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 deeply 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 strongly negative reaction suggests investors are deeply concerned about the company's growing losses and the substantial increase in operating expenses as Nuvation Bio scales its commercial operations. The steep pre-market decline indicates that the market is reassessing the company's path to profitability and its current valuation in light of these financial results.