The balance sheet remains strained by a $1.1 billion retained earnings deficit, while deferred revenue of $151.9 million as of 2026Q1 significantly inflates current liabilities.
| Total Current Assets | 591.53M | 571.52M | 526.25M | 616.43M | 667.32M | 772.07M | 220.68M | 119.89M | 158K |
| Cash & Short-Term Investments | 533.73M | 529.21M | 502.69M | 611.21M | 661.01M | 765.39M | 215.75M | 118.87M | 138K |
| Cash Only | 125.39M | 164.09M | 35.72M | 42.65M | 101.1M | 132.42M | 29.75M | 3.47M | 138K |
| Short-Term Investments | 408.34M | 365.13M | 466.97M | 568.56M | 559.91M | 632.97M | 186M | 115.4M | 0 |
| Accounts Receivable | 25.98M | 19.36M | 16.29M | 3.7M | 2.48M | 3.04M | 1.09M | 0 | 0 |
| Days Sales Outstanding | 42.02 | 112.35 | 755.31 | - | - | - | - | - | - |
| Inventory | 15.84M | 11.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 255.64 | 493.37 | - | - | - | - | - | - | - |
| Other Current Assets | 15.97M | 11.54M | 7.27M | 1.52M | 3.82M | 0 | 2.92M | 828K | 0 |
| Total Non-Current Assets | 18.71M | 23.3M | 14.37M | 5.05M | 4.82M | 4.08M | 1.11M | 1.07M | 0 |
| Property, Plant & Equipment | 4.13M | 4.48M | 2.99M | 4.32M | 4.68M | 3.66M | 688K | 646K | 0 |
| Fixed Asset Turnover | 30.50x | 14.03x | 2.63x | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 10.76M | 11.21M | 4.62M | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 3.82M | 7.61M | 6.76M | 728K | 138K | 421K | 421K | 421K | 0 |
| Total Assets | 610.24M | 594.82M | 540.63M | 621.48M | 672.14M | 776.15M | 221.79M | 120.95M | 158K |
| Asset Turnover | 0.23x | 0.11x | 0.01x | - | - | - | - | - | - |
| Asset Growth % | 47.99% | 10.02% | -13.01% | -7.54% | -13.4% | 249.95% | 83.37% | 76451.9% | - |
| Total Current Liabilities | 79.52M | 82.23M | 58.24M | 13.97M | 13.16M | 16.93M | 6.55M | 3.2M | 902K |
| Accounts Payable | 22.43M | 9.48M | 6.35M | 2.21M | 2.14M | 3.92M | 2.17M | 2.03M | 83K |
| Days Payables Outstanding | 531.55 | 409.84 | 327.36 | - | - | - | 7.69K | - | - |
| Short-Term Debt | 7.63M | 7.6M | 6.28M | 0 | 0 | 0 | 0 | 0 | 600K |
| Deferred Revenue (Current) | 16.45M | 0 | 11.12M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 49.46M | 65.15M | 14.82M | 4.35M | 3.99M | 6.17M | 3.23M | 11K | 0 |
| Current Ratio | 7.44x | 6.95x | 9.04x | 44.11x | 50.70x | 45.62x | 33.69x | 37.42x | 0.18x |
| Quick Ratio | 7.24x | 6.81x | 9.04x | 44.11x | 50.70x | 45.62x | 33.69x | 37.42x | 0.18x |
| Cash Conversion Cycle | -233.9 | 195.88 | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 211.16M | 206.88M | 18.59M | 2.39M | 3.9M | 13.23M | 157K | 0 | 0 |
| Long-Term Debt | 2.2M | 2.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 6.37M | 0 | 969K | 2.04M | 3.05M | 2.19M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 57.07M | 58.51M | 2.05M | 353K | 850K | 11.04M | 157K | 0 | 0 |
| Total Liabilities | 290.68M | 289.11M | 76.84M | 16.36M | 17.07M | 30.15M | 6.71M | 3.2M | 902K |
| Total Debt | 9.83M | 10.15M | 8.91M | 4.01M | 4.26M | 3.06M | 0 | 0 | 600K |
| Net Debt | -115.56M | -153.94M | -26.81M | -38.64M | -96.84M | -129.37M | -29.75M | -3.47M | 462K |
| Debt / Equity | 0.03x | 0.03x | 0.02x | 0.01x | 0.01x | 0.00x | - | - | - |
| Debt / EBITDA | -0.07x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.80x | - | - | - | - | - | - | - | - |
| Interest Coverage | -162.11x | -13.96x | -1664.51x | - | - | - | - | - | - |
| Total Equity | 319.56M | 305.72M | 463.79M | 605.12M | 655.08M | 746M | 215.08M | 117.75M | -744K |
| Equity Growth % | -48.08% | -34.08% | -23.36% | -7.63% | -12.19% | 246.84% | 82.66% | 15926.34% | - |
| Book Value per Share | 0.85 | 0.90 | 1.73 | 2.76 | 3.02 | 3.77 | 0.99 | 0.57 | -0.00 |
