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Nuvalent Announces $300M Public Stock Offering

NEW YORK – Nuvalent on Monday announced an underwritten public offering of 56,698,780 shares of common stock at $57.99 per share, which it expects will bring in $281.6 million in proceeds.

Nuvalent will also grant the underwriters a 30-day option to purchase an additional 15 percent, or $45 million, of shares at the public offering price. This will increase the total number of shares publicly offered to 57,474,776 and the total proceeds the company expects to raise to $323.9 million if the underwriters exercise their option in full.

According to a filing with the US Securities and Exchange Commission, the firm will use the funds to advance its pipeline candidates, including the ROS1 inhibitor NVL-520, ALK inhibitor NVL-655, and HER2 inhibitor NVL-330. The firm will also use the proceeds for working capital and other general corporate purposes and may use the funds to in-license, acquire, or invest in product candidates or technologies to further grow its pipeline.

In September, Nuvalent began the Phase II portion of a trial of NVL-520 in patients with ROS1-positive non-small cell lung cancer and other solid tumors. The firm also has an ongoing Phase I/II study of NVL-655 in patients with ALK-positive advanced NSCLC and other solid tumors. Its HER2 inhibitor NVL-330 is in preclinical development as a treatment for tumors harboring HER2 exon 20 insertions.

Nuvalent, based in Cambridge, Massachusetts, said it expects to report that in the third quarter it had approximately $413.3 million in cash, cash equivalents, and marketable securities as of Sept. 30. With this existing cash and the proceeds from the stock offering, the firm expects to fund operating expenses and capital expenditure requirements into 2027. However, the firm noted it will need to raise additional capital to complete clinical development and commercialization of its products.