your badges 52W Range $4–$10 11% of range Analyst Rating BUY 19 analysts Price Target $13 +184% upside P/E -10.4 ROE -47.8% Net Profit Margin -88.2%

NUVB Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

03
Price $4.57
Market Cap (MRQ) $1.58B
P/E (TTM) -10.4
EPS (TTM) $-0.44
Revenue (TTM) $170M
ROE (TTM) -47.8%
Debt/Equity (MRQ) 0.0
52W Range $4–$10

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10-Year Performance Revenue, net income, margins and EPS trends

06
Revenue$63M
2023-12-31 → 2025-12-31
EPS$-0.60
2021-12-31 → 2025-12-31
Net margin-88.2%
2024-12-31 → 2025-12-31
Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric 5Y trend NUVB 5Y avg Peer Median Verdict
P/E (TTM) -10.45Y avg ≈-8.8 ≈-8.8 · ·
P/S (TTM) 9.3 · 11.6 Fair value
P/B (MRQ) 6.25Y avg ≈3.7 ≈3.7 4.1 Overvalued
EV / EBITDA -5.0 · · ·
Price / Cash Flow -9.15Y avg ≈-14.0 ≈-14.0 · ·
EV / Revenue (TTM) 5.5 · · ·
Price / Tangible Book (MRQ) 6.55Y avg ≈3.2 ≈3.2 · ·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

value · ≈ 5Y avg · industry median · verdict relative to median

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

14
Avg Surprise 1.7%
Next Report Nov 11, 2026
PeriodReportEPS ActualEPS EstSurprise
June 30, 2026 Aug 6, 2026 $-0.15 $-0.19 20.6%
March 31, 2026 May 19, 2026 $0.01 $0.01 —
Dec. 31, 2025 $-0.11 $-0.09 -20.7%
Sept. 30, 2025 $-0.16 $-0.17 7.0%
June 30, 2025 $-0.17 $-0.17 0.87%
March 31, 2025 $-0.16 $-0.16 0.93%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

15
Income Statement 16
Metric Trend 202520242023
Revenue $63M$8M$0
Cost of Revenue ·$7M$0
Gross Profit ·$795.0K$0
R&D Expense $115M$99M$71M
SG&A Expense $152M$69M$29M
Operating Expenses $276M$600M$100M
Operating Income $-213M$-593M$-100M
Other Non-op $2M$-109.0K$24M
Pretax Income $-205M$-568M$-76M
Income Tax $0$0$0
Net Income $-205M$-568M$-76M
EPS (Basic) $-0.60$-2.11$-0.35
EPS (Diluted) $-0.60$-2.11$-0.35
Shares (Basic) 341,541268,772218,880
Shares (Diluted) 341,541268,772218,880
EBITDA $-213M$-593M·
Balance Sheet 25
