PMV Pharmaceuticals, Inc.
For the period ended Sep 30, 2026. Filed Nov 10, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 10, 2026
PMVP$1.22-2.4%Stored close · as of Nov 10, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-14.
0001193125-26-350448
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-10.
0001193125-26-454471
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 84 previous paragraphs and 94 current paragraphs.
54 unchanged; 23 reworded; 15 added; 7 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 6 previous and 6 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (15)
Current report
On September 2, 2026, we completed the August 2026 Public Offering of 22,055,000 shares of common stock and, in lieu of common stock to certain investors, Pre-Funded Warrants to purchase 19,900,000 shares of common stock, together with accompanying Common Stock Warrants to purchase an aggregate of 41,955,000 shares of common stock, for gross proceeds of approximately $50.8 million and net proceeds of approximately $46.9 million, after deducting underwriting discounts and commissions and offering expenses.
Current report
Change in fair value of warrant liability consists of the remeasurement to fair value, at each reporting date, of the Common Stock Warrants issued in the August 2026 Public Offering, which are classified as a liability. Offering costs allocated to warrant liability consist of the portion of the August 2026 Public Offering issuance costs allocated to the liability-classified Common Stock Warrants, which were expensed upon issuance.
Current report
$0.7 million decrease in finance and legal support expenses, driven by lower legal fees, including patent-related legal fees, and lower administrative consulting and audit fees; partially offset by
Current report
For the three months ended September 30, 2026, we recognized a loss of $12.8 million from the change in fair value of the warrant liability, primarily driven by the increase in our common stock price from $1.21 per share at issuance on September 2, 2026 to $1.67 per share as of September 30, 2026. We also recognized $2.3 million of offering costs allocated to the warrant liability, which were expensed upon issuance. There were no comparable amounts for the three months ended September 30, 2025, as the warrants were issued in connection with the August 2026 Public Offering.
Current report
Comparison of the Nine Months Ended September 30, 2026 and 2025.
Current report
Research and development expenses were $46.1 million for the nine months ended September 30, 2026, compared to $54.1 million for the nine months ended September 30, 2025. The decrease of $8.0 million, compared to the nine months ended September 30, 2025, was primarily due to the following:
Current report
$0.7 million increase in personnel related expenses.
Current report
General and administrative expenses were $11.9 million for the nine months ended September 30, 2026, compared to $12.9 million for the nine months ended September 30, 2025. The decrease of $1.0 million, compared to the nine months ended September 30, 2025, was primarily due to the following:
Current report
$1.2 million decrease in finance and legal support expenses, driven by lower legal fees, including patent-related legal fees, and lower administrative consulting and audit fees; partially offset by
Current report
For the nine months ended September 30, 2026, we recognized a loss of $12.8 million from the change in fair value of the warrant liability and $2.3 million of offering costs allocated to the warrant liability, all of which were recognized during the three months ended September 30, 2026, as discussed above. There were no comparable amounts for the nine months ended September 30, 2025.
Current report
Critical Accounting Policies and Significant Judgments and Estimates
Current report
Warrant Liability
Current report
In connection with the August 2026 Public Offering, we issued Common Stock Warrants that are classified as a liability because their exercise price and the number of shares issuable upon exercise are subject to adjustment following the NDA Acceptance Announcement and, therefore, they do not meet the conditions for equity classification under ASC 815-40. The warrant liability is recorded at fair value upon issuance and is measured at each reporting date, with changes in fair value recognized in our condensed consolidated statements of operations within change in fair value of warrant liability.
Current report
We estimate the fair value of the warrant liability using a Monte Carlo simulation model. The significant unobservable (Level 3) input used in the model is expected volatility. The model also uses our common stock price, the exercise price, the expected term, the risk-free interest rate and the expected dividend yield. The expected term ranges from the earliest assumed exercise date, which reflects our estimate of the timing of the NDA Acceptance Announcement, to the contractual expiration of the Common Stock Warrants. Following the NDA Acceptance Announcement, and subject to specified conditions, we may require holders to exercise up to 50% of the Common Stock Warrants for cash. The model assumes we exercise this right shortly after the NDA Acceptance Announcement, unless our common stock price at that time is below 33% of the initial exercise price. As of September 30, 2026, the warrant liability was $43.6 million.
