PMV Pharmaceuticals, Inc. (PMVP): Business Model Canvas [Dec-2025 Updated]

You're trying to get a clear picture of PMV Pharmaceuticals, Inc. (PMVP)'s path from clinical promise to commercial reality, and frankly, the whole story boils down to one asset: rezatapopt. As an analyst who has mapped out biotech strategies for years, I've broken down their entire operation-from their current war chest of $129.3 million in cash as of Q3 2025 to the compelling 46% Overall Response Rate (ORR) seen in their initial ovarian cancer cohort-into the nine essential building blocks of their Business Model Canvas. This framework shows precisely how they are managing high R&D costs while pushing toward an NDA for this first-in-class p53 reactivator. Keep reading to see the concrete structure underpinning their next major milestones.

PMV Pharmaceuticals, Inc. (PMVP) - Canvas Business Model: Key Partnerships

You're looking at the external relationships PMV Pharmaceuticals, Inc. (PMVP) relies on to get rezatapopt through development and toward market. These aren't just names on a slide; they represent outsourced expertise and critical validation points for their single asset.

Contractual Research Organizations (CROs) for PYNNACLE trial execution

Execution of the pivotal Phase 2 PYNNACLE clinical trial heavily involves CROs, which is reflected directly in the operating expenses. Research and development (R&D) expenses for the quarter ended September 30, 2025, were $18.2 million, up from $16.9 million for the same period in 2024, with the increase primarily due to higher contractual research organization costs for advancing the rezatapopt program. The Phase 2 monotherapy portion of the PYNNACLE trial is designed to enroll a total of 114 patients across five cohorts at approximately 60 sites globally, spanning the U.S., Europe, and Asia-Pacific. As of the August 4, 2025 data cutoff, interim data included 97 evaluable patients across all cohorts.

Here's a look at the financial impact of advancing the program:

The company's cash position as of September 30, 2025, was $129.3 million, which, based on recent burn rates, provided a runway into 2026.

Academic and clinical investigators for Investigator-Initiated Trials (IITs)

PMV Pharmaceuticals supports investigator-initiated studies to broaden the data set for rezatapopt. This includes a collaboration with MD Anderson Cancer Center (MDACC) and Memorial Sloan Kettering Cancer Center (MSK) to support a Phase 1b study in recurrent or refractory acute myeloid leukemia (AML) or myelodysplastic syndromes (MDS) harboring the TP53 Y220C mutation. This IIT was planned to enroll approximately 25 patients. Furthermore, clinical investigators provide key external validation; for instance, Dr. Alison M. Schram, M.D., of Memorial Sloan Kettering Cancer Center, presented the initial analysis of the pivotal PYNNACLE Phase 2 trial data on October 24, 2025.

Key investigators and institutions involved in presenting data include:

• Dr. Alison M. Schram, M.D., Memorial Sloan Kettering Cancer Center.
• Collaborations with MD Anderson Cancer Center (MDACC).
• The trial design includes five cohorts, with the ovarian cancer cohort being a primary focus.

Avoca Quality Consortium membership

While PMV Pharmaceuticals has not publicly detailed its specific membership status as of late 2025, engagement with industry quality standards bodies is a key component of de-risking clinical operations for investors. The WCG Avoca Quality Consortium (AQC) itself is a collaborative group focused on elevating clinical trial quality. The consortium consists of over 200 member companies, representing sponsors, CROs, and sites. Members gain access to over 1,500 regulatory compliant leading practice tools and templates to ensure inspection readiness.

Potential future strategic partner for rezatapopt commercialization

The need for a commercialization partner hinges on successful clinical data and regulatory milestones. PMV Pharmaceuticals is currently focused on the data from the PYNNACLE trial to support regulatory submissions. Following feedback from the FDA, PMV plans to enroll an additional 20-25 platinum resistant/refractory ovarian cancer patients by the end of the first quarter of 2026. The company has set a target to submit a New Drug Application (NDA) for platinum resistant/refractory ovarian cancer by the end of the first quarter of 2027. This timeline dictates when a formal commercialization partnership discussion would likely intensify.

PMV Pharmaceuticals, Inc. (PMVP) - Canvas Business Model: Key Activities

Advancing the rezatapopt PYNNACLE Phase 2 pivotal trial.

