Detailed financial statements for Nuvectis Pharma, Inc. (NVCT): 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.
Nuvectis Pharma, Inc. operates as a biopharmaceutical firm specializing in the development of targeted therapies to address critical, unmet needs within the field of oncology. The company's innovative pipeline features NXP800, a novel compound engineered to inhibit the heat shock factor 1 pathway for treating various forms of cancer. Another promising asset is NXP900, a small molecule drug candidate crafted to suppress the Proto-oncogene c-Src and YES1 kinases.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $21.38, NVCT has negative trailing earnings (P/E not meaningful) and an ROE of -169.47%. Market capitalisation stands at $567M.
Balance sheet quality for NVCT: current ratio of 2.4. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 |
| Research & Development | 0 | $9.5M | $13.2M | $15.4M | $12.9M | $18.2M |
| Selling, General & Admin | $10000 | $3.3M | $6.0M | $7.5M | $6.9M | $9.4M |
| Operating Expenses | $10000 | $12.9M | $19.2M | $22.9M | $19.8M | $27.6M |
| Operating Income | -$10000 | -$12.9M | -$19.2M | -$22.9M | -$19.8M | -$27.6M |
| EBITDA | -$10000 | -$12.9M | -$19.1M | -$22.3M | -$19.0M | -$26.4M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$10000 | -$12.9M | -$19.1M | -$22.3M | -$19.0M | -$26.4M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$10000 | -$12.9M | -$19.1M | -$22.3M | -$19.0M | -$26.4M |
| EPS | $-0.00 | $-1.09 | $-1.51 | $-1.43 | $-1.11 | $-1.32 |
| EPS (Diluted) | $-0.00 | $-1.09 | $-1.51 | $-1.43 | $-1.11 | $-1.32 |
| Shares Outstanding (Diluted) | $12.7M | $12.7M | $12.7M | $15.6M | $17.1M | $21.8M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 |
| Operating Income | -$7.8M | -$7.6M | -$6.3M | -$7.2M |
| EBITDA | -$7.5M | -$8.2M | -$6.0M | -$7.2M |
| Net Income | -$7.5M | -$7.3M | -$6.0M | -$7.0M |
| EPS | $-0.44 | $-0.31 | $-0.26 | $-0.30 |
| EPS (Diluted) | $-0.44 | $-0.31 | $-0.26 | $-0.30 |
Balance Sheet (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | 0 | $5.7M | $20.0M | $19.1M | $18.5M | $31.6M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 0 | $5.8M | $20.4M | $19.2M | $18.6M | $31.7M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 0 | $6.7M | $20.4M | $19.2M | $18.6M | $31.7M |
| Accounts Payable | $10000 | $1.1M | $2.9M | $2.8M | $2.5M | $6.3M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $10000 | $2.4M | $6.2M | $7.0M | $8.9M | $13.3M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $10000 | $17.7M | $6.2M | $7.0M | $8.9M | $13.3M |
| Retained Earnings | -$10000 | -$12.9M | -$32.0M | -$54.2M | -$73.2M | -$99.7M |
| Total Equity | -$10000 | -$11.0M | $14.2M | $12.2M | $9.7M | $18.4M |
| Total Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | 0 | -$5.7M | -$20.0M | -$19.1M | -$18.5M | -$31.6M |
| Working Capital | -$10000 | $3.4M | $14.2M | $12.2M | $9.7M | $18.4M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $35.4M | $31.6M | $25.1M | $22.2M |
| Total Assets | $35.6M | $31.7M | $25.4M | $22.4M |
| Total Liabilities | $11.6M | $13.3M | $11.2M | $13.3M |
| Total Equity | $24.0M | $18.4M | $14.2M | $9.1M |
| Total Debt | 0 | 0 | 0 | 0 |
Cash Flow (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$10000 | -$12.9M | -$19.1M | -$22.3M | -$19.0M | -$26.4M |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | $1.9M | $1.7M | $4.7M | $4.9M | $6.0M |
| Change in Working Capital | $10000 | $1.5M | $3.8M | $1.6M | $1.9M | $4.4M |
| Operating Cash Flow | 0 | -$9.5M | -$13.6M | -$16.0M | -$12.2M | -$16.0M |
| Capital Expenditure | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 0 | -$9.5M | -$13.6M | -$16.0M | -$12.2M | -$16.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$4.5M | -$4.0M | -$6.5M | -$4.5M |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$4.5M | -$4.0M | -$6.5M | -$4.5M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $1.5M | $1.5M | $1.9M | $1.7M |
Growth & Margins (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | -128800.0% | -48.1% | -16.6% | +14.6% | -39.2% |
| EPS Growth (YoY) | | -136150.0% | -38.5% | +5.3% | +22.4% | -18.9% |
| Shares Change (YoY) | | +0.0% | -0.5% | +22.9% | +10.0% | +27.5% |
| FCF Growth (YoY) | | | -42.7% | -17.7% | +23.2% | -30.7% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $0.00 | $-0.75 | $-1.07 | $-1.03 | $-0.72 | $-0.73 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $12.7M | $12.7M | $12.7M | $15.6M | $17.1M | $21.8M |
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
| Return on Equity | -169.47% |
| Return on Invested Capital | -317.86% |
| Return on Assets | -124.45% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 1.68 |
Key Ratios (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -4062.50 | -2.98 | -4.97 | -5.83 | -4.87 | -5.72 |
| P/B | -4133.28 | -3.75 | 6.68 | 10.63 | 9.53 | 8.94 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |