Filing Flows › Nuvation Bio (NUVB) › Q4 2025
Nuvation Bio (NUVB) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 2, 2026
Nuvation Bio (NUVB) reported revenue of $41.9M for the fourth quarter 2025 (Q4 2025), +633% from a year earlier and +219% from the quarter before. Operating margin was -81.3%, net loss $36.6M (87.4% of revenue).
Nuvation Bio, Q4 2025: revenue $41.9M (+633% year over year), operating margin -81.3%, net loss $36.6M, operating cash flow −$29.7M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $41.9M | +219% | +633% |
| Operating profit | −$34.0M | — | — |
| Net earnings | −$36.6M | — | — |
| Operating cash flow | −$29.7M | — | — |
What changed
Revenue was $41.9M in Q4 2025, up 633% year over year and up 219% from the previous quarter. License was the largest line at 62% of revenue.
Operating costs exceeded revenue by $34.0M, an operating margin of -81.3%. The fastest-growing cost line was SG&A (+54%). The quarter ended with a net loss of $36.6M, narrower than the previous quarter's $55.8M loss.
Operating cash flow was −$29.7M. Non-cash charges added back $539K of depreciation and amortization and $8.0M of share-based compensation. Working capital and other items used $1.7M.
Questions
What was Nuvation Bio's revenue in the fourth quarter 2025?
Nuvation Bio (NUVB) reported revenue of $41.9M for the fourth quarter 2025 (Q4 2025), +633% from a year earlier and +219% from the quarter before.
Was Nuvation Bio profitable in the fourth quarter 2025?
Operating loss was $34.0M (-81.3% of revenue) and net loss $36.6M.
Source: Nuvation Bio 10-K on SEC EDGAR.