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Jun 30, 2023
Nuvation Bio Q2 2023 Earnings Report
Reported financial results for the second quarter of 2023 and provided a business update.
Key Takeaways
Nuvation Bio reported a net loss of $20.6 million, or $(0.09) per share, for the second quarter ended June 30, 2023. The company had cash, cash equivalents and marketable securities of $630.9 million as of June 30, 2023.
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.
Announced formation of oncology-focused Scientific Advisory Board.
Nuvation Bio
Nuvation Bio
Forward Guidance
Nuvation Bio anticipates continued momentum in clinical trials and expects to submit an IND filing for its first DDC clinical candidate by the end of 2023.
Positive Outlook
- Potential therapeutic benefit of Nuvation Bio’s product candidates.
- Expected continued momentum of Nuvation Bio’s clinical trials.
- Expected timing of an IND filing for Nuvation Bio’s first DDC clinical candidate.
- Strong balance sheet with cash, cash equivalents and marketable securities of $630.9 million.
- Formation of oncology-focused Scientific Advisory Board.
Challenges Ahead
- Challenges associated with conducting drug discovery and initiating or conducting clinical trials.
- Difficulties or delays in the regulatory process.
- Difficulties enrolling subjects or manufacturing or acquiring necessary products.
- 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.