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Revolution Medicines(RVMD) - 2024 Q4 - Annual Results
RVMDRevolution Medicines(RVMD)2025-02-26 21:05

Financial Performance - The company reported a net loss of 194.6millionforQ42024,comparedtoanetlossof194.6 million for Q4 2024, compared to a net loss of 161.5 million for Q4 2023[31]. - Total revenue for the year ended December 31, 2024, was zero, down from 11.6millionin2023,duetotheterminationofacollaborationagreementwithSanofi[32].−ThenetlossfortheyearendedDecember31,2024,was11.6 million in 2023, due to the termination of a collaboration agreement with Sanofi[32]. - The net loss for the year ended December 31, 2024, was 600,093,000, compared to a net loss of 436,367,000in2023,representinga37.5436,367,000 in 2023, representing a 37.5% increase in losses[42]. - The company expects a full-year 2025 GAAP net loss between 840 million and 900million,includingestimatednon−cashstock−basedcompensationof900 million, including estimated non-cash stock-based compensation of 115 million to 130million[36].RevenueandAssets−TotalrevenuefortheyearendedDecember31,2024,was130 million[36]. Revenue and Assets - Total revenue for the year ended December 31, 2024, was 11,580,000, compared to 742,000forthesameperiodin2023,indicatingasignificantincreaseinrevenue[42].−Cash,cashequivalents,andmarketablesecuritieswere742,000 for the same period in 2023, indicating a significant increase in revenue[42]. - Cash, cash equivalents, and marketable securities were 2.3 billion as of December 31, 2024, up from 1.9billionayearearlier[28].−Totalassetsincreasedto1.9 billion a year earlier[28]. - Total assets increased to 2,558,301,000 as of December 31, 2024, compared to 2,061,705,000in2023,markinga242,061,705,000 in 2023, marking a 24% growth[44]. - Cash, cash equivalents, and marketable securities as of December 31, 2024, totaled 2,289,299,000, an increase from 1,852,955,000in2023[44].ResearchandDevelopment−ResearchanddevelopmentexpensesfortheyearendedDecember31,2024,were1,852,955,000 in 2023[44]. Research and Development - Research and development expenses for the year ended December 31, 2024, were 592.2 million, an increase from 423.1 million in 2023, primarily due to clinical trial expenses and increased personnel costs[33]. - The company is advancing its R&D pipeline with multiple RAS(ON) inhibitors currently in clinical development, including daraxonrasib, elironrasib, and zoldonrasib[38]. - The company plans to continue the development of elironrasib in combination with daraxonrasib for a broad range of G12C-mutant tumor types[39]. - The company aims to advance RMC-5127, a RAS(ON) G12V-selective inhibitor, to a clinic-ready stage in 2025[25]. - The company anticipates that RMC-5127, a RAS(ON) G12V-selective inhibitor, will be the next candidate to enter clinical development[38]. - The company is activating study sites for the Phase 3 RASolve 301 trial of daraxonrasib in NSCLC[22]. - The company anticipates completing enrollment in the RASolute 302 trial in 2025, with expected data readout in 2026[21]. - The company plans to initiate two pivotal trials for daraxonrasib in earlier lines of treatment for pancreatic cancer in the second half of 2025[23]. Liabilities and Shares - Total liabilities as of December 31, 2024, were 293,097,000, compared to 235,511,000in2023,indicatinganincreaseinliabilities[44].−Theweighted−averagecommonsharesusedtocomputenetlosspershareincreasedto173,758,250in2024from141,183,907in2023[42].FinancingActivities−ThecompanycompletedapublicequityofferinginDecember2024,raising235,511,000 in 2023, indicating an increase in liabilities[44]. - The weighted-average common shares used to compute net loss per share increased to 173,758,250 in 2024 from 141,183,907 in 2023[42]. Financing Activities - The company completed a public equity offering in December 2024, raising 823 million in net proceeds to strengthen its financial position[27].