Nuvation Bio Q2 net loss $34.9M; restructures with 35% workforce cut

Nuvation Bio Inc.

2022-Q2 EPS reported -$0.26

Cash, equivalents, marketable securities $703.8M as of June 30, 2022; runway through 2028.
R&D expense $28.9M (up 106% YoY), G&A $8.9M (up 39% YoY) on higher headcount and stock comp.
Phase 1 monotherapy dosing underway for BET inhibitor NUV-868 in advanced solid tumors.
Appointed Dr. David Liu as CMO (July) and Kerry Wentworth as CRO (May) to Executive Committee.
Restructuring announced Aug 1, reducing workforce by 35% to cut costs and align with re-prioritized pipeline.

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