Company: PMVP
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030414
Chunk: 233

Company: PMV Pharmaceuticals, Inc.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 8
Chunk 233
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        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, Massachusetts, that terminated in August 2023. In January 2021, the Company signed a lease for 50,581 square feet of office and laboratory space (the “Lease”) at One Research Way in Princeton, New Jersey (the “Premises”). The lease term initially extended through 2032, had a five-year extension option, and replaced the Company’s two existing facilities as the Company’s headquarters in March 2023. The Company estimated that payments under the Lease would be $