Pmv Pharmaceuticals Inc · Q3 2024 earnings

Briefing

Reported financial results for the third quarter ended September 30, 2024, and provided a corporate update.

PMV Pharmaceuticals reported a net loss of $19.2 million for the third quarter of 2024, compared to a net loss of $16.6 million for the third quarter of 2023. The company ended the quarter with $197.9 million in cash, cash equivalents, and marketable securities.

• Enrollment is on track in Phase 2 portion of PYNNACLE clinical trial evaluating rezatapopt as monotherapy in patients with TP53 Y220C and KRAS wild-type advanced solid tumors; more than 75% of sites activated across the U.S., Europe, and Asia-Pacific; interim analysis expected by mid-2025
• PMV Pharmaceuticals is collaborating with MD Anderson Cancer Center and Memorial Sloan Kettering Cancer Center to support an investigator-initiated Phase 1b study evaluating rezatapopt monotherapy and in combination with azacitidine in patients with relapsed or refractory AML/MDS harboring a TP53 Y220C mutation; enrollment planned to begin in the first quarter of 2025
• Cash, cash equivalents, and marketable securities of $197.9 million as of September 30, 2024, providing expected cash runway to end of 2026
• Dose-limiting toxicities were observed in the combination arm of the Phase 1b PYNNACLE trial evaluating rezatapopt and Merck’s anti-PD-1 therapy KEYTRUDA®(pembrolizumab). As a result, rezatapopt 500 mg once-daily in combination with pembrolizumab 200 mg every three weeks was established as the maximum tolerated dose. Due to limited clinical benefit at this dose, PMV Pharma discontinued enrollment in the Phase 1b combination arm.

Headline financials

Revenue & EPS history

PMV Pharma plans to provide data from the interim analysis of the Phase 2 monotherapy portion of the PYNNACLE trial by mid-2025 and anticipates a New Drug Application filing by the end of 2026.