0000950170-24-023062 | 10-K | XBRL Viewer

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Income Taxes - Summary of Provision (Benefit) for Income Taxes (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income tax provision at statutory rate	21.00%	21.00%	21.00%
State income taxes, net of federal benefit	6.00%	7.00%	9.00%
Tax credits	3.00%	3.00%	3.00%
Stock compensation	(1.00%)	0.00%	5.00%
Executive compensation limitation	(1.00%)	(1.00%)	0.00%
Other	0.00%	0.00%	(1.00%)
Change in valuation allowance	(28.00%)	(30.00%)	(37.00%)
Effective income tax rate	0.00%	0.00%	0.00%

Financial Instruments and Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurements

3. Financial Instruments and Fair Value Measurements

The Company’s financial instruments consist of money market funds, U.S. government debt securities and corporate debt securities. The following tables show the Company’s cash equivalents and available-for-sale securities’ carrying amounts and fair values as of December 31, 2023 and 2022:


	As of December 31, 2023 (in thousands)
	Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Quoted priced in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Financial assets
Money market funds	$	37,694	$	—	$	—		$	37,694	$	37,694	$	—	$	—
Corporate securities		69,995		48		—			70,043		5,577		64,466		—
Government securities		120,670		143		—			120,813		92,297		28,516		—
Total financial assets	$	228,359	$	191	$	—		$	228,550	$	135,568	$	92,982	$	—

	As of December 31, 2022 (in thousands)
	Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Quoted Priced in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets
Money market funds	$	106,861	$	—	$	—		$	106,861	$	106,861	$	—	$	—
Corporate securities		103,755		21		(185	)		103,591		—		103,591		—
Government securities		31,942		—		(281	)		31,661		20,981		10,680		—
Total financial assets	$	242,558	$	21	$	(466	)	$	242,113	$	127,842	$	114,271	$	—

Cash and Cash Equivalents – As of December 31, 2023, the Company had aggregate cash and cash equivalents of $37,706, including cash equivalents of $37,694, consisting of money market funds. As of December 31, 2022, the Company had aggregate cash and cash equivalents of $108,297, including cash equivalents of $106,861, consisting of money market funds. Money market funds and certificates of deposit are classified within level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets, whereas corporate debt securities are classified within level 2 of the fair value hierarchy because they are valued using inputs other than quoted prices that are observable for the asset or liability either directly or indirectly.

Marketable Securities – Marketable securities of $190,856 as of December 31, 2023, consisted of corporate debt securities of $70,043 and government debt securities of $120,813. There were $165,351 current marketable securities and $25,505 noncurrent marketable securities as of December 31, 2023. Marketable securities of $135,252 as of December 31, 2022, consisted of corporate debt securities of $103,591 and government debt securities of $31,661. There were $132,757 current marketable securities and $2,495 noncurrent marketable securities as of December 31, 2022.

As of December 31, 2023 and 2022, aggregated gross unrealized losses of available-for-sale investments were not material, and accordingly, no allowance for credit losses was recorded.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Stock Plan - Schedule of RSU Activity Under the 2020 Plan (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Stock Units, Beginning balance \| shares	374,899
Number of Stock Units, Granted \| shares	0
Number of Stock Units, Vested \| shares	(121,503)
Number of Stock Units, Forfeited \| shares	(17,100)
Number of Stock Units, Ending balance \| shares	236,296
Weighted-Average Grant Date Fair Value, Beginning balance \| $ / shares	$ 13.6
Weighted-Average Grant Date Fair Value, Granted \| $ / shares	0
Weighted-Average Grant Date Fair Value, Vested \| $ / shares	13.6
Weighted-Average Grant Date Fair Value, Forfeited \| $ / shares	13.6
Weighted-Average Grant Date Fair Value, Ending balance \| $ / shares	$ 13.6

Stock Plan - Schedule of Stock-based Compensation Expense by Award Type (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 12,375	$ 10,195	$ 5,340
Stock options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	9,745	9,174	4,938
Restricted stock units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	2,413	790	0
Employee stock purchase plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 217	$ 231	$ 402

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Summary of Accrued Expenses

Accrued expenses consists of the following:


	December 31,
(in thousands)	2023		2022
Accrued compensation	$	4,498	$	2,897
Accrued research and development costs		5,270		4,259
Accrued legal and professional services		172		152
Total	$	9,940	$	7,308

Income Taxes - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating loss carryforwards	$ 56,701	$ 49,451
Stock compensation	3,707	2,905
Capitalized research expenditures	22,154	13,563
Research and development credits	8,993	6,856
Accrued expenses and other	1,064	911
Operating lease liabilities	3,735	3,969
Total deferred tax assets	96,354	77,655
Valuation allowance	(93,778)	(74,917)
Deferred tax assets recognized	2,576	2,738
Deferred tax liabilities:
Right-of-use assets	(2,357)	(2,709)
Fixed assets and depreciation	(219)	(29)
Total deferred tax liabilities	$ (2,576)	$ (2,738)

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
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
Current liabilities:
Accounts payable	3,237	2,996
Accrued expenses	9,940	7,308
Operating lease liability, 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:
Preferred stock, $0.00001 par value, 5,000,000 shares authorized as of December 31, 2023 and December 31, 2022. No shares issued or outstanding as of December 31, 2023 and December 31, 2022.
Common stock, $0.00001 par value, 1,000,000,000 shares authorized; 51,445,862 and 45,771,332 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively.
Additional paid-in capital	535,468	487,516
Accumulated deficit	(310,003)	(241,043)
Accumulated other comprehensive income (loss)	224	(445)
Total stockholders' equity	225,689	246,028
Total liabilities and stockholders’ equity	$ 252,152	$ 270,308

Commitments and Contingencies - Summary of Other Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Net cash paid (received) for amounts included in the measurement of lease liabilities	$ 1,447	$ (1,089)	$ 717
Leased assets obtained in exchange for new or modified operating lease liabilities	$ 0	$ 987	$ 10,318

Net Loss per Share - Schedule of Common Stock Equivalents Excluded from Calculation of Diluted Net Loss per Share (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	7,211,997	5,749,575	4,293,073
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	6,973,464	5,278,771	4,246,007
Unvested restricted common stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	236,296	374,899
Expected shares to be purchased under 2020 ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	2,237	95,905	47,066

Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued compensation	$ 4,498	$ 2,897
Accrued research and development costs	5,270	4,259
Accrued legal and professional services	172	152
Total	$ 9,940	$ 7,308

Stock Plan - Stock-based Compensation Expense Related to Stock Options and RSU's Granted and Common Stock Issued under 2020 ESPP Recorded and Allocated (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 12,375	$ 10,195	$ 5,340
Research and Development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	5,518	3,466	1,440
General and Administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 6,857	$ 6,729	$ 3,900

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ (68,960)	$ (73,317)	$ (57,846)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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Stock Plan - Schedule of Estimated Fair Value of Stock Options (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate, minimum	3.45%	1.48%	0.35%
Risk-free interest rate, maximum	4.65%	4.34%	1.30%
Dividend yield	0.00%	0.00%	0.00%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life (in years)	5 years 6 months	5 years 6 months	5 years 6 months
Expected volatility	75.21%	76.33%	76.50%
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life (in years)	6 years 3 months	6 years 5 months 8 days	6 years 5 months 8 days
Expected volatility	77.72%	81.00%	79.90%

- Definition

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+ References

+ Details

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Reserved Shares of Common Stock for Issuance

As of December 31, 2023 and 2022, the Company had reserved shares of common stock for issuance as follows:


	December 31,
	2023		2022
Options issued and outstanding		6,973,464		5,278,771
Shares available for future stock option and RSU grants		4,474,411		4,618,292
Shares available for employee stock purchase plan		1,056,832		705,559
Total		12,504,707		10,602,622

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 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	$ (1.44)	$ (1.61)	$ (1.28)
Net loss per share - diluted	$ (1.44)	$ (1.61)	$ (1.28)
Weighted-average common shares outstanding - basic	48,014,645	45,594,824	45,137,656
Weighted-average common shares outstanding - diluted	48,014,645	45,594,824	45,137,656

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Summary of Income Tax Provision (Benefit)

The income tax provision (benefit) for the years ended December 31, 2023, 2022, and 2021 are as follows (in thousands):


	For the Years Ended December 31,
	2023		2022			2021
Current:
Federal	$	-	$	-		$	-
State		2		(9	)		23
Total current		2		(9	)		23
Deferred:
Federal	$	-	$	-		$	-
State		-		-			-
Total deferred		-		-			-
Total provision (benefit)	$	2	$	(9	)	$	23

Summary of Provision (Benefit) for Income Taxes

A reconciliation of income tax computed at the statutory federal income tax rate to the provision (benefit) for income taxes included in the accompanying consolidated statements of operations for the Company is as follows:


	For the Years Ended
	December 31, 2023			December 31, 2022			December 31, 2021
Income tax provision at statutory rate		21	%		21	%		21	%
State income taxes, net of federal benefit		6	%		7	%		9	%
Tax credits		3	%		3	%		3	%
Stock compensation		(1	)%		0	%		5	%
Executive compensation limitation		(1	)%		(1	)%		0	%
Other		0	%		0	%		(1	)%
Change in valuation allowance		(28	)%		(30	)%		(37	)%
Effective income tax rate		0	%		0	%		0	%

Summary of Deferred Tax Assets and Liabilities

The tax effect of temporary differences and carryforwards that give rise to significant portions of the deferred tax assets and liabilities are presented below:


	As of December 31,
	2023			2022
Deferred tax assets:
Net operating loss carryforwards	$	56,701		$	49,451
Stock compensation		3,707			2,905
Capitalized research expenditures		22,154			13,563
Research and development credits		8,993			6,856
Accrued expenses and other		1,064			911
Operating lease liabilities		3,735			3,969
Total deferred tax assets		96,354			77,655
Valuation allowance		(93,778	)		(74,917	)
Deferred tax assets recognized		2,576			2,738
Deferred tax liabilities:
Right-of-use assets		(2,357	)		(2,709	)
Fixed assets and depreciation		(219	)		(29	)
Total deferred tax liabilities		(2,576	)		(2,738	)
Net deferred tax assets	$	-		$	-

Summary of Activity Related to Unrecognized Tax Benefits

The following table summarized the activity related to the Company’s unrecognized tax benefits:


	For the Year Ended
	December 31, 2023		December 31, 2022
Unrecognized tax benefits, beginning of year	$	2,437	$	1,654
Increases related to prior year tax positions		-		-
Increases related to current year tax positions		736		783
Unrecognized tax benefits, end of year	$	3,173	$	2,437

Formation and Business of the Company

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Formation and Business of the Company

1. Formation and Business of the Company

Organization

PMV Pharmaceuticals, Inc. (the “Company”) was incorporated in the state of Delaware in March 2013. Since inception, the Company has devoted substantially all of its time and efforts to performing research and development activities and raising capital. The Company is a precision oncology company pioneering the discovery and development of small molecule, tumor-agnostic therapies targeting p53. The Company’s headquarters are located at One Research Way, Princeton, New Jersey.

