10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                 to                

Commission File Number: 001-39539

PMV PHARMACEUTICALS, INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware	46-3218129
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
8 Clarke Drive, Suite 3 Cranbury, NJ	08512
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (609) 642-6670

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.00001	PMVP	The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes  ☐    No  ☒

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.     Yes  ☒    No  ☐

As of May 12, 2021, the registrant had 45,033,422 shares of common stock, $0.00001 par value per share, outstanding.

Table of Contents

		Page
PART I.	FINANCIAL INFORMATION	1
Item 1.	Condensed Financial Statements (Unaudited)	1
	Condensed Balance Sheets (Unaudited)	1
	Condensed Statements of Operations and Comprehensive Loss (Unaudited)	2
	Condensed Statements of Convertible Preferred Stock and Stockholders’ (Deficit) Equity (Unaudited)	3
	Condensed Statements of Cash Flows (Unaudited)	4
	Notes to Unaudited Condensed Financial Statements	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	20
Item 4.	Controls and Procedures	20
PART II.	OTHER INFORMATION	21
Item 1.	Legal Proceedings	21
Item 1A.	Risk Factors	21
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	21
Item 3.	Defaults Upon Senior Securities	21
Item 4.	Mine Safety Disclosures	21
Item 5.	Other Information	21
Item 6.	Exhibits	22
Signatures		24

i

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements that involve risks and uncertainties. We make such forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. All statements other than statements of historical facts contained in this Quarterly Report on Form10-Q, including statements regarding our future results of operations and financial position, business strategy, development plans, planned preclinical studies and clinical trials, future results of clinical trials, expected research and development costs, regulatory strategy, timing and likelihood of success, as well as plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “would,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:

• our financial performance;

• the sufficiency of our existing cash, cash equivalents and short-term marketable securities to fund our future operating expenses and capital expenditure requirements;

• our need to raise additional funding before we can expect to generate any revenues from product sales;

• our ability to obtain additional funding for our operations, when needed, including funding necessary to complete further development and commercialization of our product candidates, if approved;

• the accuracy of our estimates regarding expenses, future revenue, capital requirements and needs for additional financing;

• the implementation of our strategic plans for our business and product candidates;

• the size of the market opportunity for our product candidates and our ability to maximize those opportunities;

• the initiation, timing, progress and results of our research and development programs, preclinical studies, any clinical trials and, investigational new drug application (“IND”) and other regulatory submissions;

• the beneficial characteristics, safety, efficacy and therapeutic effects of our product candidates;

• our estimates of the number of patients expected to have certain p53 mutants and the number of patients that will enroll in our clinical trials;

• the ability of our clinical trials to demonstrate safety and efficacy of our product candidates, and other favorable results;

• our plans relating to the clinical development of our product candidates, including the disease areas to be evaluated;

• the timing, progress and focus of our clinical trials, and the reporting of data from those trials;

• our ability to obtain and maintain regulatory approval of our product candidates;

• our plans relating to commercializing our product candidates, if approved;

• the expected benefits of potential future strategic collaborations with third parties and our ability to attract collaborators with development, regulatory and commercialization expertise;

• the success of competing therapies that are or may become available;

• the timing or likelihood of regulatory filings and approvals, including our expectation to seek accelerated reviews or special designations, such as breakthrough therapy and orphan drug designation, for our product candidates;

• our plans relating to the further development and manufacturing of our product candidates, including for additional indications that we may pursue;

• existing regulations and regulatory developments in the United States and other jurisdictions;

• our plans and ability to obtain or protect intellectual property rights, including extensions of existing patent terms where available;

• our plan to rely on third parties to conduct and support preclinical and clinical development;

• our ability to retain the continued service of our key personnel and to identify, hire and then retain additional qualified personnel;

• the impact of the ongoing COVID-19 pandemic or other related disruptions on our business; and

ii

• our expectations regarding the period during which we will qualify as an emerging growth company under the Jumpstart Our Business Startups Act of 2012, as amended.

We have based these forward-looking statements largely on our current expectations and projections about our business, the industry in which we operate and financial trends that we believe may affect our business, financial condition, results of operations and prospects, and these forward-looking statements are not guarantees of future performance or development. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q and are subject to a number of risks, uncertainties and assumptions described in the section titled “Item 1A. Risk Factors” and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2020 as well as in this Quarterly Report on Form 10-Q. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events or otherwise.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and you are cautioned not to unduly rely upon these statements.

iii

PART I—FINANCIAL INFORMATION

Item 1. Condensed Financial Statements (Unaudited).

PMV Pharmaceuticals, Inc.

Condensed Balance Sheets

(unaudited)

(in thousands, except share and per share amounts)

	March 31, 2021 (unaudited)			December 31, 2020
Assets
Current assets:
Cash and cash equivalents	$	208,783		$	361,422
Marketable securities, current		122,706			—
Prepaid expenses and other current assets		3,464			3,339
Total current assets		334,953			364,761
Property and equipment, net		697			569
Marketable securities, noncurrent		16,891			—
Right-of-use assets, operating leases		828			—
Other assets		1,024			201
Total assets	$	354,393		$	365,531
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	1,252		$	1,607
Accrued expenses		3,878			4,803
Operating lease liability, current		666			—
Total current liabilities		5,796			6,410
Operating lease liability, noncurrent		302			—
Total liabilities		6,098			6,410
Stockholders’ equity:
Preferred stock, $0.00001 par value, 5,000,000 shares authorized at March 31, 2021 (unaudited) and December 31, 2020.  No shares issued or outstanding at March 31, 2021 (unaudited) and December 31, 2020.		—			—
Common stock, $0.00001 par value, 1,000,000,000 shares authorized; 44,881,169 and 44,777,818 shares issued and outstanding at March 31, 2021 (unaudited) and December 31, 2020, respectively		—			—
Additional paid-in capital		469,790			469,001
Accumulated deficit		(121,482	)		(109,880	)
Accumulated other comprehensive loss		(13	)		—
Total stockholders’ equity		348,295			359,121
Total liabilities and stockholders’ equity	$	354,393		$	365,531

The accompanying notes are an integral part of these unaudited condensed financial statements.

1

PMV Pharmaceuticals, Inc.

Condensed Statements of Operations and Comprehensive Loss

(unaudited)

(in thousands, except share and per share amounts)

	Three Months Ended March 31,
	2021			2020
Operating expenses:
Research and development	$	7,500		$	5,955
General and administrative		4,174			1,699
Total operating expenses		11,674			7,654
Loss from operations		(11,674	)		(7,654	)
Other income (expense):
Interest income, net		128			406
Other expense		(52	)		(5	)
Total other income		76			401
Loss before provision for income taxes		(11,598	)		(7,253	)
Provision for income taxes		4			2
Net loss		(11,602	)		(7,255	)
Unrealized losses on marketable securities, net of tax		(13	)		(80	)
Comprehensive loss	$	(11,615	)	$	(7,335	)
Net loss per share -- basic and diluted	$	(0.26	)	$	(2.38	)
Weighted-average common shares outstanding		44,785,226			3,046,200

The accompanying notes are an integral part of these unaudited condensed financial statements.

2

PMV Pharmaceuticals, Inc.

Condensed Statements of Convertible Preferred Stock and Stockholders’ (Deficit) Equity

(unaudited)

(in thousands, except share amounts)

											Accumulated						Total
	Convertible Preferred Stock				Common Stock				Additional Paid-in		Other Comprehensive			Accumulated			Stockholders' (Deficit)
	Shares		Amount		Shares		Amount		Capital		Loss			Deficit			Equity
Balance at December 31, 2019		22,866,246	$	168,933		3,046,200	$	—		4,969	$	(3	)	$	(75,440	)	$	(70,474	)
Stock-based compensation expense		—		—		—		—		296		—			—			296
Net loss		—		—		—		—		—		—			(7,255	)		(7,255	)
Unrealized loss on available for sale investments		—		—		—		—		—		(80	)		—			(80	)
Balance at March 31, 2020		22,866,246	$	168,933		3,046,200	$	—		5,265	$	(83	)	$	(82,695	)	$	(77,513	)

											Accumulated						Total
	Convertible Preferred Stock				Common Stock				Additional Paid-in		Other Comprehensive			Accumulated			Stockholders' (Deficit)
	Shares		Amount		Shares		Amount		Capital		Loss			Deficit			Equity
Balance at December 31, 2020		—	$	—		44,777,818	$	—		469,001	$	—		$	(109,880	)	$	359,121
Exercise of stock options						103,351				162							$	162
Stock-based compensation expense		—		—		—		—		627		—			—			627
Net loss		—		—		—		—		—		—			(11,602	)		(11,602	)
Unrealized loss on available for sale investments		—		—		—		—		—		(13	)		—			(13	)
Balance at March 31, 2021		—	$	—		44,881,169	$	—		469,790	$	(13	)	$	(121,482	)	$	348,295

The accompanying notes are an integral part of these unaudited condensed financial statements.

3

PMV Pharmaceuticals, Inc.

Condensed Statements of Cash Flows

(unaudited)

(in thousands)

	Three Months Ended March 31,
	2021			2020
Cash flows from operating activities:
Net loss	$	(11,602	)	$	(7,255	)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation		627			296
Depreciation		79			94
Amortization of premiums on marketable securities		167			87
Other		—			5
Change in operating assets and liabilities:
Prepaid expenses and other assets		(948	)		(24	)
Accounts payable		(355	)		(1,255	)
Accrued expenses		(872	)		(86	)
Net cash used in operating activities		(12,904	)		(8,138	)
Cash flows from investing activities:
Purchase of property and equipment		(120	)		(51	)
Purchase of marketable securities		(139,777	)		(14,828	)
Maturities of marketable securities		—			8,495
Net cash used in investing activities		(139,897	)		(6,384	)
Cash flows from financing activities:
Proceeds from exercise of stock options		162			—
Net cash provided by financing activities		162			—
Net decrease in cash and cash equivalents		(152,639	)		(14,522	)
Cash and cash equivalents
Cash and cash equivalents - beginning of period		361,422			73,278
Cash and cash equivalents - end of period	$	208,783		$	58,756
Supplemental disclosures of cash flow information
Cash paid for income tax	$	4		$	2

The accompanying notes are an integral part of these unaudited condensed financial statements.

4

PMV Pharmaceuticals, Inc.

Notes to Condensed Financial Statements

(unaudited)

(in thousands, except share and per share amounts)

1. Formation and Business of the Company

Organization and Liquidity

PMV Pharmaceuticals, Inc. (the “Company”) was incorporated in the state of Delaware in March 2013. Since inception, the Company has devoted substantially all of its time and efforts to performing research and development activities and raising capital. The Company is a precision oncology company pioneering the discovery and development of small molecule, tumor-agnostic therapies targeting p53 mutations. The Company’s headquarters are located in Cranbury, New Jersey.

The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry including, but not limited to, technical risks associated with the successful research, development and manufacturing of product candidates, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Current and future programs will require significant research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.

On September 25, 2020, the Company completed an initial public offering (the “IPO”) of 13,529,750 shares of common stock, at a public offering price of $18.00 per share including the exercise in full by the underwriters of their option to purchase up to 1,764,750 additional shares of commons stock, for aggregate gross proceeds of $243,536 and its shares started trading on The Nasdaq Global Select Market under the ticker symbol “PMVP.”  The Company received $223,161 in net proceeds after deducting underwriting discounts and commissions and other offering expenses payable by the Company.  In connection with the closing of the IPO, all of the Company’s outstanding shares of convertible preferred stock outstanding at the time of the IPO automatically converted into 28,188,110 shares of common stock. On September 18, 2020, the Company amended its certificate of incorporation to effect a 5.2651-for-1 reverse stock split of its issued and outstanding common and convertible preferred stock. The accompanying unaudited condensed financial statements and related notes give retroactive effect to the reverse stock split for all periods presented.

The Company has incurred net losses and negative cash flows from operations since its inception. During the three months ended March 31, 2021, the Company incurred a net loss of $11,602 and used $12,904 of cash for operations. At March 31, 2021, the Company had an accumulated deficit of $121,482. Cash and cash equivalents at March 31, 2021 were $208,783.  Short and long term marketable securities totaled $139,597 at March 31, 2021. Management expects to incur substantial additional operating losses for the next several years and will need to obtain additional debt or equity financings in order to complete development of its products, obtain regulatory approvals, launch and commercialize its products and continue research and development programs. The Company believes it has adequate cash and cash equivalents to operate for at least the next twelve months from the date of issuance of these unaudited condensed financial statements.

2. Summary of Significant Accounting Policies

The Company’s significant accounting policies are disclosed in the audited financial statements for the year ended December 31, 2020, included in the Company’s Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (“SEC”) on March 3, 2021. Since the date of those financial statements, there have been no changes to its significant accounting policies except as noted below.

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the interim period reporting requirements of Form 10-Q and Article 10 of Regulation S-X. The condensed balance sheet as of March 31, 2021, the condensed statements of operations and comprehensive loss, and condensed statements of convertible preferred stock and stockholders’ (deficit) equity for the three months ended March 31, 2021 and 2020, and the condensed statements of cash flows for the three months ended March 31, 2021 and 2020 are unaudited, but, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, which we consider necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.  The results for any interim period are not

5

PMV Pharmaceuticals, Inc.

Notes to Condensed Financial Statements

(unaudited)

(in thousands, except share and per share amounts)

necessarily indicative of results for the year ending December 31, 2021 or for any other subsequent interim period.The condensed balance sheet at December 31, 2020 has been derived from our audited financial statements.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, the fair values of common stock, convertible preferred stock and stock-based compensation. Actual results could differ materially from those estimates.

