Nuvalent, Inc. (NUVL) Financials
Newest figures come from the 10-Q for Q1 FY2026, filed May 7, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the NUVL SEC filings page.
This page shows Nuvalent, Inc. (NUVL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Nuvalent’s dominant mechanic is escalating R&D investment financed by equity capital before revenue is reported.
R&D spending rose from$113M in FY2023 to$307M in FY2025, while operating cash outflow also widened materially. That pairing, alongside no reported revenue, makes development spending the visible operating engine rather than sales; in FY2025, net loss of-$425M exceeded operating cash flow of-$275M , pointing to noncash expense or timing effects.
External financing is funding balance-sheet expansion: total assets increased from
FY2025 financing cash flow of
Financial Health Signals
Nuvalent, Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Nuvalent, Inc. passes 1 of 5 computable financial strength tests (4 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
Nuvalent, Inc. reported a net loss of $425.4M while operations used $275.2M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Nuvalent, Inc. reported -$109.3M in net income in Q1 2026. This represents a decrease of 29.2% from the same quarter a year earlier.
Nuvalent, Inc. earned -$1.39 per diluted share (EPS) in Q1 2026. This represents a decrease of 17.8% from the same quarter a year earlier. Against the prior quarter it is up 12.0%.
Not reported for Q1 2026.
Not reported for Q1 2026.
Cash & Balance Sheet
Nuvalent, Inc. held $159.7M in cash as of Q1 2026; long-term debt is not reported for that period.
Not reported for Q1 2026.
Not reported for Q1 2026.
Margins & Returns
Nuvalent, Inc.'s ROE was -9.3% in Q1 2026, measuring profit generated per dollar of shareholder equity. This is down 0.9 percentage points from the same quarter a year earlier.
Not reported for Q1 2026.
Not reported for Q1 2026.
Not reported for Q1 2026.
Capital Allocation
Nuvalent, Inc. invested $83.6M in research and development in Q1 2026. This represents an increase of 12.3% from the same quarter a year earlier.
Not reported for Q1 2026.
Not reported for Q1 2026.
NUVL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| R&D Expenses | $83.6M+12.3% | N/A | $83.8M+38.5% | $80.9M+64.6% | $74.4M+92.6% | N/A | $60.6M+104.5% | $49.2M+89.7% |
| SG&A Expenses | $35.8M+75.5% | N/A | $28.9M+82.8% | $23.7M+48.0% | $20.4M+46.2% | N/A | $15.8M+72.0% | $16.0M+96.4% |
| Operating Income | -$119.4M-25.9% | N/A | -$112.7M-47.6% | -$104.6M-60.5% | -$94.8M-80.3% | N/A | -$76.3M-96.8% | -$65.2M-91.3% |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | $8.7M+74.0% | $8.1M+58.8% |
| Income Tax | $168K+7.0% | N/A | $132K+230.0% | $145K-14.7% | $157K-59.0% | N/A | $40K | $170K |
| Net Income | -$109.3M-29.2% | N/A | -$122.4M-45.2% | -$99.7M-74.3% | -$84.6M-90.1% | N/A | -$84.3M-150.7% | -$57.2M-96.5% |
| EPS (Basic) | -$1.39-17.8% | -$1.58-49.1% | -$1.70-32.8% | -$1.39-58.0% | -$1.18-71.0% | -$1.06-71.0% | -$1.28-116.9% | -$0.88-72.5% |
| EPS (Diluted) | -$1.39-17.8% | -$1.58-49.1% | -$1.70-32.8% | -$1.39-58.0% | -$1.18-71.0% | -$1.06-71.0% | -$1.28-116.9% | -$0.88-72.5% |
| Diluted Shares (Avg) | 79M+9.9% | N/A | 72M+9.8% | 72M+11.2% | 72M+11.6% | N/A | 66M+15.0% | 65M+13.6% |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, EBITDA.
NUVL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.3B+20.4% | $1.4B+23.7% | $979.9M-17.6% | $1.0B+54.1% | $1.1B+56.1% | $1.1B+55.9% | $1.2B+179.7% | $675.2M+52.8% |
| Current Assets | $1.3B+20.4% | $1.4B+23.0% | $956.9M-18.9% | $1.0B+53.0% | $1.1B+55.3% | $1.1B+55.9% | $1.2B+181.0% | $666.3M+52.5% |
| Cash & Equivalents | $159.7M+32.2% | $261.7M+79.7% | $115.8M-68.7% | $127.5M+64.1% | $120.8M+22.7% | $145.7M-56.6% | $369.2M+317.5% | $77.7M+9.6% |
| Short-Term Investments | $1.1B+18.4% | $1.1B+14.1% | $827.4M+3.5% | $878.1M+51.3% | $952.4M+60.5% | $972.6M+152.9% | $799.1M+146.0% | $580.3M+61.0% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $156.8M+65.5% | $164.4M+128.4% | $134.5M+98.6% | $100.8M+163.9% | $94.7M+183.5% | $72.0M+126.1% | $67.7M+132.7% | $38.2M+83.7% |
| Current Liabilities | $81.1M+8.0% | $91.2M+68.8% | $89.2M+74.4% | $75.1M+96.8% | $75.0M+124.5% | $54.0M+69.8% | $51.1M+75.7% | $38.2M+83.7% |
| Non-Current Liabilities | $75.7M+284.1% | $73.2M+308.0% | $45.4M+173.3% | $25.7M | $19.7M | $17.9M | $16.6M | $0 |
| Total Equity | $1.2B+16.2% | $1.2B+16.7% | $845.4M-24.6% | $939.7M+47.5% | $1.0B+49.8% | $1.1B+52.7% | $1.1B+183.1% | $637.0M+51.3% |
| Retained Earnings | -$1.1B-71.3% | -$972.4M-77.8% | -$853.7M-80.8% | -$731.3M-88.5% | -$631.6M-91.0% | -$547.1M-91.1% | -$472.3M-90.4% | -$387.9M-81.0% |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.
