Liquidity is tightening as cash reserves declined from a peak of $248.0 million in 2025Q2 to $125.4 million in 2026Q1, reflecting persistent free cash flow deficits.
| Cash from Operations | -125.73M | -173.43M | -130.41M | -68M | -96.11M | -68.19M | -36.53M | -24.43M | -616K |
| Operating CF Margin % | - | -275.71% | -1656.46% | - | - | - | - | - | - |
| Operating CF Growth % | 48.45% | -32.98% | -91.79% | 29.25% | -40.94% | -86.67% | -49.51% | -3866.23% | - |
| Net Income | -145.99M | -204.63M | -567.94M | -75.8M | -104.2M | -86.85M | -41.66M | -33.55M | -992K |
| Depreciation & Amortization | 226K | 1.74M | 683K | 222K | 199K | 184K | 103K | 13K | 0 |
| Stock-Based Compensation | 1.18M | 0 | 32.27M | 19.51M | 16.29M | 9.27M | 2.2M | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -171.51M | 41.44M | 417.07M | -12.47M | -4.95M | 4.41M | 715K | 9.57M | 110.67K |
| Working Capital Changes | -14.26M | -11.98M | -12.51M | 540K | -3.45M | 4.79M | 2.11M | -460K | 265.33K |
| Change in Receivables | -17.45M | -3.07M | -12.59M | -1.22M | 554K | -1.95M | -264K | 0 | 0 |
| Change in Inventory | -4.42M | -11.41M | 0 | 0 | 0 | 0 | 264K | 0 | 0 |
| Change in Payables | 8.77M | 3.13M | -1.65M | 70K | -1.79M | 1.86M | 34K | 0 | 0 |
| Cash from Investing | 1.7M | 99.52M | 122.7M | 8.92M | 63.46M | -454.67M | -70.32M | -115.86M | 0 |
| Capital Expenditures | 24K | -8.35M | -162K | -69K | -370K | -282K | -145K | -659K | 0 |
| CapEx % of Revenue | 0.02% | 13.28% | 2.06% | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 12.43M | 0 | 0 | 0 | -2.51M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 99.52M | 0 | 0 | 14K | 13K | 0 | 2.51M | -115.2M | 0 |
| Cash from Financing | 202.03M | 202.53M | 331K | 628K | 1.33M | 625.53M | 133.13M | 143.62M | 800K |
| Debt Issued (Net) | 534K | 191.11M | -4.55M | 0 | 0 | 0 | 0 | 14.99M | 0 |
| Equity Issued (Net) | 908K | 11.42M | 4.88M | 0 | 0 | 0 | 135.66M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 200.59M | 0 | 0 | 628K | 1.33M | 625.53M | -2.52M | 128.63M | 800K |
| Net Change in Cash | 77.41M | 128.36M | -6.93M | -58.45M | -31.32M | 102.67M | 26.29M | 3.33M | 184K |
| Free Cash Flow | -126.06M | -173.78M | -130.57M | -68.07M | -96.48M | -68.47M | -36.67M | -25.09M | -616K |
| FCF Margin % | -88.13% | -276.27% | -1658.52% | - | - | - | - | - | - |
| FCF Growth % | 19.98% | -33.09% | -91.83% | 29.45% | -40.9% | -86.7% | -46.16% | -3973.21% | - |
| FCF per Share | -0.33 | -0.51 | -0.49 | -0.31 | -0.45 | -0.35 | -0.17 | -0.12 | -0.00 |
| FCF Conversion (FCF/Net Income) | 0.86x | 0.85x | 0.23x | 0.90x | 0.92x | 0.79x | 0.88x | 0.73x | 0.62x |
| Interest Paid | 0 | 0 | 341K | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 373K | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial execution risk
As reported in recent financial statements, Nuvation Bio's operating cash flow to net income ratio fluctuated significantly, reaching 0.94 in 2026Q1, which suggests that reported earnings are heavily influenced by non-recurring milestone payments rather than consistent, cash-generative operational activities inherent to a commercial-stage pharmaceutical entity.
The wide variance in the OCF/NI ratio indicates that net income is a poor proxy for the company's actual cash-generating capacity. Investors should monitor this divergence closely, as the reliance on milestone-driven cash inflows obscures the underlying cash burn required to sustain the current R&D pipeline.
Based on the provided cash flow data, Nuvation Bio has consistently recorded negative free cash flow, with quarterly outflows frequently exceeding $30 million, highlighting a structural dependency on external capital to fund the ongoing development of its oncology assets and clinical trial infrastructure.
The trajectory of FCF remains deeply negative, reflecting the high capital intensity of late-stage biotech development. Unless the company can transition to a recurring revenue model, the current burn rate suggests that future liquidity will remain contingent upon successful capital market access or further strategic partnerships.
According to quarterly filings, working capital changes have been highly erratic, swinging from a $11.5 million outflow in 2026Q1 to a $5.7 million inflow in 2025Q4, which indicates significant lumpiness in the timing of milestone-related receivables and the settlement of research-related payables.
This volatility in working capital suggests that the company's cash position is highly sensitive to the timing of contractual payments. Analysts should interpret these fluctuations as a reflection of project-based accounting rather than an improvement in operational efficiency or supply chain management.
Financial disclosures reveal that stock-based compensation, which reached $9.0 million in 2026Q1, consistently acts as a non-cash add-back that masks the true economic cost of talent retention, thereby understating the actual cash resources required to maintain the company's current R&D trajectory.
By adjusting for these non-cash expenses, it becomes evident that the company's underlying cash burn is more severe than the headline operating cash flow figures might imply. This warrants further investigation into the sustainability of compensation structures as the company navigates its clinical development timeline.
Quick answers to the most common questions about buying NUVB stock.
Nuvation Bio Inc. (NUVB) generated $-173.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Nuvation Bio Inc. (NUVB) reported negative free cash flow of $173.8M in 2025, indicating capital requirements exceeded cash from operations.
Nuvation Bio Inc. (NUVB) spent $8.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.