Nuvalent Inc
NUVLHealthcare|Biotechnology|USA
$123.90
+0.06 (+0.05%)
Tangible Book
$14.89
Financials
Financial Snapshot
Market Cap
$9.80B
Enterprise Value
$1.29B
Revenue (TTM)
$0.00
Net Income (TTM)
$-450.1M
Cash & Equivalents
—
Net Cash/Share
$14.33
Free Cash Flow (TTM)
$-312.8M
Operating CF (TTM)
$-312.8M
Debt/Equity
0
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$78.2M
Monthly Burn
$26.1M
Est. Runway
—
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $3.0M | $10.3M | $288.1M | $472.2M | $719.9M | $1.12B | $1.37B | $1.29B | |
| Operating Cash Flow | $-9.6M | $-14.9M | $-40.0M | $-65.0M | $-99.7M | $-185.1M | $-275.2M | $-312.8M | |
| Free Cash Flow | $-9.6M | $-14.9M | $-40.0M | $-65.0M | $-99.7M | $-185.1M | $-275.2M | $-312.8M | |
| Capital Expenditure | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Financing Cash Flow | $0.00 | $22.3M | $318.2M | $248.9M | $336.8M | $568.9M | $515.3M | $520.6M |
R&D Spending
R&D (TTM)
$316.2M
R&D Intensity
—
R&D Growth YoY
+3.0%
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $9.7M | $15.4M | $35.6M | $63.7M | $113.2M | $217.8M | $307.0M | $316.2M | |
| R&D % of Revenue | — | — | — | — | — | — | — | — | |
| SG&A | $612.0K | $1.5M | $10.3M | $22.4M | $36.2M | $62.6M | $107.3M | $122.7M |
Income Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D | $9.7M | $15.4M | $35.6M | $63.7M | $113.2M | $217.8M | $307.0M | $316.2M | |
| SG&A | $612.0K | $1.5M | $10.3M | $22.4M | $36.2M | $62.6M | $107.3M | $122.7M | |
| Operating Income | $-10.4M | $-16.9M | $-45.8M | $-86.1M | $-149.5M | $-280.4M | $-414.3M | $-438.9M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | $-11.8M | $-14.6M | $-46.3M | $-81.9M | $-126.2M | $-260.0M | $-424.8M | $-449.5M | |
| Net Income | $-11.8M | $-14.6M | $-46.3M | $-81.9M | $-126.2M | $-260.8M | $-425.4M | $-450.1M | |
| EPS (Diluted) | -0.73 | -0.64 | -2.13 | -1.65 | -2.17 | -3.93 | -5.85 | -6.06 | |
| EBITDA | $-10.4M | $-16.9M | $-45.8M | $-86.1M | $-149.5M | $-280.4M | $-414.3M | $-438.9M | |
| Shares Out. (M) | 16.17 | 22.86 | 21.78 | 49.67 | 58.22 | 66.41 | 72.69 | 78.67 |
Balance Sheet
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.0M | $10.3M | $68.5M | $241.8M | $335.4M | $145.7M | $261.7M | $159.7M | |
| Marketable Securities | $0.00 | $0.00 | $219.6M | $230.4M | $384.5M | $972.6M | $1.11B | $1.13B | |
| Total Current Assets | $3.3M | $10.6M | $290.6M | $478.0M | $726.5M | $1.13B | $1.39B | $1.31B | |
| Total Assets | $3.3M | $10.6M | $293.8M | $482.5M | $732.4M | $1.14B | $1.41B | $1.33B | |
| Total Current Liabilities | $4.4M | $4.4M | $8.8M | $19.5M | $31.8M | $54.0M | $91.2M | $81.1M | |
| Long-Term Debt | $2.2M | $2.2M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $20.6M | $42.0M | $8.8M | $19.5M | $31.8M | $72.0M | $164.4M | $156.8M | |
| Stockholders' Equity | $-17.3M | $-31.3M | $285.0M | $463.0M | $700.6M | $1.07B | $1.25B | $1.17B | |
| Retained Earnings | $-17.3M | $-31.9M | $-78.2M | $-160.1M | $-286.3M | $-547.1M | $-972.4M | $-1.08B |
Cash Flow Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-9.6M | $-14.9M | $-40.0M | $-65.0M | $-99.7M | $-185.1M | $-275.2M | $-312.8M | |
