Nuvation Bio Inc. NUVB

Health CareBiotechnology & Medical ResearchUnited States of America

Last close 4.59 USD on Nov 2, 2026, −48.8% year to date

Quant rating

Quant rating D Rank 423 of 565 in Health Care

Growth C 350 of 565
Valuation B 187 of 565
Quality C 346 of 565
Revisions D 491 of 565
Momentum C 356 of 565

Wall Street consensus Buy (1.85)Average target 13.00 USD +183.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.6B
Enterprise value: 1.4B
52-week range: 3.92 – 9.75
3-year range: 1.24 – 9.75
Dividend yield: –
Beta (5 years): 1.73
Shares outstanding: 351M
Next earnings: Nov 4, 2026

About the company

Nuvation Bio Inc. is a global oncology company. The Company is focused on tackling cancer treatment. Its diverse pipeline includes taletrectinib (IBTROZI), a next-generation ROS1 inhibitor; safusidenib, a brain-penetrant IDH1 inhibitor, and a drug-drug conjugate (DDC) program. IBTROZI is an oral, potent, central nervous system-active, selective, next-generation ROS1 inhibitor. Safusidenib is a novel, oral, potent, brain penetrant, targeted inhibitor of mutant isocitrate dehydrogenase 1 (mIDH1), which is detected in various tumors, including gliomas. Its platform leverages its drug discovery and chemistry expertise to find the minimum target binding sites of drug X and drug Y and fuse them together, while maintaining activity. Its DDCs are designed to selectively bind to intracellular as well as surface cell membrane targets that are expressed more highly in specific target tissues and to potently deliver anti-cancer warheads to these target tissues.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	62.9	7.9	0	0	0	–
Revenue growth	699.0%	–	–	–	–	–
EPS (basic, normalized)	−0.60	−2.11	−0.35	−0.48	−0.44	–
EPS growth	–	–	–	–	–	–
Gross margin	85.2%	10.1%	–	–	–	47.7%
Net margin	−325.3%	−7,213.8%	–	–	–	−3,769.5%
ROE	−53.2%	−106.3%	−12.0%	−14.9%	−18.1%	−40.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	661
Current ratio	8.37x
Long-term debt (mil)	394
Net debt (mil)	−248
Total equity (mil)	254
Net debt / equity	−0.98x
Net debt / EBITDA	1.17x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	62.9	+699.0%	21.7x	−213	–	−6.4x	−0.60	+71.6%	−7.7x
2026	194	+208.4%	7.0x	−137	+35.9%	−10.0x	−0.40	+32.9%	−11.4x
2027	275	+41.5%	5.0x	−70.7	+48.2%	−19.3x	−0.21	+47.8%	−21.8x
2028	422	+53.6%	3.2x	127	+279.2%	10.8x	0.02	+108.9%	245.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	194	−1.8%	−4.4%	−4.6%	−0.40	−1.9%	+11.3%	+0.8%
2027	275	−3.6%	−5.4%	−5.4%	−0.21	−14.1%	+5.3%	+7.3%
2028	422	−0.2%	−3.7%	+0.5%	0.02	−34.5%	−68.2%	+355.1%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	0	1.4	0.7	5.7	3.1	4.8	13.1	41.9	83.2	31.7
Sales mean (mil)	0	0	0	0	0.4	0.4	6.6	37.3	62.3	27.5
Surprise	–	–	–	–	+640.2%	+1,253.3%	+98.4%	+12.2%	+33.7%	+15.2%
EPS reported	−0.07	−0.15	−0.15	−0.15	−0.16	−0.17	−0.16	−0.11	0.01	−0.15
EPS mean	−0.10	−0.06	−0.13	−0.14	−0.16	−0.17	−0.17	−0.09	0.01	−0.19
Surprise	+26.9%	−156.4%	−15.4%	−8.7%	−1.1%	−1.1%	+5.1%	−23.1%	+11.1%	+19.0%

Peer comparison Biotechnology & Medical Research

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
NUVB Nuvation Bio Inc.	1.6B	1.17x	−325.3%	6.32x	−11.4x	−21.8x	−10.0x	−19.3x
ONC BeOne Medicines AG	44.5B	−5.30x	5.4%	7.27x	45.3x	33.7x	31.6x	24.4x
RVMD Revolution Medicines, Inc.	40.3B	2.47x	–	15.47x	−19.6x	−30.8x	−20.3x	−28.8x
BNTX Biontech SE	22.0B	13.92x	−39.6%	1.11x	−13.1x	−13.4x	−3.7x	−3.6x
EXEL Exelixis Inc	17.1B	−0.99x	33.7%	9.36x	20.5x	17.6x	14.9x	13.2x
KYMR Kymera Therapeutics, Inc.	10.9B	2.84x	−794.0%	6.74x	−32.1x	−24.9x	−23.7x	−18.1x
Mean		2.35x	−224.0%	7.71x	−1.7x	−6.6x	−1.8x	−5.4x
Median		1.82x	−39.6%	7.01x	−12.3x	−17.6x	−6.8x	−10.9x

