Nuvation Bio Inc.
NUVB · Pharmaceutical Preparations · 348.2M shares · +11%/yr ↑ dilution · EDGAR filings ↗
Reference price $6.01 · est. market cap ~$2.1B — last insider sale, 2026-06-23 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D44Clinical/early-stage biotech — commercial-launch oncology (taletrectinib), heavy burn, funded.
Strengths
- Liquidity — current ratio 7.0 (70th)
Risks
- Pre-revenue, deep losses — per metrics
- Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
- Binary clinical & funding risk — per 10-K
Notable findings
- High convictionHigh conviction — notable institutional holders, insider buying, and a strong balance sheet
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Net lossNet loss (net margin -325.3%)
- Chronic dilutionShare count +11%/yr over 3y (dilution, book value/share -66%)
- Insider buyingInsider buying — 1 open-market buy(s) by 1 insider(s) (~$118,250, last 6mo) Form 4 ↗
- Strong balance sheetStrong balance sheet — $529M cash & investments
- Trial resultPositive trial readout — primary endpoint met (8-K) 8-K ↗
- Insider sellingInsider selling — 6 open-market sale(s) by 4 insider(s) (cluster of 4 insiders, ~$3M, last 6mo) Form 4 ↗
- Trial readout soonUpcoming trial readout ~2027-03 — PHASE1/PHASE2 · Advanced Solid Tumor
- Notable holderHeld by 5 notable fund(s): FMR LLC, STATE STREET CORP, CITADEL ADVISORS LLC +2 more (as of 2026-03-31)
- New fund positionNotable fund(s) opened this quarter: RENAISSANCE TECHNOLOGIES LLC
- AccumulatingInstitutional holders rose 10→11 QoQ (2025-12-31→2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-338.7%
Net margin
-325.3%
Return on equity
-66.9%
Return on assets
-34.4%
ROIC
-47.7%
Revenue growth (QoQ)
98.8%
Debt / equity
0.2×
Current ratio
7.0×
EBITDA
-$211M
Tangible book value
$295M
Cash & investments
$529M
Stock comp / revenue
57.1%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-23 | Markel Stacy | Option exercise | 90K | $1.87 |
| 2026-06-23 | Sauvage Philippe | Option exercise | 48K | $2.17 |
| 2026-06-23 | Markel Stacy | Option exercise | 35K | $1.74 |
| 2026-06-23 | Sauvage Philippe | Sell | 48K | $6.01 |
| 2026-06-23 | Markel Stacy | Sell | 125K | $6.03 |
| 2026-06-23 | Wentworth Kerry | Option exercise | 63K | $2.93 |
| 2026-06-23 | Wentworth Kerry | Sell | 63K | $6.02 |
| 2026-06-09 | Mashal Robert | Buy | 25K | $4.73 |
| 2026-04-17 | Wentworth Kerry | Sell | 37K | $5.01 |
| 2026-04-17 | Liu Dongfang | Option exercise | 50K | $1.94 |
| 2026-04-17 | Liu Dongfang | Sell | 50K | $5.02 |
| 2026-04-17 | Wentworth Kerry | Option exercise | 37K | $2.93 |
| 2026-04-06 | Wentworth Kerry | Option exercise | 100K | $1.94 |
| 2026-04-06 | Wentworth Kerry | Option exercise | 100K | $1.87 |
| 2026-04-06 | Wentworth Kerry | Sell | 200K | $4.52 |
| 2026-02-27 | Makunje Moses | Grant | 51K | — |
| 2025-12-01 | Liu Dongfang | Sell | 150K | $7.82 |
