Nuvation Bio Inc. filed its quarterly report on Form 10-Q with the U.S. Securities and Exchange Commission on November 4, 2026, covering the period ended September 30, 2026.

Key Highlights

  • Total assets reached $778,392 thousand as of September 30, 2026, up from $594,822 thousand at December 31, 2025, according to the filing.
  • Convertible debt of $279,459 thousand (net of deferred financing costs of $8,041 thousand) appeared on the balance sheet as of September 30, 2026, compared to zero at December 31, 2025.
  • Marketable securities increased to $509,604 thousand from $365,125 thousand at year-end 2025, as reported in the consolidated balance sheets.
  • Accounts receivable grew to $36,546 thousand as of September 30, 2026, from $16,076 thousand at December 31, 2025.
  • Long-term borrowings were zero as of September 30, 2026, compared to $47,208 thousand (net of deferred financing costs) at December 31, 2025.
  • 353,017,638 shares of Common Stock were outstanding as of October 30, 2026, per the filing's cover page.
  • Total liabilities rose to $550,417 thousand from $289,106 thousand at December 31, 2025, the filing disclosed.

Nuvation Bio's Balance Sheet Shifts Materially in Third Quarter 2026

According to the Form 10-Q filed for the quarterly period ended September 30, 2026, Nuvation Bio Inc. (NYSE:NUVB) reported significant changes to its capital structure compared to year-end 2025. Total assets increased to $778,392 thousand from $594,822 thousand, driven in part by growth in marketable securities to $509,604 thousand and a nearly doubling of accounts receivable to $36,546 thousand. Cash and cash equivalents stood at $153,766 thousand as of September 30, 2026, down from $164,086 thousand at December 31, 2025, the filing stated.

On the liabilities side, the filing disclosed the introduction of convertible debt totaling $279,459 thousand (net of deferred financing costs of $8,041 thousand) as of September 30, 2026, a line item that did not exist on the December 31, 2025 balance sheet. At the same time, long-term borrowings, which had been $47,208 thousand (net of deferred financing costs of $3,042 thousand) at year-end 2025, were reported at zero as of September 30, 2026. The non-current liability related to the revenue interest financing agreement was $151,522 thousand as of September 30, 2026, compared to $145,819 thousand at December 31, 2025.

The company's warrant liability, which stood at $2,865 thousand at December 31, 2025, was reported as zero as of September 30, 2026. Accrued expenses increased to $57,136 thousand from $45,183 thousand. The filing noted that shares issued and outstanding as of September 30, 2026 were 352,923,570, comprising 351,923,570 Class A and 1,000,000 Class B shares. The company identified itself as a non-accelerated filer and a smaller reporting company. Forward-looking statements in the filing, including those regarding IBTROZI (taletrectinib) commercialization and capital resources, are the company's own and subject to its cautionary language.

What Was Disclosed

Nuvation Bio filed an unaudited quarterly report for the period ended September 30, 2026, disclosing consolidated balance sheet data showing substantial increases in assets and liabilities, including the addition of $279,459 thousand in convertible debt and the elimination of long-term borrowings.