PMV Pharmaceuticals(PMVP) - 2024 Q4 - Annual Report

Financial Performance - The net losses for the years ended December 31, 2024, 2023, and 2022 were $58.7 million, $69.0 million, and $73.3 million, respectively, with an accumulated deficit of $368.7 million as of December 31, 2024[445]. - The total operating expenses for the year ended December 31, 2024, were $85.4 million, compared to $80.1 million in 2023, an increase of $5.3 million[460]. - The accumulated deficit reached $368.7 million as of December 31, 2024, reflecting significant operating losses since inception[467]. - Cash used in operating activities for the year ended December 31, 2024, was $51.3 million, a decrease from $55.7 million in 2023[480]. - The company has not generated any revenue from product sales and does not expect to do so in the foreseeable future[451]. Research and Development - Research and development expenses increased to $58.5 million for the year ended December 31, 2024, compared to $55.9 million in 2023, reflecting a rise of $2.6 million[461]. - The company initiated a Phase 1/2 clinical trial, PYNNACLE, for its lead product candidate, rezatapopt, in October 2020, and expects to provide interim data on the Phase 2 portion by mid-2025[445]. - As of October 2023, over 90% of sites globally for the PYNNACLE trial have been activated across the U.S., U.K., Europe, and Asia-Pacific[445]. Expenses and Restructuring - General and administrative expenses rose to $26.9 million for the year ended December 31, 2024, up from $24.2 million in 2023, an increase of $2.7 million[462]. - A restructuring plan was announced in January 2024, resulting in a workforce reduction of approximately 30% and non-recurring charges of $0.6 million[446]. - The company announced a restructuring plan in January 2024, reducing its workforce by approximately 30%[473]. - The company incurred costs of $0.6 million related to the restructuring plan during the fiscal year ending December 31, 2024[473]. Financial Position - As of December 31, 2024, the company had total financial assets of $183.3 million, a decrease of 19.8% from $228.6 million in 2023[465]. - The company expects its cash, cash equivalents, and marketable securities to be sufficient to fund operations at least through the end of 2026[475]. - The company filed a shelf registration statement for the offering of up to $200 million in various equity and debt securities[468]. Cash Flow - Cash used in investing activities in 2023 was $50.5 million, primarily due to purchases of marketable securities totaling $220.5 million[483]. - The company reported cash provided by investing activities of $53.4 million in 2024, primarily from maturities of marketable securities totaling $202 million[482]. - The company entered into a Lease Termination Agreement in August 2024, resulting in a termination fee of approximately $1.42 million[471]. Interest Income - Interest income, net decreased to $10.7 million for the year ended December 31, 2024, from $11.2 million in 2023, a decline of $0.5 million due to lower interest rates[463]. Accounting and Compliance - Recent accounting pronouncements are detailed in Note 2 of the audited consolidated financial statements for the year ended December 31, 2024[492].