Reverse Stock Split

In September 2020, the Company’s board of directors and stockholders approved an amendment to the Company’s amended and restated certificate of incorporation to effect a 5.2651-for-1 reverse stock split of the Company’s common stock and convertible preferred stock, which was effected on September 18, 2020. The par value of the common stock and convertible preferred stock were not adjusted as a result of the reverse stock split. Accordingly, all common stock, convertible preferred stock, stock options, and related per share amounts in these unaudited condensed financial statements have been retroactively adjusted for all periods presented to give effect to the reverse stock split.

Cash, Cash Equivalents and Marketable Securities

Management considers all highly liquid investments with original maturities of three months or less to be cash equivalents.

The Company’s marketable debt securities have been classified and accounted for as available-for-sale. The Company classifies its marketable debt securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. Marketable debt securities with maturities of 12 months or less are classified as short-term and marketable debt securities with maturities greater than 12 months are classified as long-term. The Company’s marketable debt securities are carried at fair value, with unrealized gains and losses, net of taxes, reported as a component of accumulated other comprehensive loss in stockholders’ deficit. Premiums and discounts on marketable debt securities are amortized into earnings over the life of the security. For the three months ended March 31, 2021 and 2020, the Company recorded $167 and $87 of amortization, respectively.      

Comprehensive Loss

The Company presents comprehensive loss in a single statement within its financial statements.  Other comprehensive loss consists of unrealized gains and losses on marketable securities, net of tax.

Leases

At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the circumstances present. The Company accounts for a contract as a lease when it has the right to control the asset for a period of time while obtaining substantially all of the asset’s economic benefits. The Company determines the initial classification and measurement of its operating right-of-use (“ROU”) assets and operating lease liabilities at the lease commencement date, and thereafter if modified. The lease term includes any renewal options that the Company is reasonably assured to exercise. The Company’s policy is to not record leases with a lease term of 12 months or less on its balance sheets. The Company’s only existing lease is for office space.

The ROU asset represents the right to use the leased asset for the lease term. The lease liability represents the present value of the lease payments under the lease. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the Company uses its estimated secured incremental borrowing rate for that lease term.

6

PMV Pharmaceuticals, Inc.

Notes to Condensed Financial Statements

(unaudited)

(in thousands, except share and per share amounts)

Lease expense for operating leases is recognized on a straight-line basis over the reasonably assured lease term based on the total lease payments and is included in operating expense in the statements of operations.

Payments due under each lease agreement include fixed and variable payments. Variable payments relate to the Company’s share of the lessor’s operating costs associated with the underlying asset and are recognized when the event on which those payments are assessed occurs. Neither of the Company’s leases contain residual value guarantees.

The interest rate implicit in lease agreements is typically not readily determinable, and as such, the Company utilizes the incremental borrowing rate to calculate lease liabilities, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment.

Recently Issued and Adopted Accounting Pronouncements

In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, Leases (Topic 842), as amended by multiple standards updates, in order to increase transparency and comparability among organizations by requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The most significant change arising from the new standard is the recognition of right of use assets and lease liabilities for leases classified as operating leases. The right-of-use lease liability for operating leases is based on the net present value of future minimum lease payments. Additionally, the right-of-use asset for operating leases is based on the lease liability adjusted for the reclassification of certain balance sheet amounts such as the long term portion of straight line rent liability and deferred lease incentives. Under the standard, disclosures are required to enable financial statement users to assess the amount, timing, and uncertainty of cash flows arising from the leases. Companies are also required to recognize and measure leases existing at, or entered into after, the adoption date using a modified retrospective approach, with certain practical expedients available. Comparative periods prior to adoption have not been retrospectively adjusted.

The Company adopted the standard effective January 1, 2021 using the modified retrospective transition method. Upon adoption, the Company applied the package of practical expedients that allows an entity to not reassess (i) whether any expired or existing contracts are or contain leases, (ii) lease classification for any expired or existing leases and (iii) initial direct costs for any expired or existing leases. The Company elected the practical expedient not to apply the recognition requirements to short-term leases, defined as a lease that at the commencement date has a lease term of 12 months or less that does not include a purchase option to purchase the underlying asset that the Company is reasonably certain to exercise. Furthermore, the Company has elected the practical expedient to not separate lease and non-lease components by class of underlying asset for its existing leases. As the Company enters into new leases, it will continue to evaluate this accounting policy for any new classes of underlying assets.

Upon adoption, the Company recorded ROU assets of $970 and lease liabilities of $1,129. The standard did not have a material impact on the statement of operations or statement of cash flows.

In December 2019, the FASB issued ASU 2019-12, Income Taxes – Simplifying the Accounting for Income Taxes. The new guidance simplifies the accounting for income taxes by removing several exceptions in the current standard and adding guidance to reduce complexity in certain areas, such as requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The Company adopted this standard as of January 1, 2021. The adoption did not have a material impact on the Company’s financial statements.

Concentration of Credit Risk and Other Risks and Uncertainties

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash and cash equivalents and marketable securities. Cash and cash equivalents includes a checking account held at one financial institution. At times, such deposits may be in excess of insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents. The Company’s marketable debt securities are carried at fair value and include any unrealized gains and losses. Any investments with unrealized losses are considered to be temporarily impaired.

The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, rapid technological change, uncertainty of market acceptance of the product, competition from substitute products and larger companies, protection of proprietary technology, any future strategic relationships and dependence on key individuals.

7

PMV Pharmaceuticals, Inc.

Notes to Condensed Financial Statements

(unaudited)

(in thousands, except share and per share amounts)

Products developed by the Company require clearances from the U.S. Food and Drug Administration or other international regulatory agencies prior to commercial sales. There can be no assurance the Company’s product candidates will receive the necessary clearances. If the Company is denied clearance, clearance is delayed or it is unable to maintain clearance, it could have a materially adverse impact on the Company.

In January 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a “Public Health Emergency of International Concern,” which continues to spread throughout the world.  The outbreak has adversely impacted global commercial activity and contributed to significant volatility in financial markets. The COVID-19 outbreak and government responses are creating disruption in global supply chains and adversely impacting many industries. The outbreak could have a continued material adverse impact on economic and market conditions and trigger a period of global economic slowdown. The Company continues to monitor the impact of the COVID-19 outbreak closely. The full extent to which the COVID-19 outbreak will impact its operations or financial results remains uncertain.

3. Fair Value Measurements

The Company’s financial assets consist of money market funds, U.S. government debt securities and corporate debt securities. The following tables show the Company’s cash equivalents and available-for-sale securities’ carrying amounts and fair values at March 31, 2021 and December 31, 2020:

	As of March 31, 2021 (unaudited)
	Carrying Amount		Fair Value		Quoted priced in active markets (level 1)		Significant other observable inputs (level 2)		Significant unobservable inputs (level 3)
Financial assets
Money market funds	$	41,268	$	41,268	$	41,268	$	—	$	—
Corporate securities		280,534		280,534		—		280,534		—
Government securities		25,562		25,562		—		25,562		—
Total financial assets	$	347,364	$	347,364	$	41,268	$	306,096	$	—

	As of December 31, 2020
	Carrying Amount		Fair Value		Quoted Priced in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets
Money market funds		240,033		240,033		240,033	$	—	$	—
Corporate securities		120,008		120,008		—		120,008		—
Total financial assets	$	360,041	$	360,041	$	240,033	$	120,008	$	—

Cash Equivalents — Cash equivalents of $207.8 million as of March 31, 2021 consisted of money market funds of $41.3 million and corporate debt securities of $166.5 million. Cash equivalents of $360.0 million as of December 31, 2020 consisted of money market funds of $240.0 million and corporate debt securities of $120.0 million. Money market funds are classified within level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets, whereas corporate debt securities are classified within level 2 of the fair value hierarchy because they are valued using inputs other than quoted prices that are observable for the asset or liability either directly or indirectly.

Marketable Securities —  There were $122.7 million current marketable securities and $16.9 million noncurrent marketable securities as of March 31, 2021.  There were no marketable securities as of December 31, 2020.

8

PMV Pharmaceuticals, Inc.

Notes to Condensed Financial Statements

(unaudited)

(in thousands, except share and per share amounts)

4. Property and Equipment, Net

	March 31, 2021 (unaudited)			December 31, 2020
Machinery & equipment	$	2,061		$	1,989
Computers		8			8
Furniture & fixtures		9			9
Leasehold improvements		161			73
Assets not placed in service		99			51
Total property and equipment		2,338			2,130
Less: Accumulated depreciation		(1,641	)		(1,561	)
Property and equipment, net	$	697		$	569

Depreciation expense for the three months ended March 31, 2021 and 2020 was $79 and $94, respectively.  

5. Accrued Expenses

Accrued expenses consist of the following:

	March 31, 2021 (unaudited)		December 31, 2020
Accrued compensation	$	1,814	$	3,109
Accrued legal and professional services		205		—
Accrued research and development costs		1,819		1,595
Other accrued liabilities		40		99
Total	$	3,878	$	4,803

6. Commitments and Contingencies

Operating Leases

In June 2015, the Company executed a noncancelable operating lease for approximately 13,000 square feet of laboratory, research and development, and office space in Cranbury, New Jersey for an initial base rent of $20.00 per square foot. This location operates as the Company’s headquarters. In June 2017, the Company obtained an additional noncancelable operating lease for about 6,000 square feet of laboratory space in the same corporate center at an initial rental rate at $22.00 per square foot. As a result of the additional space, both leases will expire July 2022, with an option to renew for an additional five-year term. Both leases include a common area maintenance expense for $3.00 per square foot with an increase of 3% on the first month of each calendar year during the lease term and a management fee of 3% of the base rent.The Company is obligated to pay, on a pro-rata basis, real estate taxes and operating costs related to the premises.

In August 2018, the Company executed two noncancelable operating leases. One lease for approximately 6,000 square feet for vivarium, laboratory and general office space in South Brunswick, New Jersey. The initial annual base rent is $15.50 per square foot and a management fee of 3% of the base rent. The Company is obligated to pay, on a pro-rata basis, insurance premiums, real estate taxes and operating costs related to the premises. The lease expires in July 2022, with an option for additional five-year term. The second lease is for office space in Lexington, Massachusetts, that expires August 2023, with an option to renew for a one-time, three-year extension. The initial annual base rent is $28.50 per square foot and will increase $1.00 per square foot at the end of each rent year.

The lease agreement in Lexington, Massachusetts allows for a tenant improvement allowance not to exceed $165 to be applied to the total cost of tenant improvements to the leased premises. Tenant improvement allowances due or received are recorded as deferred rent incentives on the Company’s condensed consolidated balance sheets, which are amortized to rent expense over the term of the lease. As of March 31, 2021, deferred rent incentives totaled $88.

9

PMV Pharmaceuticals, Inc.

Notes to Condensed Financial Statements

(unaudited)

(in thousands, except share and per share amounts)

The components of lease cost for the three months ended March 31, 2021 are as follows:

(in thousands)	Three Months Ended March 31, 2021
Operating lease cost	$	157
Variable lease cost		95
Total lease cost	$	252

Amounts reported in the consolidated balance sheets for leases where the Company is the lessee as of March 31, 2021 were as follows, in thousands:

Operating Leases:	Three Months Ended March 31, 2021
Right-of-use assets, operating leases	$	828
Operating lease liabilities, current	$	666
Operating lease liabilities, non-current		302
Total operating lease liabilities	$	968
Weighted-average remaining lease term (years)	1.55
Weighted-average discount rate		5.75	%

Other information related to leases for the three months ended March 31, 2021 is as follows, in thousands:

Cash paid for amounts included in the measurement of lease liabilities	$	174
Leased assets obtained in exchange for new operating lease liabilities		—

Minimum lease payments under operation leases by fiscal year were as follows, in thousands:

Fiscal year	Year Ended December 31, 2020
2021	$	525
2022		413
2023		71
2024		—
2025		—
Thereafter		—
Total minimum lease payments	$	1,009
Less:  Amounts representing imputed interest		(41	)
Present value of lease liabilities	$	968

(1) Excluded from the table above are the lease payments associated with the lease of office and laboratory space in Princeton, New Jersey for the Company’s future headquarters. The Company has excluded its lease payments due to the commencement date not having occurred and a lease liability not yet having been recognized on its condensed balance sheet.

Rent expense recorded during the three months ended March 31, 2021 and 2020 was $137 and $186, respectively.

In January 2021, the Company signed a lease for 50,581 square feet of office and laboratory space at One Research Way in Princeton, New Jersey. That lease term extends through 2032, has a five-year extension option, and is intended to replace our two existing facilities. Payment under this lease will total $19.6 million through May 2032.  The Company received a tenant improvement allowance of $4.1 million on behalf of the lessor for a buildout of laboratory, vivarium, and office space.

10

PMV Pharmaceuticals, Inc.

Notes to Condensed Financial Statements

(unaudited)

(in thousands, except share and per share amounts)

Contingencies

From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of its business activities.  The Company accrues a liability for such matters when future expenditures are probable and such expenditures can be reasonably estimated.

Commitments

At March 31, 2021, there were no purchase commitments with third-party suppliers.

7. Stockholders’ Equity

The Company is authorized to issue up to 1,000,000,000 shares of common stock with a par value of $0.00001 per share and 5,000,000 shares of preferred stock with a par value of $0.00001 per share. At March 31, 2021 and December 31, 2020, there were 44,881,169 and 44,777,818 shares of common stock issued and outstanding, respectively, and no shares of preferred stock issued and outstanding.

Common stockholders are entitled to receive dividends if and when declared by the board of directors subject to the rights of any preferred stockholders.  As of March 31, 2021, no dividends on common stock had been declared by the Company.

8. Stock Plan

2020 Equity Incentive Plan

The 2020 Equity Incentive Plan (the “2020 Plan”) was approved by the board of directors on September 24, 2020.  The 2020 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock units, restricted stock awards, unrestricted stock awards, cash-based awards and dividend equivalent rights to the Company’s officers, employees, directors and consultants. The number of shares initially reserved for issuance under the 2020 Plan is 4,406,374, which shall be, upon approval by the board of directors, cumulatively increased on January 1, 2021 and each January 1 thereafter by 5% of the number of shares of the Company’s common stock outstanding on the immediately preceding December 31.  As of March 31, 2021, there were 4,367,896 shares available for issuance under the 2020 Plan.

