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Advanced measurement technology for future semiconductor devices



Advanced measurement technology for future semiconductor devices

IMAGE: The Ga2O3 semiconductor could pave the way for next-generation semiconductor devices. The use of terahertz (THz) waves to probe semiconductor properties in replacement of conventional yet invasive electrical measurements would…
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Credit: Osaka University

1. Key points of the work

    • – An emerging semiconductor for future power devices, beta-gallium oxide (β-Ga


    • O


    • ), was investigated using a technique called transmission terahertz time-domain spectroscopy (THz-TDS) for the first time

– The findings on the fundamental properties of β-Ga2O3 at THz frequencies are significant to the development of this semiconductor’s power electronic applications

– THz-TDS can be used as a noninvasive tool for the evaluation of electrical properties instead of conventional electrical measurements that degrade the semiconductor quality

2. Overview of the work

The β-Ga2O3 ultra-wide bandgap (UWBG) semiconductor [1,2] could revolutionize the power electronics industry with its superior material properties for efficient power conversion in comparison to current commercial semiconductors such as silicon carbide and gallium nitride (Figure 1). To develop electronic applications, material properties in the millimeter and terahertz wave regions must be elucidated. A research group including Associate Professor Makoto Nakajima, Verdad C. Agulto, Valynn Katrine Mag-usara of Osaka University, Toshiyuki Iwamoto of Nippo Precision Co., Ltd., Professor Yoshinao Kumagai, Associate Professor Hisashi Murakami, and Assistant Professor Ken Goto of Tokyo University of Agriculture and Technology employed a noninvasive technique called terahertz time-domain spectroscopy (THz-TDS) [3] to investigate β-Ga2O3 materials using THz waves [4] and demonstrated the viability of this tool for the practical evaluation of β-Ga2O3-based devices.

THz-TDS is used to measure the permittivity of a material–a fundamental property that describes how much electrical energy the material can store and is an important parameter relevant to power devices. The researchers determined the permittivity of β-Ga2O3 in the THz region using the THz-TDS technique. From the permittivity, they were also able to extract the electrical properties such as carrier density and resistivity with an accuracy that is comparable to conventional albeit invasive measurement methods used in the semiconductor industry. The researchers believe that the application of THz-TDS in semiconductor characterization would be advantageous towards the rapid development of β-Ga2O3 materials for future power devices.

The article, “Anisotropic complex refractive index of β-Ga2O3 bulk and epilayer evaluated by terahertz time-domain spectroscopy,” was published online in Applied Physics Letters on January 25, 2021, 11:00 AM Eastern Standard Time (January 26, 2021, 1:00 AM Japan Standard Time) at DOI:

3. Details of the work

Terahertz frequencies (about 100 GHz to 10 THz) lie between the microwave and infrared regions of the electromagnetic spectrum, with the frequency band around 100 GHz being considered as an ultra-high frequency region for the next-generation communication band also known as Beyond 5G/6G. By studying the interaction of semiconductors with THz radiation, various information about the semiconductor properties can be acquired. The THz-TDS investigation of β-Ga2O3 materials–semi-insulating bulk crystal and doped homoepitaxial film– was led by Associate Professor Makoto Nakajima of the Institute of Laser Engineering. The transmission of THz beam through the β-Ga2O3 materials was measured using the equipment developed by Nippo Precision Co. Ltd. (PNP) called Tera Prospector [5]. Since β-Ga2O3 is an anisotropic crystal (i.e., its properties vary along different crystal axes), the transmission measurements were done along two different crystal directions that are parallel to the a and b crystal axes. By evaluating the measured transmission, fundamental material properties such as the anisotropic complex refractive index [6] in the THz region were determined. The complex refractive index is in turn related to the material’s permittivity.

