Nuvation Bio Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Nuvation Bio Inc. has filed its Q1 2024 10-Q report, detailing its financial position and equity structure.</b>

AI Summary

Nuvation Bio Inc. (NUVB) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Nuvation Bio Inc. filed a 10-Q report for the period ending March 31, 2024. The filing includes data related to common stock, including Class A and Class B shares. Marketable securities, including certificates of deposit and commercial paper, are detailed. The company's financial statements reference retained earnings and accumulated other comprehensive income. Information on employee stock options and private placement warrants is also present.

Why It Matters

For investors and stakeholders tracking Nuvation Bio Inc., this filing contains several important signals. This 10-Q filing provides investors with an updated view of Nuvation Bio's financial health and equity composition as of the first quarter of 2024. The detailed breakdown of marketable securities and equity components is crucial for understanding the company's asset base and potential for future financing or strategic maneuvers.

Risk Assessment

Risk Level: — Nuvation Bio Inc. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) and does not indicate any immediate financial distress or significant new risks.

Analyst Insight

Monitor future filings for updates on the company's clinical trial progress and any potential financing activities related to its equity structure.

Key Numbers

• 2024-03-31 — Period End Date (10-Q filing)
• 2024-05-14 — Filing Date (10-Q filing)

Key Players & Entities

• Nuvation Bio Inc. (company) — Filer
• Panacea Acquisition Corp (company) — Former company name
• 2024-03-31 (date) — Period of report
• 2024-05-14 (date) — Filing date

FAQ

Industry Context

Nuvation Bio Inc. operates in the pharmaceutical preparations industry.

Regulatory Implications

The filing is a standard 10-Q, adhering to SEC regulations for quarterly reporting.

What Investors Should Do

1. Review the full 10-Q for detailed financial statements and footnotes.
2. Analyze the breakdown of marketable securities for investment strategy insights.
3. Track future SEC filings for updates on Nuvation Bio's operational and financial performance.

Year-Over-Year Comparison

This is the 10-Q filing for the first quarter of 2024, providing an update from previous filings.

Key Financial Figures

• $0.0001 — hich registered Class A Common Stock, $0.0001 par value per share Redeemable Warran
• $11.50 — Common Stock at an exercise price of $11.50 per share NUVB NUVB.WS The New Yo

Filing Documents

• nuvb-20240331.htm (10-Q) — 1848KB
• nuvb-ex10_1.htm (EX-10.1) — 23KB
• nuvb-ex10_3.htm (EX-10.3) — 470KB
• nuvb-ex10_4.htm (EX-10.4) — 35KB
• nuvb-ex10_5.htm (EX-10.5) — 382KB
• nuvb-ex31_1.htm (EX-31.1) — 15KB
• nuvb-ex31_2.htm (EX-31.2) — 16KB
• nuvb-ex32_1.htm (EX-32.1) — 8KB
• nuvb-ex32_2.htm (EX-32.2) — 7KB
• img143815571_0.jpg (GRAPHIC) — 9KB
• img145662613_0.jpg (GRAPHIC) — 9KB
• 0000950170-24-059622.txt (&nbsp;) — 8456KB
• nuvb-20240331.xsd (EX-101.SCH) — 1002KB
• nuvb-20240331_htm.xml (XML) — 1425KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements that involve substantial risks and uncertainties. In some cases, you can identify forward-looking statements by terms such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "objective," "ongoing," "plan," "potential," "predict," "project," "should," "will" and "would," or the negative of these terms or other similar expressions intended to identify statements about the future. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements include, without limitation, statements about: our ability to recognize the anticipated benefits of the Merger (as defined below), which may be affected by, among other things, competition and our ability to grow and manage growth profitably; our plans to develop and commercialize our product candidates; the initiation, timing, progress and results of our current and future preclinical studies and clinical trials, as well as our research and development programs; our estimates regarding expenses, future revenue, capital requirements and needs for additional financing; our ability to successfully acquire or in-license additional product candidates on reasonable terms; our ability to maintain and establish collaborations or obtain additional funding; our ability to obtain regulatory approval of our current and future product candidates; our expectations regarding the potential market size and the rate and degree of market acceptance of such product candidates; our continued reliance on third parties to conduct clinical trials of our product candidates, and for the manufacture of our product candidates for preclinical studies and clinical trials; our ability to fund our workin

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Consolidated Balance Sheets 1 Consolidated Statements of Operations and Comprehensive Loss 2 Consolidated Statements of Stockholders' Equity 3 Consolidated Statements of Cash Flows 4 Notes to Unaudited Consolidated Financial Statements 5 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 22 Item 4.

Controls and Procedures

Controls and Procedures 22 PART II. OTHER INFORMATION 23 Item 1.

Legal Proceedings

Legal Proceedings 23 Item 1A.

Risk Factors

Risk Factors 23 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 69 Item 3. Defaults Upon Senior Securities 69 Item 4. Mine Safety Disclosures 69 Item 5. Other Information 69 Item 6. Exhibits 69

—FINANCIA L INFORMATION

PART I—FINANCIA L INFORMATION

Financi al Statements

Item 1. Financi al Statements. NUVATION BIO INC. and Subsidiaries Consolidated B alance Sheets (In thousands, except share and per share data) March 31, 2024 December 31, 2023 (unaudited) Assets Current assets: Cash and cash equivalents $ 34,510 $ 42,649 Prepaid expenses and other current assets 6,796 1,519 Marketable securities 562,466 568,564 Interest receivable on marketable securities 4,283 3,702 Total current assets 608,055 616,434 Property and equipment, net 686 717 Lease security deposit 141 141 Operating lease right-of-use assets 3,168 3,605 Other non-current assets 1,075 587 Total assets $ 613,125 $ 621,484 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 2,436 $ 2,209 Current operating lease liabilities 2,023 1,972 Accrued expenses 11,303 9,793 Total current liabilities 15,762 13,974 Warrant liability 1,812 353 Non-current operating lease liabilities 1,509 2,035 Total liabilities 19,083 16,362 Commitments and contingencies (Note 9) Stockholders' equity Class A and Class B common stock and additional paid in capital, $ 0.0001 par value per share; 1,060,000,000 (Class A 1,000,000,000 , Class B 60,000,000 ) shares authorized as of March 31, 2024 and December 31, 2023. 219,083,219 (Class A 218,083,219 , Class B 1,000,000 ) and 219,046,219 (Class A 218,046,219 , Class B 1,000,000 ) shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 952,807 947,745 Accumulated deficit ( 357,596 ) ( 342,804 ) Accumulated other comprehensive loss ( 1,169 ) 181 Total stockholders' equity 594,042 605,122 Total liabilities and stockholders' equity $ 613,125 $ 621,484 See accompanying notes to the unaudited consolidated financial statements. 1 NUVATION BIO INC. and Subsidiaries Consolidated Statements of Oper ations and Comprehensive Loss

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 1. Nature of Operations Nuvation Bio Inc. and subsidiaries ("Nuvation Bio"), a Delaware corporation, is a biopharmaceutical company tackling some of the greatest unmet needs in oncology by developing differentiated and novel therapeutic candidates. Nuvation Bio was incorporated on March 20, 2018 (inception date) and has offices in New York, San Francisco, Beijing, Guangzhou, Hangzhou, Shanghai and Yantai. 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") and, collectively with the other transactions described in the Merger Agreement. 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"). 2. Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and include all adjustments necessary for the fair presentation of the Company's financial position for the periods presented. Principles of Consolidation The consolidated financial statements include the balances of the Company and its subsidiaries. All intercompany transactions and balances are eliminated in consolidation. Unaudited Interim Financial

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