Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-22

Nuvalent (NUVL)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$11,393,602
James Porter total, FY2025
CEO pay percentile vs peers
21:1
CEO-to-median pay ratio
97.47%
Say-on-pay support, latest vote
Companies that benchmark against NUVL
8 companies name NUVL as a compensation peer

Each company listed discloses NUVL in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named NUVL in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
James Porter$652,100$0$4,392,563$5,857,906$469,512$0$21,521$11,393,602
President and Chief Executive Officer
Christopher Turner520,10001,464,1881,952,635280,854021,5214,239,298
Chief Medical Officer
Alexandra Balcom475,50001,464,1881,952,635256,770021,5214,170,614
Chief Financial Officer and Treasurer
Darlene Noci467,40001,464,1881,952,635252,396021,5214,158,140
Chief Development Officer
Deborah Miller467,00001,464,1881,952,635252,180021,5214,157,524
Chief Legal Officer and Secretary

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
James Porter$11,393,602
Christopher Turner4,239,298
Alexandra Balcom4,170,614
Darlene Noci4,158,140
Deborah Miller4,157,524

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
James PorterRSU2025-01-0656,250$4,392,563
Christopher TurnerOPTION2025-01-0637,5001,952,635
Deborah MillerOPTION2025-01-0637,5001,952,635
Alexandra BalcomRSU2025-01-0618,7501,464,188
Deborah MillerRSU2025-01-0618,7501,464,188
James PorterOPTION2025-01-06112,5005,857,906
Darlene NociRSU2025-01-0618,7501,464,188
Christopher TurnerRSU2025-01-0618,7501,464,188
Darlene NociOPTION2025-01-0637,5001,952,635
Alexandra BalcomOPTION2025-01-0637,5001,952,635
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
James Porter$4,392,563$0$5,857,9060.0%
Christopher Turner1,464,18801,952,6350.0%
Deborah Miller1,464,18801,952,6350.0%
Alexandra Balcom1,464,18801,952,6350.0%
Darlene Noci1,464,18801,952,6350.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Christopher TurnerRSU18,750$1,886,063
Christopher TurnerOption39,05427.85
Christopher TurnerRSU22,2002,233,098
Christopher TurnerOption24,74072.35
Alexandra BalcomRSU18,7501,886,063
Alexandra BalcomPSU5,600563,304
Alexandra BalcomOption2,22918.93
Deborah MillerOption24,74072.35
James PorterRSU75,2007,564,368
Alexandra BalcomOption24,74072.35
Alexandra BalcomOption39,05427.85
Alexandra BalcomRSU22,2002,233,098
Deborah MillerPSU5,600563,304
Christopher TurnerOption1,16218.93
Christopher TurnerOption28,90678.09
James PorterOption83,90672.35
James PorterOption6,88318.93
Deborah MillerOption2,22918.93
James PorterOption113,96127.85
James PorterOption86,71978.09
Deborah MillerOption39,05427.85
Deborah MillerRSU22,2002,233,098
Alexandra BalcomOption1,16218.93
James PorterRSU56,2505,658,188
Alexandra BalcomOption28,90678.09
Alexandra BalcomOption8,33314.4
Deborah MillerRSU18,7501,886,063
James PorterPSU16,9001,699,971
Christopher TurnerOption8,33314.4
Deborah MillerOption28,90678.09
Christopher TurnerPSU5,600563,304
Christopher TurnerOption2,22918.93
05

Incentive-plan design — the Compensation Discussion & Analysis

Our executive compensation program is designed to attract and retain qualified and talented executives, motivate such executives to achieve our corporate goals and reward them for short- and long-term performance with a simple and clear compensation structure.

