Nuvation Bio Inc
NUVBHealthcare|Biotechnology|USA
$5.81
-0.30 (-4.91%)
Tangible Book
$0.89
Financials
Financial Snapshot
Market Cap
$2.02B
Enterprise Value
$476.6M
Revenue (TTM)
$143.0M
Net Income (TTM)
$-146.0M
Cash & Equivalents
—
Net Cash/Share
$0.70
Free Cash Flow (TTM)
$-134.1M
Operating CF (TTM)
$-125.7M
Debt/Equity
0.18
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$31.4M
Monthly Burn
$10.5M
Est. Runway
—
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $215.8M | $765.4M | $661.0M | $611.2M | $502.7M | $529.2M | $533.7M | |
| Operating Cash Flow | $-36.5M | $-68.2M | $-96.1M | $-68.0M | $-130.4M | $-173.4M | $-125.7M | |
| Free Cash Flow | $-36.7M | $-68.5M | $-96.5M | $-68.1M | $-130.6M | $-181.8M | $-134.1M | |
| Capital Expenditure | $-145.0K | $-282.0K | $-370.0K | $-69.0K | $-162.0K | $-8.4M | $-8.3M | |
| Financing Cash Flow | $133.1M | $625.5M | $1.3M | $628.0K | $331.0K | $202.5M | $202.0M |
R&D Spending
R&D (TTM)
$125.6M
R&D Intensity
87.8%
R&D Growth YoY
+9.1%
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $7.9M | $62.9M | $143.0M | |
| R&D Expense | $32.6M | $69.0M | $87.8M | $71.3M | $99.1M | $115.1M | $125.6M | |
| R&D % of Revenue | — | — | — | — | 1259.0% | 183.0% | 87.8% | |
| SG&A | $10.9M | $24.3M | $31.9M | $28.5M | $69.2M | $151.6M | $154.5M |
Income Statement
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $7.9M | $62.9M | $143.0M | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $7.1M | $9.3M | $13.2M | |
| Gross Profit | $0.00 | $0.00 | $0.00 | $0.00 | $795.0K | $53.6M | $129.9M | |
| R&D | $32.6M | $69.0M | $87.8M | $71.3M | $99.1M | $115.1M | $125.6M | |
| SG&A | $10.9M | $24.3M | $31.9M | $28.5M | $69.2M | $151.6M | $154.5M | |
| Operating Income | $-43.6M | $-93.3M | $-119.7M | $-99.8M | $-167.6M | $-213.1M | $-150.2M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $-341.0K | $-13.7M | $-20.3M | |
| Pretax Income | $-41.7M | $-86.8M | $-104.2M | $-75.8M | $-567.9M | $-204.6M | $-146.0M | |
| Net Income | $-41.7M | $-86.8M | $-104.2M | $-75.8M | $-567.9M | $-204.6M | $-146.0M | |
| EPS (Diluted) | -0.19 | -0.44 | -0.48 | -0.35 | -2.11 | -0.60 | -0.43 | |
| EBITDA | $-43.4M | $-93.1M | $-119.5M | $-75.6M | $-566.9M | $-189.2M | $-123.7M | |
| Shares Out. (M) | 217.65 | 197.89 | 216.72 | 218.88 | 268.77 | 341.54 | 377.52 |
Balance Sheet
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $29.8M | $132.4M | $101.1M | $42.6M | $35.7M | $164.1M | $125.4M | |
| Marketable Securities | $186.0M | $633.0M | $559.9M | $568.6M | $467.0M | $365.1M | $408.3M | |
| Total Current Assets | $220.7M | $772.1M | $667.3M | $616.4M | $526.3M | $571.5M | $591.5M | |
| Total Assets | $221.8M | $776.2M | $672.1M | $621.5M | $540.6M | $594.8M | $610.2M | |
| Total Current Liabilities | $6.6M | $16.9M | $13.2M | $14.0M | $58.2M | $82.2M | $79.5M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $47.2M | $47.3M | |
| Total Liabilities | $6.7M | $30.2M | $17.1M | $16.4M | $76.8M | $289.1M | $290.7M | |
| Stockholders' Equity | $215.1M | $746.0M | $655.1M | $605.1M | $463.8M | $305.7M | $319.6M | |
| Retained Earnings | $-76.0M | $-162.8M | $-267.0M | $-342.8M | $-910.7M | $-1.12B | $-1.11B |
Cash Flow Statement
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-36.5M | $-68.2M | $-96.1M | $-68.0M | $-130.4M | $-173.4M | $-125.7M | |
