Financial Data and Key Metrics Changes - The company ended Q2 2025 with $2.1 billion in cash and investments, including $250 million from the Royalty Pharma partnership [22] - R&D expenses for 2025 were $224.1 million, up from $134.9 million in 2024, primarily due to clinical trial and manufacturing expenses [23] - G&A expenses increased to $40.6 million in 2025 from $21.7 million in 2024, driven by personnel-related expenses and stock-based compensation [24] - The net loss for 2025 was $247.8 million, compared to $133.2 million in 2024, mainly due to higher operating expenses [24] - The projected full-year 2025 GAAP net loss is estimated to be between $1.03 billion and $1.09 billion [25] Business Line Data and Key Metrics Changes - The company has three clinical stage RasOn inhibitors: TiraxonRasib, Oleeronrasib, and Zoldonrasib, with ongoing trials and promising data [8][10] - Diraxonrasib received breakthrough therapy designation for previously treated metastatic pancreatic cancer with KRAS G12 mutations, indicating significant unmet medical needs [9] - The ongoing global Phase 3 trial RESLU-302 for diraxonrasib is progressing well, with expectations to complete enrollment this year [9][10] Market Data and Key Metrics Changes - The company is focusing on pancreatic cancer and non-small cell lung cancer (NSCLC) as key markets, with multiple ongoing trials in these areas [10][12] - The company is expanding its clinical trials to include international sites, particularly in Europe and Japan, for NSCLC [11] Company Strategy and Development Direction - The company aims to establish a leading global RAS-targeted franchise, focusing on innovative targeted therapies for RAS addicted cancers [19][26] - A significant partnership with Royalty Pharma provides $2 billion in committed capital, enhancing the company's financial strength and strategic agility [19][20] - The company is investing in next-generation assets and collaborations to enhance its drug discovery capabilities [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the progress of clinical trials and the potential of their pipeline to transform treatment for patients with RAS-driven cancers [8][19] - The company is committed to independent global development and commercialization strategies for its RAS-targeted portfolio [19][25] Other Important Information - The company is preparing to enter clinical development for RMC-5127, a RasOn G12V selective inhibitor, expected to initiate a Phase 1 trial in 2026 [17] - The collaboration with Summit Therapeutics aims to evaluate combinations of their PD-1 VEGF bispecific antibody with the company's RasOn inhibitors [16][18] Q&A Session Summary Question: Enrollment progress for RESLU-302 and chemotherapy combinations - Management confirmed good progress in enrollment for RESLU-302 and emphasized the importance of safety and tolerability in chemotherapy combinations [30][32][35] Question: Chemotherapy regimens and data readout timelines - Management indicated that the chemotherapy regimens are within standard practice and that the first analysis of data is expected in 2026, but specifics on interim analyses were not provided [39][42][44] Question: Data updates for doraxonerasib and considerations for frontline studies - Management stated that sufficient data will guide decisions for moving forward with studies and emphasized the importance of safety and dose intensity [48][51][52] Question: RAF upregulation and combination therapies - Management acknowledged RAS amplification as a challenge but expressed confidence in their inhibitors' effectiveness and the potential benefits of combination therapies [59][62] Question: Commercialization readiness and market engagement - The commercialization team is actively engaged in market shaping activities and building operational capabilities for future product launches [73][74] Question: Summit partnership and prioritization of combinations - Management noted that while they cannot provide specific prioritization details, they are excited about the collaboration and its potential across various solid tumors [78][80]

