PMV Pharmaceuticals Reports Third Quarter 2026 Financial Results and Corporate Highlights
Lower operating expenses were offset by warrant-related charges, while the completed financing extended expected cash runway into 2028.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
PMV Pharmaceuticals (Nasdaq: PMVP) reported a third-quarter 2026 net loss of $34.372 million alongside financing and rezatapopt clinical updates. Loss widened from $21.059 million a year earlier, including a non-cash warrant valuation loss and offering costs. Research and development and administrative expenses declined.
The completed $50 million public offering extended expected cash runway into first-quarter 2028. Cash, cash equivalents and marketable securities totaled $108.5 million at September 30. Interim Phase 2 ovarian cancer data showed a 46% response rate among 76 patients, including two unconfirmed partial responses; median confirmed response duration was 10.0 months. Primary-analysis enrollment is complete. PMV plans an ENA 2026 trial update and a first-quarter 2027 application seeking accelerated approval for rezatapopt in platinum-resistant/refractory ovarian cancer with a TP53 Y220C mutation.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major pointCompleted $50 million public offering extended expected cash runway into first-quarter 2028. 53% of market cap
- Moderate pointRezatapopt interim ovarian cancer response rate was 46% (35/76 patients) by investigator assessment.
- Moderate pointConfirmed responses had 10.0-month median duration; median time to response was 1.3 months.
- Moderate pointOvarian cancer primary-analysis enrollment completed in the Phase 2 monotherapy trial.
- Moderate point. Forward-looking: it has not happened yet and may not happen.PMV plans a first-quarter 2027 application seeking accelerated approval for the specified ovarian cancer population.
- Moderate pointThird-quarter research and development expenses fell to $16.063 million from $18.210 million a year earlier.
7 minor points
- Minor pointConfirmed responses included four complete and 29 partial responses in the interim ovarian cancer population.
- Minor pointTreatment-related adverse events across cohorts were mostly Grade 1 and 2.
- Minor point. Forward-looking: it has not happened yet and may not happen.PMV plans ENA 2026 updates covering all pivotal cohorts, including ovarian cancer primary-analysis data.
- Minor pointThird-quarter administrative expenses fell to $4.000 million from $4.312 million a year earlier.
- Minor pointNine-month research and development expenses declined to $46.069 million from $54.050 million a year earlier.
- Minor pointNine-month administrative expenses declined to $11.894 million from $12.914 million a year earlier.
- Minor pointNine-month operating cash use declined to $52.4 million from $56.4 million a year earlier.
Negative
- Moderate pointThird-quarter net loss widened to $34.372 million from $21.059 million a year earlier.
- Minor pointThird-quarter basic and diluted loss per share widened to $0.52 from $0.40 a year earlier.
- Minor pointNine-month net loss widened to $70.496 million from $59.705 million a year earlier.
- Minor pointNine-month basic and diluted loss per share widened to $1.22 from $1.14 a year earlier.
- Minor pointWarrant fair-value changes generated a $12.781 million non-cash loss in the third quarter.
6 minor points
- Minor pointOffering costs allocated to the warrant liability totaled $2.344 million in the third quarter.
- Minor pointCash, equivalents and marketable securities declined to $108.5 million from $112.9 million at December 31, 2025.
- Minor pointThird-quarter net interest income declined to $830,000 from $1.480 million a year earlier.
- Minor pointNine-month net interest income declined to $2.598 million from $5.105 million a year earlier.
- Minor pointInterim ovarian cancer response results included two unconfirmed partial responses.
- Minor pointTreatment-related adverse events caused 5% discontinuation across cohorts.
Details
Market Reaction – PMVP
On Nov 10, the day this news came out, the latest delayed price for PMVP is 1.60% below the previous close. Our momentum scanner has recorded 5 alerts for this stock so far that day. The latest delayed price is $1.23. Relative volume is above average at 1.8x what this stock usually trades by this time of day.
