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PMV Pharmaceuticals, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing research and development expenses of $16.9 million, an increase from $13.6 million in the same quarter the previous year. This increase was primarily due to the advancement of the lead product candidate, PC14586.
General and administrative expenses decreased to $4.9 million from $6.0 million, attributed to a reduction in personnel expenses and insurance fees.
The company reported a net loss of $19.2 million for the quarter, compared to $16.6 million in the previous year, with the increase attributed to higher research and development costs.
Interest income, net was $2.6 million, a decrease from $3.0 million in the previous year, due to lower cash and investments.
Cash used in operating activities for the nine months ended September 30, 2024, was $34.6 million, compared to $43.6 million in the previous year. This decrease was due to changes in net operating assets.
PMV Pharmaceuticals had cash, cash equivalents, and marketable securities of $197.9 million as of September 30, 2024. The company expects these funds to be sufficient to operate until the end of 2026.
The filing details a restructuring plan announced in January 2024, which involved a workforce reduction of approximately 30% to streamline operations and reduce costs.
PMV Pharmaceuticals continues to focus on the development of its lead product candidate, PC14586, with ongoing clinical trials and collaborations with research centers.
The company does not anticipate generating revenue from product sales in the foreseeable future and plans to fund operations through equity or debt financing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the PMV Pharmaceuticals Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.