Nuvalent Inc

Latest Results (03.04.2026):

Nuvalent, Inc. — fourth quarter and full year 2025: The company reported Q4 2025 and full-year 2025 results showing a strong cash position and continued investment in R&D as it advances its clinical programs. As of December 31, 2025 Nuvalent held about $1.37 billion in cash, cash equivalents and marketable securities, recorded a Q4 net loss of $118.7 million (full-year net loss $425.4 million), and reported continued elevated R&D and G&A spending as it prepares potential regulatory filings and commercialization readiness.

Cash & liquidity

Cash, cash equivalents and marketable securities were $1.37 billion as of Dec 31, 2025; management expects existing liquidity to fund operations into 2029. Working capital was ~$1.30 billion and total assets were ~$1.41 billion.

Q4 and full-year net loss

Net loss for the three months ended Dec 31, 2025 was $118.7 million (loss per share $1.58). Net loss for the year ended Dec 31, 2025 was $425.4 million (loss per share $5.85).

Operating expenses — R&D and G&A

Research & development expense: $67.8 million in Q4 2025 and $307.0 million for FY 2025. General & administrative expense: $34.4 million in Q4 2025 and $107.3 million for FY 2025. Total operating expenses were $102.2 million in Q4 and $414.3 million for the year.

Other income / (expense)

Change in fair value of related-party revenue share liability was a headwind: $(27.94) million in Q4 and $(55.22) million for FY 2025. Interest and other income partially offset this: $11.6 million in Q4 and $44.7 million for the year. Total other expense, net: $(16.3) million in Q4 and $(10.5) million for FY 2025.

Balance sheet & shares

Total liabilities were $164.4 million and total stockholders' equity was $1.248 billion at year-end. Weighted average common shares outstanding (basic & diluted) were ~75.12 million for the quarter and ~72.69 million for the year.

Capital raise

On November 20, 2025 Nuvalent completed an underwritten public offering that raised approximately $500.0 million in gross proceeds (4,950,496 shares at $101.00 per share), strengthening the balance sheet ahead of planned regulatory submissions and potential launches.