The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry including, but not limited to, technical risks associated with the successful research, development and manufacturing of product candidates, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Current and future programs will require significant research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel, and infrastructure. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.

The Company has incurred net losses and negative cash flows from operations since its inception. During the year ended December 31, 2023, the Company incurred a net loss of $68,960 and used $55,657 of cash for operations. As of December 31, 2023, the Company had an accumulated deficit of $310,003. Cash, cash equivalents, and marketable securities were $228,562 as of December 31, 2023. Management expects to incur substantial additional operating losses for the next several years and may need to obtain additional debt or equity financings in order to complete development of its products, obtain regulatory approvals, launch and commercialize its products and continue research and development programs. The Company believes it has adequate cash, cash equivalents, and marketable securities to operate for at least the next 12 months from the date of issuance of these consolidated financial statements.

Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Stockholders' Equity

7. Stockholders' Equity

The Company is authorized to issue up to 1,000,000,000 shares of common stock with a par value of $0.00001 per share, and 5,000,000 shares of preferred stock with a par value of $0.00001 per share. As of December 31, 2023 and 2022, there were 51,445,862 and 45,771,332 shares of common stock issued and outstanding, respectively.

Common stockholders are entitled to receive dividends if and when declared by the board of directors subject to the rights of any preferred stockholders. As of December 31, 2023, no dividends on common stock had been declared by the Company.

As of December 31, 2023 and 2022, the Company had reserved shares of common stock for issuance as follows:


	December 31,
	2023		2022
Options issued and outstanding		6,973,464		5,278,771
Shares available for future stock option and RSU grants		4,474,411		4,618,292
Shares available for employee stock purchase plan		1,056,832		705,559
Total		12,504,707		10,602,622

ATM Program

On October 4, 2021, the Company entered into an at-the-market offering program (the “ATM Program”) pursuant to which, the Company may offer and sell shares of its common stock having aggregate gross sales proceeds of up to $150.0 million from time to time. For the year ended December 31, 2023, the Company sold 5,149,446 shares of common stock under the ATM Program at a weighted average price of $6.97 per share, for total proceeds of $35.1 million, net of fees. As of December 31, 2023, the Company has approximately $113.8 million remaining in gross proceeds available for future issuances of common stock under the ATM Program.

- Definition

The entire disclosure for equity.

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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Net Loss per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Common Stock Equivalents Excluded from Calculation of Diluted Net Loss per Share

The following common stock equivalents were excluded from the calculation of diluted net loss per share:


	For the Years Ended December 31,
	2023		2022		2021
Options to purchase common stock		6,973,464		5,278,771		4,246,007
Unvested restricted common stock units		236,296		374,899		—
Expected shares to be purchased under 2020 ESPP		2,237		95,905		47,066
Total		7,211,997		5,749,575		4,293,073

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation	$ 1,257	$ 315	$ 307

Net Loss per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Net Loss per Share

10. Net Loss per Share

The Company excluded all outstanding stock options and restricted stock units at each period end from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect. The following common stock equivalents were excluded from the calculation of diluted net loss per share:


	For the Years Ended December 31,
	2023		2022		2021
Options to purchase common stock		6,973,464		5,278,771		4,246,007
Unvested restricted common stock units		236,296		374,899		—
Expected shares to be purchased under 2020 ESPP		2,237		95,905		47,066
Total		7,211,997		5,749,575		4,293,073

Stock Plan (Tables)

12 Months Ended

Dec. 31, 2023

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Schedule of Stock Options Activity

The table below summarizes the annual grant activity under the 2020 Plan as of December 31, 2023:


	Shares Available for Grant
Balances, December 31, 2022		4,618,292
Shares reserved for issuance		1,830,853
Options granted		(2,062,125	)
Options forfeited / cancelled		70,291
RSU's forfeited		17,100
Balances December 31, 2023		4,474,411

The following table summarizes option activity for the year ended December 31, 2023:


	Options Outstanding
						Weighted- Average
				Weighted		Remaining		Aggregate
	Number			Average		Contractual		Intrinsic
	of			Exercise		Life		Value
	Options			Price		(in years)		(in 000s)
Balances, December 31, 2022		5,278,771		$	10.40		6.82	$	17,244
Options granted		2,062,125		$	5.84
Options forfeited / cancelled		(70,291	)	$	13.75
Options exercised		(297,141	)	$	0.59
Balances December 31, 2023		6,973,464		$	9.44		7.01	$	990
At December 31, 2023
Vested and expected to vest		6,973,464		$	9.44		7.01	$	990
Exercisable		4,175,906		$	8.95		5.79	$	990

Schedule of Estimated Fair Value of Stock Options

The Company estimated the fair value of stock options using the Black-Scholes options valuation model. The fair value of employee stock options is being amortized on a straight-line basis over the requisite service period of the awards. The fair value of employee stock options was estimated using the following assumptions:


	Year Ended December 31,
	2023	2022	2021
Risk-free interest rate	3.45% - 4.65%	1.48% - 4.34%	0.35% - 1.30%
Expected life (in years)	5.50 - 6.25	5.50 - 6.44	5.50 - 6.44
Dividend yield	0%	0%	0%
Expected volatility	75.21% - 77.72%	76.33% - 81.00%	76.50% - 79.90%

Schedule of RSU Activity Under the 2020 Plan

The following table presents RSU activity under the 2020 Plan as of December 31, 2023:


	Number of Stock Units			Weighted-Average Grant Date Fair Value
Unvested shares at December 31, 2022		374,899		$	13.6
Granted		—			—
Vested		(121,503	)		13.6
Forfeited		(17,100	)		13.6
Unvested shares at December 31, 2023		236,296			13.6

Stock-based Compensation Expense Related to Stock Options and RSU's Granted and Common Stock Issued under 2020 ESPP Recorded and Allocated

Stock-based compensation expense recorded under ASC 718 related to stock options and RSU's granted and common stock issued under the 2020 ESPP were allocated to research and development and general and administrative expense as follows:


	For the Year Ended December 31,
(in thousands)	2023		2022		2021
Research and development	$	5,518	$	3,466	$	1,440
General and administrative		6,857		6,729		3,900
Total stock-based compensation	$	12,375	$	10,195	$	5,340

Schedule of Stock-based Compensation Expense by Award Type

Stock-based compensation expense by award type included within the consolidated statements of operations is as follows:


	For the Years Ended December 31,
(in thousands)	2023		2022		2021
Stock options	$	9,745	$	9,174	$	4,938
Restricted stock units		2,413		790		—
Employee stock purchase plan		217		231		402
Total stock-based compensation	$	12,375	$	10,195	$	5,340

ESPP

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Schedule of Estimated Fair Value of Stock Options

The weighted average assumptions used to estimate the fair value of stock purchase rights under the ESPP are as follows:


	Year Ended December 31,
	2023	2022	2021
Risk-free interest rate	5.41%	3.44%	0.04%
Expected life (in years)	0.49	0.49	0.5
Dividend yield	0%	0%	0%
Expected volatility	76.27%	77.00%	77.83%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment, Net


	December 31,
(in thousands)	2023			2022
Machinery & equipment	$	3,089		$	2,448
Computers		13			13
Furniture & fixtures		69			69
Leasehold improvements		10,765			409
Assets not placed in service		—			10,200
Total property and equipment		13,936			13,139
Less: Accumulated depreciation		(3,270	)		(2,184	)
Property and equipment, net	$	10,666		$	10,955

Stock Plan

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock Plan

8. Stock Plan

2020 Equity Incentive Plan

The 2020 Equity Incentive Plan (the “2020 Plan”) was approved by the board of directors on September 24, 2020. The 2020 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock units, restricted stock awards, unrestricted stock awards, cash-based awards and dividend equivalent rights to the Company’s officers, employees, directors and consultants. The number of shares of common stock initially reserved for issuance under the 2020 Plan was 4,406,374, which shall be increased, upon approval by the board of directors, on January 1, 2021 and each January 1 thereafter, in an amount equal to the least of (i) 4,406,374 shares of common stock, (ii) five percent (5%) of the outstanding common stock on the immediately preceding December 31, or (iii) such number of common stock determined by the board of directors no later than the immediately preceding December 31. For 2022, the board’s compensation committee, as the 2020 Plan administrator, exercised its discretion under clause (iii) to increase the number of shares of common stock reserved for issuance under the 2020 Plan by a lesser amount of 1,363,084 shares, effective as of January 1, 2022. For 2023, the board’s compensation committee, as the 2020 Plan administrator, exercised its discretion under clause

(iii) to increase the number of shares of common stock reserved for issuance under the 2020 Plan by a lesser amount of 1,830,853 shares, effective as of January 1, 2023. For 2024, the board’s compensation committee, as the 2020 Plan administrator, exercised its discretion under clause (iii) to increase the number of shares of common stock reserved for issuance under the 2020 Plan by a lesser amount of 2,572,174 shares, effective as of January 1, 2024. As of December 31, 2023, there were 4,474,411 shares available for issuance under the 2020 Plan.

