Nuvation Bio, Inc. (NUVB) saw its stock price plummet 6.96% in Tuesday's trading session, despite reporting better-than-expected revenue for the third quarter of 2025. The biotechnology company's financial results, released after market close on Monday, revealed a mixed picture that appears to have disappointed investors.

According to the company's Q3 report, Nuvation Bio posted revenue of $13.1 million, significantly surpassing 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. This surge in expenses was primarily due to higher personnel-related costs, increased sales and marketing expenses, and investments in systems for the commercial launch of taletrectinib. Despite the revenue beat, the market's negative reaction suggests investors may be concerned about the company's growing losses and the substantial increase in operating expenses as Nuvation Bio scales its commercial operations.