$NUVB
Nuvation Bio Inc.

2024 Q2 Form 10-Q Financial Statement

#000095017024059622 Filed on May 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $1.435M $0.00
YoY Change
Cost Of Revenue $1.347M
YoY Change
Gross Profit $88.00K
YoY Change
Gross Profit Margin 6.13%
Selling, General & Admin $16.16M $7.357M
YoY Change 114.24% -4.87%
% of Gross Profit 18359.09%
Research & Development $29.25M $12.84M
YoY Change 57.33% -31.64%
% of Gross Profit 33235.23%
Depreciation & Amortization $244.0K $58.00K
YoY Change 335.71% 3.57%
% of Gross Profit 277.27%
Operating Expenses $470.5M $20.20M
YoY Change 1700.44% -23.84%
Operating Profit -$470.4M -$20.20M
YoY Change 1700.1% -23.84%
Interest Expense $132.0K $7.131M
YoY Change -97.8% 46.04%
% of Operating Profit
Other Income/Expense, Net $7.893M $5.407M
YoY Change 43.74% 12.76%
Pretax Income -$462.5M -$14.79M
YoY Change 2140.76% -31.92%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$462.5M -$14.79M
YoY Change 2140.76% -31.92%
Net Earnings / Revenue -32229.41%
Basic Earnings Per Share -$1.89 -$0.07
Diluted Earnings Per Share -$1.89 -$0.07
COMMON SHARES
Basic Shares Outstanding 247.2M 219.0K
Diluted Shares Outstanding 244.7K 219.0K

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $577.2M $597.0M
YoY Change -8.52% -7.68%
Cash & Equivalents $34.29M $34.51M
Short-Term Investments $542.9M $562.5M
Other Short-Term Assets $5.991M $6.796M
YoY Change 69.67% 84.57%
Inventory
Prepaid Expenses
Receivables $117.0K
Other Receivables $3.895M
Total Short-Term Assets $587.2M $608.1M
YoY Change -7.85% -6.82%
LONG-TERM ASSETS
Property, Plant & Equipment $751.0K $686.0K
YoY Change -6.59% -18.14%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $143.0K $141.0K
YoY Change 3.62% 2.17%
Other Assets $1.075M $1.075M
YoY Change
Total Long-Term Assets $7.624M $5.070M
YoY Change 82.22% 12.79%
TOTAL ASSETS
Total Short-Term Assets $587.2M $608.1M
Total Long-Term Assets $7.624M $5.070M
Total Assets $594.8M $613.1M
YoY Change -7.27% -6.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.211M $2.436M
YoY Change 102.21% -17.28%
Accrued Expenses $19.97M $11.30M
YoY Change 109.09% 35.17%
Deferred Revenue $12.20M
YoY Change
Short-Term Debt $11.63M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $51.10M $15.76M
YoY Change 280.94% 25.58%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $11.57M $3.321M
YoY Change 243.83% -3.32%
Total Long-Term Liabilities $11.57M $3.321M
YoY Change 243.83% -3.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $51.10M $15.76M
Total Long-Term Liabilities $11.57M $3.321M
Total Liabilities $62.67M $19.08M
YoY Change 273.5% 19.37%
SHAREHOLDERS EQUITY
Retained Earnings -$820.1M -$357.6M
YoY Change 165.06% 23.87%
Common Stock $1.079B $952.8M
YoY Change 14.94% 2.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $257.2M $594.0M
YoY Change
Total Liabilities & Shareholders Equity $594.8M $613.1M
YoY Change -7.27% -6.69%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$462.5M -$14.79M
YoY Change 2140.76% -31.92%
Depreciation, Depletion And Amortization $244.0K $58.00K
YoY Change 335.71% 3.57%
Cash From Operating Activities -$37.32M -$15.70M
YoY Change 113.46% -18.65%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $27.00K
YoY Change -100.0% 125.0%
Acquisitions
YoY Change
Other Investing Activities $34.27M $7.569M
YoY Change -8.28% -114.56%
Cash From Investing Activities $34.27M $7.542M
YoY Change -8.23% -114.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.748M 21.00K
YoY Change 1966.17% -92.95%
NET CHANGE
Cash From Operating Activities -37.32M -15.70M
Cash From Investing Activities 34.27M 7.542M
Cash From Financing Activities 2.748M 21.00K
Net Change In Cash -303.0K -8.139M
YoY Change -101.52% -88.54%
FREE CASH FLOW
Cash From Operating Activities -$37.32M -$15.70M
Capital Expenditures $0.00 $27.00K
Free Cash Flow -$37.32M -$15.73M
YoY Change 113.19% -18.56%