The multicenter, single-arm, registrational, tumor-agnostic Phase 2 trial is assessing rezatapopt as monotherapy at a dose of 2000 mg once-daily in patients with TP53 Y220C and KRAS wild-type advanced solid tumors. The trial is designed to enroll 114 patients across five cohorts.

Key performance indicators from the latest reported data, summarized as of an August 4, 2025 data cutoff date and presented at the 2025 AACR-NCI-EORTC conference, include:

Enrollment for the Phase 2 portion is expected to be completed by the first quarter of 2026. The U.S. Food and Drug Administration granted Fast Track designation to rezatapopt for patients with locally advanced or metastatic solid tumors with a p53 Y220C mutation.

Research and development (R&D) of next-generation p53 regulators.

PMV Pharmaceuticals is exploring additional undisclosed targets, including other p53 hotspot mutations. The company's R&D expenses for the third quarter ended September 30, 2025, were $18.2 million.

Preparing the New Drug Application (NDA) submission for rezatapopt.

PMV Pharmaceuticals plans to submit a New Drug Application (NDA) for platinum-resistant/refractory ovarian cancer in the first quarter of 2027.

The company received feedback from the U.S. Food and Drug Administration regarding the initial NDA submission strategy. To support this, PMV Pharma plans to enroll an additional 20-25 platinum resistant/refractory ovarian cancer patients by the end of the first quarter of 2026.

Financial data supporting ongoing operations as of September 30, 2025:

• Cash, cash equivalents, and marketable securities: $129.3 million.
• Expected cash runway: to end of Q1 2027.
• Net cash used in operations for the nine months ended September 30, 2025: $56.4 million.
• Net loss for Q3 2025: $21.1 million.

Intellectual property (IP) protection and portfolio expansion.

The company finances its operations primarily through equity issuances, having incurred an accumulated deficit of $368.7 million through December 31, 2024. The core activity is the development of small molecule, tumor-agnostic therapies targeting p53.

The company's pipeline includes:

• rezatapopt PYNNACLE (pivotal) targeting p53 mutation Y220C.
• rezatapopt and azacitidine (IIT) targeting p53 mutation Y220C for Relapsed/Refractory AML/MDS.
• Undisclosed target for Solid Tumors.

Finance: review Q4 2025 cash forecast against Q1 2027 runway projection by end of January.

PMV Pharmaceuticals, Inc. (PMVP) - Canvas Business Model: Key Resources

You're looking at the core assets PMV Pharmaceuticals, Inc. (PMVP) is relying on to drive its precision oncology platform forward. These aren't just line items; they are the tangible and intangible things that make their value proposition possible. Honestly, in this space, the cash position and the science are everything.

The financial foundation is critical for a pre-revenue company like PMV Pharmaceuticals. You need to know exactly how long the current capital can fund operations while they push rezatapopt through the clinic. Here's the quick math on their liquidity as of the last reported quarter:

The primary tangible asset is the drug candidate itself, rezatapopt (PC14586), and the clinical data supporting its mechanism. This is what PMV Pharmaceuticals is betting its future on. The drug is a first-in-class, small molecule, p53 reactivator.

The clinical performance data, especially in the lead indication, is a key resource that validates the entire scientific premise. Remember, there are currently no approved treatments for the specific p53 Y220C mutation.

• Proprietary small molecule drug: rezatapopt (PC14586).
• Overall Response Rate (ORR) across all PYNNACLE cohorts: 34% (35/103 evaluable patients).
• Median Duration of Response (DOR) across all cohorts: 7.6 months.
• Ovarian Cancer Cohort ORR: 46% (22/48 evaluable patients).
• Ovarian Cancer Cohort Median DOR: 8.0 months.
• Median Time to Response: 1.3 months.
• Estimated U.S. Market Opportunity (Ovarian Cancer): $350 million to $420 million.

The intangible resources are just as vital. This includes the protected intellectual property and the specialized knowledge base of the team. You can't replicate decades of focused research overnight.

• Intellectual property covering the p53 Y220C mutation target, including granted patent US11963953B2 for Deuterium-Substituted Indoles.
• Deep scientific and clinical expertise in p53 precision oncology, leveraging research established by co-founder Dr. Arnold Levine, who discovered the p53 protein in 1979.
• Fast Track designation from the U.S. Food and Drug Administration for rezatapopt in treating solid tumors with a p53 Y220C mutation.

The company's structure as of late 2025 shows a lean operation supporting this focused development. What this estimate hides, though, is the cost of the FDA-requested enrollment boost, which extends trial costs past the current cash runway projection.