| Capital Expenditure | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Free Cash Flow | $-9.6M | $-14.9M | $-40.0M | $-65.0M | $-99.7M | $-185.1M | $-275.2M | $-312.8M | |
| Investing Cash Flow | $0.00 | $0.00 | $-220.0M | $-10.7M | $-143.5M | $-573.5M | $-124.1M | $-168.9M | |
| Financing Cash Flow | $0.00 | $22.3M | $318.2M | $248.9M | $336.8M | $568.9M | $515.3M | $520.6M | |
| Issuance of Stock | $0.00 | $0.00 | $177.3M | $250.5M | $338.5M | $570.0M | $515.7M | $521.3M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $0.00 | $0.00 | $284.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $0.00 | $-250.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $41.0K | $729.0K | $3.6M | $10.3M | $25.6M | $60.6M | $86.5M | $95.0M | |
| Net Change in Cash | $-9.6M | $7.3M | $58.2M | $173.3M | $93.6M | $-189.7M | $116.1M | $38.9M |
Dilution Tracker
Shares outstanding grew 261.1% over 5 years — significant dilution
Shares Outstanding
79M
5-Year Share Growth
+261.1%
Stock Issuance (TTM)
$521.3M
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 16.17 | 22.86 | 21.78 | 49.67 | 58.22 | 66.41 | 72.69 | 78.67 | |
| YoY Change % | — | 41.4% | -4.7% | 128.0% | 17.2% | 14.1% | 9.5% | 8.2% | |
| Stock Issuance | $0.00 | $0.00 | $177.3M | $250.5M | $338.5M | $570.0M | $515.7M | $521.3M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $41.0K | $729.0K | $3.6M | $10.3M | $25.6M | $60.6M | $86.5M | $95.0M |
Margins & Profitability
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 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% | 0.0% | - | |
| Net Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | - | |
| EBITDA Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | - | |
| FCF Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| ROE % | 0.0% | 0.0% | -36.5% | -21.9% | -21.7% | -29.5% | -36.7% | -43.1% | |
| ROA % | -356.1% | -208.5% | -30.4% | -21.1% | -20.8% | -27.8% | -33.3% | -38.3% | |
| R&D / Revenue | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / At Loss / At Loss
Industry Med.27.41
P/S—
Historical— / — / —
Industry Med.9.51
P/B8.32
Historical— / — / 8.32
Industry Med.2.93
EV/EBITDA-19.40
Historical-19.40 / — / —
Industry Med.13.14
EV/Revenue—
Historical— / — / —
Industry Med.8.71
P/FCF—
Historical— / — / —
Industry Med.27.54
Intrinsic Value Models
Tangible Book
$14.89
Net Current Assets
$14.590
Net-Net Working Capital
$14.33
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | N/A | N/A | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | - | - | - | - | - | - | - | 0.00 | |
| PB Ratio | 0.00 | 0.00 | 3.23 | 3.65 | 6.73 | 5.22 | 6.30 | 8.32 | |
| EV/EBITDA | 0.00 | 0.00 | -13.78 | -14.12 | -26.72 | -15.93 | -15.68 | -19.40 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
—
Distress
Piotroski F-Score
4
Moderate
Beneish M-Score
—
Possible Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $11.64M | $181.96M | $512.91M |
| Net Income | $-449.26M | $-371.62M | $-154.30M |
| EPS | -5.73 | -4.44 | -1.11 |
| Book Value per Share | 14.96 | 15.76 | 35.85 |
| Operating Cash Flow per Share | -3.38 | -1.86 | 6.19 |
| Operating CF | $-265.91M | $-146.33M | $486.97M |