Metric Trend 202520242023
Cash & Equivalents $164M$36M$43M
Short-term Investments $365M$467M$569M
Inventory $11M$0·
Prepaid Expense $12M$7M$2M
Current Assets $572M$526M$616M
PP&E (Net) $564.0K$586.0K$717.0K
PP&E (Gross) $2M$1M$1M
Accum. Depreciation $1M$874.0K$666.0K
Intangibles $11M$5M$0
Other Non-current Assets $8M$7M$587.0K
Total Assets $595M$541M$621M
Accounts Payable $9M$6M$2M
Accrued Liabilities $45M$33M$10M
Short-term Debt $6M$6M$0
Current Liabilities $82M$58M$14M
Capital Leases $3M$969.0K$2M
Total Liabilities $289M$77M$16M
Long-term Debt $47M··
Total Debt $6M$6M·
Common Stock $1.42B$1.37B$948M
Retained Earnings $-1.12B$-911M$-343M
AOCI $-187.0K$573.0K$181.0K
Stockholders' Equity $306M$464M$605M
Liabilities + Equity $595M$541M$621M
Shares Outstanding 346,503,675337,837,872219,046,219
Cash Flow 6
Metric Trend 202520242023
D&A $2M$683.0K$222.0K
Stock-based Comp $36M$32M$20M
Operating Cash Flow $-173M$-130M$-68M
Investing Cash Flow $100M$123M$9M
Financing Cash Flow $203M$331.0K$628.0K
Net Change in Cash $128M$-7M$-58M
Profitability 8
Metric Trend 202520242023
Gross Margin ·10.1%·
Operating Margin -338.7%-7527.3%·
Net Margin -325.3%-7213.8%·
Pretax Margin -325.3%-7213.8%·
EBITDA Margin -338.7%-7527.3%·
ROA -36.0%-97.7%·
ROE -60.3%-117.5%·
ROIC -68.4%-126.1%·
Liquidity & Solvency 3
Metric Trend 202520242023
Current Ratio 7.09.0·
Quick Ratio 6.48.6·
Debt / Equity 0.00.0·
Efficiency 1
Metric Trend 202520242023
Asset Turnover 0.10.0·
Per Share 5
Metric Trend 202520242023
Book Value / Share $0.90$1.37·
Revenue / Share $184.17$29.29·
Cash Flow / Share $-507.78$-485.22·
Cash / Share $0.49$0.11·
EPS (TTM) $-0.60$-2.11$-0.35
Growth Rates 1
Metric Trend 202520242023
Revenue YoY 699.0%··
Valuation (TTM) 12
Metric Trend 202520242023
Revenue TTM $63M$8M$0
Net Income TTM $-205M$-568M$-76M
Market Cap $3.03B$899M·
Enterprise Value $2.50B$402M·
P/E -14.9-1.3-4.3
P/S 48.1114.1·
P/B 9.91.9·
P / Tangible Book 10.32.00.5
P / Cash Flow -17.5-6.9·
EV / EBITDA -11.8-0.7·
EV / Revenue 39.851.1·
Earnings Yield -6.7%-79.3%-23.2%

