Company: PMVP
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030414
Chunk: 177

Company: PMV Pharmaceuticals, Inc.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1B
Chunk 177
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 not material, and accordingly, no allowance for credit losses was recorded.

4.  Property and Equipment, Net 

        December 31,

        (in thousands)
         
        2024

        2023

        Machinery & equipment
         
        $
        1,782

        $
        3,089

        Computers

        13

        13

        Furniture & fixtures

        23

        69

        Leasehold improvements

        51

        10,765

        Total property and equipment

        1,869

        13,936

        Less: Accumulated depreciation

        (1,460
        )

        (3,270
        )

        Property and equipment, net
         
        $
        409

        $
        10,666

       The Company terminated a lease in 2024 resulting in an abandonment and write-off of the leasehold improvements of $9,454.  Refer to Note 6 for more details on the lease termination. Depreciation expense for the years ended December 31, 2024, 2023, and 2022 was $1,144, $1,257, and $315, respectively.

5.  Accrued Expenses Accrued expenses consists of the following: 

        December 31,

        (in thousands)

        2024

        2023

        Accrued compensation

        $
        5,005

        $
        4,498

        Accrued research and development costs

        2,177

        5,270

        Accrued legal and professional services

        257

        172

        Total

        $
        7,439

        $
        9,940

 114

6.  Commitments and ContingenciesOperating LeasesIn August 2018, the Company executed two noncancelable operating leases. One lease for approximately 6,000 square feet for vivarium, laboratory and general office space in South Brunswick, New Jersey. The lease was set to expire in July 2022. In January 2022, the Company signed a lease extension for up to one additional year through July 2023, with the option to terminate upon 120 days of written notice, with an increase in base rent as per the lease extension. The lease was terminated as of June 2023. The second lease is for office space in Lexington,