On September 9, 2022, the Company granted 374,899 Restricted Stock Units (RSUs) to employees pursuant to an employee retention program approved by the Board's compensation committee. The RSU’s have graded vesting on an annual basis for two years of continuous service, as per the 2020 Plan.

The table below summarizes the annual grant activity under the 2020 Plan as of December 31, 2023:


	Shares Available for Grant
Balances, December 31, 2022		4,618,292
Shares reserved for issuance		1,830,853
Options granted		(2,062,125	)
Options forfeited / cancelled		70,291
RSU's forfeited		17,100
Balances December 31, 2023		4,474,411

2020 Employee Stock Purchase Plan

The 2020 Employee Stock Purchase Plan (the “2020 ESPP”) was approved by the board of directors on September 24, 2020. A total of 400,752 shares of common stock were initially reserved for issuance under this plan, which shall be increased, upon approval by the board of directors, on January 1, 2021 and each January 1 thereafter, to the lesser of (i) 801,504 shares of common stock, (ii) 1% of the outstanding shares of common stock on the last day of the immediately preceding fiscal year, or (iii) an amount determined by the board of directors or any of its committees no later than the last day of the immediately preceding fiscal year. For 2022, the board waived the annual increase to the shares reserved under the 2020 ESPP. For 2023, the 2020 ESPP reserved shares were increased under clause (iii) by 457,713 shares, effective as of January 1, 2023. For 2024, the 2020 ESPP reserved shares were increased under clause (iii) by 514,434 shares, effective as of January 1, 2024. On May 20, 2023, employees exercised their right to purchase 20,113 shares under the 2020 ESPP. On November 21, 2023, employees exercised their right to purchase 86,327 shares under the 2020 ESPP. As of December 31, 2023, 202,345 shares are issued or outstanding, and there were 1,056,832 shares available for issuance, under the 2020 ESPP.

Stock Options

The following table summarizes option activity for the year ended December 31, 2023:


	Options Outstanding
						Weighted- Average
				Weighted		Remaining		Aggregate
	Number			Average		Contractual		Intrinsic
	of			Exercise		Life		Value
	Options			Price		(in years)		(in 000s)
Balances, December 31, 2022		5,278,771		$	10.40		6.82	$	17,244
Options granted		2,062,125		$	5.84
Options forfeited / cancelled		(70,291	)	$	13.75
Options exercised		(297,141	)	$	0.59
Balances December 31, 2023		6,973,464		$	9.44		7.01	$	990
At December 31, 2023
Vested and expected to vest		6,973,464		$	9.44		7.01	$	990
Exercisable		4,175,906		$	8.95		5.79	$	990

The weighted average grant date fair value of stock options granted during the years ended December 31, 2023, 2022, and 2021, was $4.03, $10.92, and $20.03, respectively.

The aggregate intrinsic value of options vested and exercisable as of December 31, 2023 and 2022 is calculated based on the difference between the exercise price and the fair value of our common stock. The intrinsic value of options exercised in 2023, 2022, and 2021, was $892, $3,764, and $18,534, respectively.

As of December 31, 2023, the total compensation cost related to nonvested service-based awards not yet recognized is $18,866. The weighted-average period over which the nonvested awards is expected to be recognized is 2.5 years.


	Year Ended December 31,
	2023	2022	2021
Risk-free interest rate	3.45% - 4.65%	1.48% - 4.34%	0.35% - 1.30%
Expected life (in years)	5.50 - 6.25	5.50 - 6.44	5.50 - 6.44
Dividend yield	0%	0%	0%
Expected volatility	75.21% - 77.72%	76.33% - 81.00%	76.50% - 79.90%

The weighted average assumptions used to estimate the fair value of stock purchase rights under the ESPP are as follows:


	Year Ended December 31,
	2023	2022	2021
Risk-free interest rate	5.41%	3.44%	0.04%
Expected life (in years)	0.49	0.49	0.5
Dividend yield	0%	0%	0%
Expected volatility	76.27%	77.00%	77.83%

Risk Free Interest Rate: The risk-free rate is based on the U.S. Treasury yields in effect at the time of grant for periods corresponding with the expected term of the option.

Expected Term: The Company uses the simplified method to calculate expected term described in the SEC’s Staff Accounting Bulletin No. 107, which takes into account vesting term and expiration date of the options.

Dividend Yield: The Company has never declared or paid any cash dividends and does not plan to pay cash dividends in the foreseeable future, and therefore, used an expected dividend yield of zero in the valuation model.

Volatility: Volatility is based on the historical volatility of the Company's publicly traded shares for the expected term.

Restricted Stock Units

The following table presents RSU activity under the 2020 Plan as of December 31, 2023:


	Number of Stock Units			Weighted-Average Grant Date Fair Value
Unvested shares at December 31, 2022		374,899		$	13.6
Granted		—			—
Vested		(121,503	)		13.6
Forfeited		(17,100	)		13.6
Unvested shares at December 31, 2023		236,296			13.6

As of December 31, 2023, there was $1,671 of unrecognized compensation cost related to RSUs that are expected to vest. These costs are expected to be recognized over a weighted average remaining vesting period of 0.7 years.


	For the Year Ended December 31,
(in thousands)	2023		2022		2021
Research and development	$	5,518	$	3,466	$	1,440
General and administrative		6,857		6,729		3,900
Total stock-based compensation	$	12,375	$	10,195	$	5,340

Stock-based compensation expense by award type included within the consolidated statements of operations is as follows:


	For the Years Ended December 31,
(in thousands)	2023		2022		2021
Stock options	$	9,745	$	9,174	$	4,938
Restricted stock units		2,413		790		—
Employee stock purchase plan		217		231		402
Total stock-based compensation	$	12,375	$	10,195	$	5,340

Commitments and Contingencies - Schedule of Minimum Lease Payments, Net of Reimbursements, under Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
2024	$ 1,574
2025	1,869
2026	1,925
2027	1,983
2028	2,042
Thereafter	7,453
Total lease payments	16,846
Less: Present Value Adjustment	(3,560)
Present value of lease payments	$ 13,286	$ 13,976

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (68,960)	$ (73,317)	$ (57,846)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	12,375	10,195	5,340
Depreciation	1,257	315	307
(Accretion) amortization of (premiums) discounts on marketable securities	(5,386)	(628)	550
Non-cash lease expense	(370)	335	974
Other, net		(92)	(19)
Change in operating assets and liabilities:
Prepaid expenses and other assets	1,723	(1,829)	38
Operating lease liabilities	837	2,969
Accounts payable	235	(389)	191
Accrued expenses	2,632	(1,319)	3,894
Net cash used in operating activities	(55,657)	(63,760)	(46,571)
Cash flows from investing activities:
Purchases of property and equipment	(962)	(7,984)	(1,349)
Purchases of marketable securities	(220,539)	(229,199)	(256,845)
Maturities of marketable securities	170,956	235,815	114,610
Net cash used in investing activities	(50,545)	(1,368)	(143,584)
Cash flows from financing activities:
Proceeds from issuance of common stock, net	35,121
Proceeds from the exercise of stock options and common stock issued under the 2020 ESPP	456	958	2,022
Net cash provided by financing activities	35,577	958	2,022
Impact of exchange rates on cash, cash equivalents, and restricted cash	34
Net decrease in cash, cash equivalents, and restricted cash	(70,591)	(64,170)	(188,133)
Cash, cash equivalents, and restricted cash
Cash, cash equivalents, and restricted cash - beginning of period	109,119	173,289	361,422
Cash, cash equivalents, and restricted cash - end of period	38,528	109,119	173,289
Supplemental disclosures of noncash investing activities
Lease incentives used for leasehold improvements			(88)
Accrued purchases of property and equipment	$ 6	$ 196	1,391
Supplemental disclosures of cash flow information
Cash paid for income tax			$ 23

Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	AOCI Attributable to Parent	Accumulated Deficit
Balance at Dec. 31, 2020	$ 359,121		$ 469,001		$ (109,880)
Balance, Shares at Dec. 31, 2020		44,777,818
Exercise of stock options and common stock issued under the 2020 ESPP	2,022		2,022
Exercise of stock options and common stock issued under the 2020 ESPP, Shares		655,866
Stock-based compensation expense	5,340		5,340
Net Income (Loss)	(57,846)				(57,846)
Unrealized gain (loss) on investments	(78)			$ (78)
Balance at Dec. 31, 2021	308,559		476,363	(78)	(167,726)
Balance, Shares at Dec. 31, 2021		45,433,684
Exercise of stock options and common stock issued under the 2020 ESPP	958		958
Exercise of stock options and common stock issued under the 2020 ESPP, Shares		337,648
Stock-based compensation expense	10,195		10,195
Net Income (Loss)	(73,317)				(73,317)
Unrealized gain (loss) on investments	(367)			(367)
Balance at Dec. 31, 2022	246,028		487,516	(445)	(241,043)
Balance, Shares at Dec. 31, 2022		45,771,332
Exercise of stock options, common stock issued under the 2020 ESPP, and release of vested restricted stock units	456		456
Exercise of stock options, common stock issued under the 2020 ESPP, and release of vested restricted stock units, Shares		525,084
Issuance of common stock, net of issuance costs	35,121		35,121
Issuance of common stock, net of issuance costs, Shares		5,149,446
Stock-based compensation expense	12,375		12,375
Net Income (Loss)	(68,960)				(68,960)
Unrealized gain (loss) on investments	635			635
Foreign currency translation gain	34			34
Balance at Dec. 31, 2023	$ 225,689		$ 535,468	$ 224	$ (310,003)
Balance, Shares at Dec. 31, 2023		51,445,862

