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Nuvation Bio DRIVEN BY SCIENCE FOCUSED ON LIFE August 2026
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Forward-looking statements 2 Certain statements included in this presentation (this “Presentation”) that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are sometimes accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements for the quarter regarding Nuvation Bio Inc. (“Nuvation Bio” or the “Company”) include, but are not limited to, statements regarding IBTROZI’s and safusidenib’s best-in-class therapeutic potential, IBTROZI’s commercial potential including its theoretical maximum ROS1+ NSCLC market opportunity based on IBTROZI’s median progression-free survival, safusidenib’s commercial potential, our development plans for safusidenib including our expectations that the SIGMA study may support approval of safusidenib for the maintenance treatment of IDH1-mutant astrocytoma with high- risk features and grade 3 oligodendroglioma, our plans to share new data and updates from our clinical programs including for taletrectinib and safusidenib programs, the potential of the DDC platform and our evaluation of DDC preclinical candidates, our expectations regarding regulatory and reimbursement developments, and strength of cash position providing a path to profitability without need to raise additional capital. These statements are based on various assumptions, whether or not identified in this Presentation, and on the current expectations of the management team of Nuvation Bio and are not predictions of actual performance. These forward-looking statements are subject to a number of risks and uncertainties that may cause actual results to differ from those anticipated by the forward-looking statements, including but not limited to the challenges associated with conducting drug discovery and commercialization and initiating or conducting clinical studies due to, among other things, difficulties or delays in the regulatory process, enrolling subjects or manufacturing or acquiring necessary products; the emergence or worsening of adverse events or other undesirable side effects; risks associated with preliminary and interim data, which may not be representative of more mature data; physician and patient behavior; and competitive developments. Risks and uncertainties facing Nuvation Bio are described more fully in its Form 10-Q for the quarter ended June 30, 2026, filed with the U.S. Securities and Exchange Commission (the “SEC”) on August 6, 2026 under the heading “Risk Factors,” and other documents that Nuvation Bio has filed or will file with the SEC. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this Presentation. Nuvation Bio disclaims any obligation or undertaking to update, supplement or revise any forward-looking statements contained in this Presentation.
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Nuvation Bio is focused on tackling the greatest challenges in cancer treatment 3 IBTROZI® (taletrectinib) is a next generation, potentially best-in-class ROS1 inhibitor approved for advanced ROS1+ NSCLC in the U.S., Japan, and China Global, commercial-stage oncology company focused on innovating and developing first- or best-in- class medicines for diseases that represent particularly large unmet patient needs Robust cash balance of approximately $661 million2 is expected to provide path to profitability without need for additional funding 1. Pivotal SIGMA study includes patients with grade 4 astrocytoma and patients with grade 2 or 3 astrocytoma with certain high-risk features; Grade 3 oligodendroglioma cohort is not pivotal. 2. Cash, cash equivalents, and marketable securities of $661.0 million as of June 30, 2026. This does not include $36.5 million of proceeds (net of fees and related reimbursements) secured in July 2026 from the exercise of the overallotment option related to our recent offering of convertible senior notes. Evaluating preclinical candidates from proprietary Drug-Drug Conjugate (DDC) platform; DDCs are designed to bind to two targets simultaneously Safusidenib is a potentially best-in-class, brain penetrant, IDH1 inhibitor being evaluated in studies across all grades and risk groups within the IDH1-mutant glioma landscape, including the pivotal SIGMA1 study
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Nuvation Bio is a commercial-stage company with a pivotal-stage pipeline program and novel preclinical platform 4EMA: European Medicines Agency; IDH1: mutant isocitrate dehydrogenase 1; MAA: Marketing Authorisation Application; MHLW: Ministry of Health, Labour and Welfare; NSCLC: Non-small cell lung cancer; NMPA: National Medical Products Administration; ROS1+: c-ros oncogene 1-positive. 1. Includes patients with grade 4 astrocytoma and patients with grade 2 or 3 astrocytoma with certain high-risk features. 2. Includes the Middle East, North Africa, Russia, Turkey, Canada, Australia, New Zealand, Singapore, the Philippines, Indonesia, Thailand, Malaysia, Vietnam, and India. Program Target Indication(s) Current Stage of Development Anticipated Milestones & Recent Updates Commercial Partners Preclinical Phase 1 Phase 2 Pivotal Approved Advanced ROS1+ NSCLC • Approved by the U.S. FDA, Japan’s MHLW , and China’s NMPA • MAA validated by the EMA • Enrolling TRUST-IV study for early-stage ROS1+ NSCLC Safusidenib (IDH1) IDH1-mutant glioma • Enrolling pivotal SIGMA study for astrocytoma with high-risk features1 and exploratory cohort for grade 3 oligodendroglioma • Initiating phase 3 study for grade 2 IDH1- mutant glioma outside the U.S. • Initiating phase 2 study post-vorasidenib N/A Drug-Drug Conjugate (DDC) platform Solid tumors • Currently evaluating preclinical candidates N/A (Europe & other2) (Japan) (Greater China) Approved for advanced ROS1+ NSCLC in the U.S., Japan, and China Multiple studies ongoing across the IDH1-mutant glioma landscape
