Nuvalent, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company’s total assets surged to $1.19 billion, up from $732.4 million at the end of 2023, primarily driven by a substantial increase in marketable securities, which rose to $799.1 million from $384.5 million. Cash and cash equivalents also saw an increase, reaching $369.2 million compared to $335.4 million at the end of 2023.

Despite these increases in assets, Nuvalent reported a net loss of $84.3 million for the third quarter of 2024, a significant rise from a net loss of $33.6 million in the same period of 2023. This loss per share for Class A and Class B common stockholders was $(1.28), compared to $(0.59) in the prior year. For the nine months ended September 30, 2024, the net loss totaled $186 million, compared to $87.9 million for the same period in 2023.

Operating expenses for the third quarter of 2024 reached $76.3 million, up from $38.8 million in the same quarter of 2023. Research and development expenses accounted for $60.6 million of this total, significantly higher than the $29.6 million reported in the prior year, reflecting increased costs associated with the development of lead product candidates, zidesamtinib and NVL-655. General and administrative expenses also rose to $15.8 million from $9.2 million, driven by higher personnel-related costs.

In September 2024, Nuvalent completed a public offering, issuing 5.75 million shares of Class A common stock at a price of $100 per share, generating net proceeds of approximately $540.1 million. This capital infusion is expected to support the company’s operations and clinical development efforts, which include ongoing Phase 1/2 trials for zidesamtinib and NVL-655, as well as a planned Phase 3 trial for NVL-655 in 2025.

As of September 30, 2024, Nuvalent had an accumulated deficit of $472.3 million and has not generated any revenue since its inception in 2018. The company anticipates continued operating losses as it advances its clinical programs and prepares for potential commercialization of its product candidates. The management believes that its existing cash, cash equivalents, and marketable securities will be sufficient to fund operations into 2028, although additional capital may be required to support all product candidates through regulatory approval.