Current report
The fair value of the warrant liability is most sensitive to our common stock price and expected volatility. Holding other inputs constant, as of September 30, 2026, a 10% increase (decrease) in our common stock price would have increased (decreased) the fair value of the warrant liability by approximately $5.7 million ($5.1 million), and a 10-percentage-point increase (decrease) in expected volatility would have increased (decreased) the fair value by approximately $3.4 million ($3.1 million). Changes in these inputs could result in significant changes in the fair value of the warrant liability and in our results of operations in future periods.
Removed paragraphs (7)
Previous report
$0.5 million increase in personnel related costs.
Previous report
Comparison of the Six Months ended June 30, 2026 and 2025
Previous report
Research and development expenses were $30.0 million for the six months ended June 30, 2026, compared to $35.8 million for the six months ended June 30, 2025. The decrease of $5.8 million, compared to the six months ended June 30, 2025, was primarily due to the following:
Previous report
$0.7 million increase in expenses for personnel related costs.
Previous report
General and administrative expenses were $7.9 million for the six months ended June 30, 2026, compared to $8.6 million for the six months ended June 30, 2025. The decrease of $0.7 million, compared to the six months ended June 30, 2025, was primarily due to the following:
Previous report
Our ability to continue as a going concern will depend on, among other things, our ability to obtain additional funding and appropriately manage the amount of cash used to fund our operations. We plan to address this condition through public or private equity, convertible or debt financing or capital obtained in connection with strategic collaborations or licensing or other sources. There are inherent uncertainties as the outcome of these potential transactions are outside management’s control, and therefore there are no assurances that any of these potential transactions will occur. In addition, there can be no assurances that these transactions will sufficiently improve our liquidity or that we will otherwise realize the anticipated benefits. 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, suspend or curtail planned programs, or pursue strategic alternatives. Any of these actions could materially harm our business, results of operations and future prospects.
Previous report
Critical Accounting Policies and Estimates
Reworded paragraphs (23)
Previous wording
Since our formation in March 2013, we have devoted substantially all of our time and efforts to performing research and development activities, advancing our lead product candidate toward regulatory approval, and raising capital. We are not profitable and have incurred losses in each year since our inception. During the three and six months ended June 30, 2026, we incurred net losses of $18.1 million and $36.1 million, respectively. As of June 30, 2026, we had an accumulated deficit of $482.6 million. We do not currently have any product candidates approved for sale, and we continue to incur significant research and development and general and administrative expenses related to our operations. We initiated a Phase 1/2 clinical trial, PYNNACLE, in October 2020 for our lead product candidate, rezatapopt. Our strategy is to seek approval under an accelerated pathway, and we believe the Phase 2 portion of the PYNNACLE clinical trial has the potential to serve as a pivotal study. In October 2020, we were granted FDA Fast Track designation of rezatapopt for the treatment of patients with locally advanced or metastatic solid tumors that have a p53 Y220C mutation. In July 2023, we met with the FDA at an End of Phase 1 meeting where alignment was obtained on the recommended Phase 2 dose and key elements of the single arm, Phase 2 registrational portion of the PYNNACLE study. In October 2023, we presented our updated Phase 1 clinical data for rezatapopt at the 2023 AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics Annual Meeting. We dosed our first patient in the pivotal Phase 2 monotherapy portion of the PYNNACLE study in the first quarter of 2024. In September 2025, we announced interim data from the Phase 2 pivotal portion of the PYNNACLE clinical trial, which was updated in October 2025 in a late-breaking oral presentation and poster presentation at the 2025 AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics Meeting. In March 2026, rezatapopt was granted Orphan Drug Designation, or ODD, from the FDA for the treatment of TP53 Y220C positive ovarian cancer, fallopian tube cancer, and primary peritoneal cancer. In April 2026, we presented interim ovarian cancer data from the Phase 2 pivotal portion of the PYNNACLE clinical trial, in an oral presentation at the 2026 Society of Gynecologic Oncology Meeting. Enrollment of platinum-resistant/refractory ovarian cancer patients for the primary analysis in the Phase 2 monotherapy portion of the study has been completed. We plan to submit our initial New Drug Application, or NDA, via accelerated approval for platinum resistant/refractory ovarian cancer in the first quarter of 2027.