Technical analysis

1M−10.7%
3M−27.5%
1Y−12.1%
3Y+258.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Nuvation Bio Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	62.9	7.9	0	0	0	0
Cost of revenue	9.3	7.1	–	–	–	–
Gross profit	53.6	0.8	0	0	0	0
Selling, general & administrative expenses	152	69.2	28.5	31.8	24.3	10.9
Research & development	115	99.1	71.3	80.5	69.0	32.6
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	0	425	–	7.4	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	−213	−593	−99.8	−120	−93.3	−43.6
Net interest income (expense)	7.8	26.7	24.5	6.2	2.9	2.2
Gain (loss) on sale of assets	0	–	–	–	–	–
Other non-operating income (expense)	0.7	−2.0	−0.5	9.3	3.6	−0.3
Net income before taxes	−205	−568	−75.8	−104	−86.8	−41.7
Provision for taxes	0	0	0	0	0	–
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−205	−568	−75.8	−104	−86.8	−41.7
Extraordinary items	–	–	–	–	–	–
Net income	−205	−568	−75.8	−104	−86.8	−41.7
EBIT, normalized	−213	−168	−99.8	−112	−93.3	−43.6
EBITDA, normalized	−213	−167	−99.6	−112	−93.1	−43.4
Basic EPS, normalized	−0.60	−2.11	−0.35	−0.48	−0.44	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Nuvation Bio Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	529	503	611	661	765	216
Receivables	19.4	16.3	3.7	2.5	3.0	1.1
Total inventory	11.4	–	–	–	–	–
Prepaid expenses	11.5	7.3	1.5	3.8	3.6	0.9
Other current assets	0	0	0	0	0	2.9
Total current assets	572	526	616	667	772	221
Property, plant & equipment	4.5	3.0	4.3	4.7	3.7	0.7
Goodwill	–	–	–	–	–	–
Intangibles	11.2	4.6	–	–	–	–
Long-term investments	–	0.1	0.1	0.1	0.4	0.4
Note receivable	–	–	–	–	–	–
Other long-term assets	7.6	6.6	0.6	0	0	0
Total assets	595	541	621	672	776	222
Liabilities
Accounts payable	9.5	6.3	2.2	2.1	3.9	2.2
Payable/accrued	–	–	–	–	–	–
Accrued expenses	47.1	34.5	11.8	11.0	13.0	4.4
Short-term debt	5.7	6.3	0	0	0	0
Current portion of long-term debt	9.6	–	–	–	–	–
Other current liabilities	10.4	11.1	0	0	0	0
Total current liabilities	82.2	58.2	14.0	13.2	16.9	6.6
Long-term debt	193	0	0	0	0	0
Minority interest	–	–	–	–	–	–
Other liabilities	13.8	18.6	2.4	3.9	13.2	0.2
Total liabilities	289	76.8	16.4	17.1	30.2	6.7
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1,421	1,374	948	928	910	22.0
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	−1,115	−911	−343	−267	−163	−76.0
Treasury stock	–	–	–	–	–	–
Other equity	−0.2	0.6	0.2	−5.5	−1.2	269
Total equity	306	464	605	655	746	215
Total liabilities & shareholders' equity	595	541	621	672	776	222

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Nuvation Bio Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−205	−568	−75.8	−104	−86.8	−41.7
Depreciation, depletion & amortization	1.7	0.7	0.2	0.2	0.2	0.1
Deferred taxes	–	–	–	–	–	–
Non-cash items	41.4	449	7.0	11.3	13.7	2.9
Changes in working capital	−12.0	−12.5	0.5	−3.4	4.8	2.1
Cash from operations	−173	−130	−68.0	−96.1	−68.2	−36.5
Investing activities
Capital expenditures	−8.4	−0.2	−0.1	−0.4	−0.3	−0.1
Other investing cash flows	108	123	9.0	63.8	−454	−70.2
Cash from investing	99.5	123	8.9	63.5	−455	−70.3
Financing activities
Financing cash flow items	143	–	–	0	625	−2.5
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	59.6	0.3	0.6	1.3	0.8	136
Cash from financing	203	0.3	0.6	1.3	626	133
Foreign exchange effects	−0.3	0.5	–	–	–	–
Net change in cash	128	−6.9	−58.5	−31.3	103	26.3
Free cash flow	−182	−131	−68.1	−96.5	−68.5	−36.7

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.