Nuvalent Q3 Loss Widens

(RTTNews) - Nuvalent Inc. (NUVL) reported that its third quarter net loss widened to $33.65 million or $0.59 per share from $19.72 million or $0.41 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report a loss of $0.58 per share for the third quarter. Analysts' estimates typically exclude special items.

Total operating expenses for the quarter was $38.78 million compared to $20.39 million in the previous year.

Nuvalent recently reported preliminary dose-escalation data from the Phase 1 portion of its ongoing ALKOVE-1 Phase 1/2 clinical trial in patients with advanced ALK-positive non-small cell lung cancer (NSCLC) at the 35th AACR-NCI-EORTC Symposium in Boston, Massachusetts.

The preliminary activity was demonstrated in heavily pre-treated patients with ALK-positive NSCLC, including in subgroups of patients who had likely exhausted all available therapies including lorlatinib, had a history of brain metastases, or had single or compound ALK resistance mutations.

Additionally, NVL-655 demonstrated a favorable preliminary safety profile consistent with its ALK-selective, TRK sparing design.

"We are encouraged by the positive reception to our progress and continued support from both new and longstanding stockholders, leading to a successful $300 million public offering," said Alexandra Balcom, Chief Financial Officer of Nuvalent.

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