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Revolution Medicines Reports Fourth Quarter and Full Year 2024 Financial Results and Update on Corporate Progress
RVMDRevolution Medicines(RVMD) GlobeNewswire News Room·2025-02-26 21:02

Core Insights - Revolution Medicines, Inc. reported its financial results for Q4 and full year 2024, highlighting advancements in its RAS-focused oncology pipeline and a strong financial position [1][3][25]. Company Overview - The company is focused on developing targeted therapies for RAS-addicted cancers, with a pipeline that includes daraxonrasib, elironrasib, and zoldonrasib [2][37]. Clinical Development Highlights - In 2024, the company made significant progress in its clinical trials, particularly for pancreatic ductal adenocarcinoma (PDAC) and non-small cell lung cancer (NSCLC) [3][4]. - Daraxonrasib showed promising results in PDAC, with a median progression-free survival (PFS) of 8.8 months for patients with KRAS G12X mutations [4][5]. - The company is advancing daraxonrasib into pivotal trials for earlier lines of treatment in PDAC and NSCLC, with expected data readouts in 2026 [7][19][18]. Financial Performance - The company raised 823millioninapublicequityofferinginDecember2024,strengtheningitsfinancialposition[25][26].−AsofDecember31,2024,cash,cashequivalents,andmarketablesecuritiestotaled823 million in a public equity offering in December 2024, strengthening its financial position [25][26]. - As of December 31, 2024, cash, cash equivalents, and marketable securities totaled 2.3 billion, up from 1.9billionin2023[27].−ResearchanddevelopmentexpensesforQ42024were1.9 billion in 2023 [27]. - Research and development expenses for Q4 2024 were 188.1 million, an increase from 148.5millioninQ42023,primarilyduetoclinicaltrialcosts[28].−ThenetlossforQ42024was148.5 million in Q4 2023, primarily due to clinical trial costs [28]. - The net loss for Q4 2024 was 194.6 million, compared to a net loss of 161.5millioninQ42023[30].StrategicPriorities−Thecompanyhasoutlinedfivestrategicprioritiesfor2025,includingexecutingpivotaltrials,advancingitspipeline,andenhancingcommercialcapabilities[17][19][24].−PlansincludeinitiatingpivotaltrialsfordaraxonrasibinearlierlinesoftreatmentforPDACandexpandingitsRAS(ON)inhibitorcombinations[19][21][22].FutureOutlook−Thecompanyexpectsafull−year2025GAAPnetlossbetween161.5 million in Q4 2023 [30]. Strategic Priorities - The company has outlined five strategic priorities for 2025, including executing pivotal trials, advancing its pipeline, and enhancing commercial capabilities [17][19][24]. - Plans include initiating pivotal trials for daraxonrasib in earlier lines of treatment for PDAC and expanding its RAS(ON) inhibitor combinations [19][21][22]. Future Outlook - The company expects a full-year 2025 GAAP net loss between 840 million and $900 million, with sufficient cash to fund operations into the second half of 2027 [35].