$NUVB
Nuvation Bio Inc.

2021 Q4 Form 10-K Financial Statement

#000095017022002332 Filed on February 28, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q1 2021
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.607M $4.610M $24.28M
YoY Change 71.72% 138.86% 121.74%
% of Gross Profit
Research & Development $22.00M $15.88M $69.04M
YoY Change 135.57% 117.67% 111.75%
% of Gross Profit
Depreciation & Amortization $43.00K $30.00K $184.0K
YoY Change -57.0% 50.0% 84.0%
% of Gross Profit
Operating Expenses $29.61M $20.48M $93.32M
YoY Change -30.84% 122.17% 114.27%
Operating Profit -$20.48M -$93.32M
YoY Change 122.17% 114.27%
Interest Expense $766.0K $190.0K $2.883M
YoY Change 29.83% -64.15% 33.47%
% of Operating Profit
Other Income/Expense, Net $3.709M $82.00K $6.470M
YoY Change -3809.0% -82.7% 241.97%
Pretax Income -$25.13M -$20.40M -$86.85M
YoY Change -38.58% 133.27% 108.47%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$25.13M -$20.40M -$86.85M
YoY Change -38.58% 133.27% 108.47%
Net Earnings / Revenue
Basic Earnings Per Share -$0.44
Diluted Earnings Per Share -$119.5K -$49.40K -$438.9K
COMMON SHARES
Basic Shares Outstanding 217.8M 197.9K
Diluted Shares Outstanding 197.9K

Balance Sheet

Concept 2021 Q4 2021 Q1 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $765.4M $824.7M $765.4M
YoY Change 254.76% 254.68%
Cash & Equivalents $132.4M $638.9M $132.4M
Short-Term Investments $633.0M $185.8M $633.0M
Other Short-Term Assets $3.642M $5.100M $3.642M
YoY Change -4.16% -4.16%
Inventory
Prepaid Expenses $3.642M $5.138M
Receivables
Other Receivables
Total Short-Term Assets $772.1M $830.9M $772.1M
YoY Change 249.86% 249.83%
LONG-TERM ASSETS
Property, Plant & Equipment $786.0K $772.0K $3.657M
YoY Change 14.24% 422.43%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $421.0K $400.0K $421.0K
YoY Change 5.25% 5.25%
Other Assets
YoY Change
Total Long-Term Assets $4.078M $1.193M $4.078M
YoY Change 267.72% 270.73%
TOTAL ASSETS
Total Short-Term Assets $772.1M $830.9M $772.1M
Total Long-Term Assets $4.078M $1.193M $4.078M
Total Assets $776.2M $832.1M $776.2M
YoY Change 249.95% 249.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.925M $6.003M $3.925M
YoY Change 80.79% 78.41%
Accrued Expenses $12.14M $3.984M $13.00M
YoY Change 177.1% 195.45%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $16.93M $9.987M $16.93M
YoY Change 158.36% 156.44%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $13.23M $15.70M $13.23M
YoY Change 6514.5% 6514.5%
Total Long-Term Liabilities $13.23M $15.70M $13.23M
YoY Change 6514.5% 6514.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.93M $9.987M $16.93M
Total Long-Term Liabilities $13.23M $15.70M $13.23M
Total Liabilities $30.15M $25.72M $30.15M
YoY Change 349.52% 350.06%
SHAREHOLDERS EQUITY
Retained Earnings -$162.8M $96.40M
YoY Change 114.34%
Common Stock $910.0M $901.7M
YoY Change 214.35%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $746.0M $806.3M $746.0M
YoY Change
Total Liabilities & Shareholders Equity $776.2M $832.1M $776.2M
YoY Change 249.95% 249.93%

Cashflow Statement

Concept 2021 Q4 2021 Q1 2021
OPERATING ACTIVITIES
Net Income -$25.13M -$20.40M -$86.85M
YoY Change -38.58% 133.27% 108.47%
Depreciation, Depletion And Amortization $43.00K $30.00K $184.0K
YoY Change -57.0% 50.0% 84.0%
Cash From Operating Activities -$23.48M -$14.73M -$68.20M
YoY Change -34.84% -268.96% 86.7%
INVESTING ACTIVITIES
Capital Expenditures -$135.0K -$110.0K -$282.0K
YoY Change -10.0% -210.0% 88.0%
Acquisitions
YoY Change
Other Investing Activities -$189.1M -$970.0K -$454.4M
YoY Change -357.07% -109.06% 547.46%
Cash From Investing Activities -$189.3M -$1.085M -$454.7M
YoY Change -357.75% -110.23% 546.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 538.0K 625.0M 625.5M
YoY Change -104.32% 369.84%
NET CHANGE
Cash From Operating Activities -23.48M -14.73M -68.20M
Cash From Investing Activities -189.3M -1.085M -454.7M
Cash From Financing Activities 538.0K 625.0M 625.5M
Net Change In Cash -212.2M 609.1M 102.7M
YoY Change -950.53% 32130.11% 290.58%
FREE CASH FLOW
Cash From Operating Activities -$23.48M -$14.73M -$68.20M
Capital Expenditures -$135.0K -$110.0K -$282.0K
Free Cash Flow -$23.35M -$14.62M -$67.92M
YoY Change -34.95% -269.64% 86.7%

