PMV Pharmaceuticals — Third Quarter 2026 Earnings Summary

Financial Performance:

• Cash, cash equivalents, and marketable securities totaled $108.5 million as of September 30, 2026, down from $112.9 million as of December 31, 2025.
• Net loss for the quarter ended September 30, 2026, was $34.4 million, compared to $21.1 million for the same period in 2025.
• Net loss for the nine months ended September 30, 2026, was $70.5 million, compared to $59.7 million for the nine months ended September 30, 2025.
• Net cash used in operations was $52.4 million for the nine months ended September 30, 2026, compared to $56.4 million for the nine months ended September 30, 2025.
• Research and development (R&D) expenses were $16.1 million for the quarter ended September 30, 2026, a decrease from $18.2 million in the same quarter of 2025.
• General and administrative (G&A) expenses were $4.0 million for the quarter ended September 30, 2026, down from $4.3 million in the same quarter of 2025.
• Total operating expenses for the quarter were $20.1 million, compared to $22.5 million in the prior year period.
• Interest income, net, was $0.8 million for the quarter ended September 30, 2026, compared to $1.5 million in the same period of 2025.
• A non-cash loss of $12.8 million related to the change in fair value of the common stock warrant liability and $2.3 million of offering costs allocated to the warrant liability contributed to the increased net loss.
• Total liabilities increased to $54.3 million as of September 30, 2026, from $11.9 million as of December 31, 2025, primarily due to the recognition of a $43.6 million warrant liability.
• Stockholders' equity decreased to $57.1 million as of September 30, 2026, from $104.7 million as of December 31, 2025.

Guidance and Future Outlook:

• The Company plans to submit a New Drug Application (NDA) for rezatapopt for platinum-resistant/refractory ovarian cancer in the first quarter of 2027.
• The $50 million public offering extends the expected cash runway into the first quarter of 2028.
• Management expects to seek accelerated approval for rezatapopt in the treatment of platinum-resistant/refractory ovarian cancer patients with a TP53 Y220C mutation.

Business Segments and Product Lines:

• Enrollment for the primary analysis population in the Phase 2 monotherapy portion of the PYNNACLE clinical trial has been completed.
• Updated interim monotherapy data from the PYNNACLE Phase 2 pivotal trial (cutoff date May 14, 2026) showed an Overall Response Rate (ORR) of 46% (35/76 patients) based on investigator assessment.
• The efficacy population consisted of 76 patients with confirmed responses including four complete responses and 29 partial responses.
• Median time to response was 1.3 months, and median duration of response was 10.0 months based on confirmed responses.
• Rezatapopt demonstrated a favorable safety profile with mostly Grade 1 and 2 treatment-related adverse events and a 5% discontinuation rate due to treatment-related adverse events.
• Rezatapopt has received Fast Track Designation for locally advanced or metastatic solid tumors with a p53 Y220C mutation and Orphan Drug Designation for TP53 Y220C positive ovarian, fallopian tube, and primary peritoneal cancers.
• The PYNNACLE Phase 2 trial is a registrational, single-arm, expansion basket trial across five cohorts (ovarian, lung, breast, endometrial, and other solid tumors) at approximately 70 sites.
• Philip Herman was appointed as Chief Commercial Officer.
• Matt Eckler, Ph.D., was appointed to the Board of Directors.

Market and Competitive Landscape:

• TP53 mutations are found in approximately half of all cancers.
• Rezatapopt is a first-in-class small molecule p53 reactivator designed to selectively bind to the p53 Y220C mutant protein.
• The Company is pioneering the discovery and development of small molecule therapies targeting p53.

Risks and Challenges:

• Actual results may differ materially from forward-looking statements regarding the success, cost, and timing of product candidate development, clinical trials, and NDA filings.
• Risks include the potential for clinical trial results to differ from preclinical or expected results, the ability to maintain FDA Orphan Drug Designation status, and the ability to fund operations.
• External risks include the impact of global pandemics, public health emergencies, and geopolitical tensions on clinical trials, supply chains, and operations.

Management Commentary and Tone:

• David Mack, Ph.D., President and CEO, stated the Company achieved significant milestones and that updated data demonstrates the potential for rezatapopt to address a significant unmet medical need.
• Management expressed confidence that the completed $50 million public offering positions the Company well to submit an NDA in Q1 2027.

Other Key Points:

• The Company announced the closing of an oversubscribed $50 million public offering of securities in August 2026.
• Pivotal Phase 2 rezatapopt PYNNACLE data will be featured in a late-breaking oral presentation at ENA 2026.
• The Company's headquarters are in Princeton, New Jersey.
• Co-founder Dr. Arnold Levine established the field of p53 biology in 1979.