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RVMD · Revolution Medicines

20 filings

10-Q

RVMD 10-Q Quarterly Reports

Revolution Medicines - 20 quarterly reports

Filing record · 2020–202610-K710-Q208-K72

2026-Q2
Revolution Medicines Quarterly Report for Q2 Ended Jun 30, 2026
Revolution Medicines, Inc. (RVMD) reported its Form 10-Q for the quarter ended June 30, 2026. The company is a late-stage clinical oncology company developing RAS(ON) inhibitors for RAS-addicted cancers. Net loss widened to $644.4 million for the three months ended June 30, 2026 (versus $247.8 million a year earlier) and to $1,098.2 million for the six months (versus $461.2 million), driven by higher research and development expense ($394.9 million for the quarter), general and administrative expense ($110.2 million), and a $151.0 million non-cash change in fair value of the warrant liability. The company has no approved products and no revenue from product sales. The balance sheet was substantially strengthened in 2026. Cash, cash equivalents and marketable securities totaled $3.9 billion at June 30, 2026, funded largely by an April 2026 public offering of 12,147,887 shares at $142.00 per share (net proceeds of approximately $1,651.4 million), the issuance of $500.0 million of 0.50% convertible senior notes due 2033 (net proceeds approximately $487.1 million), a $250.0 million Tranche 2 payment under the Royalty Purchase Agreement with Royalty Pharma, and at-the-market sales. Management states that existing resources will fund planned operations for at least 12 months. Total liabilities rose to $1.72 billion, including a $548.5 million liability related to the sale of future royalties and $185.3 million of warrant liability. The filing highlights the clinical progress of daraxonrasib, including Phase 3 RASolute 302 results in second-line pancreatic cancer (median overall survival of 13.2 months versus 6.7 months for chemotherapy, hazard ratio 0.40), with an NDA accepted for review by the FDA. Accumulated deficit reached $4.0 billion, and the filing notes that the company has not yet been profitable and expects losses to continue.
Aug 5, 2026
2026-Q1
Revolution Medicines Quarterly Report for Q1 Ended Mar 31, 2026
Revolution Medicines, Inc. reported a net loss of $453.8 million for the three months ended March 31, 2026, compared with $213.4 million in the same period of 2025, as research and development expenses rose to $344.0 million from $205.7 million and general and administrative expenses rose to $101.3 million from $35.0 million. The company is a late-stage clinical oncology company developing RAS(ON) inhibitors, and the filing notes stock-based compensation of $87.3 million for the quarter, including $44.6 million of incremental expense tied to a retirement-benefit modification of its equity program. As of March 31, 2026, cash, cash equivalents and marketable securities totaled $1.9 billion, the accumulated deficit was $3.3 billion, and the company had no borrowings under its term loan facility. Management states that existing resources will fund planned operations for at least 12 months. Subsequent to quarter end, the company completed concurrent offerings on April 17, 2026, selling 12,147,887 common shares at $142.00 per share for gross proceeds of approximately $1,725.0 million and issuing $500.0 million of 0.50% convertible senior notes due 2033, with net proceeds of approximately $1,650.4 million and $486.8 million, respectively. In May 2026, the company received a $250.0 million Tranche 2 payment from Royalty Pharma under its royalty purchase agreement. The filing also reports topline April 2026 results from the Phase 3 RASolute 302 trial of daraxonrasib in second-line pancreatic cancer, showing a median overall survival of 13.2 months versus 6.7 months for chemotherapy (hazard ratio 0.40), and notes that Amgen terminated its collaboration after discontinuing AMG 193. The quarter's results reflect rising spending on clinical programs, particularly daraxonrasib, zoldonrasib and planned Phase 3 trials, alongside higher non-cash charges. Investors should weigh the growing expense base and the company's reliance on external capital, including the royalty and loan facilities that carry revenue-linked obligations.