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Key Figures
- Public offering
- $50 million
- Closed offering of securities; expected cash runway into Q1 2028
- Cash and marketable securities
- $108.5 million
- As of September 30, 2026
- Expected cash runway
- Into Q1 2028
- Company expectation
- Overall response rate
- 46% (35/76 patients)
- PYNNACLE Phase 2 ovarian cancer efficacy population; investigator assessment
- Median duration of response
- 10.0 months
- Confirmed responses only
- Treatment-related adverse event discontinuation
- 5%
- PYNNACLE Phase 2 monotherapy update
- Planned NDA submission
- Q1 2027
- Platinum-resistant/refractory ovarian cancer
- Net loss
- $34.4 million vs. $21.1 million
- Third quarter 2026 vs. third quarter 2025
Previous Earnings Reports
-
Reported $79.4 million liquidity and expected runway through the second quarter of 2027.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
nda regulatory
overall response rate (orr) medical
recist medical
fast track designation regulatory
pharmacokinetics medical
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Pivotal Phase 2 rezatapopt PYNNACLE data to be featured in late-breaking oral presentation at ENA 2026
- Announced closing of oversubscribed
$50 million public offering of securities - Rezatapopt NDA submission for platinum-resistant/refractory ovarian cancer planned in first quarter of 2027
- Cash, cash equivalents, and marketable securities of
$108.5 million as of September 30, 2026 providing expected cash runway into first quarter of 2028
PRINCETON, N.J., Nov. 10, 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 third quarter ended September 30, 2026, and provided a corporate update.
“We achieved significant milestones during the third quarter across the organization,” said David Mack, Ph.D., President and Chief Executive Officer of PMV Pharma. “The updated monotherapy interim data demonstrate the potential for rezatapopt to address a significant unmet medical need. The completed
Corporate Highlights
- Announced closing of oversubscribed
$50 million public offering of securities (the “August 2026 Public Offering”), extending expected cash runway into first quarter of 2028. - Provided PYNNACLE Phase 2 Monotherapy Update:
- Announced 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 Company plans to provide an update on all PYNNACLE Phase 2 pivotal trial cohorts, including the primary analysis population data from the ovarian cancer cohort, in a late-breaking oral presentation at the 38th EORTC-NCI-AACR Symposium on Molecular Targets and Cancer Therapeutics (ENA 2026).
- Announced updated rezatapopt monotherapy interim ovarian cancer data from PYNNACLE Phase 2 pivotal trial (May 14, 2026 cutoff date).
- The efficacy population consisted of 76 patients enrolled as of the data cutoff date who either had ≥1 post-baseline tumor assessment or discontinued early.
- Overall response rate (ORR) of
46% (35/76 patients, including four confirmed complete responses, 29 confirmed partial responses [PRs], and two unconfirmed PRs) per investigator assessment according to Response Evaluation Criteria in Solid Tumors (RECIST) version 1.1. - The median time to response was 1.3 months and median duration of response was 10.0 months, based on confirmed responses only.
- Favorable and consistent safety and tolerability profile observed across all cohorts, with mostly Grade 1 and 2 treatment-related adverse events (AEs) observed as well as a low rate (
5% ) of discontinuation due to treatment-related AEs. The safety and tolerability profile of rezatapopt in the ovarian cancer cohort was similar to the overall population.
- Appointed Matt Eckler, Ph.D., of Samsara BioCapital to Board of Directors.
- Appointed Philip Herman as Chief Commercial Officer.
Third Quarter 2026 Financial Results
PMV Pharma ended the third quarter with
- Net loss for the quarter ended September 30, 2026, was
$34.4 million compared to$21.1 million for the quarter ended September 30, 2025. The net loss increase was primarily due to a$12.8 million non-cash loss from the change in fair value of the common stock warrant liability and$2.3 million of offering costs allocated to the warrant liability, both related to the August 2026 Public Offering, partially offset by decreased contract research organization costs. - R&D expenses were
$16.1 million for the quarter ended September 30, 2026, compared to$18.2 million for the quarter ended September 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
$4.0 million for the quarter ended September 30, 2026, compared to$4.3 million for the quarter ended September 30, 2025. The decrease in G&A expenses was primarily due to a decrease in finance and legal support costs, partially offset by increased personnel expenses.
