On this page of StockholderLetter.com we present the latest annual shareholder letter from Nuvation Bio Inc. — ticker symbol NUVB. Reading current and past NUVB letters to shareholders can bring important insights into the investment thesis.
012 3 4 5 6 7 95 6
123456 849458 85 1 34358 926 5 92 5 3883 2 6 * 92219+ 5, 4 ,1 81924 4 85 43 2 "- " %.) ! 4 5 85 1 34358 5 92 5 9 4 ! "- ! & ( / 0 1 2( & ( .(. 6(0(34(& -" 5 4 928343 2 5, 4 ,1 81924 4 85 43 2 "- " %.) ! 4 5 85 1 34358 5 92 5 9 4 ! "- ! 4 5 4 928343 2 ,5 3 6 ! 4 33 ! 1( 26 34 217943 2 83 32 6(1 ; &( %59 0 3( / ( & :(0 / (. & (&) %8 ( & (& >6& . 0 / 0 &: & & & ? ) %3 8 53:1 2(& 3.( / 0 2 ) " 8& .; 2 86 ( " " 2(; @ &' 2(; @ &' %9..&( / :& 0 : 1 (9(06 A( // 0( ) %B : .() ( & C (1(: ( 634(& 0 16. &( 0 .(D %-- ) <#=" 8(06& ( &( (&(. :6& 6 8(0 " %4) / ( 90 D 4 1( / ( 0 01 4& . 8234 1% ) 2 3( / ( 0 (90 ( ; 0 &( (&(. 1 9 33 8 0' , & 7 16( E " ,(& 8 &( 2178 2(; @ &' 8 0' 590 ( && ,6&0 ( 1 9 33 8 0' 2178 8 2(; @ &' 8 0' 590 ( 8(06& ( &( (&(. :6& 6 (0 " % ) / ( 90 D 2 ( FGHIJKLM NO JPMJQ RKSQ IT LPM UMVIWLSKGL IW K XMYYZQG[XG WMKW[GMH IWW\MS] KW HMTIGMH IG U\YM ^_` [T LPM aMJ\SILIMW bJLc dea 5 fg * FGHIJKLM NO JPMJQ RKSQ IT LPM UMVIWLSKGL IW G[L SMh\ISMH L[ TIYM SMi[SLW i\SW\KGL L[ aMJLI[G jk [S j`lHm [T LPM enJPKGVM bJLc dea 5 fg * FGHIJKLM NO JPMJQ RKSQ XPMLPMS LPM UMVIWLSKGLo ljm PKW TIYMH KYY SMi[SLW SMh\ISMH L[ NM TIYMH NO aMJLI[G jk [S j`lHm [T LPM enJPKGVM bJL H\SIGV LPM iSMJMHIGV jp R[GLPW l[S T[S W\JP WP[SLMS iMSI[H LPKL LPM UMVIWLSKGL XKW SMh\ISMH L[ TIYM W\JP SMi[SLWm] KGH lpm PKW NMMG W\NqMJL L[ W\JP TIYIGV SMh\ISMRMGLW T[S LPM iKWL r_ HKOWc dea * fg 5 FGHIJKLM NO JPMJQ RKSQ XPMLPMS LPM UMVIWLSKGL PKW W\NRILLMH MYMJLS[GIJKYYO MsMSO FGLMSKJLIsM tKLK uIYM SMh\ISMH L[ NM W\NRILLMH i\SW\KGL L[ U\YM ^_` [T UMV\YKLI[G aZv lwpkpc^_` [T LPIW JPKiLMSm H\SIGV LPM iSMJMHIGV jp R[GLPW l[S T[S W\JP WP[SLMS iMSI[H LPKL LPM UMVIWLSKGL XKW SMh\ISMH L[ W\NRIL W\JP TIYMWmc dea * fg 5 FGHIJKLM NO JPMJQ RKSQ XPMLPMS LPM UMVIWLSKGL IW K YKSVM KJJMYMSKLMH TIYMS] KG KJJMYMSKLMH TIYMS] K G[GZKJJMYMSKLMH TIYMS] K WRKYYMS SMi[SLIGV J[RiKGO] [S KG MRMSVIGV VS[XLP J[RiKGOc aMM LPM HMTIGILI[GW [T xYKSVM KJJMYMSKLMH TIYMSy] xKJJMYMSKLMH TIYMSy] xWRKYYMS SMi[SLIGV J[RiKGOy] KGH xMRMSVIGV VS[XLP J[RiKGOy IG U\YM jpNZp [T LPM enJPKGVM bJLo 5 zKSVM KJJMYMSKLMH TIYMS 5 bJJMYMSKLMH