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

16
Metric 2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $63M $8M $0 · ·
Gross Margin % · 10.1% · · ·
Operating Margin % -338.7% -7527.3% · · ·
Net Income $-205M $-568M $-76M $-104M $-87M
Diluted EPS $-0.60 $-2.11 $-0.35 $-0.48 $-0.44

Institutional owners (13F) 257 filers · $1.5B total · As of Sept. 30, 2026

17

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 257
Value held $1.5B
New positions 39
Exited positions 25
Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
39 (-9 vs prior Q) 25 (-8 vs prior Q) 108 (+20 vs prior Q) 55 (-6 vs prior Q) +17.4M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
FMR LLC $296,668,075 52,230,295 20.30% Shares
BlackRock, Inc. $156,943,154 27,630,837 10.74% Shares
Decheng Capital LLC $147,421,214 25,954,439 10.09% Shares
VANGUARD GROUP INC $139,378,229 15,555,606 9.54% Shares
VANGUARD CAPITAL MANAGEMENT LLC $67,702,840 11,919,514 4.63% Shares
Omega Fund Management, LLC $45,900,586 8,081,089 3.14% Shares
Laurion Capital Management LP $44,417,674 7,820,013 3.04% Shares
STATE STREET CORP $41,866,110 7,370,794 2.86% Shares
UBS Group AG $36,208,324 6,374,705 2.48% Call option
GEODE CAPITAL MANAGEMENT, LLC $35,477,953 6,244,805 2.43% Shares
AMERICAN CENTURY COMPANIES INC $25,557,979 4,499,643 1.75% Shares
BANK OF AMERICA CORP /DE/ $20,048,969 3,529,748 1.37% Shares
TANG CAPITAL MANAGEMENT LLC $18,741,484 3,299,557 1.28% Shares
Redmile Group, LLC $17,216,131 3,031,009 1.18% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $15,271,623 2,688,666 1.05% Shares
AQR CAPITAL MANAGEMENT LLC $13,384,517 2,356,429 0.92% Shares
NORTHERN TRUST CORP $13,188,238 2,321,873 0.90% Shares
ALGERT GLOBAL LLC $12,935,393 2,277,358 0.89% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $11,694,382 2,058,870 0.80% Shares
DIMENSIONAL FUND ADVISORS LP $11,631,936 2,047,876 0.80% Shares
ARMISTICE CAPITAL, LLC $11,360,000 2,000,000 0.78% Shares
CITADEL ADVISORS LLC $11,293,715 1,988,330 0.77% Shares
GOLDMAN SACHS GROUP INC $10,818,616 1,904,686 0.74% Shares
VANGUARD FIDUCIARY TRUST CO $10,090,827 1,776,554 0.69% Shares
Connor, Clark & Lunn Investment Management Ltd. $9,978,738 1,756,820 0.68% Shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP $9,211,176 1,621,686 0.63% Shares
Knoll Capital Management, LLC $9,079,996 1,598,591 0.62% Shares
MORGAN STANLEY $8,277,652 1,457,333 0.57% Shares
Jump Financial, LLC $7,715,774 1,358,411 0.53% Shares
RENAISSANCE TECHNOLOGIES LLC $7,645,252 1,345,995 0.52% Shares
ESSEX INVESTMENT MANAGEMENT CO LLC $7,531,278 1,344,871 0.52% Shares
FIRST TRUST ADVISORS LP $7,397,274 1,302,337 0.51% Shares
ABRAMS CAPITAL MANAGEMENT, L.P. $7,216,463 1,270,504 0.49% Shares
TWO SIGMA INVESTMENTS, LP $7,090,963 1,248,409 0.49% Shares
NewEdge Advisors, LLC $6,996,243 1,231,733 0.48% Shares
D. E. Shaw & Co., Inc. $6,475,200 1,140,000 0.44% Shares
UBS Group AG $6,343,884 1,116,881 0.43% Shares
Nuveen, LLC $6,155,007 1,083,628 0.42% Shares
SILVERCREST ASSET MANAGEMENT GROUP LLC $5,802,268 1,021,526 0.40% Shares
Woodline Partners LP $5,541,022 975,532 0.38% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $5,195,945 914,779 0.36% Shares
WELLINGTON MANAGEMENT GROUP LLP $4,065,637 715,781 0.28% Shares
Bank of New York Mellon Corp $3,803,823 669,687 0.26% Shares
Beacon Pointe Advisors, LLC $3,591,186 632,251 0.25% Shares
TWO SIGMA ADVISERS, LP $3,522,176 393,100 0.24% Shares
Invesco Ltd. $3,336,387 587,392 0.23% Shares
JACOBS LEVY EQUITY MANAGEMENT, INC $3,037,431 534,759 0.21% Shares
ACT CAPITAL MANAGEMENT, LLC $2,953,600 520,000 0.20% Shares
JPMORGAN CHASE & CO $2,893,055 515,696 0.20% Shares
Swiss National Bank $2,765,024 486,800 0.19% Shares

Show all 257 institutional owners →

Activists & 5%+ owners 3 positions

18

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
Omega Fund V, L.P., Omega Fund V GP, L.P., Omega Fund V GP Manager, Ltd., Claudio Nessi, Otello Stampacchia ×3 filings Oct. 18, 2024 · Initial filing · SEC
Decheng Capital China Life Sciences USD Fund III, L.P., Decheng Capital Management III (Cayman), LLC, Decheng Capital Global Healthcare Fund (Master), LP, Decheng Capital Global Healthcare GP, LLC, Decheng Anbio Limited, Xiangmin Cui Sept. 10, 2024 · Initial filing Board campaign SEC
David Hung, M.D. ×2 filings March 26, 2024 · Initial filing M&A / sale SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

