UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On May 8, 2024, Revolution Medicines, Inc. (the “Company”) announced its financial results for the quarter ended March 31, 2024. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Current Report on Form 8-K and the attached Exhibit 99.1 is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
Exhibit No. |
Description |
99.1 |
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104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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REVOLUTION MEDICINES, INC. |
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Date: |
May 8, 2024 |
By: |
/s/ Mark A. Goldsmith |
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Mark A. Goldsmith, M.D., Ph.D. |
Exhibit 99.1
Revolution Medicines Reports First Quarter 2024 Financial Results and Update on Corporate Progress
Revolution Medicines to hold webcast today at 4:30 p.m. Eastern Time
REDWOOD CITY, Calif., May 8, 2024 (GLOBE NEWSWIRE) -- Revolution Medicines, Inc. (Nasdaq: RVMD), a clinical-stage oncology company developing targeted therapies for patients with RAS-addicted cancers, today announced its financial results for the quarter ended March 31, 2024, and provided an update on corporate progress.
The company continues making progress on its 2024 development priorities:
“The highly innovative investigational drug RMC-6236 continues to show progress in targeting RAS-addicted solid tumors, and our highest priority is to enable our goal of initiating pivotal monotherapy trials for patients with PDAC and NSCLC this year,” said Mark A. Goldsmith, M.D., Ph.D., chief executive officer and chairman of Revolution Medicines. “The compelling profile of RMC-6236 is supported by a slate of recent scientific publications and clinical and preclinical presentations at this year’s AACR Annual Meeting that elucidate the basis of this compound’s antitumor activity and safety profile. We have also initiated exploratory clinical studies of key combination approaches, including with our RAS(ON) mutant-selective inhibitors, that may be appropriate for pivotal studies in earlier lines of treatment with RMC-6236.”
Clinical Development Highlights
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Plans to Advance RMC-6236 Monotherapy into Pivotal Trials
Expanding the Reach of RMC-6236 into RAS Cancer Genotypes Beyond RAS G12X and Tumor Types Beyond PDAC and NSCLC
Evaluating RMC-6236 in Earlier Lines of Therapy in NSCLC, PDAC and CRC
Qualifying RMC-6291 for Earlier Lines of Therapy
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Qualifying RMC-9805 for Earlier Lines of Therapy
RAS Innovation Engine
Beyond the first wave of clinical-stage RAS(ON) inhibitors, additional clinical development opportunities include the RAS(ON) mutant-selective inhibitors RMC-5127 (G12V), RMC-0708 (Q61H) and RMC-8839 (G13C) and the RAS companion inhibitors RMC-4630 (SHP2) and RMC-5552 (mTORC1/4EBP1).
Corporate and Financial Highlights
First Quarter Results
Cash Position: Cash, cash equivalents and marketable securities were $1.70 billion as of March 31, 2024, compared to $1.85 billion as of December 31, 2023. The decrease was primarily due to net loss for the quarter and a $50.9 million decrease in accounts payable and accrued liabilities during the first quarter of 2024 resulting from the timing of payments for expenses. During the fourth quarter of 2023, uneven timing of expenses and the related cash payments caused a one-time increase in accounts payable and accrued liabilities of $56.7 million. This normalized by the end of the first quarter of 2024, resulting in anticipated cash payments and a corresponding decrease in accounts payable and accrued liabilities.
Revenue: Total revenue was zero for the quarter ended March 31, 2024, compared to $7.0 million for the quarter ended March 31, 2023. The decrease in revenue was due to the termination of the company’s collaboration agreement with Sanofi in 2023.
R&D Expenses: Research and development expenses were $118.0 million for the quarter ended March 31, 2024, compared to $68.9 million for the quarter ended March 31, 2023. The increase was primarily due to an increase in clinical trial expenses and clinical supply manufacturing for RMC-6236, RMC-6291 and RMC-9805, an increase in personnel-related expenses related to additional headcount and an increase in stock-based compensation.
G&A Expenses: General and administrative expenses were $22.8 million for the quarter ended March 31, 2024, compared to $13.2 million for the quarter ended March 31, 2023. The increase was primarily due to an increase in personnel-related expenses related to additional headcount and an increase in stock-based compensation expense.
Net Loss: Net loss was $116.0 million for the quarter ended March 31, 2024, compared to net loss of $68.1 million for the quarter ended March 31, 2023.
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Financial Guidance
Revolution Medicines is reiterating its projected full year 2024 GAAP net loss to be between $480 million and $520 million, which includes estimated non-cash stock-based compensation expense of between $70 million and $80 million. Based on the company’s current operating plan, the company projects current cash, cash equivalents and marketable securities can fund planned operations into 2027.
Webcast
Revolution Medicines will host a webcast this afternoon, May 8, 2024, at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). To listen to the live webcast, or access the archived webcast, please visit: https://ir.revmed.com/events-and-presentations. Following the live webcast, a replay will be available on the company’s website for at least 14 days.
