The company remains pre-revenue with operating losses consistently tracking R&D intensity, evidenced by a $19.0 million operating loss in 2026Q1.
PMV Pharmaceuticals, Inc. (PMVP) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 34K | 0 | 1.14M | 1.26M | 650K | 1.28M | 318K | 388K | 338K |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - |
| Gross Profit | -34K | 0 | -1.14M | -1.26M | -650K | -1.28M | -318K | -388K | -338K |
| Gross Margin % | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 100% | 8.99% | -93.38% | 49.26% | -302.83% | 18.04% | -14.79% | - |
| Operating Expenses | 79.63M | 86.21M | 84.3M | 78.88M | 76.39M | 57.01M | 34.62M | 26.25M | 18.89M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 15.62M | 16.33M | 26.92M | 24.25M | 24.72M | 20.83M | 11.01M | 5.49M | 5.04M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - |
| Research & Development | 64.01M | 69.88M | 57.38M | 54.63M | 51.67M | 36.19M | 23.61M | 20.76M | 13.85M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16K |
| Operating Income | -79.66M | -86.21M | -85.45M | -80.13M | -77.04M | -58.29M | -34.94M | -26.64M | -18.89M |
| Operating Margin % | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -0.89% | -6.63% | -4.01% | -32.16% | -66.83% | -31.18% | -41% | - |
| EBITDA | -79.54M | -86.07M | -84.3M | -78.88M | -76.72M | -57.99M | -34.62M | -26.25M | -18.55M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 12.61% | -2.1% | -6.88% | -2.8% | -32.32% | -67.47% | -31.91% | -41.47% | - |
| D&A (Non-Cash Add-back) | 122K | 133K | 1.14M | 1.26M | 315K | 307K | 318K | 388K | 338K |
| EBIT | -76M | -79.91M | -74.81M | -68.96M | -73.33M | -57.82M | -34.43M | -25.34M | -18.89M |
| Net Interest Income | 4.48M | 6.34M | 10.65M | 11.17M | 3.63M | 449K | 651K | 1.3M | 0 |
| Interest Income | 4.48M | 6.34M | 10.65M | 11.17M | 3.63M | 449K | 651K | 1.3M | 1.34M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 4.47M | 6.29M | 10.64M | 11.17M | 3.71M | 470K | 508K | 1.29M | 1.36M |
| Pretax Income | -75.2M | -79.91M | -74.81M | -68.96M | -73.33M | -57.82M | -34.43M | -25.34M | -17.54M |
| Pretax Margin % | - | - | - | - | - | - | - | - | - |
| Income Tax | 23K | -2.17M | -16.1M | 2K | -9K | 23K | 6K | 8K | 3K |
| Effective Tax Rate % | -0.03% | 2.72% | 21.52% | -0% | 0.01% | -0.04% | -0.02% | -0.03% | -0.02% |
| Net Income | -75.22M | -77.74M | -58.71M | -68.96M | -73.32M | -57.85M | -34.44M | -25.35M | -17.54M |
| Net Margin % | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | 6.99% | -32.42% | 14.87% | 5.94% | -26.75% | -67.96% | -35.85% | -44.55% | - |
| Net Income (Continuing) | -75.22M | -77.74M | -58.71M | -68.96M | -73.32M | -57.85M | -34.44M | -25.35M | -17.54M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.41 | -1.48 | -1.14 | -1.44 | -1.61 | -1.28 | -2.40 | -0.59 | -5.80 |
| EPS Growth % | 9.55% | -30.03% | 20.96% | 10.56% | -25.78% | 46.67% | -306.78% | 89.83% | - |
| EPS (Basic) | - | -1.48 | -1.14 | -1.44 | -1.61 | -1.28 | -2.40 | -0.59 | -5.80 |
| Diluted Shares Outstanding | 53.39M | 52.54M | 51.58M | 48.01M | 45.59M | 45.14M | 44.78M | 43M | 3.02M |
| Basic Shares Outstanding | 53.39M | 52.54M | 51.58M | 48.01M | 45.59M | 45.14M | 44.78M | 43M | 3.02M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying PMVP stock.
For fiscal year 2025, PMV Pharmaceuticals, Inc. (PMVP) reported total revenue of $0.0M.
PMV Pharmaceuticals, Inc. (PMVP) reported a net loss of $77.7M for the fiscal year ending 2025.
Key Metrics
Top Statement Risk
Imminent liquidity shortfall risk
Metrics are mathematically derived from official filings.
Clinical Development Dominates Expense Profile
As indicated by the company's financial statements, PMVP's cost structure is entirely defined by R&D spending, which reached $15.3 million in 2026Q1, reflecting the intense capital requirements of the ongoing PC14586 Phase 2 PYRENE clinical trial while maintaining minimal administrative overhead to preserve remaining cash reserves.
The absence of commercial revenue means that every dollar spent on R&D directly depletes the company's limited liquidity. Investors should monitor the efficiency of these clinical expenditures, as the firm lacks the operational flexibility to absorb cost overruns without immediate recourse to dilutive financing.
Non-Cash Compensation Masks Operational Burn
Based on reported figures, PMVP's net loss of $18.0 million in 2026Q1 includes non-cash stock-based compensation of $1.4 million, suggesting that the GAAP net loss figure may slightly overstate the immediate cash outflow required to sustain the firm's current clinical development operations.
While stock-based compensation reduces the immediate cash burden, it represents a significant future dilution risk for existing shareholders. Analysts should focus on the underlying cash burn rate rather than GAAP earnings to assess the true runway available for the lead PC14586 program.
Operating Leverage Remains Non-Existent
According to historical income statement data, PMVP exhibits no operating leverage as the firm remains pre-revenue, with operating losses consistently tracking R&D intensity, such as the $19.0 million operating loss reported in 2026Q1, which underscores the binary nature of the company's current business model.
The lack of revenue generation means that operating expenses cannot be offset by gross profit, resulting in a direct correlation between clinical trial activity and operating losses. This structure implies that the company will remain highly sensitive to capital market conditions until a commercial inflection point is reached.
Liquidity Constraints Threaten Clinical Continuity
As reported in recent filings, the company's cash position of $37,983,000 appears insufficient to support long-term clinical development, suggesting that PMVP faces a high probability of needing to raise capital under potentially unfavorable terms to avoid a disruption in its lead PC14586 program.
The concentration of value in a single clinical asset combined with a precarious cash runway creates a significant risk of shareholder dilution. Investors should be wary of the potential for 'going concern' warnings if the company fails to secure non-dilutive funding or a strategic partnership in the near term.