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Contingency [Line Items]
Federal statutory income tax rate	21.00%	21.00%	21.00%
Net operating loss carryforwards begin to expire in 2033	$ 27,500,000
Net operating loss carryforwards, do not expire amount	$ 168,176,000
Net operating loss carryforward, description	Net operating loss carryforwards related to tax years after 2017 of $168,176 do not expire.
Interest or penalties accrued	$ 0	$ 0
Unrecognized tax benefits	$ 3,173,000	2,437,000	$ 1,654,000
Open tax year	2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Federal
Income Tax Contingency [Line Items]
Net operating loss carryforwards	$ 195,676,000	174,736,000
Operating loss carryforwards expiration year	2033
Tax credit carryforward, expiration	2034
Income tax examination period	3 years
Federal \| Research and Development Tax Credits
Income Tax Contingency [Line Items]
Credit carryforward, amount	$ 12,693,000	9,749,000
State
Income Tax Contingency [Line Items]
Operating loss carryforwards expiration year	2033
Income tax examination period	4 years
State \| New Jersey
Income Tax Contingency [Line Items]
Net operating loss carryforwards	$ 208,817,000	169,847,000
Tax credit carryforward, expiration	2030
State \| California
Income Tax Contingency [Line Items]
Net operating loss carryforwards	$ 4,912,000	4,912,000
State \| Lexington, Massachusetts
Income Tax Contingency [Line Items]
Net operating loss carryforwards	6,358,000	5,277,000
State \| Arizona
Income Tax Contingency [Line Items]
Net operating loss carryforwards	$ 115,000	$ 46,000

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	51,445,862	45,771,332
Common stock, shares outstanding	51,445,862	45,771,332

Accrued Expenses

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Accrued Expenses

5. Accrued Expenses

Accrued expenses consists of the following:


	December 31,
(in thousands)	2023		2022
Accrued compensation	$	4,498	$	2,897
Accrued research and development costs		5,270		4,259
Accrued legal and professional services		172		152
Total	$	9,940	$	7,308

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The audited consolidated financial statements are prepared in accordance with United States generally accepted accounting principles (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). The accompanying consolidated financial statements include our accounts and the accounts of our wholly owned subsidiary, PMV Pharma Australia Pvt Ltd. All significant intercompany transactions and balances have been eliminated upon consolidation. These consolidated financial statements are presented in United States ("U.S.") Dollars, which is also the functional currency of the Company. These consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. The Company has limited operating history and its prospects are subject to risks, expenses and uncertainties frequently encountered by companies in the biotechnology industry.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, research and development costs, accrued research and development costs and related prepaid expenses, and the fair values of common stock, convertible preferred stock and stock-based compensation. Actual results could differ materially from those estimates.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company discloses and recognizes the fair value of its assets and liabilities using a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). The guidance establishes three levels of the fair value hierarchy as follows: • Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. • Level 2 - Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active. • Level 3 - Inputs are unobservable in which there is little or no market data available, which require the reporting entity to develop its own assumptions that are unobservable. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability.
Cash, Cash Equivalents and Marketable Securities	Cash, Cash Equivalents and Marketable Securities Management considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The Company’s marketable debt securities have been classified and accounted for as available-for-sale. The Company classifies its marketable debt securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. Marketable debt securities with maturities of 12 months or less are classified as short-term and marketable debt securities with maturities greater than 12 months are classified as long-term. The Company’s marketable debt securities are carried at fair value, with unrealized gains and losses, net of taxes, reported as a component of accumulated other comprehensive loss in stockholders’ equity. Premiums and discounts on marketable debt securities are amortized into earnings over the life of the security and recorded on the interest income, net line of the income statement. For the years ended December 31, 2023, 2022, and 2021, the Company recorded $5,386 of accretion, $628 of accretion and $550 of amortization, respectively. Restricted cash as of December 31, 2023 included a $822 deposit at the Company’s commercial bank underlying a stand-by letter of credit issued in favor of a landlord (See Note 6) and is classified in current assets.
Comprehensive Loss and Accumulated Other Comprehensive Income (Loss)	Comprehensive Loss and Accumulated Other Comprehensive Income (Loss) Other comprehensive income (loss) is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources, including unrealized gains and losses on investments and foreign currency translation gains and losses.
Leases	Leases At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the circumstances present. The Company accounts for a contract as a lease when it has the right to control the asset for a period of time while obtaining substantially all of the asset’s economic benefits. The Company determines the initial classification and measurement of its operating right-of-use (“ROU”) assets and operating lease liabilities at the lease commencement date, and thereafter if modified. The lease term includes any renewal options that the Company is reasonably assured to exercise. The Company’s policy is to not record leases with a lease term of 12 months or less on its balance sheets. Furthermore, the Company has elected the practical expedient to not separate lease and non-lease components by class of underlying asset for its existing leases. The Company’s only existing leases are for office and laboratory space. The ROU asset represents the right to use the leased asset for the lease term. The lease liability represents the present value of the lease payments under the lease. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the Company uses its estimated secured incremental borrowing rate for that lease term. Lease expense for operating leases is recognized on a straight-line basis over the reasonably assured lease term based on the total lease payments and is included in operating expense in the consolidated statements of operations. Payments due under each lease agreement include fixed and variable payments. Variable payments relate to the Company’s share of the lessor’s operating costs associated with the underlying asset and are recognized when the event on which those payments are assessed occurs. Variable payments have been excluded from the lease liability and associated right-of-use asset. Neither of the Company’s leases contain residual value guarantees. The interest rate implicit in lease agreements is typically not readily determinable, and as such, the Company utilizes the incremental borrowing rate to calculate lease liabilities, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment.
Property and Equipment	Property and Equipment Property and equipment are recorded at cost net of accumulated depreciation. Property and equipment are depreciated using the straight‑line method over the estimated useful lives of the assets, generally five years, except for leasehold improvements, which are amortized over the shorter of the useful life of the asset or the remaining term of the lease. Upon retirement or sale of assets, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is reflected in operations. Repairs and maintenance costs are charged to operations as incurred.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets, are tested for recoverability whenever events or changes in the business environment indicate that the carrying amount of the assets may not be fully recoverable. Factors considered by the Company when deciding when to perform an impairment review include significant underperformance of the business against expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset for recoverability, the Company compares forecasts of undiscounted cash flows resulting from the use and eventual disposition of the long-lived asset to its carrying value. An impairment loss would be recognized when estimated undiscounted future cash flows resulting from the use of an asset are less than its carrying amount. The impairment loss would be based on the excess of the carrying value of the impaired asset over its current fair value. To date, the Company has not recorded any impairment losses on long-lived assets.
Research and Development Expenses	Research and Development Expenses All costs associated with research and development are expensed as incurred. Research and development expenses include costs directly attributable to the conduct of research and development programs, including compensation costs, which includes allocated stock-based compensation, salary payroll taxes, employee benefits; materials; supplies; depreciation on and maintenance of research equipment; the cost of services provided by outside contractors; and the allocable portions of facility costs, such as rent, utilities, insurance, repairs and maintenance, depreciation, and general support services. The Company records accruals for estimated research and development expenses, comprising payments for work performed by third party vendors, clinical research organizations, clinical manufacturing organizations and others. Some of these vendors bill monthly based on actual services performed, while others bill periodically based upon achieving certain contractual milestones. For the latter, the Company accrues the expenses as goods or services are used or rendered. Research and development activities related to patient enrollment are accrued as patients enter and progress through the trial. In the event that the Company prepays fees, the Company records the prepayment as a prepaid asset and periodically evaluate the prepaid asset in conjunction with the related accrued research and development expenses.
Stock Based Compensation	Stock‑Based Compensation The Company’s share-based compensation program allows for grants of stock options and restricted stock units. Grants are awarded to employees and non-employees, including directors. The Company accounts for stock-based employee compensation arrangements in accordance with provisions of ASC 718, Compensation – Stock Compensation (“ASC 718”). ASC 718 requires the recognition of compensation expense, using a fair-value based method, for costs related to all share-based payments including stock options. ASC 718 requires companies to estimate the fair value of share-based payment awards on the date of grant using an option pricing or equity valuation model that is applied in a manner consistent with the fair value measurement objectives of ASC 718, is based on established principles of financial theory and reflects all of the substantive terms and conditions of the award. The Company uses the Black-Scholes option-pricing model (“Black-Scholes”) to value stock option grants to employees, non-employees and directors. The fair value of the Company’s common stock is used to determine the fair value of restricted stock units and stock options. The Black-Scholes option pricing model requires inputs based on certain subjective assumptions, including (i) the expected stock price volatility, (ii) the expected term of the award, (iii) the risk-free interest rate and (iv) expected dividends. The historical volatility is calculated based on a period of time commensurate with expected term assumption. The Company uses the simplified method to calculate the expected term for options granted to employees whereby the expected term equals the arithmetic average of the vesting term and the original contractual term of the options due to its lack of sufficient historical data. The risk-free interest rate is based on U.S. Treasury securities with a maturity date commensurate with the expected term of the associated award. The expected dividend yield is assumed to be zero as the Company has never paid dividends and has no current plans to pay any dividends on its common stock. The Company recognizes forfeitures as they occur. The Company’s stock-based compensation awards are subject to service-based vesting conditions. Compensation expense related to awards to employees and directors with service-based vesting conditions is recognized on a straight-line basis based on the grant date fair value over the associated service period of the award, which is typically the vesting term.
Segment Reporting	Segment Reporting Operating segments are identified as components of an enterprise for which separate discrete financial information is available for evaluation by the Company’s Chief Operating Decision Maker to make decisions with respect to resource allocation and assessment of performance. To date, the Company has viewed its operations and manages its business as one operating and reporting segment.
Net Loss per Share	Net Loss per Share Basic net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the years ended December 31, 2023 and 2022. Diluted net income (loss) per share is computed by dividing the diluted net income (loss) by the weighted average number of shares of common stock, including potential dilutive common shares assuming the dilutive effect of outstanding stock options and unvested restricted common stock, as determined using the treasury stock method. For periods in which the Company has reported net losses, diluted net loss per share is the same as basic net loss per share, since dilutive shares of common stock are not assumed to have been issued if their effect is antidilutive.
Income Taxes	Income Taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes ("ASC 740"), which requires that deferred tax assets and liabilities be recognized using enacted tax rates for the effect of temporary differences between the book and tax bases of recorded assets and liabilities. Under ASC 740, the liability method is used in accounting for income taxes. Deferred tax assets and liabilities are determined based on the differences between financial reporting and the tax basis of assets and liabilities and are measured using the enacted tax rates and law that will be in effect when the differences are expected to reverse. ASC 740 also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax assets will not be realized. The Company evaluates annually the realizability of the deferred tax assets by assessing the valuation allowance and by adjusting the amount of such allowance, if necessary. The factors used to assess the likelihood of realization include forecast of future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets. In 2023 and 2022, the Company recorded a full valuation allowance for the deferred tax assets based on the historical loss and the uncertainty regarding the ability to project future taxable income. In future periods if the Company is able to generate income, the Company may reduce or eliminate the valuation allowance. The Company accounts for uncertain tax positions in accordance with ASC 740. ASC 740 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax provision that an entity takes or expects to take in a tax return. Additionally, ASC 740 provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosures, and transition. Under ASC 740, an entity may only recognize or continue to recognize tax positions that meet a "more likely than not" threshold. In accordance with this accounting policy, the Company recognizes accrued interest and penalties related to unrecognized tax benefits as a component of income tax.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." This amended guidance applies to all public entities and aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, to enable investors to develop more decision-useful financial analyses. This guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently analyzing the impact that ASU No. 2023-07 will have on our consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." This amended guidance applies to all entities and broadly aims to enhance the transparency and decision usefulness of income tax disclosures. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted for any annual periods for which financial statements have not been issued or made available for issuance. We are currently analyzing the impact that ASU No. 2023-09 will have on our consolidated financial statements.
Concentration of Credit Risk and Other Risks and Uncertainties	Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash and cash equivalents and marketable securities. The Company maintains its cash, cash equivalents and marketable securities in accounts at high quality financial institutions. The Company has not experienced any credit losses and does not believe it is exposed to any significant credit risk on these funds. Cash and cash equivalents include a checking account and a money market account held at one financial institution. At times, such deposits may be in excess of insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents. The Company’s marketable debt securities are carried at fair value and include any unrealized gains and losses. Any investments with unrealized losses are considered to be temporarily impaired. The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, rapid technological change, uncertainty of market acceptance of the product, competition from substitute products and larger companies, protection of proprietary technology, any future strategic relationships and dependence on key individuals. Products developed by the Company require clearances from the U.S. Food and Drug Administration or other international regulatory agencies prior to commercial sales. There can be no assurance the Company’s product candidates will receive the necessary clearances. If the Company is denied clearance, clearance is delayed or it is unable to maintain clearance, it could have a materially adverse impact on the Company.
Subsequent Events	Subsequent Events We considered events or transactions occurring after the balance sheet date, but prior to the issuance of the consolidated financial statements, for potential recognition or disclosure in our consolidated financial statements. All significant subsequent events have been properly disclosed in the consolidated financial statements.

