Nuvation Bio (NUVB) Q1 2026 earnings summary

Executive summary

• Strong commercial momentum for Ibtrozi in ROS1-positive NSCLC, with over 600 new patient starts since launch and three consecutive quarters of ~200 new starts.

• Shift in patient mix toward first-line use, now exceeding 50% of new starts, supporting longer therapy duration and revenue stacking.

• Ibtrozi added to NCCN CNS guidelines, reinforcing its differentiated clinical profile and CNS activity.

• Safusidenib program advancing, with global rights secured and pivotal SIGMA Phase III trial expanded to Japan.

• Entered exclusive license and collaboration agreement with Eisai for taletrectinib in Europe and other regions, expanding global reach outside the U.S., China, and Japan.

Financial highlights

• Q1 2026 total revenue was $83.2 million, including $18.5 million in Ibtrozi net U.S. product revenue, up 18% sequentially.

• Collaboration and license revenue reached $64.7 million, including a $60 million upfront payment from Eisai.

• Net income for Q1 2026 was $5.4 million, compared to a net loss of $53.2 million in Q1 2025.

• Operating expenses totaled $73.5 million, with R&D at $35 million and SG&A at $38.3 million.

• Ended the quarter with $533.7 million in cash, equivalents, and marketable securities.

Outlook and guidance

• Expect continued growth in first-line patient starts and revenue stacking as late-line pool depletes.

• Gross-to-net expected to stabilize around 30% as launch dynamics normalize.

• Anticipate $30 million milestone payment upon European approval of Ibtrozi in 2027.

• Eisai will prioritize taletrectinib as its flagship oncology product in NSCLC in the EU and beyond.

• Anticipates further updates on the drug-drug conjugate platform by year-end 2026.