2020 Employee Stock Purchase Plan

The 2020 Employee Stock Purchase Plan (the “2020 ESPP”) was approved by the board of directors on September 24, 2020.  A total of 400,572 shares of common stock were initially reserved for issuance under this plan, which shall be increased, upon approval by the board of directors, on January 1, 2021 to the lesser of (i) 801,504 shares of common stock, (ii) 1% of the outstanding shares of common stock on the last day of the immediately preceding fiscal year, or (iii) an amount determined by the Administrator no later than the last day of the immediately preceding fiscal year.  As of March 31, 2021, no shares are issued or outstanding under the 2020 ESPP.

2013 Equity Incentive Plan

In 2013, the Company adopted the 2013 Stock Plan (the “2013 Plan”). On September 24, 2020, this plan was replaced by the 2020 Plan, and future issuances of incentive instruments will be governed by that plan.  Subject to the provisions of the 2020 Plan, the Company had the option to either forfeit or repurchase remaining shares under the 2013 Equity Incentive Plan on or after the registration date.  The Company chose to forfeit the remaining shares.

11

PMV Pharmaceuticals, Inc.

Notes to Condensed Financial Statements

(unaudited)

(in thousands, except share and per share amounts)

Stock-Based Compensation

This table summarizes option activity for the three-month period ended March 31, 2021:

				Options Outstanding
									Weighted-
							Weighted		Average		Aggregate
	Shares						Average		Remaining		Intrinsic
	Available			Number of			Exercise		Contractual Life		Value
	for Grant			Options			Price		(in years)		(in 000s)
Balances, December 31, 2020		4,609,725			4,090,970		$	3.14		7.13	$	238,792
Options retired under 2013 Equity Plan		(237,542	)		—
Options granted		(23,500	)		23,500		$	34.30
Options forfeited / cancelled		19,213			(19,213	)	$	3.86		0.00
Options exercised		—			(103,351	)	$	1.57
Balances, March 31, 2021 (unaudited)		4,367,896			3,991,906		$	3.36		6.77	$	117,965
At March 31, 2021
Vested and expected to vest					3,991,906		$	3.34		6.77	$	117,965
Exercisable					2,644,954		$	2.20		5.81	$	81,134

At March 31, 2021, the total compensation cost related to nonvested awards not yet recognized is $4,683. The weighted-average period over which the nonvested awards is expected to be recognized is 3.0 years.

The Company estimated the fair value of the options using the Black-Scholes options valuation model. The fair value of the options is being amortized on a straight-line basis over the requisite service period of the awards. The fair value was estimated using the following assumptions:

	Three Months Ended	Year Ended
	March 31,	December 31,
	2021	2020
Risk-free interest rate	0.65%	0.31% - 1.51%
Expected life (in years)	6.25	4.92 - 6.40
Dividend yield	0%	0%
Expected volatility	79.90%	70.70% - 77.60%

Expected Term: The Company uses the simplified method to calculate expected term described in the SEC’s Staff Accounting Bulletin No. 107, which takes into account vesting term and expiration date of the options.

Volatility: Volatility is based on an average of the historical volatilities of comparable publicly traded companies for the expected term.

Risk Free Interest Rate: The risk-free rate is based on the U.S. Treasury yields in effect at the time of grant for periods corresponding with the expected term of the option.

Dividend Yield: The Company has never declared or paid any cash dividends and does not plan to pay cash dividends in the foreseeable future, and therefore, used an expected dividend yield of zero in the valuation model.

Stock-based compensation expense recorded under ASC 718 related to stock options granted was allocated to research and development and general and administrative expense as follows:

	For the Three Months Ended
	March 31,		March 31,
	2021		2020
Research and development	$	251	$	142
General and administrative		376		154
Total stock-based compensation	$	627	$	296

12

PMV Pharmaceuticals, Inc.

Notes to Condensed Financial Statements

(unaudited)

(in thousands, except share and per share amounts)

9. Income Taxes

During the three months ended March 31, 2021 and 2020, the Company recorded a full valuation allowance on federal and state deferred tax assets since management does not forecast the Company to be in a taxable position in the near future.

10. Net Loss per Share

The Company’s convertible preferred stock does not participate in losses.

	For the Three Months Ended
	March 31, 2021 (unaudited)			March 31, 2020 (unaudited)
Net loss	$	(11,602	)	$	(7,255	)
Weighted-average number of shares - basic and diluted		44,785,226			3,046,200
Net loss per share - basic and diluted		(0.26	)		(2.38	)

11. Related Parties

The Company has consulting agreements with two members of the board of directors. Consulting fees paid in each of the three months ended March 31, 2021 and 2020 were $28.  There were no amounts owed under the consulting agreement at March 31, 2021 or December 31, 2020.

During the fiscal year ended December 31, 2020, an investor provided $65 of financial consulting services to the Company. The Company has paid the entirety of the fees as of December 31, 2020.  No amounts were paid or owed to the investors in the three months ended March 31, 2021.  

13

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

You should read the following discussion of our financial condition and results of operations in conjunction with our unaudited financial statements and the related notes and other financial information included in this Quarterly Report on Form 10-Q and our audited financial statements and notes thereto as of and for the years ended December 31, 2020 and 2019 and the related Management’s Discussion and Analysis of Financial Condition and Results of Operations, including Contractual Obligations and Critical Accounting Policies and Significant Judgments and Estimates, included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 filed with the Securities and Exchange Commission (SEC) on March 3, 2021.  Unless the context requires otherwise, references in this Quarterly Report on Form 10-Q to “we,” “us,” and “our” refer to PMV Pharmaceuticals, Inc.

In addition to historical information, this Quarterly Report on Form 10-Q contains forward-looking statements that involve risks, uncertainties, and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including but not limited to those set forth under the captions “Special Note Regarding Forward-Looking Statements,” “Item 1A. Risk Factors” and elsewhere in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as updated by our subsequent filings under the Securities Exchange Act of 1934, as amended. Furthermore, past operating results are not necessarily indicative of results that may occur in future periods.

Overview

We are a precision oncology company pioneering the discovery and development of small molecule, tumor-agnostic therapies targeting p53 mutations. p53 is a well-defined tumor suppressor protein known as the “guardian of the genome,” and normal, or wild-type, p53 has the ability to eliminate cancer cells. However, mutant p53 proteins can be misfolded and lose their wild-type tumor suppressing function. These p53 mutations are found in approximately half of all cancers. The field of p53 biology was established by our co-founder Dr. Arnold Levine when he discovered the p53 protein in 1979. We have leveraged more than four decades of research experience and developed unique insights into p53 to create a precision oncology platform designed to generate selective, small molecule, tumor-agnostic therapies that structurally correct specific mutant p53 proteins to restore their wild-type function. We are deploying our precision oncology platform to target the top ten most frequent, or hotspot, p53 mutations that are collectively associated with approximately 10-15% of all cancers.

Since our formation in March 2013, we have devoted substantially all of our time and efforts to performing research and development activities and raising capital. We are not profitable and have incurred losses in each year since our inception. Our net losses were $34.4 million and $25.3 million for the years ended December 31, 2020 and 2019, respectively, and $11.6 million and $7.3 million for the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021, we had an accumulated deficit of $121.5 million. We do not currently have any product candidates approved for sale, and we continue to incur significant research and development and general administrative expenses related to our operations. We initiated a Phase 1/2 clinical trial in October 2020 for our lead product candidate, PC14586. In October 2020, we were granted FDA Fast Track Designation of PC14586 for the treatment of patients with locally advanced or metastatic solid tumors that have a p53 Y220C mutation. We dosed our first patient in this clinical trial in the fourth quarter of 2020. We expect that our operating expenses will increase significantly as we advance our product candidates through preclinical and clinical development, seek regulatory approval and prepare for and, if approved, proceed to commercialization; acquire, discover, validate and develop additional product candidates; obtain, maintain, protect and enforce our intellectual property portfolio; and hire additional personnel. In addition, we have incurred, and will continue to incur additional costs associated with operating as a public company, and expect to continue to incur significant losses for the foreseeable future.

Our ability to generate product revenue will depend on the successful development, regulatory approval and eventual commercialization of one or more of our product candidates. Until such time as we can generate significant revenue from product sales, if ever, we expect to finance our operations through private or public equity or debt financings, collaborative or other arrangements with corporate sources, or through other sources of financing. Adequate funding may not be available to us on acceptable terms, or at all. If we fail to raise capital or enter into such agreements as and when needed, we may have to significantly delay, scale back or discontinue the development and commercialization of our product candidates.

We plan to continue to use third-party service providers, including clinical research organizations, or CROs, and contract manufacturing organization, or CMOs, to carry out our preclinical and clinical development and to manufacture and supply the materials to be used during the development and commercialization of our product candidates. We do not currently have a sales force.

14

Components of Results of Operations

Revenue

To date, we have not generated any revenue from any sources, including from product sales, and we do not expect to generate any revenue from the sale of products in the foreseeable future. If our development efforts for our product candidates are successful and result in regulatory approval, or license agreements with third parties, we may generate revenue in the future from product sales. However, there can be no assurance as to when we will generate such revenue, if at all.

Operating Expenses

Research and Development Expenses

Our research and development expenses consist primarily of costs incurred to conduct research, such as the discovery and development of our product candidates as well as the development of future product candidates. Research and development expenses include personnel costs, including stock-based compensation expense, third-party contractor services, laboratory materials and supplies, sourcing of raw materials and manufacturing of product candidates, depreciation and maintenance of research equipment and an allocation of related facilities costs. We expense research and development costs as they are incurred.

As we are at a very early stage of development, we do not allocate our costs by product candidate or development program, as a significant amount of research and development expenses include compensation costs, materials, supplies, depreciation on and maintenance of research equipment, and the cost of services provided by outside contractors, which are not tracked by product candidate or development program. In particular, with respect to internal costs, several of our departments support multiple product candidate research and development programs, and therefore the costs cannot be allocated to a particular product candidate or development program. Substantially all of our research and development costs are associated with our lead product candidate, PC14586. In October 2020, we initiated a Phase 1/2 clinical trial for PC14586 and also were granted FDA Fast Track Designation of PC14586 for the treatment of patients with locally advanced or metastatic solid tumors that have a p53 Y220C mutation. We dosed our first patient in this clinical trial in the fourth quarter of 2020.

We expect our research and development expenses to increase substantially in absolute dollars in the future as we advance our product candidates into and through clinical trials and pursue regulatory approval of our product candidates. The process of conducting the necessary clinical research to obtain regulatory approval is costly and time-consuming. The actual probability of success for our product candidates may be affected by a variety of factors including: the safety and efficacy of our product candidates, early clinical data, investment in our clinical program, the ability of any future collaborators to successfully develop our licensed product candidates, competition, manufacturing capability, and commercial viability. We may never succeed in achieving regulatory approval for any of our product candidates. As a result of the uncertainties discussed above, we are unable to determine the duration and completion costs of our research and development projects.

General and Administrative Expenses

General and administrative expenses include personnel costs, expenses for outside professional services and other allocated expenses. Personnel costs consist of salaries, bonuses, benefits and stock-based compensation. Outside professional services consist of legal, accounting and audit services and other consulting fees. Allocated expenses consist of rent expense related to our office and research and development facility. We expect to incur additional expenses as a public company, including expenses related to compliance with the rules and regulations of the SEC, and those of any national securities exchange on which our securities are traded, additional insurance expenses, investor relations activities and other administrative and professional services. We expect to increase our headcount significantly to operate as a public company. We also expect to increase our general and administrative expenses as we advance our product candidates through preclinical research and development, manufacturing, clinical development and commercialization.

Interest Income, Net

Interest income, net primarily consists of interest income from our interest-bearing cash, cash equivalents and short-term marketable securities and interest costs related to amortization of premiums and discounts on short-term marketable securities.

15

Results of Operations

Comparison of the Three Months ended March 31, 2021 and 2020

The following table summarizes our results of operations (in thousands):

	Three Months Ended March 31,
Statement of operations data:	2021			2020			Change
	(unaudited)			(unaudited)
Operating expenses:
Research and development	$	7,500		$	5,955		$	1,545
General and administrative		4,174			1,699			2,475
Total operating expenses		11,674			7,654			4,020
Loss from operations		(11,674	)		(7,654	)		(4,020	)
Other (expense) income:
Interest income, net		128			406			(278	)
Other expense		(52	)		(5	)		(47	)
Total other income		76			401			(325	)
Loss before provision for income taxes		(11,598	)		(7,253	)		(4,345	)
Provision for income taxes		4			2			2
Net loss	$	(11,602	)	$	(7,255	)	$	(4,347	)

Research and Development Expenses

The following table summarizes our research and development expenses incurred during the periods indicated (in thousands):

	Three Months Ended March 31,
Statement of operations data:	2021		2020		Change
Research	$	2,481	$	1,645	$	836
Development		2,861		2,390		471
Personnel related		1,907		1,778		129
Stock-based compensation		251		142		109
Total	$	7,500	$	5,955	$	1,545

Research and development expenses were $7.5 million for the three months ended March 31, 2021, compared to $6.0 million for the three months ended March 31, 2020. The increase of $1.5 million was primarily due to the following:

• $0.8 million increase in research expenses, largely driven by increased contractual research organization costs focused on discovery research; and

• $0.5 million increase in development expenses associate with advancing our lead product candidate, PC14586, through the Phase 1/2 clinical trial; and

• $0.2 million increase in expenses for personnel related costs and stock-based compensation, primarily driven by increased headcount for developing PC14586, including our on-going Phase 1/2 clinical trial for this product candidate.

