PMV Pharmaceuticals, Inc. reported a net loss of $77.7 million for the year ended December 31, 2025, compared to a net loss of $58.7 million for the previous year. The increased loss was primarily driven by a rise in research and development expenses, partially offset by a decrease in general and administrative costs. Research and development expenses totaled $69.9 million, up from $58.5 million in 2024, due to increased CRO costs associated with advancing their lead product candidate, rezatapopt, through Phase 2 clinical trials. General and administrative expenses decreased to $16.3 million from $26.9 million in the prior year, mainly due to the termination of a lease for their previous headquarters.
The company's financial position included cash, cash equivalents, and marketable securities totaling $112.9 million as of December 31, 2025, a decrease from $183.3 million in the prior year. This decrease reflects the ongoing investment in research and development activities. Interest income, net, decreased to $6.3 million from $10.7 million, primarily due to a reduction in interest rates and the amount of cash invested in marketable securities and U.S. treasuries. As of December 31, 2025, the company had federal and state net operating loss carryforwards of $290.0 million and $109.3 million, respectively, and federal and state research and development credit carryforwards of approximately $14.1 million and $2.0 million, respectively.
Operationally, PMV Pharmaceuticals continued to focus on the clinical development of rezatapopt. In March 2026, rezatapopt was granted Orphan Drug Designation (ODD) from the FDA for the treatment of TP53 Y220C positive ovarian cancer, fallopian tube cancer, and primary peritoneal cancer. The company plans to submit a New Drug Application (NDA) for the treatment of patients with platinum-resistant/refractory ovarian cancer harboring a TP53 Y220C mutation to the FDA for rezatapopt in the first quarter of 2027. As of March 6, 2026, the company had 54 full-time employees, including 41 employees engaged in research and development activities.
Looking ahead, PMV Pharmaceuticals anticipates a significant increase in operating expenses as they continue to advance their product candidates through clinical trials, seek regulatory approvals, and prepare for potential commercialization. The company expects to fund its operations through a combination of equity and/or debt financing, as well as potential collaboration arrangements. However, the company acknowledges the risks associated with securing additional funding and the potential impact on its development plans if adequate capital is not available. The company believes that its available cash, cash equivalents, and marketable securities will be sufficient to fund its planned operations until the end of the second quarter of 2027.
About PMV Pharmaceuticals, Inc.
PMV Pharmaceuticals is a precision oncology company focused on developing small molecule therapies targeting p53 mutations, a common driver in over half of all cancers. Its lead candidate, rezatapopt, aims to structurally correct specific p53 mutations, such as Y220C, across multiple tumor types. The company advances tumor-agnostic, gene-specific treatments through clinical trials, leveraging genomic sequencing and targeted drug development to improve cancer patient outcomes.
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