PMV Pharmaceuticals(PMVP) - 2020 Q3 - Quarterly Report

Financial Performance - The net loss for the three months ended September 30, 2020, was $8.8 million, an increase of $2.6 million compared to a net loss of $6.2 million for the same period in 2019[100]. - For the nine months ended September 30, 2020, total operating expenses were $24.4 million, an increase of $5.2 million from $19.3 million in the same period of 2019[105]. - The accumulated deficit as of September 30, 2020, was $99.4 million, with continuous losses since the company's inception in March 2013[87]. - Net cash used in operating activities for the nine months ended September 30, 2020, was $22.4 million, compared to $16.9 million for the same period in 2019[118]. - The company expects to incur substantial additional losses in the future as it expands its research and development activities[112]. Research and Development Expenses - Research and development expenses for the three months ended September 30, 2020, were $6.0 million, up from $4.9 million in the same period of 2019, reflecting a $1.1 million increase[101]. - Research and development expenses for the nine months ended September 30, 2020, totaled $17.8 million, compared to $15.1 million for the same period in 2019, reflecting a $2.7 million increase[107]. - The company plans to increase research and development expenses for the foreseeable future, although it cannot reasonably estimate the costs or timelines for product development and commercialization[111]. General and Administrative Expenses - General and administrative expenses increased to $2.7 million for the three months ended September 30, 2020, compared to $1.5 million for the same period in 2019, marking a $1.2 million rise[104]. - General and administrative expenses increased to $6.7 million for the nine months ended September 30, 2020, up from $4.2 million in the same period of 2019, reflecting a $2.5 million rise primarily due to personnel-related costs and stock-based compensation[108]. Income and Cash Flow - Interest income, net for the three months ended September 30, 2020, was $40,000, down from $272,000 in the same period of 2019, a decrease of $232,000[104]. - Interest income, net decreased to $0.6 million for the nine months ended September 30, 2020, down from $1.0 million in the same period of 2019, driven by reduced income from cash investments[108]. - Cash and cash equivalents as of September 30, 2020, were $373.1 million, with an accumulated deficit of $99.4 million[110]. - The company raised $243.5 million in gross proceeds from its IPO in September 2020, with net proceeds of $223.2 million after deducting underwriting discounts and commissions[110]. - Investing activities provided $28.0 million of cash during the nine months ended September 30, 2020, primarily from maturities of marketable securities[120]. - Financing activities generated $294.3 million in cash during the nine months ended September 30, 2020, mainly from the IPO and Series D Preferred Stock issuance[122]. Future Outlook - The company does not currently have any product candidates in clinical trials or approved for sale, and it expects to incur significant losses for the foreseeable future[88]. - The company anticipates that operating expenses will increase significantly as it advances product candidates through development and seeks regulatory approval[87]. - The company has not generated any revenue from product sales and does not expect to do so for several years[110].