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IBTROZI | ROS1i 5 Advanced ROS1+ NSCLC Approved by U.S. FDA in June 2025
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IBTROZI is a next generation, potentially best-in-class ROS1 TKI 6NDA: New Drug Application; FDA: Food and Drug Administration; TKI: Tyrosine kinase inhibitor. 1. IBTROZI prescribing information; Perol et al., Journal of Clinical Oncology, 2025. 2. Based on ~3,000 advanced ROS1+ NSCLC patients in the U.S. each year, gross price of IBTROZI of ~$350,000 per patient per year, and median progression-free survival of 46 months in TKI-naïve patients (Bazhenova, et al., AACR Annual Meeting, 2026 ). 3. IBTROZI U.S. net product revenue in 2025 of $24.7 million. • Line agnostic approved in the U.S. (June 11, 2025), Japan, and China for advanced ROS1+ NSCLC • NDA received Priority Review from the U.S. FDA following Breakthrough Therapy Designations in 1L & 2L • Annual Incidence: ~3,000 advanced ROS1+ NSCLC patients in the U.S. • Theoretical maximum gross market opportunity of ~$4 billion2 for IBTROZI • Since launch: ~760 new patient starts and ~$66m3 in U.S. net product revenue as of June 30, 2026 Global approvals • Potentially best-in-class efficacy and safety profile • Durable responses and prolonged progression-free survival • Highly brain penetrant and active against common mutations Differentiated profile1 Robust commercial opportunity
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Increasing number of patients starting IBTROZI in the first-line setting will support long-term revenue growth 7 ✓ ROS1 TKI market leader in first-line and overall new patients starts1 ✓ ~760 new patient starts since launch ✓ >85% of new patient starts were first-line in Q2 ‘26 ✓ First-line new patient starts grew ~30% from Q1 ‘26 to Q2 ‘26 ✓ Real-world KOL feedback in line with clinical trial results including manageable tolerability profile ✓ Broad and favorable coverage across the U.S. IBTROZI launch highlights IBTROZI launch trajectory As of June 30, 2026 New patient starts ~30% ~50%~40% First-line Second-line plus IBTROZI U.S. net product revenue ($M) Q3 ‘25 $7.7 Q1 ‘26 $18.5 Q4 ‘25: $15.7 % of NPS first-line First-line: Represents patients treated with IBTROZI as their first tyrosine kinase inhibitor (TKI); NPS: New patient starts; Second-line plus: Represents patients who have already received one or more TKIs prior to treatment with IBTROZI. Source: Nuvation Bio data on file. 1. Based on IQVIA Claims data from January to May 2026. ~200 ~200 ~200 ~160 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q2 ‘26 $23.2 ~85% First-line QoQ growth of ~30%
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ORR: confirmed Overall response rate; DOR: Duration of response; IC -ORR: Intracranial overall response rate; PFS: Progression fr ee survival. Note: These data are derived from different clinical studies, with differences in study design and patient populations. No head -to-head studies have been conducted. Comparisons in a head -to-head study may yield different results. 1. AU GTYRO prescribing information and Drilon et al., New England Journal of Medicine , 2024. 2. Drilon et al., JTO Clinical Research Reports , 2022. 3. XALKORI prescribing information and Shaw et al., Annals of Oncology , 2019. 8 The efficacy bar with other approved first-line ROS1 therapies was 79% ORR and 34-month median DOR prior to the approval of IBTROZI n ORR Median DOR Median PFS IC-ORR1 Study First-line (TKI-naïve) Repotrectinib1 Entrectinib2 Crizotinib3 TRIDENT-1 ALKA-372-001, STARTRK-1, STARTRK-2 PROFILE 1001 71 79% 34 months 36 months 89% (8/9) 168 68% 21 months 16 months 80% (20/25) 53 72% 25 months 19 months N/A
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IBTROZI’s first-line ORR is 90% and median DOR is 50 months – unmatched in advanced ROS1 NSCLC cORR: confirmed Overall response rate; DOR: Duration of response; IC -cORR: Intracranial confirmed overall response rate; JCO: Jo urnal of Clinical Oncology; PFS: Progression free survival. 1. Perol et al., Journal of Clinical Oncology , 2024; Median duration of follow -up of 20.7 months for the pooled data set. 2. IBTROZI prescribing information, excluding median PFS; I C-cORR is not broken out by TRUST -I and TRUST -II study in the IBTROZI prescribing information and includes patients who had measurable CNS metastases at baseline as assessed by BICR and had not received radiation therapy to the brain within 2 months prior to study entry; Median duration of follow -up of 40.9 and 20.5 months in TRUST-I and TRUST -II, respectively. 3. Bazhenova, et al., AACR Annual Meeting, 2026. 9 Pooled (JCO)1 TRUST-I (label)2 TRUST-II (label)2 n cORR Median DOR Median PFS IC-cORR 160 89% 44 months 46 months 77% (13/17) 103 90% Not Reached 45 months 88% (7/8) 54 85% Not Reached Not Reached 57% (4/7) June 2024 data cutoff October 2024 data cutoff Aug. 2025 data cutoff Pooled3 157 90% 50 months 46 months 77% (13/17)