May 6, 2026
2025-Q3
Revolution Medicines Quarterly Report for Q3 Ended Sep 30, 2025
Revolution Medicines, Inc. reported its quarterly results for the period ended September 30, 2025 in this Form 10-Q. The company is a clinical-stage precision oncology company developing RAS(ON) inhibitors and has no products approved for commercial sale. For the three months ended September 30, 2025, research and development expenses were $262.5 million and general and administrative expenses were $52.8 million, producing a net loss of $305.2 million, or $1.61 per share, compared with a net loss of $156.3 million in the prior-year quarter. For the nine months ended September 30, 2025, the net loss was $766.4 million, and the accumulated deficit reached $2.5 billion. As of September 30, 2025, the company held $1.9 billion in cash, cash equivalents and marketable securities, which management believes will fund planned operations for at least 12 months from the filing date. During June 2025 the company sold future royalties on daraxonrasib and zoldonrasib to Royalty Pharma for a $250.0 million upfront payment, recorded as a liability of $256.5 million, and entered into a term loan facility of up to $750.0 million, under which no amounts had been drawn. In October 2025, the company sold 3,521,018 shares under its 2024 at-the-market program for gross proceeds of $185.7 million, which the filing describes as a subsequent event. Pipeline milestones highlighted in the filing include the RASolute 302 Phase 3 trial of daraxonrasib in second-line pancreatic cancer, where the company currently expects a clinical readout in 2026, and an FDA Commissioner's National Priority Voucher granted for daraxonrasib in October 2025. Breakthrough Therapy Designation was granted for daraxonrasib in June 2025 and for elironrasib in July 2025.
Nov 5, 2025
2025-Q2
Revolution Medicines Quarterly Report for Q2 Ended Jun 30, 2025
Revolution Medicines, Inc. (RVMD) reported its Form 10-Q for the quarter ended June 30, 2025, describing itself as a clinical-stage precision oncology company developing RAS(ON) inhibitors for RAS-addicted cancers. Research and development expense rose to $224.1 million for the three months ended June 30, 2025, from $134.9 million a year earlier, and net loss widened to $247.8 million from $133.2 million. For the six months, net loss was $461.2 million versus $249.2 million. The company reported $2.1 billion in cash, cash equivalents and marketable securities and an accumulated deficit of $2.2 billion, and states that existing resources will fund planned operations for at least 12 months. The most significant financing event was a June 2025 revenue participation right purchase and sale agreement with Royalty Pharma, under which Royalty Pharma paid an upfront $250.0 million in exchange for tiered royalties on worldwide net sales of daraxonrasib (RMC-6236) and, if approved for an overlapping indication, zoldonrasib (RMC-9805). The filing also describes up to $1.0 billion of additional potential royalty purchases tied to milestones, and a senior secured term loan facility of up to $750.0 million from Royalty Pharma Development Funding, LLC, none of which had been drawn as of June 30, 2025. The company lists a Phase 3 RASolute 302 trial of daraxonrasib in second-line pancreatic cancer with an expected clinical readout in 2026, and notes that daraxonrasib received FDA Breakthrough Therapy Designation in June 2025. The filing notes that no company product has been approved for commercial sale and that the company has never generated product revenue. Investors should weigh the rapid increase in operating expenses, the royalty and loan obligations that restrict operating flexibility and are secured by company assets, and the dependence on the outcome of pivotal trials.
Aug 6, 2025
2025-Q1
Revolution Medicines Quarterly Report for Q1 Ended Mar 31, 2025
Revolution Medicines, Inc. reported a net loss of $213.4 million for the three months ended March 31, 2025, compared with $116.0 million in the prior-year period. Research and development expenses rose to $205.7 million from $118.0 million, driven mainly by daraxonrasib, zoldonrasib and elironrasib clinical trial and manufacturing costs, higher headcount and stock-based compensation. General and administrative expenses increased to $35.0 million from $22.8 million. The accumulated deficit reached $2.0 billion, and total stockholders' equity was $2.08 billion at March 31, 2025. As of March 31, 2025, the company held $2.1 billion in cash, cash equivalents and marketable securities, including $333.6 million of cash and cash equivalents and $1.77 billion of marketable securities. Management believes these resources will fund planned operations for at least 12 months following the filing date. The filing states the company will require substantial additional financing for its development efforts and has no committed external source of funds. No shares were sold under the 2024 at-the-market program during the quarter. The filing describes the company's pipeline of RAS(ON) inhibitors. The Phase 3 RASolute 302 trial of daraxonrasib in second-line pancreatic cancer is ongoing, with an expected clinical readout in 2026, and the RASolve 301 non-small cell lung cancer trial is being activated. The company also disclosed updated clinical data for daraxonrasib, elironrasib and zoldonrasib on May 7, 2025, as described in the filing. The company reports no product revenue and expects operating losses to continue.
