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On February 10, 2021, (the Closing Date ), Nuvation Bio Inc., a Delaware corporation ( Legacy Nuvation Bio ), Panacea Acquisition Corp. ( Panacea ), and Panacea Merger Subsidiary Corp, a Delaware corporation and a direct, wholly owned subsidiary of Panacea ( Merger Sub ) consummated the transactions contemplated by an Agreement and Plan of Merger among them dated October 20, 2020 ( Merger Agree…
The business is unprofitable at the operating level (-338.72% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 699.0% YoY with margins expanding 7188.6pp.
Negative free cash flow of -$181M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$143M
▲ +699.0% YoY
Net Income (TTM)
-$146M
▲ +64.0% YoY
Op. Margin
-104.99%
▲ +7188.6pp YoY
ROIC
-30.54%
▲ +46.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$126M
▼ -39.1% YoY
Op. Cash Flow (TTM)
-$126M
▼ -33.0% YoY
Net Debt
-$477M
Net Cash Position
Cash & Equiv.
$534M
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