$NUVB
Nuvation Bio Inc.

2021 Q1 Form 10-Q Financial Statement

#000095017021000267 Filed on May 17, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q4 2020 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.610M $4.430M $1.930M
YoY Change 138.86% 143.41%
% of Gross Profit
Research & Development $15.88M $9.340M $7.295M
YoY Change 117.67% 6.14%
% of Gross Profit
Depreciation & Amortization $30.00K $100.0K $20.00K
YoY Change 50.0%
% of Gross Profit
Operating Expenses $20.48M $42.81M $9.220M
YoY Change 122.17% 303.11%
Operating Profit -$20.48M -$9.220M
YoY Change 122.17%
Interest Expense $190.0K $590.0K $530.0K
YoY Change -64.15% -13.24%
% of Operating Profit
Other Income/Expense, Net $82.00K -$100.0K $474.0K
YoY Change -82.7% 42.86%
Pretax Income -$20.40M -$40.92M -$8.746M
YoY Change 133.27% 308.79%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$20.40M -$40.92M -$8.746M
YoY Change 133.27% 308.79%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$49.40K -$25.49K -$0.04
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q4 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $824.7M $215.8M
YoY Change
Cash & Equivalents $638.9M $29.76M $5.359M
Short-Term Investments $185.8M $186.0M
Other Short-Term Assets $5.100M $3.800M
YoY Change
Inventory
Prepaid Expenses $5.138M $914.0K
Receivables
Other Receivables
Total Short-Term Assets $830.9M $220.7M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $772.0K $688.0K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $400.0K $400.0K
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.193M $1.109M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $830.9M $220.7M
Total Long-Term Assets $1.193M $1.109M
Total Assets $832.1M $221.8M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.003M $2.171M
YoY Change
Accrued Expenses $3.984M $4.380M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.987M $6.551M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $15.70M $200.0K
YoY Change
Total Long-Term Liabilities $15.70M $200.0K
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $9.987M $6.551M
Total Long-Term Liabilities $15.70M $200.0K
Total Liabilities $25.72M $6.708M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings $96.40M -$75.96M
YoY Change
Common Stock $901.7M $289.5M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $806.3M $215.1M $110.2M
YoY Change
Total Liabilities & Shareholders Equity $832.1M $221.8M
YoY Change

Cashflow Statement

Concept 2021 Q1 2020 Q4 2020 Q1
OPERATING ACTIVITIES
Net Income -$20.40M -$40.92M -$8.746M
YoY Change 133.27% 308.79%
Depreciation, Depletion And Amortization $30.00K $100.0K $20.00K
YoY Change 50.0%
Cash From Operating Activities -$14.73M -$36.04M $8.718M
YoY Change -268.96% 283.81%
INVESTING ACTIVITIES
Capital Expenditures -$110.0K -$150.0K $100.0K
YoY Change -210.0% -144.12%
Acquisitions
YoY Change
Other Investing Activities -$970.0K $73.57M $10.71M
YoY Change -109.06% 871.86%
Cash From Investing Activities -$1.085M $73.43M $10.61M
YoY Change -110.23% 915.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 625.0M -12.44M
YoY Change 5083.33%
NET CHANGE
Cash From Operating Activities -14.73M -36.04M 8.718M
Cash From Investing Activities -1.085M 73.43M 10.61M
Cash From Financing Activities 625.0M -12.44M
Net Change In Cash 609.1M 24.95M 1.890M
YoY Change 32130.11% -1139.58%
FREE CASH FLOW
Cash From Operating Activities -$14.73M -$36.04M $8.718M
Capital Expenditures -$110.0K -$150.0K $100.0K
Free Cash Flow -$14.62M -$35.89M $8.618M
YoY Change -269.64% 268.86%