May 7, 2025
2024-Q3
Revolution Medicines Quarterly Report for Q3 Ended Sep 30, 2024
Revolution Medicines, Inc. reported its Form 10-Q for the quarter ended September 30, 2024. The company is a clinical-stage precision oncology company developing RAS(ON) inhibitors and RAS Companion Inhibitors. It has no product revenue; collaboration revenue was zero for the three and nine months ended September 30, 2024, versus $10.8 million for the nine months ended September 30, 2023, following the termination of the Sanofi Agreement in June 2023. Net loss was $156.3 million for the quarter and $405.5 million for the nine months, compared with $108.4 million and $274.8 million a year earlier. Research and development expense rose to $151.8 million for the quarter and $404.1 million year to date, driven mainly by RMC-6236 clinical trial costs and headcount growth. As of September 30, 2024, cash, cash equivalents and marketable securities totaled $1.5 billion ($201.3 million in cash and cash equivalents plus $1.35 billion in marketable securities), against an accumulated deficit of $1.5 billion. Management believes existing resources will fund planned operations for at least 12 months following the filing. The company raised $74.3 million net under its at-the-market programs during the nine months, and it established a new $500 million at-the-market program with TD Cowen in August 2024. Management states it will require substantial additional financing for its development programs. The filing highlights the RASolute 302 Phase 3 registrational trial of RMC-6236 in second-line metastatic pancreatic ductal adenocarcinoma, which is ongoing with an event-driven readout, and plans for a Phase 3 trial in NSCLC expected to start in the first quarter of 2025. Subsequent to quarter end, the company amended its Redwood City lease to add approximately 46,961 square feet at 600 Saginaw Drive, with initial annual base rent of about $3.3 million.
Nov 6, 2024
2024-Q2
Revolution Medicines Quarterly Report for Q2 Ended Jun 30, 2024
Revolution Medicines, Inc. reported its Form 10-Q for the quarter ended June 30, 2024. The company is a clinical-stage precision oncology company developing RAS(ON) inhibitors and RAS Companion Inhibitors. It recorded no collaboration revenue in the three and six months ended June 30, 2024, compared with $3.8 million and $10.8 million in the same periods of 2023, because the Sanofi agreement terminated in June 2023. Net loss was $133.2 million for the quarter and $249.2 million for the six months, versus $98.3 million and $166.4 million a year earlier. Research and development expense rose to $134.9 million for the quarter and $253.0 million for the six months, and general and administrative expense rose to $21.7 million and $44.5 million, respectively. As of June 30, 2024, cash, cash equivalents and marketable securities totaled $1.6 billion, and the accumulated deficit was $1.4 billion. Management states that existing resources will fund planned operations for at least 12 months after the filing, while also stating that substantial additional financing will be required. Subsequent events include a July 2024 sale of 1,294,050 shares under the 2021 ATM Program for gross proceeds of $60.8 million, and an August 2024 agreement with TD Securities (USA) LLC for a new at-the-market program of up to $500 million, which replaces the 2021 program. Clinically, the filing describes RMC-6236 (RAS(ON) multi-selective) data from the RMC-6236-001 study as of a May 11, 2024 cutoff, including a 7.6-month median PFS in second-line metastatic PDAC for patients with G12X, G13X and Q61X mutations, and plans for a Phase 3 RASolute 302 study expected to start in the second half of 2024. Updated NSCLC data and several combination readouts are expected in the fourth quarter of 2024.
