Nuvation Bio Q2 net loss $462.5M on $425.1M AnHeart charge; halts NUV-868 Phase 2

Nuvation Bio Inc.

2024-Q2 EPS reported -$2.06 revenue$1,435,000

Net loss of $462.5M ($1.89/share) vs. $20.6M ($0.09) Q2 2023; includes $425.1M acquired IPR&D charge from AnHeart acquisition.
Cash, equivalents, and marketable securities of $577.2M as of June 30, 2024.
R&D expenses $29.2M (up 57% YoY) and G&A $16.1M (up 115% YoY) partly due to AnHeart.
Decided not to initiate Phase 2 for NUV-868 in prior solid tumor indications; evaluating next steps.
Taletrectinib NDA planned in U.S. in 2025 based on pooled TRUST-I/II data at ESMO 2024; received FDA Orphan Drug Designation.

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