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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2021 us-gaap Stock Issued1
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CY2021 nuvb Deferred Financing Costs In Accounts Payable And Accrued Expenses
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CY2020 nuvb Deferred Financing Costs In Accounts Payable And Accrued Expenses
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CY2021Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2021 us-gaap Net Cash Provided By Used In Operating Activities
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CY2021Q4 nuvb Cash And Cash Equivalents And Marketable Securities
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CY2021 us-gaap Use Of Estimates
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;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 year. Accordingly, actual results could differ from those estimates and those differences could be significant. Significant estimates and assumptions reflected in the accompanying consolidated financial statements include, but are not limited to, the fair value of in-process research and development acquired, warrant liabilities, leases, stock options granted and depreciation expense.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p>
CY2021 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Concentration of Credit Risk</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">Financial </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">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</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">insured </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">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, municipal securities and exchange traded fund 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>
CY2021Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
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CY2021Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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11.50
CY2021 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 Operating Lease Right Of Use Asset
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CY2021 nuvb Cash At Bank And Cash Held In Trust Account
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CY2021 nuvb Proceeds From Pipe Investment And Forward Purchase Agreement
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CY2021 nuvb Payment Of Underwriter Fees And Other Offering Costs
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CY2021 nuvb Payment To Common Stockholders Due To Exercised Right To Redeem Shares
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CY2021 nuvb Proceeds From Business Combination Net
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CY2021Q4 nuvb Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Warrant Liability
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CY2021Q4 nuvb Panacea Equity At Effective Time
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CY2021 nuvb Share Outstanding Prior To Business Combination
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CY2021 nuvb Redemption Of Share Prior To Business Combination
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CY2021 nuvb Conversion Of Shares Related To Merger
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CY2021 nuvb Business Combination Common Stock Shares Outstanding
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CY2021 nuvb Shares Issued Pursuant To Pipe Financing
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CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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CY2021Q4 us-gaap Available For Sale Securities Debt Securities
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CY2020Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
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CY2021 nuvb Shares Issued Pursuant To Forward Purchase
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CY2021 nuvb Issuance Of Shares Upon Business Combination
IssuanceOfSharesUponBusinessCombination
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CY2021 nuvb Conversion Of Old Nuvation Class A Common Stock
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CY2021 nuvb Conversion Of Founder Shares
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CY2021 nuvb Number Of Common Shares Outstanding After Business Combination
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CY2021Q4 us-gaap Cash Equivalents At Carrying Value
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CY2021Q4 us-gaap Marketable Securities
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CY2021Q4 nuvb Total Financial Assets
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CY2021Q4 us-gaap Derivative Fair Value Of Derivative Liability
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CY2020Q4 us-gaap Cash Equivalents At Carrying Value
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CY2020Q4 us-gaap Marketable Securities
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CY2020Q4 nuvb Total Financial Assets
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CY2021Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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CY2020Q4 us-gaap Available For Sale Securities Debt Securities
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CY2021 nuvb Number Of Equity Securities Sold
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CY2021 us-gaap Debt Securities Available For Sale Realized Gain
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CY2020 us-gaap Debt Securities Available For Sale Realized Gain
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CY2021 us-gaap Debt Securities Available For Sale Realized Loss
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CY2020 us-gaap Debt Securities Available For Sale Realized Loss
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CY2021 us-gaap Debt Securities Available For Sale Unrealized Gain Loss
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CY2020 us-gaap Debt Securities Available For Sale Unrealized Gain Loss
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CY2021 us-gaap Equity Securities Fv Ni Unrealized Loss
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CY2021 us-gaap Equity Securities Fv Ni Gain Loss
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CY2021 us-gaap Marketable Securities Gain Loss
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CY2020 us-gaap Marketable Securities Gain Loss
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CY2021Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
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CY2021Q4 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Amortized Cost
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CY2021Q4 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date Amortized Cost Basis
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CY2020Q4 us-gaap Accrued Liabilities Current And Noncurrent
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CY2020Q4 us-gaap Accrued Income Taxes Noncurrent
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CY2021Q4 us-gaap Other Accrued Liabilities Noncurrent
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CY2020Q4 us-gaap Other Accrued Liabilities Noncurrent
