Nuvation Bio Announces Appointment of Dr. Robert Mashal to its Board of Directors

Nuvation Bio Inc. (NYSE: NUVB), a biopharmaceutical company tackling some of the greatest unmet needs in oncology by developing differentiated and novel therapeutic candidates, today announced the appointment of Robert Mashal, M.D. to its Board of Directors.

"We are delighted to have Dr. Mashal join our Board of Directors," said David Hung, M.D., Founder, President, and Chief Executive Officer of Nuvation Bio. "Robert is a seasoned biotech industry veteran and his experience as an investor, operator, and medical oncologist will provide us with valuable insights. We look forward to working with Robert to advance Nuvation's pipeline."

"Nuvation Bio is at the forefront of developing therapeutic candidates to treat the unmet need in oncology, highlighted by the company's novel drug-drug conjugate platform," said Robert Mashal, M.D. "I am excited to leverage my past experiences to help the Board and management bring innovative oncology therapeutics to patients."

Robert currently serves as a consultant to the life sciences industry. Previously, he was the Global Head of Strategy for the Immunology and Oncology franchises at Sanofi. Robert has worked as CEO of NKT Therapeutics and Alinea Pharmaceuticals, two venture capital backed life sciences firms. He was a partner at Boston Millennia Partners, a private equity firm, where he was on the Board of Directors of Glycofi, Cardiomems, and Sapphire Therapeutics. He served as a Program Executive at Vertex Pharmaceuticals, where he was on the Joint Steering Committee for the Vertex-Novartis kinase collaboration. He was also a consultant at McKinsey and Company. Prior to McKinsey, Dr. Mashal was a board-certified medical oncologist and received his training in internal medicine at the University of California, San Francisco, and in oncology at the Dana-Farber Cancer Institute. Dr. Mashal received his B.A. and M.D. degrees from Johns Hopkins University.

About Nuvation Bio

Nuvation Bio is a biopharmaceutical company tackling some of the greatest unmet needs in oncology by developing differentiated and novel therapeutic candidates. Nuvation Bio's proprietary portfolio includes mechanistically distinct oncology therapeutic product candidates, each targeting some of the most difficult-to-treat types of cancer. Nuvation Bio was founded in 2018 by biopharma industry veteran David Hung, M.D., who previously founded Medivation, Inc., which brought to patients one of the world's leading prostate cancer medicines. Nuvation Bio has offices in New York and San Francisco. For more information, please visit www.nuvationbio.com .

View source version on businesswire.com: https://www.businesswire.com/news/home/20240108092018/en/

Nuvation Bio Investor Contact:
ir@nuvationbio.com

Nuvation Bio Media Contact:
nuvation@argotpartners.com

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Nuvation Bio Announces Formation of Oncology-Focused Scientific Advisory Board

Scientific Advisory Board members bring significant global expertise in oncology drug and clinical development

Nuvation Bio Inc. (NYSE: NUVB), a biopharmaceutical company tackling some of the greatest unmet needs in oncology by developing differentiated and novel therapeutic candidates, today announced the formation of a Scientific Advisory Board. The Scientific Advisory Board will work alongside the Nuvation Bio management team to advance its pipeline of therapeutic candidates for some of the most difficult-to-treat cancers.

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Nuvation Bio Reports Fourth Quarter and Full Year 2023 Financial Results and Provides Business Update

Determined maximum tolerated dose (MTD) in Phase 1 monotherapy study of NUV-868; Phase 1b studies of NUV-868 in combination with olaparib or enzalutamide remain ongoing

Received U.S. Food and Drug Administration (FDA) clearance of Investigational New Drug (IND) application for NUV-1511, the first clinical candidate from our novel drug-drug conjugate (DDC) platform

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NanoXplore Receives TSX Approval for Normal Course Issuer Bid

NanoXplore Inc. (TSX: GRA) ("NanoXplore" or the "Corporation") is pleased to announce that the Toronto Stock Exchange (TSX) has approved the Corporation's request to adopt a normal course issuer bid (NCIB) program, through which NanoXplore may purchase, for cancellation, up to 5,936,205 common shares or approximately 5% of the public float (consisting of 118,724,119 common shares as of November 22, 2023, out of the 169,378,431 common shares issued and outstanding). The Corporation may purchase shares under the NCIB over a period of twelve months commencing on December 1, 2023 and ending November 30, 2024, when the bid expires. NCIB purchases are through the facilities of the TSX and certain Canadian Alternative Trading Systems and the price for any repurchased shares will be the prevailing market price at the time of the acquisition.

