Company: PMVP
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030414
Chunk: 235

Company: PMV Pharmaceuticals, Inc.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 8
Chunk 235
---
 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 lease liabilities, non-current
         
        838

        12,434

        Total operating lease liabilities
        $
        1,190

        $
        13,286

        Weighted-average remaining lease term (years)
         
        3.47

        8.42

        Weighted-average discount rate
         
        13.70
        %

        5.75
        %

       Other information related to leases for the years ended December