third quarter 2026
Filed Nov 4, 2026Achieved $45.0 million in third quarter 2026 total revenue, including $27.5 million in net product revenue for IBTROZI® (taletrectinib).
Third-quarter revenue reached $45.0 million, supported by $27.5 million of IBTROZI net product revenue and $17.5 million of collaboration and license agreements revenue. IBTROZI net product revenue grew 18% quarter-over-quarter, while the net loss narrowed to $41.9 million from $55.8 million. The company ended the period with $663.4 million in cash, cash equivalents, and marketable securities, although research and development and selling, general and administrative expenses increased year over year.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenues, three months ended September 30GAAP | $44.95M | – | – |
| Product revenue, net, three months ended September 30GAAP | $27.46M | 18% | – |
| Collaboration and license agreements revenue, three months ended September 30GAAP | $17.49M | – | – |
| Cost of sales, three months ended September 30GAAP | $2.12M | – | – |
| Cost of collaboration and license agreements revenue, three months ended September 30GAAP | $9.81M | – | – |
| Research and development, three months ended September 30GAAP | $32.68M | – | – |
| Selling, general and administrative, three months ended September 30GAAP | $42.55M | – | – |
| Total costs and expenses, three months ended September 30GAAP | $87.16M | – | – |
| Loss from operations, three months ended September 30GAAP | −$42.21M | – | – |
| Interest income, three months ended September 30GAAP | $6.16M | – | – |
| Interest expense, three months ended September 30GAAP | −$6.12M | – | – |
| Investment advisory fees, three months ended September 30GAAP | −$171K | – | – |
| Change in fair value of warrant liability, three months ended September 30GAAP | — | – | – |
| Realized loss on marketable securities, three months ended September 30GAAP | $ (13) | – | – |
| Net gain on disposal of fixed assets, three months ended September 30GAAP | — | – | – |
| Other income, three months ended September 30GAAP | $454K | – | – |
| Total other income, net, three months ended September 30GAAP | $ 311 | – | – |
| Loss before income taxes, three months ended September 30GAAP | −$41.90M | – | – |
| Provision for income taxes, three months ended September 30GAAP | — | – | – |
| Net loss, three months ended September 30GAAP | −$41.90M | – | – |
| Net loss per share attributable to common stockholders, basic and diluted, three months ended September 30GAAP | $ (0.12) | – | – |
| Weighted average common shares outstanding, basic and diluted, three months ended September 30GAAP | 351,861 | – | – |
| Comprehensive loss, three months ended September 30GAAP | −$43.90M | – | – |
| Total revenues, nine months ended September 30GAAP | $159.9M | – | – |
| Product revenue, net, nine months ended September 30GAAP | $69.16M | – | – |
| Collaboration and license agreements revenue, nine months ended September 30GAAP | $90.71M | – | – |
| Cost of sales, nine months ended September 30GAAP | $3.40M | – | – |
| Cost of collaboration and license agreements revenue, nine months ended September 30GAAP | $23.99M | – | – |
| Research and development, nine months ended September 30GAAP | $98.39M | – | – |
| Selling, general and administrative, nine months ended September 30GAAP | $123.5M | – | – |
| Total costs and expenses, nine months ended September 30GAAP | $249.2M | – | – |
| Loss from operations, nine months ended September 30GAAP | −$89.36M | – | – |
| Net loss, nine months ended September 30GAAP | −$99.34M | – | – |
| Net loss per share attributable to common stockholders, basic and diluted, nine months ended September 30GAAP | $ (0.28) | – | – |
| Cash and cash equivalents, as of September 30, 2026GAAP | $153.8M | – | – |
| Marketable securities, as of September 30, 2026GAAP | $509.6M | – | – |
| Cash, cash equivalents, and marketable securities, as of September 30, 2026GAAP | $663.4M | – | – |
| Convertible debt, net of deferred financing costs, as of September 30, 2026GAAP | $279.5M | – | – |
| Long-term borrowings, net of deferred financing costs, as of September 30, 2026GAAP | — | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| IBTROZI product revenue, netContinued adoption and durability of treatment. | $27.5M | 18% | – |
| Collaboration and license agreements revenueThe increase was due to a $7.6 million increase in product supply revenue, a $5.0 million sales milestone received from Innovent, and a $2.4 million increase in royalty revenue, offset by a $2.9 million decrease in research and development service revenue. | $17.5M | – | – |
What drove it
- IBTROZI new patient starts in Q3 remained consistent with the prior quarter at approximately 160 patients, despite an approximately 15% quarter-over-quarter decline in new patient starts across the overall ROS1+ NSCLC TKI market.
- Of IBTROZI new patient starts, 65% were TKI-naïve.
- Royalty revenue for the quarter from collaboration agreements for China and Japan was $2.7 million.
- FDA approval of the IBTROZI sNDA updated the label to reflect a median duration of response of 49.7 months in TKI-naïve patients, based on a median patient follow-up of 51 months from TRUST-I.
- The FDA granted Fast Track Designation to safusidenib for treatment of IDH1-mutant glioma.
- Research and development expense increased primarily due to a $3.3 million increase in third-party clinical trial expense and a $0.5 million increase in personnel costs.
