NUVBNuvation Bio Inc.
Pharmaceutical Preparations
- Revenue
- $63M
- 699% YoY
- Operating margin
- -338.7%
- 96% YoY
- EBITDA
- −$211M
- 64% YoY
- Market cap
- $1.6B
- Employees
- 298
- $211K revenue each
- Net debt / EBITDA
- —
- −$16M net debt
- AI in 10-K
- 0.3
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 2 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo$4M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCYes57% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentYes78% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo$211K · 38th pctBottom quartile of its SIC industry
- Quiet on AIYes0.3 per 10K words · 15th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$1.6B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$9M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | — | — | $0 | $8M | $63M | 699% |
| Operating income | −$93M | −$120M | −$100M | −$593M | −$213M | 64% |
| Net income | −$87M | −$104M | −$76M | −$568M | −$205M | 64% |
| Operating cash flow | −$68M | −$96M | −$68M | −$130M | −$173M | 33% |
| Stock-based comp | $9M | $16M | $20M | $32M | $36M | 11% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Oct 18, 2024 | Omega Fund V, L.P. | SC 13D/A | 3.9% | Passive |
| Sep 10, 2024 | Decheng Capital China Life Sciences USD Fund III, L.P. | SC 13D | 0.4% | Passive |
| Mar 26, 2024 | Hung David | SC 13D/A | 27.7% | Passive |
| Feb 13, 2023 | Omega Fund V, L.P. | SC 13D/A | 6.9% | Passive |
| Feb 19, 2021 | Hung David | SC 13D | 27.4% | Passive |
| Feb 19, 2021 | Omega Fund V, L.P. | SC 13D | 13.0% | Passive |
Insider trading
- Open-market buys, 12 mo
- $118K · 1
- Open-market sells, 12 mo
- $9M · 16
- Net
- −$9M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $4M | $28M | 77 | — |
| FY2024 | $4M | $7M | 23 | — |
| FY2023 | $4M | $3M | 13 | — |