Financial Data and Key Metrics Changes - The company ended Q2 2025 with $2.1 billion in cash and investments, including $250 million from the Royalty Pharma partnership [19] - R&D expenses increased to $224.1 million in 2025 from $134.9 million in 2024, primarily due to clinical trial and manufacturing expenses [20] - G&A expenses rose to $40.6 million in 2025 from $21.7 million in 2024, driven by personnel-related expenses and stock-based compensation [21] - The net loss for 2025 was $247.8 million, compared to $133.2 million in 2024, attributed to higher operating expenses [22] - The projected full-year 2025 GAAP net loss is estimated to be between $1.03 billion and $1.09 billion [23] Business Line Data and Key Metrics Changes - The company has three clinical-stage RasOn inhibitors: TiraxonRasib, Oleuronrasib, and Zoldonrasib, with ongoing trials in pancreatic cancer and non-small cell lung cancer [6][10] - Diraxonrasib received breakthrough therapy designation from the FDA for previously treated metastatic pancreatic cancer with KRAS G12 mutations [7] - Oleuronrasib was granted breakthrough therapy designation for locally advanced or metastatic KRAS G12C non-small cell lung cancer [12] Market Data and Key Metrics Changes - Enrollment for the RESLU-302 Phase 3 trial in pancreatic cancer is progressing well, with expectations to complete enrollment this year [8] - The company is also initiating a first-line metastatic pancreatic cancer registrational trial, with plans to share trial design later this year [9] Company Strategy and Development Direction - The company aims to establish a leading global RAS-targeted franchise for treating RAS addicted cancers, focusing on innovative targeted therapies [17] - A partnership with Royalty Pharma provides $2 billion in committed capital to support clinical development and commercialization plans [18] - The company is preparing to enter clinical development for RMC-5127, a RasOn G12V selective inhibitor, expected to initiate a Phase 1 trial in 2026 [15] Management's Comments on Operating Environment and Future Outlook - Management emphasized the urgency of advancing development for patients with pancreatic cancer due to significant unmet medical needs [7] - The company is confident in its ability to establish new global standards of care for patients with RAS addicted cancers [24] - Management highlighted the importance of safety and tolerability in ongoing assessments to inform study designs for future trials [32] Other Important Information - The company is collaborating with Summit Therapeutics to evaluate combinations of their bispecific antibody with RasOn inhibitors [14] - The collaboration with Iambic aims to enhance drug discovery through AI capabilities, potentially improving lead discovery and optimization processes [16] Q&A Session Summary Question: Enrollment progress for RESLU-302 and chemotherapy combinations - Management indicated that enrollment is progressing well, with a solid position to share data in 2026. Efficacy assessments will inform study design, but safety and tolerability remain primary concerns [29][32] Question: Chemotherapy regimens and data readout in 2026 - Management confirmed that the chemotherapy regimens are within standard practice and that the 2026 data readout refers to the first analysis, which may be interim or final [40][42] Question: Data update for frontline pancreatic cancer trial - Management stated that they are building a sufficient data set to guide decision-making and will share more information as it becomes available [46] Question: RAF upregulation and combination therapies - Management acknowledged RAS amplification as a challenge but emphasized that therapeutic strategies are in place to address it. They also noted that there is no evidence that degraders are superior to inhibitors [60][62] Question: Commercialization readiness and field team build-out - Management confirmed that the US field team is being built out, with a focus on market shaping activities and engagement with oncologists [70][71]

On Target to Outsmart Cancer August 2025 © 2025 Revolution Medicines, Inc. 2 Legal Disclaimer This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. All statements other than statements of historical facts contained in this presentation, including statements regarding our future results of operations and financial position, business strategy, prospective products, availability of funding, ability to manage existing collaborations and establi ...

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 June 30, 2025 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 othe ...

RASolute 302, a global Phase 3 trial of daraxonrasib in patients with previously treated PDAC, continues to enroll well. The company is winding down enrollment in the U.S. while continuing to enroll patients outside the U.S. to support global registration. The company expects to complete enrollment in this trial this year to enable an expected data readout in 2026. The company recently announced that daraxonrasib received Breakthrough Therapy Designation from the U.S. Food and Drug Administration for previo ...

