Business
Nuvalent Highlights Pipeline and Business Progress and Reports Fourth Quarter and Full Year 2022 Financial Results
Significant progress made across pipeline of novel kinase inhibitors with parallel-lead programs in ongoing Phase 1 clinical trials and a third program
About this update from Nuvalent, Inc.
[{"type":"text","content":"Significant progress made across pipeline of novel kinase inhibitors with parallel-lead programs in ongoing Phase 1 clinical trials and a third program advancing toward clinical development \nStrengthened leadership team with key internal promotions\nStrong financial position with $472 million in cash, cash equivalents and marketable securities to support operating runway into the second half of 2025\nCAMBRIDGE, Mass., March 16, 2023 /PRNewswire/ -- Nuvalent, Inc. (Nasdaq: NUVL), a clinical-stage biopharmaceutical company focused on creating precisely targeted therapies for clinically proven kinase targets in cancer, today highlighted pipeline and business progress and fourth quarter and full year 2022 financial results.\n\n \n \n \n \n \n \n\n \n\"2022 was a remarkable year of progress for Nuvalent. The first half of the year marked our transition to a clinical-stage company with the initiation of dosing in clinical trials for both of our parallel-lead programs, ROS1-selective inhibitor, NVL-520, and ALK-selective inhibitor, NVL-655. The team continued to execute through the second half of the year with our first clinical data presentation demonstrating preliminary clinical proof-of-concept data for NVL-520, as well as the nomination of our third novel development candidate, NVL-330, for HER2 exon 20-positive cancers,\" said James Porter, Ph.D., Chief Executive Officer at Nuvalent. \"Going into 2023, we remain committed to following the data and opportunities to carry this positive progress forward. Enrollment continues in the Phase 1 portions of our ARROS-1 and ALKOVE-1 clinical trials, and we continue to progress NVL-330 towards IND as well as pursue further expansion of our discovery pipeline.\"\nDr. Porter continued, \"To have discovered and advanced a pipeline of novel candidates to this point in just a few years from company creation is a testament to our team's expertise, ability to execute, and commitment to bringing new therapies to patients as quickly as possible. In recognition of their embodiment of these qualities and outstanding contributions to date, we are pleased to promote Dr. Henry Pelish to Senior Vice President, Drug Discovery, and Dr. John Soglia to Senior Vice President, Translational Development. I'm incredibly excited about the future of Nuvalent and believe that with a promising portfolio, dedicated an...