Company insiders 25 insiders · 12 officers · 11 directors

19
Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Junyuan Jerry Wang CEO, ANHEART THERAPEUTICS LTD. Nov. 11, 2024 S 3,866,228 0 0 $0
Philippe Sauvage Chief Financial Officer July 15, 2026 M 54,131 0 1 $-286,485
Jennifer A. Fox Chief Financial Officer Feb. 28, 2023 A · 0 0 $0
Gary Hattersley CHIEF SCIENTIFIC OFFICER Aug. 19, 2026 M 0 0 4 $-3,879,239
Stacy Markel CHIEF PEOPLE OFFICER June 23, 2026 M 32,591 0 1 $-753,750
Kerry Wentworth CHIEF REGULATORY OFFICER June 23, 2026 M 53,000 0 3 $-1,467,378
Dongfang Liu CHIEF MEDICAL OFFICER April 17, 2026 M 18,000 0 7 $-1,866,900
Colleen Sjogren Chief Commercial Officer Feb. 27, 2026 A 81,000 0 0 $0
Moses Makunje Title: VP, Finance and principal financial and accounting officer. Feb. 27, 2026 A 68,137 0 0 $0
David C. Hanley CHIEF TECHNICAL OPERATIONS Feb. 27, 2026 A 24,000 0 1 $-1,428,000
Sergey Yurasov Chief Medical Officer Feb. 10, 2021 A · 0 0 $0
Thomas Templeman SVP, Pharmaceutical Ops Feb. 10, 2021 A · 0 0 $0
Robert Mashal Director June 9, 2026 P 225,000 1 0 $118,250
Robert B Bazemore Director May 21, 2026 A 5,000 0 0 $0
Xiangmin Cui Director May 21, 2026 A 17,062,202 0 0 $0
Kathryn E Falberg Director May 21, 2026 A 250,000 0 0 $0
Daniel G Welch Director May 24, 2024 M 659,947 0 0 $0
Oleg Nodelman Director Oct. 29, 2021 A · 0 0 $0
Graham K Cooper Director Feb. 10, 2021 M 25,000 0 0 $0
Shalini Sharp Director Feb. 10, 2021 M 35,000 0 0 $0
Faheem Hasnain Director Feb. 10, 2021 M 55,000 0 0 $0
Daniel Bradbury Director Feb. 10, 2021 M 25,000 0 0 $0
Anthony W Vernon · May 21, 2026 A 304,100 0 0 $0
Kim D Blickenstaff · May 21, 2026 A 172,189 0 0 $0
David Hung · Feb. 27, 2026 A 59,281,054 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 38 ETFs