Strong execution of two ongoing Phase 3 trials of daraxonrasib; for RASolute 302, company is winding down enrollment in U.S. and expects to complete enrollment of the trial this year FDA Breakthrough Therapy Designations granted for two RAS(ON) inhibitors, daraxonrasib and elironrasibCompany entered into $2 billion flexible funding agreement with Royalty Pharma to support bold vision for global development and commercializationRevolution Medicines to hold webcast today at 4:30 p.m. Eastern Time REDWOOD CITY ...

On Target to Outsmart Cancer August 2025 © 2025 Revolution Medicines, Inc. 2 Legal Disclaimer This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. All statements other than statements of historical facts contained in this presentation, including statements regarding our future results of operations and financial position, business strategy, prospective products, availability of funding, ability to manage existing collaborations and establi ...

Core Insights - Revolution Medicines, Inc. is a late-stage clinical oncology company focused on developing targeted therapies for RAS-addicted cancers [3] - The company will report its financial results for Q2 2025 on August 6, 2025, after market close, followed by a webcast to discuss these results and corporate progress [1] Company Overview - Revolution Medicines is developing RAS(ON) inhibitors aimed at suppressing various oncogenic variants of RAS proteins [3] - The current R&D pipeline includes daraxonrasib (RMC-6236), elironrasib (RMC-6291), and zoldonrasib (RMC-9805), which are in clinical development [3] - The company plans to advance RMC-5127, a RAS(ON) G12V-selective inhibitor, into clinical development next [3] - Additional pipeline opportunities focus on RAS(ON) mutant-selective inhibitors, including RMC-0708 (Q61H) and RMC-8839 (G13C) [3]

Group 1 - Revolution Medicines, Inc. (RVMD) shares have increased by 2.7% over the past four weeks, closing at $37.91, with a mean price target of $72.25 indicating a potential upside of 90.6% [1][2] - The mean estimate consists of 12 short-term price targets with a standard deviation of $7.86, where the lowest estimate is $57.00 (50.4% increase) and the highest is $88.00 (132.1% increase) [2] - Analysts show strong agreement on RVMD's ability to report better earnings than previously predicted, which supports the potential for stock upside [4][11] Group 2 - The Zacks Consensus Estimate for RVMD's current year earnings has increased by 1% over the last 30 days, with one estimate moving higher and no negative revisions [12] - RVMD holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates [13] - While the consensus price target may not be a reliable indicator of the stock's potential gain, it does provide a directional guide for price movement [14]

Core Insights - The report maintains a positive outlook on small molecule drug conjugates (SMDCs) and related companies, highlighting their potential in cancer treatment due to their ability to enhance efficacy while reducing toxicity [1][5][17] - The report emphasizes the clinical advantages of SMDCs, including better tumor penetration, reduced toxicity to normal cells, and easier control over synthesis and costs compared to antibody-drug conjugates (ADCs) [5][11][12] - The report identifies domestic biopharmaceutical companies, particularly Affinivax, as leaders in the SMDC space, showcasing significant advancements in innovative cancer drug development [5][12][17] Industry Overview - The pharmaceutical and biotechnology sector has shown a relative price-to-earnings (P/E) ratio of 51.14 as of July 25, 2025, which is significantly higher than its historical low of 24.38, indicating a premium valuation compared to the broader market [19] - The report notes that the healthcare sector's valuation is 279% higher than the Shanghai Composite Index, reflecting strong investor interest and confidence in the industry [19] - Recent market performance indicates a 1.90% increase in the pharmaceutical and biotechnology sector from July 21 to July 25, 2025, ranking it 16th among 27 sub-industries [26][29] Company Focus - The report suggests monitoring companies involved in the SMDC space, including Affinivax, and those collaborating with them, such as Innovent Biologics and others, which are expected to benefit from the growing interest in innovative cancer therapies [5][17][18] - Specific companies highlighted for their innovative drug development capabilities include Innovent Biologics, Shunyi Pharmaceutical, and others, which are positioned to capitalize on the advancements in SMDC technology [5][18]