Nuvectis Pharma, Inc. (NVCT)·Q3 2025 Earnings Summary

Executive Summary

• Q3 2025 was an execution-heavy quarter: Nuvectis initiated the NXP900 Phase 1b monotherapy study, completed the Phase 1a dose escalation, and confirmed supportive drug–drug interaction results for planned EGFR/ALK combinations; cash runway is guided into Q3 2027 .
• GAAP EPS was $(0.44), below Wall Street consensus of $(0.25), driven by a one-time $2.0M NXP900 milestone expense, $0.7M DDI study costs, and $1.5M non-cash stock comp; net loss was $(7.5)M vs $(4.2)M last year .
• R&D ramped to $5.8M (+$3.0M YoY); G&A was $2.0M (+$0.5M YoY); interest income rose to $0.3M (+$0.1M YoY) .
• Near-term catalysts: start of NXP900 Phase 1b combination cohort by year-end, additional clinical data updates from the ongoing monotherapy cohort, and continued execution on biomarker-led patient selection .

What Went Well and What Went Wrong

What Went Well

• Phase 1b monotherapy for NXP900 initiated, aiming to show therapeutic potential in YES1/SRC-driven tumors; combination portion expected by year-end: “Our goal for the Phase 1b program is to showcase NXP900's therapeutic potential, both as a single agent and in combination…” — Ron Bentsur (CEO) .
• Strong mechanistic foundation: Phase 1a completion highlighted “deep pharmacodynamic response” at clinically relevant doses and acceptable safety; AACR-NCI-EORTC posters reinforced biomarker strategy .
• Cash runway guided into Q3 2027, supporting milestones and potential value inflections in Phase 1b .

What Went Wrong

• EPS missed consensus by $0.19 due to one-time $2.0M milestone and $0.7M DDI study costs; net loss increased to $(7.5)M from $(4.2)M YoY .
• Elevated R&D reflects program acceleration; while strategically positive, it pressures P&L near term: R&D $5.8M vs $2.8M last year (+$3.0M) .
• Warrant modification increased loss attributable to shareholders by $(2.429)M, lifting GAAP EPS loss to $(0.44), adding optical pressure to headline metrics .

Financial Results

EPS Trend

Net Loss Trend

Operating Expenses

Liquidity

Q3 2025 vs Estimates

Values marked with * retrieved from S&P Global.

Guidance Changes

Earnings Call Themes & Trends

Note: A Q3 2025 earnings call transcript was not available; themes reflect management’s press releases.

Management Commentary

• “Our goal for the Phase 1b program is to showcase NXP900's therapeutic potential, both as a single agent and in combination… we continue to make strides towards achieving this goal.” — Ron Bentsur (CEO) .
• “We are pleased with NXP900’s emerging clinical profile, especially with the deep pharmacodynamic response observed at clinically relevant doses.” — Ron Bentsur (CEO) .
• “Topline results from the NXP900 DDI clinical study classify NXP900 as a weak inhibitor of CYP3A; these results support the combination strategy… with EGFR/ALK inhibitors in NSCLC.” — Company statement .
• “Poster presentations… highlight the emerging clinical profile of NXP900 and provide further support for the biomarker-based patient selection strategy.” — Company statement .

Q&A Highlights

• No Q3 2025 quarterly earnings call transcript was available. Management hosted a call on August 12 focused on the NXP900 Phase 1b program design and market opportunity; detailed Q&A was not furnished in the documents we reviewed .

Estimates Context

• Q3 GAAP EPS of $(0.44) missed consensus of $(0.25) by $0.19, reflecting one-time milestone and DDI costs plus non-cash stock comp . Consensus revenue was $0.00 for Q3; the company did not report revenue line items in its statements of operations for these periods .
• Near-term estimate revisions may move lower on EPS given higher R&D intensity and milestone timing; upside scenario depends on Phase 1b monotherapy efficacy signals and timing of combination initiation.
  Values marked with * retrieved from S&P Global.

Key Takeaways for Investors

• NXP900 is now in Phase 1b monotherapy; biomarker-driven enrollment and acceptable Phase 1a safety/PD support clinical risk-taking into year-end combinations .
• EPS miss reflects concentrated program investments (milestone, DDI), not deterioration of the clinical thesis; cash runway remains guided into Q3 2027, de-risking near-term funding .
• Watch for initial monotherapy activity signals and confirmation of combination cohort start by year-end — key stock catalysts for program validation .
• R&D stepped up to $5.8M in Q3 (YoY +$3.0M); expect continued investment intensity as Phase 1b progresses, which could weigh on quarterly EPS prints absent non-dilutive funding .
• Strategic pivot on NXP800 (away from ovarian, toward other indications) reduces near-term optionality there; NXP900 becomes primary value driver .
• Trade setup: sensitivity to data timing and strength; positive early readouts or timely combination initiation likely to reset sentiment; delays could pressure shares.
• Medium-term thesis: differentiated SRC/YES1 inhibition with robust PD and supportive DDI profile positions NXP900 for combination strategies in resistance settings; biomarker targeting may enhance probability of clinical success .

Citations: Q3 2025 8-K and press release exhibit with financial tables ; correction press release tables ; Q2 press release with financial tables ; Q2 8-K exhibit ; Q1 press release with financial tables ; posters and clinical updates ; Phase 1b initiation and call details ; DDI study classification . Values marked with * retrieved from S&P Global.