Current wording
Since our formation in March 2013, we have devoted substantially all of our time and efforts to performing research and development activities, advancing our lead product candidate toward regulatory approval, and raising capital. We are not profitable and have incurred losses in each year since our inception. During the three and nine months ended September 30, 2026, the Company incurred net losses of $34.4 million and $70.5 million, respectively. As of September 30, 2026, we had an accumulated deficit of $517.0 million. We do not currently have any product candidates approved for sale, and we continue to incur significant research and development and general and administrative expenses related to our operations. We initiated a Phase 1/2 clinical trial, PYNNACLE, in October 2020 for our lead product candidate, rezatapopt. Our strategy is to seek approval under an accelerated pathway, and we believe the Phase 2 portion of the PYNNACLE clinical trial has the potential to serve as a pivotal study. In October 2020, we were granted FDA Fast Track designation of rezatapopt for the treatment of patients with locally advanced or metastatic solid tumors that have a p53 Y220C mutation. In July 2023, we met with the FDA at an End of Phase 1 meeting where alignment was obtained on the recommended Phase 2 dose and key elements of the single arm, Phase 2 registrational portion of the PYNNACLE study. In October 2023, we presented our updated Phase 1 clinical data for rezatapopt at the 2023 AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics Annual Meeting. We dosed our first patient in the pivotal Phase 2 monotherapy portion of the PYNNACLE study in the first quarter of 2024. In September 2025, we announced interim data from the Phase 2 pivotal portion of the PYNNACLE clinical trial, which was updated in October 2025 in a late-breaking oral presentation and poster presentation at the 2025 AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics Meeting. In March 2026, rezatapopt was granted Orphan Drug Designation, or ODD, from the FDA for the treatment of TP53 Y220C positive ovarian cancer, fallopian tube cancer, and primary peritoneal cancer. In April 2026, we presented interim ovarian cancer data from the Phase 2 pivotal portion of the PYNNACLE clinical trial, in an oral presentation at the 2026 Society of Gynecologic Oncology Meeting. Enrollment of platinum-resistant/refractory ovarian cancer patients for the primary analysis in the Phase 2 monotherapy portion of the study has been completed. We plan to submit our initial New Drug Application, or NDA, via accelerated approval for platinum resistant/refractory ovarian cancer in the first quarter of 2027.
Previous wording
Management has determined that our current available cash, cash equivalents and marketable securities may not be sufficient to fund our planned operations for at least one year from the date of this Quarterly Report, and there is substantial doubt as to our ability to continue as a going concern. For additional information, see “Note 1 — Formation and Business of the Company— Liquidity and Going Concern.”
Current wording
Management previously determined that there was substantial doubt as to our ability to continue as a going concern. In assessing our ability to continue as a going concern management carefully evaluated the conditions and events that may raise substantial doubt about our ability to continue operations for one year from the filing of this Quarterly Report. This evaluation considered several factors, including our current financial condition and available liquidity resources, which now include the proceeds from the August 2026 Public Offering. Management believes that our cash, cash equivalents, and marketable securities of $108.5 million as of September 30, 2026, which include the net proceeds from the August 2026 Public Offering, will be sufficient to fund our planned operations for at least one year from the date of this Quarterly Report and, as a result, has concluded that there is no longer substantial doubt about our ability to continue as a going concern. For additional information, see “Note 1 — Formation and Business of the Company— Liquidity and Going Concern”
Previous wording
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, rezatapopt. We initiated our Phase 1/2 PYNNACLE clinical trial in October 2020, and on that date, we were granted FDA Fast Track designation of rezatapopt for the treatment of patients with locally advanced or metastatic solid tumors that have a p53 Y220C mutation. In October 2023, we presented our updated Phase 1 clinical data for rezatapopt at the 2023 AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics Meeting. In September 2025, we announced interim data from the Phase 2 pivotal portion of the PYNNACLE clinical trial, which was updated in October 2025 in a late-breaking oral presentation and poster presentation at the 2025 AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics Meeting. In March 2026, rezatapopt was granted ODD from the FDA for the treatment of TP53 Y220C positive ovarian cancer, fallopian tube cancer, and primary peritoneal cancer. Enrollment of platinum-resistant/refractory ovarian cancer patients for the primary analysis in the Phase 2 monotherapy portion of the study has been completed. We plan to submit our initial New Drug Application, or NDA, via accelerated approval for platinum resistant/refractory ovarian cancer in the first quarter of 2027.
