Nuvalent reports Q3 EPS ($1.28), consensus (94c)

Cash, cash equivalents and marketable securities were $1.2 billion as of September 30, 2024. The company’s cash, cash equivalents and marketable securities as of September 30, 2024, inclusive of the proceeds from the $575 million public offering, are expected to extend the company’s operating runway into 2028. “Throughout 2024, the Nuvalent (NUVL) team has made significant strides in advancing our pipeline of novel kinase inhibitors, exemplified by the achievement of all of the 2024 milestones originally laid out in our OnTarget 2026 operating plan. We believe our recent upsized public offering reflects the shared excitement around these achievements and the potential for multiple value-creating catalysts ahead,” said Alexandra Balcom, Chief Financial Officer at Nuvalent. “We believe we are well-positioned to execute on our mid- and long-term goals and remain sharply focused on moving our programs forward as efficiently as possible for patients.”