Finance: draft 13-week cash view by Friday.

PMV Pharmaceuticals, Inc. (PMVP) - Canvas Business Model: Value Propositions

You're looking at the core reasons why PMV Pharmaceuticals, Inc. (PMVP) is positioned to capture value in precision oncology. The value proposition centers on a highly specific, first-in-class molecular intervention for a historically undruggable target.

The primary value is the First-in-class small molecule reactivating the p53 Y220C mutant protein. This molecule, rezatapopt (PC14586), is engineered as a structural corrector. It's designed to selectively bind to the pocket created by the p53 Y220C mutation, which effectively restores the normal, tumor-suppressing function of the p53 protein. This is a novel approach, as TP53 mutations are present in approximately half of all human cancers.

This mechanism supports a Tumor-agnostic therapy for advanced solid tumors with a high unmet need. The therapy targets the underlying mutation rather than the tumor's tissue of origin. Confirmed responses have been observed across eight distinct tumor types, including ovarian, lung, breast, and endometrial carcinoma, in patients whose tumors harbor the TP53 Y220C mutation and are KRAS wild-type. To be fair, there are currently no FDA-approved medicines that specifically target this p53 Y220C mutation, highlighting the significant unmet need. For the lead indication, platinum-resistant/refractory ovarian cancer, PMV Pharmaceuticals estimates the U.S. market opportunity alone is between $350 million and $420 million, based on about 1,700 second-line and later patients in the U.S. and five major European markets.

Clinical activity provides concrete evidence of this value, particularly in the lead indication. PMV Pharmaceuticals has Demonstrated 46% Overall Response Rate (ORR) in ovarian cancer cohort based on updated data. The clinical activity across the basket trial cohorts as of the September 4, 2025 data cutoff date shows compelling, rapid, and durable responses. Here's the quick math on the efficacy data from the Phase 2 pivotal portion:

The therapy is also recognized for its potential to address this serious condition rapidly, as evidenced by the FDA Fast Track designation for advanced solid tumors. This designation was granted to rezatapopt for treating patients with locally advanced or metastatic solid tumors carrying the p53 Y220C mutation. This designation is intended to speed up development and review, helping the product reach patients sooner.

The company is actively investing to realize this value, with Research and Development (R&D) expenses at $18.2 million for the quarter ended September 30, 2025. This investment supports the ongoing enrollment, with plans to add an additional 20 to 25 platinum-resistant/refractory ovarian cancer patients by the end of the first quarter of 2026. Financially, PMV Pharmaceuticals ended Q3 2025 with $129.3 million in cash, cash equivalents, and marketable securities, providing an expected cash runway to the end of the first quarter of 2027.

The core value propositions can be summarized by what the drug delivers:

• First-in-class p53 Y220C structural corrector.
• Tumor-agnostic approach for advanced solid tumors.
• Observed 46% ORR in the lead ovarian cancer cohort.
• Rapid response time, median of 1.3 months.
• FDA Fast Track designation received.
• Targeting a mutation found in approximately 50% of all cancers.

PMV Pharmaceuticals, Inc. (PMVP) - Canvas Business Model: Customer Relationships

You're looking at how PMV Pharmaceuticals, Inc. manages its key relationships, which for a clinical-stage biotech means heavy focus on investigators, regulators, and the investment community. This isn't about mass-market sales; it's about high-value, targeted engagement.

High-touch engagement with clinical trial investigators and sites is central, given the ongoing development of rezatapopt. The Phase 2 PYNNACLE trial is designed to enroll a total of 114 patients across five cohorts at approximately 60 sites globally. As of October 2024, more than 75% of these sites had been activated across the U.S., Europe, and Asia-Pacific. The engagement is also seen in investigator-initiated studies; for example, one study with MD Anderson Cancer Center and Memorial Sloan Kettering Cancer Center was planned to enroll approximately 25 patients across two sites starting in Q1 2025. The data readouts themselves become key engagement points; an interim analysis reported in October 2025 included data from 103 evaluable patients, and a September 2025 webinar reviewed data for approximately 65 patients with at least 18 weeks of follow-up.

The focus on the p53 mutation means PMV Pharmaceuticals, Inc. is engaging with a specific scientific community. The company leverages these interactions to build credibility, for instance, by presenting data at the 2025 AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics in October 2025.