Current wording
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, rezatapopt. We initiated our Phase 1/2 PYNNACLE clinical trial in October 2020, and on that date, we were granted FDA Fast Track designation of rezatapopt for the treatment of patients with locally advanced or metastatic solid tumors that have a p53 Y220C mutation. In October 2023, we presented our updated Phase 1 clinical data for rezatapopt at the 2023 AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics Meeting. In September 2025, we announced interim data from the Phase 2 pivotal portion of the PYNNACLE clinical trial, which was updated in October 2025 in a late-breaking oral presentation and poster presentation at the 2025 AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics Meeting. In March 2026, rezatapopt was granted ODD from the FDA for the treatment of
Previous wording
Research and development expenses were $14.7 million for the three months ended June 30, 2026, compared to $18.4 million for the three months ended June 30, 2025. The decrease of $3.7 million, compared to the three months ended June 30, 2025, was primarily due to the following:
Current wording
Research and development expenses were $16.1 million for the three months ended September 30, 2026, compared to $18.2 million for the three months ended September 30, 2025. The decrease of $2.1 million, compared to the three months ended September 30, 2025, was primarily due to the following:
Previous wording
$6.5 million decrease in research and development expenses largely driven by decreased contract research organization costs for advancing our lead product candidate, rezatapopt; offset by
Current wording
$2.1 million decrease in research and development expenses largely driven by decreased contract research organization costs for advancing our lead product candidate, rezatapopt.;
Previous wording
General and administrative expenses were $4.2 million for the three months ended June 30, 2026, compared to $4.5 million for the three months ended June 30, 2025. The decrease of $0.3 million, compared to the three months ended June 30, 2025, was primarily due to the following:
Current wording
General and administrative expenses were $4.0 million for the three months ended September 30, 2026, compared to $4.3 million for the three months ended September 30, 2025. The decrease of $0.3 million, compared to the three months ended September 30, 2025, was primarily due to the following:
Previous wording
$0.6 million decrease in finance and legal support costs, and $0.1 million decrease in personnel expenses driven by a decrease in stock-based compensation costs.
Current wording
$0.3 million increase in personnel expenses driven by higher salaries, bonus and stock-based compensation costs, and $0.1 million increase in facility and equipment expenses.
Previous wording
Interest income, net primarily consists of interest income from our interest-bearing cash, cash equivalents, and marketable securities and interest costs related to accretion and amortization of discounts and premiums on marketable securities. Interest income, net was $0.8 million for the three months ended June 30, 2026, compared to $1.7 million for the three months ended June 30, 2025. The decrease of $0.9 million was driven by decreased average invested balances in marketable securities and U.S. treasuries during the three months ended June 30, 2026.
Current wording
Interest income, net primarily consists of interest income from our interest-bearing cash, cash equivalents, and marketable securities and interest costs related to accretion and amortization of discounts and premiums on marketable securities. Interest income, net was $0.8 million for the three months ended September 30, 2026, compared to $1.5 million for the three months ended September 30, 2025. The decrease of $0.7 million was driven by decreased average invested balances in marketable securities and U.S. treasuries during the three months ended September 30, 2026.
Previous wording
$4.1 million decrease in research and development expenses largely driven by decreased contract research organization costs for advancing our lead product candidate, rezatapopt; offset by
Current wording
$8.7 million decrease in research and development expenses largely driven by decreased contract research organization costs for advancing our lead product candidate, rezatapopt; offset by
Previous wording
$0.1 million decrease in personnel expenses driven by a decrease in stock-based compensation costs and $0.2 million decrease in finance support costs.
