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Dec 31, 2023
Revolution Medicines Q4 2023 Earnings Report
Revolution Medicines reported financial results for Q4 and full year 2023 and provided a corporate progress update.
Key Takeaways
Revolution Medicines reported a net loss of $161.5 million for the quarter ended December 31, 2023, compared to a net loss of $56.5 million for the quarter ended December 31, 2022. The company's cash, cash equivalents, and marketable securities were $1.85 billion as of December 31, 2023. The company expects full year 2024 GAAP net loss to be between $480 million and $520 million.
Advanced RMC-6236 into monotherapy pivotal trials with studies in 2L NSCLC and 2L PDAC expected to begin in the second half of 2024.
Expanded the reach of RMC-6236 into earlier lines of therapy and other RAS cancer genotypes and tumor types.
Qualified mutant-selective inhibitors, RMC-6291 and RMC-9805, for late-stage development.
Completed acquisition of EQRx, adding approximately $1.1 billion in net cash proceeds.
Forward Guidance
Revolution Medicines expects 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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