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, 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 the FDA’s grant of Orphan Drug Designation 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, the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, filed with the SEC on August 14, 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) | ||||||||
| September 30, 2026 | December 31, 2025 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 19,994 | $ | 37,983 | ||||
| Marketable securities, current | 82,566 | 74,960 | ||||||
| Prepaid expenses and other current assets | 2,334 | 2,284 | ||||||
| Total current assets | 104,894 | 115,227 | ||||||
| Property and equipment, net | 131 | 237 | ||||||
| Marketable securities, noncurrent | 5,955 | — | ||||||
| Right-of-use assets | 133 | 801 | ||||||
| Other assets | 291 | 297 | ||||||
| Total assets | $ | 111,404 | $ | 116,562 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,638 | $ | 3,155 | ||||
| Accrued expenses | 8,913 | 7,857 | ||||||
| Operating lease liabilities, current | 138 | 403 | ||||||
| Total current liabilities | 10,689 | 11,415 | ||||||
| Operating lease liabilities, noncurrent | — | 435 | ||||||
| Warrant liability | 43,607 | — | ||||||
| Total liabilities | 54,296 | 11,850 | ||||||
| Stockholders’ equity: | ||||||||
| Additional paid-in capital | 574,214 | 551,082 | ||||||
| Accumulated deficit | (516,950 | ) | (446,454 | ) | ||||
| Accumulated other comprehensive (loss) income | (156 | ) | 84 | |||||
| Total stockholders’ equity | 57,108 | 104,712 | ||||||
| Total liabilities and stockholders’ equity | $ | 111,404 | $ | 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 September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ | 16,063 | $ | 18,210 | $ | 46,069 | $ | 54,050 | ||||||||
| General and administrative | 4,000 | 4,312 | 11,894 | 12,914 | ||||||||||||
| Total operating expenses | 20,063 | 22,522 | 57,963 | 66,964 | ||||||||||||
| Loss from operations | (20,063 | ) | (22,522 | ) | (57,963 | ) | (66,964 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Interest income, net | 830 | 1,480 | 2,598 | 5,105 | ||||||||||||
| Other expense, net | (21 | ) | (23 | ) | (10 | ) | (44 | ) | ||||||||
| Change in fair value of warrant liability | (12,781 | ) | — | (12,781 | ) | — | ||||||||||
| Offering costs allocated to warrant liability | (2,344 | ) | — | (2,344 | ) | — | ||||||||||
| Total other (expense) income, net | (14,316 | ) | 1,457 | (12,537 | ) | 5,061 | ||||||||||
| Loss before benefit from income taxes | (34,379 | ) | (21,065 | ) | (70,500 | ) | (61,903 | ) | ||||||||
| Benefit from income taxes | (7 | ) | (6 | ) | (4 | ) | (2,198 | ) | ||||||||
| Net loss | (34,372 | ) | (21,059 | ) | (70,496 | ) | (59,705 | ) | ||||||||
| Unrealized (loss) gain on available-for-sale investments, net of tax | (76 | ) | 69 | (244 | ) | (55 | ) | |||||||||
| Foreign currency translation gain | 2 | 1 | 4 | 7 | ||||||||||||
| Total other comprehensive (loss) income | (74 | ) | 70 | (240 | ) | (48 | ) | |||||||||
| Total comprehensive loss | $ | (34,446 | ) | $ | (20,989 | ) | $ | (70,736 | ) | $ | (59,753 | ) | ||||
| Net loss per share -- basic and diluted | $ | (0.52 | ) | $ | (0.40 | ) | $ | (1.22 | ) | $ | (1.14 | ) | ||||
| Weighted-average common shares outstanding, basic and diluted | 66,229,345 | 52,993,238 | 57,696,584 | 52,322,523 | ||||||||||||
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
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did PMV Pharmaceuticals report for rezatapopt in ovarian cancer?
Interim Phase 2 data showed an investigator-assessed response rate of 46% (35/76 patients) at the May 14, 2026 cutoff. Responses included four confirmed complete responses, 29 confirmed partial responses and two unconfirmed partial responses. Median response duration was 10.0 months, based on confirmed responses only.
When does PMV Pharmaceuticals plan to submit rezatapopt for approval?
PMV plans to submit a new drug application in first-quarter 2027, seeking accelerated approval for rezatapopt to treat platinum-resistant/refractory ovarian cancer in patients with a TP53 Y220C mutation.
How is PMV Pharmaceuticals' Phase 2 PYNNACLE trial designed?
Phase 2 PYNNACLE is a single-arm expansion basket trial, studying rezatapopt without a comparison arm across five cancer cohorts. These cover ovarian, lung, breast and endometrial cancers, plus other solid tumors. The primary objective is evaluating efficacy at the recommended Phase 2 dose in patients with TP53 Y220C advanced solid tumors.