16

General and Administrative Expenses

General and administrative expenses were $4.2 million for the three months ended March 31, 2021, compared to $1.7 million for the three months ended March 31, 2020. The increase of $2.5 million was primarily due to the following:

• $1.3 million increase in personnel and office related expense due to increased headcount to build out general and administrative infrastructure; and

• $1.2 million increase in insurance and outside services, $0.6 million of which is for directors and officers insurance, $0.6 million of which is for finance and legal support

Interest Income, Net

Interest income, net primarily consists of interest income from our interest-bearing cash, cash equivalents and marketable securities and interest costs related to amortization of premiums and discounts on marketable securities. Interest income, net was $0.1 million for the three months ended March 31, 2021 compared to $0.4 million for the three months ended March 31, 2020. The decrease of $0.3 million is driven by decreased income from cash investments in marketable securities and U.S treasuries during the three months ended March 31, 2021.

Liquidity and Capital Resources

Sources of Liquidity

Since our inception, we have not generated any revenue from any product sales or any other sources and have incurred significant operating losses and negative cash flows from our operations. We have not yet commercialized any of our product candidates and we do not expect to generate revenue from sales of any product candidates for several years, if at all. As of March 31, 2021, we had cash and cash equivalents of $208.8 million, short-term marketable securities of $122.7 million, long-term marketable securities of $16.9 million, and an accumulated deficit of $121.5 million. We have financed our operations primarily through issuances of our convertible preferred and common stock. In 2019, we sold an aggregate of 5,469,606 shares of our Series C convertible preferred stock to accredited investors, generating gross proceeds of $61.9 million. In July 2020, we sold an aggregate of 5,321,864 shares of our Series D convertible preferred stock to accredited investors, generating gross proceeds of $70.0 million. In September 2020, we completed an IPO of 13,529,750 shares of our common stock, which includes the exercise in full by the underwriters of their option to purchase 1,764,750 additional shares of common stock, at a public offering price of $18.00 per share for aggregate gross proceeds of $243.5 million.  We received $223.2 million in net proceeds after deducting underwriting discounts and commissions and other offering expenses payable by us.

Plan of Operation and Future Funding Requirements

We use our capital resources primarily to fund operating expenses, mainly research and development expenditures. We plan to increase our research and development expenses for the foreseeable future as we continue the preclinical and clinical development of our product candidates. At this time, due to the inherently unpredictable nature of preclinical and clinical development and given the early stage of our product candidates, we cannot reasonably estimate the costs we will incur and the timelines that will be required to complete development, obtain marketing approval and commercialize our current product candidates or any future product candidates, if at all. For the same reasons, we are also unable to predict when, if ever, we will generate revenue from product sales or whether, or when, if ever, we may achieve profitability. Clinical and preclinical development timelines, the probability of success, and development costs can differ materially from expectations. In addition, we cannot forecast which product candidates may be subject to future collaborations, when such arrangements will be secured, if at all, and to what degree such arrangements would affect our development plans and capital requirements.

Due to our significant research and development expenditures, we have generated substantial operating losses in each period since inception. We have incurred an accumulated deficit of $121.5 million through March 31, 2021. We expect to incur substantial additional losses in the future as we expand our research and development activities. Based on our research and development plans, we expect that our cash, cash equivalents and marketable securities as of March 31, 2021 will be sufficient to fund our operations at least through 2023.

We have based this estimate on assumptions that may prove to be wrong, however, and we could use our capital resources sooner than we expect.

The timing and amount of our operating expenditures will depend largely on:

• the timing and progress of preclinical and clinical development activities;

• the number and scope of preclinical and clinical programs we decide to pursue;

17

• the timing and amount of milestone payments we may receive under any future collaboration agreements;

• our ability to maintain future licenses and research and development programs and to establish new collaboration arrangements;

• the costs involved in prosecuting and enforcing patent and other intellectual property claims;

• the cost and timing of regulatory approvals; and

• our efforts to enhance operational systems and hire additional personnel, including personnel to support development of our product candidates and satisfy our obligations as a public company.

Until such time, if ever, as we can generate substantial revenue from product sales, we expect to fund our operations and capital funding needs through equity and/or debt financing. We may also consider entering into collaboration arrangements or selectively partnering for clinical development and commercialization. The sale of additional equity would result in additional dilution to our stockholders. The incurrence of debt financing would result in debt service obligations and the instruments governing such debt could provide for operating and financing covenants that would restrict our operations or our ability to incur additional indebtedness or pay dividends, among other items. If we raise additional funds through governmental funding, collaborations, strategic partnerships and alliances or marketing, distribution or licensing arrangements with third parties, we may have to relinquish valuable rights to our technologies, future revenue streams, research programs or product candidates or grant licenses on terms that may not be favorable to us. If we are not able to secure adequate additional funding, we may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, and/or suspend or curtail planned programs. Any of these actions could materially and adversely affect our business, financial condition, results of operations and prospects.

Cash Flows

The following table summarizes our cash flows for the period indicated (in thousands):

	Three Months Ended March 31,
	2021			2020
	(unaudited)			(unaudited)
Cash used in operating activities	$	(12,904	)	$	(8,138	)
Cash used in investing activities		(139,897	)		(6,384	)
Cash provided by financing activities		162			—
Net increase in cash and cash equivalents	$	(152,639	)	$	(14,522	)

Operating Activities

Net cash used in operating activities for the three months ended March 31, 2021, was $12.9 million, which consisted primarily of net loss of $11.6 million partially offset by non-cash charges of $0.9 million.  Changes in our net operating assets decreased operating cash by $2.2 million.  The non-cash charges primarily consisted of stock-based compensation of $0.6 million and depreciation and amortization of $0.3 million. The change in our net operating assets and liabilities was primarily due to an increase in prepaid expenses and other assets, a decrease in accrued expenses, and a decrease in outstanding payables.  Included in the increase of prepaid expenses and other assets is a cash deposit of $0.8 million for our new facility in NJ.

Net cash used in operating activities for the three months ended March 31, 2020, was $8.1 million, which consisted primarily of net loss of $7.3 million partially offset by non-cash charges of $0.5 million, and a net change of $1.4 million in our net operating assets. The non-cash charges primarily consisted of stock-based compensation of $0.3 million and depreciation and amortization expense of $0.2 million. The change in our net operating assets and liabilities was primarily due to an increase in amounts owed to vendors in 2020.

Investing Activities

Our investing activities used $139.9 million of cash during the three months ended March 31, 2021, which consisted primarily of purchases of marketable securities in addition to the purchase of property and equipment of $0.1 million.

Our investing activities used $6.4 million of cash during the three months ended March 31, 2020, which consisted primarily of purchases of marketable securities of $14.8 million, partially offset maturities in our marketable securities of $8.5 million.  We also had purchases of property and equipment of $0.1 million.

18

Financing Activities

Our financing activities provided $0.2 million of cash during the three months ended March 31, 2021, which consisted primarily of proceeds from the exercise of stock options.

Our financing activities did not generate an increase or decrease in cash and cash equivalents for the three months ended March 31, 2020.

Off-Balance Sheet Arrangements

We do not currently have, nor in the past had, any off-balance sheet arrangements, as defined in the rules and regulations of the SEC, during the periods presented.

Critical Accounting Policies and Significant Judgments and Estimates

The preparation of our financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and judgments that affect the amounts reported in those financial statements and accompanying notes. Although we believe that the estimates we use are reasonable, due to the inherent uncertainty involved in making those estimates, actual results reported in future periods could differ from those estimates.

We believe that the accounting policies described below involve a high degree of judgment and complexity. Accordingly, these are the policies we believe are the most critical to aid in fully understanding and evaluating our financial condition and results of our operations. During the three ended March 31, 2021, there were no material changes to our critical accounting policies from those described in our audited financial statements for the year ended December 31, 2020 included in the our Annual Report on Form 10-K filed with the SEC on March 3, 2021, except as noted below.

Research and Development Costs, Accrued Research and Development Costs and Related Prepaid Expenses

Research and development costs are expensed as incurred. Research and development expenses consist principally of personnel costs, including salaries, stock-based compensation and benefits for employees, third-party license fees and other operational costs related to our research and development activities, including sourcing of raw materials and manufacturing of our product candidates, allocated facility-related expenses and external costs of outside vendors, and other direct and indirect costs. Non-refundable research and development advance payments are deferred and capitalized. The capitalized amounts are expensed as the related goods are delivered or services are performed.

Recent Accounting Pronouncements

For a description of recent accounting pronouncements, see Note 2 of the notes to our unaudited condensed financial statements included elsewhere in this Quarterly Report on Form 10-Q.

JOBS Act Accounting Election

We are an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012, as amended, or JOBS Act, enacted in April 2012. For as long as we continue to be an emerging growth company, we may take advantage of exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies, including not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, as amended, or Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding nonbinding advisory votes on executive compensation and stockholder approval of any golden parachute payments not previously approved. We could be an emerging growth company for up to five years following the year in which we completed our IPO, although circumstances could cause us to lose that status earlier. We will remain an emerging growth company until the earlier of (1) the last day of the fiscal year (a) following the fifth anniversary of the closing of our IPO, (b) in which we have total annual gross revenue of at least $1.07 billion or (c) in which we are deemed to be a large accelerated filer, which requires the market value of our common stock that is held by non-affiliates to exceed $700 million as of the prior June 30th, or (2) the date on which we have issued more than $1 billion in non-convertible debt during the prior three-year period. We expect to lose our EGC status as of December 31, 2021.

Under the JOBS Act, emerging growth companies can also delay adopting new or revised accounting standards until such time as those standards apply to private companies. For as long as we continue to be an EGC, we have elected to use the

19

extended transition period to enable us to comply with new or revised accounting standards and, therefore, we will adopt new or revised accounting standards at the time private companies adopt the new or revised accounting standard and will do so until such time that we either (i) irrevocably elect to “opt out” of such extended transition period or (ii) no longer qualify as an emerging growth company.

Even after we no longer qualify as an emerging growth company, we may still qualify as a “smaller reporting company,” which would allow us to continue to take advantage of many of the same exemptions from disclosure requirements, including not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act and reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements. We cannot predict if investors will find our common stock less attractive because we may rely on these exemptions. If some investors find our common stock less attractive as a result, there may be a less active trading market for our common stock and our stock price may be more volatile.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We are exposed to market risks in the ordinary course of our business. These risks primarily relate to interest rate risks.

We had cash and cash equivalents of $208.8 million as of March 31, 2021, which consists of interest-bearing U.S. treasury securities, money market funds and corporate debt securities. Our exposure due to changes in interest rates is not material due to the nature and amount of our money-market funds and short-term marketable securities.

We are not currently exposed to significant market risk related to changes in foreign currency exchange rates; however, we may contract with foreign vendors that are located outside the United States in the future. This may subject us to fluctuations in foreign currency exchange rates in the future.

Item 4. Controls and Procedures.

We maintain disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in our Securities Exchange Act of 1934, as amended (the “Exchange Act”) reports is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow for timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

We carry out a variety of ongoing procedures, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, to evaluate the effectiveness of the design and operation of our disclosure controls and procedures. Based on the foregoing, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of March 31, 2021.

There have not been any changes in our internal control over financial reporting during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

20

PART II—OTHER INFORMATION

Item 1. Legal Proceedings.

We are not currently involved in any litigation or legal proceedings that, in management’s opinion, are likely to have any material adverse effect on the Company.

Item 1A. Risk Factors.

Other than as disclosed below, there have been no material changes to the Company’s risk factors as set forth in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as filed with the SEC on March 3, 2021. You should carefully review and consider the information regarding certain factors which could materially affect our business, financial condition or future results set forth under the heading “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as filed with the SEC on March 3, 2021.

Risks Related to Ownership of Our Common Stock

Sales of a substantial number of shares of our common stock by our existing stockholders in the public market could cause our stock price to fall.

Sales of a substantial number of shares of our common stock in the public market could occur at any time. These sales, or the perception in the market that the holders of a large number of shares intend to sell shares, could reduce the market price of our common stock.

Certain holders of shares of our common stock have rights, subject to certain conditions, to require us to file registration statements covering their shares or to include their shares in registration statements that we may file for ourselves or other stockholders. Registration of these shares under the Securities Act would result in the shares becoming freely tradeable in the public market, subject to the restrictions of Rule 144 in the case of our affiliates. Any sales of securities by these stockholders could have a material adverse effect on the market price for our common stock.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Not applicable.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

Not applicable.

21

Item 6. Exhibits.

