Company: PMVP
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030414
Chunk: 187

Company: PMV Pharmaceuticals, Inc.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1B
Chunk 187
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 liabilities are presented below: 

        As of December 31,

        2024

        2023

        Deferred tax assets:

        Net operating loss carryforwards
         
        $
        49,729

        $
        56,701

        Stock compensation

        3,610

        3,707

        Capitalized research expenditures

        32,514

        22,154

        Research and development credits

        9,554

        8,993

        Accrued expenses and other

        1,230

        1,064

        Operating lease liabilities

        338

        3,735

        Total deferred tax assets

        96,975

        96,354

        Valuation allowance

        (96,606
        )

        (93,778
        )

        Deferred tax assets recognized

        369

        2,576

        Deferred tax liabilities:

          Right-of-use assets

        (325
        )

        (2,357
        )

          Fixed assets and depreciation

        (44
        )

        (219
        )

        Total deferred tax liabilities

        (369
        )

        (2,576
        )

        Net deferred tax assets
         
        $
        -

        $
        -

       The Company has recorded a valuation allowance for its deferred tax assets that it does not believe will be realizable at a more likely than not level based on analysis of all available sources of taxable income. As of December 31, 2024 and 2023, the Company had federal net operating loss carryforwards of $214,652 and $195,676, respectively. As of December 31, 2024, the Company had state net operating loss carryforwards for New Jersey, California, Massachusetts, and Arizona of approximately $54,685, $4,912, $6,542, and $192, respectively. At December 31, 2023, the Company had state net operating loss carryforwards for New Jersey, California, Massachusetts, and Arizona of approximately $208,817, $4,912, $6,358, and $115, respectively.  Federal net operating loss carryforwards of $27,500 expire beginning in the year 2033. State net operating loss carryforwards begin to expire in the year 2033.  Net operating loss carryforwards related to tax