**Nuvation Bio Inc. Reports Fiscal Year 2025 Results, Highlights IBTROZI Commercial Launch**
Nuvation Bio Inc. (NYSE: NUVB), a global oncology company, announced its financial results for the fiscal year ended December 31, 2025. The company reported total revenues of $62.9 million, a significant increase compared to the $7.9 million reported in 2024. This growth was primarily driven by $24.7 million in net product revenue from the U.S. commercial launch of IBTROZI, which began in June 2025, following its FDA approval for the treatment of adult patients with locally advanced or metastatic ROS1-positive non-small cell lung cancer (NSCLC). Additionally, collaboration and license agreements revenue contributed $38.2 million, up from $7.9 million in the previous year, due to milestone payments, increased royalty revenue, and product supply revenue.
The company's cost of sales for 2025 was $0.9 million, primarily due to amortization of the licensed market approval for IBTROZI. Cost of collaboration and license agreements revenue increased to $8.4 million, compared to $7.1 million in 2024, mainly due to higher royalty payments to Daiichi Sankyo, partially offset by decreased research and development service costs under the Innovent agreement. Research and development expenses totaled $115.1 million, an increase from $99.1 million in 2024, reflecting increased clinical study costs, higher personnel expenses including stock-based compensation, and a decrease in regulatory milestone payments to Daiichi. Selling, general, and administrative expenses also saw a substantial increase, reaching $151.6 million compared to $69.2 million in the prior year, driven by higher personnel costs, increased sales and marketing activities, and higher legal fees.
Nuvation Bio reported a net loss of $204.6 million for 2025, compared to a net loss of $543.2 million in 2024, which included a one-time $425.1 million charge for acquired in-process research and development related to the AnHeart Therapeutics acquisition. The company's cash and investments stood at $529.2 million as of December 31, 2025. In March 2025, Nuvation Bio secured a non-dilutive financing of up to $250 million from Sagard, comprising a $150 million synthetic royalty financing and a $100 million senior secured term loan, with the initial tranche funded in June 2025. The company believes its existing cash resources will be sufficient to fund operations for at least the next 12 months.
Looking ahead, Nuvation Bio plans to maximize the value of IBTROZI through continued investment in its U.S. commercial launch and support ongoing development and commercialization efforts with partners Innovent, Nippon Kayaku, and Eisai. The company is also focused on advancing the clinical development of safusidenib and evaluating preclinical candidates from its drug-drug conjugate (DDC) platform. Nuvation Bio anticipates submitting a Marketing Authorization Application (MAA) to the European Medicines Agency (EMA) for taletrectinib in the first half of 2026, in partnership with Eisai.
About Nuvation Bio Inc.
Nuvation Bio Inc. is a biopharmaceutical company focused on developing innovative oncology therapies. Its core activities include discovering, developing, and commercializing targeted small molecules and drug conjugates for cancer treatment. The company’s pipeline features advanced candidates like taletrectinib for ROS1+ lung cancer and safusidenib for mIDH1 glioma, leveraging proprietary chemistry and strategic licensing to address unmet medical needs globally.
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