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No drugs in solid tumor oncology have demonstrated the combined ORR and mDOR seen with IBTROZI in the first line (TKI-naïve) setting RETEVMO (selpercatinib)1 84% 22 months 20 months AUGTYRO (repotrectinib)2 79% 36 months 34 months ALECENSA (alectinib)3 79% 26 months < 18 months TAGRISSO (osimertinib)4 77% 19 months 17 months LORBRENA (lorlatinib)5 76% > 84 months NE XTANDI (enzalutamide)6 59% 20 months -- Program ORR mDOR: median Duration of response; ORR: Overall response rate; mPFS: median Progression-free survival. Note: Sorted by ORR; Each product is approved for use in their respective indications and the data shown are derived from different clinical studies with differences in cancer types, study design and patient populations. No head-to-head studies of IBTROZI to other products have been conducted. 1. RETEVMO prescribing information; Drilon et al., Journal of Clinical Oncology, 2022. 2. AUGTYRO prescribing information; Drilon et al., New England Journal of Medicine, 2024. 3. ALECENSA prescribing information. 4. TAGRISSO prescribing information; Soria et al., New England Journal of Medicine, 2018. 5. LORBRENA prescribing information; Mok et al., Journal of Clinical Oncology, 2026. 6. Beer et al., New England Journal of Medicine, 2014; Beer et al., European Urology (Final Analysis of PREVAIL study), 2016. mPFS mDOR 10
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ORR: confirmed Overall response rate; DOR: Duration of response; IC -ORR: Intracranial overall response rate; PFS: Progression fr ee survival. Note: These data are derived from different clinical studies, with differences in study design and patient populations. No head -to-head studies have been conducted. Comparisons in a head -to-head study may yield different results. 1. AU GTYRO prescribing information and Drilon et al., New England Journal of Medicine , 2024. 2. JIDEYTRO prescribing information. 11 The efficacy bar with other approved second-line ROS1 therapies is 49% ORR, 15-month median DOR, and 48% intracranial ORR n ORR Median DOR Median PFS IC-ORR1 Study 1 prior ROS1 TKI G2032R ORR TRIDENT-1 56 38% 15 months 9 months 38% (5/13) 59% (10/17) Zidesamtinib2 ARROS-1 117 49% N/A N/A 48% (24/50) 54% (14/26) Repotrectinib1
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cORR: confirmed Overall response rate; DOR: Duration of response; IC -cORR: Intracranial confirmed overall response rate; PFS: Pr ogression-free survival; TKI: Tyrosine kinase inhibitor. 1. Perol et al., Journal of Clinical Oncology , 2024; Median duration of follow -up of 21.0 months for the pooled data set. 2. IBTROZI prescribing information, excluding median PFS and media n DOR (median DOR excluded from the label due to immature follow -up); prescribing information includes response after resistance mutations in addition to G2032R (n=15); IC -cORR is not broken out by TRUST -I and TRUST -II study in the IBTROZI prescribing information and includes patients who had measurable CNS metastases at baseline as assessed by BICR and had not received radiation therapy to the brain within 2 months prior to study entry; Median duration of follow-up of 35.1 and 20.4 months in TRUST -I and TRUST -II, respectively. 3. Liu, et al., AACR Annual Meeting, 2026. 12 n cORR Median DOR Median PFS IC-cORR 113 56% 17 months 10 months 66% (21/32) 66 52% 13 months 8 months 75% (9/12) 113 56% 17 months 10 months 66% (21/32) G2032R cORR 62% (8/13) 62% (8/13) IBTROZI’s second-line ORR is 56%, median DOR is 17 months, and intracranial ORR is 66% – unmatched in advanced ROS1 NSCLC Pooled (JCO)1 TRUST-I (label)2 TRUST-II (label)2 June 2024 data cutoff October 2024 data cutoff Aug. 2025 data cutoff Pooled3 47 62% 19 months 12 months 50% (6/12) 62% (8/13)
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All other approved brain-penetrant ROS1 TKIs have CNS warnings and precautions in their labels – except IBTROZI ADR: Adverse reaction; TKI: Tyrosine kinase inhibitor. Note: These data are derived from different clinical studies, with dif ferences in study design and patient populations. No head -to-head studies have been conducted. Comparisons in a head-to-head study may yield different results. Sources: Warnings and precautions section of all FDA approved labels including: XALKORI prescribing information, ROZLYTREK prescribing information, AUGTYRO prescribing information, and JIDEYTRO prescribing information. 13 Approved ROS1 TKI Brain penetrant CNS label warning N/A CNS-related warning ADRs N/A • Patients experienced one or more events of cognitive impairment, including mood disorders, dizziness, and/or sleep disturbances • Patients experienced one or more events of dizziness, ataxia, and/or cognitive disorders • Patients experienced one or more events of dizziness, ataxia, cognitive and/or psychiatric disorders ✓ ✓ ✓ ✓ ✓ ✓
