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Jun 30, 2024
Revolution Medicines Q2 2024 Earnings Report
Reported financial results for the second quarter of 2024 and provided an update on corporate progress.
Key Takeaways
Revolution Medicines reported its Q2 2024 financial results, with a net loss of $133.2 million and no revenue, as compared to a net loss of $98.3 million and $3.8 million in revenue for the same period in 2023. The company's cash, cash equivalents, and marketable securities totaled $1.59 billion as of June 30, 2024. The company is progressing with its RAS(ON) inhibitor programs, including RMC-6236, RMC-6291, and RMC-9805, and is planning for a Phase 3 study for RMC-6236 in pancreatic cancer.
Advanced RMC-6236 into monotherapy pivotal trials for pancreatic and lung cancer.
Expanded the reach of RMC-6236 monotherapy and combinations into earlier lines of therapy.
Qualified RAS(ON) mutant-selective inhibitors, RMC-6291 and RMC-9805, for late-stage development.
Appointed Frank Clyburn to the board of directors and expanded the senior management group.
Forward Guidance
Revolution Medicines is reiterating the updated projected full year 2024 GAAP net loss guidance that it shared in July 2024 of between $560 million and $600 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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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