TIYMS f[GZKJJMYMSKLMH TIYMS * aRKYYMS SMi[SLIGV J[RiKGO 5 eRMSVIGV VS[XLP J[RiKGO FT KG MRMSVIGV VS[XLP J[RiKGO] IGHIJKLM NO JPMJQ RKSQ IT LPM SMVIWLSKGL PKW MYMJLMH G[L L[ \WM LPM MnLMGHMH LSKGWILI[G iMSI[H T[S J[RiYOIGV XILP KGO GMX [S SMsIWMH TIGKGJIKY KJJ[\GLIGV WLKGHKSHW iS[sIHMH i\SW\KGL L[ aMJLI[G jklKm [T LPM enJPKGVM bJLc 5 FGHIJKLM NO JPMJQ RKSQ XPMLPMS LPM SMVIWLSKGL PKW TIYMH K SMi[SL [G KGH KLLMWLKLI[G L[ ILW RKGKVMRMGL{W KWWMWWRMGL [T LPM MTTMJLIsMGMWW [T ILW IGLMSGKY J[GLS[Y [sMS TIGKGJIKY SMi[SLIGV \GHMS aMJLI[G ^_^lNm [T LPM aKSNKGMWZgnYMO bJL lj` |cac}c ~p plNmm NO LPM SMVIWLMSMH i\NYIJ KJJ[\GLIGV TISR LPKL iSMiKSMH [S IWW\MH ILW K\HIL SMi[SLc 5 FT WMJ\SILIMW KSM SMVIWLMSMH i\SW\KGL L[ aMJLI[G jplNm [T LPM bJL] IGHIJKLM NO JPMJQ RKSQ XPMLPMS LPM TIGKGJIKY WLKLMRMGLW [T LPM SMVIWLSKGL IGJY\HMH IG LPM TIYIGV SMTYMJL LPM J[SSMJLI[G [T KG MSS[S L[ iSMsI[\WYO IWW\MH TIGKGJIKY WLKLMRMGLWc 5 FGHIJKLM NO JPMJQ RKSQ XPMLPMS KGO [T LP[WM MSS[S J[SSMJLI[GW KSM SMWLKLMRMGLW LPKL SMh\ISMH K SMJ[sMSO KGKYOWIW [T IGJMGLIsMZNKWMH J[RiMGWKLI[G SMJMIsMH NO KGO [T LPM SMVIWLSKGL{W MnMJ\LIsM [TTIJMSW H\SIGV LPM SMYMsKGL SMJ[sMSO iMSI[H i\SW\KGL L[ wp^_cj_tZjlNmc 5 FGHIJKLM NO JPMJQ RKSQ XPMLPMS LPM UMVIWLSKGL IW K WPMYY J[RiKGO lKW HMTIGMH IG U\YM jpNZp [T LPM enJPKGVM bJLmc dea 5 fg *
123 455635473 846937 4 3 723 7 5 88 7 9 46 4 3 36 2463 23 4 473 723 635 764 7 8 73 63 363 3 7 723 5 43 6 3 6 723 635 764 7 88 7 9 3 ! 4 63 673 723 "3# $ 69 %7 9 &' 24 53 #4 4 6' 8473 ( )! ( * 37368 5 723 846937 4 3 723 7 5 7 9 23 4 4 473 2463 88 7 9 723 635 764 7 3 3 4 # 3 63 76 4 36 243 33 3' 3 12 37368 47 4 473 747 7 3 3 46 4 3 37368 47 6 7236 6 3 + ,3 646 - ( 723 635 764 7 24 ) .)- -(( 2463 /4 + 88 7 9 4 2463 /4 0 88 7 9 7 74 5 123456789 ;732<=2<>861 ?@ <6A6<6736B /3674 67 723 635 764 7C 3 7 3 6' 747383 7 6347 5 7 723 / 8 4 C + 4 D337 5 %7 92 36 7 3 3 # 72 723 %3 6 7 3 4 &' 24 53 / 88 # 72 4 723 635 764 7C 4 346 3 3 E3 38 36 ! 463 6 6473 63 363 3 7 F467 *** 72 + 4 G3 67 ,68 H #2363 473
 • shareholder letter icon 4/8/2025 Letter Continued (Full PDF)
 • stockholder letter icon 4/11/2023 NUVB Stockholder Letter
 • stockholder letter icon 7/30/2024 NUVB Stockholder Letter
 • stockholder letter icon More "Biotechnology" Category Stockholder Letters
 • Benford's Law Stocks icon NUVB Benford's Law Stock Score = 86


