PMVP PMV Pharmaceuticals Inc

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 29, 2024

PMV Pharmaceuticals, Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware	001-39539	46-3218129
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
One Research Way Princeton, NJ		08540
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: (609) 642-6670

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.00001 par value per share		PMVP		The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

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Item 2.02 Results of Operations and Financial Condition.

 

On February 29, 2024, PMV Pharmaceuticals, Inc. issued a press release announcing its financial results for the year ended December 31, 2023. The full text of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

 

The information in this Item 2.02 of this Form 8-K, including the attached Exhibit 99.1, is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits:

 

Exhibit Number		Description
99.1		Press Release issued by PMV Pharmaceuticals, Inc., dated February 29,2024.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

		PMV Pharmaceuticals, Inc.
Date: February 29, 2024		By:	/s/ Michael Carulli
			Michael Carulli
			Chief Financial Officer (Principal Financial and Accounting Officer)

 

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PMV Pharmaceuticals Reports Full Year 2023 Financial Results and Corporate Highlights

 

 

 

 

 

PRINCETON, N.J., February 29, 2024 - PMV Pharmaceuticals, Inc. (Nasdaq: PMVP), a precision oncology company pioneering the discovery and development of small molecule, tumor-agnostic therapies targeting p53, today reported financial results for the fourth quarter and full year ended December 31, 2023, and provided a corporate update.

 

“PMV continues to make significant progress with rezatapopt, a first-in-class precision oncology investigational therapy in patients with advanced solid tumors with a p53 Y220C mutation,” said David Mack, Ph.D., President and Chief Executive Officer of PMV Pharma. “Our registrational, tumor-agnostic Phase 2 clinical trial remains on track to initiate in the first quarter of this year.”

 

Dr. Mack added, “We have extended our cash runway to the end of 2026 by prioritizing the development of rezatapopt and refocusing our discovery research efforts. We look forward to advancing the rezatapopt clinical program to bring a much-needed new treatment option to patients.”

 

Full Year 2023 and Recent Corporate Highlights:

 

 

 

 

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Fiscal Year 2023 Financial Results

 

 

 

 

 

KEYTRUDA (pembrolizumab) is a registered trademark of Merck Sharp & Dohme LLC., a subsidiary of Merck & Co., Inc., Rahway, NJ, USA.

 

About Rezatapopt

 

Rezatapopt (PC14586) is a first-in-class, small molecule, p53 reactivator designed to selectively bind to the pocket in the p53 Y220C mutant protein, restoring the wild-type, or normal, p53 protein structure and tumor-suppressing function. The U.S. Food and Drug Administration (FDA) granted Fast Track designation to rezatapopt for the treatment of patients with locally advanced or metastatic solid tumors with a p53 Y220C mutation.

 

About PMV Pharma

 

PMV Pharma is a precision oncology company pioneering the discovery and development of small molecule, tumor-agnostic therapies targeting p53. p53 mutations are found in approximately half of all cancers. Our co-founder, Dr. Arnold Levine, established the field of p53 biology when he discovered the p53 protein in 1979. Bringing together leaders in the field to utilize over four decades of p53 biology,

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PMV Pharma combines unique biological understanding with a pharmaceutical development focus. PMV Pharma is headquartered in Princeton, New Jersey. For more information, please visit www.pmvpharma.com.

 

Forward-Looking Statements

 

Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, statements regarding the Company’s future plans or expectations for rezatapopt, including our ability to obtain approval on a tumor agnostic basis, expectations regarding timing and success of the Phase 2 portion of its current clinical trial for rezatapopt, and expectations with respect to our projected cash runway and the anticipated results of our recent organizational changes. Any forward-looking statements in this statement are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. Risks that contribute to the uncertain nature of the forward-looking statements include: 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 a clinical stage company, the potential for clinical trials of rezatapopt or any future clinical trials of other product candidates to differ from preclinical, preliminary, interim or expected results, the Company’s ability to fund operations, and the impact that any current or future global pandemic or geopolitical emergency may have on the Company’s clinical trials, supply chain, and operations, as well as those risks and uncertainties set forth in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 29, 2024, and its other filings filed with the SEC. All forward-looking statements contained in this press release speak only as of the date on which they were made. The Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

 

 

 

 

 

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PMV Pharmaceuticals, Inc.

