Key Takeaways RVMD shares fell 17% after a WSJ report said MRK withdrew from buyout talks following a price impasse.The WSJ report said discussions between MRK and RVMD could resume, or another bidder could step in.RVMD is advancing daraxonrasib, with phase III PDAC data and other phase III studies expected this year.Shares of Revolution Medicines (RVMD) slipped 17% yesterday after a Wall Street Journal (WSJ) report said, quoting people familiar with the matter, that pharma bigwig Merck (MRK) was no longer ...

On Target to Outsmart Cancer 44th Annual JP Morgan Healthcare Conference January 12, 2026 © 2026 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, abil ...

Core Insights - Merck (MRK) is in discussions to acquire Revolution Medicines (RVMD), with a potential valuation of up to $32 billion, although the deal is not yet finalized and may take several weeks to conclude [1][7] - RVMD's shares surged approximately 36% this week, reaching an all-time high of $105 per share following acquisition rumors, with a market capitalization of $20 billion [3] - The acquisition would enhance Merck's oncology pipeline by adding RVMD's lead candidate, daraxonrasib, which targets RAS mutations in cancers [6][10] Company Developments - Merck's shares have increased by 11.2%, but this is below the industry average increase of 21.0% [4] - The acquisition of RVMD is part of Merck's strategy to bolster its portfolio ahead of the patent expiration of its key drug, Keytruda, in 2028, which currently accounts for over 50% of its pharmaceutical sales [10][14] - Merck has been actively pursuing acquisitions, including the recent purchase of Cidara Therapeutics for $9.2 billion and Verona Pharma for around $10 billion, to diversify its offerings and mitigate revenue loss from Keytruda [12][13] Industry Context - Revolution Medicines is developing innovative drugs targeting the active form of RAS proteins, which are crucial in cancer treatment, with their RAS(ON) inhibitors designed to overcome resistance mechanisms seen in existing therapies [2][8] - The potential merger would mark a significant event in the biotech sector, being the largest deal since Pfizer's acquisition of Seagen for $43 billion in 2023 [3]

Company Overview - Revolution Medicines (RVMD) is a clinical-stage company focused on developing novel drugs targeting the active, GTP-bound form of RAS proteins, referred to as RAS(ON) [2] - The lead pipeline drug, daraxonrasib, is an investigational oral RAS(ON) multi-selective inhibitor aimed at treating pancreatic ductal adenocarcinoma (PDAC) and non-small cell lung cancer (NSCLC) [2] - RVMD is also developing mutant-selective inhibitors, elironrasib and zoldonrasib, for specific RAS-bearing cancer cells, currently in early-stage studies [2] Stock Performance - Following a Wall Street Journal report about a potential acquisition interest from AbbVie, RVMD shares surged nearly 29%, reaching an all-time high of $105 per share [3][5] - The stock has increased by 131% over the past year, significantly outperforming the industry average growth of 17% [3] M&A Activity in the Pharma Industry - The pharmaceutical sector has seen a resurgence in mergers and acquisitions, with major companies like Amgen and Eli Lilly pursuing strategic acquisitions [6][7] - Amgen acquired Dark Blue Therapeutics for approximately $840 million to enhance its oncology pipeline [8] - Eli Lilly announced a deal to buy Ventyx Biosciences for about $1.2 billion, aiming to expand its clinical pipeline of therapies for various inflammatory diseases [9]