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IBTROZI’s safety profile is favorable as only 6.5% of 337 patients with ROS1+ NSCLC had a TEAE leading to drug discontinuation in pivotal studies 14 Adverse Reaction: n (%) Any grade Grade 1 Grade 2 Grade ≥3 Diarrhea 214 (64) 169 (50) 38 (11) 7 (2) Nausea 159 (47) 123 (36) 31 (9) 5 (1) Vomiting 146 (43) 114 (34) 27 (8) 5 (1) Dizziness 75 (22) 67 (20) 7 (2) 1 (0) Rash 75 (22) 43 (13) 26 (8) 6 (2) Constipation 71 (21) 61 (18) 10 (3) 0 (0) Fatigue 67 (20) 49 (15) 15 (4) 3 (1) Key takeaways from IBTROZI’s safety profile ALT: alanine aminotransferase; AST: aspartate aminotransferase; CPK: creatinine phosphokinase; TEAE: treatment -emergent adverse event. Source: IBTROZI prescribing information. Note: IBTROZI safety population includes 337 patients with ROS1+ NSCLC who received > 1 dose of IBTROZI (600mg). 1. The denominator used to calculate the rate varied from 149 to 336 based on the number of patients with a baseline value and at least one post -treatment value. • Discontinuation rate is lowest of approved ROS1 TKIs • 6.5% of patients discontinued at 11 months of treatment exposure • Only 1 patient (0.3%) discontinued due to the top 6 most common adverse events • Adverse event profile does not include persistent clinical issues that will impact uptake of IBTROZI • 1/337 patients discontinued due to increased AST/ALT • ~80% of diarrhea was grade 1, occurred within ~2 days of starting therapy, and resolved in ~1 day • >90% of dizziness was grade 1 and transient, lasting ~3 days, and label does not include CNS warning Lab Abnormality: n (%) Any grade Grade 1 Grade 2 Grade ≥31 AST increased 293 (87) 191 (57) 68 (20) 34 (10) ALT increased 284 (85) 170 (51) 70 (21) 44 (13) CPK increased 179 (53) 55 (37) 16 (11) 8 (5) Neutrophils decreased 81 (25) 37 (11) 26 (8) 18 (5) Select Adverse Reactions ≥20% Select Laboratory Abnormalities1 (Grade 3/4 ≥ 5%)
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ALT: Alanine aminotransferase; AST: Aspartate aminotransferase; TEAE: Treatment -emergent adverse event. Source: IBTROZI prescribing information and Li, et al., WCLC Presentation, 2025. Note: IBTROZI safety population includes 337 patients with ROS1+ NSCLC who received > 1 dose of IBTROZI (600mg). Please refer to the IBTROZI prescribing information f or additional safety data. TEAE Median Time to Onset (Days) Median Time to Resolution, (Days) Dose Interruption, n (%) Dose Reduction, n (%) Treatment Discontinuation, n (%) Increased AST 16 50 23 (7) 17 (5) 1 (0.3) Increased ALT 23 (7) 29 (9) Diarrhea 2 1 6 (2) 8 (2) 0 Nausea 2 3 5 (2) 4 (1) 0 Vomiting 3 1 10 (3) 5 (2) 0 Dizziness 34 3 2 (1) 1 (0.3) 0 IBTROZI is well-tolerated with only 1 of 337 patients (0.3%) discontinuing treatment due to the 6 most common adverse events seen in pivotal studies 15
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IBTROZI has 11 – 20x selectivity for ROS1 over TRKb in enzymatic assays and cell growth inhibition assays IC50 nM Fold selectivity CD74-ROS1 SLC34A-ROS1 GOPC-ROS1 ROS1 average ETV6-NTRK2 (TRKb) IBTROZI 1.7 11.1 3.8 5.5 103 19x Repotrectinib 0.8 6.5 2.2 3.2 3.3 1x IC50 nM Fold selectivity ROS1 TRKb IBTROZI1 0.207 2.28 11x IBTROZI2 0.073 1.47 20x Repotrectinib3 1.1 1.2 1x Kinase selectivity In vitro cell growth inhibition in ROS1 and TRKb-fusion driven cell lines 16 Source: Nuvation Bio internal preclinical research data on file; Katayama et al, Nature Communications, 2019. 1. ATP concentration at Km. 2. ATP concentration at 10 uM. 3. ATP concentration at 1 mM.
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ROS1+ NSCLC market represents a sizeable global commercial opportunity – IBTROZI now approved in U.S., Japan, and China 17 mPFS: median progression-free survival; TKI: tyrosine kinase inhibitor. 1. American Cancer Society (2025). 2. National Center for Biotechnology Information: Gendarme et al., Curr Oncol (2022). 3. Initially approved by U.S. FDA in 2011 for the treatment of patients with advanced or metastatic ALK-positive NSCLC; later approved in 2016 for the treatment of patients with metastatic ROS1+ NSCLC. 4. Approved by U.S. FDA in 2019 for the treatment of patients with metastatic ROS1+ NSCLC and the treatment of patients with neurotrophic tyrosine receptor kinase (NTRK) gene fusion without a known acquired resistance mutation. 5. Approved by U.S. FDA in 2023 for the treatment of patients with advanced or metastatic ROS1+ NSCLC. 6. National Cancer Center Japan (2019). 7. European Cancer Information Systems (2021). 8. Gao et al., J Thorac Oncol (2020). 9. Zhang et al., Thorac Cancer (2019). ~2,000-4,0001,2 ~2,600-5,2002,7 ~16,5008,9 ~1,000-2,0002,6 • NSCLC accounts for ~87%1 of all lung cancers • ROS1+ lung cancer represents ~2%2 of new NSCLC cases each year • There are three therapies other than IBTROZI approved in the U.S. to treat ROS1+ NSCLC: • Crizotinib (Pfizer, approved 20163) • Entrectinib (Roche, approved 20194) • Repotrectinib (Bristol Myers Squibb, approved 20235) 1st gen. 2nd gen. Key takeaways Estimated new cases per year
