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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___ to ___

Commission File Number: 001-39219

 

Revolution Medicines, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

47-2029180

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

700 Saginaw Drive

Redwood City, CA

94063

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (650) 481-6801

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock $0.0001 Par Value per Share

 

RVMD

 

The Nasdaq Stock Market LLC

(Nasdaq Global Select Market)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes  ☒    No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  ☒    No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

 

 

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. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes      No  

As of November 4, 2021, the registrant had 73,687,114 shares of common stock, $0.0001 par value per share, outstanding.

 

 

 


 

Table of Contents

 

 

 

Page

Special Note Regarding Forward Looking Statements

ii

PART I.

FINANCIAL INFORMATION

1

Item 1.

Financial Statements (unaudited)

1

 

Condensed Consolidated Balance Sheets

1

 

Condensed Consolidated Statements of Operations

2

 

Condensed Consolidated Statements of Comprehensive Loss

3

 

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)

4

 

Condensed Consolidated Statements of Cash Flows

6

 

Notes to Condensed Consolidated Financial Statements

7

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

22

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

32

Item 4.

Controls and Procedures

33

 

 

 

PART II.

OTHER INFORMATION

34

Item 1.

Legal Proceedings

34

Item 1A.

Risk Factors

34

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

79

Item 3.

Defaults Upon Senior Securities

80

Item 4.

Mine Safety Disclosures

80

Item 5.

Other Information

80

Item 6.

Exhibits

81

 

Signatures

82

 


i


 

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements concerning our business, operations and financial performance and condition, as well as our plans, objectives and expectations for our business, operations and financial performance and condition. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that are in some cases beyond our control and may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “predict,” “potential,” “positioned,” “seek,” “should,” “target,” “will,” “would,” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. These forward-looking statements include, but are not limited to, statements about:

the scope, progress, results and costs of developing our product candidates or any other future product candidates, and conducting preclinical studies and clinical trials;

the scope, progress, results and costs related to the research and development of our pipeline;

the timing of and costs involved in obtaining and maintaining regulatory approval for any of current or future product candidates, and any related restrictions, limitations and/or warnings in the label of an approved product candidate;

our expectations regarding the potential market size and size of the potential patient populations for our product candidates and any future product candidates, if approved for commercial use;

our ability to maintain existing and establish new collaborations, licensing or other arrangements and the financial terms of any such agreements, including our collaboration with Sanofi;

our commercialization, marketing and manufacturing capabilities and expectations;

the rate and degree of market acceptance of our product candidates, as well as the pricing and reimbursement of our product candidates, if approved;

the implementation of our business model and strategic plans for our business, product candidates and technology, including additional indications for which we may pursue;

the scope of protection we are able to establish and maintain for intellectual property rights covering our product candidates, including the projected term of patent protection;

estimates of our expenses, future revenue, capital requirements, our needs for additional financing and our ability to obtain additional capital;

developments and projections relating to our competitors and our industry, including competing therapies and procedures;

regulatory and legal developments in the United States and foreign countries;

the performance of our third-party suppliers and manufacturers;

our ability to attract and retain key scientific or management personnel;

our expectations regarding our ability to obtain, maintain, enforce and defend our intellectual property protection for our product candidates; and

other risks and uncertainties, including those listed under the caption “Risk Factors.”

ii


We have based these forward-looking statements largely on management’s current expectations, estimates, forecasts and projections about our business and the industry in which we operate and management’s beliefs and assumptions and are not guarantees of future performance or development and involve known and unknown risks, uncertainties and other factors that are in some cases beyond our control. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q and are subject to a number of risks, uncertainties and assumptions described in the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein until after we distribute this Quarterly Report on Form 10-Q, whether as a result of any new information, future events or otherwise.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this report, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and you are cautioned not to unduly rely upon these statements.

Investors and others should note that we may announce material business and financial information to our investors using our investor relations website (https://ir.revmed.com), Securities and Exchange Commission (SEC) filings, webcasts, press releases and conference calls. We use these mediums, including our website, to communicate with our members and public about our company, our products and other issues. It is possible that the information that we make available may be deemed to be material information. We therefore encourage investors and others interested in our company to review the information that we make available on our website.

