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Nuvation Bio (NUVB) - 2024 Q4 - Annual Results
NUVBNuvation Bio (NUVB)2025-03-06 22:12

Financial Position - Nuvation Bio reported a strong balance sheet with cash, cash equivalents, and marketable securities totaling 502.7millionasofDecember31,2024[1].−NuvationBio′stotalassetsdecreasedto502.7 million as of December 31, 2024[1]. - Nuvation Bio's total assets decreased to 540.6 million as of December 31, 2024, down from 621.5millionin2023[17].−Theaccumulateddeficitincreasedto621.5 million in 2023[17]. - The accumulated deficit increased to 910.7 million as of December 31, 2024, compared to 342.8millionin2023[17].RevenueandProfitability−RevenueforQ42024was342.8 million in 2023[17]. Revenue and Profitability - Revenue for Q4 2024 was 5,711,000 compared to 0inQ42023,indicatingasignificantincrease[18].−GrossprofitfortheyearendedDecember31,2024,was0 in Q4 2023, indicating a significant increase[18]. - Gross profit for the year ended December 31, 2024, was 795,000, up from 0in2023[18].−ComprehensivelossfortheyearendedDecember31,2024,was0 in 2023[18]. - Comprehensive loss for the year ended December 31, 2024, was 567,547,000, compared to 70,095,000in2023[18].Expenses−ResearchanddevelopmentexpensesforQ42024were70,095,000 in 2023[18]. Expenses - Research and development expenses for Q4 2024 were 29.3 million, a significant increase from 15.4millioninQ42023,primarilyduetopersonnel−relatedcostsfromtheacquisitionofAnHeartTherapeutics[7].−Selling,general,andadministrativeexpensesroseto15.4 million in Q4 2023, primarily due to personnel-related costs from the acquisition of AnHeart Therapeutics[7]. - Selling, general, and administrative expenses rose to 26.1 million in Q4 2024, compared to 5.5millioninQ42023,drivenbyincreasedpersonnelandmarketingexpenses[9].−TotaloperatingexpensesforQ42024were5.5 million in Q4 2023, driven by increased personnel and marketing expenses[9]. - Total operating expenses for Q4 2024 were 55,437,000, a substantial increase from 20,831,000inQ42023[18].−Thecompanyreportedasignificantincreaseintotaloperatingexpensesfortheyear,totaling20,831,000 in Q4 2023[18]. - The company reported a significant increase in total operating expenses for the year, totaling 593,422,000 compared to 99,822,000in2023[18].NetLoss−NuvationBioreportedanetlossof99,822,000 in 2023[18]. Net Loss - Nuvation Bio reported a net loss of 49.4 million, or (0.15)pershare,forQ42024,comparedtoanetlossof(0.15) per share, for Q4 2024, compared to a net loss of 13.8 million, or (0.06)pershare,inthesameperiodof2023[10].−NetlossforQ42024was(0.06) per share, in the same period of 2023[10]. - Net loss for Q4 2024 was 49,445,000, compared to a net loss of 13,787,000inQ42023[18].−NetlosspershareattributabletocommonstockholdersforQ42024was13,787,000 in Q4 2023[18]. - Net loss per share attributable to common stockholders for Q4 2024 was (0.15), compared to (0.06)inQ42023[18].FinancingandFunding−Thecompanysecuredupto(0.06) in Q4 2023[18]. Financing and Funding - The company secured up to 250 million in non-dilutive financings from Sagard Healthcare Partners, which includes 150millioninroyaltyinterestfinancingand150 million in royalty interest financing and 50 million in debt upon FDA approval of taletrectinib by September 30, 2025[5]. - Interest income for the year ended December 31, 2024, was 27,062,000,upfrom27,062,000, up from 24,611,000 in 2023[18]. Product Development and Regulatory Updates - The FDA accepted and granted Priority Review to the NDA for taletrectinib for advanced ROS1-positive NSCLC, with a PDUFA goal date set for June 23, 2025[3]. - Taletrectinib has been approved by China's NMPA for adult patients with locally advanced or metastatic ROS1+ NSCLC, with Innovent Biologics commercializing the drug in Greater China[8]. - The company launched an Expanded Access Program in the U.S. for taletrectinib in February 2025, allowing eligible patients to access the drug outside of clinical trials[8]. Shareholder Information - The weighted average common shares outstanding increased to 336,934 in Q4 2024 from 218,993 in Q4 2023[18].