Nuvation Bio Inc.
nuvationbio.comWhat Do They Do?
Sells IBTROZI for adults with a type of lung cancer and develops other cancer drug candidates for patients with brain tumors and other cancers.
10-K for FY2025, filed Mar 2, 2026We are a global oncology company focused on tackling some of the toughest challenges in cancer treatment with the goal of developing…View ↗
We commercially launched IBTROZI in the U.S. in June 2025, following its approval by the U.S. Food and Drug Administration (“FDA”) on June…View ↗
In addition to taletrectinib, our clinical stage pipeline includes safusidenib, a novel, oral, potent, brain penetrant, targeted inhibitor…View ↗
How Do They Make Money?
License and collaboration payments are the larger source: partners pay upfront, when milestones are achieved, and as royalties on drug sales; they also pay for research services and product supplies as delivered. U.S. customers buy IBTROZI.
10-K for FY2025, filed Mar 2, 2026The Company enters into collaborative arrangements for the research and development, and commercialization of drug products and drug…View ↗
In May 2021, AnHeart entered into an agreement with Innovent, granting Innovent a sub-licensable, royalty-bearing, exclusive right and…View ↗
For the year ended December 31, 2025, the Company recognized research and development service revenue of $5.3 million, sales of products…View ↗
When a customer pays consideration before the Company provides services, the Company records its obligation as a contract liability…View ↗
Net product revenue was approximately $24.7 million for the year ended December 31, 2025 from the U.S. sales of IBTROZI. We began shipping…View ↗
$62.9M
-
10-K for FY2025, filed Mar 2, 2026
$62.9M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Product Revenue
Sold outright
10-K for FY2025, filed Mar 2, 2026 |
39% |
Product Revenue, FY2025
$24.7M Sources
|
Sold outright |
|
License
|
61% |
License, FY2025
$38.2M Sources
|
Who Are Their Customers?
U.S. customers receive IBTROZI shipments; commercial partners Innovent and Nippon Kayaku commercialize taletrectinib in China and Japan, while Eisai holds rights for Europe and other territories.
10-K for FY2025, filed Mar 2, 2026Net product revenue was approximately $24.7 million for the year ended December 31, 2025 from the U.S. sales of IBTROZI. We began shipping…View ↗
In May 2021, AnHeart entered into an agreement with Innovent, granting Innovent a sub-licensable, royalty-bearing, exclusive right and…View ↗
In October 2023, AnHeart entered into an agreement with NK, granting NK a sub-licensable, royalty-bearing, exclusive right and license to…View ↗
We commercially launched IBTROZI in the U.S. in June 2025, following its approval by the U.S. Food and Drug Administration (“FDA”) on June…View ↗
Do Revenues Turn Into Profits?
No. It lost $204.6M in FY2025.
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 6, 2026
−$62.8MView ↗
- ▲ +6% (Loss)
- vs −$59M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 6, 2026
Open tableView ↗
From development to product sales
The older report described Nuvation as clinical-stage and planned commercial infrastructure if candidates were approved; the latest describes a commercial-stage company that launched IBTROZI in the U.S.
10-K for FY2022, filed Mar 15, 2023 10-K for FY2025, filed Mar 2, 2026
Licensing rights to partners
The older report said Nuvation owned worldwide development and commercial rights to its candidates and was considering geographic collaborations; the latest describes taletrectinib licensed to partners for commercialization in several territories.
10-K for FY2022, filed Mar 15, 2023 10-K for FY2025, filed Mar 2, 2026Evaluate strategic opportunities to accelerate development timelines and maximize value of our product candidate pipeline. We currently own…View ↗
In May 2021, Nuvation Bio China Ltd. (formerly known as AnHeart Therapeutics (Hangzhou) Co. Ltd.) (“Nuvation Bio China”), a wholly owned…View ↗
In October 2023, AHT entered into a collaboration and license agreement with NK (the “NK Agreement”), pursuant to which AHT granted to NK…View ↗
We commercially launched IBTROZI in the U.S. in June 2025, following its approval by the U.S. Food and Drug Administration (“FDA”) on June…View ↗
Who Do They Compete With?
Competes with AstraZeneca, Bristol-Myers Squibb, Eli Lilly, Merck, Novartis Pharmaceuticals, Pfizer, Regeneron Pharmaceuticals, Sanofi, Roche, Nuvalent, Servier, and Rigel
10-K for FY2025, filed Mar 2, 2026We compete in the segments of the pharmaceutical, biotechnology and other related markets that develop small molecules and drug conjugates…View ↗
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