Summary of Revolution Medicines FY Conference Call Company Overview - **Company**: Revolution Medicines (NasdaqGS:RVMD) - **Focus**: Development of daraxonrasib for pancreatic cancer and other RAS-driven cancers Key Points Industry and Product Development - **Ongoing Trials**: The company is conducting pivotal studies for daraxonrasib, particularly focusing on pancreatic cancer with the RESOLUTE 302 trial nearing completion of enrollment [1][2] - **Patient Population**: The phase one/two trial patient population is similar to those in phase three trials, with slightly worse prognostic factors, suggesting a representative sample for the upcoming phase three study [2] Trial Mechanics and Endpoints - **Primary Goal**: The main goal of the RESOLUTE 302 trial is to demonstrate an overall survival (OS) benefit, which is prioritized by the FDA for pancreatic cancer [4] - **Statistical Modeling**: The trial is powered for OS, with a high likelihood of reaching significance for progression-free survival (PFS) in interim analyses [5] - **Hierarchical Testing Strategy**: The trial will first evaluate the G12 mutation subset (85% of pancreatic cancer cases) before analyzing broader RAS mutation groups [6] Regulatory Designations - **Breakthrough Therapy Designation**: Daraxonrasib has received breakthrough therapy designation and orphan drug designation, which may accelerate the regulatory review process [9] - **Priority Review Voucher**: The company has received a priority review voucher, potentially allowing for a streamlined review process post-NDA filing [10] Future Trials and Strategies - **First-Line Pancreatic Cancer**: Plans to initiate the RESOLUTE 303 study, a three-arm trial comparing standard chemotherapy, daraxonrasib monotherapy, and daraxonrasib plus chemotherapy [11][12] - **Efficacy Data**: Phase one/two data showed promising overall response rates (ORR) of approximately 47% for monotherapy and 55% for combination therapy with gemcitabine [13] Treatment Paradigm - **RAS-Driven Cancers**: The underlying biology of pancreatic cancer is RAS-driven, leading to the design of trials that leverage effective RAS inhibitors [14] - **Patient-Centric Approach**: The company emphasizes providing multiple treatment options to cater to diverse patient needs and preferences [17][18] Other Cancer Studies - **Non-Small Cell Lung Cancer**: The RESOLVE 301 study is enrolling patients with any RAS mutation, targeting a significant portion of non-small cell lung cancer cases [25][26] - **Combination Therapies**: Plans to initiate a registration study in first-line non-small cell lung cancer combining daraxonrasib with chemotherapy and pembrolizumab [27][31] New Developments - **Zoldonrasib**: A RAS G12D-selective ON inhibitor is being developed, with potential applications in combination with daraxonrasib and aggressive chemotherapies [39][41] - **Clinical Strategy**: The company is exploring various combination regimens to maximize treatment efficacy for patients with RAS mutations [42] Additional Insights - **Market Positioning**: The company aims to differentiate its products in a competitive landscape by combining therapies that enhance patient outcomes [31][35] - **Long-Term Vision**: Revolution Medicines is focused on addressing unmet needs in RAS-driven cancers, with ongoing evaluations of its pipeline and potential new therapies [35][36]

Core Insights - Revolution Medicines (RVMD) reported a Q3 2025 loss of $1.61 per share, which was wider than the Zacks Consensus Estimate of a loss of $1.39, and compared to a loss of 94 cents in the same quarter last year [1][9] - The company currently has no approved products and has not generated any revenue [1] - Year-to-date, RVMD shares have increased by 36%, outperforming the industry growth of 10% [1] Financial Performance - Research and development expenses reached approximately $263 million, reflecting a 73% year-over-year increase, primarily due to higher clinical study and manufacturing costs, as well as increased employee-related expenses [2] - General and administrative expenses were nearly $53 million, up 120% year-over-year, mainly driven by higher employee-related costs [2] - As of September 30, 2025, the company had cash, cash equivalents, and short-term investments totaling $1.9 billion, down from $2.1 billion as of June 30, 2025 [3] Guidance - The company reiterated its full-year operating expenses guidance, expecting a range between $1.03 billion and $1.09 billion, which includes non-cash stock-based compensation expenses of $115-$130 million [4] Pipeline Developments - Revolution Medicines is developing multiple novel drugs targeting the active, GTP-bound form of RAS proteins, with daraxonrasib as the lead pipeline drug, designed to target major RAS mutation hotspots [5] - Daraxonrasib is currently being evaluated in two late-stage registrational studies: RASolve 301 for locally advanced or metastatic RAS-mutated NSCLC and RASolute 302 for second-line metastatic PDAC, with data readout from RASolute 302 expected in 2026 [6][9] - The company is expanding daraxonrasib's development in first-line settings for both NSCLC and PDAC, with studies expected to start before the end of 2025 and in 2026, respectively [7] - Additionally, RVMD is developing mutant-selective inhibitors like elironrasib and zoldonrasib, focusing on specific RAS mutations, and pursuing a combination strategy to enhance efficacy [8][10]

Core Insights - Revolution Medicines, Inc. reported significant advancements in its clinical programs for RAS-addicted cancers, particularly with daraxonrasib, and aims to set new global standards of care for these patients [2][3][4] Financial Highlights - As of September 30, 2025, the company had cash, cash equivalents, and marketable securities totaling $1.93 billion, which includes a $250 million royalty monetization tranche received in June 2025 [15] - Research and development expenses for Q3 2025 were $262.5 million, up from $151.8 million in Q3 2024, primarily due to increased clinical trial and manufacturing expenses [16] - General and administrative expenses rose to $52.8 million in Q3 2025 from $24.0 million in Q3 2024, driven by personnel-related costs and legal expenses [17] - The net loss for Q3 2025 was $305.2 million, compared to a net loss of $156.3 million in Q3 2024 [18] - The company reiterated its full-year 2025 GAAP net loss guidance of between $1.03 billion and $1.09 billion [19] Clinical Development Updates - The RASolute 302 trial for daraxonrasib in previously treated metastatic pancreatic ductal adenocarcinoma (PDAC) is nearing completion of enrollment, with data readout expected in 2026 [3][7] - The FDA granted daraxonrasib Orphan Drug Designation and Breakthrough Therapy Designation, supporting its expedited review [4] - The company is set to initiate RASolute 303, a Phase 3 trial for daraxonrasib in first-line metastatic PDAC, and RASolute 304, evaluating daraxonrasib as adjuvant treatment for resectable PDAC [5][6] - New data for elironrasib presented at a recent symposium showed promising response rates in patients with RAS G12C NSCLC [8] - Zoldonrasib is being evaluated in combination regimens and is expected to enter registrational trials in the first half of 2026 [10][11] Corporate Developments - Recent leadership appointments aim to enhance global development and commercialization capabilities [14] - The company is advancing its pipeline with next-generation RAS(ON) inhibitors, including RMC-5127, which is on track for a Phase 1 trial initiation in Q1 2026 [12]