Transparent investor relations through conferences and one-on-one meetings is a consistent activity. Management, including the President and CEO, participated in at least two major investor conferences in the first half of 2025: the TD Cowen 6th Annual Oncology Innovation Summit on May 27, 2025, and the Jefferies Global Healthcare Conference on June 5, 2025. Management also committed to one-on-one investor meetings around these events. Furthermore, an investor webinar was held on September 10, 2025, to review Phase 2 interim data. As of Q2 2025, PMV Pharmaceuticals ended the quarter with $148.3 million in cash, cash equivalents, and marketable securities, providing an expected cash runway to the end of 2026.

Regulatory dialogue with the US FDA for NDA pathway confirmation is guided by clinical milestones. PMV Pharmaceuticals anticipates submitting a New Drug Application (NDA) by the end of 2026. As of late 2025, the company has not received any FDA approvals for its therapy in the last two years. The data presented in October 2025, showing a 34% overall response rate (ORR) among 103 evaluable patients in the pivotal Phase 2 trial, directly informs this pathway discussion. The trial is designed such that this Phase 2 data will serve as the basis for the NDA, meaning no further Phase 3 studies are planned.

Regarding active participation in patient advocacy groups via the Avoca Consortium, the consortium itself held its 14th year summit in May 2025 (May 13-14, 2025), focusing on clinical trial quality and collaboration. The consortium also released its 2025 Avoca Industry Report on ICH E6(R3) Adoption & Implementation. Specific, verifiable data points confirming PMV Pharmaceuticals, Inc.'s direct membership or level of participation in the Avoca Consortium are not publicly available in the latest reports.

• CEO David H. Mack, Ph.D., and Chief Development Officer Deepika Jalota, Pharm. D., represented PMV Pharmaceuticals at the two listed 2025 investor conferences.
• The Q2 2025 net loss was $21.2 million.
• The Q1 2025 cash position was $165.8 million as of March 31, 2025.

Finance: draft 13-week cash view by Friday.

PMV Pharmaceuticals, Inc. (PMVP) - Canvas Business Model: Channels

You're hiring before product-market fit, so the channels you use to get data and build credibility are everything right now. Here's the quick math on how PMV Pharmaceuticals, Inc. (PMVP) is currently reaching its key audiences, from clinical sites to the scientific community.

Global clinical trial network (PYNNACLE study) for drug delivery

The PYNNACLE Phase 2 monotherapy trial, evaluating rezatapopt in patients with advanced solid tumors harboring a TP53 Y220C mutation, is the primary channel for generating core clinical data. The trial was designed to enroll a total of 114 patients across five cohorts at approximately 60 sites globally. As of late 2024, more than 75% of these sites had been activated across the U.S., Europe, and Asia-Pacific. The company planned to submit a New Drug Application (NDA) by the end of 2026. An interim analysis webinar on September 10, 2025, reviewed data for approximately 65 patients with at least 18 weeks of follow-up. Of those patients, approximately 45% were in the ovarian cancer cohort. The company's ability to fund this network was supported by a cash, cash equivalents, and marketable securities balance of $148.3 million as of June 30, 2025, providing an expected cash runway to the end of 2026.

Future specialty pharmacies and distributors post-regulatory approval

While PMV Pharmaceuticals, Inc. is pre-commercialization, the structure of the specialty drug market informs its future distribution channel strategy. Oncology is a key area of surge in the specialty drug pipeline. Optum Pharmacy Advisory actuaries estimate that per-member-per-month oncology spend will double between 2025 and 2027, ranging from about $8.24 to $15.24. For context on network setup, as of January 2025, 382 unique specialty drugs had a manufacturer-defined limited or exclusive specialty pharmacy network. In those exclusive networks, PBM-affiliated pharmacies had access to only one-quarter of the products.

Direct engagement with key opinion leaders (KOLs) in oncology

Direct engagement channels include scientific presentations where KOLs are often presenters or key attendees. For instance, the oral presentation of the pivotal PYNNACLE Phase 2 initial analysis at the 2025 AACR-NCI-EORTC International Conference on October 24, 2025, was presented by Alison M. Schram, M.D., of Memorial Sloan Kettering Cancer Center. Furthermore, the executive team, including David H. Mack, Ph.D., President and CEO, and Deepika Jalota, Pharm. D., Chief Development Officer, participated in one-on-one investor meetings alongside conference presentations in May and June 2025.

