Nuvation Bio Inc (NYSE: NUVB) is a clinical-stage biopharmaceutical company focused on developing oncology therapies. The company has not generated meaningful product revenue as of FY2025, reporting a net loss of $204.6 million and cash used in operating activities of $173.4 million for the year ended December 31, 2025. Nuvation Bio acquired AnHeart in 2024, which introduced accounts receivable, inventory, and contract liabilities onto the balance sheet, indicating an early commercial or partnership-stage operation. The company operates under regulatory oversight from the FDA, EMA, MHRA, and China's NMPA, reflecting a multinational development footprint. Stock-based compensation of $35.9 million and a revenue interest financing agreement on the balance sheet are the primary non-cash and financing features disclosed in the FY2025 10-K filed March 2, 2026. The company carried a net loss of $567.9 million in FY2024, partly driven by non-cash charges of $450.0 million associated with the AnHeart acquisition.

Revenue model

Revenue is recognized under ASC Topic 606. Contract liabilities on the balance sheet suggest upfront payments from collaboration or licensing arrangements. A revenue interest financing agreement indicates royalty-based debt financing. The company is pre-profitability with no disclosed product revenue breakdown in the filing excerpts.

Products and services

Oncology drug candidates in clinical development. The AnHeart acquisition added commercial or near-commercial assets with associated inventory and accounts receivable as of December 31, 2025. Specific drug names are not disclosed in the provided filing excerpts.

Customers and end markets

End markets are oncology patients and, to the extent of licensing or collaboration agreements, pharmaceutical partners. No customer concentration data is disclosed in the provided filing excerpts.

Value-chain role

Clinical-stage drug developer and early-stage commercial operator in oncology. Relies on contract research organizations, third-party manufacturers, and external vendors for development and production activities.

Geographic exposure

United States and China confirmed by regulatory references to FDA, EMA, MHRA, and China's NMPA, as well as China's Cyber Security Law compliance obligations. Specific revenue by geography is not disclosed in the provided filing excerpts.

Source: SEC 10-K, filed 2026-03-02

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