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Nuvalent, Inc., a clinical-stage biopharmaceutical company, engages in the development of therapies for patients with cancer. Its lead product candidates are Zidesamtinib (NVL-520), a novel ROS1-selective inhibitor to address the clinical challenges of emergent treatment resistance, central nervous system (CNS)-related adverse events, and brain metastases that may limit the use of ROS1 tyrosine kinase inhibitors (TKIs) for patients with ROS proto-oncogene 1 (ROS1)-positive non-small cell lung cancer (NSCLC) which is under the Phase 2 portion of the ARROS-1 Phase 1/2 clinical trial; Neladalkib (NVL-655), a brain-penetrant ALK-selective inhibitor, to address the clinical challenges of emergent treatment resistance, CNS-related adverse events, and brain metastases that might limit the use of first-, second-, and third-generation ALK inhibitors that is under the Phase 2 portion of the ALKOVE-1 clinical trial; and NVL-330, a brain-penetrant human epidermal growth factor receptor 2 (HER2)-selective inhibitor designed to treat tumors driven by HER2ex20, brain metastases, and avoiding treatment-limiting adverse events including due to off-target inhibition of wild-type EGFR that is in Phase 1a/1b clinical trial. The company was incorporated in 2017 and is headquartered in Cambridge, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $0M | $-414M | $-425M | $-275M | -34.1% | - | - |
| 2024 | $0M | $-280M | $-261M | $-185M | -24.4% | - | - |
| 2023 | $0M | $-149M | $-126M | $-100M | -18.0% | - | - |
| 2022 | $0M | $-86M | $-82M | $-65M | -17.7% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 0 | 0 | 0 | 0 |
| Operating Expense | 86.11 | 149.49 | 280.37 | 414.31 |
| Operating Income | -86.11 | -149.49 | -280.37 | -414.31 |
| EBITDA | -86.11 | -149.49 | -280.37 | -414.31 |
| EBIT | -86.11 | -149.49 | -280.37 | -414.31 |
| Pretax Income | -81.85 | -126.22 | -259.99 | -424.79 |
| Tax Provision | 0 | 0 | 0.76 | 0.58 |
| Net Income | -81.85 | -126.22 | -260.76 | -425.38 |
| Net Income Common Stockholders | -81.85 | -126.22 | -260.76 | -425.38 |
| Total Expenses | 86.11 | 149.49 | 280.37 | 414.31 |
| Interest Income | 4.25 | 23.27 | 38.32 | 44.73 |
| Research And Development | 63.73 | 113.24 | 217.77 | 306.97 |
| Selling General And Administration | 22.38 | 36.25 | 62.59 | 107.34 |
| Normalized EBITDA | -86.11 | -149.49 | -280.37 | -414.31 |
| Normalized Income | -81.85 | -126.22 | -260.76 | -425.38 |
| Basic EPS | -1.65 | -2.17 | -3.93 | 0 |
| Diluted EPS | -1.65 | -2.17 | -3.93 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0 | 0 | 0.21 | 0.21 |
| Net Income From Continuing Operation Net Minority Interest | -81.85 | -126.22 | -260.76 | -425.38 |
| Net Interest Income | 4.25 | 23.27 | 38.32 | 44.73 |
| Net Income From Continuing And Discontinued Operation | -81.85 | -126.22 | -260.76 | -425.38 |
| Total Operating Income As Reported | -86.11 | -149.49 | -280.37 | -414.31 |
| Diluted Average Shares | 49.67 | 58.22 | 66.41 | 0 |
| Basic Average Shares | 49.67 | 58.22 | 66.41 | 0 |
| Diluted NI Availto Com Stockholders | -81.85 | -126.22 | -260.76 | -425.38 |
| Net Income Including Noncontrolling Interests | -81.85 | -126.22 | -260.76 | -425.38 |
| Net Income Continuous Operations | -81.85 | -126.22 | -260.76 | -425.38 |
| Other Income Expense | 4.25 | 0 | -17.94 | -55.22 |
| Other Non Operating Income Expenses | 4.25 | 0 | -17.94 | -55.22 |
| Net Non Operating Interest Income Expense | 4.25 | 23.27 | 38.32 | 44.73 |
| Interest Income Non Operating | 4.25 | 23.27 | 38.32 | 44.73 |
| General And Administrative Expense | 22.38 | 36.25 | 62.59 | 107.34 |
| Other Gand A | 22.38 | 6.42 | 10.85 | 15.03 |
| Insurance And Claims | 5.46 | 6.74 | 9.63 | 28.63 |
| Salaries And Wages | 12.32 | 23.09 | 42.11 | 63.68 |
| Operating Revenue | 0 | 0 | 0 | 0 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Nuvalent, Inc.this co. | NUVL | $7.8B | - | 6.21 | -34.1% | - |
| Praxis Precision Medicines, Inc. | PRAX | $9.0B | - | 9.27 | -34.5% | -25.77 |
| Vaxcyte, Inc. | PCVX | $8.3B | - | 2.80 | -28.5% | -7.50 |
| Cytokinetics, Incorporated | CYTK | $7.4B | - | -11.11 | 119.0% | -13.11 |
| Apogee Therapeutics, Inc. | APGE | $7.3B | - |
| 6.21 |
| -28.3% |
| -17.34 |
| ImmunityBio, Inc. | IBRX | $7.2B | - | -14.06 | 70.3% | -32.25 |
| HealthEquity, Inc. | HQY | $6.9B | 33.12 | 3.29 | 10.2% | 15.69 |
| Arcellx, Inc. | ACLX | $6.7B | - | 16.56 | -56.9% | -25.69 |
| Kymera Therapeutics, Inc. | KYMR | $6.7B | - | 4.20 | -19.7% | -17.38 |
| Peer Median | - | 33.12 | 3.74 | -24.0% | -17.36 | |