• CEO and CDO participation in one-on-one investor meetings: 2025 (May/June).
• KOL presentation of pivotal trial data at AACR-NCI-EORTC: October 24, 2025.
• Investigator-initiated study support with MD Anderson Cancer Center and Memorial Sloan Kettering Cancer Center for AML/MDS.

Scientific publications and conference presentations (e.g., AACR-NCI-EORTC)

Scientific dissemination is a critical channel for validating the science behind rezatapopt. PMV Pharmaceuticals, Inc. had two abstracts accepted for presentation at the 2025 AACR-NCI-EORTC International Conference in Boston, MA, held October 22-26, 2025. The company also had a publication in ACS Medicinal Chemistry Letters in 2025, Volume 16, pages 34-39. The company's investor relations activities also function as a channel, with management participating in the TD Cowen 6th Annual Oncology Innovation Summit on May 27, 2025, and the Jefferies Global Healthcare Conference on June 5, 2025.

• Publication in ACS Medicinal Chemistry Letters: 2025, Vol. 16, pp. 34-39.
• Oral Presentation at 2025 AACR-NCI-EORTC: Friday, October 24.
• Poster Presentations at 2025 AACR-NCI-EORTC: Friday, October 24 and Saturday, October 25.
• Investor Webinar to review Phase 2 data: September 10, 2025.

PMV Pharmaceuticals, Inc. (PMVP) - Canvas Business Model: Customer Segments

You're looking at the core patient populations PMV Pharmaceuticals, Inc. is targeting with rezatapopt, which is a precision therapy for tumors carrying the TP53 Y220C mutation. The focus is sharp, going after a specific genetic signature across multiple cancer types.

Patients with locally advanced or metastatic solid tumors

The broad initial segment includes patients with advanced disease across various tumor types that share the specific genetic marker. Globally, p53 mutations are found in approximately half of all human cancers.

The current clinical evidence, as of the October 24, 2025 presentation at the AACR-NCI-EORTC International Conference, shows confirmed responses across eight tumor types in the Phase 2 PYNNACLE trial. These types include ovarian, lung, breast, endometrial, head and neck, colorectal, gallbladder, and ampullary carcinoma.

The overall efficacy profile for this broad segment, based on the latest data cutoff, shows:

• Overall Response Rate (ORR) of 34% (35/103 evaluable patients).
• Median Duration of Response (DoR) of 7.6 months.
• Median Time to Response of 1.3 months.

Patients specifically harboring the TP53 Y220C mutation

This is the defined target population for rezatapopt. The Y220C mutation itself is found in roughly 1% of all cancers.

For the U.S. market, the total estimated annual patient pool harboring this specific mutation across all solid tumors is approximately 14,000 patients.

Within this segment, the ovarian cancer cohort is a key focus area for PMV Pharmaceuticals, Inc. as they plan their initial New Drug Application (NDA) submission.

Oncologists and specialized cancer treatment centers

Your customer base here isn't just the patient; it's the prescribing physician and the centers capable of administering and monitoring these specialized treatments. These are oncologists treating patients with advanced solid tumors who have undergone or are candidates for genetic testing confirming the TP53 Y220C mutation.

The trial structure itself points to the type of centers engaged. The Phase 2 PYNNACLE study is a registrational, single-arm basket trial, meaning it draws from centers experienced in running complex, multi-tumor trials. The data presented in late 2025 was from a study involving patients who had received prior standard of care treatments.

Platinum-resistant/refractory ovarian cancer patients (initial focus for NDA)

This specific subgroup is the initial regulatory priority. The need is substantial because approximately 80% of patients with advanced ovarian cancer relapse after first-line platinum therapies.

The market for platinum-resistant ovarian cancer in the US, EU4, UK, and Japan was valued at approximately USD 3,012 million in 2025.

PMV Pharmaceuticals, Inc. is targeting this group with a planned NDA submission by the first quarter of 2027. The company plans to enroll an additional 20-25 platinum-resistant/refractory ovarian cancer patients by the end of the first quarter of 2026 to support this submission.

The efficacy in this specific cohort, as of the latest update, is compelling compared to the standard of care, which has less than a 20% response rate in this population:

Financially, as of September 30, 2025, PMV Pharmaceuticals, Inc. held $129.3 million in cash, cash equivalents, and marketable securities, which provides an expected cash runway to the end of the first quarter of 2027, aligning with the planned NDA submission timeline for this key customer segment.

