By Elias Schisgall

Shares of Nuvation Bio fell after the oncology company said early sales of Ibtrozi, a lung-cancer drug that represents its only source of product revenue, showed a high rate of discontinuations.

The stock tumbled 26%, to $4.33, midday Tuesday. The stock has gained nearly one-and-a-half times its value in the past year.

Chief Commercial Officer Colleen Sjogren told analysts on a Monday call that three-quarters of Ibtrozi discontinuations from patients in the company's Nuvation Connect support program came from later-line populations.

She said it isn't unusual that the majority of patients early in an oncology launch are in need of a third or fourth medicine, which translates to a lower response and duration of treatment. Dicontinuations are expected to fall as the company moves Ibtrozi further up in the treatment paradigm, she said.

"By the end of 2026, we expect to see a more direct correlation between growth in new patient starts and growth in our revenue, as a larger portion of active patients treated with Ibtrozi shift to those who are newly diagnosed," Sjogren said.

Nuvation Bio began distributing Ibtrozi to customers in June. The company reported $15.7 million in Ibtrozi sales during the fourth quarter and $24.7 million in 2025 since the launch.

After the close on Monday, the New York company reported a loss of $36.6 million, or 11 cents a share, compared with a loss of $49.4 million, or 15 cents a share, a year earlier.

Analysts surveyed by FactSet were expecting a loss of $29.5 million, or 8 cents a share.

Revenue rose to $41.9 million from $5.7 million a year earlier and topped the $37.8 million of revenue analysts expected, according to FactSet.

Write to Elias Schisgall at elias.schisgall@wsj.com

(END) Dow Jones Newswires

March 03, 2026 12:13 ET (17:13 GMT)

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