Exhibit Number	Description	Form	File No.	Number	Filing Date
3.1	Amended and Restated Certificate of Incorporation of the Registrant	8-K	001-39539	3.1	September 29, 2020
3.2	Restated Bylaws of the Registrant	8-K	001-39539	3.2	September 29, 2020
4.1	Amended and Restated Investors’ Rights Agreement, dated July 17, 2020, by and among the Registrant and certain of its stockholders.	S-1	33-248627	4.1	September 4, 2020
4.2	Specimen common stock certificate	S-1/A	333-248627	4.2	September 21, 2020
10.1*	Form of Indemnification Agreement between the Registrant and each of its directors and executive officers.	S-1	333-248627	10.1	September 4, 2020
10.2*	2013 Equity Incentive Plan, as amended, and forms of agreement thereunder.	S-1/A	333-248627	10.2	September 21, 2020
10.3*	2020 Equity Incentive Plan and forms of agreements thereunder.	S-1/A	333-248627	10.3	September 21, 2020
10.4*	2020 Employee Stock Purchase Plan and forms of agreements thereunder.	S-1/A	333-248627	10.4	September 21, 2020
10.5*	Employment Offer Letter, dated August 17, 2020, by and between the Registrant and David H. Mack, Ph.D.	S-1	333-248627	10.5	September 4, 2020
10.6*	Employment Offer Letter, dated August 17, 2020, by and between the Registrant and Winston Kung.	S-1	333-248627	10.6	September 4, 2020
10.7*	Employment Offer Letter, dated August 18, 2020, by and between the Registrant and Leila Alland, M.D.	S-1	333-248627	10.7	September 4, 2020
10.8*	Employment Offer Letter, dated August 18, 2020, by and between the Registrant and Deepika Jalota, Pharm.D.	S-1	333-248627	10.8	September 4, 2020
10.9*	Employee Incentive Compensation Plan.	S-1	333-248627	10.9	September 4, 2020
10.10*	Change in Control and Severance Policy.	S-1	333-248627	10.10	September 4, 2020
10.11*	Amended and Restated Change in Control and Severance Policy Participation Agreement, dated August 17, 2020, by and between the Registrant and David H. Mack, Ph.D.	S-1	333-248627	10.11	September 4, 2020
10.12*	Amended and Restated Change in Control and Severance Policy Participation Agreement, dated August 17, 2020, by and between the Registrant and Winston Kung.	S-1	333-248627	10.12	September 4, 2020
10.13*	Amended and Restated Change in Control and Severance Policy Participation Agreement, dated August 18, 2020, by and between the Registrant and Leila Alland, M.D.	S-1	333-248627	10.13	September 4, 2020
10.14*	Amended and Restated Change in Control and Severance Policy Participation Agreement, dated August 18, 2020, by and between the Registrant and Deepika Jalota, Pharm.D.	S-1	333-248627	10.14	September 4, 2020
10.15*	Outside Director Compensation Policy.	S-1/A	333-248627	10.15	September 21, 2020

22

10.16*	Consulting Agreement, dated January 1, 2016, by and between the Registrant and Arnold Levine, Ph.D.	S-1	333-248627	10.16	September 4, 2020
10.17*	Consulting Agreement, dated July 14, 2017, by and between the Registrant and Richard Heyman, Ph.D.	S-1	333-248627	10.17	September 4, 2020
10.18	Lease Agreement, dated March 3, 2015, by and between the Registrant and Cedar Brook 2005, LP, as amended by the First Amendment to Lease dated April 24, 2017.	S-1	333-248627	10.18	September 4, 2020
10.19	Lease Agreement, dated January 8, 2021, by and between the Registrant and BMR-ONE RESEARCH WAY LLC.	10-K	001-39539	10.19	March 3, 2021
31.1†	Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2†	Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1†	Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2†	Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

* Indicates management contract or compensatory plan.

† The certifications attached as Exhibit 32.1 and 32.2 that accompany this Quarterly Report on Form 10-Q are deemed furnished and not filed with the Securities and Exchange Commission and are not to be incorporated by reference into any filing of the Registrant under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Quarterly Report on Form 10-Q, irrespective of any general incorporation language contained in such filing.

23

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	PMV Pharmaceuticals, Inc.
Date:  May 14, 2021	By:	/s/ David H. Mack
		David H. Mack, Ph.D.
		President, Chief Executive Officer, and Director
		(Principal Executive Officer)
	PMV Pharmaceuticals, Inc.
Date:  May 14, 2021	By:	/s/ Winston Kung
		Winston Kung
		Chief Operating Officer and Chief Financial Officer
		(Principal Financial Officer)

24

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, David H. Mack, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the period ended March 31, 2021 of PMV Pharmaceuticals, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(c) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 14, 2021	By:	/s/ David H. Mack
		David H. Mack, Ph.D.
		President, Chief Executive Officer, and Director (Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Winston Kung, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the period ended March 31, 2021 of PMV Pharmaceuticals, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(c) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:  May 14, 2021	By:	/s/ Winston Kung
		Winston Kung
		Chief Operating Officer and Chief Financial Officer (Principal Financial Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q for the period ended March 31, 2021 of PMV Pharmaceuticals, Inc. (the “Company”) as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date:  May 14, 2021	By:	/s/ David H. Mack
		David H. Mack, Ph.D.
		President, Chief Executive Officer, and Director (Principal Executive Officer)

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q for the period ended March 31, 2021 of PMV Pharmaceuticals, Inc. (the “Company”) as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date:  May 14, 2021	By:	/s/ Winston Kung
		Winston Kung
		Chief Operating Officer and Chief Financial Officer (Principal Financial Officer)

XML

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	May 12, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2021
Entity File Number	001-39539
Entity Registrant Name	PMV PHARMACEUTICALS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-3218129
Entity Address, Address Line One	8 Clarke Drive
Entity Address, Address Line Two	Suite 3
Entity Address, City or Town	Cranbury
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08512
City Area Code	609
Local Phone Number	642-6670
Title of 12(b) Security	Common stock, par value $0.00001
Trading Symbol	PMVP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		45,033,422
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001699382
Amendment Flag	false

XML

Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 208,783	$ 361,422
Marketable securities, current	122,706
Prepaid expenses and other current assets	3,464	3,339
Total current assets	334,953	364,761
Property and equipment, net	697	569
Marketable securities, noncurrent	16,891
Right-of-use assets, operating leases	828
Other assets	1,024	201
Total assets	354,393	365,531
Current liabilities:
Accounts payable	1,252	1,607
Accrued expenses	3,878	4,803
Operating lease liability, current	666
Total current liabilities	5,796	6,410
Operating lease liability, noncurrent	302
Total liabilities	6,098	6,410
Stockholders’ equity:
Preferred stock, $0.00001 par value, 5,000,000 shares authorized at March 31, 2021 (unaudited) and December 31, 2020. No shares issued or outstanding at March 31, 2021 (unaudited) and December 31, 2020.
Common stock, $0.00001 par value, 1,000,000,000 shares authorized; 44,881,169 and 44,777,818 shares issued and outstanding at March 31, 2021 (unaudited) and December 31, 2020, respectively
Additional paid-in capital	469,790	469,001
Accumulated deficit	(121,482)	(109,880)
Accumulated other comprehensive loss	(13)
Total stockholders’ equity	348,295	359,121
Total liabilities and stockholders’ equity	$ 354,393	$ 365,531

XML

Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	44,881,169	44,777,818
Common stock, shares outstanding	44,881,169	44,777,818

XML

Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating expenses:
Research and development	$ 7,500	$ 5,955
General and administrative	4,174	1,699
Total operating expenses	11,674	7,654
Loss from operations	(11,674)	(7,654)
Other income (expense):
Interest income, net	128	406
Other expense	(52)	(5)
Total other income	76	401
Loss before provision for income taxes	(11,598)	(7,253)
Provision for income taxes	4	2
Net loss	(11,602)	(7,255)
Unrealized losses on marketable securities, net of tax	(13)	(80)
Comprehensive loss	$ (11,615)	$ (7,335)
Net loss per share -- basic and diluted	$ (0.26)	$ (2.38)
Weighted-average common shares outstanding	44,785,226	3,046,200

XML

Condensed Statements of Convertible Preferred Stock and Stockholders' (Deficit) Equity (Unaudited) - USD ($) $ in Thousands	Total	Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Balance at Dec. 31, 2019	$ (70,474)			$ 4,969	$ (3)	$ (75,440)
Balance, Shares at Dec. 31, 2019		22,866,246
Balance at Dec. 31, 2019		$ 168,933
Balance, Shares at Dec. 31, 2019			3,046,200
Stock-based compensation expense	296			296
Net loss	(7,255)					(7,255)
Unrealized loss on available for sale investments	(80)				(80)
Balance at Mar. 31, 2020	(77,513)			5,265	(83)	(82,695)
Balance, Shares at Mar. 31, 2020		22,866,246
Balance at Mar. 31, 2020		$ 168,933
Balance, Shares at Mar. 31, 2020			3,046,200
Balance at Dec. 31, 2020	359,121			469,001		(109,880)
Balance, Shares at Dec. 31, 2020			44,777,818
Exercise of stock options	$ 162			162
Exercise of stock options, Shares	103,351		103,351
Stock-based compensation expense	$ 627			627
Net loss	(11,602)					(11,602)
Unrealized loss on available for sale investments	(13)				(13)
Balance at Mar. 31, 2021	$ 348,295			$ 469,790	$ (13)	$ (121,482)
Balance, Shares at Mar. 31, 2021			44,881,169

XML

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net loss	$ (11,602)	$ (7,255)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	627	296
Depreciation	79	94
Amortization of premiums on marketable securities	167	87
Other		5
Prepaid expenses and other assets	(948)	(24)
Accounts payable	(355)	(1,255)
Accrued expenses	(872)	(86)
Net cash used in operating activities	(12,904)	(8,138)
Cash flows from investing activities:
Purchase of property and equipment	(120)	(51)
Purchase of marketable securities	(139,777)	(14,828)
Maturities of marketable securities		8,495
Net cash used in investing activities	(139,897)	(6,384)
Cash flows from financing activities:
Proceeds from exercise of stock options	162
Net cash provided by financing activities	162
Net decrease in cash and cash equivalents	(152,639)	(14,522)
Cash and cash equivalents
Cash and cash equivalents - beginning of period	361,422	73,278
Cash and cash equivalents - end of period	208,783	58,756
Supplemental disclosures of cash flow information
Cash paid for income tax	$ 4	$ 2

XML

Formation and Business of the Company

3 Months Ended

Mar. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Formation and Business of the Company

1. Formation and Business of the Company

Organization and Liquidity

PMV Pharmaceuticals, Inc. (the “Company”) was incorporated in the state of Delaware in March 2013. Since inception, the Company has devoted substantially all of its time and efforts to performing research and development activities and raising capital. The Company is a precision oncology company pioneering the discovery and development of small molecule, tumor-agnostic therapies targeting p53 mutations. The Company’s headquarters are located in Cranbury, New Jersey.

The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry including, but not limited to, technical risks associated with the successful research, development and manufacturing of product candidates, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Current and future programs will require significant research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.

On September 25, 2020, the Company completed an initial public offering (the “IPO”) of 13,529,750 shares of common stock, at a public offering price of $18.00 per share including the exercise in full by the underwriters of their option to purchase up to 1,764,750 additional shares of commons stock, for aggregate gross proceeds of $243,536 and its shares started trading on The Nasdaq Global Select Market under the ticker symbol “PMVP.”  The Company received $223,161 in net proceeds after deducting underwriting discounts and commissions and other offering expenses payable by the Company.  In connection with the closing of the IPO, all of the Company’s outstanding shares of convertible preferred stock outstanding at the time of the IPO automatically converted into 28,188,110 shares of common stock. On September 18, 2020, the Company amended its certificate of incorporation to effect a 5.2651-for-1 reverse stock split of its issued and outstanding common and convertible preferred stock. The accompanying unaudited condensed financial statements and related notes give retroactive effect to the reverse stock split for all periods presented.

The Company has incurred net losses and negative cash flows from operations since its inception. During the three months ended March 31, 2021, the Company incurred a net loss of $11,602 and used $12,904 of cash for operations. At March 31, 2021, the Company had an accumulated deficit of $121,482. Cash and cash equivalents at March 31, 2021 were $208,783.  Short and long term marketable securities totaled $139,597 at March 31, 2021. Management expects to incur substantial additional operating losses for the next several years and will need to obtain additional debt or equity financings in order to complete development of its products, obtain regulatory approvals, launch and commercialize its products and continue research and development programs. The Company believes it has adequate cash and cash equivalents to operate for at least the next twelve months from the date of issuance of these unaudited condensed financial statements.

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Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

The Company’s significant accounting policies are disclosed in the audited financial statements for the year ended December 31, 2020, included in the Company’s Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (“SEC”) on March 3, 2021. Since the date of those financial statements, there have been no changes to its significant accounting policies except as noted below.

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the interim period reporting requirements of Form 10-Q and Article 10 of Regulation S-X. The condensed balance sheet as of March 31, 2021, the condensed statements of operations and comprehensive loss, and condensed statements of convertible preferred stock and stockholders’ (deficit) equity for the three months ended March 31, 2021 and 2020, and the condensed statements of cash flows for the three months ended March 31, 2021 and 2020 are unaudited, but, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, which we consider necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.  The results for any interim period are not necessarily indicative of results for the year ending December 31, 2021 or for any other subsequent interim period.  The condensed balance sheet at December 31, 2020 has been derived from our audited financial statements.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, the fair values of common stock, convertible preferred stock and stock-based compensation. Actual results could differ materially from those estimates.

Reverse Stock Split

In September 2020, the Company’s board of directors and stockholders approved an amendment to the Company’s amended and restated certificate of incorporation to effect a 5.2651-for-1 reverse stock split of the Company’s common stock and convertible preferred stock, which was effected on September 18, 2020. The par value of the common stock and convertible preferred stock were not adjusted as a result of the reverse stock split. Accordingly, all common stock, convertible preferred stock, stock options, and related per share amounts in these unaudited condensed financial statements have been retroactively adjusted for all periods presented to give effect to the reverse stock split.

Cash, Cash Equivalents and Marketable Securities

Management considers all highly liquid investments with original maturities of three months or less to be cash equivalents.

The Company’s marketable debt securities have been classified and accounted for as available-for-sale. The Company classifies its marketable debt securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. Marketable debt securities with maturities of 12 months or less are classified as short-term and marketable debt securities with maturities greater than 12 months are classified as long-term. The Company’s marketable debt securities are carried at fair value, with unrealized gains and losses, net of taxes, reported as a component of accumulated other comprehensive loss in stockholders’ deficit. Premiums and discounts on marketable debt securities are amortized into earnings over the life of the security. For the three months ended March 31, 2021 and 2020, the Company recorded $167 and $87 of amortization, respectively.      

Comprehensive Loss

The Company presents comprehensive loss in a single statement within its financial statements.  Other comprehensive loss consists of unrealized gains and losses on marketable securities, net of tax.