CEO STI target (% of salary)60%
CEO LTI target (% of salary)
Independent consultantAlpine Rewards
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-1668,898,7111,786,46517,92697.47%Passed
20252025-06-1853,520,19210,356,8872,49883.79%Passed
20242024-06-1255,798,9411,324,3791,83797.68%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-1697.47%a
20252025-06-1883.79%b
20242024-06-1297.68%c

a. Approved under the standard stated in the filing — “Abstentions and broker non-votes will not be counted as votes cast on this matter and, as a result, will have no effect on the outcome of Proposal No.”.

b. Approved under the standard stated in the filing — “Abstentions and broker non-votes will not be counted as votes cast on this matter and, as a result, will have no effect on the outcome of Proposal No.”.

c. Approved under the standard stated in the filing — “Abstentions and broker non-votes will not be counted as votes cast on this matter and, as a result, will have no effect on the outcome of Proposal No.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)21 : 1
CEO total compensation$11,393,602
Median employee compensation$540,474
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Matthew Shair, Ph.DIndependent · Departed during FY$39,489$199,928$200,004$0$200,000$639,421
Christy OligerIndependent · Audit · Newly elected27,715299,930300,0210627,666
Ron SquarerIndependent · Nominating and Corporate Governance · Newly elected2,511299,984299,9570602,452
Anna ProtopapasIndependent · Board Chair · Compensation85,500199,928200,0040485,432
Sapna Srivastava, Ph.DIndependent · Audit (Chair)62,000199,928200,0040461,932
Cameron A. Wheeler, Ph.DIndependent · Audit · Compensation54,830199,928200,0040454,762
Michael L. Meyers, M.D., Ph.DIndependent · Nominating and Corporate Governance (Chair)52,000199,928200,0040451,932
Grant C. BogleIndependent · Compensation (Chair)49,995199,928200,0040449,927
Joseph Pearlberg, M.D., Ph.DIndependent · Nominating and Corporate Governance · Not standing for re-election47,000199,928200,0040446,932
Gary Gilliland, M.D., Ph.DIndependent · Audit · Departed during FY24,285297,9370322,222
Emily Drabant Conley, Ph.DIndependent · Compensation · Departed during FY26,62022,879049,499
Andrew A. F. Hack, M.D., Ph.DIndependent · Audit · Departed during FY24,285024,285
James R. Porter, Ph.DEmployee director00000
09

Board fee structure and ownership guideline

Annual cash retainer
Annual equity retainer$425,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 15,000 / 10,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$496,230
Equity awards (grant-date value)$1,999,410
All other compensation$200,000
Total cost of the board$2,695,640

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Nuvalent names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Nuvalent.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Summit Therapeutics Inc.2025Mahkam Zanganeh$616,500$0$245,021,384$0$246,047,279
2Arcellx, Inc.2024Rami Elghandour653,2889,342,06910,850,151021,402,668
3Immunovant, Inc.2026Eric Venker636,618019,010,639020,158,767
4Madrigal Pharmaceuticals, Inc.2025Bill Sibold918,53112,297,8504,537,1461,438,81419,206,341
5Revolution Medicines, Inc.2025Mark Goldsmith812,5003,968,0768,995,114889,70014,672,390
6Vaxcyte, Inc.2025Grant Pickering800,0004,300,1598,714,048630,00014,458,937
7Cytokinetics, Incorporated2025Robert Blum853,0695,150,0195,095,918772,71511,881,456
8Nuvalent2025James Porter652,1004,392,5635,857,906469,51211,393,602
9Arrowhead Pharmaceuticals, Inc.2025Christopher Anzalone981,0466,810,29201,236,0009,029,861
10CRISPR Therapeutics AG2025Samarth Kulkarni768,6223,474,9002,768,862659,0937,678,477
11Denali Therapeutics Inc.2025Ryan Watts718,0001,151,8672,180,00304,751,515
Avidity Biosciences, Inc.not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Nuvalent120%not disclosedNoAlpine Rewards
Arcellx, Inc.140%not disclosedNoMeridian Compensation Partners, LLC
Arrowhead Pharmaceuticals, Inc.125%PSU 70 · RSU 30not disclosedCompensia
Avidity Biosciences, Inc.not disclosednot disclosednot disclosednot disclosed
CRISPR Therapeutics AG122.5%not disclosednot disclosedAlpine Rewards, LLC
Cytokinetics, Incorporated120%RSU 50 · Options 50not disclosedAon Human Capital Solutions
Denali Therapeutics Inc.145%not disclosednot disclosedAlpine Rewards
Immunovant, Inc.110%not disclosedNoCompensia
Madrigal Pharmaceuticals, Inc.195%PSU 33 · RSU 33 · Options 33Yes — Relative TSR vs Nasdaq Biotechnology IndexCompensia
Revolution Medicines, Inc.146%Options 70 · RSU 30not disclosedCompensia
Summit Therapeutics Inc.105%Options 100not disclosednot disclosed
Vaxcyte, Inc.105%not disclosednot disclosedPay Governance