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<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">1. Nature of Operations</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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, San Francisco, Beijing, Guangzhou, Hangzhou, Shanghai and Yantai.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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 October 20, 2020 (“Merger Agreement”).</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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>
CY2024Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-357600000
CY2024Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-15700000
CY2024Q1 nuvb Cash And Cash Equivalents And Marketable Securities
CashAndCashEquivalentsAndMarketableSecurities
597000000
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">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, warrant liabilities, leases, stock options granted and depreciation expense.</span>
CY2024Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentration of Credit Risk</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">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, municipal securities and exchange traded funds 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>
CY2024Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
5787472
CY2024Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.5
CY2024Q1 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.
CY2024Q1 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
22766000
CY2024Q1 us-gaap Marketable Securities
MarketableSecurities
562466000
CY2024Q1 nuvb Total Financial Assets
TotalFinancialAssets
585232000
CY2024Q1 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
1812000
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
26509000
CY2022Q4 us-gaap Marketable Securities
MarketableSecurities
568564000
CY2022Q4 nuvb Total Financial Assets
TotalFinancialAssets
595073000
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
353000
CY2024Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
586401000
CY2024Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
216000
CY2024Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
1385000
CY2024Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
585232000
CY2023Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
594892000
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
1193000
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
1012000
CY2023Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
595073000
CY2024Q1 us-gaap Debt Securities Available For Sale Realized Gain
DebtSecuritiesAvailableForSaleRealizedGain
1000
CY2023Q1 us-gaap Debt Securities Available For Sale Realized Gain
DebtSecuritiesAvailableForSaleRealizedGain
0
CY2024Q1 us-gaap Debt Securities Available For Sale Realized Loss
DebtSecuritiesAvailableForSaleRealizedLoss
0
CY2023Q1 us-gaap Debt Securities Available For Sale Realized Loss
DebtSecuritiesAvailableForSaleRealizedLoss
96000
CY2024Q1 us-gaap Marketable Securities Gain Loss
MarketableSecuritiesGainLoss
1000
CY2023Q1 us-gaap Marketable Securities Gain Loss
MarketableSecuritiesGainLoss
-96000
CY2024Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
354041000
CY2024Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
1179000
CY2024Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
29707000
CY2024Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
206000
CY2024Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
383748000
CY2024Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
1385000
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
236190000
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
727000
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
51245000
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
284000
CY2023Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
287435000
CY2023Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
1011000
CY2024Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
358943000
CY2024Q1 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost
203523000
CY2024Q1 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date Amortized Cost Basis
AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDateAmortizedCostBasis
562466000
CY2024Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
500000
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
300000
CY2024Q1 us-gaap Variable Lease Cost
VariableLeaseCost
0
CY2023Q1 us-gaap Variable Lease Cost
VariableLeaseCost
0
CY2024Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
500000
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
300000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1634000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1416000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
629000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
81000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
3760000
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
228000
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
3532000
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0685
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y
CY2023Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
181000
CY2022Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-5526000
CY2024Q1 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
-1349000
CY2023Q1 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
2492000
CY2024Q1 nuvb Realized Loss On Marketable Securities
RealizedLossOnMarketableSecurities
1000
CY2023Q1 nuvb Realized Loss On Marketable Securities
RealizedLossOnMarketableSecurities
-96000
CY2024Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-1169000
CY2023Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-2938000
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5041000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4837000
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
3.38
CY2024Q1 us-gaap Market Risk Benefit Change In Fair Value Gain Loss
MarketRiskBenefitChangeInFairValueGainLoss
-1500000
CY2024Q1 nuvb Fair Value Equity Level1 To Level2 Or Level3 Transfers Description
FairValueEquityLevel1ToLevel2OrLevel3TransfersDescription
no
CY2024Q1 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
1812000
CY2023Q4 nuvb Changes In Liabilities Classified In Level3 Of Fair Value Hierarchy
ChangesInLiabilitiesClassifiedInLevel3OfFairValueHierarchy
15000
CY2024Q1 nuvb Change In Fair Value Of Private Warrants Liability Recognized In Earnings
ChangeInFairValueOfPrivateWarrantsLiabilityRecognizedInEarnings
96000
CY2024Q1 nuvb Changes In Liabilities Classified In Level3 Of Fair Value Hierarchy
ChangesInLiabilitiesClassifiedInLevel3OfFairValueHierarchy
111000

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