Aug 7, 2024
2024-Q1
Revolution Medicines Quarterly Report for Q1 Ended Mar 31, 2024
Revolution Medicines, Inc. reported its first-quarter 2024 results in this Form 10-Q for the period ended March 31, 2024. The company is a clinical-stage precision oncology company developing targeted therapies for RAS-addicted cancers. It reported no revenue for the quarter, compared with $7.0 million of collaboration revenue in the year-earlier period, after the Sanofi collaboration terminated in June 2023. Research and development expense rose to $118.0 million from $68.9 million, and general and administrative expense rose to $22.8 million from $13.2 million, producing a net loss of $116.0 million, or $0.70 per share, versus $68.1 million, or $0.72 per share, a year earlier. Interest income of $23.8 million partly offset the operating loss. The balance sheet shows cash, cash equivalents and marketable securities of $1.7 billion at March 31, 2024, with an accumulated deficit of $1.3 billion. Management states that existing cash and marketable securities will fund planned operations for at least 12 months following the filing. The November 2023 acquisition of EQRx, Inc. added approximately $1.1 billion in net cash, cash equivalents and marketable securities, and the company issued 54.8 million shares in that transaction. Net cash used in operating activities was $160.6 million for the quarter. The filing focuses on the RMC-6236, RMC-6291 and RMC-9805 RAS(ON) inhibitor programs. Management expects to disclose updated monotherapy data for RMC-6236 in PDAC and NSCLC, and to initiate planned registrational trials, in the second half of 2024. The filing also notes that the company has not yet obtained regulatory approval for any product candidate and has no products approved for commercial sale.
May 8, 2024
2023-Q3
Revolution Medicines Quarterly Report for Q3 Ended Sep 30, 2023
Revolution Medicines, Inc. reported its quarterly results for the period ended September 30, 2023 in this Form 10-Q. The company is a clinical-stage precision oncology company focused on targeted therapies for RAS-addicted cancers. It reported no collaboration revenue for the three months ended September 30, 2023, compared with $3.4 million in the prior-year period, as the Sanofi Agreement terminated in June 2023. Net loss was $108.4 million for the quarter ($0.99 per share) versus $73.3 million a year earlier, and $274.8 million for the nine months. Research and development expense rose to $107.7 million for the quarter, driven mainly by RMC-6236 clinical costs. Cash, cash equivalents and marketable securities totaled $813.2 million at September 30, 2023, and management believes these fund planned operations for at least 12 months. The company entered into an all-stock Agreement and Plan of Merger with EQRx, Inc. on July 31, 2023. Under the terms, EQRx stockholders would receive shares based on 7,692,308 shares plus $870.0 million divided by a price at a 6% discount to the 5-day VWAP, and the filing states the transaction is anticipated to close in November 2023, subject to stockholder approvals. The filing states the company expects to issue approximately 55 million shares in connection with closing, and that the transaction will result in substantial dilution to existing stockholders. The filing highlights ongoing clinical development of RMC-6236, RMC-6291 and RMC-9805, with the company planning global Phase 3 trials for RMC-6236 in previously treated RAS-mutated NSCLC and potentially in PDAC. The company's accumulated deficit was $976.2 million as of September 30, 2023.
Nov 6, 2023
2023-Q2
Revolution Medicines Quarterly Report for Q2 Ended Jun 30, 2023
Revolution Medicines, Inc. filed this Form 10-Q for the quarter ended June 30, 2023. The company is a clinical-stage precision oncology company developing targeted therapies to inhibit frontier targets in RAS-addicted cancers, and it has no products approved for commercial sale. Collaboration revenue from the Sanofi Agreement fell to $3.8 million for the three months ended June 30, 2023, from $9.1 million a year earlier, because the agreement was terminated in June 2023. Research and development expense rose to $98.0 million for the quarter from $61.0 million, and the net loss widened to $98.3 million from $61.2 million. For the six months, the net loss was $166.4 million. Cash, cash equivalents and marketable securities totaled $909.5 million at June 30, 2023, against an accumulated deficit of $867.7 million. Management believes these resources will fund planned operations for at least 12 months. The filing's most significant subsequent event is the July 31, 2023 Merger Agreement to acquire EQRx, Inc. in an all-stock transaction. EQRx stockholders would receive 7,692,308 shares, determined as $200.0 million divided by $26.00 per share, plus shares equal to $870.0 million divided by a price set at a 6% discount to the 5-day volume-weighted average share price of Revolution Medicines' common stock. The filing says the transaction is expected to close in November 2023 and is subject to stockholder approvals and other customary closing conditions. The filing also notes that the company intends to wind down EQRx's research and development portfolio, and that the net capital it ultimately receives may be lower than current expectations. The company's pipeline centers on RAS(ON) inhibitors, including RMC-6236, RMC-6291 and RMC-9805, and RAS companion inhibitors, including RMC-4630, RMC-5552 and RMC-5845. The Sanofi collaboration on RMC-4630 ended in June 2023, and Sanofi has no further reimbursement obligations. The company says it expects to present RMC-6236 clinical data and RMC-6291 initial findings in October 2023.
