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what it is
Nuvalent makes targeted cancer drugs for ALK and ROS1 tumors.
how it gets paid
Last year Nuvalent made n/a in revenue.
what just happened
Nuvalent posted $25M of latest-quarter revenue while losing $4.27 per share.
At a glance
B+ balance sheet — decent shape, but not bulletproof
-$3.93 fy2024 eps est
-$520M fy2025 rev est
1.2 beta
~$8B market cap
xvary composite: 58/100 — below average
What they do
Nuvalent makes targeted cancer drugs for ALK and ROS1 tumors.
You are buying two shots on goal, not a factory. NVL-520 targets ROS1, and NVL-655 targets ALK. Both are designed for resistance and brain spread, the two places old drugs break first. That matters because Nuvalent has 142 employees, so every data readout has to carry the story.
How they make money
n/a
annual revenue
The products that matter
targets ROS1-positive lung cancer
Zidesamtinib
NDA accepted · 88% ORR
this is the lead asset and the closest thing Nuvalent has to a business. an 88% overall response rate and an accepted NDA are why the market is willing to value the company at roughly $8B before commercialization starts.
lead asset
targets ALK-positive lung cancer
NVL-655
phase 2 · NDA submission planned
this is the second shot on goal. it is earlier than zidesamtinib, which means more upside if it works and more uncertainty because it is still proving itself.
second asset
everything else in the story
Clinical pipeline
$0 revenue · -$5.85 ttm eps
until one of the lead programs turns into sales, the pipeline is the business. in human-speak: the stock is being priced on future odds, not present earnings power.
valuation bridge
Key numbers
$101.76
share price
You pay $101.76 for a company with 0 product revenue.
$8B
market cap
That is the price tag on 2 lead programs and 142 employees.
142
employees
That is the whole headcount behind the pipeline, not a sales army.
1.2
beta
The stock tends to move about 20% more than the market.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 2 — safer than 80% of stocks
- price stability 5 / 100
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for NUVL right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Nuvalent posted $25M of latest-quarter revenue while losing $4.27 per share.
Revenue was up 191% vs. prior year, but the business is still pre-profit. That is normal for clinical biotech and ugly for cash flow.
$25M
revenue
-$4.27
eps
+191%
revenue vs. last year
the number that mattered
The $25M quarter matters because it is still tiny next to an $8B market cap.
source: company earnings report, 2026
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What could go wrong
the big risk is simple: Nuvalent is being valued like at least one program becomes a real product, even though current revenue is still $0. if the FDA path wobbles or the second asset loses momentum, the stock loses the narrative holding it up.
med
zidesamtinib approval risk
The lead asset has an accepted NDA, which sounds close to the finish line because it is. It also means the stock is approaching its most binary moment.
If the FDA rejects it, delays it, or narrows the label, an ~$8B valuation with $0 current revenue loses its main support.
med
NVL-655 execution risk
The second asset is still in phase 2 with an NDA submission planned. That gives you optionality, but earlier-stage programs leave more room for slower timelines or less convincing data.
If the second program slips, the market falls back to valuing Nuvalent as a one-asset story. That usually comes with a smaller multiple.
med
cash burn before commercialization
Quarterly net loss reached $118.7M and the company remains pre-revenue. That is normal for this stage, but normal does not make delays cheaper.
With $0 commercial revenue today, every extra quarter of delay extends the period where investors are funding science instead of buying earnings.
The cleanest framing is still the right one: 100% of current revenue is $0, so 100% of today's equity story rests on pipeline progress, approval timing, and whether launch execution ever arrives.
source: institutional data · regulatory filings · risk analysis
Pay attention to
catalyst
fda decision path for zidesamtinib
The NDA is accepted. That moves the stock closer to the moment when clinical promise turns into a yes, a no, or a delay.
pipeline
nvl-655 filing progress
Phase 2 with an NDA submission planned means the second asset can either widen the story or stay a promise for longer.
burn rate
quarterly loss trajectory
Q4 2025 net loss was $118.7M. You want to see pipeline progress justify the rising spend.
volatility
trading swings around catalyst windows
Beta is 1.2 and price stability is 5 / 100. This stock does not wait for calm reflection when binary news hits.
Analyst rankings
composite
58 / 100
Below average overall. In plain English: the opportunity is meaningful, but the risk is doing a lot of the talking.
balance sheet
B+
Good enough to keep funding development. Not good enough to make you forget the company still has no product revenue.
street read
catalyst-driven
in human-speak, analysts can model the loss line, but the stock will still trade hardest on FDA timing and trial execution.
source: institutional data
Institutional activity
institutional ownership data for NUVL is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$102
current price
n/a
target midpoint · n/a from current
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