Nuvalent Inc. announced a $500 million underwritten public offering of its Class A common stock, with a potential gross offering of $500 million. The offering is being managed by J.P. Morgan, Jefferies, TD Cowen, and Cantor as joint book‑running managers. The sale is subject to market and other conditions, and Nuvalent will not receive proceeds from the sale of shares by the selling stockholders.
The announcement came alongside the release of positive topline data from the ALKOVE‑1 trial of neladalkib, a targeted ALK inhibitor. The data showed meaningful improvements in response rates and durability, bolstering investor confidence in the company’s pipeline and providing a strong backdrop for the capital raise.
Nuvalent’s cash position remains robust, with approximately $1.1 billion in cash, cash equivalents, and marketable securities as of March 31 2025. The company’s runway is projected to extend into 2028, allowing continued investment in its pipeline candidates, including neladalkib, zidesamtinib, and NVL‑330.
Chief Development Officer Darlene Noci said the company is focused on advancing its pipeline and achieving key milestones, while CFO Alex Balcom highlighted the company’s strong financial position and its goal of delivering best‑in‑class options for patients. The offering will provide additional capital to support ongoing clinical development and extend the company’s operating runway.
The offering is pursuant to a shelf registration statement filed with the SEC on March 16 2023. Deerfield Healthcare Innovations Fund and Deerfield Private Design Fund IV, the selling stockholders, may grant the underwriters a 30‑day option to purchase up to an additional 15 % of the shares at the offering price less underwriting discounts and commissions. The offering is subject to market conditions and other customary conditions.
The capital raise is a significant financing event for a clinical‑stage biopharmaceutical company that has yet to achieve commercial product sales. By raising additional capital, Nuvalent aims to accelerate the development of its oncology pipeline and maintain financial flexibility as it navigates the competitive landscape of targeted cancer therapies.
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