Nuvation Bio Inc. (NUVB) Income Statement
NUVB 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsNUVB revenue and net income
Where NUVB's revenue goes
2025Each bar shows an amount and its share of revenue. NUVB kept −325.3% of revenue as net income.
NUVB profit margins
NUVB growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +699.0% | — | — | — |
| Gross profit | +6,750.3% | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
NUVB quarterly EPS vs estimates
Nuvation Bio beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 2, 2026 (estimate $-0.12).
NUVB income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $62.9M | $7.9M | $0 | $0 | $0 | $0 | $0 | $0 |
| Cost of revenue | $8.4M | $7.1M | $222,000 | $484,000 | $368,000 | $103,000 | — | — |
| Gross profit | $54.5M | $795,000 | −$222,000 | −$484,000 | −$368,000 | −$103,000 | — | — |
| Research & development | $115.1M | $524.2M | $71.3M | $87.8M | $69.0M | $32.6M | $25.1M | $482,667 |
| Sales, general & admin | $151.6M | $69.2M | $30.2M | $31.9M | $24.9M | $10.9M | $7.0M | $509,333 |
| Total operating expenses | $267.5M | $593.4M | $99.8M | $119.7M | $93.3M | $43.4M | $32.1M | $992,000 |
| Operating income | −$213.1M | −$592.6M | −$99.8M | −$119.7M | −$93.3M | −$43.6M | −$32.1M | −$992,000 |
| Interest income | $21.4M | $27.1M | $24.6M | $7.4M | $3.0M | $2.2M | — | — |
| Interest expense | $13.7M | $341,000 | $0 | $9.2M | $644,000 | $0 | $0 | $0 |
| Income before taxes | −$204.6M | −$567.9M | −$75.8M | −$104.2M | −$86.8M | −$41.7M | −$33.6M | −$992,000 |
| Income taxes | — | — | — | −$15.5M | −$7.1M | −$2.2M | — | — |
| Net income | −$204.6M | −$567.9M | −$75.8M | −$104.2M | −$86.8M | −$41.7M | −$33.6M | −$992,000 |
| EBITDA | −$189.2M | −$566.9M | −$75.6M | −$104.0M | −$86.7M | −$41.6M | −$32.1M | — |
| EPS (diluted) | −$0.57 | −$2.13 | −$0.27 | −$0.43 | −$0.40 | −$0.08 | −$0.14 | — |
| Gross margin | 86.6% | 10.1% | — | — | — | — | — | — |
| Operating margin | −338.7% | −7,527.3% | — | — | — | — | — | — |
| Net margin | −325.3% | −7,213.8% | — | — | — | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $31.7M | $83.2M | $41.9M | $13.1M | $4.8M | $3.1M | $5.7M | $727,000 | $1.4M | $264,000 | $264,000 | $0 |
| Cost of revenue | $911,000 | $5.6M | $423,000 | $3.3M | $2.6M | $2.1M | $4.2M | $1.5M | $1.3M | $58,000 | $55,000 | $55,000 |
| Gross profit | $30.8M | $77.6M | $41.4M | $9.8M | $2.3M | $990,000 | $1.5M | −$788,000 | $88,000 | −$58,000 | $209,000 | −$55,000 |
| Research & development | $30.7M | $35.0M | $34.3M | $28.8M | $27.4M | $24.6M | $29.3M | $27.7M | $454.3M | $12.8M | $15.4M | $18.6M |
| Sales, general & admin | $42.6M | $38.3M | $40.3M | $37.4M | $38.5M | $35.4M | $26.1M | $19.6M | $16.2M | $7.4M | $5.5M | $7.8M |
| Total operating expenses | $81.8M | $73.7M | $75.5M | $66.2M | $65.8M | $60.0M | $55.4M | $47.3M | $470.5M | $20.2M | $20.8M | $26.3M |
| Operating income | −$51.0M | $3.9M | −$34.0M | −$56.4M | −$63.6M | −$59.0M | −$53.9M | −$48.1M | −$470.4M | −$20.2M | −$20.8M | −$26.3M |
| Interest income | $4.6M | $5.1M | $5.3M | $6.0M | $4.8M | $5.3M | $6.1M | $6.7M | $7.1M | $7.1M | $7.0M | $6.5M |
| Interest expense | $6.8M | $6.7M | $6.7M | $6.5M | $421,000 | $54,000 | $89,000 | $120,000 | $132,000 | $4.8M | $4.8M | $0 |
| Income before taxes | −$62.8M | $5.4M | −$36.6M | −$55.8M | −$59.0M | −$53.2M | −$49.4M | −$41.2M | −$462.5M | −$14.8M | −$13.8M | −$19.6M |
| Income taxes | — | — | — | — | — | — | — | — | — | $14,724 | $17.4M | −$6.9M |
| Net income | −$62.8M | $5.4M | −$36.6M | −$55.8M | −$59.0M | −$53.2M | −$49.4M | −$41.2M | −$462.5M | −$14.8M | −$13.8M | −$19.6M |
| EBITDA | −$55.5M | $12.6M | −$29.4M | −$54.8M | −$58.2M | −$52.9M | −$49.1M | −$40.9M | −$462.1M | −$14.7M | −$13.7M | −$19.6M |
| EPS (diluted) | −$0.15 | $0.01 | −$0.11 | −$0.16 | −$0.17 | −$0.13 | −$0.12 | −$0.12 | −$1.85 | −$0.04 | −$0.06 | −$0.06 |
| Gross margin | 97.1% | 93.3% | 99.0% | 74.5% | 46.7% | 32.1% | 26.2% | −108.4% | 6.1% | −22.0% | 79.2% | — |
| Operating margin | −161.1% | 4.7% | −81.3% | −430.1% | −1,315.7% | −1,913.2% | −944.5% | −6,616.4% | −32,779.4% | −7,651.1% | −7,890.5% | — |
| Net margin | −198.3% | 6.5% | −87.4% | −425.2% | −1,220.9% | −1,726.2% | −865.8% | −5,668.5% | −32,229.4% | −5,603.0% | −5,222.3% | — |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in NUVB's financial statements (latest annual report filed March 2, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
NUVB financial results
In fiscal year 2025 (ended December 31, 2025), Nuvation Bio reported revenue of $62.9 million, up 699.0% from the year before. It had a net loss of $204.6 million, a net profit margin of −325.3%. Diluted earnings per share came to −$0.57.
See the NUVB stock overview for the latest quote and news, or the NUVB chart for price history and technical indicators.
NUVB income statement FAQ
What is Nuvation Bio's annual revenue?
Nuvation Bio reported total revenue of $62.9 million for fiscal year 2025, which ended on December 31, 2025. That was up 699.0% from $7.9 million the previous year.
Is Nuvation Bio profitable?
No. Nuvation Bio reported a net loss of $204.6 million in fiscal 2025, a net profit margin of −325.3%; its operating margin was −338.7%.
What is Nuvation Bio's gross margin?
Nuvation Bio's gross margin was 86.6% in fiscal 2025: for every $100 of revenue, Nuvation Bio kept $87 after the direct cost of its products and services.
How much does Nuvation Bio spend on research and development?
Nuvation Bio spent $115.1 million on research and development in fiscal 2025, 183.0% of revenue.
What are Nuvation Bio's earnings per share?
Nuvation Bio earned $-0.57 per diluted share in fiscal 2025, compared with $-2.13 a year earlier.
When will Nuvation Bio report its next earnings?
Nuvation Bio is expected to report results for the quarter ending September 30, 2026 on November 2, 2026 before the market opens.
When does Nuvation Bio's fiscal year end?
Nuvation Bio's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 2, 2026.