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 ...

We recently published 10 Big Names Stumbling Hard. Revolution Medicines Inc. (NASDAQ:RVMD) was one of the worst performers on Monday. Revolution Medicines fell sharply on Monday, losing 16.91 percent to close at $97.78 apiece, as investors unloaded portfolios following news that pharmaceutical giant Merck had cancelled ongoing negotiations for its proposed acquisition of the company. According to a report by the Wall Street Journal, Merck decided to terminate talks after failing to agree on a valuation. ...

Summary of Tango Therapeutics FY Conference Call Company Overview - **Company**: Tango Therapeutics (NasdaqGM:TNGX) - **Date of Conference**: January 14, 2026 - **New CEO**: Malte Peters, who succeeded Barbara Weber as CEO Key Points and Arguments Leadership Transition - Barbara Weber, the founding CEO, transitioned leadership to Malte Peters, emphasizing the need for a focus on late-phase drug development and regulatory discussions [2][3][29] - Peters has a background in R&D and has been involved with Tango since 2018, ensuring a smooth transition [2][30] Pipeline and Drug Development - Tango is moving from clinical validation to late-phase drug development, focusing on drugs targeting MTAP deletions in cancer [4][6] - **Pipeline Highlights**: - **TNG462**: In dose expansion studies, targeting approximately 60,000 patients annually in the U.S. with MTAP deletions [5][9] - **TNG456**: A blood-brain barrier penetrant molecule entering phase one clinical trials [5][9] - **TNG961**: An HBS1L degrader ready for clinical trials, targeting FOCAT deletion in MTAP-deleted cancers [19] Clinical Milestones for 2026 - Launch a pivotal trial in second-line pancreatic cancer [6][20] - Complete TNG462 RAS inhibitor combination studies [6][20] - Expand knowledge base in lung cancer and other indications [6][20] - Evaluate TNG456 efficacy in glioblastoma [6][20] Competitive Advantages - Received FDA support for pivotal trial protocol and statistical analysis plan [12][8] - Best-in-class potential for TNG462 based on selectivity, potency, and safety profile [8][9] - First company to combine a PRMT5 inhibitor with RAS inhibitors in clinical trials [9] Clinical Data Insights - TNG462 shows a 27% response rate and a median progression-free survival (PFS) of 6.4 months across multiple tumor histologies [10] - Comparison with standard care indicates a potential doubling of median PFS for patients with MTAP deletions [11][12] - A 49% response rate observed in a histology-selective cohort with a median PFS of 9.1 months [17] Strategic Focus - Emphasis on addressing high unmet medical needs in difficult-to-treat cancers [6] - Potential for a chemo-free treatment regimen for pancreatic cancer patients [15] - Commitment to robust data before public disclosure, independent of medical meetings [27] Other Important Content - Discussion on the mechanism of PRMT5 inhibitors and their reliance on MTAP deletion for therapeutic efficacy [22] - Peters' priorities include rapid advancement into late-phase drug development and regulatory readiness [23] - Barbara Weber highlighted the successful transition from a genomic target discovery platform to readiness for pivotal studies [28] This summary encapsulates the critical aspects of Tango Therapeutics' conference call, focusing on leadership changes, pipeline developments, clinical milestones, competitive advantages, and strategic focus.

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]

Core Insights - Several biotechnology and pharmaceutical companies experienced significant stock price increases in after-hours trading, driven by corporate updates, clinical milestones, and acquisition speculation [1] Company Updates - China SXT Pharmaceuticals, Inc. (SXTC) saw a 13.6% increase to $1.42, following the announcement of its Strategic Artificial Intelligence Insights Initiative aimed at integrating AI-driven analytics into product planning and market intelligence [2] - Revolution Medicines, Inc. (RVMD) surged 15.1% to $123.65 after reports of Merck's acquisition talks and the FDA granting Breakthrough Therapy Designation to its drug zoldonrasib for treating specific lung cancer patients [3] - KalVista Pharmaceuticals, Inc. (KALV) advanced 14.0% to $18.04 after reporting preliminary unaudited global net product revenue results for Q4 and the full year ended December 31, 2025, along with other operational indicators [4] - Zentalis Pharmaceuticals, Inc. (ZNTL) rose 8.1% to $3.07, likely due to investor reactions to a previous corporate update outlining key milestones for its drug azenosertib [5] - BriaCell Therapeutics Corp. (BCTX) gained 7.3% to $7.81 without new announcements, indicating momentum-driven trading [6] - Sagimet Biosciences Inc. (SGMT) increased 7.7% to $6.00 after announcing plans to present clinical trial results at an upcoming conference, highlighting anti-fibrotic effects observed in patients [7]