Core Insights - Revolution Medicines, Inc. announced updated clinical data for elironrasib, a RAS(ON) G12C-selective inhibitor, in previously treated patients with KRAS G12C non-small cell lung cancer (NSCLC) [1][2] Company Overview - Revolution Medicines is a late-stage clinical oncology company focused on developing targeted therapies for RAS-addicted cancers [9] - The company's R&D pipeline includes RAS(ON) inhibitors designed to suppress various oncogenic variants of RAS proteins, including daraxonrasib, elironrasib, and zoldonrasib [9] Clinical Data Highlights - As of August 4, 2025, elironrasib was administered to 24 heavily pretreated patients with KRAS G12C NSCLC, showing a confirmed objective response rate of 42% and a disease control rate of 79% [2][4] - The median duration of response was 11.2 months, with a median progression-free survival of 6.2 months, and a 12-month overall survival rate of 62% [2][4] Treatment Context - NSCLC accounts for 80%-85% of all lung cancers, with KRAS mutations present in nearly 30% of NSCLC cases, making KRAS G12C the most common variant [5][7] - Elironrasib has received Breakthrough Therapy Designation for treating adult patients with KRAS G12C-mutated locally advanced or metastatic NSCLC who have received prior chemotherapy and immunotherapy [4] Upcoming Presentations - The AACR-NCI-EORTC Symposium will feature oral presentations highlighting the clinical activity of elironrasib and encouraging preclinical data supporting the RAS(ON) inhibitor platform [2][6]

Core Insights - Revolution Medicines, Inc. has appointed Alan Sandler, M.D. as the chief development officer to enhance its leadership in developing targeted therapies for RAS-addicted cancers [1][2] - The company has also appointed Alicia Gardner and Gerwin Winter as regional general managers for the U.S. and Europe, respectively, to strengthen its global commercial capabilities [3] Company Overview - Revolution Medicines is a late-stage clinical oncology company focused on developing novel targeted therapies for patients with RAS-addicted cancers [4] - The company's R&D pipeline includes RAS(ON) inhibitors such as daraxonrasib (RMC-6236), elironrasib (RMC-6291), and zoldonrasib (RMC-9805), which are currently in clinical development [4] - The company anticipates that RMC-5127, a RAS(ON) G12V-selective inhibitor, will be the next to enter clinical development, with additional opportunities focusing on RAS(ON) mutant-selective inhibitors [4]

Core Insights - Daraxonrasib shows promising clinical activity and durability in treating metastatic pancreatic ductal adenocarcinoma (PDAC) [1][2] - The company plans to initiate a three-arm Phase 3 trial in Q4 2025 to further evaluate daraxonrasib's efficacy [1][8] Clinical Data Summary - Long-term follow-up data for daraxonrasib monotherapy in second-line metastatic PDAC indicates a confirmed objective response rate (ORR) of 35% for RAS G12X mutation and 29% for any RAS mutation, with a disease control rate (DCR) of 92% and 95% respectively [5] - Median progression-free survival (PFS) was reported at 8.5 months and 8.1 months, while median overall survival (OS) was 13.1 months and 15.6 months [5] - In first-line treatment, daraxonrasib monotherapy showed an ORR of 47% and a DCR of 89% with a median follow-up of 9.3 months [5] Safety Profile - Daraxonrasib was generally well tolerated in both second-line and first-line settings, with no new safety signals identified [5][14] - The mean dose intensity for daraxonrasib was 85% in second-line and 81% in combination with chemotherapy [5][14] Combination Therapy Insights - The combination of daraxonrasib with Gemcitabine nab-Paclitaxel (GnP) demonstrated an ORR of 55% and a DCR of 90% with a median follow-up of 6.9 months [14] - The company aims to leverage the antitumor contribution of chemotherapy while maintaining sufficient dose intensity for daraxonrasib [6][14] Future Development Plans - The ongoing Phase 3 registrational trial, RASolute 302, is expected to complete global enrollment this year, with data readout anticipated in 2026 [5] - The planned RASolute 303 trial will evaluate daraxonrasib monotherapy and its combination with GnP against a control arm [8]