PMV Pharmaceuticals annouces strategic 30% workforce reduction

PMV Pharmaceuticals announced a strategic reduction of its workforce by approximately 30%. PMV will maintain a focused discovery research effort and expects that the resulting savings in operating expenses will extend its cash runway to the end of 2026. As of December 31 on an unaudited basis, PMV had approximately $229M in cash, cash equivalents, and marketable securities. PMV estimates that it will incur aggregate charges of approximately $1.4Mprimarily for one-time employee severance and benefit costs, the majority of which are expected to be incurred in the first quarter of 2024. “I would like to express my sincere thanks to our employees impacted by this decision,” said David Mack Ph.D., PMV Pharma’s CEO and Co-founder. “We are grateful for their dedication and contributions to help bring PMV and PC14586 to this point of development. This is a difficult but necessary step to ensure that PC14586 is developed as efficiently as possible to benefit patients.” About PMV Pharma