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Nuvation Bio (NUVB) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · Nuvation Bio (NUVB) Q3 2026 earnings results →

Q3 2026 Revenue up 243% year over year to $45.0M · 93¢ of every $1 of revenue lost · operating margin -93.9%

Nuvation Bio made $45.0M in Q3 2026 (+243% Y/Y): Product Revenue $27.5M, License $17.5M. Operating margin -93.9%, net loss $41.9M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.

Revenue$45.0M
Year over year+243%
Operating margin-93.9%
Net earnings−$41.9M
Operating cash flow−$38.6M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $45.0M in Q3 2026, up 243% year over year and up 42% from the previous quarter. Product Revenue was the largest line at 61% of revenue. Product Revenue added $19.8M year over year (up 257%), 62% of the total change.

Operating costs exceeded revenue by $42.2M, an operating margin of -93.9%. The fastest-growing cost line was SG&A (+14%). The quarter ended with a net loss of $41.9M, narrower than the previous quarter's $62.8M loss.

Operating cash flow was −$38.6M. Non-cash charges added back $578K of depreciation and amortization and $10.1M of share-based compensation. Working capital and other items used $7.3M.

Quarterly history

Nuvation Bio revenue by quarterNuvation Bio revenue by quarter$3.1MQ1 2025$4.8MQ2 2025$13.1MQ3 2025$41.9MQ4 2025$83.2MQ1 2026$31.7MQ2 2026$45.0MQ3 2026
Nuvation Bio net earnings by quarterNuvation Bio net earnings by quarter−$53.2MQ1 2025−$59.0MQ2 2025−$55.8MQ3 2025−$36.6MQ4 2025$5.4MQ1 2026−$62.8MQ2 2026−$41.9MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 4, 2026$45.0M+243%-93.9%−$41.9M−$38.6M
Q2 202610-QAug 6, 2026$31.7M+556%-161.1%−$62.8M−$43.0M
Q1 202610-QMay 4, 2026$83.2M27×4.7%$5.4M$5.1M
Q4 202510-KMar 2, 2026$41.9M+633%-81.3%−$36.6M−$29.7M
Q3 202510-QNov 3, 2025$13.1M18×-430.1%−$55.8M−$52.9M
Q2 202510-QAug 7, 2025$4.8M+237%n/m−$59.0M−$48.2M
Q1 202510-QMay 7, 2025$3.1M—n/m−$53.2M−$42.6M

Charts

Nuvation Bio: revenue growth, year over year and quarter over quarterNuvation Bio: revenue growth, year over year and quarter over quarterY/YQ/Q+237%+57%Q2 2025+400%+171%Q3 2025+400%+219%Q4 2025+400%+99%Q1 2026+400%-62%Q2 2026+243%+42%Q3 2026
Latest (Q3 2026): Y/Y +243%, Q/Q +42%.
Nuvation Bio: where the cash came from (+) and went (−), TTM to Q3 2026Nuvation Bio: where the cash came from (+) and went (−), TTM to Q3 2026Other financing$191MOperating cash flow−$106MOther investing−$59.9MCash drawn (+) / kept (−)−$54.9MShares issued$20.1MNet borrowing (+) / repaid (−)$11.2MExchange rates−$832K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Nuvation Bio: profit against cash, quarter by quarterNuvation Bio: profit against cash, quarter by quarterNet incomeOperating cash flow−$49.4M−$46.3MQ4 2024−$53.2M−$42.6MQ1 2025−$59.0M−$48.2MQ2 2025−$55.8M−$52.9MQ3 2025−$36.6M−$29.7MQ4 2025$5.4M$5.1MQ1 2026−$62.8M−$43.0MQ2 2026−$41.9M−$38.6MQ3 2026
Latest (Q3 2026): Net income −$41.9M, Operating cash flow −$38.6M.
Nuvation Bio: diluted shares by fiscal yearNuvation Bio: diluted shares by fiscal year98MFY20200MFY20210MFY20220MFY20230MFY20240MFY2025
-99.6% since FY2020: buybacks shrank the count.
Nuvation Bio: long-term debt falling due (FY2025)Nuvation Bio: long-term debt falling due (FY2025)$5.1M2026$5.1M2027$5.1M2028$5.1M2029$54.0M2030
Cash $164M, short-term investments $365M, long-term debt $47.2M at 2025-12-31.
Nuvation Bio in its industry: growth against margin (225 companies, SIC 2834)Nuvation Bio in its industry: growth against margin (225 companies, SIC 2834)revenue growth, year over year →↑ operating marginmedian +11%median -50%JNJLLYMRKABBVPFEBMYABTREGNTEVAVTRSVRTXBHCZTSONCOGNALNYELANJAZZBMRNPRGOAMRXUTHRRPRXNRIXINSMKeenova Therapeutics plcALKSMDGLPAHCSRPTPTCTINDVBBIOACADCORTPBHANIPKNSAPTGXHRMYIONSAXSMTGTXSUPNTVTXCOLLVREOFAMPHMIRMPCRXRARELQDAARQTIRWDARDXNATRXNCREBSZLABXERSINVACRMDMNKDRYTMURGNPHATAUPHSNDXRIGLLGNDEOLSARWRPGENHROWVNDAOPKSDGRGERNETONAGIOPBYITNGXCYRXCYTKMRVIORGOLFVNSIGAKROSAMRNZVRASPRYHRTXAKBABCYCKPTIGYREMGNXELTPSEPNVRDNLFCRCrinetics Pharmaceuticals, Inc.VSTMKURATBPHLABADCTNAMSFBIOXLODERMARCTRMTIAYTUFHTXENTATNXPOCULASMBWVEAPMDBFRIABEOSTOKLXRXCAPRIDYANKTRZOMDFINBPJANXSBFMGOSSETSTRCUSCPIXLIFDCUEAQSTPRAXWHWKVERUEMMAGENBVRCACELUQUREZYMEEQABCLIMNMKYNBAKTSRNACVSICNTBTRAWISCOEVFMTVRDLPCNCAMPAtaiBeckley Inc.CTMXALMSPMHSACRSVTGNROIVKRROJAGXENSCKRSAABUSPRPHSTTKCPHITRDATXMDGOVXNWBOBIOEUPBIRDOVIDSPRBXBIOPRTAMCRBARVNMNOVSLNIGCBIOALGVNDNTHCPMDSPRORFLCOYASCYXBFRGSXTPBTAIQHCWBSERYARWRNACRGBPAVTXCLNNNTHIHINDAAGHALTONCOCRVOSKVIBOLTBDPTLYELIBOPULMNUVB (+243%, -94%)
Pharmaceutical Preparations; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Nuvation Bio