Using the THz-TDS technique, the researchers succeeded in obtaining the complex refractive index spectra in the terahertz band which is an ultra-high frequency region. Figure 2 shows the complex refractive index of the semi-insulating bulk crystal and the doped homoepitaxial film (or epilayer) in the THz region measured by THz-TDS. The semi-insulating β-Ga2O3 single crystal sample exhibits increasing refractive index with increasing frequency, which indicates the presence of phonon absorption in the infrared region. On the other hand, the n-type β-Ga2O3 epitaxial film exhibits increasing refractive index with decreasing frequency which is different from the semi-insulating sample. This increase in refractive index in the low-frequency side indicates absorption depending on the amount of carrier density in β-Ga2O3. By evaluating this low-frequency region, it is possible to obtain information on carrier density, carrier scattering time, and mobility. The results are summarized in Table I. It was found that the refractive index at 0.2 THz is 3.165 along a-axis and 3.231 along b-axis. The researchers used the Drude-Lorentz model [7] to analyze the experimental data. Using this model, they extracted the static permittivity [8] of β-Ga2O3 as well as the electrical properties of the doped epilayer. The static permittivity (dielectric constant at 0 Hz) was found to be 10.02 along a-axis and 10.43 along b-axis. A carrier density of 4.6 x 1017 cm-3, a mobility of 100 cm2 V-1 s-1, and a resistivity of 0.13 Ωcm were obtained for the n-type β-Ga2O3 epitaxial film. In device fabrication, the electrical properties of semiconductor films are tuned via doping (intentional addition of impurities). As such, the electrical characterization of doped films is imperative. Conventional electrical characterization techniques include the Hall method [9], where attachment of metal contacts is necessary, and capacitance-voltage (CV) measurements [10], which sometimes use toxic mercury (Hg) probes. These techniques, however, are becoming impractical for rapid device development because of their invasive nature and relatively time-consuming measurement. In this regard, THz-TDS is an attractive alternative to conventional methods because it is nondestructive and more straightforward as it doesn’t necessitate any type of electrical contacts or probes. By modelling the experimental refractive index derived from the THz-TDS measurements, the researchers were able to extract the electrical properties of the doped epilayer with good accuracy. The obtained electrical properties are closely comparable to the results of the conventional Hall measurement (Table I). These findings demonstrate that THz-TDS is a reliable and viable technique to replace conventional methods for the electrical characterization of β-Ga2O3 semiconductors.

In this work, the researchers reported the fundamental properties of β-Ga2O3 in the THz frequency region. Moreover, they demonstrated the noninvasive evaluation of electrical properties using the THz-TDS technique. Their findings have significant contribution to the rapid development of β-Ga2O3 devices and applications.


4. Glossary

(1) Gallium oxide (Ga2O3)

Ga2O3 belongs to a group of materials referred to as ultrawide bandgap semiconductors. It exists in various forms, but the most stable one is the β-Ga2O3 crystal structure. Research on β-Ga2O3 materials is a highly active area nowadays because the β-Ga2O3 semiconductor shows significant potential for high-power and high-voltage devices.

(2) Ultra-wide bandgap (UWBG) semiconductors

Semiconductors are often categorized according to their bandgap–a key property that determines their uses and applications. The conventional silicon (Si) semiconductor has a bandgap of 1.12 eV and is commonly used in integrated circuits. Wide-bandgap semiconductors have a larger bandgap, e.g., gallium nitride (GaN) and silicon carbide (SiC) which have bandgaps of 3.4 eV and 3.26 eV, respectively. Semiconductors with wider bandgaps are used in devices that need to operate at higher voltages and temperatures. UWBG semiconductors are those that have a bandgap larger than that of GaN, like β-Ga2O3 which has a bandgap of ~4.8 eV. Such materials are attractive for high-power and high-voltage applications.

(3) Terahertz time-domain spectroscopy (THz-TDS)

THz-TDS is a technique that probes material properties using terahertz waves. Unlike ultraviolet light or x-rays, terahertz radiation is nondestructive due to its lower energies. THz-TDS is widely used to characterize the dielectric and electrical properties of semiconductors and other materials in the far-infrared region.

(4) Terahertz wave (THz wave)

THz waves refer to electromagnetic waves with frequencies in the order of 1012 Hz, specifically in the wavelength region between 3 mm and 30 μm (0.1~10 THz). Aside from their scientific applications like material GFN, THz waves can also be used in technologies such as medical imaging, security screening, and telecommunications. With frequencies higher than radio waves, THz waves can pave the way for high-frequency operation devices and high-speed, ultra-high bandwidth communications. As such, THz is considered key to communication technologies beyond 5G/6G.

(5) Tera Prospector

Tera Prospector is a general-purpose THz time-domain spectrometer developed by Nippo Precision Co., Ltd. The complex refractive index/permittivity spectra in the terahertz region can be measured accurately using this equipment. In addition to Ga2O3, it can be used for other semiconductors such as Si, SiC and GaN.

(6) Complex refractive index

The complex refractive index is a material property that describes how light propagates through the material. The real part is the refractive index which is related to the speed of propagation, while the imaginary part is the extinction coefficient which indicates how strongly the light is attenuated as it propagates in the material. Light is attenuated when part of the energy is absorbed by the crystal atoms (phonon absorption) or by the free electrons in the material (free carrier absorption). The complex refractive index can also be expressed in terms of permittivity as a function of frequency.

(7) Drude-Lorentz model

The Drude-Lorentz model quantifies the dependence of the complex refractive index and permittivity on the frequency of light, taking into account the effects of phonons and free carriers. This model is commonly used in evaluating semiconductor materials.

(8) Static permittivity

The static permittivity refers to the permittivity at zero frequency or 0 Hz.

(9) Hall measurement

Hall measurement is a conventional characterization technique to measure the electrical properties of semiconductors. In the Hall method using van der Pauw configuration, current is applied and voltage is measured with the use metal contacts.

