Revolution Medicines(RVMD) - 2024 Q4 - Annual Results

Financial Performance - The company reported a net loss of $194.6 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 $11.6 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 $436,367,000 in 2023, representing a 37.5% increase in losses[42]. - The company expects a full-year 2025 GAAP net loss between $840 million and $900 million, including estimated non-cash stock-based compensation of $115 million to $130 million[36]. Revenue and Assets - Total revenue for the year ended December 31, 2024, was $11,580,000, compared to $742,000 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 $1.9 billion a year earlier[28]. - Total assets increased to $2,558,301,000 as of December 31, 2024, compared to $2,061,705,000 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 $1,852,955,000 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 $235,511,000 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].