Nuvation Bio Reports First Quarter 2023 Financial Results and Provides Business Update

Enrollment ongoing in the Phase 1b study of NUV-868 in combination with olaparib or enzalutamide

Enrollment ongoing in the Phase 1 monotherapy study of NUV-868

Expect to submit an IND for first Drug-Drug Conjugate (DDC) clinical candidate by year end 2023

Strong balance sheet with cash, cash equivalents and marketable securities of $646.6 million as of March 31, 2023

Nuvation Bio Inc. (NYSE: NUVB), a biopharmaceutical company tackling some of the greatest unmet needs in oncology by developing differentiated and novel therapeutic candidates, today reported its financial results for the first quarter ended March 31, 2023, and provided a business update.

“We saw strong clinical execution in the first quarter as we continued to enroll patients in the Phase 1 monotherapy and Phase 1b combination studies of NUV-868,” said David Hung, M.D., Founder, President, and Chief Executive Officer of Nuvation Bio. “We look forward to submitting an IND for our first DDC clinical candidate by the end of this year, demonstrating our ongoing effort to tackle some of the greatest unmet needs in oncology.”

Recent Business Updates

NUV-868, BD2-Selective BETi: Advanced solid tumors

  • Dosing underway in both regimens of the Phase 1b combination study. The Company continues to enroll the Phase 1b study of NUV-868 in combination with olaparib in patients with ovarian cancer, pancreatic cancer, metastatic castration-resistant prostate cancer (mCRPC), triple negative breast cancer and other solid tumors, and in combination with enzalutamide in patients with mCRPC.
  • Dosing underway in the Phase 1 monotherapy study. The Company continues to enroll the Phase 1 monotherapy study in advanced solid tumors.

Drug-Drug Conjugate Platform: Solid tumors

  • Nominated first clinical candidate. Nuvation Bio remains on track to submit an Investigational New Drug (IND) application for an undisclosed DDC candidate with the U.S. Food and Drug Administration by year end 2023.

First Quarter 2023 Financial Results

As of March 31, 2023, Nuvation Bio had cash, cash equivalents and marketable securities of $646.6 million. For the three months ended March 31, 2023, research and development expenses were $18.8 million, compared to $20.7 million for the three months ended March 31, 2022. The decrease was primarily due to a $1.3 million decrease in personnel-related costs driven by a headcount reduction as well as a $0.6 million decrease in third-party costs related to research services and manufacturing primarily due to the termination of the NUV-422 program.

For the three months ended March 31, 2023, general and administrative expenses were $7.7 million, compared to $7.5 million for the three months ended March 31, 2022. The increase was primarily due to a $1.1 million increase in personnel-related costs driven by stock-based compensation and other benefits offset by a $0.3 million decrease in insurance, a $0.3 million decrease in legal fees and a $0.3 million decrease in other professional fees.

For the three months ended March 31, 2023, Nuvation Bio reported a net loss of $21.7 million, or $(0.10) per share. This compares to a net loss of $21.3 million, or $(0.10) per share, for the comparable period in 2022.

About Nuvation Bio

Nuvation Bio is a biopharmaceutical company tackling some of the greatest unmet needs in oncology by developing differentiated and novel therapeutic candidates. Nuvation Bio’s proprietary portfolio includes mechanistically distinct oncology therapeutic product candidates, each targeting some of the most difficult-to-treat types of cancer. Nuvation Bio was founded in 2018 by biopharma industry veteran David Hung, M.D., who previously founded Medivation, Inc., which brought to patients one of the world’s leading prostate cancer medicines. Nuvation Bio has offices in New York and San Francisco. For more information, please visit www.nuvationbio.com.

