Nuvation Bio, Inc. (NUVB) saw its stock price plummet 5.22% 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 disappointed investors.

According to the company's Q3 report, Nuvation Bio posted total 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 and a strong cash position of $549.0 million, 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.