| Total Shareholders' Equity | 319.56M | 305.72M | 463.79M | 605.12M | 655.08M | 746M | 215.08M | 117.75M | -744K |
| Common Stock | 1.43B | 1.42B | 1.37B | 947.75M | 927.6M | 909.99M | 289.48M | 9.76M | 0 |
| Retained Earnings | -1.11B | -1.12B | -910.74M | -342.8M | -267M | -162.8M | -75.95M | -34.3M | -744K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -1.68M | -187K | 573K | 181K | -5.53M | -1.19M | 1.56M | 421K | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial execution risk
As reported in recent financial statements, Nuvation Bio's total assets have fluctuated from $621.5 million in 2023Q4 to $610.2 million in 2026Q1, reflecting a volatile balance sheet trajectory driven by the AnHeart acquisition and the subsequent depletion of cash reserves to fund ongoing clinical development.
The marginal decline in total assets over the observed period suggests that the company is consuming its capital base to sustain R&D activities rather than building long-term value through asset accumulation. Investors should monitor whether the current asset mix can support the transition to late-stage trials without necessitating further dilutive financing.
Based on 2026Q1 reported figures, Nuvation Bio maintains a cash position of $125.4 million, which represents a significant decline from the $248.0 million peak observed in 2025Q2, indicating a tightening liquidity buffer as the company accelerates its clinical trial expenditures for the Taletrectinib program.
While the current ratio of 7.44 remains superficially high, it is heavily influenced by the timing of milestone-related deferred revenue rather than liquid cash availability. The rapid depletion of cash reserves suggests that the company's operational runway is shortening, which may force management to seek additional capital in the near term.
According to quarterly balance sheet data, Nuvation Bio's retained earnings have deteriorated to a deficit of $1.1 billion as of 2026Q1, underscoring the persistent impact of historical R&D spending and the lack of recurring commercial revenue to offset the company's substantial operating losses.
The erosion of equity quality is a direct consequence of the company's pre-commercial status and the heavy reliance on external funding to support its pipeline. This trend suggests that shareholders are bearing the full brunt of the company's clinical-stage risk, with little evidence of value creation through retained earnings.
Financial filings indicate that deferred revenue has surged to $151.9 million as of 2026Q1, a figure that significantly inflates current liabilities and complicates the interpretation of the company's true liquidity position relative to its actual cash-on-hand and ongoing operational burn requirements.
This large deferred revenue balance appears to be a non-cash accounting artifact related to strategic collaborations, which may mislead investors regarding the company's actual financial flexibility. Analysts should adjust liquidity metrics to exclude these non-cash obligations to better understand the true cash runway available for clinical operations.
Quick answers to the most common questions about buying NUVB stock.
As of 2025, Nuvation Bio Inc. (NUVB) had total assets of $594.8M including $571.5M in current assets.
Nuvation Bio Inc. (NUVB) carries total debt of $10.1M, offset by $529.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Nuvation Bio Inc. (NUVB) has total shareholders' equity (book value) of $305.7M ($0.90 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Nuvation Bio Inc. (NUVB) reported a current ratio of 6.95x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.