Nuvation Bio Inc. (NUVB) Balance Sheet
NUVB balance sheet, 2025
December 31, 2025 · U.S. dollars$594.8M assets = $289.1M liabilities + $305.7M equity
Both columns are drawn to the same scale: what NUVB owns equals what it owes plus shareholders’ equity. Hover a block for its value.
NUVB financial health
Descriptive bands, not a rating. Fiscal 2025.
NUVB balance sheet trends, 2018–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $158,0002018 | $594.8M2025 | +224.2%/yr | |
| Total liabilities | $902,0002018 | $289.1M2025 | +128.0%/yr | |
| Shareholders’ equity | −$744,0002018 | $305.7M2025 | — | |
| Cash & short-term investments | $138,0002018 | $529.2M2025 | +225.1%/yr | |
| Total debt | $600,0002018 | $10.1M2025 | +49.8%/yr | |
| Net cash (debt) | −$462,0002018 | $519.1M2025 | +$519.5M | |
| Working capital | −$744,0002018 | $489.3M2025 | +$490.0M | |
| Book value per share | −$0.002018 | $0.902025 | — | |
| Current ratio | 0.182018 | 6.952025 | +6.77 | |
| Debt / equity | 0.002021 | 0.032025 | +0.03 | |
| Shares outstanding | 183.7M2018 | 341.5M2025 | +9.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NUVB assets
NUVB liabilities and equity
NUVB debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
NUVB balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Cash & short-term investments | $529.2M | $502.7M | $611.2M | $661.0M | $765.4M | $215.8M | $118.9M | $138,000 |
| Cash & equivalents | $164.1M | $35.7M | $42.6M | $101.1M | $132.4M | $29.8M | $3.5M | $138,000 |
| Short-term investments | $365.1M | $467.0M | $568.6M | $559.9M | $633.0M | $186.0M | $115.4M | — |
| Receivables | $19.4M | $16.3M | $3.7M | $2.5M | $3.0M | $1.1M | $828,000 | $0 |
| Inventory | $11.4M | $0 | $0 | $0 | $643.1M | $2.9M | $0 | $0 |
| Other current assets | $11.5M | $7.3M | $1.5M | $3.8M | $0 | $914,000 | $187,000 | $20,000 |
| Total current assets | $571.5M | $526.3M | $616.4M | $667.3M | $772.1M | $220.7M | $119.9M | $158,000 |
| Property, plant & equipment (net) | $4.5M | $3.0M | $4.3M | $4.7M | $3.7M | $688,000 | $646,000 | $0 |
| Goodwill & intangible assets | $11.2M | $4.6M | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $7.6M | $6.8M | $728,000 | $138,000 | $421,000 | $421,000 | $421,000 | $0 |
| Total assets | $594.8M | $540.6M | $621.5M | $672.1M | $776.2M | $221.8M | $121.0M | $158,000 |
| Liabilities | ||||||||
| Accounts payable | $9.5M | $6.3M | $2.2M | $2.1M | $3.9M | $2.2M | $2.0M | $83,000 |
| Short-term debt | $7.6M | $7.9M | $2.0M | $1.2M | $863,000 | — | — | $600,000 |
| Deferred revenue | — | $11.1M | — | — | — | — | — | — |
| Total current liabilities | $82.2M | $58.2M | $14.0M | $13.2M | $16.9M | $6.6M | $3.2M | $902,000 |
| Long-term debt | $47.2M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $4.4M | $2.6M | $4.0M | $4.3M | $3.1M | $0 | — | — |
| Other long-term liabilities | $159.7M | $18.6M | $2.4M | $3.9M | $13.2M | $157,000 | $0 | $0 |
| Total liabilities | $289.1M | $76.8M | $16.4M | $17.1M | $30.2M | $6.7M | $3.2M | $902,000 |
| Shareholders' equity | ||||||||
| Common stock & paid-in capital | $1.42B | $1.37B | $947.7M | $927.6M | $910.0M | $289.5M | $9.8M | — |
| Retained earnings (deficit) | −$1.12B | −$910.7M | −$342.8M | −$267.0M | −$162.8M | −$76.0M | −$34.3M | −$744,000 |
| Accumulated other comprehensive income | −$187,000 | $573,000 | $181,000 | −$5.5M | −$1.2M | $1.6M | $421,000 | — |
| Total shareholders' equity | $305.7M | $463.8M | $605.1M | $655.1M | $746.0M | $215.1M | $117.7M | −$744,000 |
