What is Nuvation Bio's license — milestone received?

Nuvation Bio (NUVB) reported license — milestone received of $21.2M in Q4 2025.

What does license — milestone received mean?

This metric captures the cash or revenue recognized from milestone payments received from partners upon the successful completion of specific development or regulatory events. It serves as a validation of the clinical progress of the company's therapeutic candidates and provides non-dilutive capital to support ongoing operations. High levels of milestone receipts indicate successful execution of the company's R&D strategy and strong partner engagement.

Nuvation Bio NUVB License — Milestone Received

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INCYMilestone and contract revenues — Total revenues

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DNTHMilestone — Revenue Recognition Milestone Method Pending

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EXELLicense revenues — Revenue from contract with customer, commercial sales milestone

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Other financials

Income statement

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Revenue$83.2M+2,599%

Gross profit$9.8M+1,340%

Operating income$3.9M+107%

Net income$5.4M+110%

EPS (diluted)$0.01+106%

Balance sheet

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Cash & equivalents$125.4M+161%

Total debt$57.2M+401%

Total equity$319.6M-23.8%

Total assets$610.2M+23.9%

Cash flow

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Operating cash flow$5.1M+112%

CapEx$48.0K-33.3%

Free cash flow$5.0M+112%

Valuation

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Market cap$2.1B+150%

Enterprise value$2.03B+154%

P/S14.7×-62.0×

Profitability

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Gross margin54.3%+39.5pp

Operating margin-105%-52.0pp

Net margin-102.1%-50.6pp

FCF margin-93.5%-45.2pp

Returns & leverage

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Return on equity-39.5%-15.8pp

Debt / equity0.2×+0.2×

Current ratio7.4×-1.6×

Where this comes from

Reported directly by Nuvation Bio in its filing.

Tagged under the XBRL concept nuvb:MilestoneReceived.

The official record: Nuvation Bio’s 10-K, filed March 2, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Nuvation Bio's license — milestone received?: Nuvation Bio (NUVB) reported license — milestone received of $21.2M in Q4 2025.
What does license — milestone received mean?: This metric captures the cash or revenue recognized from milestone payments received from partners upon the successful completion of specific development or regulatory events. It serves as a validation of the clinical progress of the company's therapeutic candidates and provides non-dilutive capital to support ongoing operations. High levels of milestone receipts indicate successful execution of the company's R&D strategy and strong partner engagement.