PMV Pharmaceuticals, Inc. Fair Value Disclosure
3. Financial Instruments and Fair Value Measurements
The Company’s financial instruments consist of money market funds, U.S. government debt securities and corporate debt securities. Cash and cash equivalents includes money market funds and certain corporate securities, which are measured at fair value on a recurring basis using quoted prices and are classified as Level 1. Marketable securities are measured at fair value based on inputs other than quoted prices that are derived from observable market data and are classified as Level 2 inputs, except for investments in U.S. treasury securities which are classified as Level 1. There were no Level 3 assets or liabilities at December 31, 2025 or 2024.
The following tables show the Company’s cash equivalents and available-for-sale securities’ carrying amounts and fair values as of December 31, 2025 and 2024:
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|
As of December 31, 2025 |
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Carrying |
|
|
Gross Unrealized Gains |
|
|
Gross Unrealized Losses |
|
|
Fair |
|
|
Quoted |
|
|
Significant |
|
|
Significant |
|
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Financial assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Money market funds |
|
$ |
29,909 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
29,909 |
|
|
$ |
29,909 |
|
|
$ |
— |
|
|
$ |
— |
|
Corporate securities |
|
|
30,636 |
|
|
|
12 |
|
|
|
(4 |
) |
|
|
30,644 |
|
|
|
— |
|
|
|
30,644 |
|
|
|
— |
|
Government securities |
|
|
52,229 |
|
|
|
68 |
|
|
|
— |
|
|
|
52,297 |
|
|
|
52,297 |
|
|
|
— |
|
|
|
— |
|
Total financial assets |
|
$ |
112,774 |
|
|
$ |
80 |
|
|
$ |
(4 |
) |
|
$ |
112,850 |
|
|
$ |
82,206 |
|
|
$ |
30,644 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
As of December 31, 2024 |
|
|||||||||||||||||||||||||
|
|
Carrying |
|
|
Gross Unrealized Gains |
|
|
Gross Unrealized Losses |
|
|
Fair |
|
|
Quoted |
|
|
Significant |
|
|
Significant |
|
|||||||
Financial assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Money market funds |
|
$ |
40,790 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
40,790 |
|
|
$ |
40,790 |
|
|
$ |
— |
|
|
$ |
— |
|
Corporate securities |
|
|
32,941 |
|
|
|
34 |
|
|
|
(26 |
) |
|
|
32,949 |
|
|
|
2,148 |
|
|
|
30,801 |
|
|
|
— |
|
Government securities |
|
|
109,341 |
|
|
|
153 |
|
|
|
(22 |
) |
|
|
109,472 |
|
|
|
73,339 |
|
|
|
36,133 |
|
|
|
— |
|
Total financial assets |
|
$ |
183,072 |
|
|
$ |
187 |
|
|
$ |
(48 |
) |
|
$ |
183,211 |
|
|
$ |
116,277 |
|
|
$ |
66,934 |
|
|
$ |
— |
|
Cash and Cash Equivalents – As of December 31, 2025, the Company had aggregate cash and cash equivalents of $37,983, including cash equivalents of $37,890 consisting of $29,909 of money market funds and $7,981 of corporate securities. As of December 31, 2024, the Company had aggregate cash and cash equivalents of $40,876, including cash equivalents of $40,790, consisting of money market funds and government securities.
Marketable Securities – Marketable securities of $74,960 as of December 31, 2025, consisted of corporate debt securities of $22,663 and government debt securities of $52,298. There were $74,960 current marketable securities and no noncurrent marketable securities as of December 31, 2025. Marketable securities of $142,421 as of
December 31, 2024, consisted of corporate debt securities of $32,949 and government debt securities of $109,472. There were $128,578 current marketable securities and $13,843 noncurrent marketable securities as of December 31, 2024.
As of December 31, 2025 and 2024, aggregated gross unrealized losses of available-for-sale investments were not material, and accordingly, no allowance for credit losses was recorded.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 6, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Mar 3, 2021 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.