PMV Pharmaceuticals Reports First Quarter 2021 Financial Results and Corporate Highlights
- Presented late breaking preclinical data on PC14586, the Company’s first-in-class, tumor-agnostic, investigational small molecule p53 Y220C reactivator at the
American Association for Cancer ResearchAnnual Meeting 2021
- Expanded Board of Directors with the appointment of
Charles M. Baum, M.D., Ph.D.
Guillermina (Gigi) Lozano, Ph.D. to the Scientific Advisory Board
“PMV had a successful first quarter. We continued to advance our clinical and discovery programs, and our presentation at AACR provided compelling evidence that PC14586 selectively reactivates the p53 Y220C mutant protein, both in vitro and in vivo,” said
March 2021, PMV Pharma presented late breaking preclinical data on PC14586, the Company’s first-in-class, tumor-agnostic, investigational small molecule p53 Y220C reactivator at the American Association for Cancer ResearchAnnual Meeting 2021. The Oral presentation titled, “PC14586: The First Orally Bioavailable Small Molecule Reactivator of Y220C Mutant p53 in Clinical Development” was given by Melissa L. Dumble, Ph.D., Vice President Preclinical Development and Translational Science of PMV.
- PMV Pharma continued to enroll patients in the Phase 1 portion of a Phase 1/2 clinical trial of PC14586 (NCT04585750). PC14586 is being developed for the treatment of patients with locally advanced or metastatic solid tumors that have a p53 Y220C mutation.
- Appointment of
Charles Baum, M.D., Ph.D., to the Board of Directors. Dr. Baumis the President and Chief Executive Officer and a Board Member of Mirati Therapeutics Inc. Expanded Scientific Advisory Boardwith the appointment of p53 pioneer Dr. Guillermina (Gigi) Lozano, Professor and Chair, Department of Genetics, MD Anderson Cancer Center.
- PMV Pharma is the process of relocating to a state-of-the-art laboratory and office building located in
First Quarter 2021 Financial Results
- PMV Pharma ended the fourth quarter with
$348.4 millionin cash, cash equivalents, and marketable securities, compared to $361.4 millionas of December 31, 2020. Net cash used in operations was $12.9 millionfor the three months ended March 31, 2021compared to $8.1 millionfor the three months ended March 31, 2020.
- Net loss for the quarter ended
March 31, 2021was $11.6 millioncompared to $7.3 millionfor the quarter ended March 31, 2020.
- Research and development (R&D) expenses were
$7.5 millionfor the three months ended March 31, 2021compared to $6.0 millionfor the three months ended March 31, 2020. The increase in R&D expenses was primarily related to increased headcount and clinical expenses for advancing development of PC14586, the Company’s lead drug candidate.
- General and administrative (G&A) expenses were
$4.2 millionfor the three months ended March 31, 2021, compared to $1.7 millionfor the three months ended March 31, 2020. The increase in G&A expenses was primarily due to expanding the infrastructure necessary for operating as a public company.
p53 plays a pivotal role in preventing abnormal cells from becoming a tumor by inducing programmed cell death. Mutant p53 takes on oncogenic properties that endow cancer cells with a growth advantage and resistance to anti-cancer therapy. The p53 Y220C mutation is associated with many cancers, including but not limited to breast, non-small cell lung cancer, colorectal, pancreatic, and ovarian cancers.
PC14586 is a first-in-class, small molecule, p53 reactivator designed to selectively bind to the crevice present in the p53 Y220C mutant protein, hence, restoring the wild-type, or normal, p53 protein structure and tumor suppressing function. PC14586 is being developed for the treatment of patients with locally advanced or metastatic solid tumors that have the p53 Y220C mutation and has been granted Fast Track designation by the
About PMV Pharma
PMV Pharma is a precision oncology company pioneering the discovery and development of small molecule, tumor-agnostic therapies targeting p53 mutants. p53 mutations are found in approximately half of all cancers. The field of p53 biology was established by our co-founder Dr.
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 PC14586, including expectations regarding the timing for patient enrollment and success of its current clinical trial for PC14586; the future plans or expectations for the Company’s discovery platform; and the period over which the Company estimates its existing cash and cash equivalents will be sufficient to fund its current operating plan. 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 an early clinical stage company, the potential for clinical trials of PC14586 or any future clinical trials of other product candidates to differ from preclinical, preliminary or expected results, the Company’s ability to fund operations, and the impact that the current COVID-19 pandemic will 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
Consolidated Balance Sheet Data
(unaudited, in thousands)
|Cash and cash equivalents||$||208,783||$||361,422|
|Marketable securities, current||122,706||—|
|Prepaid expenses and other current assets||3,464||3,339|
|Total current assets||334,953||364,761|
|Property and equipment, net||697||569|
|Marketable securities, noncurrent||16,891||—|
|Right-of-use assets, operating leases||828||—|
|Liabilities, Convertible Preferred Stock, and Stockholders’ Equity|
|Operating lease liability, current||666||—|
|Total current liabilities||5,796||6,410|
|Operating lease liability, noncurrent||302||—|
|Additional paid-in capital||469,790||469,001|
|Accumulated other comprehensive loss||(13||)||—|
|Total stockholders’ equity||348,295||359,121|
|Total liabilities and stockholders’ equity||$||354,393||$||365,531|
Statements of Operations and Comprehensive Loss
(unaudited, in thousands, except share and per share amounts)
|Three Months Ended March 31,|
|Research and development||$||7,500||$||5,955|
|General and administrative||4,174||1,699|
|Total operating expenses||11,674||7,654|
|Loss from operations||(11,674||)||(7,654||)|
|Other income (expense):|
|Interest income, net||128||406|
|Total other income||76||401|
|Loss before provision for income taxes||(11,598||)||(7,253||)|
|Provision for income taxes||4||2|
|Unrealized gains (losses) on marketable securities, net of tax||(13||)||(80||)|
|Net loss per share -- basic and diluted||$||(0.26||)||$||(2.38||)|
|Weighted-average common shares outstanding||44,785,226||3,046,200|
For Investors & Media:
Chief Financial Officer
Source: PMV Pharmaceuticals, Inc.