Nuvation Bio Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Nuvation Bio Inc. has filed its 2023 annual report (10-K), detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Nuvation Bio Inc. (NUVB) filed a Annual Report (10-K) with the SEC on February 29, 2024. Nuvation Bio Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 357 Tehama Street, Floor 3, San Francisco, CA 94103. Nuvation Bio Inc. was formerly known as Panacea Acquisition Corp. until April 30, 2020. The company operates within the Pharmaceutical Preparations industry (SIC code 2834).

Why It Matters

For investors and stakeholders tracking Nuvation Bio Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Nuvation Bio's financial health, operational status, and strategic direction for investors and stakeholders. As a pharmaceutical preparations company, the details within this report are crucial for understanding its progress in drug development, regulatory compliance, and market positioning.

Risk Assessment

Risk Level: medium — Nuvation Bio Inc. shows moderate risk based on this filing. The company is in the pharmaceutical preparations industry, which is subject to significant regulatory oversight, lengthy development cycles, and high R&D costs, posing inherent risks to financial performance and market success.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to assess Nuvation Bio's current financial position and future growth prospects.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-29 — Filing Date (Date of submission)
• 0000950170-24-023247 — Accession Number (Unique identifier for the filing)
• 001-39351 — SEC File Number (SEC registration number)

Key Players & Entities

• Nuvation Bio Inc. (company) — Filer name
• Panacea Acquisition Corp. (company) — Former company name
• 2023-12-31 (date) — Fiscal year end
• 2024-02-29 (date) — Filing date
• San Francisco, CA (location) — Business address city and state
• 2834 (industry_code) — Standard Industrial Classification

FAQ

Risk Factors

• Regulatory Risks [high — regulatory]: The pharmaceutical industry is subject to extensive regulation by governmental authorities, which can impact product development, manufacturing, and marketing.
• Funding and Liquidity [medium — financial]: The company's ability to fund its operations and research and development activities depends on its access to capital and its cash reserves.
• Research and Development [high — operational]: The success of Nuvation Bio's drug candidates is uncertain and depends on the outcome of extensive research and clinical trials.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-29: Filing Date — Date the 10-K report was officially submitted to the SEC.

Key Financial Figures

• $0.0001 — tered Class A Common Stock, Par Value $0.0001 Per Share Warrants to Purchase Class
• $14.3 billion — w marketed as Talzenna), leading to its $14.3 billion sale to Pfizer Inc. ("Pfizer") in 2016.
• $11.0 billion — gs approved by the FDA and an estimated $11.0 billion in worldwide sales expected in 2023. We

Filing Documents

• nuvb-20231231.htm (10-K) — 2488KB
• nuvb-ex19_1.htm (EX-19.1) — 91KB
• nuvb-ex23_1.htm (EX-23.1) — 4KB
• nuvb-ex31_1.htm (EX-31.1) — 14KB
• nuvb-ex31_2.htm (EX-31.2) — 14KB
• nuvb-ex32_1.htm (EX-32.1) — 12KB
• nuvb-ex97_1.htm (EX-97.1) — 95KB
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• img57310104_15.gif (GRAPHIC) — 213KB
• 0000950170-24-023247.txt (&nbsp;) — 16825KB
• nuvb-20231231.xsd (EX-101.SCH) — 1501KB
• nuvb-20231231_htm.xml (XML) — 2030KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 34 Item 1B. Unresolved Staff Comments 76 Item 2.

Properties

Properties 77 Item 3.

Legal Proceedings

Legal Proceedings 77 Item 4. Mine Safety Disclosures 77 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 78 Item 6.

Selected Financial Data

Selected Financial Data 78 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 79 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 85 Item 8. Consolidated Financial Statements and Supplementary Data 85 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 85 Item 9A.

Controls and Procedures

Controls and Procedures 85 Item 9B. Other Information 86 Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 86 PART III Item 10. Directors, Executive Officers and Corporate Governance 86 Item 11.

Executive Compensation

Executive Compensation 86 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 87 Item 13. Certain Relationships and Related Transactions, and Director Independence 87 Item 14. Principal Accounting Fees and Services 87 PART IV Item 15. Exhibits, Financial Statement Schedules 87 Item 16. Form 10-K Summary 89

Signatures

Signatures 89 CAUTIONARY INFORMATION REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K for the year ended December 31, 2023, contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which are subject to the "safe harbor" created by those sections, concerning our business, operations, and financial performance and condition as well as our plans, objectives, and expectations for business operations and financial performance and condition. Any statements contained herein that are not of historical facts may be deemed to be forward-looking statements. You can identify these statements by words such as "anticipate," "assume," "believe," "could," "estimate," "expect," "intend," "may," "plan," "should," "will," "would," and other similar expressions that are predictions of or indicate future events and future trends. These forward-looking statements are based on current expectations, estimates, forecasts, and projections about our business and the industry in which we operate and management's beliefs and assumptions and are not guarantees of future performance or development and involve known and unknown risks, uncertainties, and other factors that are in some cases beyond our control. As a result, any or all of our forward-looking statements in this Annual Report on Form 10-K may turn out to be inaccurate. Factors that could materially affect our business operations and financial performance and condition include, but are not limited to, those risks and uncertainties described herein under "Item 1A—Risk Factors." You are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on the forward-looking statements. The forward-looking statements are based on information available to us as of the filing date of t

Business

Item 1. Business. Business Combination of Panacea Acquisition Corp. and Nuvation Bio Inc. On February 10, 2021, (the "Closing Date"), Nuvation Bio Inc., a Delaware corporation ("Legacy Nuvation Bio"), Panacea Acquisition Corp. ("Panacea"), and Panacea Merger Subsidiary Corp, a Delaware corporation and a direct, wholly owned subsidiary of Panacea ("Merger Sub") consummated the transactions contemplated by an Agreement and Plan of Merger among them dated October 20, 2020 ("Merger Agreement"). Pursuant to the terms of the Merger Agreement, a business combination of Panacea and Legacy Nuvation Bio was effected through the merger of Merger Sub with and into Legacy Nuvation Bio, with Legacy Nuvation Bio surviving as a wholly owned subsidiary of Panacea (the "Merger"). On the Closing Date, Legacy Nuvation Bio changed its name to Nuvation Bio Operating Company Inc. and Panacea changed its name to Nuvation Bio Inc. (the "Company" or "Nuvation Bio"). In connection with the closing of the Merger, our Class A common stock and warrants to purchase shares of our Class A common stock began trading on The New York Stock Exchange under the symbols "NUVB" and "NUVB.WS," respectively, on February 11, 2021. The disclosure in Items 1 and 1A of this report gives effect to the Merger and includes the operations of Legacy Nuvation Bio prior to the Merger. Business Overview We are a clinical-stage biopharmaceutical company tackling some of the greatest unmet needs in oncology by developing differentiated and novel therapeutic candidates. We were founded in 2018 by our chief executive officer, David Hung, M.D., who founded Medivation, Inc. and led its successful development of oncology drugs Xtandi and talazoparib (now marketed as Talzenna), leading to its $14.3 billion sale to Pfizer Inc. ("Pfizer") in 2016. We leverage our team's extensive expertise in medicinal chemistry, preclinical discovery, manufacturing, drug development and commercialization to bring forward novel smal

View Full Filing

View this 10-K filing on SEC EDGAR