Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 125,391	$ 164,086
Accounts receivable, net of allowance for credit loss of $nil and $nil	22,723	16,076
Inventory	15,844	11,411
Prepaid expenses and other current assets	15,972	11,536
Marketable securities	408,338	365,125
Interest receivable on marketable securities	3,261	3,285
Total current assets	591,529	571,519
Property and equipment, net of accumulated depreciation of $1,260 and $1,184, respectively	535	564
Intangible assets, net of accumulated amortization of $2,315 and $1,856, respectively	10,755	11,214
Operating lease right-of-use assets	3,598	3,918
Other non-current assets	3,824	7,607
Total assets	610,241	594,822
Current liabilities:
Accounts payable	22,435	9,479
Current operating lease liabilities	1,838	1,880
Contract liabilities, current portion	8,651	7,515
Liability related to revenue interest financing agreement, current portion	7,944	9,585
Short-term borrowings	5,790	5,724
Accrued expenses	32,864	45,183
Total current liabilities	79,522	82,231
Warrant liability	0	2,865
Contract liabilities, net of current portion	9,743	11,305
Non-current operating lease liabilities	2,199	2,543
Non-current liability related to revenue interest financing agreement, net of deferred financing costs of $4,030 and $4,241, respectively	151,886	145,819
Long-term borrowings, net of deferred financing costs of $2,923 and $3,042, respectively	47,327	47,208
Total liabilities	290,677	289,106
Commitments and contingencies (Note 11)
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, 2026 and December 31, 2025 respectively 347,693,331 (Class A 346,693,331, Class B 1,000,000) and 346,503,675 (Class A 345,503,675, Class B 1,00,000) shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively.	1,431,214	1,421,273
Accumulated deficit	(1,109,973)	(1,115,370)
Accumulated other comprehensive income	(1,677)	(187)
Total stockholders' equity	319,564	305,716
Total liabilities and stockholders' equity	$ 610,241	$ 594,822

Nuvation Bio Inc. 10-Q