Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Information

9. Segment Information

The Company is a clinical-stage biopharmaceutical company and has not generated any revenue since commencing significant operations in 2018. The Company’s operations are organized and reported as one reportable segment, which includes all activities related to the discovery, development, and commercialization of precisely targeted therapies for patients with cancer. This presentation is consistent with how the Company’s chief operating decision maker (“CODM”), its Chief Executive Officer, assesses the performance of the Company and makes operating decisions on a consolidated basis. The accounting policies of the consolidated segment are the same as those described in Note 2 of the Company’s Annual Report. The CODM assesses performance and decides how to allocate resources based on consolidated net loss as reported on the consolidated statements of operations and comprehensive loss. The CODM uses consolidated net loss to monitor budget versus actual results, assess cash runway, and benchmark against the Company’s competitors. The measure of segment assets is reported on the consolidated balance sheets as total assets. The Company’s assets are held in the United States.

The following table sets forth the Company’s segment information (in thousands):

	Three Months Ended March 31,
	2026			2025
Direct external expenses by program:
Zidesamtinib	$	12,309		$	15,551
Neladalkib		26,316			28,007
NVL-330		6,826			3,961
Discovery programs		2,803			2,133
Personnel-related expenses		23,590			14,928
Stock-based compensation expense		28,880			20,380
General and administrative professional and consultant fees		4,343			2,866
Change in fair value of related party revenue share liability		2,570			1,430
Interest income		(12,862	)		(11,835	)
Other segment items(1)		14,336			7,004
Income tax provision		168			157
Consolidated net loss	$	(109,279	)	$	(84,582	)

(1) Other segment items included in consolidated net loss include expenses for commercialization preparation activities, research and development consulting services, information technology, employee recruitment, and other miscellaneous activities.