Aug 8, 2023
2023-Q1
Revolution Medicines Quarterly Report for Q1 Ended Mar 31, 2023
Revolution Medicines, Inc. reported a net loss of $68.1 million for the three months ended March 31, 2023, compared with $57.6 million a year earlier. Collaboration revenue from the Sanofi Agreement was $7.0 million, down from $7.6 million, while research and development expenses rose to $68.9 million from $56.5 million and general and administrative expenses rose to $13.2 million from $9.0 million. Interest income increased to $7.1 million from $0.3 million on a larger cash and marketable securities balance and higher interest rates. The company ended the quarter with $909.8 million in cash, cash equivalents and marketable securities, supported by a March 2023 underwritten public offering of 15,681,818 common shares at $22.00 per share that produced net proceeds of $323.7 million. Management believes existing resources will fund planned operations for at least 12 months following the filing, but states that it expects to need substantial additional funding to continue development. The accumulated deficit reached $769.4 million. The filing also reports that Sanofi terminated its collaboration for convenience in December 2022, effective June 2023, after which the company will regain global rights to RMC-4630 and the related SHP2 program. The company is pursuing RAS(ON) inhibitors, including RMC-6236, RMC-6291 and RMC-9805, and states it expects to provide additional RMC-6236 clinical evidence in mid-2023.
May 8, 2023
2022-Q3
Revolution Medicines Quarterly Report for Q3 Ended Sep 30, 2022
Revolution Medicines, Inc. reported its Form 10-Q for the quarter ended September 30, 2022. The company is a clinical-stage precision oncology company developing targeted therapies for RAS-addicted cancers. Collaboration revenue was $3.4 million for the three months ended September 30, 2022 and $20.1 million for the nine months, while research and development expenses rose to $69.5 million and $186.9 million for those periods. Net loss was $73.3 million for the quarter ($0.87 per share) and $192.2 million for the nine months ($2.47 per share), and the accumulated deficit reached $644.8 million. Cash, cash equivalents and marketable securities totaled $655.0 million at September 30, 2022, and management believes these resources will fund planned operations for at least 12 months. The company raised $248.0 million in net proceeds from a July 2022 public offering of 13,225,000 shares at $20.00 per share. Subsequent to quarter end, in October 2022, it sold 939,740 shares under its at-the-market program for net proceeds of $18.0 million. The Sanofi collaboration remains the sole source of collaboration revenue; Sanofi reimburses most SHP2 program development costs, though Sanofi may terminate the agreement for any reason on prior notice. Collaboration revenue was reduced by a $4.6 million cumulative catch-up adjustment in the quarter. The pipeline centers on RAS(ON) inhibitors, including RMC-6236, RMC-6291 and RMC-9805, alongside RAS companion inhibitors such as RMC-4630 (SHP2), RMC-5552 (mTORC1) and RMC-5845 (SOS1). The company expects to present first-in-class single-agent activity data for RMC-6236 and preliminary superior-activity data for RMC-6291 in 2023, and it plans to announce first patient dosing for RMC-9805 in mid-2023.
