Revenue spiked to $31.7M in 2026Q2 with a 97.1% gross margin, but this is milestone-driven and masks a -161.1% operating margin and -$51.0M operating loss, reflecting a pre-commercial cost structure.
Nuvation Bio Inc. (NUVB) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 201.73M | 62.9M | 7.87M | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 654.19% | 698.96% | - | - | - | - | - | - | - |
| Cost of Goods Sold | 18.88M | 8.44M | 7.08M | 0 | 0 | 0 | 103K | 0 | 0 |
| COGS % of Revenue | - | 13.42% | 89.9% | - | - | - | - | - | - |
| Gross Profit | 182.85M | 54.46M | 795K | 0 | 0 | 0 | -103K | 0 | 0 |
| Gross Margin % | 90.64% | 86.58% | 10.1% | - | - | - | - | - | - |
| Gross Profit Growth % | - | 6750.31% | - | - | - | 100% | - | - | - |
| Operating Expenses | 306.25M | 267.52M | 593.42M | 99.82M | 119.73M | 93.32M | 43.45M | 32.1M | 992K |
| OpEx % of Revenue | - | 425.3% | 7537.43% | - | - | - | - | - | - |
| Selling, General & Admin | 163.78M | 151.56M | 69.23M | 28.53M | 31.92M | 24.28M | 10.85M | 6.99M | 509.33K |
| SG&A % of Revenue | - | 240.95% | 879.37% | - | - | - | - | - | - |
| Research & Development | 132.68M | 115.11M | 524.19M | 71.29M | 87.81M | 69.04M | 32.6M | 25.11M | 482.67K |
| R&D % of Revenue | - | 182.99% | 6658.06% | - | - | - | - | - | - |
| Other Operating Expenses | 2.23M | 856K | 0 | 0 | 0 | 0 | 0 | -1 | 0 |
| Operating Income | -123.4M | -213.06M | -592.63M | -99.82M | -119.73M | -93.32M | -43.55M | -32.1M | -992K |
| Operating Margin % | -61.17% | -338.72% | -7527.33% | - | - | - | - | - | - |
| Operating Income Growth % | - | 64.05% | -493.68% | 16.63% | -28.31% | -114.27% | -35.68% | -3135.79% | - |
| EBITDA | -121.21M | -211.32M | -591.94M | -99.6M | -119.53M | -93.13M | -43.45M | -32.09M | 0 |
| EBITDA Margin % | -60.09% | -335.96% | -7518.66% | - | - | - | - | - | - |
| EBITDA Growth % | 47.65% | 64.3% | -494.32% | 16.68% | -28.35% | -114.36% | -35.41% | - | - |
| D&A (Non-Cash Add-back) | 2.19M | 1.74M | 683K | 222K | 199K | 184K | 103K | 13K | 992K |
| EBIT | -109.68M | -190.94M | -567.6M | -75.8M | -104.2M | -86.85M | -41.66M | -32.1M | -992K |
| Net Interest Income | -5.1M | 7.75M | 26.72M | 24.61M | 7.45M | 2.96M | 1.95M | 1.37K | 0 |
| Interest Income | 21.16M | 21.43M | 27.06M | 24.61M | 7.45M | 2.96M | 1.95M | 1.37K | 0 |
| Interest Expense | 26.26M | 13.68M | 341K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -12.53M | 8.44M | 24.69M | 24.02M | 15.54M | 6.47M | 1.89M | -1.45M | 0 |
| Pretax Income | -135.93M | -204.63M | -567.94M | -75.8M | -104.2M | -86.85M | -41.66M | -33.55M | -992K |
| Pretax Margin % | -67.38% | -325.31% | -7213.76% | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -135.93M | -204.63M | -567.94M | -75.8M | -104.2M | -86.85M | -41.66M | -33.55M | -992K |
| Net Margin % | -67.38% | -325.31% | -7213.76% | - | - | - | - | - | - |
| Net Income Growth % | 37.5% | 63.97% | -649.24% | 27.25% | -19.98% | -108.47% | -24.16% | -3282.26% | - |
| Net Income (Continuing) | -135.93M | -204.63M | -567.94M | -75.8M | -104.2M | -86.85M | -41.66M | -33.55M | -992K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.39 | -0.60 | -2.11 | -0.35 | -0.48 | -0.44 | -0.19 | -0.16 | -0.01 |
| EPS Growth % | 38.17% | 71.56% | -502.86% | 27.08% | -9.09% | -131.58% | -18.75% | - | - |
| EPS (Basic) | - | -0.60 | -2.11 | -0.35 | -0.48 | -0.44 | -0.19 | -0.16 | -0.01 |
| Diluted Shares Outstanding | 351.86M | 341.54M | 268.77M | 218.88M | 216.72M | 197.89M | 217.65M | 206.67M | 183.74M |
| Basic Shares Outstanding | 351.86M | 341.54M | 268.77M | 218.88M | 216.72M | 197.89M | 217.65M | 206.67M | 183.74M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying NUVB stock.