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2023	Feb. 28, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2023
Entity File Number	001-39539
Entity Registrant Name	PMV PHARMACEUTICALS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-3218129
Entity Address, Address Line One	1 Research Way
Entity Address, City or Town	Princeton
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08540
City Area Code	609
Local Phone Number	642-6670
Title of 12(b) Security	Common stock, par value $0.00001
Trading Symbol	PMVP
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Document Financial Statement Error Correction	false
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		51,443,488
Entity Public Float			$ 209,239,411
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001699382
Amendment Flag	false
ICFR Auditor Attestation Flag	false
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Philadelphia, Pennsylvania
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s definitive Proxy Statement relating to the 2024 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2023.

Stockholders' Equity - Schedule of Reserved Shares of Common Stock for Issuance (Details) - shares	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2022
Class Of Stock [Line Items]
Reserved shares of common stock for issuance	12,504,707	457,713	10,602,622
Shares available for future stock option and RSU grants	4,474,411		4,618,292
Shares available for employee stock purchase plan	1,056,832		705,559
Employee Stock Option [Member]
Class Of Stock [Line Items]
Reserved shares of common stock for issuance	6,973,464		5,278,771

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Formation and Business of the Company - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Organization Consolidation And Presentation [Line Items]
Net loss	$ 68,960	$ 73,317	$ 57,846
Cash used in operating activities	55,657	63,760	$ 46,571
Accumulated deficit	310,003	$ 241,043
Cash, cash equivalents, and marketable securities	$ 228,562

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Commitments and Contingencies - Schedule of Amounts Reported in Consolidated Balance Sheets for Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Leases:
Right-of-use assets	$ 8,382	$ 9,539
Operating lease liability, current	852	528
Operating lease liability, noncurrent	12,434	13,448
Total operating lease payments	$ 13,286	$ 13,976
Weighted-average remaining lease term (years)	8 years 5 months 1 day	9 years 29 days
Weighted-average discount rate	5.75%	5.75%

Stock Plan - Schedule of Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Shares Available For Grant
Shares Available for Grant, Balance	4,618,292
Shares Available for Grant, Shares reserved for issuance	1,830,853
Shares Available for Grant, Options granted	(2,062,125)
Shares Available for Grant, Options forfeited / cancelled	70,291
Shares Available for Grant, RSU's forfeited	17,100
Shares Available for Grant, Balance	4,474,411	4,618,292
Number of Options
Options Outstanding, Number of Options	5,278,771
Options granted, Number of Options	2,062,125
Options forfeited / cancelled, Number of Options	(70,291)
Options exercised, Number of Options	(297,141)
Options Outstanding, Number of Options	6,973,464	5,278,771
Vested and expected to vest, Number of Options	6,973,464
Exercisable, Number of Options	4,175,906
Weighted Average Exercise Price
Options Outstanding, Weighted Average Exercise Price	$ 10.4
Options granted, Weighted Average Exercise Price	5.84
Options forfeited / cancelled, Weighted Average Exercise Price	13.75
Options exercised, Weighted Average Exercise Price	0.59
Options Outstanding, Weighted Average Exercise Price	9.44	$ 10.4
Vested and expected to vest, Weighted Average Exercise Price	9.44
Exercisable, Weighted Average Exercise Price	$ 8.95
Weighted-Average Remaining Contractual Life
Options Outstanding, Weighted-Average Remaining Contractual Life	7 years 3 days	6 years 9 months 25 days
Vested and expected to vest, Weighted-Average Remaining Contractual Life	7 years 3 days
Exercisable, Weighted-Average Remaining Contractual Life	5 years 9 months 14 days
Aggregate Intrinsic Value
Options Outstanding, Aggregate Intrinsic Value	$ 990	$ 17,244
Vested and expected to vest, Aggregate Intrinsic Value	990
Exercisable, Aggregate Intrinsic Value	$ 990

Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Total property and equipment	$ 13,936	$ 13,139
Less: Accumulated depreciation	(3,270)	(2,184)
Property and equipment, net	10,666	10,955
Machinery & Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	3,089	2,448
Computers
Property Plant And Equipment [Line Items]
Total property and equipment	13	13
Furniture & Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment	69	69
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment	$ 10,765	409
Assets Not Placed in Service
Property Plant And Equipment [Line Items]
Total property and equipment		$ 10,200

Stock Plan - Summary of Weighted Average Assumptions Used to Estimate Fair Value of Stock Purchase Rights Under ESPP (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend yield	0.00%	0.00%	0.00%
ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate	5.41%	3.44%	0.04%
Expected life (in years)	5 months 26 days	5 months 26 days	6 months
Dividend yield	0.00%	0.00%	0.00%
Expected volatility	76.27%	77.00%	77.83%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Subsequent Events - Additional Information (Details) - Employee Severance - Subsequent Event $ in Millions	Jan. 18, 2024 USD ($)
Subsequent Event [Line Items]
Restructuring and related cost, number of positions eliminated, period percent	30.00%
Minimum
Subsequent Event [Line Items]
Restructuring charges	$ 1.0
Maximum
Subsequent Event [Line Items]
Restructuring charges	$ 1.4

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

9. Income Taxes

The income tax provision (benefit) for the years ended December 31, 2023, 2022, and 2021 are as follows (in thousands):


	For the Years Ended December 31,
	2023		2022			2021
Current:
Federal	$	-	$	-		$	-
State		2		(9	)		23
Total current		2		(9	)		23
Deferred:
Federal	$	-	$	-		$	-
State		-		-			-
Total deferred		-		-			-
Total provision (benefit)	$	2	$	(9	)	$	23


	For the Years Ended
	December 31, 2023			December 31, 2022			December 31, 2021
Income tax provision at statutory rate		21	%		21	%		21	%
State income taxes, net of federal benefit		6	%		7	%		9	%
Tax credits		3	%		3	%		3	%
Stock compensation		(1	)%		0	%		5	%
Executive compensation limitation		(1	)%		(1	)%		0	%
Other		0	%		0	%		(1	)%
Change in valuation allowance		(28	)%		(30	)%		(37	)%
Effective income tax rate		0	%		0	%		0	%

For the years ended December 31, 2023, 2022, and 2021, the Company’s effective tax rate is below the federal statutory income tax rate of 21% primarily due to state income taxes, net of federal benefit and the Company’s position to establish a full valuation allowance on its deferred tax assets.

The tax effect of temporary differences and carryforwards that give rise to significant portions of the deferred tax assets and liabilities are presented below:


	As of December 31,
	2023			2022
Deferred tax assets:
Net operating loss carryforwards	$	56,701		$	49,451
Stock compensation		3,707			2,905
Capitalized research expenditures		22,154			13,563
Research and development credits		8,993			6,856
Accrued expenses and other		1,064			911
Operating lease liabilities		3,735			3,969
Total deferred tax assets		96,354			77,655
Valuation allowance		(93,778	)		(74,917	)
Deferred tax assets recognized		2,576			2,738
Deferred tax liabilities:
Right-of-use assets		(2,357	)		(2,709	)
Fixed assets and depreciation		(219	)		(29	)
Total deferred tax liabilities		(2,576	)		(2,738	)
Net deferred tax assets	$	-		$	-

The Company has recorded a valuation allowance for its deferred tax assets that it does not believe will be realizable at a more likely than not level based on analysis of all available sources of taxable income.

