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Nuvation Bio cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$38.6M in Q3 2026 · −$106M over twelve months

Operating cash flow−$38.6M
Free cash flow−$38.6M

Analysis

In Q3 2026, Nuvation Bio generated −$38.6M of operating cash flow. That is $14.3M more than in Q3 2025 (−$52.9M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$106M; the largest uses were operating cash flow ($106M), other investing ($59.9M); besides operations, cash came from other financing ($191M), shares issued ($20.1M); the cash balance rose by $54.9M.

Operating cash flow was −$38.6M against net income of −$41.9M. The largest differences: stock-based pay +$10.1M, receivables −$8.7M, inventory +$4.6M.

Free cash flow

Nuvation Bio: free cash flow by quarterNuvation Bio: free cash flow by quarter−$46.3MQ4 2024−$42.6MQ1 2025−$48.2MQ2 2025−$52.9MQ3 2025−$29.7MQ4 2025$5.1MQ1 2026−$43.0MQ2 2026−$38.6MQ3 2026
Operating cash flow less capital spending.
Nuvation Bio: operating cash flow against capital spendingNuvation Bio: operating cash flow against capital spendingOperating cash flowCapital spending−$46.3M$0Q4 2024−$42.6M$0Q1 2025−$48.2M$0Q2 2025−$52.9M$0Q3 2025−$29.7M$0Q4 2025$5.1M$0Q1 2026−$43.0M$0Q2 2026−$38.6M$0Q3 2026
Latest (Q3 2026): Operating cash flow −$38.6M, Capital spending $0.

Capital allocation, year by year

Nuvation Bio: where the cash came from (up) and went (down), by fiscal yearNuvation Bio: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY2021: Operating cash flow −$68.2MFY2021: Shares issued $450K$450KFY2021FY2022: Operating cash flow −$96.1MFY2022: Shares issued $939KFY2022: Asset sales $13K$952KFY2022FY2023: Operating cash flow −$68.0MFY2023: Shares issued $375KFY2023: Asset sales $14K$389KFY2023FY2024: Operating cash flow −$130MFY2024: Net borrowing $12.6MFY2024: Shares issued $4.5M$17.1MFY2024FY2025: Operating cash flow −$173MFY2025: Net borrowing $60.1MFY2025: Shares issued $10.1MFY2025: Capital spending −$8.0M$70.2MFY2025
Over these 5 years operating cash flow totalled −$536M; the largest uses were operating cash flow ($536M) and capital spending ($8.0M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$663M
Debt$285M
Net cash$378M
Due within a year$5.1M
Cash runway6.2 years

Nuvation Bio is burning cash: its operations consume cash, a free cash flow of −$106M a year at the current rate against $663M of cash and investments: a runway of about 6.2 years; $5.1M of debt also comes due within a year, which the cash covers before any new financing.

Nuvation Bio: debt maturities by year (FY2025)Nuvation Bio: debt maturities by year (FY2025)$5.1MYear 1$5.1MYear 2$5.1MYear 3$5.1MYear 4$54.0MYear 5
Principal due in each year as disclosed in the annual report, against $663M of cash and investments now.

Where the cash came from and went

Nuvation Bio: sources (+) and uses (−) of cash, Q3 2026Nuvation Bio: sources (+) and uses (−) of cash, Q3 2026Other investing−$109MCash drawn (+) / kept (−)$105MOperating cash flow−$38.6MOther financing$35.2MShares issued$7.9MExchange rates−$98K
Nuvation Bio: sources (+) and uses (−) of cash, TTM to Q3 2026Nuvation Bio: sources (+) and uses (−) of cash, 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 profit to cash

Nuvation Bio: net income to operating cash flow, Q3 2026Nuvation Bio: net income to operating cash flow, Q3 2026Net income−$41.9MDepreciation & amortization$578KStock-based pay$10.1MReceivables−$8.7MInventory$4.6MPayables−$2.6MAccrued liabilities$2.0MOperating cash flow−$38.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20253986519-394
Q2 20252910582-543
Q1 20251920363-171

Every quarter

QuarterOperating cash flowNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$38.6M—$7.9M$105M−$38.6M
Q2 2026−$43.0M—$3.5M−$133M−$43.0M
Q1 2026$5.1M—$908K$38.7M$5.1M
Q4 2025−$29.7M—$7.7M−$65.2M−$29.7M
Q3 2025−$52.9M—$558K$149M−$52.9M
Q2 2025−$48.2M—$762K−$200M−$48.2M
Q1 2025−$42.6M—$1.1M−$12.3M−$42.6M
Q4 2024−$46.3M$5.6M$840K−$5.7M−$46.3M

Nuvation Bio: income statement and cash flow

Nuvation Bio, Q3 2026: revenue $45.0M (+243% year over year), operating margin -93.9%. The chart follows the revenue to costs, profit and cash.

Nuvation Bio: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.