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<p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="color:rgba(0,0,0,1);font-weight:bold;font-size:10.0pt;font-family:Times New Roman;">1.  Nature of Operations</span></p><p style="padding-top:6.0pt;text-indent:36.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">Nuvation Bio Inc. and subsidiaries (“Nuvation Bio”), formerly known as RePharmation Inc., a Delaware corporation, is a biopharmaceutical company tackling some of the greatest unmet needs in oncology by developing differentiated and novel therapeutic candidates. Nuvation Bio was incorporated on March 20, 2018 (inception date) and has offices in New York and San Francisco.</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p><p style="padding-top:6.0pt;text-indent:36.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">On February 10, 2021, (the “Closing Date”), Nuvation Bio Inc., a Delaware corporation (“Legacy Nuvation Bio”), Panacea Acquisition Corp. (“Panacea”), and Panacea Merger Subsidiary Corp, a Delaware corporation and a direct, wholly owned subsidiary of Panacea (“Merger Sub”) consummated the transactions contemplated by an Agreement and Plan of Merger among them dated </span><span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">October 20, 2020</span></span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> (“Merger Agreement”).</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p><p style="padding-top:6.0pt;text-indent:36.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">Pursuant to the terms of the Merger Agreement, a business combination of Panacea and Legacy Nuvation Bio was effected through the merger of Merger Sub with and into Legacy Nuvation Bio, with Legacy Nuvation Bio surviving as a wholly owned subsidiary of Panacea (the “Merger”) and, collectively with the other transactions described in the Merger Agreement. On the Closing Date, Legacy Nuvation Bio changed its name to Nuvation Bio Operating Company Inc. and Panacea changed its name to Nuvation Bio Inc. (the “Company” or “Nuvation Bio”).</span></p><p style="padding-top:6.0pt;text-indent:36.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p>
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BusinessAcquisitionDateOfAcquisitionAgreement1
2020-10-20
CY2021Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
96400000
CY2021Q1 us-gaap Net Cash Provided By Used In Operating Activities
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14700000
CY2021Q1 nuvb Cash And Cash Equivalents And Marketable Securities
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CY2021Q1 us-gaap Use Of Estimates
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<p style="padding-top:12.0pt;text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="color:rgba(0,0,0,1);font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Use of Estimates</span></p><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the periods. Accordingly, actual results could differ from those estimates and those differences could be significant.</span>
CY2021Q1 nuvb Shares Issued Pursuant To Pipe Financing
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CY2021Q1 nuvb Shares Issued Pursuant To Forward Purchase
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CY2021Q1 nuvb Issuance Of Shares Upon Business Combination
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CY2021Q1 nuvb Business Combination Conversion Of Common Stock
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CY2021Q1 nuvb Conversion Of Founder Shares
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0
CY2021Q1 nuvb Number Of Common Shares Outstanding After Business Combination
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CY2021Q1 us-gaap Concentration Risk Credit Risk
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<p style="padding-top:12.0pt;text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="color:rgba(0,0,0,1);font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Concentration of Credit Risk</span></p><p style="padding-top:6.0pt;text-indent:36.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash, cash equivalents and marketable securities. The Company maintains its cash and cash equivalent balances in the form of business checking accounts and money market accounts, the balances of which, at times, may exceed federally insured limits. Exposure to cash and cash equivalents credit risk is reduced by placing such deposits with major financial institutions and monitoring their credit ratings. Marketable securities consist primarily of government and corporate bonds, with fixed interest rates. Exposure to credit risk of marketable securities is reduced by maintaining a diverse portfolio and monitoring their credit ratings.</span></p>
CY2021Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
5787472
CY2021Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.50
CY2021Q1 us-gaap Sale Of Stock Description Of Transaction
SaleOfStockDescriptionOfTransaction
the exercise of the Warrants may be settled in cash upon the occurrence of a tender offer or exchange that involves more than 50% of the outstanding shares of the Company’s common stock.
CY2021Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<p style="padding-top:12.0pt;text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="color:rgba(0,0,0,1);font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Accounting Pronouncements Not Yet Adopted</span></p><p style="padding-top:6.0pt;text-indent:36.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">In February 2016, the FASB issued ASU No. 2016-02, </span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Leases</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">. Subsequently, the FASB issued ASU 2019-10 and then ASU 2020-05, both of which adjusted the effective date of ASU 2016-02 for non-public entities. The accounting standard is effective</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p><p style="padding-top:6.0pt;text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">for non-public entities for fiscal years beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022. The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of operations. A modified retrospective transition approach is required at the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the impact of the pending adoption of the new standard on the Company’s consolidated financial statements.</span><span> </span></p>
CY2021Q1 nuvb Cash At Bank And Cash Held In Trust Account
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CY2021Q1 nuvb Proceeds From Pipe Investment And Forward Purchase Agreement
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501550000
CY2021Q1 nuvb Payment Of Underwriter Fees And Other Offering Costs
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CY2021Q1 nuvb Payment To Common Stockholders Due To Exercised Right To Redeem Shares
PaymentToCommonStockholdersDueToExercisedRightToRedeemShares
-32000
CY2021Q1 nuvb Proceeds From Business Combination Net
ProceedsFromBusinessCombinationNet
622442000
CY2021Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Prepaid Expense And Other Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsPrepaidExpenseAndOtherAssets
312000
CY2021Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Financial Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedFinancialLiabilities
-601000
CY2021Q1 nuvb Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Warrant Liability
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedWarrantLiability
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CY2021Q1 nuvb Panacea Equity At Effective Time
PanaceaEquityAtEffectiveTime
606885000
CY2021Q1 nuvb Share Outstanding Prior To Business Combination
ShareOutstandingPriorToBusinessCombination
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CY2021Q1 nuvb Redemption Of Share Prior To Business Combination
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CY2021Q1 nuvb Conversion Of Shares Related To Merger
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CY2021Q1 nuvb Business Combination Common Stock Shares Outstanding
BusinessCombinationCommonStockSharesOutstanding
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CY2021Q1 us-gaap Marketable Securities
MarketableSecurities
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CY2021Q1 us-gaap Derivative Fair Value Of Derivative Liability
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15561000
CY2020Q4 us-gaap Marketable Securities
MarketableSecurities
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CY2021Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
184828000
CY2021Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
185809000
CY2021Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
981000
CY2020Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
184440000
CY2020Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
185997000
CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
1557000
CY2021Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
54013000
CY2021Q1 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost
131796000
CY2021Q1 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date Amortized Cost Basis
AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDateAmortizedCostBasis
185809000
CY2021Q1 us-gaap Adjustment For Amortization
AdjustmentForAmortization
600000
CY2020Q1 us-gaap Adjustment For Amortization
AdjustmentForAmortization
200000
CY2020Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
1557000
CY2019Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
421000
CY2021Q1 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
-531000
CY2020Q1 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
834000
CY2021Q1 us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
-45000
CY2020Q1 us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
-15000
CY2021Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
981000
CY2020Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
1240000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1566000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
340000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Period Increase Decrease Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingPeriodIncreaseDecreaseWeightedAverageExercisePrice
5.00
CY2021Q1 us-gaap Market Risk Benefit Change In Fair Value Gain Loss
MarketRiskBenefitChangeInFairValueGainLoss
300000
CY2021Q1 us-gaap Fair Value Equity Level1 To Level2 Transfers Description
FairValueEquityLevel1ToLevel2TransfersDescription
There were no transfers between Levels 1, 2 or 3 during the period ended March 31, 2021
CY2021Q1 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
15561000
CY2021Q1 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0
CY2020Q1 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0
CY2021Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0

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