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Sep 30, 2023
PMV Pharma Q3 2023 Earnings Report
PMV Pharma's financial performance for Q3 2023 was reported, highlighting clinical trial updates and financial results.
Key Takeaways
PMV Pharma reported its Q3 2023 financial results, featuring updated Phase 1 data from the PYNNACLE clinical trial, demonstrating efficacy and safety of PC14586. The company ended the quarter with $238.1 million in cash, cash equivalents, and marketable securities.
Updated Phase 1 PYNNACLE trial data showed responses across multiple tumor types with a median duration of response of seven months.
An overall response rate of 38% was observed at the recommended Phase 2 dose for TP53 Y220C and KRAS wild-type patients.
A registrational Phase 2 clinical trial is expected to start in Q1 2024.
Enrollment is ongoing in the combination arm of the PYNNACLE study with PC14586 and KEYTRUDA® (pembrolizumab).
Forward Guidance
PMV Pharma plans to initiate a registrational tumor-agnostic Phase 2 clinical trial in early 2024 and continues to enroll patients in the combination arm of PYNNACLE evaluating PC14586 with KEYTRUDA®.
Positive Outlook
- Initiate a registrational tumor-agnostic Phase 2 clinical trial in early 2024.
- Enrollment ongoing in PYNNACLE combination arm.
- PMV and Merck collaboration continues.
- FDA granted Fast Track designation to PC14586.
- Clinical efficacy and safety of PC14586 demonstrated.
Challenges Ahead
- Success of clinical trials is uncertain.
- Clinical trials may differ from expected results.
- Company's ability to fund operations is a risk.
- COVID-19 pandemic may impact clinical trials.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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