(10) Capacitance-voltage (CV) measurements

CV measurements are another conventional technique used to characterize the electrical properties of semiconductors and devices. In this measurement, voltage is applied then the capacitance of the material is measured with varying voltage with the use of electrodes.

About Osaka University

Osaka University was founded in 1931 as one of the seven imperial universities of Japan and is now one of Japan’s leading comprehensive universities with a broad disciplinary spectrum. This strength is coupled with a singular drive for innovation that extends throughout the scientific process, from fundamental research to the creation of applied technology with positive economic impacts. Its commitment to innovation has been recognized in Japan and around the world, being named Japan’s most innovative university in 2015 (Reuters 2015 Top 100) and one of the most innovative institutions in the world in 2017 (Innovative Universities and the Nature Index Innovation 2017). Now, Osaka University is leveraging its role as a Designated National University Corporation selected by the Ministry of Education, Culture, Sports, Science and Technology to contribute to innovation for human welfare, sustainable development of society, and social transformation.


60+ AAPI-Owned Fashion and Beauty Brands to Support and Shop Now



60+ AAPI-Owned Fashion and Beauty Brands to Support and Shop Now
aapiowned fashion and beauty brands

May is Asian American and Pacific Islander Heritage Month, and as such, it is an especially important opportunity to support brands that are crafted, designed, and founded by people of AAPI descent. Here we’ve rounded up of some of the most stylish and fabulous AAPI beauty, fashion, jewelry, and accessory brands to shop and support now and forever.

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Sandy Liang

A native of Bayside, Queens, Sandy Liang’s collections touch on her Chinese heritage while also fusing playful tomboyish separates.


Prabal Gurung

Beloved by the red carpet set, this Nepalese fashion designer is known for his innovative designs which are produced primarily local to NYC.


Jason wu

The Taiwanese-born designs are known for their sophistication and intricate crafting.


To it

The ultra-wearable and fashion forward designs from Adeam are the work of Tokyo-born designer Hanako.



Former winner of the 2014 CFDA Womenswear Designer of the Year Award, Altuzarra’s collections are best known for their fresh feminine spin on classic tailoring.


Anna Sui

The ’90s babydoll dress was practically invented by the perennially relevant Anna Sui.


Nells Nelson

Ultra-wearable knits and suiting are the name of the Nells Nelson game, for those who lean toward comfortable separates and sets.


Peter Do

Youthful and fresh, Peter Do made a name for himself working for the likes of both Derek Lam and Phoebe Philo.



Design trio Huy Luong, Dylan Cao, and Jin Kay sought to re-envision their Asian heritage through western dressing sculptures, modifying cuts from the 80s that their mothers used to wear.


Opening Ceremony

Opening Ceremony emerged on the scene in 2002, with their own fresh contemporary designs and also retail for other designers.


Derek Lam |

Born into a family that specialized in design, Lam launched his own brand known for sophisticated feminine silhouettes fused with a relaxed sensibility.



Thai-American designed Thakoon specializes in modern capsule wardrobe staples with a touch of elevated luxury.



NYC-based designer Jennifer Lyu’s collection of accessories are grounded in sustainability by using only excess materials.



Originally a menswear collection, Deveaux’s streetwear (designed by Matthew Breen and Andrea Tsao) seeks to recontextualize classic items through fit, fabrication, and silhouette.


Issey Miyake

If there is anything Tokyo-born designer Issey Miyaki is known for, it’s her technologically forward designs and signature pleating.



Vegan and plant-based formulations are how Superegg made their name—they’re even made to match an egg’s nutritional value. Egg has played a role in many Asian beauty practices throughout history, which founder Erica Choi sought to reflect.



JinSoon Choi’s eponymous nail collection (and salons in NYC) take high-tech polish fused with fashion-forward colors, to render her one of the most successful nail artists in the game.


Bibhu Mohapatra

Mohapatra grew up on the east Indian coast, and his designs reflect those sumptuous and colorful textures—particularly in evening wear and cocktail dresses.



Founded by a women-led team in NYC, the jade, agate, quartzite, and unique jewels made by Seree are ethically sourced across Asia and given a modern twist.


Naeem Khan

Indian American fashion designer Naeem Khan is known for his intricate evening wear and gowns.


Memorial Day

Crochet clothes and accessories worn by the likes of Ella Emhoff is made by FIT student Delsy Gouw.


Snow Xue Gao

Parsons graduate Snow Xue Gao focuses on East-meets-West and mixed media with her up-and-coming collection.


Paper Project

Paper Project’s speciality is clothing that is both comfortable and functional—and made from Japanese paper yarn, a practice that has been used in Japan for centuries.


Air Pop

Air Pop’s masks were designed to protect from not only airborne pathogens but also anthropogenic and ecological airborn threats too.



Chunks’ quirky and colorful accessories are responsibly made through a partnership with a Chinese manufacturer started by Seattle-based brand founder Tiffany Ju.



