PMV Pharmaceuticals(PMVP) - 2023 Q4 - Annual Results

Financial Performance - PMV Pharmaceuticals reported a net loss of $68.96 million for the year ended December 31, 2023, compared to a net loss of $73.32 million for the previous year, representing a decrease of approximately 6%[11] - Total operating expenses for the year were $80.13 million, compared to $77.04 million in 2022, marking an increase of approximately 4%[11] - Research and development expenses increased to $55.89 million in 2023 from $51.99 million in 2022, reflecting a rise of about 7% due to increased headcount and clinical expenses[11] - The company had cash, cash equivalents, and marketable securities totaling $228.6 million as of December 31, 2023, down from $243.5 million at the end of 2022[11] Clinical Development - The overall response rate in the Phase 1 PYNNACLE trial for rezatapopt was confirmed at 38%, with a median duration of response of seven months in the intended Phase 2 population[5] - The registrational, tumor-agnostic Phase 2 clinical trial of rezatapopt is on track to initiate in Q1 2024[5] - The company concluded a successful End-of-Phase 1 meeting with the FDA, aligning on the recommended Phase 2 dose and key elements of the Phase 2 registrational portion of the PYNNACLE study[11] - PMV Pharmaceuticals initiated enrollment in the combination arm of the PYNNACLE study with rezatapopt and KEYTRUDA®[11] Strategic Initiatives - PMV Pharmaceuticals expects cost savings from a workforce reduction initiated in January 2024 to extend its cash runway to the end of 2026[5] - The company appointed Charles Baum, M.D., Ph.D., as senior clinical advisor, enhancing its clinical development team[6]