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Nuvation Bio (NYSE: NUVB) reported its Q1 2024 financial results, highlighted by the acquisition of AnHeart Therapeutics, transforming it into a late-stage oncology company. Updated data from the Phase 2 TRUST-I study of taletrectinib, a ROS1 inhibitor, will be presented at the 2024 ASCO Annual Meeting. The company also initiated a Phase 1/2 study of NUV-1511, a drug-drug conjugate for advanced solid tumors.
As of March 31, 2024, Nuvation Bio had $597.0 million in cash and securities. Q1 research and development expenses were $12.8 million, down from $18.8 million in Q1 2023, while general and administrative costs were $7.3 million, slightly down from $7.7 million. The net loss was $14.8 million, or $(0.07) per share, compared to $21.7 million, or $(0.10) per share, in Q1 2023.
