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Jun 30, 2025
PMV Pharma Q2 2025 Earnings Report
PMV Pharma reported its financial results for the second quarter ended June 30, 2025, highlighting an increase in net loss due to the absence of a prior year's income tax benefit, alongside increased R&D expenses and decreased G&A expenses.
Key Takeaways
PMV Pharmaceuticals reported a net loss of $21.2 million for Q2 2025, a significant increase from $1.2 million in Q2 2024, primarily due to a $16.2 million income tax benefit in the prior year that did not recur. Research and development expenses rose to $18.4 million, while general and administrative expenses decreased to $4.5 million. The company ended the quarter with $148.3 million in cash, cash equivalents, and marketable securities.
Net loss for Q2 2025 was $21.2 million, a substantial increase from $1.2 million in Q2 2024, largely due to a one-time income tax benefit in the prior year.
Research and development expenses increased to $18.4 million in Q2 2025, up from $14.6 million in Q2 2024, driven by higher contractual research organization costs for the rezatapopt program.
General and administrative expenses decreased to $4.5 million in Q2 2025 from $5.5 million in Q2 2024, mainly due to reduced stock-based compensation and facility expenses.
The company maintained a strong cash position with $148.3 million in cash, cash equivalents, and marketable securities as of June 30, 2025, providing an expected cash runway to the end of 2026.
Forward Guidance
PMV Pharma expects its current cash, cash equivalents, and marketable securities to fund operations until the end of 2026. The company is focused on advancing the registrational Phase 2 PYNNACLE clinical trial and plans to release interim analysis data on September 10, 2025.
Positive Outlook
- Expected cash runway to the end of 2026, indicating financial stability for ongoing operations.
- Advancement of the registrational Phase 2 PYNNACLE clinical trial, a key step towards potential product approval.
- Upcoming interim analysis data release for the PYNNACLE trial on September 10, 2025, which could provide positive clinical insights.
- Focus on rezatapopt, a first-in-class, small molecule, p53 reactivator with Fast Track designation from the FDA.
- The PYNNACLE trial includes multiple cohorts (ovarian, lung, breast, endometrial cancers, and other solid tumors), indicating broad potential for rezatapopt.
Challenges Ahead
- The company's ability to obtain approval for rezatapopt as a treatment option on a tumor-agnostic basis and as a monotherapy is subject to risks and uncertainties.
- Expectations regarding timing, number of patients, and treatment durations for interim data readouts may differ from actual results.
Historical Earnings Impact
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