PMV Pharmaceuticals Reports Second Quarter 2026 Financial Results and Corporate Highlights
Rhea-AI Summary
PMV Pharmaceuticals (Nasdaq: PMVP) reported second quarter 2026 results and clinical progress for rezatapopt. Enrollment for the primary analysis in the Phase 2 monotherapy portion of the registrational PYNNACLE trial in platinum-resistant/refractory ovarian cancer has been completed. The company plans to submit a rezatapopt NDA for accelerated approval in this indication in the first quarter of 2027.
PMV Pharma reported $79.4 million in cash, cash equivalents and marketable securities as of June 30, 2026, and expects this to fund operations through the second quarter of 2027. Net loss for the quarter was $18.1 million, down from $21.2 million a year earlier, with R&D expenses reduced to $14.7 million from $18.4 million and G&A expenses down to $4.2 million from $4.5 million. Net cash used in operations for the first half of 2026 was $34.3 million versus $36.6 million in the prior-year period.
Positive
- Phase 2 PYNNACLE monotherapy enrollment for primary analysis completed in platinum-resistant/refractory ovarian cancer
- NDA submission for rezatapopt in platinum-resistant/refractory ovarian cancer planned for Q1 2027
- Cash, cash equivalents and marketable securities of $79.4 million as of June 30, 2026
- Expected cash runway through second quarter 2027
- Quarterly net loss decreased to $18.1 million from $21.2 million year over year
- R&D expenses fell to $14.7 million from $18.4 million; G&A to $4.2 million from $4.5 million
Negative
- Cash, cash equivalents and marketable securities declined to $79.4 million from $112.9 million at December 31, 2025
- Net cash used in operations of $34.3 million for first half 2026
- Accumulated deficit increased to $482.6 million from $446.5 million since year-end 2025
- Stockholders’ equity decreased to $71.5 million from $104.7 million at December 31, 2025
News Explained
The balance sheet reports $79.4 million of liquidity, including $66,962 thousand in current marketable securities, alongside $10,568 thousand of current liabilities.
The program is at completed enrollment for the primary analysis, with an NDA submission anticipated in the first quarter of
The trial is described as a multicenter, single-arm, registrational Phase 2 study testing rezatapopt monotherapy at
At
Market Reaction – PMVP
Following this news, PMVP has gained 2.06%, reflecting a moderate positive market reaction. Our momentum scanner has triggered 4 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $1.24. Trading volume is very high at 3.4x the average, suggesting strong buying interest.
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Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 12 | 1Q26 earnings | Positive | +2.2% | Orphan Drug Designation, clinical progress, and Q1 financial results accompanied the update. |
| Mar 06 | FY25 earnings | Positive | +7.2% | Clinical activity, regulatory designation, and planned NDA submission accompanied annual financial results. |
| Nov 12 | 3Q25 earnings | Positive | +6.8% | Phase 2 response data and planned NDA submission accompanied quarterly financial results. |
| Aug 07 | 2Q25 earnings | Negative | -4.6% | Higher year-over-year net loss and R&D expense accompanied upcoming clinical data timing. |
| May 09 | 1Q25 earnings | Negative | -0.1% | Higher year-over-year net loss and R&D expense accompanied continued trial development. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific earnings events produced mostly positive 24-hour reactions, with an average move of 2.28%.
Key Terms
registrational regulatory
pharmacokinetics medical
fast track designation regulatory
orphan drug designation regulatory
nda regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Enrollment of platinum-resistant/refractory ovarian cancer patients for the primary analysis in the Phase 2 monotherapy portion of the PYNNACLE clinical trial completed
- Rezatapopt NDA submission for platinum-resistant/refractory ovarian cancer planned in first quarter of 2027
- Cash, cash equivalents, and marketable securities of
$79.4 million as of June 30, 2026 providing expected cash runway through second quarter of 2027
PRINCETON, N.J., Aug. 14, 2026 (GLOBE NEWSWIRE) -- PMV Pharmaceuticals, Inc. (“PMV Pharma” or the “Company”; Nasdaq: PMVP), a precision oncology company pioneering the discovery and development of small molecule therapies targeting p53, today reported financial results for the second quarter ended June 30, 2026, and provided a corporate update.