Pattaraphan’s brand mission is to work with Thai artisans and ethically sourced materials to create unpretentious jewelry that is reflective of Thai craftmanship.


Nana Jacqueline

LA-based contemporary collection, founded by two Chinese women, Nana and Jacqueline, aims to create a dual sense of lightness and bold sexiness with women’s clothing.


V Coterie

Leena Van Merkey founded V Coterie as a means of creating thoughtfully designed jewels that are made to be easily worn by healthcare professionals—artfully made jewels for those who care.


Bonbon Whims

Founded by Clare Ngai, Bonbon Whims helps underserved communities that are supported by organizations such as GirlTrek, Send Chinatown Love, and Stop AAPI Hate, with whimsical and and nostalgic jewels.


The Wobbles

The Wobbles crochet kits for beginners give users everything they need to make handmade gifts for loved ones.



Hand illustrated accessories and loungewear are founder Christina’s playful manifesto, at a friendly price point.


JW Pei

JW Pei specializes in ethical and sustainable vegan accessories with a modern and minimal aesthetic.



Founder Jessica Tse designs jewelry that is a quirky blend of New York taste and dolce vita wanderlust.



Made out of regenerated materials, Ookioh’s swimwear is inspired by the pleasure-seeking lifestyle of Edo-era Japan.



Rastah was founded to support underserved artisans, designers, and technical workers in the subcontinent.



Ethics meets aesthetics with Christina Tung’s SVNR, whose brand focuses on re-used, upcycled, and natural materials.



Abacaxi specializes in mindfully-made and boldly colored clothing that is inspired by travel, designed by South Asian American Sheena Sood.


Pink Moon

Founded by Lin Chen, Pink Moon is a sustainable beauty and wellcare brand that specializes in providing products for women at all phases of life.



ROAM has carved out a space in the footwear with their cool and sporty designs that are casual and elevated.


Kim Shui

A truly global transplant, with parents from Beijing and Sichuan and having grown up between the US and Rome, Kim Shui’s design is a reflection of the ability to assimilate diverse techniques into a clothing collage.


Private Policy

Genderless silhouettes and high quality fabrics combined with classic shapes for clothes that are both tactile and visually fun are the Private Policy signature.



Designer Kasuni Rathnasuriya embraces the heritage and style of old Ceylon to incorporate artisanal handmade lace to contemporary design with two main collections each year.



Designed in NYC and crafted in Italy, Senreve is known for accessories made for a modern and professional woman.



Wishbone’s relaxed contemporary line was created to help aid the drug epidemic by supporting drug prevention non-profits and organizations.


Sundae School

Based in NYC, Sundae School is a brand of boutique smokewear.


3.1 Phillip Lim

Street elegance is the name of the game for Philip Lim’s eponymous line, which first hit the scene in 2005.


Prim Botanicals

Prim Botanicals (founded by a Filipino-born New York native) makes delicious smelling skincare that is just as yummy as it is good for your complexion. And they’re members of 1% for the Planet, too.


Vera Wang

New York based designer Vera Wang is a fashion institution, known for exquisite red carpet gowns and bridal dresses.



NY-based Social-Work was founded around creating functional and androgynous designs, subverting classical styles, and workwear basics.


Chop Suey Club

Chop Suey is a downtown New York boutique which focuses on contemporary Chinese designs, arts, and culture, with the aim of making Chinese culture available to more audiences.


Grace Lee

Grace Lee designs everyday fine jewelry with ethical and conflict free diamonds made to be stacked and layered.


Neha Dani

Naja Dani is known for her jewels’ spectacular and sculptural movement in design.


Sanjay Kasliwal

A storied heritage of jewelry design is reflected in the spectacular gemstones in this designer’s repertoire.



Kamal’s keepsake pieces are minimal and simply adorned—and meant to pass on.



Consciously crafted meaningful jewelry that is as reflective of the craftsman as it is the wearer.



Mizuki’s delicate pearl designs stand in a fresh and modern class of their own.


Anita Ko

Anita Ko’s design ethos is feminine sophistication with a fresh twist—and an aim to be worn from day to day.


Nam Cho

Nam Cho favors bright and fresh jewels and gemstones, for a presentation and design signature that is unlike anything on the market.


Kavant & Sharart

Designed and founded by a couple, Kavant & Sharart makes baubles that are made to not only reflect exquisite craftsmanship, but also the personality of the wearer, meant to be passed down through generations.



Katherine Kim is known for her simple design, clean designs, and unexpected silhouettes.



Mejuri fine jewelry is famously without a markup, and made with selective materials that everyone can feel good about.


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Nuvation Bio Reports First Quarter 2021 Financial Results and Provides Business Update



Nuvation Bio Reports First Quarter 2021 Financial Results and Provides Business Update

NEW YORK, May 17, 2021 /PRNewswire/ — 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 reported its financial results for the first quarter ended March 31, 2021, and provided a business update.

