PMV Pharmaceuticals, Inc. reported a net loss of $58.7 million for the year ended December 31, 2024, compared to a net loss of $69.0 million in 2023. Operating expenses totaled $85.4 million in 2024, an increase of $5.3 million from 2023, primarily due to increased research and development costs offset partially by a decrease in personnel costs resulting from a January 2024 restructuring. This restructuring, which reduced the workforce by approximately 30%, resulted in non-recurring charges of $0.6 million. Interest income, net, decreased to $10.7 million in 2024 from $11.2 million in 2023, primarily due to lower interest rates. As of December 31, 2024, the company held $183.3 million in cash, cash equivalents, and marketable securities.
The company's lead product candidate, rezatapopt, is currently in a Phase 2 clinical trial (PYNNACLE) for patients with advanced solid tumors harboring a TP53 Y220C mutation. The Phase 1 portion of the trial concluded in July 2023, with the FDA recommending a Phase 2 dose. Updated Phase 1 data were presented in October 2023, showing confirmed partial responses in 34% of patients in the efficacious dose range. The company dosed its first patient in the pivotal Phase 2 monotherapy portion of the PYNNACLE study in the first quarter of 2024 and expects to provide interim data by mid-2025. In October 2024, the company discontinued enrollment in the Phase 1b combination arm of the PYNNACLE trial evaluating rezatapopt with pembrolizumab. A separate investigator-initiated Phase 1b study evaluating rezatapopt with azacitidine in AML and MDS patients is underway, with the first patient dosed in the first quarter of 2025.
PMV Pharmaceuticals currently has 47 full-time employees, including 14 with Ph.D., M.D., or Pharm.D. degrees. 36 employees are engaged in research and development. The company does not have any manufacturing facilities and relies on third-party manufacturers for the production of its product candidates. In May 2024, PMV Pharma partnered with Foundation Medicine, Inc. to develop FoundationOne®CDx as a companion diagnostic for rezatapopt. The company holds nine issued U.S. patents and nine granted foreign patents related to its compounds, including rezatapopt, as well as numerous pending patent applications.
The company's strategy focuses on advancing rezatapopt as a tumor-agnostic therapy, leveraging precision medicine to pursue accelerated approval pathways, exploring combination therapy approaches, and discovering additional product candidates using its precision oncology platform. The company anticipates significant increases in operating expenses as it progresses through clinical development and commercialization. Funding for operations is expected to continue through a combination of equity and debt financing, as well as potential collaborations.
The 10-K filing includes a detailed discussion of various risk factors, including those related to the company's limited operating history, dependence on rezatapopt, the need for additional funding, the complexities of the regulatory approval process, competition, intellectual property protection, and potential product liability. The company's outlook is contingent upon the successful completion of clinical trials, regulatory approvals, and the commercialization of its product candidates.
About PMV Pharmaceuticals, Inc.
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