PMV Pharmaceuticals(PMVP) - 2024 Q1 - Quarterly Report

Financial Performance - For the three months ended March 31, 2024, the company incurred a net loss of $15.3 million, compared to a net loss of$19.1 million for the same period in 2023, representing a decrease of $3.9 million[108]. - The accumulated deficit as of March 31, 2024, was$325.3 million, indicating ongoing financial challenges[114]. - The company incurred an accumulated deficit of $325.3 million through March 31, 2024, and expects to incur substantial additional losses as it expands research and development activities[120]. - Cash operating expenditures for the three months ended March 31, 2024, were$16.2 million, compared to $15.0 million for the same period in 2023, reflecting an increase of 8$16.2 million for the three months ended March 31, 2024, primarily due to a net loss of $15.3 million[123]. Research and Development - Research and development expenses for the three months ended March 31, 2024, were$13.2 million, down from $15.1 million in the same period of 2023, a decrease of$1.9 million[109]. - The company initiated a Phase 1/2 clinical trial for its lead product candidate, PC14586, in October 2020, and has advanced to the pivotal Phase 2 trial in early 2024[95]. - The company plans to continue using third-party service providers for clinical development and manufacturing, as it currently lacks a sales force[99]. Cash and Financial Position - As of March 31, 2024, the company had cash and cash equivalents of $47.7 million, an increase of$9.9 million from $37.7 million as of December 31, 2023[113]. - Total financial assets decreased to$213.1 million as of March 31, 2024, from $228.6 million as of December 31, 2023, a decrease of$15.5 million[113]. - The company has cash, cash equivalents, and marketable securities totaling $213.1 million as of March 31, 2024, with restricted cash of$0.8 million[136]. - The company generated a net cash inflow of $26.2 million from investing activities during the three months ended March 31, 2024, primarily from maturities of marketable securities[125]. Future Outlook and Financing - The company anticipates that its cash resources will be sufficient to fund operations until the end of 2026, based on current research and development plans[120]. - The company expects to fund operations and capital needs through equity and/or debt financing until substantial revenue from product sales is generated[121]. - The company has a shelf registration statement with the SEC for offering up to$200 million in various securities and $150 million in common stock under its ATM Program, with approximately$113.8 million remaining for future issuances as of March 31, 2024[115]. - The company did not sell any shares under the ATM Program during the three months ended March 31, 2024[115]. Cost Management and Restructuring - General and administrative expenses decreased to $5.0 million for the three months ended March 31, 2024, from$6.4 million in the same period of 2023, a reduction of $1.4 million[110]. - A restructuring plan was announced on January 18, 2024, involving a workforce reduction of approximately 30$3.0 million for the three months ended March 31, 2024, compared to $2.4 million for the same period in 2023, an increase of$0.6 million[111]. - The company has not generated any revenue from product sales and does not expect to do so in the foreseeable future[101].