Nov 7, 2022
2022-Q2
Revolution Medicines Quarterly Report for Q2 Ended Jun 30, 2022
Revolution Medicines, Inc. reported a net loss of $61.2 million for the three months ended June 30, 2022, compared with $44.3 million in the prior-year quarter, and a net loss of $118.9 million for the six months ended June 30, 2022, versus $81.5 million a year earlier. Collaboration revenue, which consists of reimbursement and upfront-related revenue under the Sanofi Agreement for the SHP2 program, was $9.1 million for the quarter and $16.7 million for the six months, while research and development expenses rose to $61.0 million for the quarter and $117.5 million for the six months. As of June 30, 2022, the company had cash, cash equivalents and marketable securities of $461.4 million and an accumulated deficit of $571.5 million, and it states that these resources should fund planned operations for at least 12 months after the date of the report. The company describes itself as a clinical-stage precision oncology company developing targeted therapies against RAS-addicted cancers. Its pipeline includes four development-stage RAS(ON) inhibitors (RMC-6236, RMC-6291, RMC-9805 and RMC-8839), with RMC-6236 monotherapy dosing begun and first single-agent activity evidence expected in 2023. RMC-4630, a SHP2 inhibitor partnered with Sanofi, is in Phase 1/2 studies, including sponsored Phase 2 study RMC-4630-03 with topline data planned for 2023. Under the Sanofi Agreement, Sanofi reimburses most development costs and may terminate the agreement for any reason on prior notice, which the filing identifies as a material risk. Subsequent to the quarter, in July 2022 the company issued 13,225,000 shares of common stock at $20.00 per share, raising net proceeds of $248.0 million after underwriting discounts and estimated expenses. The filing states that the company expects to need substantial additional funding for its research and development activities, and it reports 74,462,077 shares outstanding at June 30, 2022.
Aug 9, 2022
2022-Q1
Revolution Medicines Quarterly Report for Q1 Ended Mar 31, 2022
Revolution Medicines, Inc. (RVMD) reported its quarterly results for the three months ended March 31, 2022. The company is a clinical-stage precision oncology company focused on targeted therapies for RAS-addicted cancers. Collaboration revenue from the Sanofi agreement was $7.6 million, down from $10.1 million a year earlier, while research and development expense rose to $56.5 million from $40.9 million and general and administrative expense rose to $9.0 million from $6.7 million. Net loss widened to $57.6 million, or $0.78 per share, compared with a net loss of $37.2 million, or $0.53 per share, in the prior-year quarter. The accumulated deficit reached $510.3 million. As of March 31, 2022, the company held $518.8 million in cash, cash equivalents and marketable securities, and management stated that these resources should fund planned operations for at least 12 months following the date of the report. Net cash used in operating activities was $55.2 million for the quarter. The company noted it will need substantial additional funding for its research and development activities, and it has an at-the-market equity program with Cowen and Company, LLC for up to $250 million in gross proceeds, under which no shares were issued in the quarter. The filing's central story is the pipeline: four development-stage RAS(ON) inhibitors (RMC-6236, RMC-6291, RMC-9805 and RMC-8839), plus RAS Companion Inhibitors including RMC-4630, a SHP2 inhibitor partnered with Sanofi. Sanofi reimburses most development costs for the SHP2 program and can terminate the agreement for convenience, which the filing identifies as a material risk. The company expects to announce dosing of the first patient in a monotherapy study of RMC-6236 in mid-2022 and to provide evidence of single-agent activity for that compound in 2023.
May 9, 2022
2021-Q3
Revolution Medicines Quarterly Report for Q3 Ended Sep 30, 2021
Revolution Medicines, Inc. reported its third-quarter 2021 results in this Form 10-Q for the period ended September 30, 2021. The company is a clinical-stage precision oncology company focused on targeted therapies for RAS-addicted cancers. Total revenue for the three months was $1.1 million, down from $12.7 million a year earlier, driven by an $8.5 million cumulative catch-up adjustment to collaboration revenue tied to Sanofi development plan changes. Research and development expenses rose to $46.5 million and G&A to $7.8 million, producing a net loss of $52.9 million for the quarter versus $27.2 million a year earlier. For the nine months, net loss was $134.4 million. Balance sheet strength remained at September 30, 2021, with $608.7 million in cash, cash equivalents and marketable securities and an accumulated deficit of $400 million. Management states these resources should fund planned operations for at least 12 months following the report date. The company's Sanofi collaboration on the SHP2 inhibitor RMC-4630 reimburses substantially all of its research and development costs for that program, and Sanofi holds the right to terminate the agreement for any reason on prior notice. Subsequent to quarter end, the company entered into an at-the-market sales agreement with Cowen and Company, LLC for up to $250.0 million of common stock, with compensation of up to 3.0% of gross proceeds. The company also amended its Redwood City lease to add 41,445 square feet, with base rent of approximately $2.7 million per year.