Current wording
$0.2 million increase in personnel expenses, driven by higher salaries, bonus and stock-based compensation costs, and $0.1 million increase in facility and equipment expenses.
Previous wording
Interest income, net primarily consists of interest income from our interest-bearing cash, cash equivalents, and marketable securities and interest costs related to accretion and amortization of discounts and premiums on marketable securities. Interest income, net was $1.8 million for the six months ended June 30, 2026, compared to $3.6 million for the six months ended June 30, 2025. The decrease of $1.8 million compared to the six months ended June 30, 2025, was driven by decreased average invested balances in marketable securities and U.S. treasuries during the six months ended June 30, 2026.
Current wording
Interest income, net primarily consists of interest income from our interest-bearing cash, cash equivalents, and marketable securities and interest costs related to accretion and amortization of discounts and premiums on marketable securities. Interest income, net was $2.6 million for the nine months ended September 30, 2026, compared to $5.1 million for the nine months ended September 30, 2025. The decrease of $2.5 million compared to the nine months ended September 30, 2025, was driven by decreased average invested balances in marketable securities and U.S. treasuries during the nine months ended September 30, 2026.
Previous wording
The State of New Jersey’s Technology Business Tax Certificate Program allows certain high technology and biotechnology companies to sell NOL carryforwards and R&D tax credits to other New Jersey-based corporate taxpayers. As of June 30, 2025, we received $18.4 million of cash for the NOL and R&D tax credit sales related to the tax years ended December 31, 2015 to 2023. The sale of the NOLs and R&D tax credits have been recorded as an income tax benefit within the condensed consolidated statement of operations. For the six months ended June 30, 2025, we had reached the sale limit established by the program and received a benefit for income taxes of $2.2 million. We did not receive any benefit for income taxes for the six months ended June 30, 2026.
Current wording
The State of New Jersey’s Technology Business Tax Certificate Program allows certain high technology and biotechnology companies to sell NOL carryforwards and R&D tax credits to other New Jersey-based corporate taxpayers. As of September 30, 2025, we received $18.4 million of cash for the NOL and R&D tax credit sales related to the tax years ended December 31, 2015 to 2023. The sale of the NOLs and R&D tax credits have been recorded as an income tax benefit within the condensed consolidated statement of operations. As of September 30, 2025, we had reached the sale limit established by the program. For the nine months ended September 30, 2025 we received a benefit for income taxes of $2.2 million. We did not receive any benefit for income taxes for the nine months ended September 30, 2026.
Previous wording
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. Even if the Company's drug development and commercialization efforts are successful, it is uncertain when, if ever, the Company will realize revenue from product sales. As of June 30, 2026, we had cash, cash equivalents, and marketable securities of $79.4 million and an accumulated deficit of $482.6 million. We have financed our operations primarily through issuance and sales of our equity securities.
Current wording
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. Even if the Company's drug development and commercialization efforts are successful, it is uncertain when, if ever, the Company will realize revenue from any product sales. As of September 30, 2026, we had cash, cash equivalents, and marketable securities of $108.5 million and an accumulated deficit of $517.0 million. We have financed our operations primarily through issuance and sales of our equity securities, including the August 2026 Public Offering.
Previous wording
On November 20, 2024 we filed a shelf registration statement on Form S-3 (File No. 333-283349) with the SEC and a prospectus supplement, which registered the offering, issuance and sale of up to $200.0 million of various equity and debt securities and up to $113.8 million of common stock pursuant to an at-the-market equity offering program with Jefferies LLC, dated October 4, 2021, or the ATM Program. The SEC declared the registration statement effective on November 27, 2024. During the three and six months ending June 30, 2026, we did not sell any shares of our common stock pursuant to the ATM Program. As of June 30, 2026, we had approximately $113.8 million remaining in gross proceeds available for future issuances of common stock under the ATM Program.
