PMV Pharmaceuticals(PMVP) - 2025 Q2 - Quarterly Results

Corporate Overview & Highlights PMV Pharma's Q2 2025 results show $148.3 million cash, increased net loss, and progress in the PYNNACLE clinical trial Q2 2025 Financial Highlights PMV Pharma ended Q2 2025 with $148.3 million in cash, reporting an increased net loss of $21.2 million and higher R&D expenses, with decreased G&A expenses - Cash, cash equivalents, and marketable securities totaled $148.3 million as of June 30, 2025, a decrease from $165.8 million as of March 31, 2025, providing an expected cash runway to the end of 2026[4][6] - Net cash used in operations was $36.5 million for the six months ended June 30, 2025, compared to $17.8 million for the same period in 2024[4] - The increase in net loss for Q2 2025 was primarily due to a $16.2 million income tax benefit recognized in Q2 2024 from the sale of New Jersey accumulated net operating losses[7] Q2 2025 vs Q2 2024 Key Financials (in millions) | Metric | Q2 2025 | Q2 2024 | Change | Reason | | :----- | :------ | :------ | :----- | :----- | | Net Loss | $(21.2) | $(1.2) | Increased | Due to $16.2 million income tax benefit from sale of New Jersey NOLs in Q2 2024 | | R&D Expenses | $18.4 | $14.6 | Increased | Primarily due to increased contractual research organization costs for rezatapopt program | | G&A Expenses | $4.5 | $5.5 | Decreased | Primarily due to reduced spend for stock-based compensation and facility/operational expenses | Corporate and Clinical Development Updates PMV Pharma advances its registrational Phase 2 PYNNACLE clinical trial and plans an investor webinar on September 10, 2025, for interim data review - PMV Pharma will host an investor webinar on Wednesday, September 10, 2025, at 8:00 AM ET to review interim analysis data from the Phase 2 PYNNACLE clinical trial[3][6] - The interim analysis will include data for approximately 65 patients who have had at least 18 weeks of follow-up, with about 45% in the ovarian cancer cohort[3][6] - The company continues to execute at a high level in advancing the registrational Phase 2 PYNNACLE clinical trial[4] About PMV Pharma and Product Pipeline PMV Pharma is a precision oncology company focused on p53-targeting therapies, with rezatapopt as its lead clinical candidate in the PYNNACLE trial Company Overview PMV Pharma is a precision oncology company developing small molecule, tumor-agnostic therapies targeting p53, a protein mutated in about half of all cancers - PMV Pharma is a precision oncology company pioneering the discovery and development of small molecule, tumor-agnostic therapies targeting p53[2][9] - TP53 mutations are found in approximately half of all cancers, and the company's co-founder, Dr Arnold Levine, established the field of p53 biology[9] Product Candidate: Rezatapopt (PC14586) Rezatapopt (PC14586) is a first-in-class p53 reactivator targeting the Y220C mutant protein, restoring tumor-suppressor function, with FDA Fast Track designation - Rezatapopt (PC14586) is a first-in-class, small molecule, p53 reactivator designed to selectively bind to the pocket in the p53 Y220C mutant protein, restoring wild-type tumor-suppressor function[5] - The U.S. Food and Drug Administration granted Fast Track designation to rezatapopt for the treatment of patients with locally advanced or metastatic solid tumors with a p53 Y220C mutation[5] Clinical Trial Program: PYNNACLE The PYNNACLE clinical trial is an ongoing Phase 1/2 study evaluating rezatapopt in advanced solid tumors with a TP53 Y220C mutation, with Phase 2 as a registrational, single-arm, expansion basket trial - The ongoing Phase 1/2 PYNNACLE clinical trial is evaluating rezatapopt in patients with advanced solid tumors harboring a TP53 Y220C mutation[8] - The primary objective of Phase 1 was to determine the maximum tolerated dose and recommended Phase 2 dose (RP2D) of rezatapopt[8] - The Phase 2 portion is a registrational, single-arm, expansion basket clinical trial comprising five cohorts (ovarian, lung, breast, and endometrial cancers, and other solid tumors) to evaluate the efficacy of rezatapopt at the RP2D[8] Financial Statements This section presents PMV Pharma's condensed consolidated balance sheets and statements of operations and comprehensive loss for Q2 2025 and prior periods Condensed Consolidated Balance Sheets As of June 30, 2025, PMV Pharma reported total assets of $152.86 million, a decrease from $191.29 million at December 31, 2024, primarily driven by a reduction in marketable securities, with corresponding decreases in liabilities and stockholders' equity Condensed Consolidated Balance Sheets (in thousands) | Metric | June 30, 2025 | December 31, 2024 | Change | | :-------------------------------- | :------------ | :---------------- | :----- | | Cash and cash equivalents | $44,127 | $40,876 | +$3,251 | | Marketable securities, current | $98,147 | $128,578 | -$30,431 | | Total current assets | $145,311 | $175,658 | -$30,347 | | Total assets | $152,855 | $191,288 | -$38,433 | | Total current liabilities | $11,607 | $14,370 | -$2,763 | | Total liabilities | $12,250 | $15,208 | -$2,958 | | Total stockholders' equity | $140,605 | $176,080 | -$35,475 | Condensed Consolidated Statements of Operations and Comprehensive Loss For Q2 2025, PMV Pharma reported a net loss of $21.21 million, significantly higher than the $1.21 million loss in Q2 2024, primarily due to a prior year income tax benefit, with R&D expenses increasing and G&A expenses decreasing Condensed Consolidated Statements of Operations (Three Months Ended June 30, in thousands) | Metric | Q2 2025 | Q2 2024 | Change | | :-------------------------------- | :------ | :------ | :----- | | Research and development | $18,400 | $14,628 | +$3,772 | | General and administrative | $4,479 | $5,542 | -$1,063 | | Total operating expenses | $22,879 | $20,170 | +$2,709 | | Loss from operations | $(22,879) | $(20,170) | -$2,709 | | Interest income, net | $1,690 | $2,801 | -$1,111 | | Provision (benefit) for income taxes | $5 | $(16,173) | +$16,178 | | Net loss | $(21,210) | $(1,213) | -$19,997 | | Net loss per share -- basic and diluted | $(0.41) | $(0.02) | -$0.39 | Condensed Consolidated Statements of Operations (Six Months Ended June 30, in thousands) | Metric | H1 2025 | H1 2024 | Change | | :-------------------------------- | :------ | :------ | :----- | | Research and development | $35,841 | $27,813 | +$8,028 | | General and administrative | $8,600 | $10,578 | -$1,978 | | Total operating expenses | $44,441 | $38,391 | +$6,050 | | Loss from operations | $(44,441) | $(38,391) | -$6,050 | | Interest income, net | $3,625 | $5,753 | -$2,128 | | Provision (benefit) for income taxes | $(2,191) | $(16,173) | +$13,982 | | Net loss | $(38,646) | $(16,483) | -$22,163 | | Net loss per share -- basic and diluted | $(0.74) | $(0.32) | -$0.42 | Legal and Contact Information This section outlines forward-looking statements and provides contact details for investor and media inquiries [Forward-Looking Statements](index=2&type=section&id=Forward-Looking%