On August 3, 2023 Nuvation Bio Inc. (NYSE: NUVB), a biopharmaceutical company tackling some of the greatest unmet needs in oncology by developing differentiated and novel therapeutic candidates, reported its financial results for the second quarter ended June 30, 2023, and provided a business update (Press release, Nuvation Bio, AUG 3, 2023, View Source [SID1234633797]).
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"We continue to enroll patients in the Phase 1 and Phase 1b studies of NUV-868 where dose escalation is ongoing. We also look forward to expanding our pipeline as we progress our first nominated DDC clinical candidate toward an IND filing, which we expect by the end of 2023," said David Hung, M.D., Founder, President, and Chief Executive Officer of Nuvation Bio. "Lastly, we announced the formation of our Scientific Advisory Board, composed of leading experts in oncology drug and clinical development. We are excited to work alongside them to bring innovative new therapies to cancer patients."
Recent Business Updates
NUV-868, BD2-Selective BETi: Advanced solid tumors
Dosing underway in both regimens of the Phase 1b combination study. Nuvation Bio continues to enroll the Phase 1b study of NUV-868 in combination with olaparib in patients with ovarian cancer, pancreatic cancer, metastatic castration-resistant prostate cancer (mCRPC), triple negative breast cancer and other solid tumors, and in combination with enzalutamide in patients with mCRPC.
Dosing underway in the Phase 1 monotherapy study. Nuvation Bio continues to enroll the Phase 1 monotherapy study in advanced solid tumors.
Drug-Drug Conjugate Platform: Solid tumors
Nominated first clinical candidate. Nuvation Bio remains on track to submit an Investigational New Drug (IND) application for an undisclosed DDC candidate with the U.S. Food and Drug Administration by year end 2023.
Corporate Updates
Announced formation of oncology-focused Scientific Advisory Board. The Scientific Advisory Board will work alongside the Nuvation Bio management team to advance its pipeline of therapeutic candidates for some of the most difficult-to-treat cancers.
Second Quarter 2023 Financial Results
As of June 30, 2023, Nuvation Bio had cash, cash equivalents and marketable securities of $630.9 million. For the three months ended June 30, 2023, research and development expenses were $18.6 million, compared to $28.9 million for the three months ended June 30, 2022. The decrease was primarily due to a $0.7 million decrease in personnel-related costs driven by a headcount reduction as well as a $9.6 million decrease in third-party costs related to research services and manufacturing primarily due to the termination of the NUV-422 program.
For the three months ended June 30, 2023, general and administrative expenses were $7.5 million, compared to $8.9 million for the three months ended June 30, 2022. The decrease was primarily due to a $0.6 million decrease in insurance, a $0.6 million decrease in recruiting and computer expenses, a $0.6 million decrease in legal fees and a $0.2 million decrease in other professional fees offset by a $0.6 million increase in personnel-related costs driven by stock-based compensation and other benefits.
For the three months ended June 30, 2023, Nuvation Bio reported a net loss of $20.6 million, or $(0.09) per share. This compares to a net loss of $34.9 million, or $(0.16) per share, for the comparable period in 2022.