On February 10, 2021, (the “Closing Date”), Nuvation Bio Inc., a Delaware corporation (“Legacy Nuvation Bio”), Panacea Acquisition Corp. (“Panacea”), and Panacea Merger Subsidiary Corp, a Delaware corporation and a direct, wholly owned subsidiary of Panacea (“Merger Sub”) consummated the transactions contemplated by an Agreement and Plan of Merger among them dated October 20, 2020 (“Merger Agreement”). Pursuant to the terms of the Merger Agreement, a business combination of Panacea and Legacy Nuvation Bio was effected through the merger of Merger Sub with and into Legacy Nuvation Bio, with Legacy Nuvation Bio surviving as a wholly owned subsidiary of Panacea (the “Merger”). On the Closing Date, Legacy Nuvation Bio changed its name to Nuvation Bio Operating Company Inc. and Panacea changed its name to Nuvation Bio Inc. (the “Company” or “Nuvation Bio”).

In its own words, from its 10-K, filed Mar 2, 2026.

Nuvation Bio against its Pharmaceutical Preparations peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +243% against the peers' median +10%. Operating margin: -93.9% against the peers' median 20.4%.

CompanyQuarterRevenueY/YOp. margin
NUVB Nuvation BioQ3 2026$45.0M+243%-93.9%
JNJ Johnson & JohnsonQ3 2026$25.4B+6%0.1%
LLY ELI LillyQ3 2026$24.4B+39%34.5%
MRK MerckQ3 2026$18.1B+5%30.7%
ABBV AbbVieQ3 2026$17.4B+10%36.0%
PFE PfizerQ3 2026$16.6B-0.4%20.4%
BMY Bristol Myers SquibbQ3 2026$13.1B+7%19.4%
ABT Abbott LaboratoriesQ3 2026$13.0B+14%10.4%
REGN Regeneron PharmaceuticalsQ3 2026$5.1B+36%40.0%

Source: Nuvation Bio 10-Q on SEC EDGAR · CIK 1811063 · Pharmaceutical Preparations

Guidance and outlook

Nuvation Bio: what its forward-looking statements are about (10-Q filed 2026-11-04)Nuvation Bio: what its forward-looking statements are about (10-Q filed 2026-11-04)Costs6Other5Demand3Financing1Margins1Legal & regulation1
17 statements; tone +0.29 (−1 all cautious, +1 all confident); 6 hedged.
Nuvation Bio: outlook statements against the filing beforeNuvation Bio: outlook statements against the filing beforeConfident7Cautious2

13F: who owns NUVB and who is buying

Largest holders of NUVB (13F)Largest holders of NUVB (13F)FMR LLC$297MBlackRock$157MDecheng Capital LLC$147MVanguard Group$139MVanguard Capital Management LLC$67.7MOmega Fund Management, LLC$45.9MLaurion Capital Management LP$43.1MState Street$41.9MGeode Capital Management, LLC$35.5MDuquesne Family Office LLC$25.8M
Funds' net buying of NUVB by quarter (13F)Funds' net buying of NUVB by quarter (13F)$71.8M2024-09$3.8M2024-12$19.9M2025-03$34.5M2025-06−$23.8M2025-09−$94.7M2025-12$30.4M2026-03$63.8M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on NUVB

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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