The company's 2026Q1 operating margin of 4.7% appears anomalous, as historical performance was characterized by significant losses, including an 81.3% operating margin deficit in 2025Q4.
| Sales/Revenue | 143.05M | 62.9M | 7.87M | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 1205.52% | 698.96% | - | - | - | - | - | - | - |
| Cost of Goods Sold | 11.96M | 8.44M | 7.08M | 0 | 0 | 0 | 103K | 0 | 0 |
| COGS % of Revenue | - | 13.42% | 89.9% | - | - | - | - | - | - |
| Gross Profit | 131.08M | 54.46M | 795K | 0 | 0 | 0 | -103K | 0 | 0 |
| Gross Margin % | 91.64% | 86.58% | 10.1% | - | - | - | - | - | - |
| Gross Profit Growth % | - | 6750.31% | - | - | - | 100% | - | - | - |
| Operating Expenses | 281.26M | 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 | 154.48M | 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 | 125.55M | 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 | 1.23M | 856K | 0 | 0 | 0 | 0 | 0 | -1 | 0 |
| Operating Income | -150.18M | -213.06M | -592.63M | -99.82M | -119.73M | -93.32M | -43.55M | -32.1M | -992K |
| Operating Margin % | -104.99% | -338.72% | -7527.33% | - | - | - | - | - | - |
| Operating Income Growth % | - | 64.05% | -493.68% | 16.63% | -28.31% | -114.27% | -35.68% | -3135.79% | - |
| EBITDA | -145.17M | -190.94M | -591.94M | -99.6M | -119.53M | -93.13M | -43.45M | -32.09M | 0 |
| EBITDA Margin % | -101.49% | -303.56% | -7518.66% | - | - | - | - | - | - |
| EBITDA Growth % | 76.98% | 67.74% | -494.32% | 16.68% | -28.35% | -114.36% | -35.41% | - | - |
| D&A (Non-Cash Add-back) | 890K | 0 | 683K | 222K | 199K | 184K | 103K | 13K | 992K |
| EBIT | -143.8M | -190.94M | -567.6M | -75.8M | -119.73M | -93.32M | -41.66M | -32.1M | -992K |
| Net Interest Income | 2.48M | 7.75M | 26.72M | 24.61M | 7.45M | 2.96M | 1.95M | 1.37K | 0 |
| Interest Income | 15.18M | 21.43M | 27.06M | 24.61M | 7.45M | 2.96M | 1.95M | 1.37K | 0 |
| Interest Expense | 887K | 13.68M | 341K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 4.18M | 8.44M | 24.69M | 24.02M | 15.54M | 6.47M | 1.89M | -1.45M | 0 |
| Pretax Income | -145.99M | -204.63M | -567.94M | -75.8M | -104.2M | -86.85M | -41.66M | -33.55M | -992K |
| Pretax Margin % | -102.06% | -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 | -145.99M | -204.63M | -567.94M | -75.8M | -104.2M | -86.85M | -41.66M | -33.55M | -992K |
| Net Margin % | -102.06% | -325.31% | -7213.76% | - | - | - | - | - | - |
| Net Income Growth % | 75.92% | 63.97% | -649.24% | 27.25% | -19.98% | -108.47% | -24.16% | -3282.26% | - |
| Net Income (Continuing) | -145.99M | -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 % | 81.7% | 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 | 377.52M | 341.54M | 268.77M | 218.88M | 216.72M | 197.89M | 217.65M | 206.67M | 183.74M |
| Basic Shares Outstanding | 347.33M | 341.54M | 268.77M | 218.88M | 216.72M | 197.89M | 217.65M | 206.67M | 183.74M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Clinical trial failure risk
As reported in recent financial statements, Nuvation Bio's revenue reached $83.2 million in 2026Q1, representing a significant departure from historical trends, though this figure appears driven by non-recurring milestone payments rather than sustainable commercial product demand, complicating the assessment of the company's underlying growth trajectory.
The dramatic revenue spike observed in the most recent quarter suggests the recognition of contractual events rather than a shift toward commercial viability. Investors should monitor whether future periods revert to the negligible revenue levels seen in 2024, as the current growth profile lacks the recurring characteristics of a mature pharmaceutical entity.
According to the company's income statement data, R&D expenses remain the dominant cost driver, consistently consuming a substantial portion of capital as the firm advances its oncology pipeline, with quarterly R&D spending frequently exceeding $25 million throughout the observed two-year period.
The high fixed-cost structure reflects the heavy investment required for late-stage clinical trials, which are essential for the company's long-term value proposition. Management's expense discipline appears focused on pipeline progression, yet the persistent R&D intensity suggests that the company remains highly dependent on external financing to sustain its operations.
Based on reported figures, Nuvation Bio has struggled to achieve positive operating leverage, as SG&A expenses have scaled alongside R&D investments, resulting in significant operating losses in most periods despite the recent, likely anomalous, profitability observed in the first quarter of 2026.
The lack of consistent operating leverage indicates that the company has not yet reached a scale where overhead costs are effectively absorbed by revenue. The recent positive operating income appears to be an outlier linked to milestone recognition, and investors should remain cautious about the company's ability to maintain profitability without a commercialized product.
Financial filings indicate that stock-based compensation remains a material non-cash expense, frequently exceeding $7 million per quarter, which serves to mask the true cash-burn rate and complicates the interpretation of reported net income as a reliable indicator of operational performance.
The volatility in net income, exacerbated by acquisition-related accounting and stock-based compensation, suggests that investors should prioritize cash flow metrics over GAAP earnings. The significant fluctuations in EPS, including the extreme negative values seen in 2024Q2, highlight the impact of one-time charges that do not necessarily reflect the ongoing clinical progress of the firm.
A critical challenge to the current narrative is the reliance on non-recurring milestone payments, as evidenced by the 2026Q1 revenue surge, which may lead to an overestimation of the company's commercial readiness and long-term financial stability in the eyes of optimistic market participants.
Short-term revenue spikes may provide a false sense of security regarding the company's path to self-sufficiency. If future clinical milestones fail to materialize, the company may face a rapid return to cash-burning status, potentially necessitating further dilutive financing to support its ongoing research activities.
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.