PMV Pharmaceuticals, Inc. (PMVP) - Canvas Business Model: Cost Structure

You're looking at the cost side of PMV Pharmaceuticals, Inc. (PMVP) as they push their lead candidate through pivotal trials. For a clinical-stage biotech, the burn rate is almost entirely tied to R&D, and the numbers from late 2025 confirm that focus.

The biggest cost driver is definitely Research & Development (R&D) expenses, which hit $18.2 million for the third quarter ended September 30, 2025. That's up from $16.9 million in the same quarter of 2024. Honestly, this jump tells you exactly where the money is going: advancing rezatapopt in the PYNNACLE study.

General and administrative (G&A) expenses were lighter, coming in at $4.3 million for Q3 2025. That's actually a decrease from $4.9 million in Q3 2024, largely because of lower spending on stock-based compensation and general facility costs. It's good to see some operational costs ticking down while the core R&D spend rises.

Here's a quick look at the key operating expenses for the period:

The R&D spend is heavily weighted toward external partners. You can expect significant costs here for Contractual Research Organizations (CROs) and the actual running of clinical trials. This is the price of admission for a company in Phase 2 development.

Regarding the clinical and manufacturing spend, the primary visible cost component is the clinical execution. Manufacturing and Chemistry, Manufacturing, and Controls (CMC) costs are inherent but are typically bundled or less detailed than the direct clinical spend in these quarterly releases. What we do know is the clinical activity:

• R&D increase driven by increased contractual research organization costs.
• Advancing the rezatapopt program through the PYNNACLE study.
• The study is a Phase 2 pivotal portion evaluating rezatapopt.
• Observed Overall Response Rate (ORR) of 34% across all cohorts (103 evaluable patients).
• Ovarian cancer cohort showed a 46% ORR among 48 evaluable patients.

The cash position reflects this burn rate; PMV Pharmaceuticals ended the third quarter with $129.3 million in cash, cash equivalents, and marketable securities. Finance: draft 13-week cash view by Friday.

PMV Pharmaceuticals, Inc. (PMVP) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of PMV Pharmaceuticals, Inc. as of late 2025. Honestly, for a company at this stage, the revenue streams are almost entirely potential, backed by a solid balance sheet to fund operations until the next big inflection point.

Zero Product Revenue as of Late 2025 (Pre-Commercial Stage)

As of the third quarter ended September 30, 2025, PMV Pharmaceuticals, Inc. is firmly in the pre-commercial development phase. For the quarter, revenue was not reported, and consensus expectations were for $0.00. This means all operational funding currently comes from financing activities and investment income, not product sales.

Potential Future Revenue from Rezatapopt Product Sales Post-NDA Approval

The primary future revenue driver is the commercial sale of rezatapopt, a p53 reactivator. The company is targeting a New Drug Application (NDA) submission for platinum-resistant/refractory ovarian cancer in the first quarter of 2027. This timeline sets the earliest realistic expectation for product revenue generation post-approval, which is contingent on successful regulatory review.

Clinical data supports this future potential:

• Overall Response Rate (ORR) across all cohorts: 34% among 103 evaluable patients.
• ORR specifically in the ovarian cancer cohort: 46% among 48 evaluable patients.
• Median Duration of Response (DOR) in ovarian cancer cohort: 8.0 months.

Potential Upfront and Milestone Payments from a Future Licensing or Collaboration Deal

While PMV Pharmaceuticals, Inc. has not publicly disclosed specific, signed upfront or milestone payment figures as of late 2025, the progress in the Phase 2 pivotal portion of the PYNNACLE study serves as the key value driver for future partnership discussions. The company's current cash position is intended to fund operations through the NDA submission, but positive data strengthens the negotiating position for potential out-licensing deals or collaborations that would bring in non-dilutive capital via upfront payments and future milestone achievements.

Interest Income on Cash and Marketable Securities

This is the only current, tangible financial inflow stream supporting operations outside of financing. PMV Pharmaceuticals, Inc. ended the third quarter of 2025 with $129.3 million in cash, cash equivalents, and marketable securities. This balance provides an expected cash runway to the end of the first quarter of 2027. The company noted that this extended runway reflects both spend pacing and strong interest income. Here's the quick math on the cash position change:

What this estimate hides is the exact dollar amount attributed to interest income versus the principal draw-down, but its inclusion in the runway extension narrative confirms it as an active, though secondary, revenue stream.

Finance: draft 13-week cash view by Friday.