Full Press Release Details
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
New York, May 4, 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
Drug-Drug Conjugate Platform: Solid tumors
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.
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 Investor Contact:
Nuvation Bio Media Contact:
NUVATION BIO INC. and Subsidiaries
Condensed Balance Sheets
(In thousands, except share and per share data)
| March 31, 2023 | December 31, 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 | ) |