| Key figures | ||||||||
| Total debt | $10.1M | $8.9M | $4.0M | $4.3M | $3.1M | — | — | $600,000 |
| Net cash (debt) | $519.1M | $493.8M | $607.2M | $656.8M | $762.3M | — | — | −$462,000 |
| Working capital | $489.3M | $468.0M | $602.5M | $654.2M | $755.1M | $214.1M | $116.7M | −$744,000 |
| Tangible book value | $294.5M | $459.2M | $605.1M | $655.1M | $746.0M | $215.1M | $117.7M | −$744,000 |
| Book value per share | $0.90 | $1.73 | $2.76 | $3.02 | $3.77 | $0.99 | $0.57 | −$0.00 |
| Shares outstanding | 341.5M | 268.8M | 218.9M | 216.7M | 197.9M | 217.7M | 206.7M | 183.7M |
| Current ratio | 6.95 | 9.04 | 44.11 | 50.70 | 45.62 | 33.69 | 37.42 | 0.18 |
| Quick ratio | 6.67 | 8.91 | 44.00 | 50.41 | 45.40 | 33.10 | 37.36 | 0.15 |
| Debt / equity | 0.03 | 0.02 | 0.01 | 0.01 | 0.00 | — | — | — |
| Equity / assets | 51.4% | 85.8% | 97.4% | 97.5% | 96.1% | 97.0% | 97.4% | −470.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $661.0M | $533.7M | $529.2M | $549.0M | $607.7M | $461.7M | $502.7M | $549.1M | $577.2M | $597.0M | $611.2M | $619.3M |
| Cash & equivalents | $258.6M | $125.4M | $164.1M | $98.9M | $248.0M | $48.0M | $35.7M | $30.0M | $34.3M | $34.5M | $42.6M | $24.4M |
| Short-term investments | $402.4M | $408.3M | $365.1M | $450.1M | $359.8M | $413.7M | $467.0M | $519.1M | $542.9M | $562.5M | $568.6M | $594.9M |
| Receivables | $31.7M | $26.0M | $19.4M | $13.8M | $6.7M | $5.5M | $16.3M | $4.3M | $4.0M | $4.3M | $3.7M | $3.0M |
| Inventory | $19.9M | $15.8M | $11.4M | $5.7M | $552,000 | $14,000 | $0 | $0 | $1 | $0 | $0 | $0 |
| Other current assets | $13.9M | $16.0M | $11.5M | $8.9M | $8.3M | $8.4M | $7.3M | $11.6M | $6.0M | $6.8M | $1.5M | $3.0M |
| Total current assets | $726.4M | $591.5M | $571.5M | $577.5M | $623.2M | $475.6M | $526.3M | $565.0M | $587.2M | $608.1M | $616.4M | $625.3M |
| Property, plant & equipment (net) | $4.0M | $4.1M | $4.5M | $4.9M | $5.3M | $5.9M | $3.0M | $3.2M | $3.5M | $3.9M | $4.3M | $4.8M |
| Goodwill & intangible assets | $10.3M | $10.8M | $11.2M | $11.7M | $12.1M | $4.4M | $4.6M | $2.8M | $2.9M | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $3.8M | $3.8M | $7.6M | $7.5M | $6.6M | $6.6M | $6.8M | $624,000 | $1.2M | $1.2M | $728,000 | $725,000 |
| Total assets | $744.5M | $610.2M | $594.8M | $601.6M | $647.2M | $492.5M | $540.6M | $571.6M | $594.8M | $613.1M | $621.5M | $630.9M |
| Liabilities | ||||||||||||
| Accounts payable | $12.1M | $22.4M | $9.5M | $15.4M | $22.4M | $10.5M | $6.3M | $12.4M | $5.2M | $2.4M | $2.2M | $2.4M |
| Short-term debt | $7.6M | $7.6M | $7.6M | $7.5M | $7.4M | $7.6M | $7.9M | $10.2M | $13.7M | $2.0M | $2.0M | $1.9M |
| Deferred revenue | $8.9M | — | — | $6.7M | $9.7M | $10.8M | $11.1M | $12.9M | $12.2M | — | — | — |
| Total current liabilities | $86.8M | $79.5M | $82.2M | $68.1M | $66.4M | $52.8M | $58.2M | $59.0M | $51.1M | $15.8M | $14.0M | $16.1M |
| Long-term debt | $242.6M | $47.3M | $47.2M | $47.1M | $47.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $3.6M | $4.0M | $4.4M | $4.8M | $5.2M | $5.7M | $2.6M | $2.8M | $3.0M | $3.5M | $4.0M | $4.5M |
| Other long-term liabilities | $161.3M | $163.8M | $159.7M | $160.5M | $161.0M | $20.3M | $18.6M | $9.8M | $286.5M | $3.3M | $2.4M | $3.1M |
| Total liabilities | $490.6M | $290.7M | $289.1M | $275.7M | $274.3M | $73.0M | $76.8M | $68.9M | $337.6M | $19.1M | $16.4M | $19.3M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.43B | $1.43B | $1.42B | $1.40B | $1.40B | $1.38B | $1.37B | $1.36B | $1.08B | $952.8M | $947.7M | $943.9M |