“Nuvation Bio continues to make meaningful progress on advancing our deep pipeline of therapies for difficult-to-treat cancers and remains on track to submit five additional Investigational New Drug (IND) applications by 2026,” said David Hung, M.D., founder and chief executive officer of Nuvation Bio. “We also continue to enroll and dose patients in our Phase 1/2 study of NUV-422, our lead cyclin-dependent kinase (CDK) 2/4/6 inhibitor, in high-grade gliomas and expect top-line data from the Phase 1 portion of this study in 2022. Our strong cash, cash equivalents and marketable securities of $824.7 million at the end of the first quarter provides us sufficient resources to continue to execute on our robust clinical development plan and grow our pipeline of novel and mechanistically distinct cancer treatments.”

Recent Business Highlights

  • Enrollment ongoing in Phase 1/2 study of NUV-422. Nuvation Bio continues to enroll and dose patients in the Phase 1/2 study of its lead investigational compound, NUV-422, a CDK 2/4/6 inhibitor, in adult patients with recurrent or refractory high-grade gliomas, including glioblastoma multiforme (GBM). The Phase 1 dose escalation portion of the study is designed to evaluate safety and tolerability, as well as to determine a recommended Phase 2 dose based on the tolerability profile and pharmacokinetic properties of NUV-422. The Phase 2 dose expansion portion of the study is expected to initially focus on patients with high-grade gliomas and is designed to evaluate overall response rate, duration of response and survival. Data from the Phase 1 portion of this study is expected in 2022.

First Quarter 2021 Financial Results

As of March 31, 2021, Nuvation Bio had cash, cash equivalents, and marketable securities of $824.7 million.

For the three months ended March 31, 2021, research and development expenses were $15.9 million, compared to $7.3 million for the three months ended March 31, 2020. The increase of $8.6 million was due to an increase in third-party costs related to research services and manufacturing to advance our current preclinical programs and Phase 1/2 clinical trial. Also, the current period includes approximately $3.7 million related to the issuance of common stock as consideration for the purchase of in-process research and development.

For the three months ended March 31, 2021, general and administrative expenses were $4.6 million, compared to $1.9 million for the three months ended March 31, 2020. The increase of $2.7 million was due to increased personnel-related costs driven by an increase in headcount, as well as increases in professional fees, insurance costs and tax expense.

For the three months ended March 31, 2021, Nuvation Bio reported a net loss of $20.4 million, or $(0.12) per share. This compares to a net loss of $8.7 million, or $(0.10) per share, for the comparable period in 2020.

Restatement of Panacea Financial Statements

Nuvation Bio also announced that, as reported in a Current Report on Form 8-K filed with the SEC on May 14, 2021, as a result of guidance provided by the SEC on April 12, 2021 regarding the accounting for warrants issued by special purpose acquisition companies (SPACs), it is restating the previously issued 2020 consolidated financial statements of Panacea Acquisition Corp. (Panacea). Panacea combined with Nuvation Bio Inc. (Legacy Nuvation Bio) and changed its name to Nuvation Bio Inc. on February 10, 2021 (the Merger).

The restatement pertains to the accounting treatment for Panacea’s public and private placement warrants that were outstanding on December 31, 2020, as well as the forward purchase agreement (the “FPA”) with certain anchor investors, which provided for the potential future issuance of securities, including additional warrants. Consistent with market practice among SPACs, Panacea had been accounting for the warrants and the FPA as equity under a fixed accounting model. However, in light of the recent SEC guidance, we are restating Panacea’s historical financial statements for the year ended December 31, 2020 such that the warrants and the FPA are accounted for as liabilities and marked-to-market each reporting period. In general, under the mark-to-market accounting model, we measure the fair value of the liability-classified warrants and the FPA at the end of each reporting period and recognize any changes in their fair value in our operating results. As of December 31, 2020, Panacea had 4,954,167 warrants outstanding and subject to reclassification. Upon completion of the Merger, an additional 833,333 warrants were issued pursuant to the FPA.

The change in accounting treatment does not impact the historical financial statements of Legacy Nuvation Bio, which became the historical financial statements of the combined company upon completion of the Merger. In addition, Nuvation Bio currently expects that the reclassification of the warrants will have no impact on the liquidity or cash or cash equivalents in the historical financial statements of Panacea.