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NanoXplore to Host a Webcast to Discuss First Quarter Results on November 8, 2023

NanoXplore Inc. (" NanoXplore ") (TSX: GRA and OTCQX: NNXPF) is pleased to hold a webcast to discuss the results of its first quarter ended September 30, 2023, on Wednesday, November 8, 2023, at 8:30 a.m. Eastern Time. The financial results will be released on Tuesday, November 7, 2023, after the market close.

Details of the Q1 Webcast

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Nuvation Bio Inc. and Subsidiaries
Consolidated Balance Sheets
Unaudited
(In thousands, except share and per share data)	September 30,			December 31,
	2023			2022

Assets
Current assets:
Cash and cash equivalents	$	24,395		$	101,099
Prepaid expenses and other current assets		2,976			3,819
Marketable securities		594,944			559,915
Interest receivable on marketable securities		3,033			2,485
Total current assets		625,348			667,318
Property and equipment, net		764			894
Operating lease right-of-use assets		4,033			3,791
Lease security deposit		138			138
Other non-current assets		587			—
Total assets	$	630,870		$	672,141

Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$	2,373		$	2,139
Current operating lease liabilities		1,915			1,206
Accrued expenses		11,855			9,816
Total current liabilities		16,143			13,161
Warrant liability		590			850
Non-current operating lease liabilities		2,549			3,054
Total liabilities		19,282			17,065

Stockholders' equity
Class A and Class B common stock and additional paid in capital, $0.0001 par value per share; 1,060,000,000
(Class A 1,000,000,000, Class B 60,000,000) shares authorized as of September 30, 2023 and December 31, 2022,
218,944,053 (Class A 217,944,053, Class B 1,000,000) and 218,632,699 (Class A 217,632,699, Class B 1,000,000)
shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively		943,903			927,604
Accumulated deficit		(329,017	)		(267,002	)
Accumulated other comprehensive income		(3,298	)		(5,526	)
Total stockholders' equity		611,588			655,076
Total liabilities and stockholders' equity	$	630,870		$	672,141


Nuvation Bio Inc. and Subsidiaries

Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except per share data)	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022

Operating expenses:
Research and development	$	18,561		$	21,294		$	55,938		$	70,944
General and administrative		7,778			8,044			23,053			24,455
Total operating expenses		26,339			29,338			78,991			95,399

Loss from operations		(26,339	)		(29,338	)		(78,991	)		(95,399	)

Other income (expense):
Interest income		6,523			2,127			17,588			3,925
Investment advisory fees		(228	)		(263	)		(689	)		(647	)
Change in fair value of warrant liability		383			462			260			9,866
Realized gain (loss) on marketable securities		12			(191	)		(183	)		(1,099	)
Total other income (expense), net		6,690			2,135			16,976			12,045

Loss before income taxes		(19,649	)		(27,203	)		(62,015	)		(83,354	)

Provision for income taxes		—			—			—			—

Net loss	$	(19,649	)	$	(27,203	)	$	(62,015	)	$	(83,354	)
Net loss attributable to common stockholders
Net loss per share attributable to common stockholders, basic and diluted	$	(0.09	)	$	(0.12	)	$	(0.28	)	$	(0.39	)
Weighted average common shares outstanding, basic and diluted		218,935			218,300			218,842			216,123

Comprehensive loss:
Net loss	$	(19,649	)	$	(27,203	)	$	(62,015	)	$	(83,354	)
Other comprehensive loss, net of taxes:
Unrealized gain (loss) on available-for-sale securities		1,097			(1,139	)		2,228			(6,932	)

Comprehensive loss	$	(18,552	)	$	(28,342	)	$	(59,787	)	$	(90,286	)

Nuvation Bio Inc. and Subsidiaries
Consolidated Balance Sheets
Unaudited
(In thousands, except share and per share data)	June 30,			December 31,
	2023			2022

Assets
Current assets:
Cash and cash equivalents	$	50,065		$	101,099
Prepaid expenses and other current assets		3,531			3,819
Marketable securities		580,835			559,915
Interest receivable on marketable securities		2,795			2,485
Total current assets		637,226			667,318
Property and equipment, net		804			894
Operating lease right-of-use assets		3,242			3,791
Lease security deposit		138			138
Total assets	$	641,410		$	672,141

Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$	2,577		$	2,139
Current operating lease liabilities		1,283			1,206
Accrued expenses		9,553			9,816
Total current liabilities		13,413			13,161
Warrant liability		972			850
Non-current operating lease liabilities		2,393			3,054
Total liabilities		16,778			17,065

