Nuvation Bio commercially launched IBTROZI in the U.S. in June 2025, following FDA approval for adult patients with locally advanced or metastatic ROS1-positive (ROS1+) non-small cell lung cancer (NSCLC), generating $24.7 million in net product revenue for the year ended December 31, 2025. Taletrectinib (branded as IBTROZI in Japan and DOVBLERON in China) has also been approved by Japan's MHLW and China's NMPA for ROS1+ NSCLC, with commercialization handled by partners Nippon Kayaku Co., Ltd (NK) and Innovent Biologics (Suzhou) Co. Ltd. (Innovent), respectively. A new partnership with Eisai Co., Ltd. was announced in January 2026 for taletrectinib commercialization in Europe and other territories, including an upfront payment of €50 million and potential regulatory and sales milestones up to €120 million. Safusidenib, a novel mIDH1 inhibitor, is currently in a Phase 3 global study (SIGMA) for the maintenance treatment of high-risk or high-grade IDH1-mutant astrocytoma; positive Phase 2 results in Japan were published in November 2025, showing an objective response rate (ORR) of 44.4% in grade 2 IDH1-mutant gliomas. The company discontinued the development of NUV-1511, its first DDC clinical product candidate, in November 2025 due to inconsistent efficacy. Nuvation Bio reported a net loss of $204.6 million for the year ended December 31, 2025, an improvement from a net loss of $567.9 million in 2024. Total revenues increased significantly to $62.9 million in 2025 from $7.9 million in 2024, driven by IBTROZI sales and collaboration and license agreements revenue. Research and development expenses increased by $16.0 million to $115.1 million in 2025, while selling, general and administrative expenses increased by $82.3 million to $151.6 million, primarily due to commercial launch activities and stock-based compensation. The company secured $250.0 million in non-dilutive financing from Sagard in March 2025, consisting of a $150.0 million synthetic royalty financing and a $100.0 million senior secured term loan, with $200.0 million funded in June 2025. As of December 31, 2025, Nuvation Bio had $529.2 million in cash, cash equivalents, and marketable securities, and an accumulated deficit of $1,115.4 million. A derivative complaint filed by Tim Patterson against directors for alleged excessive compensation between 2021 and 2024 was voluntarily discontinued without prejudice on November 12, 2025. Several executive officers entered into Rule 10b5-1 trading plans in December 2025 for stock sales beginning in April 2026.