Core Insights - Revolution Medicines, Inc. (NASDAQ:RVMD) is recognized as a promising investment in the cancer sector, particularly due to its advancements in RAS(ON) inhibitors [1][5] Financial Performance - The company reported a net loss of $364.9 million in Q4 2025, nearly doubling from $194.6 million in the same quarter of the previous year [4] - The full-year net loss for 2025 reached $1.1 billion, compared to $600.1 million in 2024 [4] - Research and development expenses surged to $294.9 million in Q4 2025 from $188.1 million in Q4 2024, with total R&D expenses for the year amounting to $987.3 million, up from $592.2 million in 2024 [4] Clinical Developments - The company is currently enrolling patients in the US for a Phase 3 trial of daraxonrasib in Non-Small Cell Lung Cancer (NSCLC) [2] - A pivotal readout from the RASolute 302 trial for daraxonrasib in pancreatic cancer is expected in the first half of 2026, marking a significant milestone for the company's RAS(ON)-targeting strategy [3] - Zoldonrasib has demonstrated a highly differentiated safety and tolerability profile as a G12D-selective covalent inhibitor [2] Market Position - Revolution Medicines focuses on targeted therapies for RAS-addicted cancers, which account for approximately 30% of new cancer diagnoses [5]

Market Overview - U.S. equity markets reached new all-time highs in Q4 2025, with the S&P 500 Index rising 2.66% and the Bloomberg U.S. Aggregate Bond Index increasing by 1.10% [1] - The U.S. economy showed resilience, although consumer confidence deteriorated toward year-end, raising concerns about future spending and the labor market [1] Fund Performance - The Aristotle Growth Equity Fund (Class I-2) returned 0.95%, underperforming the Russell 1000 Growth Index's 1.12% [1] - Poor security selection in the information technology and consumer discretionary sectors detracted from performance, while positive contributions from healthcare and industrials improved relative performance [1] Company Highlight: Revolution Medicines, Inc. - Revolution Medicines, Inc. (NASDAQ:RVMD) is a clinical-stage precision oncology company focused on developing therapies for RAS-addicted cancers [2][3] - As of February 25, 2026, Revolution Medicines, Inc. stock closed at $103.24 per share, with a one-month return of 5.13% and a 52-week gain of 164.18% [2] - The company has a market capitalization of $19.958 billion [2] - Revolution Medicines is developing RAS(ON) inhibitors to block growth signals from RAS proteins, with main drugs including Daraxonrasib, Elironrasib, and Zoldonrasib already in clinical trials [3] - The company is also working on bringing a new drug, RMC-5127, into trials soon and developing targeted treatments for other types of RAS mutations [3]

Group 1 - Merck is in discussions to acquire Revolution Medicines (RVMD) for a price range of $28 billion to $32 billion, leading to a 17.24% increase in RVMD's stock price after hours, reaching a market capitalization of approximately $24.3 billion [1] - The pharmaceutical industry is undergoing strategic expansion, with Merck's financial position being robust and its profitability strong, indicating a stable market sentiment [2] - The potential acquisition of RVMD by Merck would mark the largest deal in the pharmaceutical industry in nearly three years since Bristol-Myers Squibb's $43 billion acquisition of cancer biotech company Seagen [3] Group 2 - RVMD's RAS inhibitor portfolio is expected to peak in sales exceeding $10 billion, highlighting the potential value of the acquisition for Merck [2] - Other large pharmaceutical companies are also considering acquiring RVMD, indicating competitive interest in the company and that the deal is not yet finalized [3]

On Target to Outsmart Cancer November 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 estab ...