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 six novel and 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

Forward Looking Statements

Certain statements included in this press release 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 include, but are not limited to, statements regarding the potential therapeutic benefit of Nuvation Bio’s product candidates, expected future IND filings, the expected timing of clinical trial data and the expected impact of the restatement of Panacea’s 2020 financial statements. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the management team of Nuvation Bio and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Nuvation Bio. Forward-looking statements are subject to a number of risks and uncertainties, including those factors discussed in the Quarterly Report on Form 10-Q filed with the SEC on or about May 17, 2021, in the section titled “Item 1A. Risk Factors,” and other documents that Nuvation Bio has filed or will file with the SEC. If any of these risks materialize or Nuvation Bio’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Nuvation Bio does not presently know, or that Nuvation Bio currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Nuvation Bio’s expectations, plans or forecasts of future events and views as of the date of this press release. Nuvation Bio anticipates that subsequent events and developments will cause Nuvation Bio’s assessments to change. However, while Nuvation Bio may elect to update these forward-looking statements at some point in the future, Nuvation Bio specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Nuvation Bio’s assessments of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Nuvation Bio Investor Contact:
[email protected]

Nuvation Bio Media Contact:
Argot Partners
Leo Vartorella
[email protected]

NUVATION BIO INC. and Subsidiaries

Condensed Balance Sheets

‘(In thousands, except share and per share data)

March 31,

December 31,




Current assets:

Cash and cash equivalents

$    638,904

$             29,755

Prepaid expenses



Marketable securities available-for-sale, at fair value



Interest receivable on marketable securities



Deferred financing costs


Total current assets



Property and equipment, net



Other assets:

Lease security deposit



Total assets

$    832,059

$           221,792

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable

$        6,003

$               2,171

Accrued expenses



Total current liabilities



Warrant liability


Deferred rent – non current



Total liabilities



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 shares authorized as of March 31, 2021 (Class A 1,000,000,000, Class B 60,000,000)

and 1,174,094,678 shares authorized as of December 31, 2020 (Class A 880,000,000, Class B 294,094,678);

217,650,055 (Class A 216,650,055, Class B 1,000,000) and 149,042,155 (Class A 91,397,142,

Class B 57,645,013) issued and outstanding as of March 31, 2021 and December 31, 2020, respectively



Accumulated deficit



Accumulated other comprehensive income



Total stockholders’ equity



Total liabilities and stockholders’ equity

$    832,059

$           221,792

NUVATION BIO INC. and Subsidiaries

Condensed Statements of Operations and Comprehensive Loss

(In thousands, except share and per share data)

For The Three Months Ended March 31,



Operating expenses:

Research and development

$       15,879

$       7,295

General and administrative



Total operating expenses



Loss from operations



Other income (expense):

Interest income



Investment advisory fees



Change in fair value of warrant liability


Realized gain on marketable securities



Total other income (expense)



Loss before income taxes



Provision for income taxes

Net loss

$     (20,402)

$     (8,746)

Net loss attributable to common stockholders

Net loss per share attributable to common stockholders, basic and diluted

$        (0.12)

$       (0.10)

Weighted average common shares outstanding, basic and diluted



Comprehensive loss:

Net loss

$     (20,402)

$     (8,746)

Other comprehensive income, net of taxes:

Change in unrealized (loss) gain on available-for-sale securities



Comprehensive loss

$     (20,978)

$     (7,927)

SOURCE Nuvation Bio, Inc.

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Get to Know the 12- Player Beach Soccer National Team



Get to Know the 12- Player Beach Soccer National Team


GOALKEEPERS (2): 1-Chris Toth (San Marcos, Calif., 12-Esteban Sapetnitzky (Miami, Fla.)

2-Jason Santos (Cardiff-By-Sea, Calif.), 3-David Mondragon (Santa Cruz, Calif.), 5-Nicolas Perea (Hollywood, Fla.), 10-Gabe Silveira (San Francisco, Calif.)

4-Fredo Dilbert (Miami, Fla.), 6-Chris Albiston (Virginia Beach, Va.),7-Nick Perera (Carlsbad, Calif.), 8-Alessandro Canale (Venice, Calif.) 9-Antonio Chavez (Oceanside, Cali.), 11-Conner Rezende (Davie, Fla.)

Head Coach: Francis Farberoff (Miami, Fla.)

Assistant Coach: Ben Astorga (Miami, Fla.)

Performance Coach: Daniel Wartner (Atlanta, Ga.)


Jersey #, Name, Position, Age, Height, Weight, Hometown


Born August 4, 1989 in San Diego, Calif…is a third generation goalkeeper: grandfather György was well-known pro outdoor player in Hungary…father, Zoltan, also a former Hungarian international, defected to the USA and became a legend in the pro indoor game with the San Diego Sockers…Born with a rare heart condition that required surgery at birth, Chris attended Fallbrook HS and was a field player until doctors discover that he would need another heart procedure…following surgery was advised to consider less running – and so he turned to goalkeeping…played one year at Mira Costa College before turning pro and has been one of the top goalkeepers in both pro indoor and international beach soccer for several years…has played in the MASL with San Diego, Ontario and Tacoma, winning three Goalkeeper of the Year awards…has played Beach with clubs in Spain and Hungary, and has been named Top 50 Beach Soccer Players in the world three times…member of the U.S. Beach NT at the 2013 and 2019 (1 goal) FIFA Beach Soccer World Cups… has six career WCQ goals in four Concacaf Championships: 1 in 2013, 2 in 2015, 3 in 2017, 0 in 2019…WATCH: 12 STORIES PROFILE…IG: @christoth31