NUVL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$92.4M-68.5% | -$73.3M-18.3% | -$70.5M-53.8% | -$76.6M-86.1% | -$54.8M-51.9% | -$62.0M-105.2% | -$45.8M-99.4% | -$41.2M-85.9% |
| Stock-Based Compensation | $28.9M+41.7% | N/A | $22.3M+44.3% | $22.1M+45.9% | $20.4M+47.1% | N/A | $15.5M+125.5% | $15.1M+158.6% |
| Investing Cash Flow | -$19.4M-176.4% | -$280.9M-65.2% | $54.0M+125.3% | $77.5M+378.0% | $25.4M+112.3% | -$170.0M-202.2% | -$212.9M-654.4% | $16.2M+916.8% |
| Financing Cash Flow | $9.8M+115.5% | $500.3M+5791.0% | $4.8M-99.1% | $5.8M+39.1% | $4.5M-24.0% | $8.5M-97.5% | $550.3M+25577.4% | $4.1M+218.7% |
Not reported in any period shown, so not listed: Depreciation & Amortization, Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.
NUVL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Return on Equity | -9.3%-0.9pp | N/A | -14.5%-7.0pp | -10.6%-1.6pp | -8.4%-1.8pp | N/A | -7.5%+1.0pp | -9.0%-2.1pp |
| Return on Assets | -8.2%-0.6pp | N/A | -12.5%-5.4pp | -9.6%-1.1pp | -7.6%-1.4pp | N/A | -7.1%+0.8pp | -8.5%-1.9pp |
| Current Ratio | 16.14+1.7x | 15.27-5.7x | 10.73-12.3x | 13.57-3.9x | 14.48-6.4x | 20.96-1.9x | 23.07+8.6x | 17.45-3.6x |
| Debt-to-Equity | 0.130.0x | 0.13+0.1x | 0.16+0.1x | 0.110.0x | 0.090.0x | 0.070.0x | 0.060.0x | 0.060.0x |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Nuvalent, Inc. NUVL | FY2025 | N/A | -$425.4M | N/A | $9.8B | — |
| Rhythm Pharmaceu RYTM | FY2025 | $189.8M | -$197K | -0.1% | $7.0B | 65/100 |
| Legend Biotech Corp LEGN | FY2025 | $1.0B | -$296.8M | -28.8% | $3.9B | 41/100 |
| Axsome Therapeut AXSM | FY2025 | $638.5M | -$183.2M | -28.7% | $11.0B | 37/100 |
Where Nuvalent, Inc. Ranks
Frequently Asked Questions
Is Nuvalent, Inc. profitable?
No, Nuvalent, Inc. (NUVL) reported a net income of -$425.4M in fiscal year 2025.
What is Nuvalent, Inc.'s return on equity (ROE)?
Nuvalent, Inc. (NUVL) has a return on equity of -34.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Nuvalent, Inc.'s operating cash flow?
Nuvalent, Inc. (NUVL) recorded an outflow of $275.2M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Nuvalent, Inc.'s total assets?
Nuvalent, Inc. (NUVL) had $1.4B in total assets as of fiscal year 2025, including both current and long-term assets.
How much does Nuvalent, Inc. spend on research and development?
Nuvalent, Inc. (NUVL) invested $307.0M in research and development during fiscal year 2025.
What is Nuvalent, Inc.'s current ratio?
Nuvalent, Inc. (NUVL) had a current ratio of 15.27 as of fiscal year 2025, which is generally considered healthy.
What is Nuvalent, Inc.'s debt-to-equity ratio?
Nuvalent, Inc. (NUVL) had a debt-to-equity ratio of 0.13 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Nuvalent, Inc.'s return on assets (ROA)?
Nuvalent, Inc. (NUVL) had a return on assets of -30.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Nuvalent, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Nuvalent, Inc. (NUVL) held $1.4B in cash, cash equivalents and investments, and reported an operating cash outflow of $275.2M over that year. Dividing the one by the other, the reported balance equals about 60 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Nuvalent, Inc.'s Piotroski F-Score?
Nuvalent, Inc. (NUVL) has a Piotroski F-Score of 1 out of 5 computable signals; 4 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Nuvalent, Inc.'s earnings high quality?
Nuvalent, Inc. (NUVL) reported a net loss of $425.4M while operations used $275.2M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.