Nuvation Bio Inc. (NUVB) saw its stock plummet 6.96% in trading, despite reporting better-than-expected third-quarter results. The biotech company's financial performance revealed a mix of positive and negative indicators, leading to a sell-off in the stock.

For the third quarter of 2025, Nuvation Bio reported earnings per share (EPS) of -$0.16, slightly better than the analysts' consensus estimate of -$0.17. The company's revenue surged to $13.1 million, significantly outpacing the expected $6.8 million. This revenue boost was partly attributed to the successful launch of IBTROZI, which generated approximately $7.7 million in net product revenue since its shipping began in June 2025.

However, investors seemed more focused on the company's widening losses. Nuvation Bio reported a net loss of $55.8 million for the quarter, a substantial increase from the $41.2 million loss in the same period last year. Operating expenses also climbed to $66.205 million, reflecting higher personnel-related costs, increased sales and marketing expenses, and investments in systems for the commercial launch of taletrectinib. Despite having a strong cash position of $549.0 million, the market's negative reaction suggests concerns about the company's path to profitability and increased spending.