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, James PorterDEF 14A2026-04-280001861560-26-000013Section “Summary Compen sation Table - 2025”. As printed: 11,393,602. Filing ↗machine: r2 · c14 · span 689237–689247
2Section 01, Christopher TurnerDEF 14A2026-04-280001861560-26-000013Section “Summary Compen sation Table - 2025”. As printed: 4,239,298. Filing ↗machine: r5 · c14 · span 704965–704974
3Section 01, Alexandra BalcomDEF 14A2026-04-280001861560-26-000013Section “Summary Compen sation Table - 2025”. As printed: 4,170,614. Filing ↗machine: r8 · c14 · span 720674–720683
4Section 01, Darlene NociDEF 14A2026-04-280001861560-26-000013Section “Summary Compen sation Table - 2025”. As printed: 4,158,140. Filing ↗machine: r11 · c14 · span 736772–736781
5Section 01, Deborah MillerDEF 14A2026-04-280001861560-26-000013Section “Summary Compen sation Table - 2025”. As printed: 4,157,524. Filing ↗machine: r13 · c14 · span 747421–747430
6Section 03, James Porter RSUDEF 14A2026-04-280001861560-26-000013Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
7Section 03, Christopher Turner OPTIONDEF 14A2026-04-280001861560-26-000013Section “OUR BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT THE STOCKH” · grants of plan-based awards table. Filing ↗machine: t14 · r5 · c8 · span 702930–702939
8Section 03, Deborah Miller OPTIONDEF 14A2026-04-280001861560-26-000013Section “OUR BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT THE STOCKH” · grants of plan-based awards table. Filing ↗machine: t14 · r13 · c8 · span 745386–745395
9Section 03, Alexandra Balcom RSUDEF 14A2026-04-280001861560-26-000013Section “OUR BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT THE STOCKH” · grants of plan-based awards table. Filing ↗machine: t14 · r8 · c6 · span 717959–717968
10Section 03, Deborah Miller RSUDEF 14A2026-04-280001861560-26-000013Section “OUR BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT THE STOCKH” · grants of plan-based awards table. Filing ↗machine: t14 · r13 · c6 · span 744706–744715
11Section 03, James Porter OPTIONDEF 14A2026-04-280001861560-26-000013Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
12Section 03, Darlene Noci RSUDEF 14A2026-04-280001861560-26-000013Section “OUR BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT THE STOCKH” · grants of plan-based awards table. Filing ↗machine: t14 · r11 · c6 · span 733925–733934
13Section 03, Christopher Turner RSUDEF 14A2026-04-280001861560-26-000013Section “OUR BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT THE STOCKH” · grants of plan-based awards table. Filing ↗machine: t14 · r5 · c6 · span 702250–702259
14Section 03, Darlene Noci OPTIONDEF 14A2026-04-280001861560-26-000013Section “OUR BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT THE STOCKH” · grants of plan-based awards table. Filing ↗machine: t14 · r11 · c8 · span 734638–734647
15Section 03, Alexandra Balcom OPTIONDEF 14A2026-04-280001861560-26-000013Section “OUR BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT THE STOCKH” · grants of plan-based awards table. Filing ↗machine: t14 · r8 · c8 · span 718639–718648
16Section 07, pay ratioDEF 14A2026-04-280001861560-26-000013Section “CEO Pay Ratio”. As printed: 21 : 1. Filing ↗machine: span 1510190–1510192
17Section 08, Matthew Shair, Ph.DDEF 14A2026-04-280001861560-26-000013Section “Director Compensation”. As printed: 639,421. Filing ↗
