David Liu
About David Liu
David Liu, M.D., Ph.D., is Chief Medical Officer at Nuvation Bio (NUVB) since July 2022, with over 20 years leading oncology drug development, including NDA submissions across the U.S., Europe, and China; he holds an M.D. from Beijing Medical University (Peking University School of Medicine), an M.S. from the University of Toledo, and a Ph.D. from MIT . He previously led major oncology programs at Bristol Myers Squibb and Celgene, including the revlimid+rituximab submission in indolent lymphoma . Company TSR during his tenure has been volatile: a $100 initial investment measured as $16.41 (2022), $12.91 (2023), and $22.74 (2024), reflecting pre-commercial status and lack of revenue linkage to pay metrics .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| 3D Medicines (Shanghai) | Chief Medical Officer | 2019–2022 | Led discovery/development of oncology therapies; supported NDA submissions across regions |
| Bristol Myers Squibb | Leader, Oncology Global Clinical Research | — | Led Global Prostate Cancer Program, Pediatric Clinical Development, Translational Research for ipilimumab; development of nivolumab/ipilimumab for China |
| Celgene | Global Lead Physician | — | Led revlimid+rituximab submission program in indolent lymphoma |
External Roles
None disclosed in company filings for David Liu .
Fixed Compensation
| Metric | 2022 | 2023 |
|---|---|---|
| Base Salary ($) | $217,708 | $490,000 |
| Target Bonus (%) | 40% (offer letter) | 40% (offer letter) |
Offer letter set initial base salary at $475,000 and target bonus at 40% of base salary .
Performance Compensation
| Item | 2022 | 2023 |
|---|---|---|
| Actual Performance Bonus Paid ($) (Non-Equity Incentive Plan Compensation) | $280,750 (paid in 2023 for 2022 services) | $176,400 (paid in 2024 for 2023 services) |
| Target Bonus (%) | 40% | 40% |
| Performance Metrics Disclosure | Corporate objectives set annually; specifics not disclosed due to competitive sensitivity | Corporate objectives set annually; specifics not disclosed due to competitive sensitivity |
Equity Ownership & Alignment
- Anti-hedging and anti-pledging: Nuvation Bio prohibits short sales, derivatives, hedging, margin accounts, and pledging for all directors, officers, and employees, reducing misalignment risk .
- Insider trading arrangements: On July 28, 2025, David Liu terminated a Rule 10b5-1(c) trading arrangement (monitor future plan adoptions) .
- Beneficial ownership: No specific beneficial ownership line item for David Liu in the 2025 proxy’s ownership table; NEOs listed for 2025 did not include Liu .
Outstanding Option Awards (as of December 31, 2023)
| Grant Date | Vesting Commencement | Exercisable | Unexercisable | Exercise Price ($/sh) | Expiration | Vesting Notes |
|---|---|---|---|---|---|---|
| 7/15/2022 (time-based) | 7/15/2022 | 173,541 | 316,459 | 3.61 | 7/14/2032 | Remainder vests monthly through 7/15/2026 |
| 7/15/2022 (performance/market) | 7/15/2022 | — | 292,500 | 3.61 | 7/14/2032 | Vests upon performance incl. market-price goals through 10/5/2030 |
| 8/29/2022 (time-based) | 8/29/2022 | 105,000 | 210,000 | 2.93 | 8/28/2032 | Remainder vests monthly through 8/29/2026 |
| 2/28/2023 (time-based) | 2/28/2023 | — | 500,000 | 1.94 | 2/27/2033 | 25% vested 2/28/2024; remainder monthly through 2/28/2027 |
Employment Terms
| Term | Details |
|---|---|
| Role start date | Chief Medical Officer since July 2022 |
| Offer letter economics | Initial base salary $475,000; target bonus 40% of base salary; at-will employment |
| Severance (without “cause”) | Tier 1: 12 months base salary + 12 months COBRA reimbursement |
| Change-in-control (double trigger within 12 months) | 12 months base salary + 12 months COBRA + lump sum equal to 100% of target bonus (Tier 1) + full acceleration of time-based equity; performance-condition awards not accelerated (Board discretion) |
| Clawback | Dodd-Frank compliant clawback implemented; SOX 304 applies to CEO/CFO; company-wide incentive recoupment policy disclosed |
| Non-compete / non-solicit | Not disclosed in filings |
Performance & Track Record
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Company TSR – Value of $100 Investment ($) | $16.41 | $12.91 | $22.74 |
| Net Income (Loss) ($) | ($104,199,000) | ($75,802,000) | ($567,939,000) |
The company did not use net income (loss) as a performance measure in executive compensation given pre-commercial status and lack of significant revenue during these periods .
Investment Implications
- Pay-for-performance alignment: Liu’s annual bonus targets 40% of salary with payouts tied to corporate objectives (undisclosed); realized payouts fell from $280,750 (2022) to $176,400 (2023), consistent with a disciplined bonus framework in a pre-commercial setting .
- Retention risk vs. equity incentives: Material unvested time-based options (e.g., 316,459 unvested from 7/15/22 grant; 210,000 from 8/29/22; 500,000 from 2/28/23) and performance-based awards create strong retention hooks; double-trigger change-of-control acceleration for time-based equity mitigates turnover risk in strategic events .
- Insider selling pressure: Termination of a Rule 10b5-1 trading plan on July 28, 2025 suggests no active scheduled selling; monitor for new plan adoptions or discretionary trades to gauge near-term supply .
- Alignment safeguards: Company-wide anti-hedging/anti-pledging policy reduces misalignment, and a Dodd-Frank-compliant clawback adds accountability to incentive outcomes .