| Capital Expenditure | $-145.0K | $-282.0K | $-370.0K | $-69.0K | $-162.0K | $-8.4M | $-8.3M | |
| Free Cash Flow | $-36.7M | $-68.5M | $-96.5M | $-68.1M | $-130.6M | $-181.8M | $-134.1M | |
| Investing Cash Flow | $-70.3M | $-454.7M | $63.5M | $8.9M | $122.7M | $99.5M | $1.7M | |
| Financing Cash Flow | $133.1M | $625.5M | $1.3M | $628.0K | $331.0K | $202.5M | $202.0M | |
| Issuance of Stock | $135.7M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $12.6M | $60.1M | $59.9M | |
| Payments of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $-17.2M | $-11.9M | $-11.2M | |
| Stock Based Comp. | $2.2M | $9.3M | $16.3M | $19.5M | $32.3M | $35.9M | $37.1M | |
| Net Change in Cash | $26.3M | $102.7M | $-31.3M | $-58.5M | $-6.9M | $128.4M | $77.4M |
Dilution Tracker
Shares outstanding grew 90.8% over 5 years — significant dilution
Shares Outstanding
378M
5-Year Share Growth
+90.8%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 217.65 | 197.89 | 216.72 | 218.88 | 268.77 | 341.54 | 377.52 | |
| YoY Change % | — | -9.1% | 9.5% | 1.0% | 22.8% | 27.1% | 10.5% | |
| Stock Issuance | $135.7M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $2.2M | $9.3M | $16.3M | $19.5M | $32.3M | $35.9M | $37.1M |
Margins & Profitability
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 10.1% | 85.2% | 90.8% | |
| Operating Margin % | 0.0% | 0.0% | 0.0% | 0.0% | -2128.2% | -338.7% | -105.0% | |
| Net Margin % | 0.0% | 0.0% | 0.0% | 0.0% | -7213.8% | -325.3% | -102.1% | |
| EBITDA Margin % | 0.0% | 0.0% | 0.0% | 0.0% | -7200.7% | -300.8% | -86.5% | |
| FCF Margin % | 0.0% | 0.0% | 0.0% | 0.0% | -1658.5% | -289.0% | -93.7% | |
| ROE % | -19.4% | -18.1% | -14.9% | -12.0% | -106.3% | -53.2% | -41.9% | |
| ROA % | -18.8% | -17.4% | -14.4% | -11.7% | -97.7% | -36.0% | -24.8% | |
| R&D / Revenue | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / At Loss / At Loss
Industry Med.27.51
P/S14.75
Historical10.96 / 67.18 / 623.33
Industry Med.9.49
P/B6.32
Historical1.33 / 2.77 / 9.93
Industry Med.2.93
EV/EBITDA-12.50
Historical-13.88 / -0.92 / -0.04
Industry Med.13.02
EV/Revenue10.81
Historical8.07 / 30.26 / 245.88
Industry Med.8.59
P/FCF—
Historical— / — / —
Industry Med.27.13
Intrinsic Value Models
Tangible Book
$0.89
Net Current Assets
$0.870
Net-Net Working Capital
$0.77
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| PE Ratio | N/A | N/A | At Loss | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | - | - | - | - | 91.72 | 48.70 | 14.75 | |
| PB Ratio | 0.00 | 0.00 | 0.64 | 0.55 | 1.94 | 10.16 | 6.32 | |
| EV/EBITDA | 0.00 | 0.00 | 1.98 | 3.66 | -0.71 | -13.92 | -12.50 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 51.43 | 41.86 | 10.81 |
Analyst Estimates & Quality
Altman Z-Score
2.19
Grey Zone
Piotroski F-Score
4
Moderate
Beneish M-Score
6.91
Possible Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $202.8M | $290.2M | $425.4M |
| Net Income | $-106.9M | $-85.6M | $-5.1M |
| EPS | -0.45 | -0.25 | 0.00 |
| Book Value per Share | 0.67 | 0.66 | 0.68 |
| Operating Cash Flow per Share | -0.33 | -0.55 | -0.08 |
| Operating CF | $-124.58M | $-207.64M | $-30.20M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Oncology development activities | $62.9M |
By Geography
| Segment | 2025 |
|---|---|
| Japan | $28.8M |
| China | $9.4M |
| United States | $24.7M |