Nuvalent maintains a debt-free capital structure with $1.2 billion in equity, though this is offset by a $1.1 billion accumulated deficit in retained earnings as of 2026Q1.
| Total Current Assets | 1.31B | 1.39B | 1.13B | 726.49M | 477.99M | 290.63M | 10.65M | 3.32M |
| Cash & Short-Term Investments | 1.29B | 1.37B | 1.12B | 719.9M | 472.16M | 288.11M | 10.33M | 3.02M |
| Cash Only | 159.73M | 261.75M | 145.69M | 335.39M | 241.81M | 68.53M | 10.33M | 3.02M |
| Short-Term Investments | 1.13B | 1.11B | 972.61M | 384.52M | 230.36M | 219.59M | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 20.46M | 0 | 14.15M | 6.58M | 5.83M | 0 | 314K | 0 |
| Total Non-Current Assets | 23.21M | 20.28M | 9.3M | 5.9M | 4.47M | 3.2M | 0 | 0 |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 23.21M | 20.28M | 9.3M | 5.9M | 4.47M | 3.2M | 0 | 0 |
| Total Assets | 1.33B | 1.41B | 1.14B | 732.38M | 482.46M | 293.82M | 10.65M | 3.32M |
| Asset Turnover | 0.00x | - | - | - | - | - | - | - |
| Asset Growth % | 80.64% | 23.73% | 55.9% | 51.8% | 64.2% | 2659.95% | 221.05% | - |
| Total Current Liabilities | 81.05M | 91.17M | 54.02M | 31.82M | 19.48M | 8.79M | 4.38M | 4.35M |
| Accounts Payable | 22.14M | 30.16M | 5.22M | 9.27M | 7.2M | 2.89M | 1.25M | 723K |
| Days Payables Outstanding | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.15M |
| Other Current Liabilities | 58.91M | 0 | 0 | 7.33M | 7.43M | 3.16M | 2.59M | 6.46M |
| Current Ratio | 16.14x | 15.27x | 20.96x | 22.83x | 24.54x | 33.07x | 2.43x | 0.76x |
| Quick Ratio | 16.14x | 15.27x | 20.96x | 22.83x | 24.54x | 33.07x | 2.43x | 0.76x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 75.73M | 73.19M | 17.94M | 0 | 0 | 0 | 37.59M | 16.22M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 2.23M | 2.17M |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 75.73M | 73.19M | 17.94M | 0 | 0 | 0 | 35.35M | 14.05M |
| Total Liabilities | 156.78M | 164.37M | 71.96M | 31.82M | 19.48M | 8.79M | 41.97M | 20.57M |
| Total Debt | 0 | 0 | 0 | 0 | 0 | 0 | 2.23M | 2.17M |
| Net Debt | -159.73M | -261.75M | -145.69M | -335.39M | -241.81M | -68.53M | -8.1M | -843K |
| Debt / Equity | 0.00x | - | - | - | - | - | - | - |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.46x | - | - | - | - | - | - | - |
| Interest Coverage | -36.13x | - | - | -5.42x | - | - | - | - |
| Total Equity | 1.17B | 1.25B | 1.07B | 700.56M | 462.98M | 285.04M | -31.32M | -17.26M |
| Equity Growth % | 55.77% | 16.69% | 52.7% | 51.32% | 62.43% | 1009.99% | -81.52% | - |
| Book Value per Share | 14.93 | 17.17 | 16.11 | 12.03 | 9.32 | 13.08 | -1.37 | -0.36 |
| Total Shareholders' Equity | 1.17B | 1.25B | 1.07B | 700.56M | 462.98M | 285.04M | -31.32M | -17.26M |
| Common Stock | 8K | 8K | 8K | 7K | 6K | 5K | 0 | 0 |
| Retained Earnings | -1.08B | -972.43M | -547.05M | -286.3M | -160.08M | -78.22M | -31.89M | -17.33M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -1.35M | 2.35M | -59K | 31K | -494K | -228K | -280K | -14.05M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding dependency
As reported in recent financial statements, Nuvalent's total assets reached $1.3 billion in 2026Q1, yet the persistent accumulation of a $1.1 billion deficit in retained earnings suggests that the company's growth trajectory is entirely dependent on external equity financing rather than internal value creation.
The expansion of the balance sheet appears to be a direct function of capital raises rather than operational success, as the firm remains in a pre-revenue state. Investors should monitor whether the current asset base can be converted into commercial value before the existing cash runway is exhausted.
Based on the company's reported figures, equity has grown to $1.2 billion as of 2026Q1, a trend that appears heavily influenced by consistent equity issuance to fund the escalating R&D requirements of its late-stage clinical pipeline rather than organic earnings retention.
The reliance on equity markets to maintain a positive net worth indicates that shareholders are effectively subsidizing the clinical development of NVL-520 and NVL-655. This structure implies that future per-share value will remain highly sensitive to the success of pivotal trials and the potential for further dilutive financing.
According to quarterly filings, Nuvalent held $159.7 million in cash as of 2026Q1, representing a significant decline from the $261.7 million reported in 2025Q4, which highlights the rapid consumption of liquidity as the firm advances its pivotal Phase 2 clinical trial cohorts.
While the current ratio of 16.14 suggests a strong short-term buffer, the absolute cash burn rate warrants close scrutiny as the company moves into more resource-intensive trial phases. The liquidity position appears adequate for near-term operations, but the lack of revenue streams necessitates a disciplined approach to capital allocation.
As evidenced by the balance sheet data, the company reports zero in PPE and goodwill, which suggests that Nuvalent's value is almost entirely tied to intangible intellectual property that remains unproven in a commercial setting, creating a binary risk profile for the firm's total asset valuation.
The absence of tangible assets implies that the balance sheet provides little protection in a downside scenario, as the company's worth is contingent upon the clinical efficacy of its kinase inhibitors. Investors should recognize that the reported asset value may be subject to significant impairment if clinical trial results fail to meet regulatory expectations.
Quick answers to the most common questions about buying NUVL stock.
As of 2025, Nuvalent, Inc. (NUVL) had total assets of $1.41B including $1.39B in current assets.
Nuvalent, Inc. (NUVL) carries total debt of $0.0M, offset by $1.37B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Nuvalent, Inc. (NUVL) has total shareholders' equity (book value) of $1.25B ($17.17 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Nuvalent, Inc. (NUVL) reported a current ratio of 15.27x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.