For fiscal year 2025, Nuvation Bio Inc. (NUVB) reported total revenue of $62.9M.
Nuvation Bio Inc. (NUVB) reported a net loss of $204.6M for the fiscal year ending 2025.
Nuvation Bio Inc. (NUVB) reported an operating income of $-213.1M, resulting in an operating profit margin of -338.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Nuvation Bio Inc. (NUVB) generated $54.5M in gross profit for the year, representing a gross profit margin of 86.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Cash runway and dilution
Metrics are mathematically derived from official filings.
Milestone-Driven Revenue Volatility
NUVB's TTM revenue of $62.9M, with $31.7M in 2026Q2, appears tied to milestone payments rather than sustainable product sales, given the 699% YoY spike from a negligible base. According to recent SEC filings, this lumpiness underscores the pre-commercial nature of the business.
The revenue trajectory is highly erratic, swinging from $727K in 2024Q3 to $83.2M in 2026Q1, which suggests recognition of contractual milestones or acquisition-related accounting events rather than recurring demand. The 5.6% sequential decline in 2026Q2 after a 26% jump in 2026Q1 indicates that revenue is not building a predictable growth curve. Investors should treat this as financing events, not operational momentum, until commercial sales from IBTROZI establish a consistent base.
Gross Margin Distorted by Milestone Mix
Gross margin swung from -108.4% in 2024Q3 to 97.1% in 2026Q2, reflecting the high-margin nature of milestone revenue versus low-margin collaboration cost offsets. As reported in financial statements, this volatility masks the underlying cost structure of a clinical-stage biotech.
The gross margin is not a reliable indicator of operational efficiency because the 'revenue' is largely milestone-based with minimal associated COGS, as seen in 2026Q2 where COGS was only $911K on $31.7M revenue. In contrast, quarters with lower revenue, like 2025Q1, show gross margins as low as 32.1%, indicating that the cost of revenue is not purely variable. This suggests that the company's true margin profile will only emerge when it transitions to commercial product sales, where manufacturing and distribution costs will compress margins.
Operating Leverage Absent Amid Heavy R&D
Operating income has remained deeply negative, with a -338.7% TTM operating margin, as R&D and SG&A expenses consistently outpace revenue. Based on reported figures, the company's cost structure shows no operating leverage, typical for a pre-commercial biotech investing heavily in late-stage trials.
Even in 2026Q1, when revenue spiked to $83.2M, operating income was only $3.9M, a razor-thin margin that quickly reversed to -$51.0M in 2026Q2 as expenses remained elevated. The R&D expense alone has grown from $12.8M in 2024Q1 to $30.7M in 2026Q2, reflecting the costs of advancing Taletrectinib and the DDC platform. This indicates that the company is prioritizing pipeline development over near-term profitability, and investors should expect negative operating leverage until commercial scale is achieved.
Non-Cash Charges Mask Cash Burn
Net income quality is low, with stock-based compensation (SBC) swinging from -$27.9M in 2025Q4 to $9.0M in 2026Q1, and a one-time IPR&D charge of $454.3M in 2024Q2 distorting EPS. As disclosed in financial statements, these non-cash items obscure the true cash burn.
The $462.5M net loss in 2024Q2 was driven by a massive R&D expense, likely an IPR&D write-off from the AnHeart acquisition, which is not indicative of ongoing operations. SBC is volatile and can be positive or negative due to adjustments, but it represents a real economic cost to shareholders through dilution. The reported EPS of -$0.18 in 2026Q2 is not fully reflective of the cash burn, which is better captured by operating cash flow; investors should focus on cash used in operations to gauge sustainability.
R&D and SG&A Escalation Pressures Runway
R&D and SG&A expenses have climbed steadily, reaching $30.7M and $42.6M respectively in 2026Q2, driving a quarterly operating loss of $51.0M. According to recent financial reports, this cost trajectory suggests a cash runway of under a year given the $164M cash balance.
The combined quarterly operating expenses have risen from $20.2M in 2024Q1 to $73.3M in 2026Q2, a 263% increase, reflecting expanded clinical programs and commercial preparation for IBTROZI. SG&A has grown faster than R&D, indicating investment in sales infrastructure, which is a positive sign for commercialization but adds to the burn rate. With cash of $164M and a quarterly net loss of $62.8M, the company may need to raise capital within the next few quarters, potentially diluting existing shareholders.
Sustainability of Revenue and Cash Burn
The most significant challenge is whether the $62.9M TTM revenue is sustainable, as it appears tied to one-time milestones, while operating losses remain deep at -$51.0M in 2026Q2. Short-sellers would argue that the company's cash runway is insufficient to reach profitability without further dilution.
The revenue spike in 2026Q1 and Q2 may be a one-time event, and if it does not recur, the company's operating losses will continue to erode its cash position. The negative operating margin of -338.7% TTM indicates that the company is far from breakeven, and the high burn rate could force dilutive financing. Additionally, the reliance on IBTROZI's commercial success is unproven, and any setback in clinical trials or market adoption could severely impair the stock's value.