About Revolution Medicines, Inc.
Revolution Medicines is a clinical-stage oncology company developing novel targeted therapies for RAS-addicted cancers. The company’s R&D pipeline comprises RAS(ON) inhibitors designed to suppress diverse oncogenic variants of RAS proteins, and RAS companion inhibitors for use in combination treatment strategies. The company’s RAS(ON) inhibitors RMC-6236, a RAS(ON) multi-selective inhibitor, RMC-6291, a RAS(ON) G12C-selective inhibitor, and RMC-9805, a RAS(ON) G12D-selective inhibitor, are currently in clinical development. Additional RAS(ON) mutant-selective inhibitors in the company’s development pipeline include RMC-5127 (G12V), RMC-0708 (Q61H) and RMC-8839 (G13C), in addition to RAS companion inhibitors RMC-4630 and RMC-5552.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this press release that are not historical facts may be considered "forward-looking statements," including without limitation statements regarding the company’s financial projections; the company’s development plans and timelines and its ability to advance its portfolio and R&D pipeline; progression of clinical studies and findings from these studies, including the tolerability, safety and potential efficacy of the company’s candidates being studied; the company’s expectations regarding timing of data disclosures; the company’s plans, priority and timing to expand the reach of RMC-6236 into earlier lines of therapy, various RAS cancer genotypes and additional tumor types; the potential advantages and effectiveness of the company’s clinical and preclinical candidates, including its RAS(ON) inhibitors; and the company’s plans for regulatory engagement and initiation of pivotal and registrational clinical trials for RMC-6236, including data to support initiation of such trials. Forward-looking statements are typically, but not always, identified by the use of words such as "may," "will," "would," "believe," "intend," "plan," "anticipate," "estimate," "expect," and other similar terminology indicating future results. Such forward-looking statements are subject to substantial risks and uncertainties that could cause the company’s development programs, future results, performance or achievements to differ materially from those anticipated in the forward-looking statements. Such risks and uncertainties include without limitation risks and uncertainties inherent in the drug development process, including the company’s programs’ early stage of development, the process of designing and conducting preclinical and clinical trials, the regulatory approval processes, the timing of regulatory filings, the challenges associated with manufacturing drug products, the company’s ability to successfully establish, protect and defend its intellectual property, other matters that could affect the sufficiency of the company’s capital resources to fund operations, reliance on third parties for manufacturing and development efforts, changes in the competitive landscape, and the effects on the company’s business of the global events, such as international conflicts or global pandemics. For a further description of the risks and uncertainties that could cause actual results to differ from those anticipated in these forward-looking statements, as well as risks relating to the business of Revolution Medicines in general, see Revolution Medicines’ Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) on May 8, 2024, and its future
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periodic reports to be filed with the SEC. Except as required by law, Revolution Medicines undertakes no obligation to update any forward-looking statements to reflect new information, events or circumstances, or to reflect the occurrence of unanticipated events.
Media & Investor Contact
Erin Graves
650-779-0136
egraves@revmed.com
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REVOLUTION MEDICINES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
(unaudited)
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Three Months Ended March 31, |
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2024 |
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2023 |
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Revenue: |
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Collaboration revenue |
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$ |
— |
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$ |
7,014 |
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Total revenue |
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— |
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7,014 |
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Operating expenses: |
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Research and development |
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118,021 |
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68,947 |
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General and administrative |
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22,838 |
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13,224 |
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Total operating expenses |
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140,859 |
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82,171 |
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Loss from operations |
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(140,859 |
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(75,157 |
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Other income (expense), net: |
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Interest income |
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23,760 |
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7,059 |
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Interest and other expense |
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(2,809 |
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— |
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Change in fair value of warrant liability and contingent earn-out shares |
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3,905 |
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— |
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Total other income, net |
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24,856 |
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7,059 |
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Loss before income taxes |
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(116,003 |
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(68,098 |
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Benefit (loss) from income taxes |
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— |
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— |
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Net loss |
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$ |
(116,003 |
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$ |
(68,098 |
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Net loss per share attributable to common stockholders - basic and diluted |
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$ |
(0.70) |
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$ |
(0.72) |
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Weighted-average common shares used to compute net loss per share, basic and diluted |
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164,729,200 |
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94,831,979 |
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REVOLUTION MEDICINES, INC.
SELECTED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
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March 31, 2024 |
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December 31, 2023 |
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Cash, cash equivalents and marketable securities |
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$ |
1,703,540 |
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$ |
1,852,955 |
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Working capital (1) |
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1,635,479 |
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1,735,430 |
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Total assets |
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1,908,362 |
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2,061,705 |
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Total liabilities |
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182,895 |
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235,511 |
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Total stockholders' equity |
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1,725,467 |
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1,826,194 |
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