| Retained earnings (deficit) | −$1.17B | −$1.11B | −$1.12B | −$1.08B | −$1.02B | −$964.0M | −$910.7M | −$861.3M | −$820.1M | −$357.6M | −$342.8M | −$329.0M |
| Accumulated other comprehensive income | −$2.6M | −$1.7M | −$187,000 | −$139,000 | −$327,000 | $545,000 | $573,000 | $1.4M | −$1.3M | −$1.2M | $181,000 | −$3.3M |
| Total shareholders' equity | $253.9M | $319.6M | $305.7M | $325.9M | $372.9M | $419.5M | $463.8M | $502.7M | $257.2M | $594.0M | $605.1M | $611.6M |
| Key figures | ||||||||||||
| Total debt | $252.1M | $9.8M | $10.1M | $57.5M | $57.8M | $11.4M | $8.9M | $11.2M | $14.7M | $3.5M | $4.0M | $4.5M |
| Net cash (debt) | $408.8M | $523.9M | $519.1M | $491.5M | $550.0M | $450.3M | $493.8M | $537.9M | $562.5M | $593.4M | $607.2M | $614.9M |
| Working capital | $639.7M | $512.0M | $489.3M | $509.4M | $556.9M | $422.8M | $468.0M | $505.9M | $536.1M | $592.3M | $602.5M | $609.2M |
| Tangible book value | $243.6M | $308.8M | $294.5M | $314.2M | $360.8M | $415.1M | $459.2M | $499.9M | $254.3M | $594.0M | $605.1M | $611.6M |
| Book value per share | $0.73 | $0.85 | $0.89 | $0.95 | $1.09 | $1.24 | $1.38 | $1.84 | $1.05 | $2.71 | $2.76 | $2.79 |
| Shares outstanding | 348.8M | 377.5M | 344.3M | 342.4M | 340.7M | 338.6M | 336.9M | 273.6M | 244.7M | 219.0M | 218.9M | 218.9M |
| Current ratio | 8.37 | 7.44 | 6.95 | 8.48 | 9.39 | 9.01 | 9.04 | 9.57 | 11.49 | 38.58 | 44.11 | 38.74 |
| Quick ratio | 7.98 | 7.04 | 6.67 | 8.26 | 9.26 | 8.85 | 8.91 | 9.37 | 11.37 | 38.15 | 44.00 | 38.55 |
| Debt / equity | 0.99 | 0.03 | 0.03 | 0.18 | 0.15 | 0.03 | 0.02 | 0.02 | 0.06 | 0.01 | 0.01 | 0.01 |
| Equity / assets | 34.1% | 52.4% | 51.4% | 54.2% | 57.6% | 85.2% | 85.8% | 88.0% | 43.2% | 96.9% | 97.4% | 96.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 2, 2026); data from EODHD.
NUVB financial position
At the end of fiscal 2025 (December 31, 2025), Nuvation Bio had total assets of $594.8 million (up 10.0% from a year earlier), total liabilities of $289.1 million and shareholders' equity of $305.7 million. It held $529.2 million in cash and short-term investments against $10.1 million of debt, a net cash position of $519.1 million. Its current ratio was 6.95. In the latest quarter (ended June 30, 2026) total assets were $744.5 million and equity $253.9 million.
Related: NUVB income statement, NUVB cash flow statement, NUVB key metrics. See the NUVB stock overview for the latest quote and news.
NUVB balance sheet FAQ
What are Nuvation Bio's total assets?
Nuvation Bio reported total assets of $594.8 million at the end of fiscal 2025 (December 31, 2025), compared with $540.6 million a year earlier.
How much debt does Nuvation Bio have?
Nuvation Bio had $10.1 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.03.
How much cash does Nuvation Bio have?
Nuvation Bio held $529.2 million in cash and short-term investments at the end of fiscal 2025; with $10.1 million of debt that is net cash of $519.1 million.
What is Nuvation Bio's book value?
Nuvation Bio's shareholders' equity (book value) was $305.7 million at the end of fiscal 2025, or $0.90 per share.
What is Nuvation Bio's current ratio?
Nuvation Bio had current assets of $571.5 million and current liabilities of $82.2 million, a current ratio of 6.95 (it can cover its short-term obligations).
How much goodwill does Nuvation Bio have?
Nuvation Bio carried $11.2 million of goodwill and intangible assets, 1.9% of total assets, at the end of fiscal 2025.