PMV Pharmaceuticals(US:PMVP)2025-11-12 13:00Financial Performance - For the three months ended September 30, 2025, the company incurred a net loss of $21.1 million, compared to a net loss of $19.2 million for the same period in 2024, representing an increase of $1.8 million [124]. - The company reported a net loss of $59.7 million for the nine months ended September 30, 2025, compared to a net loss of $35.7 million for the same period in 2024, an increase of $24.0 million [128]. - As of September 30, 2025, the company has an accumulated deficit of $428.4 million [112]. - The accumulated deficit reached $428.4 million as of September 30, 2025, reflecting ongoing significant operating losses [136]. Operating Expenses - Research and development expenses for the three months ended September 30, 2025, were $18.2 million, an increase of $1.3 million from $16.9 million in the same period of 2024 [126]. - For the nine months ended September 30, 2025, total operating expenses were $66.9 million, an increase of $6.7 million compared to $60.3 million for the same period in 2024 [128]. - Research and development expenses for the nine months ended September 30, 2025, were $54.1 million, compared to $44.8 million for the same period in 2024, an increase of $9.3 million [128]. - General and administrative expenses decreased to $4.3 million for the three months ended September 30, 2025, down from $4.9 million in 2024, a reduction of $0.6 million [126]. - General and administrative expenses decreased to $12.9 million for the nine months ended September 30, 2025, down from $15.5 million in 2024, a reduction of $2.6 million [131]. Cash Flow and Financial Position - As of September 30, 2025, total financial assets were $129.3 million, down from $183.3 million as of December 31, 2024, a decrease of $54.0 million [135]. - Cash used in operating activities was $56.4 million for the nine months ended September 30, 2025, compared to $34.6 million in 2024, an increase of $21.8 million [145]. - Cash provided by investing activities was $51.7 million for the nine months ended September 30, 2025, compared to $45.6 million in 2024, an increase of $6.1 million [148]. - As of September 30, 2025, the company had cash, cash equivalents, and marketable securities totaling $129.3 million [157]. - The company expects its cash, cash equivalents, and marketable securities as of September 30, 2025, to be sufficient to fund operations until the end of the first quarter of 2027 [142]. - The company has approximately $113.8 million remaining in gross proceeds available for future issuances of common stock under the ATM Program as of September 30, 2025 [137]. Interest Income - Interest income, net for the three months ended September 30, 2025, was $1.5 million, a decrease of $1.1 million from $2.6 million in the same period of 2024 [127]. - Interest income, net decreased to $5.1 million for the nine months ended September 30, 2025, compared to $8.4 million in 2024, a decline of $3.3 million due to lower interest rates [131]. Research and Development - The company initiated a Phase 1/2 clinical trial, PYNNACLE, for its lead product candidate, rezatapopt, in October 2020, and expects to submit a New Drug Application (NDA) for platinum-resistant/refractory ovarian cancer in the first quarter of 2027 [112]. - The company plans to complete enrollment in the ovarian cohort for the primary analysis of the Phase 2 portion of the PYNNACLE study by the first quarter of 2026 [112]. - Research and development costs primarily consist of personnel costs, third-party license fees, and operational costs related to product candidates [153]. - Payments under research and development contracts may depend on successful patient enrollment and completion of clinical trial milestones [154]. - The company capitalizes non-refundable research and development advance payments, expensing them as related goods are delivered or services performed [153]. - The financial terms of agreements with research institutions and CROs vary and may result in uneven payment flows [154]. - The company estimates accrued research and development expenses based on open contracts and purchase orders, adjusting as necessary [154]. - The company has not experienced any material adjustments to prior estimates of accrued research and development expenses to date [154]. Market Risk - The company does not expect material exposure to interest rate risks due to the nature and amount of its money-market funds and marketable securities [157]. - The company is currently not exposed to significant market risk related to foreign currency exchange rates, but future contracts with foreign vendors may introduce such risks [159].