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CY2021Q4 us-gaap Accrued Liabilities Current And Noncurrent
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CY2020 nuvb Reduction To Additional Paid In Capital
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CY2021 us-gaap Common Stock Conversion Features
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The holder of the Class B Common Stock had the option to convert each share into one fully paid share of Class A Common Stock at any time. Upon the earlier of the date (i) the Founder of the Company owns in aggregate fewer than 220,571,000 shares of Common Stock, (ii) the Founder no longer serves as the Company’s Chief Executive Office or (iii) the Founder’s death or disability, each share of Common B Common Stock shall automatically convert to one fully paid share of Class A Common Stock and the Company shall not issue any additional shares of Class B Common Stock. Each share of Class B Common Stock shall automatically convert into one paid share of Class A Common Stock upon any sale or disposition of a share of Class B Common Stock.
CY2021Q4 us-gaap Property Plant And Equipment Net
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CY2020Q4 us-gaap Property Plant And Equipment Net
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CY2021 us-gaap Depreciation And Amortization
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CY2021 us-gaap Operating Lease Expense
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CY2021 us-gaap Variable Lease Cost
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CY2021 us-gaap Operating Lease Cost
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CY2021Q4 us-gaap Property Plant And Equipment Gross
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CY2020Q4 us-gaap Property Plant And Equipment Gross
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CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2021Q4 us-gaap Accrued Professional Fees Current And Noncurrent
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CY2020Q4 us-gaap Accrued Professional Fees Current And Noncurrent
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CY2021Q4 us-gaap Accrued Employee Benefits Current And Noncurrent
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CY2020Q4 us-gaap Accrued Professional Fees Current
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CY2021Q4 us-gaap Accrued Income Taxes Noncurrent
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CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
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3489000
CY2021Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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434000
CY2021Q4 us-gaap Operating Lease Liability
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3055000
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2020Q4 nuvb Operating Leases Future Minimum Payment Due Current
OperatingLeasesFutureMinimumPaymentDueCurrent
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CY2020Q4 nuvb Operating Leases Futures Minimum Payment Due In Two Years
OperatingLeasesFuturesMinimumPaymentDueInTwoYears
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CY2020Q4 nuvb Operating Leases Future Minimum Payment Due In Three Years
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552000
CY2020Q4 nuvb Operating Leases Future Minimum Payment Due In Four Years
OperatingLeasesFutureMinimumPaymentDueInFourYears
599000
CY2020Q4 nuvb Operating Leases Future Minimum Payment Due In Five Years
OperatingLeasesFutureMinimumPaymentDueInFiveYears
615000
CY2020Q4 nuvb Operating Leases Future Minimum Payment Due Thereafter
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711000
CY2020Q4 nuvb Operating Leases Future Minimum Payment Due
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CY2020 nuvb Holding Of Outstanding Preferred Stock
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CY2020Q4 us-gaap Preferred Stock Liquidation Preference Value
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CY2020 us-gaap Adjustments To Additional Paid In Capital Increase In Carrying Amount Of Redeemable Preferred Stock
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22600000
CY2021 us-gaap Fair Value Equity Level1 To Level2 Transfers Description
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There were no transfers between Levels 1, 2 or 3 during the period ended December 31, 2021.
CY2020 us-gaap Allocated Share Based Compensation Expense
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CY2020 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2019Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2021 us-gaap Marketable Securities Unrealized Gain Loss
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CY2020 us-gaap Marketable Securities Unrealized Gain Loss
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CY2021 us-gaap Debt Securities Available For Sale Unrealized Gain Loss
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CY2020 us-gaap Debt Securities Available For Sale Unrealized Gain Loss
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CY2021Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2020Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2021 us-gaap Allocated Share Based Compensation Expense
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CY2021 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
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CY2021 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Amount
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CY2020 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Amount
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CY2021 us-gaap Market Risk Benefit Change In Fair Value Gain Loss
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CY2020Q4 nuvb Warrants Issued
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CY2020Q4 nuvb Changes In Liabilities Classified In Level3 Of Fair Value Hierarchy
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CY2021 nuvb Recognition Of Private Warrants Liability Upon Closing Date
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CY2021Q4 nuvb Changes In Liabilities Classified In Level3 Of Fair Value Hierarchy
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CY2021 nuvb Effective Income Tax Rate Reconciliation True Up
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CY2021 us-gaap Income Tax Expense Benefit
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CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
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CY2020Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
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CY2021Q4 nuvb Deferred Tax Assets Deferred Expense Capitalized Research And Development Costs
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CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2021Q4 us-gaap Deferred Tax Assets Liabilities Net
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CY2020Q4 us-gaap Deferred Tax Assets Liabilities Net
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CY2020 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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893000
CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
702000
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1595000

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