Nuvalent Cash Flow 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
Net Income	-425.38	-260.76	-126.22	-81.85	-46.34
Stock-Based Compensation	86.5	60.58	25.56	10.33	3.55
Other Adjustments	44.46	3.27	-10.11	-0.37	0.85
Changes in Accounts Payable	24.6	-4.05	2.17	4.21	1.64
Changes in Accrued Expenses	11.46	26.86	9.64	5.48	3.75
Changes in Other Operating Activities	-16.85	-10.97	-0.78	-2.76	-3.45
Operating Cash Flow	-275.21	-185.06	-99.74	-64.97	-40
Purchases of Investments	-1,058	-1,025	-459.49	-212.92	-221.04
Proceeds from Sale of Investments	933.69	451.45	315.96	202.25	1.02
Investing Cash Flow	-124.08	-573.51	-143.53	-10.67	-220.03
Issuance of Common Stock	515.72	569.99	338.48	250.47	177.28
Net Common Stock Issued (Repurchased)	515.72	569.99	338.48	250.47	177.28
Issuance of Preferred Stock	-	-	-	-	144.65
Net Preferred Stock Issued (Repurchased)	-	-	-	-	144.65
Other Financing Activities	-0.38	-1.11	-1.63	-1.55	-3.71
Financing Cash Flow	515.34	568.88	336.85	248.92	318.22
Net Cash Flow	116.05	-189.7	93.58	173.28	58.19
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
Levered Free Cash Flow	-406.17	-248.91	-115.19	-74.92	-44.4
Unlevered Free Cash Flow	-395.67	-269.35	-138.47	-79.18	-43.88

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

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