As of December 31, 2023 and 2022, the Company had federal net operating loss carryforwards of $195,676 and $174,736, respectively. As of December 31, 2023, the Company had state net operating loss carryforwards for New Jersey, California, Massachusetts, and Arizona of approximately $208,817, $4,912, $6,358, and $115, respectively. At December 31, 2022, the Company had state net operating loss carryforwards for New Jersey, California, Massachusetts and Arizona of approximately $169,847, $4,912, $5,277, and $46, respectively. Federal net operating loss carryforwards of $27,500 expire beginning in the year 2033. State net operating loss carryforwards begin to expire in the year 2033. Net operating loss carryforwards related to tax years after 2017 of $168,176 do not expire. The Company also has federal and state research and development credit carryforward of approximately $12,693 and $9,749 as of December 31, 2023 and 2022, respectively. The federal credits will begin to expire in 2034 if not utilized. The California state credits carryforward indefinitely and the New Jersey state credits expire starting in 2030. The above net operating losses and research and development credits are subject to

Sections 382 and 383 of the Internal Revenue Code. In the event of a change in ownership as defined by these code sections, the usage of the net operating losses and research and development credits may be limited.

The Company accrues interest and penalties related to unrecognized tax benefits in the (benefit) provision for income taxes line item in the consolidated statements of operations and comprehensive loss. As of December 31, 2023 and 2022, the Company had not accrued any interest or penalties related to uncertain tax positions.

If the ending balance of $3,173 and $2,437 of unrecognized tax benefits as of December 31, 2023 and 2022, respectively, were recognized, none of the recognition would affect the income tax rate. The following table summarized the activity related to the Company’s unrecognized tax benefits:


	For the Year Ended
	December 31, 2023		December 31, 2022
Unrecognized tax benefits, beginning of year	$	2,437	$	1,654
Increases related to prior year tax positions		-		-
Increases related to current year tax positions		736		783
Unrecognized tax benefits, end of year	$	3,173	$	2,437

The Company does not anticipate any material change in its unrecognized tax benefits over the next twelve months. The unrecognized tax benefits may change during the next year for items that arise in the ordinary course of business.

The Company files U.S. federal and state income tax returns with varying statutes of limitations. The Company’s tax years 2013 to 2022 will remain open for examination by the federal and state authorities for three and four years, respectively, from the date of utilization of any net operating losses and research and development credits.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) Segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Accretion (amortization) of available-for-sale debt securities \| $	$ 5,386	$ 628	$ (550)
Restricted cash \| $	$ 822
Property and equipment, Estimated useful lives	5 years
Expected dividend yield	0.00%	0.00%	0.00%
Number of operating segments \| Segment	1
Number of reportable segments \| Segment	1

Income Taxes - Summary of Activity Related to Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Unrecognized tax benefits, beginning of year	$ 2,437	$ 1,654
Increases related to current year tax positions	736	783
Unrecognized tax benefits, end of year	$ 3,173	$ 2,437

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

6. Commitments and Contingencies

Operating Leases

In June 2015, the Company executed a noncancelable operating lease for approximately 13,000 square feet of laboratory, research and development, and office space in Cranbury, New Jersey. This location operated as the Company's headquarters until March 2023.

In June 2017, the Company obtained an additional noncancelable operating lease for approximately 6,000 square feet of laboratory space in the same corporate center. Both leases were set to expire in June 2022. In January 2022, the Company signed a lease extension for both leases for up to one additional year through June 2023, with the option to terminate upon 120 days of written notice, with an increase in base rent as per the lease extension. The leases were terminated as of June 2023.

In August 2018, the Company executed two noncancelable operating leases. One lease for approximately 6,000 square feet for vivarium, laboratory and general office space in South Brunswick, New Jersey. The lease was set to expire in July 2022. In January 2022, the Company signed a lease extension for up to one additional year through July 2023, with the option to terminate upon 120 days of written notice, with an increase in base rent as per the lease extension. The lease was terminated as of June 2023. The second lease is for office space in Lexington, Massachusetts, that expired in August 2023.

In January 2021, the Company signed a lease for 50,581 square feet of office and laboratory space at One Research Way in Princeton, New Jersey. That lease term extends through 2032, has a five-year extension option, and replaced the Company’s two existing facilities as the Company’s headquarters in March 2023. Payment under this lease will total $19,889 through May 2032. The Company received a lease incentive of $4,046 from the lessor for a buildout of laboratory, vivarium, and office space, to be reimbursed to the Company in 2022 and 2023. Management estimated the timing and amounts of reimbursements and included them as a reduction of lease payments when initially measuring the lease liability and right-of-use asset upon commencement. Since the inception date of the lease, $3,806 of reimbursements were received. For the year ended December 31, 2023, $837 of reimbursements were received.

The components of lease cost for the years ended December 31, 2023, 2022, and 2021 are as follows:


	Year Ended December 31,
(in thousands)	2023		2022		2021
Operating lease cost	$	1,913	$	2,215	$	1,691
Variable lease cost		914		991		704
Total lease cost	$	2,827	$	3,206	$	2,395

Amounts reported in the balance sheet for leases where the Company is the lessee as of December 31, 2023, and 2022, were as follows:


	As of December 31,
Operating Leases (in thousands, except lease term and discount rate data):	2023			2022
Right-of-use assets, operating leases	$	8,382		$	9,539

Operating lease liabilities, current	$	852		$	528
Operating lease liabilities, non-current		12,434			13,448
Total operating lease liabilities	$	13,286		$	13,976

Weighted-average remaining lease term (years)		8.42			9.08
Weighted-average discount rate		5.75	%		5.75	%

Other information related to leases for the years ended December 31, 2023, 2022, and 2021, respectively, were as follows:


	Year Ended December 31,
(in thousands)	2023		2022			2021
Net cash paid (received) for amounts included in the measurement of lease liabilities	$	1,447	$	(1,089	)	$	717
Leased assets obtained in exchange for new or modified operating lease liabilities		—		987			10,318

Future minimum lease payments, net of reimbursements, remaining as of December 31, 2023, under operating leases by fiscal year were as follows:


Fiscal year	(in thousands)
2024	$	1,574
2025		1,869
2026		1,925
2027		1,983
2028		2,042
Thereafter		7,453
Total lease payments	$	16,846
Less: Present Value Adjustment		(3,560	)
Present value of lease payments	$	13,286

Rent expense recorded for the years ended December 31, 2023, 2022, and 2021, were $1,913, $2,215, and $1,691 respectively.

Contingencies

From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of its business activities. The Company accrues a liability for such matters when future expenditures are probable and such expenditures can be reasonably estimated.

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Summary of Components of Lease Cost

The components of lease cost for the years ended December 31, 2023, 2022, and 2021 are as follows:


	Year Ended December 31,
(in thousands)	2023		2022		2021
Operating lease cost	$	1,913	$	2,215	$	1,691
Variable lease cost		914		991		704
Total lease cost	$	2,827	$	3,206	$	2,395

Schedule of Amounts Reported in Consolidated Balance Sheets for Leases

Amounts reported in the balance sheet for leases where the Company is the lessee as of December 31, 2023, and 2022, were as follows:


	As of December 31,
Operating Leases (in thousands, except lease term and discount rate data):	2023			2022
Right-of-use assets, operating leases	$	8,382		$	9,539

Operating lease liabilities, current	$	852		$	528
Operating lease liabilities, non-current		12,434			13,448
Total operating lease liabilities	$	13,286		$	13,976

Weighted-average remaining lease term (years)		8.42			9.08
Weighted-average discount rate		5.75	%		5.75	%

Summary of Other Information Related to Leases

Other information related to leases for the years ended December 31, 2023, 2022, and 2021, respectively, were as follows:


	Year Ended December 31,
(in thousands)	2023		2022			2021
Net cash paid (received) for amounts included in the measurement of lease liabilities	$	1,447	$	(1,089	)	$	717
Leased assets obtained in exchange for new or modified operating lease liabilities		—		987			10,318

Schedule of Minimum Lease Payments, Net of Reimbursements, under Operating Leases

Future minimum lease payments, net of reimbursements, remaining as of December 31, 2023, under operating leases by fiscal year were as follows:


Fiscal year	(in thousands)
2024	$	1,574
2025		1,869
2026		1,925
2027		1,983
2028		2,042
Thereafter		7,453
Total lease payments	$	16,846
Less: Present Value Adjustment		(3,560	)
Present value of lease payments	$	13,286

Related Parties - Additional Information (Details) - Board of Directors	12 Months Ended
	Dec. 31, 2023 USD ($) Member	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Related Party Transaction [Line Items]
Number of consulting agreement members \| Member	2
Consulting fees	$ 92,000	$ 111,000	$ 110,000
Amount owed to related party	$ 0