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]

Core Insights - Revolution Medicines, Inc. has received Breakthrough Therapy Designation from the FDA for zoldonrasib, a selective inhibitor targeting KRAS G12D mutations in non-small cell lung cancer (NSCLC) patients who have undergone prior treatments [1][8] Company Overview - Revolution Medicines is focused on developing targeted therapies for RAS-addicted cancers, with a pipeline that includes multiple RAS(ON) inhibitors, such as daraxonrasib, elironrasib, and zoldonrasib [6] - Zoldonrasib is the first investigational drug specifically targeting the KRAS G12D mutation, highlighting the unmet medical need in this area [3][8] Clinical Trial Insights - The Breakthrough Therapy Designation is based on positive results from the Phase 1 RMC-9805-001 clinical trial, which showed robust clinical profiles, including significant antitumor activity and acceptable safety [2][4] - Zoldonrasib is being evaluated both as a monotherapy and in combination treatments across various tumor types and therapy lines [3] Industry Context - NSCLC accounts for 80%-85% of all lung cancers, with over 197,000 diagnoses annually in the U.S. Despite advancements, it remains a leading cause of cancer-related deaths due to late-stage diagnosis and limited treatment responses [5] - The G12D mutation is the most common oncogenic driver in human cancers, representing 4% of NSCLC cases, indicating a significant target for therapeutic intervention [5]

Summary of Tango Therapeutics Conference Call Company Overview - **Company**: Tango Therapeutics - **Focus**: Development of drugs based on the concept of synthetic lethality targeting tumor suppressor genes, with a lead program being vopimetostat, an MTAP-selective PRMT5 inhibitor [6][7] Key Points Product Development - **Vopimetostat**: - Developed for MTAP-deleted pancreatic ductal adenocarcinoma (PDAC) and lung cancer - Phase one/two study shows an overall response rate (ORR) of 27% across various difficult-to-treat cancers, with a specific ORR of 25% and median progression-free survival (PFS) of 7.2 months in second-line pancreatic cancer [7][8][13] - Comparison to current standard of care indicates favorable outcomes [7][8] Clinical Trials and FDA Interaction - **Second-line PDAC Pivotal Study**: - Plans to enroll approximately 300 patients, with a hierarchical design approved by the FDA allowing for fewer patients while still assessing PFS and overall survival (OS) [10][11][18] - The study aims to demonstrate a median PFS that is at least double the current range of 2 to 3.5 months [13][15] - The FDA meeting was described as positive, with agreement on the study design [18] Combination Studies - **Combination with RAS Inhibitors**: - Ongoing studies combining vopimetostat with daraxonrasib and zoldonrasib, with rapid enrollment noted [22][23] - The goal is to establish a first-line study in pancreatic cancer based on the combination's efficacy [35] Future Expectations - **Data Updates**: - Anticipated updates on combination studies and lung cancer data in the following year [24][43] - The company aims to show a convincing improvement in ORR for the combination therapies, targeting a response rate of 45-50% [27] Financial Position - **Cash Position**: - Current cash position is $153 million, with a recent raise of $225 million, providing a runway into 2028 for ongoing studies [62] Additional Insights - **Prognostic Factors**: - MTAP deletion linked to poorer prognosis in pancreatic cancer, which may influence study outcomes [13][14] - **Safety Profile**: - Combination therapies are reported to have clean adverse event profiles with minimal overlapping toxicity [46][47] - **Strategic Collaborations**: - Collaboration with Servier for MAT2A combination studies, with data disclosures dependent on Servier [40][41] This summary encapsulates the key aspects of Tango Therapeutics' conference call, highlighting their strategic focus, clinical developments, and financial health.

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]