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Jun 30, 2022
PMV Pharma Q2 2022 Earnings Report
Reported financial results for the second quarter ended June 30, 2022.
Key Takeaways
PMV Pharmaceuticals reported its Q2 2022 financial results, highlighting positive initial data from the PYNNACLE study of PC14586 presented at ASCO and a clinical collaboration with Merck to evaluate PC14586 in combination with KEYTRUDA®.
Initial PC14586 Phase 1 data presented at ASCO demonstrated responses in patients across multiple solid tumor types with a p53 Y220C mutation.
Entered into a clinical collaboration with Merck to evaluate PC14586 in combination with KEYTRUDA®; study to initiate in Q4 2022.
PMV Pharma had $277.4 million in cash, cash equivalents, and marketable securities as of June 30, 2022.
Net loss for the six months ended June 30, 2022, was $35.7 million.
PMV Pharma
PMV Pharma
Forward Guidance
This press release contains forward-looking statements regarding the Company’s future plans or expectations for PC14586, including expectations regarding timing for completion of the current Phase 1 portion of the PYNNACLE study, initiation of the potentially pivotal Phase 2 portion of the study and the combination study with KEYTRUDA, as well as the overall success of its current clinical trial for PC14586 and any future commercialization plans for the product candidate; and the future plans or expectations for the Company’s discovery platform for its other early-stage and clinical candidates.
Positive Outlook
- Expectations regarding timing for completion of the current Phase 1 portion of the PYNNACLE study
- Expectations regarding initiation of the potentially pivotal Phase 2 portion of the study
- Expectations regarding the combination study with KEYTRUDA
- Expectations regarding the overall success of its current clinical trial for PC14586
- Expectations regarding 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