Company: PMVP
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030414
Chunk: 154

Company: PMV Pharmaceuticals, Inc.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1B
Chunk 154
---
     
    2024

    2023
     
    Change

    Research
     
    $
    5,914

    $
    5,307
     
    $
    607

    Development

    35,295

    31,740

    3,555

    Personnel related

    13,662

    13,320

    342

    Stock-based compensation

    3,656

    5,518

    (1,862
    )

    Total
     
    $
    58,527

    $
    55,885
     
    $
    2,642

Research and development expenses were $58.5 million for the year ended December 31, 2024, compared to $55.9 million for the year ended December 31, 2023. The increase of $2.6 million was primarily due to the following:

•$4.1 million increase in research and development expenses largely driven by increased contractual research organization costs; offset by

•$1.5 million decrease in expenses for personnel related costs and stock-based compensation, primarily as a result of the restructuring that occurred in January 2024. Refer to Note 12 of the notes to our audited consolidated financial statements for the year ended December 31, 2024 included elsewhere in this Annual Report on Form 10-K for details on the restructuring.

General and Administrative Expenses

General and administrative expenses were $26.9 million for the year ended December 31, 2024, compared to $24.2 million for the year ended December 31, 2023. The increase of $2.7 million was primarily due to the following:

 94

•$5.3 million increase in facility related costs due to the termination of our prior lease for our headquarters at One Research Way in Princeton, New Jersey, and $0.4 million increase in general and administrative consulting costs; offset by

•$2.5 million decrease in expenses for personnel related costs and stock-based compensation driven by the restructuring that occurred in January 2024, and $0.5 million decrease in director and officer insurance fees.

Interest Income, Net

Interest income, net primarily consists of interest income from our interest-bearing cash, cash equivalents, and marketable securities and interest costs related to amortization of premiums and discounts on marketable securities. Interest income, net was $10.7 million for the year ended