Forward Looking Statements

Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are sometimes accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the potential therapeutic benefit of Nuvation Bio’s product candidates, the expected continued momentum of Nuvation Bio’s clinical trials and the expected timing of an IND filing for Nuvation Bio’s first DDC clinical candidate. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the management team of Nuvation Bio and are not predictions of actual performance. These forward-looking statements are subject to a number of risks and uncertainties that may cause actual results to differ from those anticipated by the forward-looking statements, including but not limited to the challenges associated with conducting drug discovery and initiating or conducting clinical trials due to, among other things, difficulties or delays in the regulatory process, enrolling subjects or manufacturing or acquiring necessary products; the emergence or worsening of adverse events or other undesirable side effects; risks associated with preliminary and interim data, which may not be representative of more mature data; and competitive developments. Risks and uncertainties facing Nuvation Bio are described more fully in its Form 10-Q to be filed with the SEC on May 4, 2023, under the heading “Risk Factors,” and other documents that Nuvation Bio has filed or will file with the SEC. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this press release. Nuvation Bio disclaims any obligation or undertaking to update, supplement or revise any forward-looking statements contained in this press release.

NUVATION BIO INC. and Subsidiaries
Condensed Balance Sheets
Unaudited
(In thousands, except share and per share data)

March 31,

 

December 31,

2023

 

2022

 
Assets
Current assets:
Cash and cash equivalents

$

30,071

 

$

101,099

 

Prepaid expenses and other current assets

 

3,682

 

 

3,819

 

Marketable securities

 

616,538

 

 

559,915

 

Interest receivable on marketable securities

 

2,273

 

 

2,485

 

Total current assets

 

652,564

 

 

667,318

 

Property and equipment, net

 

838

 

 

894

 

Lease security deposit

 

138

 

 

138

 

Operating lease right-of-use assets

 

3,519

 

 

3,791

 

Total assets

$

657,059

 

$

672,141

 

 
Liabilities and stockholders' equity
Current liabilities:
Accounts payable

$

2,945

 

$

2,139

 

Current operating lease liabilities

 

1,244

 

 

1,206

 

Accrued expenses

 

8,362

 

 

9,816

 

Total current liabilities

 

12,551

 

 

13,161

 

Warrant liability

 

708

 

 

850

 

Non-current operating lease liabilities

 

2,727

 

 

3,054

 

Total liabilities

 

15,986

 

 

17,065

 

 
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, 2023 and December 31, 2022, 218,803,722 (Class A 217,803,722, Class B 1,000,000) and 218,632,699 (Class A 217,632,699, Class B 1,000,000) shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively

 

932,739

 

 

927,604

 

Accumulated deficit

 

(288,728

)

 

(267,002

)

Accumulated other comprehensive income

 

(2,938

)

 

(5,526

)

Total stockholders' equity

 

641,073

 

 

655,076

 

Total liabilities and stockholders' equity

$

657,059

 

$

672,141

 

NUVATION BIO INC. and Subsidiaries

 

Condensed Statements of Operations and Comprehensive Loss

(In thousands, except per share data)

 

For The Three Months Ended March 31,

2023

 

2022

 
Operating expenses:
Research and development

$

18,787

 

$

20,729

 

General and administrative

 

7,734

 

 

7,463

 

Total operating expenses

 

26,521

 

 

28,192

 

 
Loss from operations

 

(26,521

)

 

(28,192

)

 
Other income (expense):
Interest income

 

4,979

 

 

958

 

Investment advisory fees

 

(230

)

 

(169

)

Change in fair value of warrant liability

 

142

 

 

6,324

 

Net loss on marketable securities

 

(96

)

 

(214

)

Total other income (expense), net

 

4,795

 

 

6,899

 

 
Loss before income taxes

 

(21,726

)

 

(21,293

)

 
Provision for income taxes

 

 

 

 

 
Net loss

$

(21,726

)

$

(21,293

)

 
Net loss per share attributable to common stockholders, basic and diluted

$

(0.10

)

$

(0.10

)

Weighted average common shares outstanding, basic and diluted

 

218,741

 

 

213,411

 

 
Comprehensive loss:
Net loss

$

(21,726

)

$

(21,293

)

Other comprehensive loss, net of taxes:
Unrealized gain (loss) on available-for-sale securities, net

 

2,588

 

 

(5,032

)

 
Comprehensive loss

$

(19,138

)

$

(26,325

)

 

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