NUVB Shareholder/Stockholder Letter Transcript:

012   3 4 5 6  7      95
6




123456  849458  
85 1 34358  926  
5 92 5     3883 2    
             6            



*  92219+  5,  4  ,1 81924  4   85 43 2  "-      " %.)   !  4 5  85 1 34358  5 92 5  9 4   !  "-     
! &    (  /  0 1  2( &  ( .(.  6(0(34(&  -"           

5  4 928343 2  5,  4  ,1 81924  4   85 43 2  "-      " %.)   !  4 5  85 1 34358  5 92 5  9 4   !  "-     
!    4 5  4 928343 2  ,5 3 6  !       
  4     
 33        ! 1(  26
34






217943 2  83   32      
6(1 ; &(  

%59 0     3(   /  (    &              :(0 / (.             & (&)    
%8   (   &     (&  >6&  . 0       /  
  0 &: &        &   &    ?     )  




%3  8   53:1 2(&  
3.(   / 0       2  )  
"     8&  .; 2   86  (  "  "  
2(;  @ &'   2(;  @ &'  
%9..&(     /  :&  0 : 1  (9(06  A(   // 0( )  
%B :   .()  
(    &   C    (1(:   (   634(&       0  16.      &(   0 .(D  %-- )    <#="      
8(06&   (   &(    (&(.  :6& 6         8(0      " %4)   /    (  90 D    

4  1(   /  ( 0   01     

4& .     
8234 1% )  
2 3(   /  ( 0   (90    (  
    ;  0   &(    (&(.  

1     9   33    8  0'   , &  7 16(  E     "  ,(&  8  &(  
2178  
2(;  @ &'  8  0'  590    (  
  &&          ,6&0   (  1     9   33    8  0'  
2178  8  
2(;  @ &'  8  0'  590    (  
8(06&   (   &(    (&(.  :6& 6          (0      " % )   /    (  90 D  2  (    
FGHIJKLM  NO  JPMJQ  RKSQ  IT  LPM  UMVIWLSKGL  IW  K  XMYYZQG[XG  WMKW[GMH  IWW\MS]  KW  HMTIGMH  IG  U\YM  ^_`  [T  LPM  aMJ\SILIMW  bJLc        dea    5        fg    *    
FGHIJKLM  NO  JPMJQ  RKSQ  IT  LPM  UMVIWLSKGL  IW  G[L  SMh\ISMH  L[  TIYM  SMi[SLW  i\SW\KGL  L[  aMJLI[G  jk  [S  j`lHm  [T  LPM  enJPKGVM  bJLc        dea    5        fg    *    
FGHIJKLM  NO  JPMJQ  RKSQ  XPMLPMS  LPM  UMVIWLSKGLo  ljm  PKW  TIYMH  KYY  SMi[SLW  SMh\ISMH  L[  NM  TIYMH  NO  aMJLI[G  jk  [S  j`lHm  [T  LPM  enJPKGVM  bJL  H\SIGV  LPM  iSMJMHIGV  jp  R[GLPW  
l[S  T[S  W\JP  WP[SLMS  iMSI[H  LPKL  LPM  UMVIWLSKGL  XKW  SMh\ISMH  L[  TIYM  W\JP  SMi[SLWm]  KGH  lpm  PKW  NMMG  W\NqMJL  L[  W\JP  TIYIGV  SMh\ISMRMGLW  T[S  LPM  iKWL  r_  HKOWc        dea    *        fg    
5    
FGHIJKLM  NO  JPMJQ  RKSQ  XPMLPMS  LPM  UMVIWLSKGL  PKW  W\NRILLMH  MYMJLS[GIJKYYO  MsMSO  FGLMSKJLIsM  tKLK  uIYM  SMh\ISMH  L[  NM  W\NRILLMH  i\SW\KGL  L[  U\YM  ^_`  [T  UMV\YKLI[G  aZv  
lwpkpc^_`  [T  LPIW  JPKiLMSm  H\SIGV  LPM  iSMJMHIGV  jp  R[GLPW  l[S  T[S  W\JP  WP[SLMS  iMSI[H  LPKL  LPM  UMVIWLSKGL  XKW  SMh\ISMH  L[  W\NRIL  W\JP  TIYMWmc        dea    *        fg    5    
FGHIJKLM  NO  JPMJQ  RKSQ  XPMLPMS  LPM  UMVIWLSKGL  IW  K  YKSVM  KJJMYMSKLMH  TIYMS]  KG  KJJMYMSKLMH  TIYMS]  K  G[GZKJJMYMSKLMH  TIYMS]  K  WRKYYMS  SMi[SLIGV  J[RiKGO]  [S  KG  MRMSVIGV  VS[XLP  
J[RiKGOc  aMM  LPM  HMTIGILI[GW  [T  xYKSVM  KJJMYMSKLMH  TIYMSy]  xKJJMYMSKLMH  TIYMSy]  xWRKYYMS  SMi[SLIGV  J[RiKGOy]  KGH  xMRMSVIGV  VS[XLP  J[RiKGOy  IG  U\YM  jpNZp  [T  LPM  enJPKGVM  
bJLo    
5
zKSVM  KJJMYMSKLMH  TIYMS   5  
bJJMYMSKLMH  TIYMS  
f[GZKJJMYMSKLMH  TIYMS   *  
aRKYYMS  SMi[SLIGV  J[RiKGO  
5
eRMSVIGV  VS[XLP  J[RiKGO  

