Nuvalent Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Selling, General & Admin	107.34	62.59	36.25	22.38	10.26
Research & Development	306.97	217.77	113.24	63.73	35.56
Total Operating Expenses	414.31	280.37	149.49	86.11	45.82
Operating Income	-414.31	-280.37	-149.49	-86.11	-45.82
Interest Income	44.74	38.32	23.27	4.25	0.11
Other Non-Operating Income (Expense)	-55.22	-17.94	-	-	-0.64
Total Non-Operating Income (Expense)	-10.49	20.38	23.27	4.25	-0.52
Pretax Income	-424.79	-259.99	-126.22	-81.85	-46.34
Provision for Income Taxes	0.59	0.76	-	-	-
Net Income	-425.38	-260.76	-126.22	-81.85	-46.34
Net Income to Common	-425.38	-260.76	-126.22	-81.85	-46.34
Shares Outstanding (Basic)	73	66	58	50	22
Shares Outstanding (Diluted)	73	66	58	50	22
Shares Change (YoY)	9.45%	14.06%	17.22%	128.01%	659.75%
EPS (Basic)	-5.85	-3.93	-2.17	-1.65	-2.13
EPS (Diluted)	-5.85	-3.93	-2.17	-1.65	-2.13
Shares Outstanding	78.24	71.34	64.07	56.67	48.3
Free Cash Flow	-275.21	-185.06	-99.74	-64.97	-40
Free Cash Flow Per Share	-3.79	-2.79	-1.71	-1.31	-1.84
EBITDA	-414.31	-280.37	-149.49	-86.11	-45.82
EBIT	-414.31	-280.37	-149.49	-86.11	-45.82
Effective Tax Rate	-0.14%	-0.29%	0.00%	0.00%	0.00%

Updated Feb 26, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

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