Stockholders' equity
Class A and Class B common stock and additional paid in capital, $0.0001 par value per share; 1,060,000,000
(Class A 1,000,000,000, Class B 60,000,000) shares authorized as of June 30, 2023 and December 31, 2022,
218,899,462 (Class A 217,899,462, Class B 1,000,000) and 218,632,699 (Class A 217,632,699, Class B 1,000,000)
shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively		938,395			927,604
Accumulated deficit		(309,368	)		(267,002	)
Accumulated other comprehensive income		(4,395	)		(5,526	)
Total stockholders' equity		624,632			655,076
Total liabilities and stockholders' equity	$	641,410		$	672,141

Nuvation Bio Inc. and Subsidiaries

Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except per share data)
	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022

Operating expenses:
Research and development	$	18,590		$	28,922		$	37,377		$	49,650
General and administrative		7,541			8,948			15,275			16,411
Total operating expenses		26,131			37,870			52,652			66,061

Loss from operations		(26,131	)		(37,870	)		(52,652	)		(66,061	)

Other income (expense):
Interest income		6,086			841			11,065			1,798
Investment advisory fees		(231	)		(215	)		(461	)		(384	)
Change in fair value of warrant liability		(265	)		3,080			(123	)		9,404
Realized loss on marketable securities		(99	)		(694	)		(195	)		(908	)
Total other income (expense), net		5,491			3,012			10,286			9,910

Loss before income taxes		(20,640	)		(34,858	)		(42,366	)		(56,151	)

Provision for income taxes		-			-			-			-

Net loss	$	(20,640	)	$	(34,858	)	$	(42,366	)	$	(56,151	)
Net loss attributable to common stockholders
Net loss per share attributable to common stockholders, basic and diluted	$	(0.09	)	$	(0.16	)	$	(0.19	)	$	(0.26	)
Weighted average common shares outstanding, basic and diluted		218,848			216,603			218,795			215,016

Comprehensive loss:
Net loss	$	(20,640	)	$	(34,858	)	$	(42,366	)	$	(56,151	)
Other comprehensive loss, net of taxes:
Unrealized (loss) gain on available-for-sale securities		(1,457	)		(761	)		1,131			(5,793	)

Comprehensive loss	$	(22,097	)	$	(35,619	)	$	(41,235	)	$	(61,944	)

Nuvation Bio Inc. and Subsidiaries
Condensed Balance Sheets
Unaudited
(In thousands, except share and per share data)	March 31,			December 31,
	2023			2022

Assets
Current assets:
Cash and cash equivalents	$	30,071		$	101,099
Prepaid expenses and other current assets		3,682			3,819
Marketable securities		616,538			559,915
Interest receivable on marketable securities		2,273			2,485
Total current assets		652,564			667,318
Property and equipment, net		838			894
Lease security deposit		138			138
Operating lease right-of-use assets		3,519			3,791
Total assets	$	657,059		$	672,141

Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$	2,945		$	2,139
Current operating lease liabilities		1,244			1,206
Accrued expenses		8,362			9,816
Total current liabilities		12,551			13,161
Warrant liability		708			850
Non-current operating lease liabilities		2,727			3,054
Total liabilities		15,986			17,065

Stockholders' equity
Class A and Class B common stock and additional paid in capital, $0.0001 par value per share; 1,060,000,000 (Class A 1,000,000,000, Class B 60,000,000) shares authorized as of March 31, 2023 and December 31, 2022, 218,803,722 (Class A 217,803,722, Class B 1,000,000) and 218,632,699 (Class A 217,632,699, Class B 1,000,000) shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively		932,739			927,604
Accumulated deficit		(288,728	)		(267,002	)
Accumulated other comprehensive income		(2,938	)		(5,526	)
Total stockholders' equity		641,073			655,076
Total liabilities and stockholders' equity	$	657,059		$	672,141

Nuvation Bio Inc. and Subsidiaries

Condensed Statements of Operations and Comprehensive Loss
(In thousands, except per share data)

For The Three Months Ended March 31,	2023			2022

Operating expenses:
Research and development	$	18,787		$	20,729
General and administrative		7,734			7,463
Total operating expenses		26,521			28,192

Loss from operations		(26,521	)		(28,192	)

Other income (expense):
Interest income		4,979			958
Investment advisory fees		(230	)		(169	)
Change in fair value of warrant liability		142			6,324
Net loss on marketable securities		(96	)		(214	)
Total other income (expense), net		4,795			6,899

Loss before income taxes		(21,726	)		(21,293	)

Provision for income taxes		—			—

Net loss	$	(21,726	)	$	(21,293	)

