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Mar 31, 2024
Revolution Medicines Q1 2024 Earnings Report
Revolution Medicines reported financial results for Q1 2024 and provided a corporate progress update.
Key Takeaways
Revolution Medicines reported a net loss of $116.0 million for the quarter ended March 31, 2024, compared to a net loss of $68.1 million for the quarter ended March 31, 2023. As of March 31, 2024, cash, cash equivalents, and marketable securities totaled $1.70 billion.
Advanced RMC-6236 into monotherapy pivotal trials.
Expanded the reach of RMC-6236 monotherapy and/or combination regimens into earlier lines of therapy, RAS cancer genotypes beyond RAS G12X, and tumor types beyond NSCLC and PDAC.
Qualified its RAS(ON) mutant-selective inhibitors, RMC-6291 (G12C-selective inhibitor) and RMC-9805 (G12D-selective inhibitor), for late-stage development.
The company expects to disclose updated clinical safety, tolerability and antitumor activity monotherapy data in the second half of 2024 to support initiation of two pivotal trials of RMC-6236 monotherapy.
Forward 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.
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