PMV Pharmaceuticals Inc (PMVP) Reports Q3 2023 Financial Results and Corporate Updates
PMV Pharmaceuticals Inc (NASDAQ:PMVP) presented updated data from Phase 1 PYNNACLE clinical trial, showing promising responses across multiple tumor types.
PMVP reported a net loss of $53.2 million for the nine months ended September 30, 2023, slightly lower than the previous year's $54.0 million.
The company ended Q3 with $238.1 million in cash, cash equivalents, and marketable securities.
Research and Development expenses increased to $42.5 million, reflecting investment in the lead drug candidate PC14586.
On November 9, 2023, PMV Pharmaceuticals Inc (NASDAQ:PMVP), a leader in precision oncology, released its financial results for the third quarter ended September 30, 2023, and provided a corporate update. The company is at the forefront of developing small molecule therapies targeting p53 mutations, which are prevalent in approximately half of all cancers.
Corporate and Clinical Developments
PMVP shared encouraging Phase 1 data from the PYNNACLE clinical trial at the 2023 AACR-NCI-EORTC International Conference. The trial demonstrated clinical efficacy and safety of PC14586 in patients with various solid tumor types. David Mack, Ph.D., President and CEO of PMVP, expressed satisfaction with the trial's findings and the FDA's guidance, which will lead to a registrational Phase 2 study in early 2024.
We were very pleased to recently share updated Phase 1 data from our PYNNACLE clinical trial with the oncology community, demonstrating clinical efficacy and safety of PC14586 in heavily pretreated patients across multiple solid tumor types, said David Mack, Ph.D., President and Chief Executive Officer.
PMVP reported an overall response rate of 38% at the recommended Phase 2 dose of 2000 mg daily for TP53 Y220C and KRAS wild-type patients, with a median duration of response of seven months. The company is also enrolling patients in a combination arm of the PYNNACLE study with PC14586 and KEYTRUDA (pembrolizumab), in collaboration with Merck.
Financial Performance
PMVP raised $35.1 million in net proceeds through an At-the-Market facility (ATM) during the nine months ended September 30, 2023. The company's net loss for the same period was $53.2 million, a slight improvement from the $54.0 million net loss reported for the nine months ended September 30, 2022.
Research and Development expenses increased to $42.5 million, up from $37.0 million in the prior year, primarily due to increased headcount and clinical expenses related to advancing PC14586. General and Administrative expenses slightly decreased to $18.7 million from $18.9 million, attributed to facility-related costs now allocated to research as PMVP's new laboratory building in Princeton, New Jersey, began operations.
Balance Sheet and Cash Flow
PMVP ended the third quarter with a robust balance sheet, holding $238.1 million in cash, cash equivalents, and marketable securities. The company's financial position remains strong, supporting its ongoing research and development initiatives.
In summary, PMVP is making significant strides in its clinical trials and maintaining a solid financial foundation. The company's focus on advancing PC14586 and its collaboration with Merck for the combination study with KEYTRUDA positions it well for future growth. Investors and stakeholders can find more detailed financial information and updates on PMVP's corporate website.
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Explore the complete 8-K earnings release (here) from PMV Pharmaceuticals Inc for further details.
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