PMV Pharmaceuticals Reports $17.4 Million Net Loss in Q1 2025, Increases R&D Spending

PMV Pharmaceuticals, Inc. reported a net loss of $17.4 million for the first quarter of 2025, compared to a net loss of $15.3 million for the same period in 2024. The company's total operating expenses increased to $21.6 million from $18.2 million year-over-year, driven primarily by a rise in research and development costs, which reached $17.4 million, up from $13.2 million. This increase was largely attributed to higher contractual research organization costs associated with the advancement of their lead product candidate, rezatapopt. General and administrative expenses decreased to $4.1 million from $5.0 million, reflecting a reduction in personnel costs following a workforce restructuring in early 2024.

As of March 31, 2025, PMV Pharmaceuticals had cash and cash equivalents totaling $51.3 million, an increase from $40.9 million at the end of 2024. However, the company’s total financial assets decreased to $165.8 million from $183.3 million, primarily due to a decline in marketable securities. The company reported an accumulated deficit of $386.1 million, indicating ongoing financial challenges as it continues to invest heavily in research and development without generating revenue from product sales.

In terms of operational developments, PMV Pharmaceuticals is advancing its clinical trial for rezatapopt, which has received FDA Fast Track designation for treating patients with specific p53 mutations. The company has activated over 90% of clinical trial sites globally and expects to provide interim data from the pivotal Phase 2 trial by mid-2025. Additionally, PMV is collaborating with notable institutions such as the MD Anderson Cancer Center to support further studies involving rezatapopt.

Looking ahead, PMV Pharmaceuticals anticipates that its operating expenses will continue to rise as it progresses through clinical development and seeks regulatory approvals for its product candidates. The company has indicated that it may need to secure additional funding to support its operations, as it does not expect to generate significant revenue in the near future. Management believes that its current cash reserves will be sufficient to fund operations through at least the end of 2026, but acknowledges the inherent uncertainties in clinical development and the need for ongoing capital to sustain its initiatives.