$NUVB
Nuvation Bio Inc.

2023 Q3 Form 10-Q Financial Statement

#000095017023038155 Filed on August 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit $0.00 $0.00
YoY Change
Gross Profit Margin
Selling, General & Admin $7.780M $7.541M
YoY Change -3.28% -15.72%
% of Gross Profit
Research & Development $18.56M $18.59M
YoY Change -12.83% -35.72%
% of Gross Profit
Depreciation & Amortization $60.00K $56.00K
YoY Change 7.14% 16.67%
% of Gross Profit
Operating Expenses $26.34M $26.13M
YoY Change -10.22% -31.0%
Operating Profit -$26.34M -$26.13M
YoY Change -10.22% -31.0%
Interest Expense $6.540M $5.987M
YoY Change 237.81% 3972.79%
% of Operating Profit
Other Income/Expense, Net $6.690M $5.491M
YoY Change 213.35% 82.3%
Pretax Income -$19.65M -$20.64M
YoY Change -27.77% -40.79%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$19.65M -$20.64M
YoY Change -27.77% -40.79%
Net Earnings / Revenue
Basic Earnings Per Share -$0.09 -$0.09
Diluted Earnings Per Share -$0.09 -$0.09
COMMON SHARES
Basic Shares Outstanding 218.9M 218.8M
Diluted Shares Outstanding 218.9K 218.8K

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $619.3M $630.9M
YoY Change -8.1% -10.36%
Cash & Equivalents $24.40M $50.07M
Short-Term Investments $594.9M $580.8M
Other Short-Term Assets $3.000M $3.531M
YoY Change -41.11% -54.72%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $625.3M $637.2M
YoY Change -8.22% -10.79%
LONG-TERM ASSETS
Property, Plant & Equipment $764.0K $804.0K
YoY Change -15.3% -10.07%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $100.0K $138.0K
YoY Change -27.54% 0.0%
Other Assets $587.0K
YoY Change
Total Long-Term Assets $5.522M $4.184M
YoY Change 8.27% -23.57%
TOTAL ASSETS
Total Short-Term Assets $625.3M $637.2M
Total Long-Term Assets $5.522M $4.184M
Total Assets $630.9M $641.4M
YoY Change -8.1% -10.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.373M $2.577M
YoY Change -20.77% -79.75%
Accrued Expenses $11.86M $9.553M
YoY Change 19.55% 25.61%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $16.14M $13.41M
YoY Change 15.22% -36.95%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.100M $3.365M
YoY Change -31.76% -37.51%
Total Long-Term Liabilities $3.100M $3.365M
YoY Change -31.76% -37.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.14M $13.41M
Total Long-Term Liabilities $3.100M $3.365M
Total Liabilities $19.28M $16.78M
YoY Change 3.92% -37.06%
SHAREHOLDERS EQUITY
Retained Earnings -$329.0M -$309.4M
YoY Change 33.63% 41.28%
Common Stock $943.9M $938.4M
YoY Change 2.35% 2.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $611.6M $624.6M
YoY Change
Total Liabilities & Shareholders Equity $630.9M $641.4M
YoY Change -8.1% -10.88%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$19.65M -$20.64M
YoY Change -27.77% -40.79%
Depreciation, Depletion And Amortization $60.00K $56.00K
YoY Change 7.14% 16.67%
Cash From Operating Activities -$16.15M -$17.49M
YoY Change -42.51% -35.04%
INVESTING ACTIVITIES
Capital Expenditures $30.00K $22.00K
YoY Change -129.13% -111.28%
Acquisitions
YoY Change
Other Investing Activities -$9.570M $37.37M
YoY Change -114.88% 39.28%
Cash From Investing Activities -$9.590M $37.35M
YoY Change -114.94% 40.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 80.00K 133.0K
YoY Change -68.99% -103.69%
NET CHANGE
Cash From Operating Activities -16.15M -17.49M
Cash From Investing Activities -9.590M 37.35M
Cash From Financing Activities 80.00K 133.0K
Net Change In Cash -25.66M 19.99M
YoY Change -170.55% -614.51%
FREE CASH FLOW
Cash From Operating Activities -$16.15M -$17.49M
Capital Expenditures $30.00K $22.00K
Free Cash Flow -$16.18M -$17.51M
YoY Change -42.19% -34.49%

Facts In Submission

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">1. Nature of Operations</span></p><p style="text-indent:6.667%;font-size:10.0pt;margin-top:6.0pt;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Nuvation Bio Inc. and subsidiaries (“Nuvation Bio”), 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);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10.0pt;margin-top:6.0pt;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">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 style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;"><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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">October 20, 2020</span></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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> (“Merger Agreement”).</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10.0pt;margin-top:6.0pt;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">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>
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