Current wording
On October 4, 2021, we entered into an at-the-market equity offering program with Jefferies LLC, or the ATM Program, pursuant to which we may sell up to $113.8 million of common stock. During the three and nine months ended September 30, 2026, we did not sell any shares of our common stock pursuant to the ATM Program. The continuous offering under the prospectus supplement dated November 27, 2024 related to the ATM Program was terminated on August 31, 2026. In September 2026, we completed the August 2026 Public Offering for gross proceeds of approximately $50.8 million and net proceeds of approximately $46.9 million, after deducting underwriting discounts and commissions and offering expenses.
Previous wording
In September 2024, we signed two subleases, one for 14,201 square feet of office space at 400 Alexander Park Drive, Suite 301, in Princeton, New Jersey, to be used as our new headquarters, or the 400 Alexander Sublease, and the other for 3,205 square feet of office and laboratory space at 311 Pennington Rocky Hill in Hopewell, New Jersey, to be used for our new laboratory space, or the 311 Pennington Sublease. The 400 Alexander Sublease term extends until February 2027. Amounts related to future lease payments for the 400 Alexander Sublease as of June 30, 2026, totaled $0.3 million with $0.3 million to be paid within the next 12 months. In March 2026, the 311 Pennington Sublease was terminated by the sublessor and we recorded a net gain of approximately $24 thousand, which was recognized in General and Administrative expense.
Current wording
In August 2024, we signed two subleases, one for 14,201 square feet of office space at 400 Alexander Park Drive, Suite 301, in Princeton, New Jersey, to be used as our new headquarters, or the 400 Alexander Sublease, and the other for 3,205 square feet of office and laboratory space at 311 Pennington Rocky Hill in Hopewell, New Jersey, to be used for our new laboratory space, or the 311 Pennington Sublease. The 400 Alexander Sublease term extends until February 28, 2027. Amounts related to future lease payments for 400 Alexander Sublease as of September 30, 2026 totaled $0.1 million, all of which is to be paid within the next 12 months. In March 2026, the 311 Pennington Sublease was terminated by the sublessor and we recorded a net gain of approximately $24 thousand, which was recognized in General and Administrative expense.
Previous wording
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 $482.6 million through June 30, 2026. We expect to incur substantial additional losses in the future. For the six months ended June 30, 2026 and 2025, our cash operating expenditures were $34.3 million and $36.6 million, respectively. Based on our research and development plans, we expect that our cash, cash equivalents, and marketable securities as of June 30, 2026 will be sufficient to fund our planned operations through the second quarter of 2027, which is less than one year from the date of this Quarterly Report. As a result, management has determined that there is substantial doubt as to our ability to continue as a going concern.
Current wording
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 $517.0 million through September 30, 2026. We expect to incur substantial additional losses in the future. For the nine months ended September 30, 2026 and 2025, our cash operating expenditures were $52.4 million and $56.4 million, respectively. Based on our research and development plans, we expect that our cash, cash equivalents, and marketable securities as of September 30, 2026 will be sufficient to fund our planned operations into the first quarter of 2028.
Previous wording
Net cash used in operating activities for the six months ended June 30, 2026, was $34.3 million, which consisted primarily of net loss of $36.1 million, partially offset by non-cash charges of $2.2 million. Changes in our net operating assets and liabilities decreased operating cash by $0.4 million. The non-cash charges primarily consisted of stock-based compensation of $2.9 million, accretion of discounts on marketable securities of $0.8 million, and depreciation of $0.1 million. The change in our net operating assets and liabilities was primarily due to a decrease in accounts payable, partially offset by an increase in accrued expenses and a decrease in prepaid expenses and other assets.
Current wording
Net cash used in operating activities for the nine months ended September 30, 2026, was $52.4 million, which consisted primarily of net loss of $70.5 million partially offset by non-cash charges of $18.5 million. Changes in our net operating assets decreased operating cash by $0.5 million. The non-cash charges primarily consisted of the change in fair value of the warrant liability of $12.8 million, stock-based compensation of $4.5 million, offering costs allocated to the warrant liability of $2.3 million, and depreciation of $0.1 million, partially offset by accretion of discounts on marketable securities of $1.2 million. The change in our net operating assets and liabilities was primarily due to decrease in outstanding payables, partially offset by an increase in accrued expenses.
