Nuvation Bio (NUVB) - 2024 Q2 - Quarterly Results

Financial Performance - Nuvation Bio reported a net loss of $462.5 million, or$ (1.89) per share, for Q2 2024, compared to a net loss of $20.6 million, or$ (0.09) per share, for the same period in 2023[6]. - Revenue for the three months ended June 30, 2024, was $1,435,000, compared to$ 0 for the same period in 2023[12]. - Gross profit for the three months ended June 30, 2024, was $88,000, indicating a gross margin of approximately 6.1%[12]. - Total operating expenses increased significantly to$ 470,473,000 for the three months ended June 30, 2024, compared to $26,131,000 for the same period in 2023[12]. - Net loss for the three months ended June 30, 2024, was$ 462,492,000, compared to a net loss of $20,640,000 for the same period in 2023, representing an increase in loss of approximately 2,237%[12]. Research and Development - Research and development expenses for Q2 2024 were$ 29.2 million, up from $18.6 million in Q2 2023, primarily due to a$ 5.9 million increase in personnel-related costs and a $4.7 million increase in third-party research services[5]. - Research and development expenses for the three months ended June 30, 2024, were$ 29,247,000, up from $18,590,000 for the same period in 2023, reflecting a growth of approximately 57.3%[12]. - Nuvation Bio has decided not to initiate a Phase 2 study of NUV-868 in solid tumor indications after reviewing data from earlier studies[4]. - The global Phase 2 study of safusidenib for diffuse IDH1-mutant glioma is ongoing[3]. Cash and Assets - As of June 30, 2024, Nuvation Bio reported cash, cash equivalents, and marketable securities totaling$ 577.2 million[5]. - Cash and cash equivalents decreased from $42,649,000 as of December 31, 2023, to$ 34,285,000 as of June 30, 2024, a decline of about 19.7%[11]. - Total current assets decreased from $616,434,000 as of December 31, 2023, to$ 587,172,000 as of June 30, 2024, a decline of approximately 4.3%[11]. - Class A convertible preferred stock outstanding as of June 30, 2024, was valued at $274,938,000, with 851,202 shares issued[11]. - Weighted average common shares outstanding for the three months ended June 30, 2024, were 244,738,000, compared to 218,848,000 for the same period in 2023, an increase of approximately 11.8%[12]. Liabilities - Total liabilities increased from$ 16,362,000 as of December 31, 2023, to $62,665,000 as of June 30, 2024, an increase of approximately 283%[11]. Regulatory and Product Development - Taletrectinib has been granted Orphan Drug Designation by the U.S. FDA for the treatment of ROS1-positive non-small cell lung cancer (NSCLC)[3]. - The company plans to present pooled data from the pivotal Phase 2 TRUST-I and TRUST-II studies at the ESMO Congress 2024 to support its planned New Drug Application (NDA) in the U.S.[2]. - Nuvation Bio aims to potentially commercialize taletrectinib in the U.S. in 2025, pending regulatory approval[2]. - The company recorded a$ 425.1 million charge for acquired in-process research and development expenses due to the acquisition of AnHeart Therapeutics[5].