Commitments and Contingencies - Additional Information (Details) $ in Thousands	1 Months Ended			12 Months Ended			36 Months Ended
	Jan. 31, 2022	Jan. 31, 2021 USD ($) ft²	Aug. 31, 2018 ft² Lease	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2017 ft²	Jun. 30, 2015 ft²
Commitments And Contingencies Disclosure [Line Items]
Number of noncancelable operating leases \| Lease			2
Rent expense				$ 1,913	$ 2,215	$ 1,691
Cranbury, New Jersey
Commitments And Contingencies Disclosure [Line Items]
Area of operating lease property \| ft²								6,000	13,000
Operating lease expiration period	2023-06			2022-06
Operating lease, existence of option to terminate [true false]	true
Operating lease, option to terminate	In January 2022, the Company signed a lease extension for both leases for up to one additional year through June 2023, with the option to terminate upon 120 days of written notice, with an increase in base rent as per the lease extension.
Cranbury, New Jersey \| Maximum
Commitments And Contingencies Disclosure [Line Items]
Operating lease, renewal term	1 year
South Brunswick, New Jersey
Commitments And Contingencies Disclosure [Line Items]
Area of operating lease property \| ft²			6,000
Operating lease expiration period			2022-07
Operating lease, existence of option to terminate [true false]	true
Operating lease, option to terminate	In January 2022, the Company signed a lease extension for up to one additional year through July 2023, with the option to terminate upon 120 days of written notice, with an increase in base rent as per the lease extension.
South Brunswick, New Jersey \| Maximum
Commitments And Contingencies Disclosure [Line Items]
Operating lease, renewal term	1 year
Lexington, Massachusetts
Commitments And Contingencies Disclosure [Line Items]
Operating lease expiration period			2023-08
Princeton, New Jersey
Commitments And Contingencies Disclosure [Line Items]
Operating lease, description				That lease term extends through 2032, has a five-year extension option, and replaced the Company’s two existing facilities as the Company’s headquarters in March 2023.
Lease area of square feet \| ft²		50,581
Operating Leases, extended year		2032
Operating leases, extension period		5 years
Operating lease, payments		$ 19,889
Operating leases extended month and year		2032-05
Tenant improvement allowance		$ 4,046
Reimbursements received				$ 837			$ 3,806

Stock Plan - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands				12 Months Ended
	May 20, 2023	Sep. 09, 2022	Nov. 19, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2024	Jan. 01, 2023	Jan. 01, 2022	Sep. 24, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance				12,504,707	10,602,622			457,713
Total compensation cost related to nonvested awards not yet recognized				$ 18,866
Unrecognized compensation cost, weighted average period of recognition				2 years 6 months
Dividend yield				0.00%	0.00%	0.00%
Restricted stock units granted to employees				0
Restricted stock units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost, weighted average period of recognition				8 months 12 days
Restricted stock units granted to employees		374,899
Unrecognized compensation cost				$ 1,671
Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance							514,434
2020 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance										4,406,374
Number of additional shares reserved for issuance, minimum										4,406,374
Percentage of number of shares of common stock outstanding increase										5.00%
Number of additional shares reserved for issuance, maximum								1,830,853	1,363,084
Shares issued				4,474,411
2020 Plan \| Restricted stock units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period on an annual basis		2 years
2020 Plan \| Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of additional shares reserved for issuance, maximum							2,572,174
2020 ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance				1,056,832						400,752
Percentage of number of shares of common stock outstanding increase										1.00%
Number of additional shares reserved for issuance, maximum										801,504
Shares issued				202,345
Employees exercised their right to purchase shares	20,113		86,327
Shares outstanding				202,345
2013 Stock Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Intrinsic value of options exercised				$ 892	$ 3,764	$ 18,534
Stock options granted at grant-date fair value				$ 4.03	$ 10.92	$ 20.03

Commitments and Contingencies - Summary of Components of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 1,913	$ 2,215	$ 1,691
Variable lease cost	914	991	704
Total lease cost	$ 2,827	$ 3,206	$ 2,395

Property and Equipment, Net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

4. Property and Equipment, Net


	December 31,
(in thousands)	2023			2022
Machinery & equipment	$	3,089		$	2,448
Computers		13			13
Furniture & fixtures		69			69
Leasehold improvements		10,765			409
Assets not placed in service		—			10,200
Total property and equipment		13,936			13,139
Less: Accumulated depreciation		(3,270	)		(2,184	)
Property and equipment, net	$	10,666		$	10,955

Depreciation expense for the years ended December 31, 2023, 2022, and 2021 was $1,257, $315, and $307, respectively.

Subsequent Events

12 Months Ended

Dec. 31, 2023

Subsequent Events [Abstract]

Subsequent Events

12. Subsequent Events

On January 18, 2024, the Company announced a restructuring plan involving the reduction of its workforce by approximately 30% of the Company’s employees. The Company expects the reduction in workforce to be substantially completed by June 30, 2024, and fully completed by the end of the third quarter of 2024. The Company is taking these steps in order to streamline operations, reduce costs and preserve capital as it advances into late-stage development for its lead product candidate, PC14586.

As a result of the reduction in force, the Company expects to incur aggregate non-recurring charges between approximately $1.0 to $1.4 million, consisting primarily of employee severance and benefit costs associated with the restructuring. The Company expects that most of these charges will be cash expenditures and that it will recognize the majority of these charges in the first quarter of 2024.

The estimated charges that the Company expects to incur are subject to a number of assumptions, and actual expenses may differ materially from these estimates. The Company may also incur additional costs not currently contemplated due to unanticipated events that may occur as a result of, or that are associated with, its plan.

Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Summary of Cash Equivalents and Available-for-sale Securities Carrying Amounts and Fair Values

The following tables show the Company’s cash equivalents and available-for-sale securities’ carrying amounts and fair values as of December 31, 2023 and 2022:


	As of December 31, 2023 (in thousands)
	Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Quoted priced in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Financial assets
Money market funds	$	37,694	$	—	$	—		$	37,694	$	37,694	$	—	$	—
Corporate securities		69,995		48		—			70,043		5,577		64,466		—
Government securities		120,670		143		—			120,813		92,297		28,516		—
Total financial assets	$	228,359	$	191	$	—		$	228,550	$	135,568	$	92,982	$	—

	As of December 31, 2022 (in thousands)
	Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Quoted Priced in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets
Money market funds	$	106,861	$	—	$	—		$	106,861	$	106,861	$	—	$	—
Corporate securities		103,755		21		(185	)		103,591		—		103,591		—
Government securities		31,942		—		(281	)		31,661		20,981		10,680		—
Total financial assets	$	242,558	$	21	$	(466	)	$	242,113	$	127,842	$	114,271	$	—

Stockholders' Equity - Additional Information (Details) - USD ($)		12 Months Ended
	Oct. 04, 2021	Dec. 31, 2023	Dec. 31, 2022
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized		1,000,000,000	1,000,000,000
Common stock, par value		$ 0.00001	$ 0.00001
Preferred stock, shares authorized		5,000,000	5,000,000
Preferred stock, par value		$ 0.00001	$ 0.00001
Common stock, shares issued		51,445,862	45,771,332
Common stock, shares outstanding		51,445,862	45,771,332
Dividends, common stock declared			$ 0
Total proceeds net of fees		$ 35,121,000
ATM Program
Subsidiary, Sale of Stock [Line Items]
Aggregate gross sales proceeds	$ 150,000,000
Common stock shares sold		5,149,446
Weighted average price per share		$ 6.97
Total proceeds net of fees		$ 35,100,000
Gross proceeds available for future issuances of common stock		$ 113,800,000

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The audited consolidated financial statements are prepared in accordance with United States generally accepted accounting principles (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).

The accompanying consolidated financial statements include our accounts and the accounts of our wholly owned subsidiary, PMV Pharma Australia Pvt Ltd. All significant intercompany transactions and balances have been eliminated upon consolidation. These consolidated financial statements are presented in United States ("U.S.") Dollars, which is also the functional currency of the Company.

These consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. The Company has limited operating history and its prospects are subject to risks, expenses and uncertainties frequently encountered by companies in the biotechnology industry.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, research and development costs, accrued research and development costs and related prepaid expenses, and the fair values of common stock, convertible preferred stock and stock-based compensation. Actual results could differ materially from those estimates.

Fair Value of Financial Instruments

The Company discloses and recognizes the fair value of its assets and liabilities using a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). The guidance establishes three levels of the fair value hierarchy as follows:

•

Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

•

Level 2 - Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active.

•

Level 3 - Inputs are unobservable in which there is little or no market data available, which require the reporting entity to develop its own assumptions that are unobservable.

Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability.

Cash, Cash Equivalents and Marketable Securities

Management considers all highly liquid investments with original maturities of three months or less to be cash equivalents.

The Company’s marketable debt securities have been classified and accounted for as available-for-sale. The Company classifies its marketable debt securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. Marketable debt securities with maturities of 12 months or less are classified as short-term and marketable debt securities with maturities greater than 12 months are classified as long-term. The Company’s marketable debt securities are carried at fair value, with unrealized gains and losses, net of taxes, reported as a component of accumulated other comprehensive loss in stockholders’ equity. Premiums and discounts on marketable debt securities are amortized into earnings over the life of the security and recorded on the interest income, net line of the income statement. For the years ended December 31, 2023, 2022, and 2021, the Company recorded $5,386 of accretion, $628 of accretion and $550 of amortization, respectively.

Restricted cash as of December 31, 2023 included a $822 deposit at the Company’s commercial bank underlying a stand-by letter of credit issued in favor of a landlord (See Note 6) and is classified in current assets.

Comprehensive Loss and Accumulated Other Comprehensive Income (Loss)

Other comprehensive income (loss) is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources, including unrealized gains and losses on investments and foreign currency translation gains and losses.

Leases

At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the circumstances present. The Company accounts for a contract as a lease when it has the right to control the asset for a period of time while obtaining substantially all of the asset’s economic benefits. The Company determines the initial classification and measurement of its operating right-of-use (“ROU”) assets and operating lease liabilities at the lease commencement date, and thereafter if modified. The lease term includes any renewal options that the Company is reasonably assured to exercise. The Company’s policy is to not record leases with a lease term of 12 months or less on its balance sheets. Furthermore, the Company has elected the practical expedient to not separate lease and non-lease components by class of underlying asset for its existing leases. The Company’s only existing leases are for office and laboratory space.

The ROU asset represents the right to use the leased asset for the lease term. The lease liability represents the present value of the lease payments under the lease. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the Company uses its estimated secured incremental borrowing rate for that lease term.

Lease expense for operating leases is recognized on a straight-line basis over the reasonably assured lease term based on the total lease payments and is included in operating expense in the consolidated statements of operations.

Payments due under each lease agreement include fixed and variable payments. Variable payments relate to the Company’s share of the lessor’s operating costs associated with the underlying asset and are recognized when the event on which those payments are assessed occurs. Variable payments have been excluded from the lease liability and associated right-of-use asset. Neither of the Company’s leases contain residual value guarantees.