Leases

At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the circumstances present. The Company accounts for a contract as a lease when it has the right to control the asset for a period of time while obtaining substantially all of the asset’s economic benefits. The Company determines the initial classification and measurement of its operating right-of-use (“ROU”) assets and operating lease liabilities at the lease commencement date, and thereafter if modified. The lease term includes any renewal options that the Company is reasonably assured to exercise. The Company’s policy is to not record leases with a lease term of 12 months or less on its balance sheets. The Company’s only existing lease is for office space.

The ROU asset represents the right to use the leased asset for the lease term. The lease liability represents the present value of the lease payments under the lease. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the Company uses its estimated secured incremental borrowing rate for that lease term.

Lease expense for operating leases is recognized on a straight-line basis over the reasonably assured lease term based on the total lease payments and is included in operating expense in the statements of operations.

Payments due under each lease agreement include fixed and variable payments. Variable payments relate to the Company’s share of the lessor’s operating costs associated with the underlying asset and are recognized when the event on which those payments are assessed occurs. Neither of the Company’s leases contain residual value guarantees.

The interest rate implicit in lease agreements is typically not readily determinable, and as such, the Company utilizes the incremental borrowing rate to calculate lease liabilities, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment.

Recently Issued and Adopted Accounting Pronouncements

In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, Leases (Topic 842), as amended by multiple standards updates, in order to increase transparency and comparability among organizations by requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The most significant change arising from the new standard is the recognition of right of use assets and lease liabilities for leases classified as operating leases. The right-of-use lease liability for operating leases is based on the net present value of future minimum lease payments. Additionally, the right-of-use asset for operating leases is based on the lease liability adjusted for the reclassification of certain balance sheet amounts such as the long term portion of straight line rent liability and deferred lease incentives. Under the standard, disclosures are required to enable financial statement users to assess the amount, timing, and uncertainty of cash flows arising from the leases. Companies are also required to recognize and measure leases existing at, or entered into after, the adoption date using a modified retrospective approach, with certain practical expedients available. Comparative periods prior to adoption have not been retrospectively adjusted.

The Company adopted the standard effective January 1, 2021 using the modified retrospective transition method. Upon adoption, the Company applied the package of practical expedients that allows an entity to not reassess (i) whether any expired or existing contracts are or contain leases, (ii) lease classification for any expired or existing leases and (iii) initial direct costs for any expired or existing leases. The Company elected the practical expedient not to apply the recognition requirements to short-term leases, defined as a lease that at the commencement date has a lease term of 12 months or less that does not include a purchase option to purchase the underlying asset that the Company is reasonably certain to exercise. Furthermore, the Company has elected the practical expedient to not separate lease and non-lease components by class of underlying asset for its existing leases. As the Company enters into new leases, it will continue to evaluate this accounting policy for any new classes of underlying assets.

Upon adoption, the Company recorded ROU assets of $970 and lease liabilities of $1,129. The standard did not have a material impact on the statement of operations or statement of cash flows.

In December 2019, the FASB issued ASU 2019-12, Income Taxes – Simplifying the Accounting for Income Taxes. The new guidance simplifies the accounting for income taxes by removing several exceptions in the current standard and adding guidance to reduce complexity in certain areas, such as requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The Company adopted this standard as of January 1, 2021. The adoption did not have a material impact on the Company’s financial statements.

Concentration of Credit Risk and Other Risks and Uncertainties

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash and cash equivalents and marketable securities. Cash and cash equivalents includes a checking account held at one financial institution. At times, such deposits may be in excess of insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents. The Company’s marketable debt securities are carried at fair value and include any unrealized gains and losses. Any investments with unrealized losses are considered to be temporarily impaired.

The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, rapid technological change, uncertainty of market acceptance of the product, competition from substitute products and larger companies, protection of proprietary technology, any future strategic relationships and dependence on key individuals.

Products developed by the Company require clearances from the U.S. Food and Drug Administration or other international regulatory agencies prior to commercial sales. There can be no assurance the Company’s product candidates will receive the necessary clearances. If the Company is denied clearance, clearance is delayed or it is unable to maintain clearance, it could have a materially adverse impact on the Company.

In January 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a “Public Health Emergency of International Concern,” which continues to spread throughout the world.  The outbreak has adversely impacted global commercial activity and contributed to significant volatility in financial markets. The COVID-19 outbreak and government responses are creating disruption in global supply chains and adversely impacting many industries. The outbreak could have a continued material adverse impact on economic and market conditions and trigger a period of global economic slowdown. The Company continues to monitor the impact of the COVID-19 outbreak closely. The full extent to which the COVID-19 outbreak will impact its operations or financial results remains uncertain.

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Fair Value Measurements

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurements

3. Fair Value Measurements

The Company’s financial assets consist of money market funds, U.S. government debt securities and corporate debt securities. The following tables show the Company’s cash equivalents and available-for-sale securities’ carrying amounts and fair values at March 31, 2021 and December 31, 2020:

	As of March 31, 2021 (unaudited)
	Carrying Amount		Fair Value		Quoted priced in active markets (level 1)		Significant other observable inputs (level 2)		Significant unobservable inputs (level 3)
Financial assets
Money market funds	$	41,268	$	41,268	$	41,268	$	—	$	—
Corporate securities		280,534		280,534		—		280,534		—
Government securities		25,562		25,562		—		25,562		—
Total financial assets	$	347,364	$	347,364	$	41,268	$	306,096	$	—

	As of December 31, 2020
	Carrying Amount		Fair Value		Quoted Priced in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets
Money market funds		240,033		240,033		240,033	$	—	$	—
Corporate securities		120,008		120,008		—		120,008		—
Total financial assets	$	360,041	$	360,041	$	240,033	$	120,008	$	—

Cash Equivalents — Cash equivalents of $207.8 million as of March 31, 2021 consisted of money market funds of $41.3 million and corporate debt securities of $166.5 million. Cash equivalents of $360.0 million as of December 31, 2020 consisted of money market funds of $240.0 million and corporate debt securities of $120.0 million. Money market funds are classified within level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets, whereas corporate debt securities are classified within level 2 of the fair value hierarchy because they are valued using inputs other than quoted prices that are observable for the asset or liability either directly or indirectly.

Marketable Securities —  There were $122.7 million current marketable securities and $16.9 million noncurrent marketable securities as of March 31, 2021.  There were no marketable securities as of December 31, 2020.

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Property and Equipment, Net

3 Months Ended

Mar. 31, 2021

Property Plant And Equipment [Abstract]

Property and Equipment, Net

4. Property and Equipment, Net

	March 31, 2021 (unaudited)			December 31, 2020
Machinery & equipment	$	2,061		$	1,989
Computers		8			8
Furniture & fixtures		9			9
Leasehold improvements		161			73
Assets not placed in service		99			51
Total property and equipment		2,338			2,130
Less: Accumulated depreciation		(1,641	)		(1,561	)
Property and equipment, net	$	697		$	569

Depreciation expense for the three months ended March 31, 2021 and 2020 was $79 and $94, respectively.  

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Accrued Expenses

3 Months Ended

Mar. 31, 2021

Payables And Accruals [Abstract]

Accrued Expenses

5. Accrued Expenses

Accrued expenses consist of the following:

	March 31, 2021 (unaudited)		December 31, 2020
Accrued compensation	$	1,814	$	3,109
Accrued legal and professional services		205		—
Accrued research and development costs		1,819		1,595
Other accrued liabilities		40		99
Total	$	3,878	$	4,803

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

6. Commitments and Contingencies

Operating Leases

In June 2015, the Company executed a noncancelable operating lease for approximately 13,000 square feet of laboratory, research and development, and office space in Cranbury, New Jersey for an initial base rent of $20.00 per square foot. This location operates as the Company’s headquarters. In June 2017, the Company obtained an additional noncancelable operating lease for about 6,000 square feet of laboratory space in the same corporate center at an initial rental rate at $22.00 per square foot. As a result of the additional space, both leases will expire July 2022, with an option to renew for an additional five-year term. Both leases include a common area maintenance expense for $3.00 per square foot with an increase of 3% on the first month of each calendar year during the lease term and a management fee of 3% of the base rent.The Company is obligated to pay, on a pro-rata basis, real estate taxes and operating costs related to the premises.

In August 2018, the Company executed two noncancelable operating leases. One lease for approximately 6,000 square feet for vivarium, laboratory and general office space in South Brunswick, New Jersey. The initial annual base rent is $15.50 per square foot and a management fee of 3% of the base rent. The Company is obligated to pay, on a pro-rata basis, insurance premiums, real estate taxes and operating costs related to the premises. The lease expires in July 2022, with an option for additional five-year term. The second lease is for office space in Lexington, Massachusetts, that expires August 2023, with an option to renew for a one-time, three-year extension. The initial annual base rent is $28.50 per square foot and will increase $1.00 per square foot at the end of each rent year.

The lease agreement in Lexington, Massachusetts allows for a tenant improvement allowance not to exceed $165 to be applied to the total cost of tenant improvements to the leased premises. Tenant improvement allowances due or received are recorded as deferred rent incentives on the Company’s condensed consolidated balance sheets, which are amortized to rent expense over the term of the lease. As of March 31, 2021, deferred rent incentives totaled $88.

The components of lease cost for the three months ended March 31, 2021 are as follows:

(in thousands)	Three Months Ended March 31, 2021
Operating lease cost	$	157
Variable lease cost		95
Total lease cost	$	252

Amounts reported in the consolidated balance sheets for leases where the Company is the lessee as of March 31, 2021 were as follows, in thousands:

Operating Leases:	Three Months Ended March 31, 2021
Right-of-use assets, operating leases	$	828
Operating lease liabilities, current	$	666
Operating lease liabilities, non-current		302
Total operating lease liabilities	$	968
Weighted-average remaining lease term (years)	1.55
Weighted-average discount rate		5.75	%

Other information related to leases for the three months ended March 31, 2021 is as follows, in thousands:

Cash paid for amounts included in the measurement of lease liabilities	$	174
Leased assets obtained in exchange for new operating lease liabilities		—

Minimum lease payments under operation leases by fiscal year were as follows, in thousands:

Fiscal year	Year Ended December 31, 2020
2021	$	525
2022		413
2023		71
2024		—
2025		—
Thereafter		—
Total minimum lease payments	$	1,009
Less:  Amounts representing imputed interest		(41	)
Present value of lease liabilities	$	968

(1) Excluded from the table above are the lease payments associated with the lease of office and laboratory space in Princeton, New Jersey for the Company’s future headquarters. The Company has excluded its lease payments due to the commencement date not having occurred and a lease liability not yet having been recognized on its condensed balance sheet.

Rent expense recorded during the three months ended March 31, 2021 and 2020 was $137 and $186, respectively.

In January 2021, the Company signed a lease for 50,581 square feet of office and laboratory space at One Research Way in Princeton, New Jersey. That lease term extends through 2032, has a five-year extension option, and is intended to replace our two existing facilities. Payment under this lease will total $19.6 million through May 2032.  The Company received a tenant improvement allowance of $4.1 million on behalf of the lessor for a buildout of laboratory, vivarium, and office space.

Contingencies

From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of its business activities.  The Company accrues a liability for such matters when future expenditures are probable and such expenditures can be reasonably estimated.

Commitments

At March 31, 2021, there were no purchase commitments with third-party suppliers.

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Stockholders' Equity

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Stockholders' Equity

7. Stockholders’ Equity

The Company is authorized to issue up to 1,000,000,000 shares of common stock with a par value of $0.00001 per share and 5,000,000 shares of preferred stock with a par value of $0.00001 per share. At March 31, 2021 and December 31, 2020, there were 44,881,169 and 44,777,818 shares of common stock issued and outstanding, respectively, and no shares of preferred stock issued and outstanding.

Common stockholders are entitled to receive dividends if and when declared by the board of directors subject to the rights of any preferred stockholders.  As of March 31, 2021, no dividends on common stock had been declared by the Company.

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Stock Plan

3 Months Ended

Mar. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Plan

8. Stock Plan

2020 Equity Incentive Plan

The 2020 Equity Incentive Plan (the “2020 Plan”) was approved by the board of directors on September 24, 2020.  The 2020 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock units, restricted stock awards, unrestricted stock awards, cash-based awards and dividend equivalent rights to the Company’s officers, employees, directors and consultants. The number of shares initially reserved for issuance under the 2020 Plan is 4,406,374, which shall be, upon approval by the board of directors, cumulatively increased on January 1, 2021 and each January 1 thereafter by 5% of the number of shares of the Company’s common stock outstanding on the immediately preceding December 31.  As of March 31, 2021, there were 4,367,896 shares available for issuance under the 2020 Plan.

2020 Employee Stock Purchase Plan

The 2020 Employee Stock Purchase Plan (the “2020 ESPP”) was approved by the board of directors on September 24, 2020.  A total of 400,572 shares of common stock were initially reserved for issuance under this plan, which shall be increased, upon approval by the board of directors, on January 1, 2021 to the lesser of (i) 801,504 shares of common stock, (ii) 1% of the outstanding shares of common stock on the last day of the immediately preceding fiscal year, or (iii) an amount determined by the Administrator no later than the last day of the immediately preceding fiscal year.  As of March 31, 2021, no shares are issued or outstanding under the 2020 ESPP.

2013 Equity Incentive Plan

In 2013, the Company adopted the 2013 Stock Plan (the “2013 Plan”). On September 24, 2020, this plan was replaced by the 2020 Plan, and future issuances of incentive instruments will be governed by that plan.  Subject to the provisions of the 2020 Plan, the Company had the option to either forfeit or repurchase remaining shares under the 2013 Equity Incentive Plan on or after the registration date.  The Company chose to forfeit the remaining shares.

