Company: PMVP
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030414
Chunk: 243

Company: PMV Pharmaceuticals, Inc.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 8
Chunk 243
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        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 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