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18NSCLC: Non-small cell lung cancer. Note: Based on median progression-free survival demonstrated by IBTROZI in the first line setting (Pooled TRUST-I and TRUST-II data: Perol et al., Journal of Clinical Oncology, 2024). 1. Reflects midpoint of epidemiology assumptions based on ROS1+ lung cancer representing approximately 2% of new NSCLC cases annually ; American Cancer Society (2025), National Center for Biotechnology Information: Gendarme et al., Curr Oncol (2022). 2. Nuvation Bio pricing information. 3. Reflects full market potential for 10 of 12 months in final year given median progression -free survival of 46 months in the p ooled TKI -naïve dataset (Bazhenova, et al., AACR Annual Meeting, 2026). Theoretical maximum U.S. ROS1+ NSCLC market opportunity Year 1 Year 2 Year 3 Year 4 ~$1 billion 3,000 patients X $350k per year ~$1 billion 3,000 patients X $350k per year ~$1 billion 3,000 patients X $350k per year ~$800 million3 3,000 patients X $350k per year ~$1 billion 3,000 patients X $350k per year ~$1 billion 3,000 patients X $350k per year ~$1 billion 3,000 patients X $350k per year ~$1 billion 3,000 patients X $350k per year ~$1 billion 3,000 patients X $350k per year ~$1 billion 3,000 patients X $350k per year Total: ~$1 billion Total: ~$2 billion Total: ~$3 billion Total: ~$3.8 billion Key assumptions and commentary • Incidence: ~3,0001 advanced ROS1+ NSCLC patients in the U.S. each year based on current DNA testing (RNA + DNA testing will detect ~30% more ROS1 fusions) • Pricing: ~$350,0002 per year, based on gross IBTROZI annual price • Does not incorporate gross-to-net discounts, testing rates, product market share or other factors impacting potential revenue including product adoption, access and reimbursement, and persistency IBTROZI’s strong clinical profile turns the commercial opportunity from an incidence story to a prevalence story
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New NCCN Guidelines now include taletrectinib as a preferred therapy, while also contraindicating IO/chemo and recommending ROS1 TKIs for ROS1+ NSCLC Source: National Comprehensive Cancer Network 2026 and 2024. NCCN Guidelines 2024 NCCN Guidelines 2026 ROS1 Rearrangement: First Line Therapy ROS1 Rearrangement: First Line Therapy PD-L1 Positive (>1%): First Line Therapy PD-L1 Positive (>1%): First Line Therapy CONTRAINDICATIONS for treatment with PD-1/PD-L1 inhibitors may include active or previously documented autoimmune disease and/or current use of immunosuppressive agents; some oncogenic drivers (ie, EGFR exon 19 deletion or L858R; ALK, RET, or ROS1 gene fusions) have been shown to be associated with less benefit from PD-1/PD-L1 inhibitors. CONTRAINDICATIONS for treatment with PD-1/PD-L1 inhibitors may include active or previously documented autoimmune disease and/or current use of immunosuppressive agents; some oncogenic drivers (ie, EGFR exon 19 deletion or L858R, ALK rearrangements) have been shown to be associated with less benefit from PD-1/PD-L1 inhibitors. 19
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Based on its clinical profile, IBTROZI has the potential to multiply the size of the ROS1+ NSCLC market, similar to precedent growth seen in ALK and EGFR Precedent NSCLC markets (First line)1 ROS1+ NSCLC (First line)2 ALK+ NSCLC mo.: months; ORR: Overall response rate; mPFS: median Progression -free survival. Note: These data are derived from different cli nical studies, with differences in study design and patient populations. No head -to-head studies have been conducted. Comparisons in a head -to-head study may yield different results. 1. ALECENSA prescribing information (ALEX study results comparing alectinib to crizotinib); LORBRENA prescribing information; TAGRISSO prescribing information. 2. IBTROZI prescribing information and Li, et al., WCLC Presentation, 2025. EGFR+ NSCLC mPFS ORR 45 mo. – Not Reached 10 mo. 26 mo. 26 mo. NR @ 5-yrs 10 mo. 19 mo. mPFS 72% 79% 79% 76% 69% 77% 20 ORR 85% – 90%
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$15 $254 $405 $869 $1,268 $1,566 $1,780 $2,007 $2,276 $2,763 $689 $731 $727 $638 $521 $266 $6 $23 $39 $26 $17 $14 $11 $9 $3 $689 $731 $748 $915 $965 $1,161 $1,285 $1,580 $1,791 $2,016 $2,279 $2,763 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Osimertinib captured >95% market share after incremental, but meaningful improvements over 1st gen. TKIs; U.S. EGFR market has grown >3x since launch Total Net U.S. Revenue (EGFR+ NSCLC TKIs) Osimertinib Erlotinib Gefitinib Osimertinib approved in 1L setting Erlotinib patent expiry Osimertinib approved in 2L setting Osimertinib approved in adjuvant setting $ in millions Osimertinib TKI Market Share: Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 1% 21% 32% 61% 83% 92% 95% 95% 95-100% 21 Source: Evaluate Pharma, Earning Reports from AstraZeneca (osimertinib, gefitinib) and Roche (erlotinib) from 2013 to 2024. Note: Net revenue of afatinib is not available as Boehringer Ingelheim is a private company. Net revenue of dacomitinib in EGFR+ NSCLC is minimal and therefore not included in this analysis.