Stock-Based Compensation

This table summarizes option activity for the three-month period ended March 31, 2021:

				Options Outstanding
									Weighted-
							Weighted		Average		Aggregate
	Shares						Average		Remaining		Intrinsic
	Available			Number of			Exercise		Contractual Life		Value
	for Grant			Options			Price		(in years)		(in 000s)
Balances, December 31, 2020		4,609,725			4,090,970		$	3.14		7.13	$	238,792
Options retired under 2013 Equity Plan		(237,542	)		—
Options granted		(23,500	)		23,500		$	34.30
Options forfeited / cancelled		19,213			(19,213	)	$	3.86		0.00
Options exercised		—			(103,351	)	$	1.57
Balances, March 31, 2021 (unaudited)		4,367,896			3,991,906		$	3.36		6.77	$	117,965
At March 31, 2021
Vested and expected to vest					3,991,906		$	3.34		6.77	$	117,965
Exercisable					2,644,954		$	2.20		5.81	$	81,134

At March 31, 2021, the total compensation cost related to nonvested awards not yet recognized is $4,683. The weighted-average period over which the nonvested awards is expected to be recognized is 3.0 years.

The Company estimated the fair value of the options using the Black-Scholes options valuation model. The fair value of the options is being amortized on a straight-line basis over the requisite service period of the awards. The fair value was estimated using the following assumptions:

	Three Months Ended	Year Ended
	March 31,	December 31,
	2021	2020
Risk-free interest rate	0.65%	0.31% - 1.51%
Expected life (in years)	6.25	4.92 - 6.40
Dividend yield	0%	0%
Expected volatility	79.90%	70.70% - 77.60%

Expected Term: The Company uses the simplified method to calculate expected term described in the SEC’s Staff Accounting Bulletin No. 107, which takes into account vesting term and expiration date of the options.

Volatility: Volatility is based on an average of the historical volatilities of comparable publicly traded companies for the expected term.

Risk Free Interest Rate: The risk-free rate is based on the U.S. Treasury yields in effect at the time of grant for periods corresponding with the expected term of the option.

Dividend Yield: The Company has never declared or paid any cash dividends and does not plan to pay cash dividends in the foreseeable future, and therefore, used an expected dividend yield of zero in the valuation model.

Stock-based compensation expense recorded under ASC 718 related to stock options granted was allocated to research and development and general and administrative expense as follows:

	For the Three Months Ended
	March 31,		March 31,
	2021		2020
Research and development	$	251	$	142
General and administrative		376		154
Total stock-based compensation	$	627	$	296

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Income Taxes

3 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

9. Income Taxes

During the three months ended March 31, 2021 and 2020, the Company recorded a full valuation allowance on federal and state deferred tax assets since management does not forecast the Company to be in a taxable position in the near future.

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Net Loss per Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Net Loss per Share

10. Net Loss per Share

The Company’s convertible preferred stock does not participate in losses.

	For the Three Months Ended
	March 31, 2021 (unaudited)			March 31, 2020 (unaudited)
Net loss	$	(11,602	)	$	(7,255	)
Weighted-average number of shares - basic and diluted		44,785,226			3,046,200
Net loss per share - basic and diluted		(0.26	)		(2.38	)

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Related Parties

3 Months Ended

Mar. 31, 2021

Related Party Transactions [Abstract]

Related Parties

11. Related Parties

The Company has consulting agreements with two members of the board of directors. Consulting fees paid in each of the three months ended March 31, 2021 and 2020 were $28.  There were no amounts owed under the consulting agreement at March 31, 2021 or December 31, 2020.

During the fiscal year ended December 31, 2020, an investor provided $65 of financial consulting services to the Company. The Company has paid the entirety of the fees as of December 31, 2020.  No amounts were paid or owed to the investors in the three months ended March 31, 2021.  

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Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the interim period reporting requirements of Form 10-Q and Article 10 of Regulation S-X. The condensed balance sheet as of March 31, 2021, the condensed statements of operations and comprehensive loss, and condensed statements of convertible preferred stock and stockholders’ (deficit) equity for the three months ended March 31, 2021 and 2020, and the condensed statements of cash flows for the three months ended March 31, 2021 and 2020 are unaudited, but, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, which we consider necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.  The results for any interim period are not necessarily indicative of results for the year ending December 31, 2021 or for any other subsequent interim period.  The condensed balance sheet at December 31, 2020 has been derived from our audited financial statements.

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, the fair values of common stock, convertible preferred stock and stock-based compensation. Actual results could differ materially from those estimates.

Reverse Stock Split

Reverse Stock Split

In September 2020, the Company’s board of directors and stockholders approved an amendment to the Company’s amended and restated certificate of incorporation to effect a 5.2651-for-1 reverse stock split of the Company’s common stock and convertible preferred stock, which was effected on September 18, 2020. The par value of the common stock and convertible preferred stock were not adjusted as a result of the reverse stock split. Accordingly, all common stock, convertible preferred stock, stock options, and related per share amounts in these unaudited condensed financial statements have been retroactively adjusted for all periods presented to give effect to the reverse stock split.

Cash, Cash Equivalents and Marketable Securities

Cash, Cash Equivalents and Marketable Securities

Management considers all highly liquid investments with original maturities of three months or less to be cash equivalents.

The Company’s marketable debt securities have been classified and accounted for as available-for-sale. The Company classifies its marketable debt securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. Marketable debt securities with maturities of 12 months or less are classified as short-term and marketable debt securities with maturities greater than 12 months are classified as long-term. The Company’s marketable debt securities are carried at fair value, with unrealized gains and losses, net of taxes, reported as a component of accumulated other comprehensive loss in stockholders’ deficit. Premiums and discounts on marketable debt securities are amortized into earnings over the life of the security. For the three months ended March 31, 2021 and 2020, the Company recorded $167 and $87 of amortization, respectively.      

Comprehensive Loss

Comprehensive Loss

The Company presents comprehensive loss in a single statement within its financial statements.  Other comprehensive loss consists of unrealized gains and losses on marketable securities, net of tax.

Leases

Leases

At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the circumstances present. The Company accounts for a contract as a lease when it has the right to control the asset for a period of time while obtaining substantially all of the asset’s economic benefits. The Company determines the initial classification and measurement of its operating right-of-use (“ROU”) assets and operating lease liabilities at the lease commencement date, and thereafter if modified. The lease term includes any renewal options that the Company is reasonably assured to exercise. The Company’s policy is to not record leases with a lease term of 12 months or less on its balance sheets. The Company’s only existing lease is for office space.

The ROU asset represents the right to use the leased asset for the lease term. The lease liability represents the present value of the lease payments under the lease. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the Company uses its estimated secured incremental borrowing rate for that lease term.

Lease expense for operating leases is recognized on a straight-line basis over the reasonably assured lease term based on the total lease payments and is included in operating expense in the statements of operations.

Payments due under each lease agreement include fixed and variable payments. Variable payments relate to the Company’s share of the lessor’s operating costs associated with the underlying asset and are recognized when the event on which those payments are assessed occurs. Neither of the Company’s leases contain residual value guarantees.

The interest rate implicit in lease agreements is typically not readily determinable, and as such, the Company utilizes the incremental borrowing rate to calculate lease liabilities, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment.

Recently Issued and Adopted Accounting Pronouncements

Recently Issued and Adopted Accounting Pronouncements

In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, Leases (Topic 842), as amended by multiple standards updates, in order to increase transparency and comparability among organizations by requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The most significant change arising from the new standard is the recognition of right of use assets and lease liabilities for leases classified as operating leases. The right-of-use lease liability for operating leases is based on the net present value of future minimum lease payments. Additionally, the right-of-use asset for operating leases is based on the lease liability adjusted for the reclassification of certain balance sheet amounts such as the long term portion of straight line rent liability and deferred lease incentives. Under the standard, disclosures are required to enable financial statement users to assess the amount, timing, and uncertainty of cash flows arising from the leases. Companies are also required to recognize and measure leases existing at, or entered into after, the adoption date using a modified retrospective approach, with certain practical expedients available. Comparative periods prior to adoption have not been retrospectively adjusted.

The Company adopted the standard effective January 1, 2021 using the modified retrospective transition method. Upon adoption, the Company applied the package of practical expedients that allows an entity to not reassess (i) whether any expired or existing contracts are or contain leases, (ii) lease classification for any expired or existing leases and (iii) initial direct costs for any expired or existing leases. The Company elected the practical expedient not to apply the recognition requirements to short-term leases, defined as a lease that at the commencement date has a lease term of 12 months or less that does not include a purchase option to purchase the underlying asset that the Company is reasonably certain to exercise. Furthermore, the Company has elected the practical expedient to not separate lease and non-lease components by class of underlying asset for its existing leases. As the Company enters into new leases, it will continue to evaluate this accounting policy for any new classes of underlying assets.

Upon adoption, the Company recorded ROU assets of $970 and lease liabilities of $1,129. The standard did not have a material impact on the statement of operations or statement of cash flows.

In December 2019, the FASB issued ASU 2019-12, Income Taxes – Simplifying the Accounting for Income Taxes. The new guidance simplifies the accounting for income taxes by removing several exceptions in the current standard and adding guidance to reduce complexity in certain areas, such as requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The Company adopted this standard as of January 1, 2021. The adoption did not have a material impact on the Company’s financial statements.

Concentration of Credit Risk and Other Risks and Uncertainties

Concentration of Credit Risk and Other Risks and Uncertainties

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash and cash equivalents and marketable securities. Cash and cash equivalents includes a checking account held at one financial institution. At times, such deposits may be in excess of insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents. The Company’s marketable debt securities are carried at fair value and include any unrealized gains and losses. Any investments with unrealized losses are considered to be temporarily impaired.

The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, rapid technological change, uncertainty of market acceptance of the product, competition from substitute products and larger companies, protection of proprietary technology, any future strategic relationships and dependence on key individuals.

Products developed by the Company require clearances from the U.S. Food and Drug Administration or other international regulatory agencies prior to commercial sales. There can be no assurance the Company’s product candidates will receive the necessary clearances. If the Company is denied clearance, clearance is delayed or it is unable to maintain clearance, it could have a materially adverse impact on the Company.

In January 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a “Public Health Emergency of International Concern,” which continues to spread throughout the world.  The outbreak has adversely impacted global commercial activity and contributed to significant volatility in financial markets. The COVID-19 outbreak and government responses are creating disruption in global supply chains and adversely impacting many industries. The outbreak could have a continued material adverse impact on economic and market conditions and trigger a period of global economic slowdown. The Company continues to monitor the impact of the COVID-19 outbreak closely. The full extent to which the COVID-19 outbreak will impact its operations or financial results remains uncertain.

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Summary of Cash Equivalents and Available-for-sale Securities Carrying Amounts and Fair Values

The Company’s financial assets consist of money market funds, U.S. government debt securities and corporate debt securities. The following tables show the Company’s cash equivalents and available-for-sale securities’ carrying amounts and fair values at March 31, 2021 and December 31, 2020:

	As of March 31, 2021 (unaudited)
	Carrying Amount		Fair Value		Quoted priced in active markets (level 1)		Significant other observable inputs (level 2)		Significant unobservable inputs (level 3)
Financial assets
Money market funds	$	41,268	$	41,268	$	41,268	$	—	$	—
Corporate securities		280,534		280,534		—		280,534		—
Government securities		25,562		25,562		—		25,562		—
Total financial assets	$	347,364	$	347,364	$	41,268	$	306,096	$	—

	As of December 31, 2020
	Carrying Amount		Fair Value		Quoted Priced in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets
Money market funds		240,033		240,033		240,033	$	—	$	—
Corporate securities		120,008		120,008		—		120,008		—
Total financial assets	$	360,041	$	360,041	$	240,033	$	120,008	$	—

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Property and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2021

Property Plant And Equipment [Abstract]

Summary of Property and Equipment, Net

	March 31, 2021 (unaudited)			December 31, 2020
Machinery & equipment	$	2,061		$	1,989
Computers		8			8
Furniture & fixtures		9			9
Leasehold improvements		161			73
Assets not placed in service		99			51
Total property and equipment		2,338			2,130
Less: Accumulated depreciation		(1,641	)		(1,561	)
Property and equipment, net	$	697		$	569

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Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2021

Payables And Accruals [Abstract]

Summary of Accrued Expenses

Accrued expenses consist of the following:

	March 31, 2021 (unaudited)		December 31, 2020
Accrued compensation	$	1,814	$	3,109
Accrued legal and professional services		205		—
Accrued research and development costs		1,819		1,595
Other accrued liabilities		40		99
Total	$	3,878	$	4,803

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Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Summary of Components of Lease Cost

The components of lease cost for the three months ended March 31, 2021 are as follows:

(in thousands)	Three Months Ended March 31, 2021
Operating lease cost	$	157
Variable lease cost		95
Total lease cost	$	252

Schedule of Amounts Reported in Consolidated Balance Sheets for Leases

Amounts reported in the consolidated balance sheets for leases where the Company is the lessee as of March 31, 2021 were as follows, in thousands:

Operating Leases:	Three Months Ended March 31, 2021
Right-of-use assets, operating leases	$	828
Operating lease liabilities, current	$	666
Operating lease liabilities, non-current		302
Total operating lease liabilities	$	968
Weighted-average remaining lease term (years)	1.55
Weighted-average discount rate		5.75	%

Summary of Other Information Related to Leases

Other information related to leases for the three months ended March 31, 2021 is as follows, in thousands:

Cash paid for amounts included in the measurement of lease liabilities	$	174
Leased assets obtained in exchange for new operating lease liabilities		—

Schedule of Minimum Lease Payments under Operation Leases

Minimum lease payments under operation leases by fiscal year were as follows, in thousands:

Fiscal year	Year Ended December 31, 2020
2021	$	525
2022		413
2023		71
2024		—
2025		—
Thereafter		—
Total minimum lease payments	$	1,009
Less:  Amounts representing imputed interest		(41	)
Present value of lease liabilities	$	968

(1) Excluded from the table above are the lease payments associated with the lease of office and laboratory space in Princeton, New Jersey for the Company’s future headquarters. The Company has excluded its lease payments due to the commencement date not having occurred and a lease liability not yet having been recognized on its condensed balance sheet.