The interest rate implicit in lease agreements is typically not readily determinable, and as such, the Company utilizes the incremental borrowing rate to calculate lease liabilities, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment.

Property and Equipment

Property and equipment are recorded at cost net of accumulated depreciation. Property and equipment are depreciated using the straight‑line method over the estimated useful lives of the assets, generally five years, except for leasehold improvements, which are amortized over the shorter of the useful life of the asset or the remaining term of the lease.

Upon retirement or sale of assets, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is reflected in operations. Repairs and maintenance costs are charged to operations as incurred.

Impairment of Long-Lived Assets

Long-lived assets, are tested for recoverability whenever events or changes in the business environment indicate that the carrying amount of the assets may not be fully recoverable. Factors considered by the Company when deciding when to perform an impairment review include significant underperformance of the business against expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset for recoverability, the Company compares forecasts of undiscounted cash flows resulting from the use and eventual disposition of the long-lived asset to its carrying value. An impairment loss would be recognized when estimated undiscounted future cash flows resulting from the use of an asset are less than its carrying amount. The impairment loss would be based on the excess of the carrying value of the impaired asset over its current fair value. To date, the Company has not recorded any impairment losses on long-lived assets.

Research and Development Expenses

All costs associated with research and development are expensed as incurred. Research and development expenses include costs directly attributable to the conduct of research and development programs, including compensation costs, which includes allocated stock-based compensation, salary payroll taxes, employee benefits; materials; supplies; depreciation on and maintenance of research equipment; the cost of services provided by outside contractors; and the allocable portions of facility costs, such as rent, utilities, insurance, repairs and maintenance, depreciation, and general support services. The Company records accruals for estimated research and development expenses, comprising payments for work performed by third party vendors, clinical research organizations, clinical manufacturing organizations and others. Some of these vendors bill monthly based on actual services performed, while others bill periodically based upon achieving certain contractual milestones. For the latter, the Company accrues the expenses as goods or services are used or rendered. Research and development activities related to patient enrollment are accrued as patients enter and progress through the trial. In the event that the Company prepays fees, the Company records the prepayment as a prepaid asset and periodically evaluate the prepaid asset in conjunction with the related accrued research and development expenses.

Stock‑Based Compensation

The Company’s share-based compensation program allows for grants of stock options and restricted stock units. Grants are awarded to employees and non-employees, including directors.

The Company accounts for stock-based employee compensation arrangements in accordance with provisions of ASC 718, Compensation – Stock Compensation (“ASC 718”). ASC 718 requires the recognition of compensation expense, using a fair-value based method, for costs related to all share-based payments including stock options. ASC 718 requires companies to estimate the fair value of share-based payment awards on the date of grant using an option pricing or equity valuation model that is applied in a manner consistent with the fair value measurement objectives of ASC 718, is based on established principles of financial theory and reflects all of the substantive terms and conditions of the award. The Company uses the Black-Scholes option-pricing model (“Black-Scholes”) to value stock option grants to employees, non-employees and directors. The fair value of the Company’s common stock is used to determine the fair value of restricted stock units and stock options.

The Black-Scholes option pricing model requires inputs based on certain subjective assumptions, including (i) the expected stock price volatility, (ii) the expected term of the award, (iii) the risk-free interest rate and (iv) expected dividends. The historical volatility is calculated based on a period of time commensurate with expected term assumption. The Company uses the simplified method to calculate the expected term for options granted to employees whereby the expected term equals the arithmetic average of the vesting term and the original contractual term of the options due to its lack of sufficient historical data. The risk-free interest rate is based on U.S. Treasury securities with a maturity date commensurate with the expected term of the associated award. The expected dividend yield is assumed to be zero as the Company has never paid dividends and has no current plans to pay any dividends on its common stock. The Company recognizes forfeitures as they occur.

The Company’s stock-based compensation awards are subject to service-based vesting conditions. Compensation expense related to awards to employees and directors with service-based vesting conditions is recognized on a straight-line basis based on the grant date fair value over the associated service period of the award, which is typically the vesting term.

Segment Reporting

Operating segments are identified as components of an enterprise for which separate discrete financial information is available for evaluation by the Company’s Chief Operating Decision Maker to make decisions with respect to resource allocation and assessment of performance. To date, the Company has viewed its operations and manages its business as one operating and reporting segment.

Net Loss per Share

Basic net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the years ended December 31, 2023 and 2022. Diluted net income (loss) per share is computed by dividing the diluted net income (loss) by the weighted average number of shares of common stock, including potential dilutive common shares assuming the dilutive effect of outstanding stock options and unvested restricted common stock, as determined using the treasury stock method. For periods in which the Company has reported net losses, diluted net loss per share is the same as basic net loss per share, since dilutive shares of common stock are not assumed to have been issued if their effect is antidilutive.

Income Taxes

The Company accounts for income taxes in accordance with ASC 740, Income Taxes ("ASC 740"), which requires that deferred tax assets and liabilities be recognized using enacted tax rates for the effect of temporary differences between the book and tax bases of recorded assets and liabilities. Under ASC 740, the liability method is used in accounting for income taxes. Deferred tax assets and liabilities are determined based on the differences between financial reporting and the tax basis of assets and liabilities and are measured using the enacted tax rates and law that will be in effect when the differences are expected to reverse. ASC 740 also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax assets will not be realized. The Company evaluates annually the realizability of the deferred tax assets by assessing the valuation allowance and by adjusting the amount of such allowance, if necessary. The factors used to assess the likelihood of realization include forecast of future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets. In 2023 and 2022, the Company recorded a full valuation allowance for the deferred tax assets based on the historical loss and the uncertainty regarding the ability to project future taxable income. In future periods if the Company is able to generate income, the Company may reduce or eliminate the valuation allowance.

The Company accounts for uncertain tax positions in accordance with ASC 740. ASC 740 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax provision that an entity takes or expects to take in a tax return. Additionally, ASC 740 provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosures, and transition. Under ASC 740, an entity may only recognize or continue to recognize tax positions that meet a "more likely than not" threshold. In accordance with this accounting policy, the Company recognizes accrued interest and penalties related to unrecognized tax benefits as a component of income tax.

Recent Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." This amended guidance applies to all public entities and aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, to enable investors to develop more decision-useful financial analyses. This guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently analyzing the impact that ASU No. 2023-07 will have on our consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." This amended guidance applies to all entities and broadly aims to enhance the transparency and decision usefulness of income tax disclosures. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted for any annual periods for which financial statements have not been issued or made available for issuance. We are currently analyzing the impact that ASU No. 2023-09 will have on our consolidated financial statements.

Concentration of Credit Risk and Other Risks and Uncertainties

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash and cash equivalents and marketable securities. The Company maintains its cash, cash equivalents and marketable securities in accounts at high quality financial institutions. The Company has not experienced any credit losses and does not believe it is exposed to any significant credit risk on these funds. Cash and cash equivalents include a checking account and a money market account held at one financial institution. At times, such deposits may be in excess of insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents. The Company’s marketable debt securities are carried at fair value and include any unrealized gains and losses. Any investments with unrealized losses are considered to be temporarily impaired.

The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, rapid technological change, uncertainty of market acceptance of the product, competition from substitute products and larger companies, protection of proprietary technology, any future strategic relationships and dependence on key individuals.

Products developed by the Company require clearances from the U.S. Food and Drug Administration or other international regulatory agencies prior to commercial sales. There can be no assurance the Company’s product candidates will receive the necessary clearances. If the Company is denied clearance, clearance is delayed or it is unable to maintain clearance, it could have a materially adverse impact on the Company.

Subsequent Events

We considered events or transactions occurring after the balance sheet date, but prior to the issuance of the consolidated financial statements, for potential recognition or disclosure in our consolidated financial statements. All significant subsequent events have been properly disclosed in the consolidated financial statements.

Income Taxes - Summary of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
State	$ 2	$ (9)	$ 23
Total current	2	(9)	23
Deferred:
Total provision (benefit)	$ 2	$ (9)	$ 23

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Financial Instruments and Fair Value Measurements - Additional Information (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Aggregate cash and cash equivalents	$ 37,706,000	$ 108,297,000
Cash equivalents	37,694,000	106,861,000
Marketable Securities	190,856,000	135,252,000
Marketable securities, noncurrent	25,505,000	2,495,000
Marketable securities, current	165,351,000	132,757,000
Allowance for credit losses	0	0
Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable Securities	70,043,000	103,591,000
Government Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable Securities	$ 120,813,000	$ 31,661,000

Related Parties

12 Months Ended

Dec. 31, 2023

Related Parties

11. Related Parties

The Company has consulting agreements with two members of its board of directors; one of which waived his consulting fees starting as of September 2021. Total consulting fees paid during the years ended December 31, 2023, 2022, and 2021 were $92, $111, and $110, respectively. There were no amounts owed under the consulting agreements as of December 31, 2023.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Subparagraph (d)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Financial Instruments and Fair Value Measurements - Summary of Cash Equivalents and Available-for-sale Securities Carrying Amounts and Fair Values (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Amount	$ 228,359	$ 242,558
Gross Unrealized Gains	191	21
Gross Unrealized Losses		(466)
Fair Value	228,550	242,113
Quoted Priced in Active Markets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	135,568	127,842
Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	92,982	114,271
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Amount	37,694	106,861
Fair Value	37,694	106,861
Money Market Funds \| Quoted Priced in Active Markets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	37,694	106,861
Corporate Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Amount	69,995	103,755
Gross Unrealized Gains	48	21
Gross Unrealized Losses		(185)
Fair Value	70,043	103,591
Corporate Securities \| Quoted Priced in Active Markets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	5,577
Corporate Securities \| Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	64,466	103,591
Government Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Amount	120,670	31,942
Gross Unrealized Gains	143
Gross Unrealized Losses		(281)
Fair Value	120,813	31,661
Government Securities \| Quoted Priced in Active Markets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	92,297	20,981
Government Securities \| Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	$ 28,516	$ 10,680