Nov 10, 2021
2021-Q2
Revolution Medicines Quarterly Report for Q2 Ended Jun 30, 2021
Revolution Medicines, Inc. (RVMD) reported its 10-Q for the quarter ended June 30, 2021. The company is a clinical-stage precision oncology company developing targeted therapies for RAS-addicted cancers and has no products approved for sale. Collaboration revenue from the Sanofi Agreement was $8.7 million for the three months ended June 30, 2021, down from $10.0 million a year earlier, while research and development expenses rose to $45.9 million from $32.9 million and net loss widened to $44.3 million from $27.2 million. For the six months, net loss was $81.5 million. As of June 30, 2021, cash, cash equivalents and marketable securities totaled $646.3 million against an accumulated deficit of $347.0 million, and management believes these resources will fund planned operations for at least 12 months. During the period the company completed a follow-on offering in February 2021 of 6,666,666 shares at $45.00 per share, with net proceeds of $281.1 million. Sanofi reimburses substantially all SHP2 program research and development costs, and the company has received an aggregate $140.7 million from Sanofi to date. In July 2021 the company and Sanofi deprioritized the RMC-4630-02 study and stopped enrolling patients, and in August 2021 a letter agreement added the RMC-4630-03 Phase 2 study, with Sanofi reimbursing 50% of its costs. AstraZeneca informed the company it would not move forward with a planned combination study with RMC-4630. The filing describes the pipeline as centered on RAS(ON) inhibitors, including RMC-6291 and RMC-6236, which are in IND-enabling preclinical development with INDs planned for the first half of 2022, and RAS Companion Inhibitors, including RMC-4630 (SHP2) and RMC-5552 (mTORC1), which is in Phase 1. Key dependencies for investors include the Sanofi collaboration, which Sanofi can terminate for convenience, and the company's need for substantial additional funding over time.
Aug 11, 2021
2021-Q1
Revolution Medicines Quarterly Report for Q1 Ended Mar 31, 2021
Revolution Medicines, Inc. (RVMD) reported a net loss of $37.2 million for the three months ended March 31, 2021, compared with $19.5 million in the same period of 2020. Collaboration revenue, all from the Sanofi Agreement, was $10.1 million, down from $11.5 million a year earlier, while research and development expenses rose to $40.9 million from $27.5 million, mainly due to higher third-party costs for the preclinical research portfolio. The company had an accumulated deficit of $302.7 million at March 31, 2021. The balance sheet strengthened substantially during the quarter. Cash, cash equivalents and marketable securities totaled $681.6 million at March 31, 2021, up from $440.7 million at December 31, 2020, following a February 2021 follow-on offering of 6,666,666 shares at $45.00 per share that generated net proceeds of $281.1 million. Management believes existing cash will fund planned operations for at least 12 months following the date of the report. The company remains clinical-stage with no approved products. Its most advanced candidate, RMC-4630, a SHP2 inhibitor, is being evaluated in a Phase 1/2 program in collaboration with Sanofi, which reimburses substantially all of the company's research and development costs for that program and holds the right to terminate the agreement for any reason on prior notice. Investors should weigh the company's dependence on Sanofi and the early stage of its RAS(ON) inhibitor pipeline.
