Filing Flows › Nuvation Bio (NUVB) › Q3 2025
Nuvation Bio (NUVB) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 3, 2025
Nuvation Bio (NUVB) reported revenue of $13.1M for the third quarter 2025 (Q3 2025), up 18-fold from a year earlier and +171% from the quarter before. Operating margin was -430.1%, net loss $55.8M (425.2% of revenue).
Nuvation Bio, Q3 2025: revenue $13.1M (18× year over year), operating margin -430.1%, net loss $55.8M, operating cash flow −$52.9M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $13.1M | +171% | 18× |
| Operating profit | −$56.4M | — | — |
| Net earnings | −$55.8M | — | — |
| Operating cash flow | −$52.9M | — | — |
What changed
Revenue was $13.1M in Q3 2025, up 1705% year over year and up 171% from the previous quarter. Product was the largest line at 59% of revenue. License added $4.7M year over year (up 642%), 38% of the total change.
Gross margin was 74.5%. Operating costs exceeded revenue by $56.4M, an operating margin of -430.1%. The fastest-growing cost line was SG&A (+91%). The quarter ended with a net loss of $55.8M, narrower than the previous quarter's $59.0M loss.
Operating cash flow was −$52.9M. Non-cash charges added back $534K of depreciation and amortization and $8.0M of share-based compensation. Working capital and other items used $5.7M.
Questions
What was Nuvation Bio's revenue in the third quarter 2025?
Nuvation Bio (NUVB) reported revenue of $13.1M for the third quarter 2025 (Q3 2025), up 18-fold from a year earlier and +171% from the quarter before.
Was Nuvation Bio profitable in the third quarter 2025?
Operating loss was $56.4M (-430.1% of revenue) and net loss $55.8M.
Source: Nuvation Bio 10-Q on SEC EDGAR.