- Selling, general and administrative expense increased due to a $2.5 million increase in salaries and other benefits, a $1.8 million increase in sales and marketing expenses and a $1.6 million increase in miscellaneous expense, offset by a $0.7 million decrease in legal fees.
Concerns
- The company reported a net loss of $41.9 million for the three months ended September 30, 2026.
- Selling, general and administrative expenses were $42.6 million for the three months ended September 30, 2026.
- IBTROZI safety information states that hepatotoxicity, including drug-induced liver injury and fatal adverse reactions, can occur.
- Severe, life-threatening, or fatal interstitial lung disease or pneumonitis can occur with IBTROZI.
- Safusidenib remains investigational, and the company identified risks related to clinical-study conduct, regulatory processes, enrollment, manufacturing, adverse events, post-marketing requirements and competitive developments.
What to watch
- IBTROZI new patient starts and the mix of TKI-naïve and TKI-pretreated patients.
- Commercial performance following the updated IBTROZI label reflecting a 49.7-month median duration of response in TKI-naïve patients.
- Enrollment and clinical progress in the pivotal Phase 3 SIGMA study, Phase 3 G307 study and Phase 2 G209 study of safusidenib.
- Additional updated Phase 2 J201 data planned for presentation at the 2026 Society for Neuro-Oncology Annual Meeting taking place November 12–15, 2026.
- Further updates on drug-drug conjugate preclinical candidates by year-end 2026.
Balance sheet and cash flow
- Cash, cash equivalents, and marketable securities were $663.4 million as of September 30, 2026.
- The underwriters purchased an additional $37.5 million aggregate principal amount of 0.75% Convertible Senior Notes due 2032, bringing aggregate principal amount sold in the offering to $287.5 million.
- Net proceeds from the notes offering were approximately $279.1 million after deducting underwriting discounts and commissions and offering expenses.
- Cash, cash equivalents, and marketable securities included an additional $36.5 million in net proceeds secured in July 2026 from exercise of the convertible senior notes overallotment option.
- Convertible debt, net of deferred financing costs of $8,041, was $ 279,459 as of September 30, 2026.
- Non-current liability related to revenue interest financing agreement, net of deferred financing costs of $3,622, was $ 151,522 as of September 30, 2026.
Analysis
Nuvation Bio reported third-quarter total revenue of $45.0 million, including $27.5 million in IBTROZI net product revenue and $17.5 million in collaboration and license agreements revenue. IBTROZI product revenue grew 18% quarter-over-quarter. The company said new patient starts remained consistent with the prior quarter at approximately 160 patients, even as new patient starts across the overall ROS1+ NSCLC TKI market declined approximately 15% quarter over quarter.
Revenue growth was supported by both commercial and collaboration activity. Collaboration and license agreements revenue increased to $17.5 million from $5.4 million in the comparable 2025 period. Management attributed the increase to higher product supply revenue, an Innovent sales milestone and higher royalty revenue, partly offset by lower research and development service revenue. Royalty revenue for China and Japan was $2.7 million for the quarter.
Operating expenses remained substantial as the company advanced its commercial and clinical programs. Research and development expense was $32.7 million, compared with $28.8 million in the comparable 2025 period, driven primarily by clinical trial and personnel costs. Selling, general and administrative expense was $42.6 million, compared with $37.4 million. The resulting net loss was $41.9 million, compared with $55.8 million in the comparable period, while net loss per share was $(0.12), compared with $(0.16).
The balance sheet included $663.4 million of cash, cash equivalents, and marketable securities as of September 30, 2026. This balance included $36.5 million in net proceeds from exercise of the convertible senior notes overallotment option. Convertible debt, net of deferred financing costs, was $279,459. The company provided no financial guidance in the release.
The business update emphasized IBTROZI label expansion and broader development activity for safusidenib. The FDA approved the IBTROZI sNDA four months ahead of the January 4, 2027 target action date, with the label updated for a median duration of response of 49.7 months in TKI-naïve patients. Safusidenib received FDA Fast Track Designation, and the company is progressing the SIGMA Phase 3 study, the G307 Phase 3 study and the G209 Phase 2 study. Investors should track IBTROZI patient-start trends, clinical execution and expense progression as the pipeline advances.
Management, verbatim
Just over one year after launch, IBTROZI was established as the market leader in advanced ROS1+ NSCLC, for both new patient starts and active patients across all lines of therapy combined, based on IQVIA claims data.
David Hung, M.D., Founder, President, and Chief Executive Officer of Nuvation Bio
The FDA’s recent Fast Track Designation for safusidenib underscores both the significant unmet need in IDH1-mutant glioma and the potential of this investigational medicine to address it.
David Hung, M.D., Founder, President, and Chief Executive Officer of Nuvation Bio
Not in the filing
stated, not guessed- Forward financial guidance was not provided.
- Previous-release outlook was not provided.
- Gross margin was not reported.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Share repurchases were not reported.
- Dividends were not reported.
- Non-GAAP financial measures, including non-GAAP operating income and non-GAAP EPS, were not reported.
- A prior-quarter balance sheet comparison was not reported.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.