 

 

iii


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

REVOLUTION MEDICINES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

(unaudited)

 

 

September 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

129,154

 

 

$

104,268

 

Marketable securities

 

 

479,501

 

 

 

336,473

 

Accounts receivable

 

 

7,412

 

 

 

6,393

 

Prepaid expenses and other current assets

 

 

7,469

 

 

 

6,988

 

Total current assets

 

 

623,536

 

 

 

454,122

 

Property and equipment, net

 

 

10,107

 

 

 

8,902

 

Operating lease right-of-use asset

 

 

25,234

 

 

 

27,435

 

Intangible assets, net

 

 

60,143

 

 

 

60,945

 

Goodwill

 

 

14,608

 

 

 

14,608

 

Restricted cash

 

 

1,084

 

 

 

1,084

 

Other noncurrent assets

 

 

264

 

 

 

305

 

Total assets

 

$

734,976

 

 

$

567,401

 

Liabilities, redeemable convertible preferred stock and stockholders' equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

10,491

 

 

$

12,609

 

Accrued expenses and other current liabilities

 

 

23,776

 

 

 

18,784

 

Operating lease liability, current

 

 

4,959

 

 

 

3,672

 

Deferred revenue, current

 

 

12,665

 

 

 

12,111

 

Total current liabilities

 

 

51,891

 

 

 

47,176

 

Deferred revenue, noncurrent

 

 

9,678

 

 

 

8,481

 

Deferred tax liability

 

 

7,444

 

 

 

7,444

 

Operating lease liability, noncurrent

 

 

26,827

 

 

 

28,992

 

Other noncurrent liabilities

 

 

932

 

 

 

632

 

Total liabilities

 

 

96,772

 

 

 

92,725

 

Commitments and contingencies (Note 7)

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.0001 par value; 10,000,000 shares authorized at

   September 30, 2021 and December 31, 2020, respectively; zero shares

   issued and outstanding at September 30, 2021 and December 31, 2020, respectively

 

 

 

 

 

 

Common stock, $0.0001 par value; 300,000,000 shares authorized at

   September 30, 2021 and December 31, 2020, respectively; 73,654,880 and 66,599,748

   shares issued and outstanding at September 30, 2021 and December 31, 2020,

   respectively

 

 

8

 

 

 

7

 

Additional paid-in capital

 

 

1,038,196

 

 

 

740,098

 

Accumulated other comprehensive income

 

 

(40

)

 

 

116

 

Accumulated deficit

 

 

(399,960

)

 

 

(265,545

)

Total stockholders' equity

 

 

638,204

 

 

 

474,676

 

Total liabilities, redeemable convertible preferred stock and stockholders' equity

 

$

734,976

 

 

$

567,401

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

1


REVOLUTION MEDICINES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

(unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Collaboration revenue

 

$

1,101

 

 

$

12,661

 

 

$

19,930

 

 

$

34,232

 

Total revenue

 

 

1,101

 

 

 

12,661

 

 

 

19,930

 

 

 

34,232

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

46,473

 

 

 

34,871

 

 

 

133,267

 

 

 

95,246

 

General and administrative

 

 

7,791

 

 

 

5,341

 

 

 

21,758

 

 

 

15,603

 

Total operating expenses

 

 

54,264

 

 

 

40,212

 

 

 

155,025

 

 

 

110,849

 

Loss from operations

 

 

(53,163

)

 

 

(27,551

)

 

 

(135,095

)

 

 

(76,617

)

Other income (expense), net:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

223

 

 

 

347

 

 

 

692

 

 

 

1,986

 

Interest expense

 

 

 

 

 

(17

)

 

 

(12

)

 

 

(57

)

Total other income, net

 

 

223

 

 

 

330

 

 

 

680

 

 

 

1,929

 

Loss before income taxes

 

 

(52,940

)

 

 

(27,221

)

 

 

(134,415

)

 

 

(74,688

)

Benefit from income taxes

 

 

 

 

 

 

 

 

 

 

 

733

 

Net loss

 

$

(52,940

)

 

$

(27,221

)

 

$

(134,415

)

 

$

(73,955

)

Redeemable convertible preferred stock dividends - undeclared and cumulative

 

 

 

 

 

 

 

 

 

 

 

(2,219

)

Net loss attributable to common stockholders

 

$

(52,940

)

 

$

(27,221

)

 

$

(134,415

)

 

$

(76,174

)

Net loss per share attributable to common stockholders - basic and diluted

 

$

(0.72

)

 

$

(0.42

)

 

$

(1.85

)

 

$

(1.49

)

Weighted-average common shares used to compute net loss per share, basic and diluted

 

 

73,535,686

 

 

 

64,892,868

 