| 2025-12-01 | Liu Dongfang | Option exercise | 150K | $2.93 |
| 2025-11-26 | Liu Dongfang | Option exercise | 10K | $3.61 |
| 2025-11-26 | Liu Dongfang | Sell | 10K | $8.00 |
| 2025-11-25 | Liu Dongfang | Option exercise | 10K | $3.61 |
| 2025-11-25 | Liu Dongfang | Sell | 10K | $7.50 |
| 2025-11-20 | Hattersley Gary | Option exercise | 69K | $1.74 |
| 2025-11-20 | Liu Dongfang | Option exercise | 20K | $1.87 |
| 2025-11-20 | Liu Dongfang | Sell | 20K | $7.00 |
| 2025-11-20 | Hattersley Gary | Sell | 69K | $7.23 |
| 2025-11-20 | Hattersley Gary | Option exercise | 300K | $1.94 |
| 2025-11-20 | Hattersley Gary | Sell | 300K | $7.23 |
| 2025-11-19 | Hanley David C. | Option exercise | 200K | $1.87 |
| 2025-11-19 | Hanley David C. | Sell | 200K | $7.14 |
| 2025-11-19 | Liu Dongfang | Option exercise | 15K | $1.87 |
| 2025-11-19 | Liu Dongfang | Sell | 15K | $5.10 |
| 2025-11-17 | Liu Dongfang | Option exercise | 15K | $1.87 |
| 2025-11-17 | Liu Dongfang | Sell | 15K | $4.76 |
| 2025-10-27 | Hattersley Gary | Sell | 100K | $5.02 |
| 2025-10-27 | Hattersley Gary | Option exercise | 100K | $1.74 |
| 2025-06-18 | Markel Stacy | Buy | 10K | $1.71 |
| 2025-06-17 | Sauvage Philippe | Buy | 4.0K | $1.79 |
| 2025-06-16 | Sauvage Philippe | Buy | 3.3K | $1.83 |
| 2025-06-16 | Sjogren Colleen | Buy | 50K | $1.81 |
| 2025-06-16 | Wentworth Kerry | Buy | 26K | $1.79 |
| 2025-06-16 | Wentworth Kerry | Buy | 24K | $1.80 |
| 2025-06-16 | Hung David | Buy | 500K | $1.79 |
| 2025-05-02 | Liu Dongfang | Option exercise | 20K | $1.94 |
| 2025-05-02 | Liu Dongfang | Sell | 20K | $2.50 |
| 2025-04-07 | Hung David | Buy | 300K | $1.62 |
| 2025-04-04 | Hung David | Buy | 200K | $1.66 |
| 2025-04-01 | Mashal Robert | Buy | 1.1K | $1.67 |
| 2025-04-01 | Mashal Robert | Buy | 99K | $1.67 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07154706 ↗ | Phase 3 Study of Taletrectinib vs Placebo as an Adjuvant Therapy in ROS1 Positive NSCLC (TRUST-IV) Non-small Cell Lung Cancer (NSCLC) | PHASE3 | Recruiting | 2030-08-30 |
| NCT06564324 ↗ | A Phase III Study Comparing Taletrectinib With Standard Therapy in ROS1 Positive Locally Advanced or Metastatic Non-small Cell Lung Cancer Patients Non Small Cell Lung Cancer | PHASE3 | Recruiting | 2029-01-01 |
| NCT05303519 ↗ | SIGMA (Safusidenib in IDH1 Mutant Glioma Maintenance) Glioma, Astrocytoma, Grade IV | PHASE3 | Recruiting | 2028-12-01 |
| NCT06334432 ↗ | Safety and Efficacy Study of NUV-1511 in Adult Patients With Advanced Solid Tumors Advanced Solid Tumor, HER2-negative Breast Cancer | PHASE1/PHASE2 | Active Not Recruiting | 2027-03-01 |
| NCT04919811 ↗ | Taletrectinib Phase 2 Global Study in ROS1 Positive NSCLC Non Small Cell Lung Cancer | PHASE2 | Active Not Recruiting | 2025-06-11 |
| NCT04395677 ↗ | A Study of AB-106 in Subjects With Advanced NSCLC Harboring ROS1 Fusion Gene Non Small Cell Lung Cancer | PHASE2 | Active Not Recruiting | 2024-06-07 |
