Nuvalent, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Research and development | $307.0M | $217.8M | $113.2M | $63.7M | $35.6M |
| Operating expenses | $414.3M | $280.4M | $149.5M | $86.1M | $45.8M |
| Operating income | -$414.3M | -$280.4M | -$149.5M | -$86.1M | -$45.8M |
| Pretax income | -$424.8M | -$260.0M | -$126.2M | -$81.9M | — |
| Income tax expense | $585,000 | $764,000 | $0 | $0 | — |
| Net income | -$425.4M | -$260.8M | -$126.2M | -$81.9M | -$46.3M |
| Balance Sheet | |||||
| Cash and equivalents | $261.7M | $145.7M | $335.4M | $241.8M | $68.5M |
| Current assets | $1.4B | $1.1B | $726.5M | $478.0M | $290.6M |
| Total assets | $1.4B | $1.1B | $732.4M | $482.5M | $293.8M |
| Current liabilities | $91.2M | $54.0M | $31.8M | $19.5M | $8.8M |
| Total liabilities | $164.4M | $72.0M | $31.8M | $19.5M | $8.8M |
| Stockholders' equity | $1.2B | $1.1B | $700.6M | $463.0M | $285.0M |
| Cash Flow Statement | |||||
| Cash from operations | -$275.2M | -$185.1M | -$99.7M | -$65.0M | -$40.0M |
| Stock-based compensation | $86.5M | $60.6M | $25.6M | $10.3M | $3.6M |
Shares outstanding 79.0M · Free float 92.1%
Annual filing data through FY ended December 31, 2025; float as of July 16, 2026.