Nuvation Bio Inc (NUVB) Reports Q3 2023 Financial Results

• Nuvation Bio Inc (NYSE:NUVB) reported a strong balance sheet with cash, cash equivalents, and marketable securities of $619.3 million as of September 30, 2023.

• The company's research and development expenses were $18.6 million, a decrease from $21.3 million for the same period in 2022.

• NUVB reported a net loss of $19.6 million, or $(0.09) per share, compared to a net loss of $27.2 million, or $(0.12) per share, for the comparable period in 2022.

• The company is expected to submit an IND for its first Drug-Drug Conjugate (DDC) clinical candidate by the end of 2023.

On November 2, 2023, Nuvation Bio Inc (NYSE:NUVB), a biopharmaceutical company developing novel therapeutic candidates for oncology, announced its financial results for the third quarter ended September 30, 2023. The company also provided an update on its business operations.

Financial Highlights

As of September 30, 2023, Nuvation Bio had cash, cash equivalents, and marketable securities of $619.3 million. The company's research and development expenses for Q3 2023 were $18.6 million, compared to $21.3 million for the same period in 2022. The decrease was primarily due to a $0.7 million decrease in personnel-related costs and a $2.0 million decrease in third-party costs related to research services and manufacturing.

General and administrative expenses for Q3 2023 were $7.8 million, compared to $8.1 million for the same period in 2022. The decrease was primarily due to a $0.6 million decrease in insurance and a $0.1 million decrease in recruiting and computer expenses, offset by a $0.4 million increase in personnel-related costs driven by stock-based compensation and other benefits.

Nuvation Bio reported a net loss of $19.6 million, or $(0.09) per share, for Q3 2023. This compares to a net loss of $27.2 million, or $(0.12) per share, for the comparable period in 2022.

Business Updates

David Hung, M.D., Founder, President, and Chief Executive Officer of Nuvation Bio, stated,

We remain focused on strong clinical execution of our NUV-868 program for advanced solid tumors. We look forward to expanding our clinical pipeline with an IND submission for our first DDC clinical candidate expected before the end of the year, building upon our unwavering commitment to bringing transformative cancer therapies to patients who need them most."

Financial Tables Summary

The company's consolidated balance sheets showed total assets of $630.87 million as of September 30, 2023, compared to $672.14 million as of December 31, 2022. Total liabilities stood at $19.28 million as of September 30, 2023, compared to $17.06 million as of December 31, 2022. The total stockholders' equity was $611.59 million as of September 30, 2023, compared to $655.08 million as of December 31, 2022.

The consolidated statements of operations and comprehensive loss showed a loss from operations of $26.34 million for the three months ended September 30, 2023, compared to $29.34 million for the same period in 2022. The net loss for the three months ended September 30, 2023, was $19.65 million, compared to $27.20 million for the same period in 2022.

These financial results provide a comprehensive overview of Nuvation Bio Inc (NYSE:NUVB)'s performance for the third quarter of 2023.

Explore the complete 8-K earnings release (here) from Nuvation Bio Inc for further details.

This article first appeared on GuruFocus.