Nuvation Bio Files Q2 2024 10-Q

TL;DR

Nuvation Bio's Q2 10-Q is in. Check financials.

AI Summary

Nuvation Bio Inc. filed its 10-Q for the period ending June 30, 2024. The company reported on its financial condition, including cash equivalents and marketable securities. Key financial activities and expenses related to its operations were also detailed in the filing.

Why It Matters

This filing provides investors with an update on Nuvation Bio's financial health and operational status for the second quarter of 2024.

Risk Assessment

Risk Level: medium — Biotech companies often carry higher risk due to the nature of drug development and regulatory hurdles.

Key Numbers

• 376 — Number of filings (Total documents filed for this report)

Key Players & Entities

• Nuvation Bio Inc. (company) — Filer of the 10-Q
• 2024-06-30 (date) — End of reporting period
• Panacea Acquisition Corp (company) — Former company name

FAQ

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-20240630.htm (10-Q) — 2564KB
• nuvb-ex31_1.htm (EX-31.1) — 16KB
• nuvb-ex31_2.htm (EX-31.2) — 16KB
• nuvb-ex32_1.htm (EX-32.1) — 8KB
• nuvb-ex32_2.htm (EX-32.2) — 7KB
• 0000950170-24-090347.txt ( ) — 9814KB
• nuvb-20240630.xsd (EX-101.SCH) — 1204KB
• nuvb-20240630_htm.xml (XML) — 1887KB

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, including our expectations regarding a New Drug Application in the United States; 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 candid

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Consolidated Balance Sheets 1 Consolidated Statements of Operations and Comprehensive Loss 2 Consolidated Statements of Convertible Preferred Stock and 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 22 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 30 Item 4.

Controls and Procedures

Controls and Procedures 30 PART II. OTHER INFORMATION 31 Item 1.

Legal Proceedings

Legal Proceedings 31 Item 1A.

Risk Factors

Risk Factors 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 77 Item 3. Defaults Upon Senior Securities 77 Item 4. Mine Safety Disclosures 77 Item 5. Other Information 77 Item 6. Exhibits 77

—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) June 30, 2024 December 31, 2023 (unaudited) Assets Current assets: Cash and cash equivalents $ 34,285 $ 42,649 Accounts receivable, net of allowance for credit loss of $ nil 117 — Prepaid expenses and other current assets 5,991 1,519 Marketable securities 542,884 568,564 Interest receivable on marketable securities 3,895 3,702 Total current assets 587,172 616,434 Property and equipment, net of accumulated depreciation of $ 782 and $ 666 , respectively 751 717 Intangible assets, net of amortization of $ 138 2,932 — Lease security deposit 143 141 Operating lease right-of-use assets 2,723 3,605 Other non-current assets 1,075 587 Total assets $ 594,796 $ 621,484 Liabilities, mezzanine equity and stockholders' equity Current liabilities: Accounts payable $ 5,211 $ 2,209 Current operating lease liabilities 2,076 1,972 Contract liabilities, current portion 12,200 — Short-term borrowings 11,634 — Accrued expenses 19,974 9,793 Total current liabilities 51,095 13,974 Warrant liability 1,441 353 Contract liabilities, net of current portion 9,157 — Non-current operating lease liabilities 972 2,035 Total liabilities 62,665 16,362 Commitments and contingencies (Note 12) Mezzanine equity; Class A convertible preferred stock, $ .0001 par value per share; 851,202 shares issued and outstanding as of June 30, 2024. 274,938 — Total mezzanine equity 274,938 — 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 June 30, 2024 and December 31, 2023, respectively, 248,624,729 (Class A 247,624,729 , Class B 1,000,000 ) and 21

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 late clinical-stage, global biopharmaceutical company tackling some of the greatest unmet needs in oncology by developing differentiated and novel product 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"). On April 9, 2024 (the "Acquisition Date"), the Company completed its acquisition (the "Acquisition") of AnHeart Therapeutics Ltd., an exempted company incorporated under the laws of the Cayman Islands ("AnHeart"), pursuant to that certain Agreement and Plan of Merger (the "AnHeart Merger Agreement"), by and among the Company, AnHeart, Artemis Merger Sub I, Ltd., an exempted company incorporated under the laws of the Cayman Islands and a wholly owned subsidiary of the Company, and Artemis Merger Sub II, Ltd., an exempted company incorporated under the laws of the

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View this 10-Q filing on SEC EDGAR