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Safusidenib | IDH1i 22 IDH1-mutant glioma Enrolling multiple studies across IDH1-mutant glioma landscape
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Safusidenib is a potentially best-in-class IDH1 inhibitor for IDH1-mutant glioma 23 BID: Twice -a-day dosing; CR: Complete response; IDH1: isocitrate dehydrogenase 1; RP2D: Recommended Phase 2 dose. 1. In August 2024, the U.S. FDA approved Servier Pharmaceutical’s vorasidenib for the treatment of IDH1- or IDH2-mutant grade 2 astrocytoma or oligodendroglioma following surgery. 2. In May 2024, Royalty Pharma agreed to acquire a 15% royalty on U.S. net sales of vorasidenib in low-grade diffuse glioma for $905 million from Agios Pharmaceuticals; Agios will retain 3% of the 15% royalty on sales above $1 billion and the right to receive a $200 million milestone payment from Servier Pharmaceuticals upon U.S. FDA approval. 3. Arakawa et al., Neuro-Oncology, 2025. 4 . Natsume et al., Neuro-Oncology, 2022; two complete responses represent one complete response in a grade 4 astrocytoma and one complete response in the target lesions of a grade 3 oligodendroglioma (with stable disease in non-target lesions). Nuvation Bio owns global rights • Acquired Japan rights from Daiichi Sankyo in April ’26 • AnHeart originally in- licensed worldwide rights ex-Japan in 2020 Vorasidenib has validated IDH1 as a target • 15% royalty on U.S. sales of vorasidenib acquired by Royalty Pharma for $905M2 • Early launch of vorasidenib has shown potential >$1B U.S. net sales run rate Unmet need in IDH1-mutant glioma • People diagnosed with IDH1- mutant glioma are in need of additional treatment options • Vorasidenib is approved to treat low-grade, but not high grade IDH-mutant glioma1 Safusidenib has shown a compelling profile • 36-month PFS rate of 79% in a Phase 2 low-grade study at RP2D (250mg BID)3 • Encouraging Phase 1 high- grade data including 2 CRs4 • Manageable and consistent safety profile
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The IDH1-mutant glioma market represents a sizeable commercial opportunity, particularly because patients can remain on therapy for years 24 Source: 2025 CBTRUS Statistical Report: Primary Brain and Other Central Nervous System Tumors Diagnosed in the United States in 2017–2021; UpToDate – a Wolters Kluwer Company. IDH-mutant glioma epidemiology overview • New cases per year: ~2,500 • IDH1 mutations make up >95% of IDH mutations • Median age at diagnosis: ~38 – 45 years old • Low-grade survival time: ~12 – 20+ years • High-grade survival time: ~2 – 14+ years Low grade ~51% High grade ~49% Annual Incidence: IDH-mutant glioma IDH-mutant glioma classification Low-grade: Grade 2 High-grade: Grades 3 – 4 Low- and high- grade can be further divided into low- and high-risk groups
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Safusidenib Patients with IDH1-mutant glioma are still in need of additional treatment options, especially those with high-risk and high-grade disease IDHi: IDH inhibitor; SoC: Standard of care; vora: VORANIGO (vorasidenib). 1. 2025 CBTRUS Statistical Report: Primary Brain and Other Central Nervous System Tumors Diagnosed in the United States in 2017–2021 (implied using 5-year total cases); 2. Reflects median overall survival statistics following standard of care therapy (pre-vorasidenib): Lasica et al., Neuro-Oncology, 2025; Wetzel et al., Neuro-Oncology, 2025; Pinson et al., Neuro-Oncology, 2024; Van den Bent et al., Lancet Oncology, 2026; Lassman et al., Journal of Clinical Oncology, 2022; Vaz-Salgado, et al., Brain Communications, 2025; Minniti et al., Neuro-Oncology, 2023; Karschnia et al., Lancet Oncology, 2025; Carstam et al., Neuro-Oncology, 2023; Ng et al., The Lancet Regional Health – Europe, 2024. 3. Mohile et al., Journal of Clinical Oncology, 2021; Blakeley et al., Journal of Clinical Oncology, 2025. 4. VORANIGO prescribing information. 25 Classification Grade and Risk High Low Grade 4 astrocytoma ~280 – 300 ~2 – 6+ years Radiation + chemotherapy -- • SIGMA (IDHi-naïve) Grade 3 astrocytoma ~490 – 520 ~12+ years Radiation + chemotherapy -- • SIGMA (IDHi-naïve) • Phase 2 (post-vora) Grade 3 oligodendroglioma ~380 – 400 ~12 – 14+ years Radiation + chemotherapy -- • Exploratory cohort (IDHi-naïve) • Phase 2 (post-vora) Grade 2 astrocytoma ~675 – 715 ~12 – 15+ years IDH inhibitor or radiation + chemotherapy VORANIGO (vorasidenib) • SIGMA (IDHi-naïve) • Phase 3 (IDHi-naïve) • Phase 2 (post-vora) Grade 2 oligodendroglioma ~540 – 570 ~13 – 20+ years IDH inhibitor or radiation + chemotherapy VORANIGO (vorasidenib) • Phase 3 (IDHi-naïve) • Phase 2 (post-vora) Incidence1 Approved IDHi4Median Survival2 SoC following surgery3