Born June 29, 1988 in Southern California…has Spanish and Mexican ancestry…played at La Costa Canyon High School (league All-American) and club with Surf Soccer in Del Mar, Calif…played at UC Davis, graduating with a degree in Civil and Environmental Engineering…had tryouts in Mexico and Spain, and pro indoor stint with San Diego Sockers…while always into his studies and soccer, enjoys the surf and the snow with the occasional attempts to learn how to fly through skydiving…made his Beach NT debut against Japan in the 2014 Portugal Mundialito…next month scored hat trick against Brazil in Florida…member of USA teams at the 2015, 2017 (2 goals) and 2019 Concacaf Championships and 2019 FIFA Beach Soccer World Cup (1 goal)…is a Civil Engineer in San Diego…volunteers his time helping teach land development to high school and college students…WATCH: 12 STORIES PROFILE…IG: @sandtoesesq


Born Oct. 18, 1991 in Santa Cruz, Calif… Nicknamed ‘GuI was,’…parents are from Mexico…Played club with Santa Cruz County Breakers and De Anza Force, and briefly at Cabrillo College…was introduced to beach soccer at age 13 and influenced by former U.S. Beach MNT players Jevan Albuquerque and Yuri Morales…paid his way to tryout with U.S. Beach MNT but was not selected…later was on a club team that scrimmaged the USA and caught coach’s eye after scoring twice…debut with Beach MNT in 2017 Puerto Vallarta Cup against France…first goal was against Colombia, and also scored against Mexico – celebrating by doing the CauhtemIt’smoc Blanco pose (his idol)…scored 3 goals at the 2019 Concacaf Beach Soccer Championship and was member of the USA team at the 2019 FIFA Beach Soccer World Cup…WATCH: 12 STORIES PROFILE… IG: @wedventures

#4 FREDO DILBERT | FORWARD | 23 | 5-9 | 140 | MIAMI, FLA.

Born Nov. 25, 1997 in Miami…full name is Wilfredo Antonio Ramos Dilbert…mom Alicia Hodgson is from Honduras…dad Erich Kuhnke is born in Miami but raised in Germany and played for Frankfurt’s reserve team and in the beach soccer circuit for over 20 years…was always home-schooled, and played for Sports Leadership & Management High School in Miami…played club with Miami Shores, and began playing beach soccer at age 14…was recruited to play at Florida Gulf Coast Univ but did not attend…briefly attended and played at Palm Beach Atlantic Univ…had 1.5 month trial at Fortuna Dusseldorf and continues to pursue a career in beach soccer….earned first Beach NT cap against Iran at the 2018 Intercontinental Cup in Dubai…was among the final 15 player pool for the 2019 FIFA Beach Soccer World Cup but did not make the final 12-player roster…IG: @fredoad


Born August 6, 1992 in in Bucaramanga, Colombia…friends refer to him as Nico (“Neeko”)…moved to USA when he was seven…bilingual ENG/ESP… played club at Weston FC…played four years at Syracuse University, first Orangemen men’s soccer team to qualify for NCAA College Cup tournament…made Sweet 16 as sophomore year…graduated with Psychology degree…played with Jacksonville Armada and Rio Grande Valley…was identify by Beach MNT coach Farberoff during 2018 camp in Ft. Lauderdale…first Beach NT camp was January 2019…joined Indy Eleven for 2019 season…assists IG influencer and girlfriend Taylor Dante with handle @taystytravels with creative content and logistic…IG: @nicolasperea


Born Sept. 26, 1992 in Virginia Beach… played club soccer with Beach FC…played at Frank W. Cox High School, helping team to 25-0 record and a No.1 national ranking per in 2010…back-to-back state champs (2009 and 2010)…played four years at William & Mary University, graduating in 2015…then attended four years at Univ. of Richmond Law School…played for HRSC Elite in the North American Sand Soccer Championships U.S. Open and caught the eyes of Beach NT coaches…made Beach MNT debut at the 2018 Balaton Cup in Hungary against Japan, scoring the tying goal in 5-3 win…was among the final 15 player pool for the 2019 FIFA Beach Soccer World Cup but did not make the final 12-player roster…passed bar exam in fall of 2019 and is an attorney in Virginia…IG: @chris_albiston