Pipeline and Clinical Development - Daraxonrasib, a multi-selective RAS(ON) inhibitor, is being evaluated in a Phase 3 trial for 2L metastatic PDAC and has planned Phase 3 initiations for 1L metastatic and adjuvant resectable PDAC [15] - Elironrasib, a G12C-selective inhibitor, shows promising antitumor activity in previously treated RAS G12C NSCLC, with an objective response rate (ORR) of 56% (20 out of 36 patients) and a disease control rate (DCR) of 94% (34 out of 36 patients) at 200 mg BID [40] - Zoldonrasib, a G12D-selective inhibitor, demonstrates initial activity in previously treated KRAS G12D NSCLC, with an ORR of 61% (11 out of 18 patients) and a DCR of 89% (16 out of 18 patients) at 1200 mg QD [72] Daraxonrasib Clinical Data - In 2L PDAC patients treated with daraxonrasib at 300 mg daily, the median PFS was 85 months in RAS mutant patients, and the OS rate at 6 months was 97% [24] - In 2L/3L RAS G12X NSCLC patients treated with daraxonrasib at 120-220 mg daily, the median PFS was 98 months and the median OS was 177 months [28] - Daraxonrasib combined with pembrolizumab +/- chemotherapy in 1L RAS mutant NSCLC showed an ORR of 60% and a DCR of 90% in patients with TPS < 50%, and an ORR of 86% and a DCR of 100% in patients with TPS ≥ 50% [32] Financial Position - The company has a strong financial position with $21 billion in cash, cash equivalents, and marketable securities as of June 30, 2025 [119] - The company anticipates a 2025 GAAP Net Loss of $103 - $109 Billion [119]

Pipeline and Focus - Revolution Medicines' pipeline is led by three clinical-stage RAS(ON) inhibitors: Daraxonrasib (MULTI), Elironrasib (G12C), and Zoldonrasib (G12D)[6, 15] - The company's strategy is to maximize the impact of its RAS(ON) inhibitor portfolio by commercializing daraxonrasib initially in late-stage disease and developing RAS(ON) inhibitors in earlier lines of therapy[18, 19] - Revolution Medicines is also innovating for patients by producing new, differentiated drug candidates, including RMC-5127 (G12V-selective inhibitor) and next-generation programs[19, 15] Daraxonrasib (MULTI) - In 2L patients with KRAS G12X PDAC treated with daraxonrasib at 300 mg daily, the median PFS was 8.8 months, and the OS rate at 6 months was 100%[24] - In 2L/3L patients with RAS G12X NSCLC treated with daraxonrasib at 120-220 mg daily, the median PFS was 9.8 months, and the median OS was 17.7 months[28] - In 1L RAS mutant NSCLC patients treated with Daraxonrasib 100-200 mg + Pembrolizumab + Chemotherapy, the ORR was 60% and the DCR was 90% in the TPS < 50% subgroup[32] - In 1L RAS mutant NSCLC patients treated with Daraxonrasib 200 mg + Pembrolizumab, the ORR was 86% and the DCR was 100% in the TPS ≥ 50% subgroup[32] Elironrasib (G12C) - In previously treated RAS G12C NSCLC patients, Elironrasib (200 mg BID) showed an ORR of 56% and a DCR of 94%[40] - In previously treated RAS G12C NSCLC patients, Elironrasib (200 mg BID) showed a median PFS of 9.9 months[40] - In 1L RAS G12C NSCLC patients with TPS ≥ 50%, Elironrasib 200 mg BID + Pembrolizumab showed an ORR of 100% and a DCR of 100%[45] - In CRC patients previously treated with KRAS(OFF) G12C inhibitor, Elironrasib + Daraxonrasib doublet showed an ORR of 25% and a DCR of 92%[51] - In 2L+ NSCLC patients following G12C(OFF) inhibitor, Elironrasib showed an ORR of 42% and a DCR of 79%[55] - In 2L+ NSCLC patients following G12C(OFF) inhibitor, Elironrasib + Daraxonrasib showed an ORR of 62% and a DCR of 92%[56] Zoldonrasib (G12D) - In previously treated patients with KRAS G12D PDAC treated with 1200 mg daily dose, the ORR was 30% and the DCR was 80%[67] - In previously treated patients with KRAS G12D NSCLC treated with 1200 mg QD, the ORR was 61% and the DCR was 89%[72] Financials - Revolution Medicines has $2.1 billion in cash, cash equivalents, and marketable securities as of June 30, 2025[119] - The company anticipates a 2025 GAAP Net Loss of $1.03 – $1.09 billion, including $115 million to $130 million in non-cash stock-based compensation expense[119] - Royalty Pharma partnership bolsters financial position by providing $2 billion in flexible committed capital[116]