“The PYNNACLE clinical trial continues to progress remarkably well, thanks to the dedication and outstanding execution of the clinical investigators, their teams, and ours,” said David Mack, Ph.D., President and Chief Executive Officer of PMV Pharma. “We anticipate submitting an NDA for accelerated approval of rezatapopt for platinum-resistant/refractory ovarian cancer in the first quarter of 2027.”
PYNNACLE Phase 2 Monotherapy Update:
Enrollment of platinum-resistant/refractory ovarian cancer patients for the primary analysis in the Phase 2 monotherapy portion of the PYNNACLE clinical trial has been completed. The multicenter, single arm, registrational Phase 2 study is assessing rezatapopt as monotherapy at a dose of 2000 mg once-daily in patients with TP53 Y220C advanced solid tumors. PMV Pharma anticipates submitting an NDA for accelerated approval of rezatapopt as a treatment for platinum-resistant/refractory ovarian cancer patients with a TP53 Y220C mutation in the first quarter of 2027.
Second Quarter 2026 Financial Results
PMV Pharma ended the second quarter with
- Net loss for the quarter ended June 30, 2026, was
$18.1 million compared to$21.2 million for the quarter ended June 30, 2025. The net loss decrease was primarily due to decreased contract research organization costs and reduced finance support costs. - R&D expenses were
$14.7 million for the quarter ended June 30, 2026, compared to$18.4 million for the quarter ended June 30, 2025. The decrease in R&D expenses was primarily due to decreased contract research organization costs for the advancement of the rezatapopt program. - General and administrative (G&A) expenses were
$4.2 million for the quarter ended June 30, 2026, compared to$4.5 million for the quarter ended June 30, 2025. The decrease in G&A expenses was primarily due to reduced personnel expenses and a decrease in finance support costs.
About Rezatapopt
Rezatapopt (PC14586) is a first-in-class, small molecule, p53 reactivator designed to selectively bind to the pocket in the p53 Y220C mutant protein, restoring the wild-type tumor-suppressor function. The U.S. Food and Drug Administration granted Fast Track designation to rezatapopt for the treatment of patients with locally advanced or metastatic solid tumors with a p53 Y220C mutation and Orphan Drug Designation for the treatment of TP53 Y220C positive ovarian cancer, fallopian tube cancer, and primary peritoneal cancer.
About the PYNNACLE Clinical Trial
The ongoing Phase 1/2 PYNNACLE clinical trial is evaluating rezatapopt in patients with advanced solid tumors harboring a TP53 Y220C mutation. The primary objective of the Phase 1 portion of the clinical trial was to determine the maximum tolerated dose and recommended Phase 2 dose (RP2D) of rezatapopt when administered orally to patients. Safety, tolerability, pharmacokinetics and effects on biomarkers were also assessed. The Phase 2 portion is a registrational, single arm, expansion basket clinical trial comprising five cohorts (ovarian, lung, breast, and endometrial cancers, and other solid tumors) with the primary objective of evaluating the efficacy of rezatapopt at the RP2D in patients with TP53 Y220C advanced solid tumors, conducted across approximately 70 sites.
For more information about the Phase 1/2 PYNNACLE clinical trial, refer to www.clinicaltrials.gov (NCT trial identifier NCT04585750).
About PMV Pharma
PMV Pharma is a precision oncology company pioneering the discovery and development of small molecule therapies targeting p53. TP53 mutations are found in approximately half of all cancers. Our co-founder, Dr. Arnold Levine, established the field of p53 biology when he discovered the p53 protein in 1979. Bringing together leaders in the field to utilize more than four decades of p53 biology, PMV Pharma combines unique biological understanding with a pharmaceutical development focus. PMV Pharma is headquartered in Princeton, New Jersey. For more information, please visit www.pmvpharma.com.
Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, statements regarding the Company’s future plans or expectations for rezatapopt, including our ability to obtain approval as a treatment option as a monotherapy, expectations regarding timing, enrollment status and success of the Phase 2 portion of the current clinical trial for rezatapopt and filing of a New Drug Application (NDA) for platinum-resistant/refractory ovarian cancer, the benefits of FDA’s grant of Orphan Drug Designation (ODD) for rezatapopt, and the timing and expectations with respect to our projected cash runway. Any forward-looking statements in this statement are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. Risks that contribute to the uncertain nature of the forward-looking statements include: the success, cost, and timing of the Company’s product candidate development activities, including the successful filing of NDAs, and planned clinical trials, the Company’s ability to execute on its strategy and operate as a clinical stage company, the potential for clinical trials of rezatapopt or any future clinical trials of other product candidates to differ from preclinical, preliminary or expected results, maintenance by the Company of ODD status and related benefits for rezatapopt, the Company’s ability to fund operations, and the impact that a global pandemic, other public health emergencies or geopolitical tensions or conflicts may have on the Company’s clinical trials, supply chain, and operations, as well as those risks and uncertainties set forth in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on March 6, 2026, and its other filings filed with the SEC. All forward-looking statements contained in this press release speak only as of the date on which they were made. The Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
| PMV Pharmaceuticals, Inc. Condensed Consolidated Balance Sheets (unaudited) (in thousands, except share and per share amounts) | ||||||||
| June 30, 2026 | December 31, 2025 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 12,469 | $ | 37,983 | ||||
| Marketable securities, current | 66,962 | 74,960 | ||||||
| Prepaid expenses and other current assets | 1,978 | 2,284 | ||||||
| Total current assets | 81,409 | 115,227 | ||||||
| Property and equipment, net | 154 | 237 | ||||||
| Right-of-use assets | 209 | 801 | ||||||
| Other assets | 296 | 297 | ||||||
| Total assets | $ | 82,068 | $ | 116,562 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,020 | $ | 3,155 | ||||
| Accrued expenses | 8,331 | 7,857 | ||||||
| Operating lease liabilities, current | 217 | 403 | ||||||
| Total current liabilities | 10,568 | 11,415 | ||||||
| Operating lease liabilities, noncurrent | — | 435 | ||||||
| Total liabilities | 10,568 | 11,850 | ||||||
| Stockholders’ equity: | ||||||||
| Additional paid-in capital | 554,160 | 551,082 | ||||||
| Accumulated deficit | (482,578 | ) | (446,454 | ) | ||||
| Accumulated other comprehensive income (loss) | (82 | ) | 84 | |||||
| Total stockholders’ equity | 71,500 | 104,712 | ||||||
| Total liabilities and stockholders’ equity | $ | 82,068 | $ | 116,562 | ||||
| PMV Pharmaceuticals, Inc. Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) (in thousands, except share and per share amounts) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ | 14,676 | $ | 18,400 | $ | 30,006 | $ | 35,841 | ||||||||
| General and administrative | 4,205 | 4,479 | 7,894 | 8,600 | ||||||||||||
| Total operating expenses | 18,881 | 22,879 | 37,900 | 44,441 | ||||||||||||
| Loss from operations | (18,881 | ) | (22,879 | ) | (37,900 | ) | (44,441 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Interest income, net | 788 | 1,690 | 1,768 | 3,625 | ||||||||||||
| Other income (expense), net | 10 | (16 | ) | 11 | (21 | ) | ||||||||||
| Total other income | 798 | 1,674 | 1,779 | 3,604 | ||||||||||||
| Loss before (benefit) for income taxes | (18,083 | ) | (21,205 | ) | (36,121 | ) | (40,837 | ) | ||||||||
| Provision (benefit) for income taxes | 3 | 5 | 3 | (2,191 | ) | |||||||||||
| Net loss | (18,086 | ) | (21,210 | ) | (36,124 | ) | (38,646 | ) | ||||||||
| Unrealized (loss) on available for sale investments, net of tax | (67 | ) | (61 | ) | (168 | ) | (123 | ) | ||||||||
| Foreign currency translation gain (loss) | — | (2 | ) | 2 | 6 | |||||||||||
| Total other comprehensive loss | (67 | ) | (63 | ) | (166 | ) | (117 | ) | ||||||||
| Total comprehensive loss | $ | (18,153 | ) | $ | (21,273 | ) | $ | (36,290 | ) | $ | (38,763 | ) | ||||
| Net loss per share -- basic and diluted | $ | (0.34 | ) | $ | (0.41 | ) | $ | (0.68 | ) | $ | (0.74 | ) | ||||
| Weighted-average common shares outstanding | 53,386,909 | 52,010,827 | 53,359,490 | 51,981,607 | ||||||||||||
Contacts
Investors Contact:
Tim Smith
Senior Vice President, Head of Corporate Development and Investor Relations
investors@pmvpharma.com
Media Contact:
Kathy Vincent
Greig Communications
kathy@greigcommunications.com