 

 

72,467,677

 

 

 

51,031,003

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

2


REVOLUTION MEDICINES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(in thousands)

(unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net loss

 

$

(52,940

)

 

$

(27,221

)

 

$

(134,415

)

 

$

(73,955

)

Other comprehensive income/(loss)

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on investments, net

 

 

(49

)

 

 

(80

)

 

 

(156

)

 

 

137

 

Total comprehensive loss

 

$

(52,989

)

 

$

(27,301

)

 

$

(134,571

)

 

$

(73,818

)

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

3


 

REVOLUTION MEDICINES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)

(in thousands, except share data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

Redeemable Convertible

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

Total

 

 

 

Preferred Stock

 

 

 

Common Stock

 

 

Paid-in

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income/ (Loss)

 

 

Deficit

 

 

Equity/(Deficit)

 

Balance at December 31, 2020

 

 

 

 

$

 

 

 

 

66,599,748

 

 

$

7

 

 

$

740,098

 

 

$

116

 

 

$

(265,545

)

 

$

474,676

 

Issuance of common stock upon follow-on offering, net of offering costs of $18,855

 

 

 

 

 

 

 

 

 

6,666,666

 

 

 

1

 

 

 

281,144

 

 

 

 

 

 

 

 

 

281,145

 

Issuance of common stock pursuant to stock option exercises

 

 

 

 

 

 

 

 

 

166,897

 

 

 

 

 

 

555

 

 

 

 

 

 

 

 

 

555

 

Issuance of common stock related to vesting of restricted stock units

 

 

 

 

 

 

 

 

 

1,798

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vesting of early exercised stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

46

 

 

 

 

 

 

 

 

 

46

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,387

 

 

 

 

 

 

 

 

 

3,387

 

Net unrealized loss on marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(53

)

 

 

 

 

 

(53

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(37,176

)

 

 

(37,176

)

Balance at March 31, 2021

 

 

 

 

$

 

 

 

 

73,435,109

 

 

$

8

 

 

$

1,025,230

 

 

$

63

 

 

$

(302,721

)

 

$

722,580

 

Issuance of common stock pursuant to stock option exercises

 

 

 

 

 

 

 

 

 

64,862

 

 

 

 

 

 

257

 

 

 

 

 

 

 

 

 

257

 

Issuance of common stock related to employee stock purchase plan

 

 

 

 

 

 

 

 

 

46,201

 

 

 

 

 

 

1,175

 

 

 

 

 

 

 

 

 

1,175

 

Issuance of common stock related to vesting of restricted stock units

 

 

 

 

 

 

 

 

 

30,817

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vesting of early exercised stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

34

 

 

 

 

 

 

 

 

 

34

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,313

 

 

 

 

 

 

 

 

 

5,313

 

Net unrealized loss on marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(54

)

 

 

 

 

 

(54

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(44,299

)

 

 

(44,299

)

Balance at June 30, 2021

 

 

 

 

$

 

 

 

 

73,576,989

 

 

$

8

 

 

$

1,032,009

 

 

$

9

 

 

$

(347,020

)

 

$

685,006

 

Issuance of common stock pursuant to stock option exercises

 

 

 

 

 

 

 

 

 

61,178

 

 

 

 

 

 

319

 

 

 

 

 

 

 

 

 

319

 

Issuance of common stock related to vesting of restricted stock units

 

 

 

 

 

 

 

 

 

20,004

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vesting of early exercised stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

41

 

 

 

 

 

 

 

 

 

41

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,827

 

 

 

 

 

 

 

 

 

5,827

 

Repurchase of common stock

 

 

 

 

 

 

 

 

 

 

 

(3,291)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized loss on marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(49

)

 

 

 

 

 

(49

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(52,940

)

 

 

(52,940

)

Balance at September 30, 2021

 

 

 

 

$

 

 

 

 

73,654,880

 

 

$

8

 

 

$

1,038,196

 

 

$

(40

)

 

$

(399,960

)

 

$

638,204

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

4


 

REVOLUTION MEDICINES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)

(in thousands, except share data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

Redeemable Convertible

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

Total

 

 

 

Preferred Stock

 

 

 

Common Stock

 

 

Paid-in

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income

 

 

Deficit

 

 

Equity/(Deficit)

 

Balance at December 31, 2019

 

 

39,600,423

 

 

$

305,109

 

 

 

 

3,292,124

 

 

$

 

 

$

4,738

 

 

$

74