8-K
false000169938200016993822024-02-292024-02-29

 

 

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.

 

 


 

 

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).

 

 


 

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)

 

 


EX-99.1

PMV Pharmaceuticals Reports Full Year 2023 Financial Results and Corporate Highlights

 

Registrational, tumor-agnostic Phase 2 portion of PYNNACLE clinical trial of rezatapopt (PC14586), a first-in-class precision oncology investigational therapy in patients with advanced solid tumors with a TP53 Y220C mutation and KRAS wild-type, remains on track to initiate in Q1 2024

 

Phase 1 analysis from the PYNNACLE Phase 1/2 study of rezatapopt in a subgroup of patients with advanced ovarian cancer harboring a TP53 Y220C mutation selected as a late-breaking oral presentation at 2024 SGO Annual Meeting on Women’s Cancer

 

Updated Phase 1 PYNNACLE data presented at 2023 AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics demonstrated responses across multiple tumor types with a confirmed overall response rate of 38% at the recommended Phase 2 dose of 2000 mg daily and a median duration of response of seven months in the intended Phase 2 population of TP53 Y220C and KRAS wild-type patients

 

Cash, cash equivalents, and marketable securities of $228.6 million as of December 31, 2023; cost savings from January 2024 workforce reduction expected to extend cash runway to end of 2026

 

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:

 

Charles Baum, M.D., Ph.D., former Mirati Chief Executive Officer, appointed to serve as senior clinical advisor.

 

Phase 1 analysis from the PYNNACLE Phase 1/2 study of rezatapopt in a subgroup of patients with advanced ovarian cancer harboring a TP53 Y220C mutation selected as a late-breaking oral presentation at the 2024 SGO Annual Meeting on Women's Cancer. The data will be presented on March 18, 2024 during the Scientific Plenary V Late-Breaking Abstract Session 2, from 2:30 PM – 3:45 PM PT.

 

Prioritization of rezatapopt development and focused discovery research efforts resulted in a workforce reduction; cost savings expected to extend cash runway to end of 2026.

 

Updated data from Phase 1 PYNNACLE clinical trial presented at the 2023 AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics demonstrated responses across multiple tumor types with a median duration of response of seven months and a confirmed overall response rate of 38% at the Recommended Phase 2 dose (RP2D) of

2000 mg daily for the intended Phase 2 population of TP53 Y220C and KRAS wild-type patients.

 

Concluded successful End-of-Phase 1 U.S. Food and Drug Administration (FDA) meeting with alignment on RP2D and key elements of single arm, tumor agnostic Phase 2 registrational portion of PYNNACLE study.

 

Deepika Jalota, Pharm.D., Chief Development Officer, and Marc Fellous, M.D., Senior Vice President, Head of Clinical Development and Medical Affairs appointed to lead the rezatapopt clinical program.

 

Promoted Michael Carulli to Chief Financial Officer and appointed Masha Poyurovsky, Ph.D., as Vice President of Biology.

 

Initiated enrollment in the combination arm of the PYNNACLE study with rezatapopt and KEYTRUDA® (pembrolizumab).

 

Fiscal Year 2023 Financial Results

 

As of December 31, 2023, PMV Pharma had $228.6 million in cash, cash equivalents, and marketable securities, compared to $243.5 million at December 31, 2022. Net cash used in operations was $55.7 million for the year ended December 31, 2023, compared to $63.8 million for the year ended December 31, 2022.

 

Net loss for the year ended December 31, 2023, was $69.0 million compared to $73.3 million for the year ended December 31, 2022.

 

Research and development (R&D) expenses were $55.9 million for the year ended December 31, 2023, compared to $52.0 million for the year ended December 31, 2022. The increase in R&D expenses was primarily related to increased headcount and clinical expenses for advancing rezatapopt, the Company’s lead drug candidate.

 

General and administrative (G&A) expenses were $24.2 million for the year ended December 31, 2023, compared to $25.1 million for the year ended December 31, 2022. The decrease in G&A expenses was primarily due to facility-related costs now allocated to research as our new laboratory building in Princeton, NJ began operations.

 

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,


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.

 

 

 

 

 


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

 

 

 

 

 

 

 

 

 

 


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