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Stock Plan (Tables)

3 Months Ended

Mar. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Schedule of Stock Options Activity

This table summarizes option activity for the three-month period ended March 31, 2021:

				Options Outstanding
									Weighted-
							Weighted		Average		Aggregate
	Shares						Average		Remaining		Intrinsic
	Available			Number of			Exercise		Contractual Life		Value
	for Grant			Options			Price		(in years)		(in 000s)
Balances, December 31, 2020		4,609,725			4,090,970		$	3.14		7.13	$	238,792
Options retired under 2013 Equity Plan		(237,542	)		—
Options granted		(23,500	)		23,500		$	34.30
Options forfeited / cancelled		19,213			(19,213	)	$	3.86		0.00
Options exercised		—			(103,351	)	$	1.57
Balances, March 31, 2021 (unaudited)		4,367,896			3,991,906		$	3.36		6.77	$	117,965
At March 31, 2021
Vested and expected to vest					3,991,906		$	3.34		6.77	$	117,965
Exercisable					2,644,954		$	2.20		5.81	$	81,134

Schedule of Estimated Fair Value of Stock Options

The Company estimated the fair value of the options using the Black-Scholes options valuation model. The fair value of the options is being amortized on a straight-line basis over the requisite service period of the awards. The fair value was estimated using the following assumptions:

	Three Months Ended	Year Ended
	March 31,	December 31,
	2021	2020
Risk-free interest rate	0.65%	0.31% - 1.51%
Expected life (in years)	6.25	4.92 - 6.40
Dividend yield	0%	0%
Expected volatility	79.90%	70.70% - 77.60%

Stock-based Compensation Expense Related to Options Granted Recorded and Allocated

Stock-based compensation expense recorded under ASC 718 related to stock options granted was allocated to research and development and general and administrative expense as follows:

	For the Three Months Ended
	March 31,		March 31,
	2021		2020
Research and development	$	251	$	142
General and administrative		376		154
Total stock-based compensation	$	627	$	296

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Net Loss per Share (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Schedule of Computation of Net Loss per Share

	For the Three Months Ended
	March 31, 2021 (unaudited)			March 31, 2020 (unaudited)
Net loss	$	(11,602	)	$	(7,255	)
Weighted-average number of shares - basic and diluted		44,785,226			3,046,200
Net loss per share - basic and diluted		(0.26	)		(2.38	)

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Formation and Business of the Company - Additional Information (Details)			3 Months Ended
	Sep. 25, 2020 USD ($) $ / shares shares	Sep. 18, 2020	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)
Organization Consolidation And Presentation [Line Items]
Proceeds from issuance of common stock, gross	$ 243,536
Proceeds from issuance of common stock, net	$ 223,161
Reverse stock split description			5.2651-for-1 reverse stock split of the Company’s common stock and convertible preferred stock
Reverse stock split conversion ratio		5.2651
Net loss			$ (11,602,000)	$ (7,255,000)
Cash used in operating activities			(12,904,000)	$ (8,138,000)
Accumulated deficit			(121,482,000)		$ (109,880,000)
Cash and cash equivalents			208,783,000		361,422,000
Short and long term marketable securities			$ 139,597,000		$ 0
Convertible Preferred Stock | Common Stock
Organization Consolidation And Presentation [Line Items]
Reverse stock split description			5.2651-for-1 reverse stock split of its issued and outstanding common and convertible preferred stock
IPO | Common Stock
Organization Consolidation And Presentation [Line Items]
Number of shares sold | shares	13,529,750
Public offering price per share | $ / shares	$ 18.00
IPO | Convertible Preferred Stock | Common Stock
Organization Consolidation And Presentation [Line Items]
Conversion of convertible preferred stock to common stock, Shares | shares	28,188,110
Underwriters | Common Stock
Organization Consolidation And Presentation [Line Items]
Option to purchase common stock | shares	1,764,750

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Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands		3 Months Ended
	Sep. 18, 2020	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Jan. 01, 2021 USD ($)
Summary Of Significant Accounting Policie [Line Items]
Reverse stock split description		5.2651-for-1 reverse stock split of the Company’s common stock and convertible preferred stock
Reverse stock split conversion ratio	5.2651
Amortization of available-for-sale debt securities		$ 167	$ 87
ROU assets		828
Lease liabilities		$ 968
ASU 2016-02
Summary Of Significant Accounting Policie [Line Items]
Adoption of accounting standards update [true false]		true
Accounting standards update, adoption date		Jan. 01, 2021
ROU assets				$ 970
Lease liabilities				$ 1,129
ASU 2019-12
Summary Of Significant Accounting Policie [Line Items]
Adoption of accounting standards update [true false]		true
Accounting standards update, adoption date		Jan. 01, 2021
Accounting standards update, immaterial effect [true false]		true

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Fair Value Measurements - Summary of Cash Equivalents and Available-for-sale Securities Carrying Amounts and Fair Values (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Quoted Priced in Active Markets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	$ 41,268	$ 240,033
Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	306,096	120,008
Corporate Securities | Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	280,534	120,008
Government Securities | Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	25,562
Money Market Funds | Quoted Priced in Active Markets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	41,268	240,033
Carrying Amount
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	347,364	360,041
Carrying Amount | Corporate Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	280,534	120,008
Carrying Amount | Government Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	25,562
Carrying Amount | Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	41,268	240,033
Fair Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	347,364	360,041
Fair Value | Corporate Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	280,534	120,008
Fair Value | Government Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	25,562
Fair Value | Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	$ 41,268	$ 240,033

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Fair Value Measurements - Additional Information (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	$ 207,800,000	$ 360,000,000
Marketable securities noncurrent	16,891,000
Marketable securities current	122,706,000
Marketable securities	139,597,000	0
Corporate Debt Securities | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	166,500,000	120,000,000
Money Market Funds | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	$ 41,300,000	$ 240,000,000

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Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Total property and equipment	$ 2,338	$ 2,130
Less: Accumulated depreciation	(1,641)	(1,561)
Property and equipment, net	697	569
Machinery & Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	2,061	1,989
Computers
Property Plant And Equipment [Line Items]
Total property and equipment	8	8
Furniture & Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment	9	9
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment	161	73
Assets Not Placed in Service
Property Plant And Equipment [Line Items]
Total property and equipment	$ 99	$ 51

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Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Property Plant And Equipment [Abstract]
Depreciation	$ 79	$ 94

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Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Accrued compensation	$ 1,814	$ 3,109
Accrued legal and professional services	205
Accrued research and development costs	1,819	1,595
Other accrued liabilities	40	99
Total	$ 3,878	$ 4,803

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Commitments and Contingencies - Additional Information (Details)	1 Months Ended		3 Months Ended
	Jan. 31, 2021 USD ($) ft²	Aug. 31, 2018 ft² Lease $ / ft²	Mar. 31, 2021 USD ($) $ / ft²	Mar. 31, 2020 USD ($)	Jun. 30, 2017 ft² $ / ft²	Jun. 30, 2015 ft² $ / ft²
Commitments And Contingencies Disclosure [Line Items]
Number of noncancelable operating leases | Lease		2
Deferred rent incentives			$ 88,000
Rent expense			137,000	$ 186,000
Cash paid for amounts included in the measurement of lease liabilities			174,000
Purchase commitments			$ 0
Cranbury, New Jersey
Commitments And Contingencies Disclosure [Line Items]
Area of operating lease property | ft²					6,000	13,000
Initial base rent per square foot | $ / ft²					22.00	20.00
Operating lease expiration period			2022-07
Operating lease, renewal term			5 years
Operating lease maintenance expense per square foot | $ / ft²			3.00
Operating lease, description			Both leases include a common area maintenance expense for $3.00 per square foot with an increase of 3% on the first month of each calendar year during the lease term and a management fee of 3% of the base rent.
Management fee of base rent percentage			3.00%
South Brunswick, New Jersey.
Commitments And Contingencies Disclosure [Line Items]
Area of operating lease property | ft²		6,000
Initial base rent per square foot | $ / ft²		15.50
Operating lease expiration period		2022-07
Operating lease, renewal term		5 years
Management fee of base rent percentage		3.00%
Lexington, Massachusetts
Commitments And Contingencies Disclosure [Line Items]
Initial base rent per square foot | $ / ft²		28.50
Operating lease expiration period		2023-08
Operating lease, renewal term		3 years
Initial base rent increased per square foot | $ / ft²		1.00
Maximum amount tenant improvement allowance			$ 165,000
Princeton, New Jersey
Commitments And Contingencies Disclosure [Line Items]
Operating lease, description			That lease term extends through 2032, has a five-year extension option, and is intended to replace our two existing facilities.
Lease area of square feet | ft²	50,581
Operating Leases, extended year	2032
Operating leases, extension period	5 years
Cash paid for amounts included in the measurement of lease liabilities	$ 19,600,000
Operating leases extended month and year	2032-05
Tenant improvement allowance	$ 4,100,000

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Commitments and Contingencies - Summary of Components of Lease Cost (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Leases [Abstract]
Operating lease cost	$ 157
Variable lease cost	95
Total lease cost	$ 252

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Commitments and Contingencies - Schedule of Amounts Reported in Consolidated Balance Sheets for Leases (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Operating Leases:
Right-of-use assets, operating leases	$ 828
Operating lease liability, current	666
Operating lease liability, noncurrent	302
Total operating lease liabilities	$ 968
Weighted-average remaining lease term (years)	1 year 6 months 18 days
Weighted-average discount rate	5.75%

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Commitments and Contingencies - Summary of Other Information Related to Leases (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ 174

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Commitments and Contingencies - Schedule of Minimum Lease Payments under Operation Leases (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Commitments And Contingencies Disclosure [Abstract]
2021	$ 525
2022	413
2023	71
Total minimum lease payments	1,009
Less: Amounts representing imputed interest	(41)
Present value of lease liabilities	$ 968

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Stockholder's Equity - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares issued	44,881,169	44,777,818
Common stock, shares outstanding	44,881,169	44,777,818
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Dividends, common stock declared	$ 0

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Stock Plan - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Sep. 24, 2020	Mar. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total compensation cost related to nonvested awards not yet recognized		$ 4,683
Weighted-average period over nonvested awards expected to be recognized		3 years
Dividend yield		0.00%	0.00%
2020 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance	4,406,374	4,367,896
Percentage of number of shares of common stock outstanding increase	5.00%
Shares issued	4,367,896
2020 ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance	400,572
Percentage of number of shares of common stock outstanding increase	1.00%
Shares issued		0
Number of additional shares reserved for issuance, maximum	801,504
Shares outstanding		0

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Stock Plan - Schedule of Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Shares Available For Grant
Shares Available for Grant, Balance	4,609,725
Shares Available for Grant, Options granted	(23,500)
Shares Available for Grant, Options forfeited / cancelled	19,213
Shares Available for Grant, Balance	4,367,896	4,609,725
Number of Options
Options	4,090,970
Options granted, Number of Options	23,500
Options forfeited / cancelled, Number of Options	(19,213)
Options exercised, Number of Options	(103,351)
Options Outstanding, Number of Options	3,991,906	4,090,970
Vested and expected to vest, Number of Options	3,991,906
Exercisable, Number of Options	2,644,954
Weighted Average Exercise Price
Options Outstanding, Weighted Average Exercise Price	$ 3.14
Options granted, Weighted Average Exercise Price	34.30
Options forfeited / cancelled, Weighted Average Exercise Price	3.86
Options exercised, Weighted Average Exercise Price	1.57
Options Outstanding, Weighted Average Exercise Price	3.36	$ 3.14
Vested and expected to vest, Weighted Average Exercise Price	3.34
Exercisable, Weighted Average Exercise Price	$ 2.20
Weighted-Average Remaining Contractual Life
Options Outstanding, Weighted-Average Remaining Contractual Life	6 years 9 months 7 days	7 years 1 month 17 days
Options Forfeited/Cancelled, Weighted-Average Remaining Contractual Life	0 years
Vested and expected to vest, Weighted-Average Remaining Contractual Life	6 years 9 months 7 days
Exercisable, Weighted-Average Remaining Contractual Life	5 years 9 months 21 days
Aggregate Intrinsic Value
Options Outstanding, Aggregate Intrinsic Value	$ 117,965	$ 238,792
Vested and expected to vest, Aggregate Intrinsic Value	117,965
Exercisable, Aggregate Intrinsic Value	$ 81,134
2013 Stock Plan
Shares Available For Grant
Shares Available for Grant, Options retired	(237,542)

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Stock Plan - Schedule of Estimated Fair Value of Stock Options (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate	0.65%
Risk-free interest rate, minimum		0.31%
Risk-free interest rate, maximum		1.51%
Expected life (in years)	6 years 3 months
Dividend yield	0.00%	0.00%
Expected volatility	79.90%
Expected volatility, minimum		70.70%
Expected volatility, maximum		77.60%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life (in years)		4 years 11 months 1 day
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life (in years)		6 years 4 months 24 days

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Stock Plan - Stock-based Compensation Expense Related to Options Granted Recorded and Allocated (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 627	$ 296
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	251	142
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 376	$ 154

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Net Loss per Share - Schedule of Computation of Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Net loss	$ (11,602)	$ (7,255)
Weighted-average number of shares - basic and diluted	44,785,226	3,046,200
Net loss per share -- basic and diluted	$ (0.26)	$ (2.38)

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Related Parties - Additional Information (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2021 USD ($) Member	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)
Board of Directors
Related Party Transaction [Line Items]
Number of consulting agreement members | Member	2
Consulting fees	$ 28,000	$ 28,000
Amount owed to related party	0		$ 0
Investor
Related Party Transaction [Line Items]
Consulting fees			$ 65,000
Amount owed to related party	0
Amount paid to related party	$ 0