Balance Sheets

(in thousands)

 

	December 31, 2023				December 31, 2022
Assets
Current assets:
Cash and cash equivalents	$	37,706			$	108,297
Restricted cash		822				822
Marketable securities, current		165,351				132,757
Prepaid expenses and other current assets		3,530				5,130
Total current assets		207,409				247,006
Property and equipment, net		10,666				10,955
Marketable securities, noncurrent		25,505				2,495
Right-of-use assets		8,382				9,539
Other assets		190				313
Total assets	$	252,152			$	270,308
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	3,237			$	2,996
Accrued expenses		9,940				7,308
Operating lease liabilities, current		852				528
Total current liabilities		14,029				10,832
Operating lease liabilities, noncurrent		12,434				13,448
Total liabilities		26,463				24,280
Stockholders’ equity:
Additional paid-in capital		535,468				487,516
Accumulated deficit		(310,003	)			(241,043	)
Accumulated other comprehensive loss		224				(445	)
Total stockholders' equity		225,689				246,028
Total liabilities and stockholders’ equity	$	252,152			$	270,308

 

 

 

 

 

 

 

 

 

 

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PMV Pharmaceuticals, Inc.

Condensed Statements of Operations and Comprehensive Loss

(in thousands, except share and per share amounts)

 

		Year Ended
		December 31, 2023				December 31, 2022				December 31, 2021
Operating expenses:
Research and development		$	55,885			$	51,988			$	36,493
General and administrative			24,247				25,052				21,800
Total operating expenses			80,132				77,040				58,293
Loss from operations			(80,132	)			(77,040	)			(58,293	)
Other income:
Interest income, net			11,171				3,627				449
Other income (expense), net			3				87				21
Total other income (expense)			11,174				3,714				470
Loss before provision (benefit) for income taxes			(68,958	)			(73,326	)			(57,823	)
Provision (benefit) for income taxes			2				(9	)			23
Net loss			(68,960	)			(73,317	)			(57,846	)
Unrealized gain (loss) on available for sale investments, net of tax			635				(367	)			(78	)
Foreign currency translation gain			34				—				—
Total other comprehensive income (loss)			669				(367	)			(78	)
Total Comprehensive loss		$	(68,291	)		$	(73,684	)		$	(57,924	)
Net loss per share -- basic and diluted		$	(1.44	)		$	(1.61	)		$	(1.28	)
Weighted-average common shares outstanding			48,014,645				45,594,824				45,137,656

 

 

 

Investors Contact:
Tim Smith
Senior Vice President, Head of Corporate Development and Investor Relations
investors@pmvpharma.com 

 

Media Contact:
Kathy Vincent
Greig Communications
kathy@greigcommunications.com 

 

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v3.24.0.1

Document and Entity Information	Feb. 29, 2024
Cover [Abstract]
Amendment Flag	false
Entity Central Index Key	0001699382
Document Type	8-K
Document Period End Date	Feb. 29, 2024
Entity Registrant Name	PMV Pharmaceuticals, Inc.
Entity Incorporation State Country Code	DE
Entity File Number	001-39539
Entity Tax Identification Number	46-3218129
Entity Address, Address Line One	One Research Way
Entity Address, City or Town	Princeton
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08540
City Area Code	(609)
Local Phone Number	642-6670
Written Communications	false
Soliciting Material	false
Pre commencement Tender Offer	false
Pre commencement Issuer Tender Offer	false
Security 12b Title	Common Stock, $0.00001 par value per share
Trading Symbol	PMVP
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false

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