Born June 5, 1986…in Madrid, Spain to American mom, Spanish dad…family moved to Brussels Belgium when he was one year old…speaks English, Spanish, French, Dutch, Italian and Portuguese…family moved to San Diego, Calif. when he was 18…played at UC Santa Barbara as a walk-on, later leading the school to the 2006 NCAA College Cup final, scoring in the 2-1 win over UCLA…graduated with English degree…joined two Spanish lower division clubs but chose to return to San Diego and tried out for indoor giants, San Diego Sockers…simultaneously introduced to beach, and committed to the five-aside disciplines…made Beach MNT debut in 2011 at Miami Cup against Mexico, Spain and Brazil…is the USA’s all-time leading scorer with 99 goals entering 2021, and 37 goals in WCQ…has scored 7 goals at two FIFA Beach Soccer World Cups (5 in 2013, 2 in 2019) …current player/coach of Tacoma Stars (MASL)…has earned numerous accolades on turf and sand, including MASL MVP (2019) and three Top 50 Beach Soccer Player Worldwide twice…WATCH: 12 STORIES PROFILE…IG: @nickperera_soccer


Born Dec. 29, 1989 in Santa Monica, Calif and grew up in Venice Beach…dad is Italian, mom is from Costa Rica…played club soccer for Santa Monica United Scorpions; played at Santa Monica High School, also one year at Santa Monica College before transferring to UC-San Diego for final two years, where he earned degree in Urban Studies and Planning…has appeared in Oreos, KFC, Dr. Pepper commercials and episode of Malcolm in the Middle…dad is an actor…made Beach MNT debut in 2013 versus El Salvador…youngest member of the 2013 FIFA Beach Soccer World Cup team (2 goals), and veteran of 2019 World Cup (3 goals)…fourth all-time leading scorer in World Cup Qualifying with 14 goals…played for the Tacoma Stars (MASL) during the 2020-21 season…owns a boutique creative design business called “Pattern Pending”…WATCH: 12 STORIES PROFILE… IG: @ssvndro


Born Jan. 30, 2001 in Oceanside…Mexican heritage through grandparents…older sister Graciela introduced him to soccer as kid…played club at Oceanside Breakers…played at El Camino High School…currently attending and playing at University of Saint Katherine…majoring in Kinesiology…Dad introduced hair philosophy “It ain’t hip until it’s to the hip” so Antonio has had long hair since first grade…has been playing beach soccer since 10 when youth club entered Oceanside Beach Soccer Championship…has been playing with SoCal Legacy beach soccer club, including tournaments in Portugal, Virginia Beach and Florida…saw IG post about NBSL in Ft. Lauderdale and teammates entered the tournament in December, where he caught the eye of Beach MNT coach Farberoff…is making his first U.S. Beach NT camp and potential debut…IG: @@antonio_chavez9


Born April 28, 1992 in Greenbrae, Calif…both parents are from Brasilia, Brazil…moved back to live in Natal, Brazil from ages 2-7 before returning to Northern Calif…fluent in both Portuguese and English…played all forms of soccer growing up from futsal to beach and traditional 11v11…played club soccer with Marin FC and futsal with Bay Area club DiBufala…played at Redwood HS and four years at Sacramento State before graduating with an International Business degree…earned first Beach MNT cap against Japan at the 2018 Balaton Beach Soccer Cup in Hungary…injured during the 2019 pre- WCQ camp but returned and made the 2019 FIFA Beach Soccer World Cup roster…joined the US Futsal National team in Croatia for a preparatory camp early 2020…WATCH: 12 STORIES PROFILE… IG: gcamelosilveira

#11 CONNER REZENDE | FORWARD | 28 | 5-8 | 160 | DAVIE, FLA

Born Jan, 21, 1993 in Greenwich, Connecticut…grew up Davie, Fla…Dad is from Brazil…identical twin brother Calvin, currently playing at Moratalaz in Spain…played club at Weston SC…played and attended U (University) High School…played for Univ. of Virginia as freshman in 2011…left for Europe, trained with Italian club Cortone FC and Spanish side Cadiz…returned to US and attended / played at Saint Francis University in PA, graduated with Business degree…played for Miami FC under Alessandro Nesta…America Ninja Warrior contestant in 2016…first taste of beach was in 2011 when he played with FBS at Virginia beach tourney…first call up to Beach NT was in Jan.. 2017, in a combined camp with Japan’s Beach NT in Ft. Lauderdale…provides personal fitness plans and challenges on self-named influencer YouTube channel…IG: @_kiingcon


Born Sept. 15, 1996 in Miami, FLA…parents from Argentina…bilingual in Spanish and English…attended and played at Gulliver Prep HS, two-time Florida state champs…played club at Coral Gables Toros…competed against a number of Argentina youth club in Buenos Aires with Florida teammates in 2011-12…played one year at Clark University before transferring and graduating from Babson College with Business degree…Played at FBS FC at the Virginia Beach Tourney in 2013…picked beach soccer back up during Covid-19 in summer 2020 and worked his way into the team…first official MNT camp and looking to make debut…works as an associated at Crystal Lagoon U.S. Corp…IG: @estebansapet

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