Corporate Updates
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Announced formation of oncology-focused Scientific Advisory Board. The Scientific Advisory Board will work
alongside the Nuvation Bio management team to advance its pipeline of therapeutic candidates for some of the most difficult-to-treat cancers. |
Second Quarter 2023 Financial Results
As of
June 30, 2023, Nuvation Bio had cash, cash equivalents and marketable securities of $630.9 million. For the three months ended June 30, 2023, research and development expenses were $18.6 million, compared to $28.9 million
for the three months ended June 30, 2022. The decrease was primarily due to a $0.7 million decrease in personnel-related costs driven by a headcount reduction as well as a $9.6 million decrease in third-party costs related to research
services and manufacturing primarily due to the termination of the NUV-422 program.
For the three months ended
June 30, 2023, general and administrative expenses were $7.5 million, compared to $8.9 million for the three months ended June 30, 2022. The decrease was primarily due to a $0.6 million decrease in insurance, a
$0.6 million decrease in recruiting and computer expenses, a $0.6 million decrease in legal fees and a $0.2 million decrease in other professional fees offset by a $0.6 million increase in personnel-related costs driven by
stock-based compensation and other benefits.
For the three months ended June 30, 2023, Nuvation Bio reported a net loss of $20.6 million, or
$(0.09) per share. This compares to a net loss of $34.9 million, or $(0.16) per share, for the comparable period in 2022.
About Nuvation Bio
Nuvation Bio is a biopharmaceutical company tackling some of the greatest unmet needs in oncology by developing differentiated and novel therapeutic
candidates. Nuvation Bios proprietary portfolio includes mechanistically distinct oncology therapeutic product candidates, each targeting some of the most
difficult-to-treat types of cancer. Nuvation Bio was founded in 2018 by biopharma industry veteran David Hung, M.D., who previously founded Medivation, Inc., which
brought to patients one of the worlds leading prostate cancer medicines. Nuvation Bio has offices in New York and San Francisco. For more information, please visit www.nuvationbio.com.
Forward Looking Statements
Certain statements included
in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are sometimes
accompanied by words such as believe, may, will, estimate, continue, anticipate, intend, expect, should, would, plan,
predict, potential, seem, seek, future, outlook and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These
forward-looking statements include, but are not limited to, statements regarding the potential therapeutic benefit of Nuvation Bios product candidates, the expected continued momentum of Nuvation Bios clinical trials and the expected
timing of an IND filing for Nuvation Bios first DDC clinical candidate. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the management team of Nuvation Bio
and are not predictions of actual performance.