Previous wording
Net cash used in operating activities for the six months ended June 30, 2025, was $36.6 million, which consisted primarily of net loss of $38.6 million partially offset by non-cash charges of $1.8 million. Changes in our net operating assets increased operating cash by $0.4 million. The non-cash charges primarily consisted of stock-based compensation of $3.2 million, accretion of discounts on marketable securities of $1.6 million, and depreciation of $0.1 million. The change in our net operating assets and liabilities was primarily due to an increase in prepaid expenses and other assets, and a decrease in outstanding payables and accrued expenses.
Current wording
Net cash used in operating activities for the nine months ended September 30, 2025, was $56.4 million, which consisted primarily of net loss of $59.7 million partially offset by non-cash charges of $2.4 million. Changes in our net operating assets decreased operating cash by $0.9 million. The non-cash charges primarily consisted of stock-based compensation of $4.6 million, accretion of discounts on marketable securities of $2.3 million, and depreciation of $0.1 million. The change in our net operating assets and liabilities was primarily due to an increase in prepaid expenses and other assets, and a decrease in outstanding payables and accrued expenses.
Previous wording
Our investing activities provided $39.7 million of cash during the six months ended June 30, 2025, which consisted primarily of maturities of marketable securities of $86.4 million, partially offset by purchases of marketable securities of $46.7 million.
Current wording
Our investing activities used $12.6 million of cash during the nine months ended September 30, 2026, which consisted primarily of purchases of marketable securities of $78.6 million, offset by maturities of marketable securities of $66.0 million.
Previous wording
Our investing activities provided $8.6 million of cash during the six months ended June 30, 2026, which consisted primarily of maturities of marketable securities of $46.0 million, partially offset by purchases of marketable securities of $37.4 million.
Current wording
Our investing activities provided $51.7 million of cash during the nine months ended September 30, 2025, which consisted primarily of maturities of marketable securities of $118.9 million, partially offset by purchases of marketable securities of $67.2 million.
Previous wording
Our financing activities provided $0.1 million and $0.1 million of cash during the six months ended June 30, 2026 and 2025, respectively. This consisted of $0.1 million of proceeds from the purchase of common stock under our 2020 ESPP during the six months ended June 30, 2026 and $0.1 million of proceeds from the exercise of stock options for the six months ended June 30, 2025.
Current wording
Our financing activities provided $47.0 million of cash during the nine months ended September 30, 2026. This consisted of $46.9 million of net proceeds from the August 2026 Public Offering and $0.1 million of proceeds from the exercise of stock options.
Previous wording
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 six-month period ended June 30, 2026, there were no material changes to our critical accounting policies from those described in our audited consolidated financial statements for the year ended December 31, 2025, included in our Annual Report on Form 10-K filed with the SEC on March 6, 2026, except as noted below.
Current wording
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 nine-month period ended September 30, 2026, there were no material changes to our critical accounting policies from those described in our audited consolidated financial statements for the year ended December 31, 2025, included in our Annual Report on Form 10-K filed with the SEC on March 6, 2026, except as noted below.
Previous wording
For a description of recent accounting pronouncements, see Note 2 of the notes to our unaudited condensed consolidated financial statements for the six months ended June 30, 2026 included elsewhere in this Quarterly Report on Form 10-Q.
Current wording
For a description of recent accounting pronouncements, see Note 2 of the notes to our unaudited condensed consolidated financial statements for the nine months ended September 30, 2026 included elsewhere in this Quarterly Report on Form 10-Q.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
TP53 Y220C positive ovarian cancer, fallopian tube cancer, and primary peritoneal cancer. Enrollment of platinum-resistant/refractory ovarian cancer patients for the primary analysis in the Phase 2 monotherapy portion of the study has been completed. We plan to submit our initial New Drug Application, or NDA, via accelerated approval for platinum resistant/refractory ovarian cancer in the first quarter of 2027.
Current report — wording carried from elsewhere
Our financing activities provided $0.1 million of cash during the nine months ended September 30, 2025. This consisted of $0.1 million of proceeds from the exercise of stock options.