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SIGMA : Grade 3 IDH1-mutant oligodendroglioma Subgroup: High-grade, low-risk Setting: Post-surgery Key endpoints: ORR, Tumor growth rate Potential data update: 2027 26 1:1 Placebo BID (n=150) Safusidenib 250 mg BID (n=150) Safusidenib 250 mg BID (n=40) SIGMA (pivotal): High-risk IDH1-mutant astrocytoma Subgroup: High-grade, high-risk & low-grade, high-risk Setting1: Post-surgery, radiotherapy, and chemotherapy Key endpoints: PFS, ORR Potential data update: 2029 Announced in July 2026 Phase 3: Grade 2 IDH1-mutant glioma Subgroup: Low-grade, low-risk Setting: Post-surgery Key endpoints: PFS, ORR Potential data update: 2029 Announced in July 2026 Phase 2: Grade 2 or 3 IDH1-mutant glioma post-vora Subgroup2: Low-grade (all-risk) & high-grade, low-risk Setting: Post-surgery and vorasidenib Key endpoints: ORR, Tumor growth rate Potential data update: 2027 Safusidenib development plan now addresses all grades and risk groups across the IDH1-mutant glioma landscape BID: Twice -a-day dosing; ORR: Overall response rate; PFS: Progression-free survival; vora: VORANIGO (vorasidenib). Note: All clinical studies are for different types of IDH1-mutant glioma. 1. Maintenance setting after completing surgery, radiotherapy or chemoradiotherapy, and 6 to 12 cycles of adjuvant temozolomide. 2. Grade 3 (high-grade, low-risk) patients included to capture all patients that have progressed from grade 2 to grade 3 or received vorasidenib off-label. High-grade, high-risk High-grade, low-risk Low-grade, high-risk Low-grade, low-riskA B DC BA C D 1:1 Placebo BID (n=70) Safusidenib 250 mg BID (n=70) Safusidenib 250 mg BID (n=40) D C B
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Vorasidenib is the only IDH inhibitor approved for the treatment of IDH- mutant glioma – early launch suggests >$1 billion peak sales potential 27 • Servier acquired vorasidenib through its 2021 acquisition of Agios’ oncology business • In May ‘24, Royalty Pharma acquired Agios’ 15% royalty1 on U.S. net sales of vorasidenib for $905M • Implies vorasidenib valuation of ~$6 billion • Royalty Pharma forecasted peak U.S. net sales of >$1 billion at time of transaction • Vorasidenib was approved in August 2024 and has materially outperformed initial estimates2 Source: Royalty Pharma September 2025 investor presentation, Royalty Pharma and Agios Pharmaceuticals press releases at time of royalty transaction. 1. Agios will retain 3% of the 15% royalty on annual sales above $1 billion. 2. Vorasidenib U.S. net sales in Q3 & Q4 2025 implied based on Royalty Pharma portfolio receipts per SEC filings; consensus sales estimates derived from Royalty Pharma analysis of Agios analyst models at time of deal (May 2024). Vorasidenib U.S. launch U.S. net sales ($ in millions)2 Vorasidenib history Vorasidenib annual U.S. net sales approached $1 billion in 2025 Consensus (at time of RP deal) Vorasidenib U.S net sales $2 $3 $12 $12 -- -- -- $33 $130 $177 $223 ~$258 ~$312 ~$304 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26
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24 months: 62% 36 months: 52% CT: Chemotherapy; cORR: confirmed Objective response rate; PFS: Progression -free survival; RT: Radiotherapy. Note: These data are derived from different clinical studies, with differences in study design and patient populations. 1 . Cloughesy, et al., ASCO 2026; Includes patients with non -enhancing IDH1/2 -mutant grade 2 glioma (primary endpoint: PFS) . 2. Mellinghoff et al., Clinical Cancer Research , 2021; includes patients with enhancing IDH1/2 -mutant gliomas. Vorasidenib showed a 36-month landmark PFS of 52% in a pivotal study of low- grade lDH-mutant glioma; 0% cORR was reported in a phase 1 high-grade study Confirmed objective response rateProgression-free survival (INDIGO study)1 • Median PFS: 44.1 months • Median follow-up: 42 months • 12-month PFS rate: 77% • 24-month PFS rate: 62% • 36-month PFS rate: 52% Low-grade (non-enhancing) (vorasidenib n=168; placebo n=163) 28 Low-grade (non-enhancing) INDIGO study (n=168)1 Treatment following surgery (RT & CT naïve) High-grade (enhancing) Phase 1 study (n=30)2 Treatment of recurrent disease following surgery, RT & CT No confirmed responses 21% 0% 0% 20% 40% 60% cORR
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52% 17% 0% 20% 40% 60% cORR BID: Twice -a-day dosing; CR: Complete Response; CT: Chemotherapy; cORR: confirmed Objective response rate; PFS: Progression -free survival; PR: Partial response; RT: Radiotherapy. Note: These data are derived from different clinical studies, with differences in study design and patient populations. 1. Nuvation Bio data on file ( data cut off March 2024) ; includes patients with non -enhancing grade 2 IDH1-mutant glioma (primary endpoint: ORR). 2. Natsume et al., Neuro -Oncology, 2023; includes patients with enhancing IDH1 -mutant gliomas; two complete responses represent one complete response in a grade 4 astrocytoma and one complete response in the target lesions of a grade 3 oligodendroglioma (with stable disease in non -target lesions). Safusidenib has shown promising efficacy signals, including a 36-month landmark PFS of 79% in low-grade and 17% cORR including 2 CRs in high-grade IDH1-mutant glioma • Median PFS: Not reached • Median follow-up: 39 months • 12-month PFS rate: 96% • 24-month PFS rate: 88% • 36-month PFS rate: 79% Low-grade (non-enhancing) (n= 27; 250mg BID) 29 Confirmed objective response rateProgression-free survival (Phase 2 study)1 2 of 6 high-grade responses were CRs PRs: 11% CRs: 6% Low-grade (non-enhancing) Phase 2 study (n=27; 250mg BID)1 Treatment following surgery (RT & CT naïve) High-grade (enhancing) Phase 1 study (n=35)2 Treatment of recurrent disease following surgery, RT & CT 24 months: 88% 36 months: 79%
