Company: PMVP
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030414
Chunk: 164

Company: PMV Pharmaceuticals, Inc.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1B
Chunk 164
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 sheet, and prepaid research and development expenses, which are included in prepaid expenses and other current assets on the December 31, 2024 consolidated balance sheet. The amounts recorded for accrued research and development expenses and for the related prepaid expenses, within the aforementioned balance sheet captions, represent the Company’s estimate of the unpaid and prepaid research and development expenses based on the progress of the research and development services compared to the amounts paid for those services through December 31, 2024. Auditing the Company’s accrued research and development expenses and related prepaid expenses involved a high degree of subjectivity due to the estimation required by management in determining the progress to completion of services that have been performed that will be invoiced by the vendors, clinical research organizations and consultants and under clinical site agreements subsequent to the date that the consolidated financial statements are issued.

    How We Addressed the Matter in Our Audit
     
    To test the research and development accruals and prepaid expenses, our audit procedures included, among others, reviewing a sample of agreements with the service providers to corroborate key financial and contractual terms, and testing the accuracy and completeness of the underlying data used in the accrual and prepaid expense computations. We also evaluated management’s estimates of the progress of a sample of research and development activities by making inquiries of the Company’s operations personnel that oversee the external research and development activities and obtaining information directly from a sample of service providers. To evaluate the completeness of the accruals, we also examined subsequent invoices from the service providers and cash disbursements to the service providers, to the extent such invoices were received, or payments were made prior to the date that the consolidated financial statements were issued.

/s/ Ernst & Young LLP

We have served as the Company’s auditor since 2017.

Philadelphia, Pennsylvania

March 3, 2025

 103

PMV Pharmaceuticals, Inc.

Consolidated Balance Sheets

(in thousands, except share and per share amounts)

    December 31,2024

    December 31,2023

    Assets

    Current assets:

    Cash and cash equivalents
    $
    40,876

    $
    37,706

    Restricted cash
     
    —

    822

    Marketable securities, current
     
    128,578

    165,351

    Prepaid expenses and other current assets
     
    6,204

    3,530

    Total current assets
     
    175,658

    207,409