PRINCETON, N.J., Feb. 29, 2024 (GLOBE NEWSWIRE) -- PMV Pharmaceuticals, Inc. (NASDAQ:PMVP), a precision oncology company pioneering the discovery and development of small molecule, tumor-agnostic therapies targeting p53, today reported financial results for the fourth quarter and full year ended December 31, 2023, and provided a corporate update.

"PMV continues to make significant progress with rezatapopt, a first-in-class precision oncology investigational therapy in patients with advanced solid tumors with a p53 Y220C mutation," said David Mack, Ph.D., President and Chief Executive Officer of PMV Pharma. "Our registrational, tumor-agnostic Phase 2 clinical trial remains on track to initiate in the first quarter of this year."

Dr. Mack added, "We have extended our cash runway to the end of 2026 by prioritizing the development of rezatapopt and refocusing our discovery research efforts. We look forward to advancing the rezatapopt clinical program to bring a much-needed new treatment option to patients."

Full Year 2023 and Recent Corporate Highlights:

Fiscal Year 2023 Financial Results

KEYTRUDA (pembrolizumab) is a registered trademark of Merck Sharp & Dohme LLC., a subsidiary of Merck & Co., Inc., Rahway, NJ, USA.

About Rezatapopt

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 the wild-type, or normal, p53 protein structure and tumor-suppressing function. The U.S. Food and Drug Administration (FDA) granted Fast Track designation to rezatapopt for the treatment of patients with locally advanced or metastatic solid tumors with a p53 Y220C mutation.

About PMV Pharma

PMV Pharma is a precision oncology company pioneering the discovery and development of small molecule, tumor-agnostic therapies targeting p53. p53 mutations are found in approximately half of all cancers. Our co-founder, Dr. Arnold Levine, established the field of p53 biology when he discovered the p53 protein in 1979. Bringing together leaders in the field to utilize over four decades of p53 biology, PMV Pharma combines unique biological understanding with a pharmaceutical development focus. PMV Pharma is headquartered in Princeton, New Jersey. For more information, please visit www.pmvpharma.com.

Forward-Looking Statements

Statements contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, statements regarding the Company's future plans or expectations for rezatapopt, including our ability to obtain approval on a tumor agnostic basis, expectations regarding timing and success of the Phase 2 portion of its current clinical trial for rezatapopt, and expectations with respect to our projected cash runway and the anticipated results of our recent organizational changes. Any forward-looking statements in this statement are based on management's current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. Risks that contribute to the uncertain nature of the forward-looking statements include: the success, cost, and timing of the Company's product candidate development activities and planned clinical trials, the Company's ability to execute on its strategy and operate as a clinical stage company, the potential for clinical trials of rezatapopt or any future clinical trials of other product candidates to differ from preclinical, preliminary, interim or expected results, the Company's ability to fund operations, and the impact that any current or future global pandemic or geopolitical emergency may have on the Company's clinical trials, supply chain, and operations, as well as those risks and uncertainties set forth in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on February 29, 2024, and its other filings filed with the SEC. All forward-looking statements contained in this press release speak only as of the date on which they were made. The Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.



PMV Pharmaceuticals, Inc.

Balance Sheets

(in thousands)

 December 31,

2023		  December 31,

2022		 
Assets     
Current assets:     
Cash and cash equivalents$37,706  $108,297 
Restricted cash 822   822 
Marketable securities, current 165,351   132,757 
Prepaid expenses and other current assets 3,530   5,130 
Total current assets 207,409   247,006 
Property and equipment, net 10,666   10,955 
Marketable securities, noncurrent 25,505   2,495 
Right-of-use assets 8,382   9,539 
Other assets 190   313 
Total assets$252,152  $270,308 
Liabilities and Stockholders' Equity     
Current liabilities:     
Accounts payable$3,237  $2,996 
Accrued expenses 9,940   7,308 
Operating lease liabilities, current 852   528 
Total current liabilities 14,029   10,832 
Operating lease liabilities, noncurrent 12,434   13,448 
Total liabilities 26,463   24,280 
Stockholders' equity:     
Additional paid-in capital 535,468   487,516 
Accumulated deficit (310,003)  (241,043)
Accumulated other comprehensive loss 224   (445)
Total stockholders' equity 225,689   246,028 
Total liabilities and stockholders' equity$252,152  $270,308 
        



PMV Pharmaceuticals, Inc.

Condensed Statements of Operations and Comprehensive Loss

(in thousands, except share and per share amounts)

  Year Ended 
  December 31,

2023		  December 31,

2022		  December 31,

2021		 
Operating expenses:         
Research and development $55,885  $51,988  $36,493 
General and administrative  24,247   25,052   21,800 
Total operating expenses  80,132   77,040   58,293 
Loss from operations  (80,132)  (77,040)  (58,293)
Other income:         
Interest income, net  11,171   3,627   449 
Other income (expense), net  3   87   21 
Total other income (expense)  11,174   3,714   470 
Loss before provision (benefit) for income taxes  (68,958)  (73,326)  (57,823)
Provision (benefit) for income taxes  2   (9)  23 
Net loss  (68,960)  (73,317)  (57,846)
Unrealized gain (loss) on available for sale investments, net of tax  635   (367)  (78)
Foreign currency translation gain  34   —   — 
Total other comprehensive income (loss)  669   (367)  (78)
Total Comprehensive loss $(68,291) $(73,684) $(57,924)
Net loss per share -- basic and diluted $(1.44) $(1.61) $(1.28)
Weighted-average common shares outstanding  48,014,645   45,594,824   45,137,656 
             
             

Investors Contact:

Tim Smith

Senior Vice President, Head of Corporate Development and Investor Relations

investors@pmvpharma.com

Media Contact:

Kathy Vincent

Greig Communications

kathy@greigcommunications.com



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