20

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
BBP · ETFis Series Trust I 1.77% 275,843 NS July 31, 2026 N-PORT
PILL · Direxion Shares ETF Trust 1.57% 51,286 NS July 31, 2026 N-PORT
IDNA · iShares Trust 1.51% 613,529 SH Sept. 11, 2026 Daily
PTH · Invesco Exchange-Traded Fund Trust 1.20% 732,575 SH Oct. 23, 2026 Daily
FYC · First Trust Exchange-Traded AlphaDE… 0.44% 909,498 NS July 31, 2026 N-PORT
IWC · iShares Trust 0.37% 855,978 SH Sept. 11, 2026 Daily
IHE · iShares Trust 0.35% 902,180 SH Sept. 11, 2026 Daily
DWAS · Invesco Exchange-Traded Fund Trust … 0.32% 265,449 SH Oct. 23, 2026 Daily
FYX · First Trust Exchange-Traded AlphaDE… 0.21% 460,740 NS July 31, 2026 N-PORT
ESSC · Strategy Shares 0.18% 10,233 NS July 31, 2026 N-PORT
NUSC · Nushares ETF Trust 0.12% 237,789 NS July 31, 2026 N-PORT
IBB · iShares Trust 0.12% 1,891,272 SH Sept. 11, 2026 Daily
IWO · iShares Trust 0.10% 2,370,008 SH Sept. 11, 2026 Daily
FAD · First Trust Exchange-Traded AlphaDE… 0.09% 82,391 NS July 31, 2026 N-PORT
VTWG · VANGUARD SCOTTSDALE FUNDS 0.08% 270,228 SH Aug. 19, 2026 Daily
VFMO · VANGUARD WELLINGTON FUND 0.06% 218,055 SH Aug. 19, 2026 Daily
IWM · iShares Trust 0.05% 6,449,970 SH Sept. 11, 2026 Daily
RSSL · Global X Funds 0.05% 120,391 NS July 31, 2026 N-PORT
ESML · iShares Trust 0.05% 201,792 SH Sept. 11, 2026 Daily
VTWO · VANGUARD SCOTTSDALE FUNDS 0.04% 1,450,662 SH Aug. 19, 2026 Daily
TECB · iShares Trust 0.03% 24,294 SH Sept. 11, 2026 Daily
PRFZ · Invesco Exchange-Traded Fund Trust 0.03% 163,106 SH Oct. 23, 2026 Daily
FHLC · FIDELITY COVINGTON TRUST 0.02% 115,286 NS July 31, 2026 N-PORT
VXF · VANGUARD INDEX FUNDS 0.02% 2,787,165 SH Aug. 19, 2026 Daily
VHT · VANGUARD WORLD FUND 0.02% 730,126 SH Aug. 19, 2026 Daily
DFAS · Dimensional ETF Trust 0.02% 430,890 NS July 31, 2026 N-PORT
WSML · iShares Trust 0.01% 13,480 SH Sept. 11, 2026 Daily
DFAC · Dimensional ETF Trust 0.01% 405,885 NS July 31, 2026 N-PORT
DXUV · Dimensional ETF Trust 0.00% 2,055 NS July 31, 2026 N-PORT
IWV · iShares Trust 0.00% 70,393 SH Sept. 11, 2026 Daily
ITOT · iShares Trust 0.00% 310,102 SH Sept. 11, 2026 Daily
TILT · FlexShares Trust 0.00% 5,348 NS July 31, 2026 N-PORT
DFUS · Dimensional ETF Trust 0.00% 37,633 NS July 31, 2026 N-PORT
VTI · VANGUARD INDEX FUNDS 0.00% 8,849,329 SH Aug. 19, 2026 Daily
VTHR · VANGUARD SCOTTSDALE FUNDS 0.00% 19,595 SH Aug. 19, 2026 Daily
ISCB · iShares Trust · 10,466 SH Sept. 11, 2026 Daily
ISCV · iShares Trust · 51,844 SH Sept. 11, 2026 Daily
SMLF · iShares Trust · 88,212 SH Sept. 11, 2026 Daily

NUVB Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

21
rating · 19 analysts BUY
Median target $12.00 +162.6%
5 26.3% Strong Buy
12 63.2% Buy
2 10.5% Hold
0 0.0% Sell
0 0.0% Strong Sell

12-Month Price Target

11 analysts · 2026-10-23

Mean target $13.00 +184.5%

← Below all targets Current price $4.57
Low$7.00 Mean$13.00 High$21.00

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

FY basis, prices as of each company's last fiscal year-end close.

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
NUVB $3.03B -14.9 699.0% -325.3% -60.3% ·
SEPN $1.25B -25.3 4174.5% -106.4% -12.9% ·
TRVI $1.61B -39.1 · · -22.4% ·
MAZE $2.04B -13.6 · · -598.9% ·
ANIP $1.78B 23.8 43.8% 8.9% 16.6% ·
PAHC · 12.9 17.1% 6.6% 29.7% 33.8%
GPCR $14.78B -86.9 · · -12.3% ·
INVA · 6.1 14.7% · · ·
PCRX $1.06B 161.8 3.6% 0.97% 0.97% ·
ETON $457M · 104.9% -5.8% -18.4% 53.5%
OCUL $2.62B -8.5 -18.5% -511.9% -55.4% ·

Latest News Recent headlines mentioning this company

23
How Much Can Nuvation Bio (NUVB) Make From Ibtrozi Sales? Yahoo Finance · Wedbush Bullish on Nuvation Bio (NUVB) As NUVB Expands Safusidenib Rights Yahoo Finance ·

My Metrics Your personal watchlist — selected rows from Full Fundamentals

26

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Source: SEC 10-Q filed Aug 6, 2026