Detailed financial statements for Nuvalent, Inc. (NUVL): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Nuvalent, Inc. is a clinical-stage biopharmaceutical firm dedicated to pioneering novel therapeutic solutions for individuals battling cancer. The company's pipeline features two prominent drug candidates. One of these is NVL-520, a highly selective ROS1 inhibitor capable of penetrating the brain.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Research & Development | $9.7M | $15.4M | $35.6M | $63.7M | $113.2M | $217.8M | $307.0M |
| Selling, General & Admin | $612000 | $1.5M | $10.3M | $22.4M | $36.2M | $62.6M | $107.3M |
| Operating Expenses | $10.4M | $16.9M | $45.8M | $86.1M | $149.5M | $280.4M | $414.3M |
| Operating Income | -$10.4M | -$16.9M | -$45.8M | -$86.1M | -$149.5M | -$280.4M | -$414.3M |
| EBITDA | -$1.5M | -$16.9M | -$46.1M | -$81.9M | -$126.2M | $20.4M | -$10.5M |
| Interest Expense | 0 | 0 | 0 | 0 | $23.3M | 0 | 0 |
| Pre-tax Income | -$11.8M | -$14.6M | -$46.3M | -$81.9M | -$126.2M | -$260.0M | -$424.8M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | $764000 | $585000 |
| Net Income | -$11.8M | -$14.6M | -$46.3M | -$81.9M | -$126.2M | -$260.8M | -$425.4M |
| EPS | $-0.24 | $-0.64 | $-2.13 | $-1.65 | $-2.17 | $-3.93 | $-5.85 |
| EPS (Diluted) | $-0.24 | $-0.64 | $-2.13 | $-1.65 | $-2.17 | $-3.93 | $-5.85 |
| Shares Outstanding (Diluted) | $48.3M | $22.9M | $21.8M | $49.7M | $58.2M | $66.4M | $72.7M |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net Income Growth (YoY) | -23.3% | -218.3% | -76.6% | -54.2% | -106.6% | -63.1% | |
| EPS Growth (YoY) | -166.7% | -232.8% | +22.5% | -31.5% | -81.1% | -48.9% | |
| Shares Change (YoY) | -52.6% | -4.7% | +128.0% | +17.2% | +14.1% | +9.5% | |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.3% | -0.1% |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 16.14 |
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