May 10, 2021
2020-Q3
Revolution Medicines Quarterly Report for Q3 Ended Sep 30, 2020
Revolution Medicines, Inc. (RVMD) reported its Form 10-Q for the quarter ended September 30, 2020. The company is a clinical-stage precision oncology company developing targeted therapies for RAS-addicted cancers. Its lead candidate, RMC-4630, a SHP2 inhibitor, is in a Phase 1/2 program run with Sanofi, which reimburses substantially all development costs and 80% of 2019–2020 research costs. For the nine months ended September 30, 2020, collaboration revenue from Sanofi was $34.2 million, while research and development expenses rose to $95.2 million and net loss was $74.0 million. The accumulated deficit reached $231.3 million. As of September 30, 2020, cash, cash equivalents and marketable securities totaled $466.1 million, following the February 2020 IPO (net proceeds of $250.7 million) and the July 2020 follow-on offering (net proceeds of $167.8 million). Management believes these resources will fund planned operations for at least 12 months from the report date. The company states that it expects substantial additional funding will be needed, and that Sanofi may terminate the collaboration for any reason on prior notice. The filing highlights COVID-19 as a source of potential clinical trial delays, though it reports no material impact on the financial statements for the quarter. Management's disclosure controls were concluded to be effective, and no material legal proceedings were pending.
Nov 12, 2020
2020-Q2
Revolution Medicines Quarterly Report for Q2 Ended Jun 30, 2020
Revolution Medicines, Inc. reported a net loss of $27.2 million for the three months ended June 30, 2020 and $46.7 million for the six months, compared with $10.1 million and $20.3 million in the same periods of 2019. Collaboration revenue from the Sanofi Agreement, a related party, was $10.0 million for the quarter and $21.6 million for the six months. Research and development expenses rose to $32.9 million for the quarter and $60.4 million for the six months, while general and administrative expenses were $5.1 million and $10.3 million, respectively. The company is a clinical-stage precision oncology company focused on inhibitors of RAS-addicted cancers, with its lead product candidate, RMC-4630 (a SHP2 inhibitor), in a Phase 1/2 program. As of June 30, 2020, cash, cash equivalents and marketable securities totaled $325.4 million, and the accumulated deficit was $204.1 million. The company completed its initial public offering in February 2020, netting $250.7 million, and in July 2020 sold 6.9 million additional common shares at $26.00 per share for net proceeds of $167.9 million, which is a subsequent event not reflected in the June 30 balance sheet. Management believes existing cash and marketable securities will fund planned operations for at least 12 months following the date of the report. The filing states that the company has no products approved for sale and has never generated product revenue. Sanofi reimburses substantially all research and development costs for the SHP2 program and has the right to terminate the Sanofi Agreement, including for convenience, which the filing identifies as a material dependency. The company disclosed that the COVID-19 pandemic has caused some clinical sites to temporarily stop or delay enrollment, but it reported no material impact on its financial statements for the quarter.
Aug 10, 2020
2020-Q1
Revolution Medicines Quarterly Report for Q1 Ended Mar 31, 2020
Revolution Medicines, Inc. (RVMD) reported a net loss of $19.5 million for the three months ended March 31, 2020, compared with $10.1 million in the prior-year period. Collaboration revenue from the Sanofi Agreement was $11.5 million, down from $13.2 million, while research and development expenses rose to $27.5 million from $21.2 million and general and administrative expenses rose to $5.2 million from $2.4 million. The company is a clinical-stage precision oncology company focused on RAS and mTOR signaling pathways, with its most advanced candidate, RMC-4630, an SHP2 inhibitor evaluated in a Phase 1/2 program in collaboration with Sanofi. The company closed its initial public offering on February 18, 2020, issuing 16,100,000 shares at $17.00 per share for net proceeds of $250.7 million. Cash, cash equivalents and marketable securities totaled $347.9 million as of March 31, 2020, against an accumulated deficit of $176.9 million. Management states that existing resources are sufficient to fund planned operations for at least 12 months following the date of the report. The filing notes that Sanofi reimburses substantially all research and development costs for the SHP2 program and may terminate the Sanofi Agreement for any reason on prior notice, which the company identifies as a key risk. The company also disclosed that COVID-19 had not had a material impact on its financial statements for the quarter, though several RMC-4630 clinical sites had temporarily stopped or delayed enrolling new patients.
May 14, 2020