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TEAEs All Grades ≥ Grade 3 All Grades ≥ Grade 3 All TEAEs 45 (96) 20 (43) 27 (100) 10 (37) Alopecia 13 (28) 0 (0) 16 (59) 0 (0) Arthralgia 13 (28) 1 (2) 15 (56) 1 (4) Skin hyperpigmentation 25 (53) 0 (0) 14 (52) 0 (0) ALT increased 4 (9) 3 (6) 11 (41) 2 (7) Rash 11 (23) 0 (0) 10 (37) 0 (0) AST increased 3 (6) 2 (4) 9 (33) 1 (4) Pruritus 14 (30) 0 (0) 9 (33) 0 (0) Back pain 10 (21) 0 (0) 9 (33) 0 (0) Neutrophil count decreased 7 (15) 6 (13) 8 (30) 0 (0) Diarrhea 22 (47) 2 (4) 7 (26) 0 (0) Nausea 12 (26) 0 (0) 6 (22) 0 (0) Dry skin 10 (21) 0 (0) 4 (15) 0 (0) Headache 11 (23) 1 (2) 5 (19) 1 (4) COVID-19 0 (0) 0 (0) 7 (26) 0 (0) Upper RTI 0 (0) 0 (0) 6 (22) 0 (0) BID: Twice -a-day dosing; MOA: Mechanism of action; RTI: Respiratory track infection; TEAE: Treatment emergent adverse event. Sou rce: Nuvation Bio data on file (data cut off October 2024) and Natsume et al., Neuro- Oncology, 2023. Note: Good Clinical Practice (GCP) noncompliance issue regarding the collection of adverse events was identified duri ng the Phase 2 study. Therefore, all safety data presented is based on a subsequent re-investigation and re -collection of adverse events performed in strict accordance with the study protocol to ensure data integ rity. The GCP noncompliance issue related only to safety reporting. TEAEs were mostly mild to moderate and manageable, suggesting a favorable risk-benefit profile that allows for meaningful long-term disease control 30 Phase 1 (n=47) Phase 2 (n=27)≥20% of pts. in either study Key Observations Across Phase 1 and Phase 2 studies • Unique TEAEs (i.e. dermatologic) may suggest different pharmacological profile vs. other IDH inhibitors • No grade 5 events were reported In the Phase 2 study (250mg BID): • Only three patients (11%) had TEAEs that led to treatment discontinuation • Of these three patients, two TEAEs (7%) were considered related to drug, and both events resolved with dose interruption and appropriate management
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DDC Platform 31 Advanced solid tumors Evaluating preclinical candidates
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✓ Oral or IV delivery ✓ Improves therapeutic index vs. untargeted warhead IV delivery Limited to cell-surface targets Complex and expensive CMC Antibody-drug conjugate Nuvation Bio is developing a new type of targeted oncology candidate through its Drug-drug conjugate (DDC) platform 32 Drug-drug conjugates ✓ Tissue-selective targeting improves therapeutic index vs. untargeted warhead ✓ Binds intracellular and cell membrane targets ✓ Highly cell permeable ✓ Simpler and less expensive to manufacture Antibody-drug conjugates Drug-drug conjugates
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DDCs are designed to bind TWO different targets simultaneously 33 Two separate drugs with two separate targets Drug Target X Drug Target Y Drug X Drug Y Fuse Binding Domains Drug Target X Drug Target Y Drug X Drug Y
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Nuvation Bio is focused on tackling the greatest challenges in cancer treatment Nuvation Bio pipeline is led by safusidenib • Safusidenib | IDH1 inhibitor: Evaluating in studies across all grades and risk groups within the IDH1-mutant glioma landscape, including the pivotal SIGMA2 study • Drug-drug conjugate platform: Evaluating preclinical candidates Strong cash position provides path to potential profitability • Pro forma cash balance of $661 million1 • No need to raise additional capital to fund IBTROZI launch or pipeline programs Experienced biotech leadership team • Founded by Dr. David Hung, the founder and CEO of Medivation, who successfully developed and commercialized XTANDI® • Management team has broad expertise from development through commercialization 34 IBTROZI approved in the U.S., Japan, and China for advanced ROS1+ NSCLC (line agnostic) • Approved by the U.S. FDA on June 11, 2025 • ~760 new patient starts since U.S. approval • Approved by Japan’s MHLW in September 2025 • Approved by China’s NMPA in January 2025 1. Cash, cash equivalents, and marketable securities of $661.0 million as of June 30, 2026. This does not include $36.5 million of proceeds (net of fees and related reimbursements) secured in July 2026 from the exercise of the overallotment option related to our recent offering of convertible senior notes. 2. Pivotal SIGMA study includes patients with grade 4 astrocytoma and patients with grade 2 or 3 astrocytoma with certain high-risk features; Grade 3 oligodendroglioma cohort is not pivotal.