PMV Pharmaceuticals (PMVP) Q3 2026 earnings summary

Executive summary

• Rezatapopt remains the lead precision-oncology program; no product revenue, with substantial R&D spending and recurring losses.

• PYNNACLE Phase 2 ovarian cancer primary-analysis enrollment is complete; Q1 2027 accelerated-approval NDA submission is planned.

• Rezatapopt showed a 46% investigator-assessed ORR in the ovarian efficacy population; a pivotal-cohort update is planned for a late-breaking ENA 2026 presentation.

Financial highlights

• Q3 R&D was $16.1M and G&A $4.0M; operating expenses were $20.1M, down from $22.5M YoY.

• Q3 net loss was $34.4M vs. $21.1M YoY; 2026 included a $12.8M warrant fair-value loss and $2.3M in warrant-related offering costs.

• 9M R&D was $46.1M vs. $54.1M, G&A $11.9M vs. $12.9M, and net loss $70.5M vs. $59.7M.

• 9M operating cash use was $52.4M vs. $56.4M in 2025; no product revenue has been generated.

Outlook and guidance

• Cash, cash equivalents and marketable securities of $108.5M are expected to fund planned operations into Q1 2028; estimates depend on assumptions that may prove incorrect.

• Initial accelerated-approval NDA submission for rezatapopt in platinum-resistant/refractory ovarian cancer is planned for Q1 2027.

• PYNNACLE ovarian-cohort primary-analysis data and cohort updates are planned for a late-breaking oral presentation at ENA 2026.

• Operating expenses and losses are expected to remain substantial as clinical development, regulatory work and commercialization preparation advance.