PMV Pharmaceuticals Q2 Loss Jumps Amid Increased R&D Spending

PMV Pharmaceuticals reported a GAAP net loss per share of $(0.41) for Q2 2025, with no revenue generated. The net loss surged to $21.2 million from $1.2 million in the prior year period due to increased research and development spending. The company is focusing on advancing its lead asset, rezatapopt, in a pivotal Phase 2 clinical trial for solid tumors with the p53 Y220C mutation.

PMV Pharmaceuticals Inc. (NASDAQ: PMVP), a biotechnology company focused on precision oncology, reported its second quarter 2025 earnings on August 7, 2025, revealing a GAAP net loss per share of $(0.41). The company generated no revenue, which is consistent with its pre-commercial stage. The net loss surged to $21.2 million from $1.2 million in the prior year period, primarily driven by increased research and development (R&D) spending [1].

The quarterly report highlighted a substantial year-over-year increase in losses, with R&D expenses rising to $18.4 million (GAAP) compared to $14.6 million in Q2 2024. This escalation reflects the company's continued operational investment in its lead asset, rezatapopt, which is now in a pivotal Phase 2 clinical trial targeting solid tumors with the p53 Y220C mutation [1].

Despite the significant financial challenges, PMV Pharmaceuticals ended the quarter with $148.3 million in cash, cash equivalents, and marketable securities. The company projects that this funding will support its operations through the end of 2026, despite ongoing losses [1].

The company's strategic focus remains on advancing its R&D pipeline, particularly rezatapopt. The medication is designed to reactivate tumor-suppressor function and is being tested in an ongoing Phase 2 "basket" trial covering several tumor types, including ovarian and lung cancers. While no new clinical efficacy or safety results were announced during the quarter, the company reaffirmed that interim data from approximately 65 patients—45% from the ovarian cancer cohort—would be presented in September 2025 as part of the Phase 2 PYNNACLE clinical trial interim analysis [1].

From a regulatory perspective, rezatapopt currently holds Fast Track designation from the United States Food and Drug Administration for tumors with the p53 Y220C mutation. The Phase 2 study in progress is described as "registrational," with a single-arm expansion design aiming to support an accelerated approval pathway if the upcoming data are sufficiently positive [1].

Looking ahead, PMV Pharmaceuticals did not provide numeric financial revenue or earnings targets but continues to guide for a cash runway lasting through the end of 2026. The interim analysis from the PYNNACLE Phase 2 trial, set for release in September 2025, is a material upcoming event that could significantly impact the company's financial outlook and stock performance [1].

References:
[1] https://www.theglobeandmail.com/investing/markets/stocks/PMVP-Q/pressreleases/33967320/pmv-pharmaceuticals-pmvp-q2-loss-jumps/