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Mar 31, 2023
PMV Pharma Q1 2023 Earnings Report
Reported financial results for the first quarter ended March 31, 2023.
Key Takeaways
PMV Pharmaceuticals reported a net loss of $19.1 million for the quarter ended March 31, 2023, compared to a net loss of $18.4 million for the quarter ended March 31, 2022. The company ended the quarter with $229.4 million in cash, cash equivalents, and marketable securities.
Continued progress in the PYNNACLE study of PC14586, with the next update expected in 2H 2023.
Enrollment commenced in the combination arm of the PYNNACLE study with PC14586 and KEYTRUDA.
Ended the first quarter with $229.4 million in cash, cash equivalents, and marketable securities.
Net cash used in operations was $15.0 million for the three months ended March 31, 2023.
PMV Pharma
PMV Pharma
Forward Guidance
The company's future plans include expectations regarding timing for its Phase 1 and regulatory update for the PYNNACLE study and its Phase 1/2 combination trial of PC14586 and KEYTRUDA, as well as expectations regarding success of its current clinical trial for PC14586 and any future commercialization plans for the product candidate.
Positive Outlook
- Ongoing progress in the PYNNACLE study of PC14586.
- Enrollment commenced in the combination arm of the PYNNACLE study with PC14586 and KEYTRUDA.
- The Company’s future plans or expectations for PC14586
- Expectations regarding timing for its Phase 1 and regulatory update for the PYNNACLE study
- Expectations regarding success of its current clinical trial for PC14586 and any future commercialization plans for the product candidate.
Challenges Ahead
- 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 an early clinical stage company
- The potential for clinical trials of PC14586 or any future clinical trials of other product candidates to differ from preclinical, preliminary or expected results
- The Company’s ability to fund operations
- The impact that the current COVID-19 pandemic will have on the Company’s clinical trials, supply chain, and operations