| NCT05191004 ↗ | Study of NUV-422 in Combination With Fulvestrant in Patients With HR+HER2- aBC Advanced Breast Cancer, Metastatic Breast Cancer | PHASE1/PHASE2 | Withdrawn | 2025-06-01 |
| NCT05191017 ↗ | Study of NUV-422 in Combination With Enzalutamide in Patients With mCRPC Prostate Cancer, Prostatic Cancer | PHASE1/PHASE2 | Withdrawn | 2025-01-01 |
| NCT04617054 ↗ | Phase II Study of AB-106 to Treat Patients With Solid Tumors With NTRK Gene Fusion Solid Tumor | PHASE2 | Terminated | 2024-12-06 |
| NCT05252390 ↗ | NUV-868 as Monotherapy and in Combination With Olaparib or Enzalutamide in Adult Patients With Advanced Solid Tumors Advanced Solid Tumor, Ovarian Cancer | PHASE1 | Terminated | 2024-07-15 |
| NCT05609929 ↗ | Study the Effect of Omeprazole on AB-106 Pharmacokinetics Pharmacokinetic Study | PHASE1 | Completed | 2023-01-20 |
| NCT04541225 ↗ | Study of NUV-422 in Adults With Recurrent or Refractory High-grade Gliomas and Solid Tumors Glioma, Glioma, Malignant | PHASE1 | Terminated | 2022-08-31 |
| NCT05357820 ↗ | A Study of AB-106 in Chinese Healthy Adult Men Evaluated the Effects of Itraconazole and Rifampicin on AB-106 PK Solid Tumor | PHASE1 | Completed | 2021-12-03 |
| NCT05357911 ↗ | A Study on the Effect of AB-106 on the Pharmacokinetics of Digoxin Solid Tumor | PHASE1 | Completed | 2021-08-20 |
| NCT02279433 ↗ | A First-in-human Study to Evaluate the Safety, Tolerability and Pharmacokinetics of DS-6051b Solid Tumors | PHASE1 | Completed | 2019-03-01 |
| NCT06841874 ↗ | Expanded Access Program of Taletrectinib in Patients With Advanced or Metastatic ROS1-Positive NSCLC Lung Neoplasms, Respiratory Tract Neoplasms | — | No Longer Available |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-27 | Shareholder vote | filing ↗ |
| 2026-05-04 | ResultsExhibits | filing ↗ |
| 2026-03-02 | ResultsExhibits | filing ↗ |
| 2026-01-12 | Material agreementResultsReg FDExhibits | filing ↗ |
| 2025-11-26 | Reg FDOtherExhibits | filing ↗ |
| 2025-11-17 | Reg FDOtherExhibits | filing ↗ |
| 2025-11-03 | ResultsExhibits | filing ↗ |
| 2025-08-07 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-27 | 2026-05-21 | 0001193125-26-241922 ↗ |
| 10-Q | 2026-05-04 | 2026-03-31 | 0001193125-26-203964 ↗ |
| 8-K | 2026-05-04 | 2026-05-04 | 0001193125-26-204056 ↗ |
| 10-K | 2026-03-02 | 2025-12-31 | 0001193125-26-085584 ↗ |
| 8-K | 2026-03-02 | 2026-03-02 | 0001193125-26-085474 ↗ |
| 8-K | 2026-01-12 | 2026-01-11 | 0001193125-26-009826 ↗ |
| 8-K | 2025-11-26 | 2025-11-26 | 0001193125-25-298551 ↗ |
| 8-K | 2025-11-17 | 2025-11-17 | 0001193125-25-284845 ↗ |
| 10-Q | 2025-11-03 | 2025-09-30 | 0001193125-25-262605 ↗ |
| 8-K | 2025-11-03 | 2025-11-03 | 0001193125-25-262576 ↗ |
| 8-K | 2025-08-07 | 2025-08-07 | 0001193125-25-174954 ↗ |
| 10-Q | 2025-08-07 | 2025-06-30 | 0000950170-25-104626 ↗ |