Detailed financial statements for PMV Pharmaceuticals, Inc. (PMVP): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
PMV Pharmaceuticals, Inc. operates as a precision oncology company focused on discovering and developing both small molecule and tumor-agnostic therapies to address p53 mutations in cancer patients. Their leading experimental drug, PC14586, is a small molecule designed to correct the p53 protein specifically when it contains the Y220C mutation, thereby restoring its natural, functional state.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $1.43, PMVP has negative trailing earnings (P/E not meaningful) and an ROE of -78.11%. Market capitalisation stands at $76M.
Balance sheet quality for PMVP: current ratio of 10.1, net cash position of $112.1M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | $338000 | $388000 | $318000 | $1.3M | $650000 | $1.3M | $1.1M | 0 |
| Gross Profit | -$338000 | -$388000 | -$318000 | -$1.3M | -$650000 | -$1.3M | -$1.1M | 0 |
| Research & Development | $13.9M | $20.8M | $23.6M | $36.2M | $51.7M | $54.6M | $57.4M | $69.9M |
| Selling, General & Admin | $5.0M | $5.5M | $11.0M | $20.8M | $24.7M | $24.2M | $26.9M | $16.3M |
| Operating Expenses | $18.9M | $26.2M | $34.6M | $57.0M | $76.4M | $78.9M | $84.3M | $86.2M |
| Operating Income | -$18.9M | -$26.6M | -$34.9M | -$58.3M | -$77.0M | -$80.1M | -$85.4M | -$86.2M |
| EBITDA | -$18.6M | -$25.0M | -$34.1M | -$56.5M | -$72.7M | -$67.7M | -$73.7M | -$79.8M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$17.5M | -$25.3M | -$34.4M | -$57.8M | -$73.3M | -$69.0M | -$74.8M | -$79.9M |
| Income Tax | $3000 | $8000 | $6000 | $23000 | -$9000 | $2000 | -$16.1M | -$2.2M |
| Net Income | -$17.5M | -$25.4M | -$34.4M | -$57.8M | -$73.3M | -$69.0M | -$58.7M | -$77.7M |
| EPS | $-5.80 | $-0.59 | $-2.40 | $-1.28 | $-1.61 | $-1.44 | $-1.14 | $-1.48 |
| EPS (Diluted) | $-5.80 | $-0.59 | $-2.40 | $-1.28 | $-1.61 | $-1.44 | $-1.14 | $-1.48 |
| Shares Outstanding (Diluted) | $3.0M | $43.0M | $44.8M | $45.1M | $45.6M | $48.0M | $51.6M | $52.5M |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $30.3M | $73.3M | $361.4M | $172.5M | $108.3M | $37.7M | $40.9M | $38.0M |
| Short-term Investments | $31.6M | $28.2M | 0 | $124.7M | $132.8M | $165.4M | $128.6M | $75.0M |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $62.2M | $102.1M | $364.8M | $301.3M | $247.0M | $207.4M | $175.7M | $115.2M |
| Property, Plant & Equipment | $1.0M | $739000 | $569000 | $13.2M | $20.5M | $19.0M | $1.6M | $1.0M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $63.5M | $103.0M | $365.5M | $331.6M | $270.3M | $252.2M | $191.3M | $116.6M |
| Accounts Payable | $1.0M | $2.8M | $1.6M | $3.2M | $3.0M | $3.2M | $6.6M | $3.2M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | $352000 | 0 |
| Total Current Liabilities | $2.3M | $4.5M | $6.4M | $12.2M | $10.8M | $14.0M | $14.4M | $11.4M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $435000 |
| Total Liabilities | $109.6M | $173.5M | $6.4M | $23.0M | $24.3M | $26.5M | $15.2M | $11.8M |
| Retained Earnings | -$50.1M | -$75.4M | -$109.9M | -$167.7M | -$241.0M | -$310.0M | -$368.7M | -$446.5M |
| Total Equity | -$46.1M | -$70.5M | $359.1M | $308.6M | $246.0M | $225.7M | $176.1M | $104.7M |
| Total Debt | $107.2M | 0 | 0 | $11.2M | $14.0M | $13.3M | $1.2M | $838000 |
| Net Debt | $45.3M | -$101.5M | -$361.4M | -$286.0M | -$227.1M | -$189.8M | -$168.3M | -$112.1M |
| Working Capital | $59.9M | $97.6M | $358.4M | $289.1M | $236.2M | $193.4M | $161.3M | $103.8M |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Income | -$17.5M | -$25.4M | -$34.4M | -$57.8M | -$73.3M | -$69.0M | -$58.7M | -$77.7M |
| Depreciation & Amortization | $338000 | $388000 | $318000 | $307000 | $315000 | $1.3M | $1.1M | $133000 |
| Stock-based Compensation | $1.1M | $908000 | $1.9M | $5.3M | $10.2M | $12.4M | $8.9M | $5.9M |
| Change in Working Capital | $637000 | $1.9M | -$845000 | $4.1M | -$568000 | $5.4M | -$1.6M | $914000 |
| Operating Cash Flow | -$15.2M | -$22.1M | -$32.7M | -$46.6M | -$63.8M | -$55.7M | -$51.3M | -$73.6M |
| Capital Expenditure | -$452000 | -$109000 | -$148000 | -$1.3M | -$8.0M | -$962000 | -$655000 | -$29000 |
| Acquisitions | 0 | 0 | $148000 | 0 | 0 | 0 | $251000 | $31000 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$15.6M | -$22.2M | -$32.9M | -$47.9M | -$71.7M | -$56.6M | -$51.9M | -$73.6M |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Income Growth (YoY) | -44.6% | -35.8% | -68.0% | -26.7% | +5.9% | +14.9% | -32.4% | |
| EPS Growth (YoY) | +89.8% | -306.8% | +46.7% | -25.8% | +10.6% | +21.0% | -30.0% | |
| Shares Change (YoY) | +1321.9% | +4.1% | +0.8% | +1.0% | +5.3% | +7.4% | +1.9% | |
| FCF Growth (YoY) | -41.9% | -48.3% | -45.7% | -49.7% | +21.1% | +8.3% | -41.7% | |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | 0.0% | -0.0% | 21.5% | 2.7% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-5.17 | $-0.52 | $-0.73 | $-1.06 | $-1.57 | $-1.18 | $-1.01 | $-1.40 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $3.0M | $43.0M | $44.8M | $45.1M | $45.6M | $48.0M | $51.6M | $52.5M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -78.11% |
| Return on Invested Capital | -111.08% |
| Return on Assets | -91.66% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 7.70 |
| Piotroski F-Score | 1 |
| Altman Z-Score | -3.41 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| P/E | -6.47 | -63.58 | -25.63 | -18.05 | -5.40 | -2.15 | -1.33 | -0.84 |
| P/B | -2.46 | -22.89 | 7.67 | 3.38 | 1.61 | 0.66 | 0.44 | 0.63 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
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