Company: PMVP
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030414
Chunk: 188

Company: PMV Pharmaceuticals, Inc.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1B
Chunk 188
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 years after 2017 of $187,152 do not expire. The Company also has federal and state research and development credit carryforward of approximately $13,034 and $12,693 as of December 31, 2024 and 2023, respectively. The federal credits will begin to expire in 2034 if not utilized. The California state credits carryforward indefinitely and the New Jersey state credits expire starting in 2030. The above net operating losses and research and development credits are subject to Sections 382 and 383 of the Internal Revenue Code. In the event of a change in ownership as defined by these code sections, the usage of the net operating losses and research and development credits may be limited.The Company accrues interest and penalties related to unrecognized tax benefits in the (benefit) provision for income taxes line item in the consolidated statements of operations and comprehensive loss. As of December 31, 2024 and 2023, the Company had not accrued any interest or penalties related to uncertain tax positions.

 122

If the ending balance of $3,259 and $3,173 of unrecognized tax benefits as of December 31, 2024 and 2023, respectively, were recognized, none of the recognition would affect the income tax rate. The following table summarized the activity related to the Company’s unrecognized tax benefits: 

        For the Year Ended

        December 31,2024

        December 31,2023

        Unrecognized tax benefits, beginning of year
         
        $
        3,173

        $
        2,437

        Decreases related to prior year tax positions

        (586
        )

        -

        Increases related to current year tax positions

        672

        736

        Unrecognized tax benefits, end of year
         
        $
        3,259

        $
        3,173

       The Company does not anticipate any material change in its unrecognized tax benefits over the next twelve months. The unrecognized tax benefits may change during the next year for items that arise in the ordinary course of business.The Company files U.S. federal and state income tax returns with varying statutes of limitations. The Company’s tax years 2013 to 2023 will remain open for examination by the federal and state authorities for three and four years, respectively, from the date of utilization of any net operating losses and research and development credits.The State of New Jersey’s Technology Business Tax Certificate Program allows certain high technology and biotechnology companies