10-K · February 26, 2026
Nuvalent is a clinical-stage oncology biotech focused on selective, brain-penetrant small-molecule kinase inhibitors (lead programs zidesamtinib/NVL-520 and neladalkib/NVL-655). The filing highlights major clinical and…
Earnings analysis · 10-Q
NUVL earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Nuvalent, Inc. reported a net loss of $109.3 million in Q1 2026, with a diluted EPS loss of $(1.39), compared to a loss of $(1.18) from Q1 2025. The company's operating expenses increased to $119.4 million, driven by…
Read full summary
Nuvalent, Inc. reported a net loss of $109.3 million in Q1 2026, with a diluted EPS loss of $(1.39), compared to a loss of $(1.18) from Q1 2025. The company's operating expenses increased to $119.4 million, driven by research and development efforts, which rose by $9.2 million year-over-year. Management emphasized continued commitment to advancing key drug candidates with two New Drug Applications pending by late 2026.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-1.39
What stood out
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Increased R&D Focus
R&D expenses rose to $83.6 million in Q1 2026 from $74.4 million in Q1 2025.
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Significant Cash Reserves
As of March 31, 2026, Nuvalent reported cash, cash equivalents, and marketable securities of $1.3 billion.
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Pending New Drug Applications
The FDA has accepted NDAs for zidesamtinib and neladalkib, with action dates in September 2026.
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Higher General Expenses
General and administrative expenses increased to $35.8 million in Q1 2026 from $20.4 million in Q1 2025.
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Regulatory Milestones
The company plans further submissions for zidesamtinib in the second half of 2026.
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Increased Operating Expenses
Total operating expenses for Q1 2026 climbed to $119.4 million versus $94.8 million in Q1 2025.
What to watch
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High Cash Burn
Net loss for Q1 2026 was $109.3 million, raising concerns about long-term sustainability.
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Regulatory Approval Risks
The reliance on FDA approvals for two key products poses risks if approvals are delayed or denied.
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Dependence on Third-Party Relationships
The reliance on contract manufacturers and CROs increases operational risks should they fail to deliver.
Management's outlook
Management affirms focus on regulatory milestones, with no numeric guidance provided.
Earlier filings 4
10-Q · August 8, 2024
Nuvalent reported a widening loss in Q2: net loss of $57.2M (EPS -$0.88) versus $29.1M (EPS -$0.51) in Q2 2023, driven by sharply higher R&D and G&A spend. The company holds substantial liquid resources — cash $77.7M…
10-Q · May 9, 2024
Nuvalent remains a pre-commercial, single-segment clinical-stage biopharma with no product revenue and widening losses in Q1 2024. Net loss increased to $44,482 thousand (‑$0.69 per share) versus $25,192 thousand…
10-Q · August 10, 2023
Nuvalent reported a Q2 net loss of $29,090 thousand (EPS -$0.51) on no product revenue, driven by higher R&D and G&A spending. Cash and marketable securities total $431,239 thousand ($70,872 cash; $360,367 marketable…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.