01—Abstract
Summary
Summary of the 10-K filed February 26, 2025. Cited figures are marked; the original filing is the authoritative source.
Revolution Medicines, Inc. (RVMD) is a clinical-stage precision oncology company developing RAS(ON) inhibitors for RAS-addicted cancers.
It has never generated product revenue; collaboration revenue fell to zero in 2024 from $11.6 milliona in 2023 after the Sanofi Agreement was terminated in June 2023. Net loss widened to $600.1 million in 2024 from $436.4 million in 2023, and the accumulated deficit reached $1.7 billion. Research and development expense rose to $592.2 million, and general and administrative expense to $97.3 million.
Cash, cash equivalents and marketable securities totaled $2.3 billionb at year-end 2024, and management states these fund planned operations for at least 12 months. The lead asset, daraxonrasib (RMC-6236), is in a global Phase 3 registrational trial (RASolute 302) in second-line metastatic pancreatic cancer, with an expected clinical readout in 2026. A second Phase 3 trial (RASolve 301) in RAS-mutated non-small cell lung cancer is being activated.
Company-reported Phase 1 data included an ORR of 36% (8 of 22 patients) in KRAS G12X pancreatic patients and 38% (15 of 40) in NSCLC efficacy-evaluable patients. Elironrasib and zoldonrasib are in earlier clinical development, and the company plans pivotal combination studies in 2026. In December 2024 the company completed an underwritten offering with net proceeds of $823.0 millionc at $46.00 per share, following the November 2023 EQRx acquisition that added $1.1 billion in net cash.
The filing also discloses a pending Delaware lawsuit (Nemeth v. Casdin) tied to the EQRx merger, for which the company cannot estimate a range of loss.
02—Key points
Key Highlights
- Net loss of $600.1 million in 2024, up from $436.4 million in 2023; accumulated deficit of $1.7 billion
- No product revenue; collaboration revenue was $0 in 2024 versus $11.6 million in 2023 after the Sanofi Agreement terminated in June 2023
- Cash, cash equivalents and marketable securities of $2.3 billion at December 31, 2024, which management says fund planned operations for at least 12 months
- December 2024 underwritten offering raised $823.0 million in net proceeds at $46.00 per share
- Lead candidate daraxonrasib (RMC-6236) in Phase 3 RASolute 302 (2L pancreatic cancer), with a clinical readout expected in 2026
- Phase 1 data showed ORR of 36% (8 of 22) in KRAS G12X pancreatic patients and 38% (15 of 40) in NSCLC efficacy-evaluable patients
- Pending Delaware lawsuit (Nemeth v. Casdin) related to the 2021 CM Life Sciences III/EQRx merger; loss range cannot be estimated
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2024filed February 26, 2025Financial Statements
FY2024 against FY2023
| Line item | FY2024FY2023 | Change |
|---|---|---|
| Revenue | $0$11.58M | −100.0% |
| R&D Expenses | $592.23M$423.14M | +40.0% |
| Operating Expenses | $689.52M$498.76M | +38.2% |
| Operating Income | -$689.52M-$487.19M | −41.5% |
| Net Income | -$600.00M-$436.00M | −37.6% |
| EPS (Basic) | $-3.58$-3.86 | +7.3% |
| EPS (Diluted) | $-3.58$-3.86 | +7.3% |
| Shares Outstanding (Basic) | 167.74M113.15M | +48.2% |
| Shares Outstanding (Diluted) | 167.74M113.15M | +48.2% |
05—Questions
Frequently Asked Questions
How much cash does Revolution Medicines have and how long will it last?
As of December 31, 2024, the company had $2.3 billion in cash, cash equivalents and marketable securities. Management believes this will enable it to fund planned operations for at least 12 months following the filing date, and it states it has no committed external source of funds beyond that.
When could daraxonrasib produce a clinical readout?
The company expects to substantially complete enrollment in the RASolute 302 Phase 3 study in 2025, with an expected clinical readout in 2026. It also expects to initiate Phase 3 monotherapy studies in first-line metastatic PDAC and as adjuvant treatment for resectable PDAC in the second half of 2025.
Does the company have any revenue from product sales?
No. The company states it has never generated revenue from product sales and does not expect to for the next several years, if ever. Its 2023 collaboration revenue of $11.6 million came from the Sanofi Agreement, which was terminated in June 2023.
What are the main litigation risks disclosed?
A complaint filed December 9, 2024 in the Delaware Court of Chancery (Nemeth v. Casdin) names the company as successor-in-interest to EQRx, along with others, over claims tied to the 2021 CM Life Sciences III/EQRx merger. The company does not believe it will have a material adverse impact but states the loss is reasonably possible and cannot estimate a range, and it intends to defend vigorously.
06—Continue