Net loss per share attributable to common stockholders, basic and diluted	$	(0.10	)	$	(0.10	)
Weighted average common shares outstanding, basic and diluted		218,741			213,411

Comprehensive loss:
Net loss	$	(21,726	)	$	(21,293	)
Other comprehensive loss, net of taxes:
Unrealized gain (loss) on available-for-sale securities, net		2,588			(5,032	)

Comprehensive loss	$	(19,138	)	$	(26,325	)

Nuvation Bio Inc. and Subsidiaries

Consolidated Balance Sheets (In thousands, except share and per share data)
	December 31,
	2023			2022

Assets
Current assets:
Cash and cash equivalents	$	42,649		$	101,099
Prepaid expenses		1,519			3,819
Marketable securities available-for-sale, at fair value		568,564			559,915
Interest receivable on marketable securities		3,702			2,485
Total current assets		616,434			667,318
Property and equipment, net		717			894
Lease security deposit		141			138
Operating lease right-of-use assets		3,605			3,791
Other non-current assets		587			—
Total assets	$	621,484		$	672,141

Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$	2,209		$	2,139
Current operating lease liabilities		1,972			1,206
Accrued expenses		9,793			9,816
Total current liabilities		13,974			13,161
Warrant liability		353			850
Non-current operating lease liabilities		2,035			3,054
Total liabilities		16,362			17,065

Stockholders' equity
Class A and Class B common stock and additional paid in capital, $0.0001 par value per share;
1,060,000,000 (Class A 1,000,000,000, Class B 60,000,000) shares authorized as of December 31, 2023
and December 31, 2022, respectively; 219,046,219 (Class A 218,046,219, Class B 1,000,000) and
218,632,699 (Class A 217,632,699, Class B 1,000,000) issued and outstanding as of December 31, 2023
and 2022, respectively		947,745			927,604
Accumulated deficit		(342,804	)		(267,002	)
Accumulated other comprehensive income (loss)		181			(5,526	)
Total stockholders' equity		605,122			655,076
Total liabilities and stockholders' equity	$	621,484		$	672,141

Nuvation Bio Inc. and Subsidiaries

Consolidated Statements of Operations and Comprehensive Loss (In thousands, except per share data)

	Three Months Ended December 31,						Years Ended December 31,
	2023			2022			2023			2022
Operating expenses:
Research and development	$	15,351		$	16,871		$	71,289		$	87,815
General and administrative		5,480			7,464			28,533			31,919
Total operating expenses		20,831			24,335			99,822			119,734

Loss from operations		(20,831	)		(24,335	)		(99,822	)		(119,734	)
Other income (expense):
Interest income		7,023			3,523			24,611			7,448
Investment advisory fees		(260	)		(225	)		(949	)		(872	)
Change in fair value of warrant liability		237			321			497			10,187
Realized gain (loss) on marketable securities		44			(129	)		(139	)		(1,228	)
Total other income (expense), net		7,044			3,490			24,020			15,535

Loss before income taxes		(13,787	)		(20,845	)		(75,802	)		(104,199	)
Provision for income taxes		—			—			—			—
Net loss	$	(13,787	)	$	(20,845	)	$	(75,802	)	$	(104,199	)

Net loss per share attributable to common stockholders, basic and diluted	$	(0.06	)	$	(0.10	)	$	(0.35	)	$	(0.48	)
Weighted average common shares outstanding, basic and diluted		218,993			218,497			218,880			216,721

Comprehensive loss:
Net loss	$	(13,787	)	$	(20,845	)	$	(75,802	)	$	(104,199	)
Other comprehensive loss, net of taxes:
Change in unrealized gain (loss) on available-for-sale securities, net		3,479			2,591			5,707			(4,341	)
Comprehensive loss	$	(10,308	)	$	(18,254	)	$	(70,095	)	$	(108,540	)

	Q1-2024		Q1-2023		Variation
	$		$		$		%

From Advanced materials, plastics and composite products
Revenues	28,914,101		27,232,525		1,681,576		6	%
Non-IFRS Measures:
Adjusted EBITDA *	170,654		(1,977,032	)	2,147,686		109	%

From Battery cells
Revenues	21,930		—		21,930		100	%
Non-IFRS Measures:
Adjusted EBITDA *	(618,986	)	—		(618,986	)	(100	%)

	Q1-2024	Q1-2023	Variation
	$	$	$	%

Revenues from customers	28,706,752	27,147,167	1,559,585	6	%
Other income	229,279	85,358	143,921	169	%
Total revenues	28,936,031	27,232,525	1,703,506	6	%

Nuvation Bio Announces Appointment of Dr. Robert Mashal to its Board of Directors

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