01—Abstract
Summary
Summary of the 8-K filed October 13, 2026. Cited figures are marked; the original filing is the authoritative source.
Revolution Medicines, Inc. filed a Form 8-K reporting two related events tied to the U.S. Food and Drug Administration's approval of RASONQUE (daraxonrasib) for adult patients with metastatic pancreatic adenocarcinoma who have received at least one prior systemic therapy or who are not candidates for multiagent systemic therapy.
On October 8, 2026, the company borrowed a $250.0 milliona Tranche A Loan from Royalty Pharma Development Funding, LLC under the June 23, 2025 loan agreement, which provides a senior secured term loan facility of up to $750.0 million in three tranches. The Tranche A Loan bears interest at three-month Term SOFR (3.50% floor) plus 5.75%, is interest-only, and matures on October 8, 2032. The company also paid a $5.0 million draw fee.
Separately, the FDA approval constituted the "Tranche 3 Trigger" under the Royalty Purchase Agreement with Royalty Pharma Investments 2019 ICAV. The company elected not to deliver a Tranche 3 Notice by October 10, 2026, so it will not receive the up to $250.0 millionb Tranche 3 Purchase Price and Royalty Pharma will not receive the related Tranche 3 Incremental Revenue Participation Right. For both facilities, up to an additional $500.0 million remains potentially available at the company's election, subject to milestones and conditions specified in the respective agreements.
02—Key points
Key Highlights
- October 8, 2026: company borrowed a $250.0 million Tranche A Loan from Royalty Pharma Development Funding, LLC, triggered by the FDA approval of RASONQUE (daraxonrasib).
- Tranche A Loan interest is three-month Term SOFR (3.50% floor) plus 5.75%, payable quarterly in arrears, interest-only, due October 8, 2032.
- Prepayment terms: make-whole amount plus a 3.0% premium before the second anniversary; 3.0% premium between the second and third anniversaries; 1.0% premium thereafter until maturity.
- A $5.0 million draw fee was paid to the lender in connection with the Tranche A Loan.
- The company elected not to take Tranche 3 under the Royalty Purchase Agreement, forgoing a Tranche 3 Purchase Price of up to $250.0 million.
- Up to an additional $500.0 million remains potentially available under each of the loan facility and the royalty purchase agreement, subject to milestones and conditions.
03—Questions
Frequently Asked Questions
What triggered the Tranche A Loan draw?
The loan was advanced in connection with the FDA's approval of RASONQUE (daraxonrasib) for adult patients with metastatic pancreatic adenocarcinoma who have received at least one prior systemic therapy or are not candidates for multiagent systemic therapy.
What are the key terms of the Tranche A Loan?
The $250.0 million loan bears interest at three-month Term SOFR, subject to a 3.50% floor, plus 5.75%, with quarterly interest payments. It is interest-only, with principal due October 8, 2032, and the company paid a $5.0 million draw fee.
Why did the company decline Tranche 3?
The filing states that the company elected not to take Tranche 3 and did not deliver the Tranche 3 Notice. It does not state the reasons for this decision.
What does the company's choice mean for the Tranche 3 royalty arrangement?
The company will not receive the up to $250.0 million Tranche 3 Purchase Price, and Royalty Pharma will not receive the corresponding Tranche 3 Incremental Revenue Participation Right.
How much additional funding remains available?
Up to an additional $500.0 million remains potentially available under the loan agreement and up to an additional $500.0 million under the royalty purchase agreement, at the company's election and subject to milestones and conditions.
04—Continue