[Form 4] Nuvation Bio Inc. Insider Trading Activity

Rhea-AI Filing Summary

Nuvation Bio Inc. (NUVB) reported insider transactions by its Chief Medical Officer on Form 4. On 11/17/2025 and 11/19/2025, the officer exercised stock options to buy a total of 30,000 shares of Class A common stock at an exercise price of $1.87 per share and sold 30,000 shares in open-market transactions.

The sales included 15,000 shares on 11/17/2025 at $4.765 per share and 15,000 shares on 11/19/2025 at a weighted-average price of $5.1035 per share. After these transactions, the officer beneficially owned 18,000 shares of Class A common stock and held 470,000 stock options with a $1.87 exercise price expiring on 02/27/2034.

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^*

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)
11/17/2025

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	11/17/2025		M		15,000	A	$1.87	30,000(1)	D
Class A Common Stock	11/17/2025		S		15,000	D	$4.765	15,000	D
Class A Common Stock	11/19/2025		M		15,000	A	$1.87	30,000	D
Class A Common Stock	11/19/2025		S		15,000	D	$5.1035(2)	18,000(3)	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	11/17/2025		M			15,000	(4)	02/27/2034	Class A Common Stock	15,000	$0	485,000	D
Stock Option (Right to Buy)	$1.87	11/19/2025		M			15,000	(4)	02/27/2034	Class A Common Stock	15,000	$0	470,000	D

Explanation of Responses:

1. Includes 3,000 shares acquired on May 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 $5.00 to $5.21. 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. Includes 3,000 shares acquired on November 19, 2025 under the Issuer's 2021 Employee Stock Purchase Plan.

4. 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	11/19/2025
	** 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 transactions did NUVB disclose in this Form 4?

The Chief Medical Officer of Nuvation Bio Inc. (NUVB) reported exercising stock options to acquire 30,000 shares of Class A common stock at $1.87 per share and selling 30,000 shares in market transactions on 11/17/2025 and 11/19/2025.

At what prices did the NUVB insider sell Class A common stock?

The insider sold 15,000 shares on 11/17/2025 at $4.765 per share and 15,000 shares on 11/19/2025 at a weighted-average price of $5.1035 per share, with individual trades ranging from $5.00 to $5.21.

How many NUVB shares does the reporting person own after these transactions?

Following the reported transactions, the Chief Medical Officer beneficially owned 18,000 shares of Nuvation Bio Class A common stock.

How many stock options does the NUVB insider hold after the Form 4 transactions?

After the option exercises on 11/17/2025 and 11/19/2025, the insider held 470,000 stock options with an exercise price of $1.87 per share, expiring on 02/27/2034.

What is the role of the reporting person at Nuvation Bio Inc. (NUVB)?

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

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

Yes. The explanation notes that the beneficial ownership figures include 3,000 shares acquired on May 19, 2025 and 3,000 shares acquired on November 19, 2025 under Nuvation Bio’s 2021 Employee Stock Purchase Plan.