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Nuvation Bio Inc. key statistics and ratios

In fiscal 2025, Nuvation Bio Inc. had return on equity of -53.2%, an operating margin of -338.7%, debt equal to 17.3% of equity and a current ratio of 6.95. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin—10.1%——
Operating margin—<−999%−338.7%−81.0%
Net margin—<−999%−325.3%−88.2%
Free-cash-flow margin—<−999%−288.4%—
Return on equity−12.5%−106.3%−53.2%−53.5%
Return on assets−12.2%−97.7%−36.0%−22.4%
Asset turnover—0.010.110.25
Current ratio44.119.046.958.37
Debt to equity0.0%1.4%17.3%97.9%
Interest cover (operating income ÷ interest)—n/mn/mn/m
R&D as % of revenue—>999%183.0%75.8%
SG&A as % of revenue—879.4%240.9%93.3%
Capital spending as % of revenue—0.0%12.7%—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 6 checks passed · June 30, 2026
What it owns · $745m
Short-term assets $726mLonger-term assets $18m
What it owes, and who funded it · $745m
Short-term liabilities $87mLonger-term liabilities $404mShareholders' equity $254m
  • Short-term assets cover short-term liabilities $726m of assets due within a year against $87m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $726m short-term assets against $404m of longer-dated liabilities.
  • More cash than debt $259m of cash against $249m of debt.
  • Debt below 40% of shareholders' equity Debt is 98% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt −$121m of operating cash flow against $249m of debt.
  • Operating profit covers interest at least five times over Operating income of −$138m against $27m of interest.

From Nuvation Bio Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: IBRX vs NUVBABUS vs NUVBBEAM vs NUVBNUVB vs URGN

More: Biotechnology stocks compared, Health Care sector, rankings of US companies

Figures from Nuvation Bio Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Nuvation Bio Inc.