FT  KG  MRMSVIGV  VS[XLP  J[RiKGO]  IGHIJKLM  NO  JPMJQ  RKSQ  IT  LPM  SMVIWLSKGL  PKW  MYMJLMH  G[L  L[  \WM  LPM  MnLMGHMH  LSKGWILI[G  iMSI[H  T[S  J[RiYOIGV  XILP  KGO  GMX  [S  SMsIWMH  
TIGKGJIKY  KJJ[\GLIGV  WLKGHKSHW  iS[sIHMH  i\SW\KGL  L[  aMJLI[G  jklKm  [T  LPM  enJPKGVM  bJLc    5  
FGHIJKLM  NO  JPMJQ  RKSQ  XPMLPMS  LPM  SMVIWLSKGL  PKW  TIYMH  K  SMi[SL  [G  KGH  KLLMWLKLI[G  L[  ILW  RKGKVMRMGL{W  KWWMWWRMGL  [T  LPM  MTTMJLIsMGMWW  [T  ILW  IGLMSGKY  J[GLS[Y  [sMS  TIGKGJIKY  
SMi[SLIGV  \GHMS  aMJLI[G  ^_^lNm  [T  LPM  aKSNKGMWZgnYMO  bJL  lj`  |cac}c  ~p plNmm  NO  LPM  SMVIWLMSMH  i\NYIJ  KJJ[\GLIGV  TISR  LPKL  iSMiKSMH  [S  IWW\MH  ILW  K\HIL  SMi[SLc    5    
FT  WMJ\SILIMW  KSM  SMVIWLMSMH  i\SW\KGL  L[  aMJLI[G  jplNm  [T  LPM  bJL]  IGHIJKLM  NO  JPMJQ  RKSQ  XPMLPMS  LPM  TIGKGJIKY  WLKLMRMGLW  [T  LPM  SMVIWLSKGL  IGJY\HMH  IG  LPM  TIYIGV  SMTYMJL  LPM  
J[SSMJLI[G  [T  KG  MSS[S  L[  iSMsI[\WYO  IWW\MH  TIGKGJIKY  WLKLMRMGLWc  5  
FGHIJKLM  NO  JPMJQ  RKSQ  XPMLPMS  KGO  [T  LP[WM  MSS[S  J[SSMJLI[GW  KSM  SMWLKLMRMGLW  LPKL  SMh\ISMH  K  SMJ[sMSO  KGKYOWIW  [T  IGJMGLIsMZNKWMH  J[RiMGWKLI[G  SMJMIsMH  NO  KGO  [T  LPM  
SMVIWLSKGL{W  MnMJ\LIsM  [TTIJMSW  H\SIGV  LPM  SMYMsKGL  SMJ[sMSO  iMSI[H  i\SW\KGL  L[  wp^_cj_tZjlNmc  5  
FGHIJKLM  NO  JPMJQ  RKSQ  XPMLPMS  LPM  UMVIWLSKGL  IW  K  WPMYY  J[RiKGO  lKW  HMTIGMH  IG  U\YM  jpNZp  [T  LPM  enJPKGVM  bJLmc        dea    5        fg    *  










123  455635473  846937  4 3     723   7  5   88     7 9    46  4 3            36   2463   23          4    473      723  635  764 7   8 73       63 363  3  7  723       5   43   
 6  3   6  723  635  764 7     88     7 9       3        !   4   63 673      723  "3#  $ 69  %7 9  &' 24 53  #4   4  6' 8473    (  )!  (      
*    37368    5  723  846937  4 3     723   7  5   7 9  23       4       4    473     2463       88     7 9     723  635  764 7   3 3    4   # 3         63 76   4        36   243  
 33   3'   3    12     37368  47       4    473   747        7   3 3  46    4        3   37368  47     6  7236   6  3    
+      ,3 646   -    (   723  635  764 7  24     ) .)- -((   2463      /4    +   88     7 9  4                2463      /4    0   88     7 9   7 74    5     
123456789  ;732<=2<>861  ?@  <6A6<6736B    
/3674     67        723  635  764 7C    3    7 3   6'    747383 7  6347  5  7  723  / 8 4  C   +  4  D337  5     %7 92  36    7   3    3   # 72  723  %3 6 7 3   4    
&' 24 53  / 88       # 72         4       723  635  764 7C       4   346  3  3   E3 38 36        !   463     6 6473       63 363  3    7  F467  ***     72    +  4  G3 67  
   ,68     H  #2363       473    




shareholder letter icon 4/8/2025 Letter Continued (Full PDF)
 

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