Company: PMVP
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030414
Chunk: 179

Company: PMV Pharmaceuticals, Inc.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1B
Chunk 179
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 at the Premises. This net activity totaling $6,024 was recorded as a loss within General and Administrative expense in the Statement of Operations for the year ended December 31, 2024. As of December 31, 2024, the Company has no commitments or contingencies related to the Lease.In August 2024, the Company signed a sublease for 14,201 square feet of office space at 400 Alexander Park Drive, Suite 301, in Princeton, New Jersey, to be used as its new headquarters (“400 Alexander Sublease”). The 400 Alexander Sublease commenced on October 1, 2024 and extends until February 28, 2027. Payment under the 400 Alexander Sublease will total $789 through February 2027.In September 2024, the Company signed a sublease agreement for 3,205 square feet of office and laboratory space at 311 Pennington Rocky Hill Road in Hopewell, New Jersey. The Company utilizes the premises as laboratory space for operational research and development activities. The sublease term extends through 2029 and provides the Company with the option to extend the term for an additional three year period. Payment under this sublease will total $768 through December 2029.

 115

The components of lease cost for the years ended December 31, 2024, 2023, and 2022 are as follows: 

        Year Ended December 31,

        (in thousands)
        2024

        2023

        2022

        Operating lease cost
        $
        1,194

        $
        1,913

        $
        2,215

        Variable lease cost
         
        517

        914

        991

        Total lease cost
        $
        1,711

        $
        2,827

        $
        3,206

       Amounts reported in the balance sheet for leases where the Company is the lessee as of December 31, 2024, and 2023, were as follows: 

        As of December 31,

        Operating Leases (in thousands, except lease term and discount rate data):
        2024

        2023

        Right-of-use assets, operating leases
        $
        1,143

        $
        8,382

        Operating lease liabilities, current
        $
        352

        $
        852

        Operating