Merger (Tables)

3 Months Ended

Mar. 31, 2021

Business Combinations [Abstract]

Schedule of Sources and Uses of Funds Related to Merger

The following table summarizes the net proceeds from the Merger as of March 31, 2021 (in thousands):

Panacea cash at bank and cash held in a trust account	$	144,642
Proceeds from PIPE investment and forward purchase agreement		501,550
Payment of underwriter fees and other offering costs		(23,718	)
Payment to Panacea Class A common stockholders who    exercised their right to redeem their shares		(32	)
Net proceeds		622,442
Assumed assets and liabilities:
Prepaid expenses		312
Accrued expenses		(601	)
Warrant liability		(15,268	)
Panacea equity at Effective Time	$	606,885

Summary of Number of Shares of Common Stock Outstanding on Merger

The following table summarized the number of shares of common stock outstanding immediately following the consummation of the Merger:

	Class A Common			Class B Common			Total
Panacea shares outstanding prior to the Merger		14,862,500			3,593,750			18,456,250
Less: redemption of Panacea shares prior to the Merger		(3,350	)					(3,350	)
Conversion of Panacea shares as a result of merger		3,593,750			(3,593,750	)		—
Common stock of Panacea		18,452,900			—			18,452,900
Shares issued pursuant to the PIPE financing		47,655,000			—			47,655,000
Shares issued pursuant to the Forward Purchase		2,500,000			—			2,500,000
Issuance of shares upon the Merger		68,607,900			—			68,607,900
Conversion of Old Nuvation Redeemable Series A    Convertible Preferred Stock		68,097,805			—			68,097,805
Conversion of Old Nuvation Class A common stock		23,299,337			—			23,299,337
Conversion of Old Nuvation Class B common stock		—			57,645,013			57,645,013
Conversion of Founder shares		56,645,013			(56,645,013	)		—
Total shares of Nuvation Bio outstanding immediately    following the Merger		216,650,055			1,000,000			217,650,055