PMV Pharmaceuticals, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting significant changes in its financial position and operational activities compared to the previous fiscal period.

As of September 30, 2024, the company had cash and cash equivalents of $48.8 million, an increase from $37.7 million at the end of 2023. However, total current assets decreased to $189.6 million from $207.4 million, and total assets fell to $223.5 million from $252.2 million. The accumulated deficit grew to $(345.7 million) from $(310.0 million) at the end of 2023, while total stockholders’ equity decreased to $197.9 million from $225.7 million.

For the three months ended September 30, 2024, PMV Pharmaceuticals reported total operating expenses of $21.9 million, up from $19.6 million in the same period of 2023. Research and development expenses increased to $16.9 million from $13.6 million, primarily due to a $4.1 million rise associated with advancing the lead product candidate, PC14586. The net loss for the quarter was $19.2 million, compared to a loss of $16.6 million in the prior year. For the nine months ended September 30, 2024, the net loss was $35.7 million, a significant improvement from $(53.2 million) in the same period of 2023.

The company’s restructuring plan, announced in January 2024, involved a workforce reduction of approximately 30%, which contributed to a decrease in general and administrative expenses to $4.9 million from $6.0 million year-over-year. The reduction in personnel costs and stock-based compensation was offset by increased R&D spending.

In terms of strategic developments, PMV Pharmaceuticals entered into a Lease Termination Agreement in August 2024, leading to the termination of its lease for office and laboratory space in Princeton, New Jersey, effective October 1, 2024. The company incurred a total termination fee of approximately $1.4 million. Subsequently, a sublease for 3,205 square feet of space in Hopewell, New Jersey, was signed to support ongoing research and development activities.

The company has not generated any revenue from product sales and does not anticipate doing so in the near future. It continues to focus on advancing its clinical trials, particularly for PC14586, which has received FDA Fast Track Designation. The company expects to incur substantial additional operating losses as it progresses through clinical development and regulatory processes.

As of September 30, 2024, PMV Pharmaceuticals had approximately $113.8 million available for future issuances of common stock under its ATM Program, with no shares sold under this program during the reporting period.