Nuvation Bio, Inc. (NUVB) saw its stock price plummet 13.29% in pre-market trading on Tuesday, following the release of its third-quarter 2025 financial results. Despite reporting better-than-expected revenue, the biotechnology company's widening losses and surging expenses appear to have significantly disappointed investors, leading to a sharp sell-off.

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 company reported 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.

The market's strongly 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. Despite beating revenue expectations and maintaining a strong cash position of $549.0 million, the widening losses and surge in expenses have raised questions about the company's path to profitability. 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 sustainable profitability.