Company: PMVP
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030414
Chunk: 240

Company: PMV Pharmaceuticals, Inc.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 8
Chunk 240
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 the Company granted new options at an exercise price of $1.48, the Company’s closing stock price on August 13, 2024, covering an aggregate of 2,786,691 shares of common stock under the 2020 Equity Incentive Plan in exchange for the tendered options. The new options are subject to a new three or four-year vesting schedule, vesting in equal annual installments over the vesting term. Each new option has a maximum term of ten years. The exchange of stock option was treated as a modification for accounting purposes. As a result of the Option Exchange, the Company will recognize incremental stock-based compensation expense of $1,370 over the requisite service period of the new stock options, which is three or four years. The Company will recognize the sum of the incremental stock-based compensation expense and the remaining unrecognized compensation expense for the original awards on the modification date, over the requisite service period of the new stock options. The following table summarizes option activity for the year ended December 31, 2024: 

 118

        Options Outstanding

        Weighted-Average

        Weighted

        Remaining

        Aggregate

        Number

        Average

        Contractual

        Intrinsic

        of

        Exercise

        Life

        Value

        Options

        Price

        (in years)

        (in 000s)

        Balances December 31, 2023

        6,973,464

        $
        9.44

        7.01

        $
        990

        Shares reserved for issuance

        -

        $
        -

        Options granted

        6,331,885

        $
        1.64

        Options forfeited / cancelled

        (4,552,488
        )
         
        $
        11.26

        Options exercised

        (98,948
        )
         
        $
        0.57

        Balances December 31, 2024

        8,653,913

        $
        2.87

        7.72

        $
        162

        At December 31, 2024

        Vested and expected to vest

        8,653,913

        $
        2.87

        7.72

        $
        162

        Exercisable

        3,098,756

        $
        5.05

        5.