PMV Pharmaceuticals, Inc. (PMVP)·Q2 2025 Earnings Summary

Executive Summary

• Q2 2025 EPS was -$0.41, a modest miss versus Wall Street consensus of -$0.385; revenue remained $0 as expected for a clinical-stage biotech. The miss reflects higher R&D and the absence of the one-time $16.2M NJ NOL tax benefit that lowered Q2 2024 loss per share to -$0.02 . EPS consensus values from S&P Global.*
• Cash, cash equivalents, and marketable securities were $148.3M, down from $165.8M in Q1; management reiterated cash runway through year-end 2026 .
• Operational execution continued in the pivotal Phase 2 PYNNACLE trial; interim analysis expanded from ~50 patients planned in Q1 to ~65 patients in Q2, with ~45% in the ovarian cohort, and a specific investor webinar set for September 10, 2025 .
• Near-term stock catalyst: September 10 interim analysis readout (trial efficacy signals, especially ovarian cohort ORR/duration), with cost discipline evidenced by lower G&A YoY partly offset by increased CRO spend in R&D .

What Went Well and What Went Wrong

What Went Well

• Enrollment and execution in the registrational Phase 2 PYNNACLE trial remained on track; CEO: “Our team has continued to execute at an exceptionally high level as we advance the registrational Phase 2 PYNNACLE clinical trial.”
• Expanded interim analysis scope and clarity: ~65 patients with ≥18 weeks follow-up (up from ~50 planned in Q1) and ~45% in ovarian cohort; firm date set for investor webinar on September 10, 2025 .
• G&A decreased YoY to $4.5M from $5.5M on reduced stock-based compensation and facility/operational spend, indicating cost control in non-R&D areas .

What Went Wrong

• Net loss widened to $21.2M from $1.2M YoY, driven by the absence of last year’s $16.2M NJ NOL sale tax benefit (Q2 2024), magnifying YoY comparisons despite expected R&D ramp .
• R&D rose to $18.4M from $14.6M YoY, primarily from increased CRO costs to advance rezatapopt, adding near-term cash burn pressure while supporting pivotal development .
• Net cash used in operations accelerated to $36.5M for the six months YTD (vs. $17.8M prior-year period), reflecting stepped-up clinical activity and trial-related spend .

Financial Results

GAAP EPS vs Prior Periods and Estimates

Note: Values retrieved from S&P Global for consensus.*

Operating Expenses and Interest Income

Cash and Liquidity

Revenue and Margins

Note: Consensus values retrieved from S&P Global.*

KPIs (Clinical and Operating)

Guidance Changes

Earnings Call Themes & Trends

Note: No Q2 2025 earnings call transcript was available in the document catalog; the company scheduled an investor webinar on September 10, 2025 instead . MarketBeat lists call logistics but provides no transcript .

Management Commentary

• CEO David Mack: “Our team has continued to execute at an exceptionally high level as we advance the registrational Phase 2 PYNNACLE clinical trial. We look forward to providing data from the interim analysis on September 10.”
• Program specifics: Phase 2 is a single-arm, tumor-agnostic basket at RP2D 2000 mg QD across five cohorts (ovarian, lung, breast, endometrial, other solid tumors); Fast Track designation supports potential monotherapy path .

Q&A Highlights

• No formal Q2 earnings call transcript was available. The company instead scheduled an investor webinar to discuss the interim analysis on September 10, 2025, suggesting Q&A will center on ORR, duration of response, cohort-by-cohort performance, and safety profile updates . MarketBeat lists a call slot without transcript details .

Estimates Context

• EPS: Actual -$0.41 vs consensus -$0.385; modest miss of -$0.025 driven by higher R&D and lack of prior-year tax benefit . EPS consensus from S&P Global.*
• Revenue: $0.0 actual vs $0.0 consensus; in line for a clinical-stage biotech . Revenue consensus from S&P Global.*
• Coverage depth: EPS estimates count = 4; revenue estimates count = 3; target price consensus mean $7.6 (5 estimates) [GetEstimates]. S&P Global.*

Key Takeaways for Investors

• Near-term catalyst: Sept 10 interim analysis for PYNNACLE, with expanded patient set (~65) and heightened ovarian representation (~45%), likely to drive the stock on efficacy signals and durability .
• Expense profile: R&D rising on CRO activity (Q2: $18.4M), while G&A declines YoY (Q2: $4.5M), evidencing focused capital allocation toward pivotal development .
• Liquidity: $148.3M cash/securities and runway through end of 2026 provide funding for readouts and potential NDA preparation; watch burn trajectory (6M ops cash use $36.5M) .
• EPS variance drivers: Interest income trends and one-time tax items can materially impact GAAP EPS; the lack of 2024 NJ NOL tax benefit amplified YoY EPS decline to -$0.41 .
• Clinical focus: Fast Track status and tumor-agnostic monotherapy path remain intact; interim data will shape the medium-term thesis, especially ovarian cohort outcomes and overall response rate/duration .
• Risk balance: Single-asset concentration and no revenue profile persist; execution remains strong, but investors should calibrate position sizing to clinical outcomes and cash use rate .
• Trading setup: Event-driven positioning into September 10 may be warranted; prepare for volatility on efficacy and safety disclosures, with follow-through to Q3 updates .

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S&P Global disclaimer: All consensus estimates and target price values marked with an asterisk (*) are retrieved from S&P Global via the GetEstimates tool.