18Section 08, Christy OligerDEF 14A2026-04-280001861560-26-000013Section “Director Compensation”. As printed: 627,666. Filing ↗machine: t2 · r7 · c19 · span 368135–368142
19Section 08, Ron SquarerDEF 14A2026-04-280001861560-26-000013Section “Director Compensation”. As printed: 602,452. Filing ↗machine: t2 · r11 · c19 · span 397796–397803
20Section 08, Anna ProtopapasDEF 14A2026-04-280001861560-26-000013Section “Director Compensation”. As printed: 485,432. Filing ↗machine: t2 · r9 · c19 · span 382969–382976
21Section 08, Sapna Srivastava, Ph.DDEF 14A2026-04-280001861560-26-000013Section “Director Compensation”. As printed: 461,932. Filing ↗
22Section 08, Cameron A. Wheeler, Ph.DDEF 14A2026-04-280001861560-26-000013Section “Director Compensation”. As printed: 454,762. Filing ↗
23Section 08, Michael L. Meyers, M.D., Ph.DDEF 14A2026-04-280001861560-26-000013Section “Director Compensation”. As printed: 451,932. Filing ↗
24Section 08, Grant C. BogleDEF 14A2026-04-280001861560-26-000013Section “Director Compensation”. As printed: 449,927. Filing ↗machine: t2 · r2 · c19 · span 330813–330820
25Section 08, Joseph Pearlberg, M.D., Ph.DDEF 14A2026-04-280001861560-26-000013Section “Director Compensation”. As printed: 446,932. Filing ↗
26Section 08, Gary Gilliland, M.D., Ph.DDEF 14A2026-04-280001861560-26-000013Section “Director Compensation”. As printed: 322,222. Filing ↗
27Section 08, Emily Drabant Conley, Ph.DDEF 14A2026-04-280001861560-26-000013Section “Director Compensation”. As printed: 49,499. Filing ↗
28Section 08, Andrew A. F. Hack, M.D., Ph.DDEF 14A2026-04-280001861560-26-000013Section “Director Compensation”. As printed: 24,285. Filing ↗
29Section 08, James R. Porter, Ph.DDEF 14A2026-04-280001861560-26-000013Section “Director Compensation”. As printed: 0. Filing ↗
30Section 06, 2026 voteForm 8-K2026-06-180001861560-26-000023Item 5.07 · say-on-pay result. As reported: 97.47% (votes for as printed: 68,898,711). Filing ↗
31Section 06, 2025 voteForm 8-K2025-06-200000950170-25-088542Item 5.07 · say-on-pay result. As reported: 83.79% (votes for as printed: 53,520,192). Filing ↗
32Section 06, 2024 voteForm 8-K2024-06-140000950170-24-073632Item 5.07 · say-on-pay result. As reported: 97.68% (votes for as printed: 55,798,941). Filing ↗
33Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
34Section 09b board cost (computed)ComputedcomputedCash 496,230 + equity 1,999,410 + all other 200,000 = 2,695,640, summed across the director compensation table rows.machine: formula: Σ = 2,695,640
35Summit Therapeutics Inc., Section 10b CEO totalDEF 14A2026-04-170001599298-26-000029CEO total compensation as printed in Summit Therapeutics Inc.'s own proxy. As printed: 246,047,279. Filing ↗machine: r6 · c21 · span 385284–385295
36Arcellx, Inc., Section 10b CEO totalDEF 14A2025-04-170001193125-25-084363CEO total compensation as printed in Arcellx, Inc.'s own proxy. As printed: 21,402,668. Filing ↗machine: r2 · c31 · span 471887–471897
37Immunovant, Inc., Section 10b CEO totalDEF 14A2026-07-220001764013-26-000092CEO total compensation as printed in Immunovant, Inc.'s own proxy. As printed: 20,158,767. Filing ↗machine: span 465716–465726
38Madrigal Pharmaceuticals, Inc., Section 10b CEO totalDEF 14A2026-04-280001308179-26-000352CEO total compensation as printed in Madrigal Pharmaceuticals, Inc.'s own proxy. As printed: 19,206,341. Filing ↗machine: r2 · c24 · span 791942–791952
