Nuvation Bio, Inc. (NUVB) saw its stock price plunge 5.18% on Tuesday, following a more dramatic pre-market drop of 13.29%, as investors digested the company's third-quarter 2025 financial results. Despite reporting better-than-expected revenue, the biotechnology firm's widening losses and surging expenses have significantly dampened investor sentiment.

According to the company's Q3 report, Nuvation Bio posted total revenue of $13.1 million, nearly doubling the analyst consensus estimate of $6.8 million. This includes net product revenue of approximately $7.7 million from IBTROZI, which began shipping to U.S. customers in June 2025. However, the positive revenue surprise was overshadowed by a net loss of $55.8 million, or $0.16 per share, compared to a loss of $41.2 million, or $0.15 per share, in the same period last year.

The wider loss can be attributed to increased operating expenses, which rose to $66.2 million, with selling, general, and administrative expenses nearly doubling to $37.4 million. Despite maintaining a strong cash position of $549.0 million, the market's negative reaction suggests investors are deeply concerned about Nuvation Bio's growing losses and the substantial increase in operating expenses as the company scales its commercial operations. The sell-off indicates that investors are prioritizing the bottom line over top-line growth, reflecting broader market sentiment towards biotech companies that are yet to demonstrate a clear path to profitability.