officer held 300,000 stock options with an exercise price of $1.87 per share.

What is the vesting schedule for the reported Nuvation Bio (NUVB) stock option grant?

The option vests as to 25% on the one-year anniversary of 2/29/2024, and then vests monthly over the following 36 months, subject to continuous service.

Does the Form 4 mention shares acquired under an employee stock purchase plan?

Yes. The total includes 3,000 shares acquired on each of May 19, 2025 and November 19, 2025 under Nuvation Bio’s 2021 Employee Stock Purchase Plan.