39Revolution Medicines, Inc., Section 10b CEO totalDEF 14A2026-04-270001193125-26-182453CEO total compensation as printed in Revolution Medicines, Inc.'s own proxy. As printed: 14,672,390. Filing ↗machine: r2 · c27 · span 382608–382618
40Vaxcyte, Inc., Section 10b CEO totalDEF 14A2026-04-230001193125-26-173672CEO total compensation as printed in Vaxcyte, Inc.'s own proxy. As printed: 14,458,937. Filing ↗machine: r2 · c30 · span 561197–561207
41Cytokinetics, Incorporated, Section 10b CEO totalDEF 14A2026-04-170001140361-26-015364CEO total compensation as printed in Cytokinetics, Incorporated's own proxy. As printed: 11,881,456. Filing ↗machine: r2 · c25 · span 777093–777103
42Nuvalent (subject), Section 10b CEO totalDEF 14A2026-04-280001861560-26-000013CEO total compensation as printed in Nuvalent's own proxy. As printed: 11,393,602. Filing ↗machine: r2 · c14 · span 689237–689247
43Arrowhead Pharmaceuticals, Inc., Section 10b CEO totalDEF 14A2026-01-270000879407-26-000019CEO total compensation as printed in Arrowhead Pharmaceuticals, Inc.'s own proxy. As printed: 9,029,861. Filing ↗machine: span 692475–692484
44CRISPR Therapeutics AG, Section 10b CEO totalDEF 14A2026-04-210001193125-26-165158CEO total compensation as printed in CRISPR Therapeutics AG's own proxy. As printed: 7,678,477. Filing ↗machine: t21 · r2 · c26 · span 821649–821658
45Denali Therapeutics Inc., Section 10b CEO totalDEF 14A2026-04-210001714899-26-000054CEO total compensation as printed in Denali Therapeutics Inc.'s own proxy. As printed: 4,751,515. Filing ↗machine: t25 · r2 · c25 · span 469605–469614
46Section 10a, Cytokinetics, Incorporated reciprocityDEF 14A0001140361-26-015364Cytokinetics, Incorporated's most recent proxy was read; its disclosed peer group does not include Nuvalent. Filing ↗
47Section 10a, CRISPR Therapeutics AG reciprocityDEF 14A0001193125-26-165158CRISPR Therapeutics AG's most recent proxy was read; its disclosed peer group does not include Nuvalent. Filing ↗
48Section 10a, Arcellx, Inc. reciprocityDEF 14A0001193125-25-084363Arcellx, Inc.'s most recent proxy was read; its disclosed peer group does not include Nuvalent. Filing ↗
49Section 10a, Immunovant, Inc. reciprocityDEF 14A0001764013-26-000092Immunovant, Inc. names Nuvalent in its own disclosed peer group (read from its most recent proxy). Filing ↗
50Section 10a, Denali Therapeutics Inc. reciprocityDEF 14A0001714899-26-000054Denali Therapeutics Inc.'s most recent proxy was read; its disclosed peer group does not include Nuvalent. Filing ↗
51Section 10a, Arrowhead Pharmaceuticals, Inc. reciprocityDEF 14A0000879407-26-000019Arrowhead Pharmaceuticals, Inc.'s most recent proxy was read; its disclosed peer group does not include Nuvalent. Filing ↗
52Section 10a, Revolution Medicines, Inc. reciprocityDEF 14A0001193125-26-182453Revolution Medicines, Inc. names Nuvalent in its own disclosed peer group (read from its most recent proxy). Filing ↗
53Section 10a, Madrigal Pharmaceuticals, Inc. reciprocityDEF 14A0001308179-26-000352Madrigal Pharmaceuticals, Inc.'s most recent proxy was read; its disclosed peer group does not include Nuvalent. Filing ↗
54Section 10a, Vaxcyte, Inc. reciprocityDEF 14A0001193125-26-173672Vaxcyte, Inc.'s most recent proxy was read; its disclosed peer group does not include Nuvalent. Filing ↗