Nuvation Bio Files Q3 2024 10-Q

TL;DR

Nuvation Bio's Q3 10-Q is in: financials updated, check the balance sheet.

AI Summary

Nuvation Bio Inc. filed its 10-Q for the period ending September 30, 2024. The company, formerly Panacea Acquisition Corp., reported financial data for the third quarter and the first nine months of 2024. Key financial instruments and expense categories were detailed, including common stock, warrants, and selling, general, and administrative expenses.

Why It Matters

This filing provides investors with an update on Nuvation Bio's financial health and operational status for the third quarter of 2024, crucial for understanding its ongoing development and investment potential.

Risk Assessment

Risk Level: medium — As a biotech company, Nuvation Bio faces inherent risks related to drug development, regulatory approvals, and market competition, which are not fully detailed in this financial filing but are typical for the sector.

Key Numbers

• N/A — Revenue (No specific revenue figures are highlighted in the provided text for Q3 2024.)
• N/A — Net Income/Loss (Specific net income or loss figures for Q3 2024 are not detailed in the provided text.)
• N/A — Cash and Equivalents (While financial instruments are mentioned, specific cash balance figures are not provided in the excerpt.)

Key Players & Entities

• Nuvation Bio Inc. (company) — Filer of the 10-Q
• Panacea Acquisition Corp. (company) — Former name of Nuvation Bio Inc.
• 20240930 (date) — End of the reporting period
• 20241106 (date) — Filing date

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-20240930.htm (10-Q) — 2669KB
• 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
• 0000950170-24-122402.txt ( ) — 9919KB
• nuvb-20240930.xsd (EX-101.SCH) — 1192KB
• nuvb-20240930_htm.xml (XML) — 1899KB

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 5 Notes to Unaudited Consolidated Financial Statements 6 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 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 31 Item 4.

Controls and Procedures

Controls and Procedures 31 PART II. OTHER INFORMATION 32 Item 1.

Legal Proceedings

Legal Proceedings 32 Item 1A.

Risk Factors

Risk Factors 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 78 Item 3. Defaults Upon Senior Securities 78 Item 4. Mine Safety Disclosures 79 Item 5. Other Information 79 Item 6. Exhibits 79

—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) September 30, 2024 December 31, 2023 (unaudited) Assets Current assets: Cash and cash equivalents $ 30,036 $ 42,649 Accounts receivable, net of allowance for credit loss of $ nil 112 — Prepaid expenses and other current assets 11,598 1,519 Marketable securities 519,099 568,564 Interest receivable on marketable securities 4,140 3,702 Total current assets 564,985 616,434 Property and equipment, net of accumulated depreciation of $ 839 and $ 666 , respectively 719 717 Intangible assets, net of accumulated amortization of $ 291 2,779 — Lease security deposit 144 141 Operating lease right-of-use assets 2,472 3,605 Other non-current assets 480 587 Total assets $ 571,579 $ 621,484 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 12,380 $ 2,209 Current operating lease liabilities 1,781 1,972 Contract liabilities, current portion 12,942 — Short-term borrowings 8,426 — Accrued expenses 23,506 9,793 Total current liabilities 59,035 13,974 Warrant liability 908 353 Contract liabilities, net of current portion 7,937 — Non-current operating lease liabilities 985 2,035 Total liabilities 68,865 16,362 Commitments and contingencies (Note 12) 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 September 30, 2024 and December 31, 2023, respectively, 336,248,642 (Class A 335,248,642 , 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 September 30, 2024 and December 31, 2023, respectively 1,362,631 947,745 Accumulated deficit ( 861,298

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 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 Cayman Islands and a

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View this 10-Q filing on SEC EDGAR