Revolution Medicines Q3 2023 Earnings Report
Key Takeaways
Revolution Medicines announced its financial results for the quarter ended September 30, 2023. Promising clinical data for RMC-6236 and RMC-6291 was presented at AACR-NCI-EORTC and ESMO Meetings. The acquisition of EQRx, Inc. is expected to close later this month.
Presented promising anti-tumor activity data for RMC-6236, a RASMULTI(ON) Inhibitor, in patients with NSCLC or PDAC harboring KRASG12X mutations.
Presented encouraging anti-tumor activity data for RMC-6291, a mutant-selective RASG12C(ON) Inhibitor, in patients with advanced solid tumors harboring KRASG12C mutations.
Announced that Institutional Shareholder Services Inc. and Glass Lewis & Co. recommended Revolution Medicines stockholders vote “FOR” the issuance of Revolution Medicines shares in the previously announced all-stock acquisition of EQRx, Inc.
Updated its projected full year 2023 GAAP net loss to be between $385 and $415 million.
Revolution Medicines
Revolution Medicines
Forward Guidance
Revolution Medicines is updating its projected full year 2023 GAAP net loss to be between $385 and $415 million, which includes estimated non-cash stock-based compensation expense of $45 million and $50 million. Based on the company’s current operating plan, the company projects current cash, cash equivalents and investments can fund planned operations into 2025. The Company’s financial guidance excludes the financial impact of the proposed EQRx transaction.