Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Nuvation Bio Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0
7.87
62.9
Cost of revenue
0
7.08
Gross profit
0
0.8
Research and development
32.6
69
87.8
71.3
99.1
115
Selling, general and administrative
28.5
69.2
152
General and administrative
10.9
24.3
31.9
28.5
Operating expenses
43.6
93.3
120
99.8
601
276
Operating income
-43.6
-93.3
-120
-99.8
-593
-213
Interest expense
0
0.34
13.7
Interest income
1.95
2.96
7.45
24.6
27.1
21.4
Other non-operating income
1.89
6.47
15.5
24
24.7
8.44
Pre-tax income
-41.7
-86.8
-104
-75.8
-568
-205
Income tax
0
0
0
0
0
0
Net income
-41.7
-86.8
-104
-75.8
-568
-205
EBITDA
-43.4
-93.1
-120
-99.6
-592
-211
EPS, basic
-0.43
-0.44
-0.48
-0.35
-2.11
-0.60
EPS, diluted
-0.43
-0.44
-0.48
-0.35
-2.11
-0.60
Shares, basic (weighted)
97.5
0.2
0.22
0.22
0.27
0.34
Shares, diluted (weighted)
97.5
0.2
0.22
0.22
0.27
0.34
Balance sheet
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
29.8
132
101
42.6
35.7
164
Short-term investments
186
633
560
569
467
365
Inventory
0
11.4
Other current assets
0.91
3.64
3.82
1.52
7.27
11.5
Total current assets
221
772
667
616
526
572
Property, plant and equipment
0.69
0.79
0.89
0.72
0.59
0.56
Lease right-of-use assets
2.87
3.79
3.61
2.4
3.92
Intangible assets
0
4.62
11.2
Other non-current assets
0
0.59
6.76
7.61
Total assets
222
776
672
621
541
595
Accounts payable
2.17
3.93
2.14
2.21
6.35
9.48
Accrued liabilities
4.38
12.1
9.82
9.79
32.8
45.2
Deferred revenue
0
11.1
7.52
Short-term debt
0
6.28
5.72
Total current liabilities
6.55
16.9
13.2
14
58.2
82.2
Lease liabilities
2.19
3.05
2.04
0.97
2.54
Total liabilities
6.71
30.2
17.1
16.4
76.8
289
Total debt
47.2
Paid-in capital
23.2
Retained earnings
-76
-163
-267
-343
-911
-1,115
Other comprehensive income
1.56
-1.19
-5.53
0.18
0.57
-0.19
Shareholders' equity
215
746
655
605
464
306
Total equity
215
746
655
605
464
306
Total liabilities and equity
222
776
672
621
541
595
Shares outstanding
149
218
219
219
338
347
Cash flow statement
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-41.7
-86.8
-104
-75.8
-568
-205
Depreciation and amortization
0.1
0.18
0.2
0.22
0.68
1.74
Stock-based compensation
2.2
9.27
16.3
19.5
32.3
35.9
Deferred income tax
12
0
0
Change in receivables
0
-12.7
-3.35
Change in payables
0.03
1.86
-1.79
0.07
-1.65
3.13
Cash from operations
-36.5
-68.2
-96.1
-68
-130
-173
Capital expenditures
0
-8
Purchases of investments
-143
-609
-520
-703
-340
-354
Sales and maturities of investments
70.6
155
584
712
450
462
Cash from investing
-70.3
-455
63.5
8.92
123
99.5
Stock issued
0.45
0.94
0.38
4.46
10.1
Cash from financing
133
626
1.33
0.63
0.33
203
Exchange rate effect
0
0.45
-0.27
Net change in cash
26.3
103
-31.3
-58.5
-6.93
128
Free cash flow
-130
-181
Interest paid
0
0.34
2.88
Income taxes paid
0
0.37
0.2
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $5.74 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-81.0%
Operating income / revenue.
EBITDA margin
-79.7%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-88.2%
Pre-tax income / revenue.
Net margin
-88.2%
Net income / revenue.
Operating cash flow margin
-70.9%
Cash from operations / revenue.
Return on equity (ROE)
-59.0%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-20.1%
Net income / average total assets.
Return on invested capital (ROIC)
-45.7%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
75.8%
Research and development expense / revenue.
SG&A / revenue
93.3%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
20.9%
Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue
1.3%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
699.0%
Revenue vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
-34.1%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-22.4%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
7.3%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
10.0%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-4.0%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
21.8%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
27.1%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
16.4%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
-67.7%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
8.37x
Current assets / current liabilities.
Quick ratio
7.62x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
7.62x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.96x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
32.6%
Total debt / total assets.
Liabilities / assets
65.9%
Total liabilities / total assets.
Net debt
-$418.3M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$487.14
Revenue / diluted weighted shares.
Operating cash flow per share
-$345.56
Cash from operations / diluted weighted shares.
Book value per share
$0.73
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
11.9x
Market cap / revenue.
P/B
7.94x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
8.27x
Market cap / tangible book value, when positive.
EV/Sales
9.40x
Enterprise value / revenue.
Earnings yield
-7.4%
Net income / market cap (the inverse of P/E).
What was Nuvation Bio Inc.'s revenue in fiscal 2025?
Nuvation Bio Inc. reported revenue of $62.9M for fiscal 2025, 699% higher than the year before.
Was Nuvation Bio Inc. profitable in fiscal 2025?
No. It reported a net loss of $204.6M.
How much free cash flow did Nuvation Bio Inc. generate in fiscal 2025?
Cash from operations of $173.4M minus capital expenditures of $8.0M left free cash flow of -$181.4M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.