Revolution Medicines Q1 2024 Financial Results and Corporate Update

Revolution Medicines, Inc., a clinical-stage oncology company, announced its financial outcomes for the quarter ending March 31, 2024, while providing an update on its ongoing corporate developments.

The firm continues to advance its 2024 priorities, particularly the progression of its RAS(ON) multi-selective inhibitor RMC-6236 towards pivotal monotherapy trials. The company is gearing up for randomized, controlled trials aimed at assessing RMC-6236 for the second-line treatment of metastatic pancreatic ductal adenocarcinoma (PDAC) and advanced non-small cell lung cancer (NSCLC).

Additionally, Revolution Medicines is working on extending the use of RMC-6236, both as a monotherapy and in combination regimens, to earlier stages of cancer treatment, across various RAS mutation genotypes beyond RAS G12X, and in other tumor types apart from NSCLC and PDAC. Initial clinical studies have shown objective responses in patients with different solid tumors carrying diverse RAS mutations. Exploratory studies involving combinations of treatments are underway to inform future studies for earlier-stage cancers.

The company is also advancing its RAS(ON) mutant-selective inhibitors, RMC-6291 (G12C-selective inhibitor) and RMC-9805 (G12D-selective inhibitor), into later stages of development. Ongoing monotherapy studies for these are complemented by exploratory combination treatment approaches.

Dr. Mark A. Goldsmith, CEO and Chairman of Revolution Medicines, highlighted the promising progress of RMC-6236 in targeting RAS-addicted tumors. He emphasized the significance of upcoming pivotal monotherapy trials for PDAC and NSCLC scheduled for later in 2024, supported by recent scientific and clinical data presented at the AACR Annual Meeting.

Key clinical updates include the planned advancement of RMC-6236 monotherapy into pivotal trials. Updated data on the safety, tolerability, and antitumor activity of RMC-6236 are expected to be disclosed in the latter half of 2024. These data will support registrational studies for second-line treatments of PDAC and NSCLC, with both studies anticipated to commence in the second half of 2024.

Revolution Medicines is also pushing the boundaries with RMC-6236, investigating its efficacy in wider RAS cancer genotypes and additional tumor types. At the AACR Annual Meeting, the company presented preclinical and clinical data showing confirmed responses in tumors with mutations in RAS G12, G13, and Q61, including cases of NRAS Q61K melanoma and BRAF V600E colorectal cancer.

The evaluation of RMC-6236 in earlier lines of therapy for NSCLC, PDAC, and colorectal cancer includes studies of several combination regimens. These involve combinations with RMC-6291 and RMC-9805, standard of care treatments, and immunotherapy agents like pembrolizumab. Initial clinical data for the combination of RMC-6236 and pembrolizumab in advanced RAS-mutated NSCLC are expected in the latter half of 2024.

For RMC-6291, preclinical data have shown enhanced response and durability when combined with RMC-6236. Clinical characterization of RMC-6291's safety and efficacy continues, with plans for further combination studies, including a unique triple-combination regimen with pembrolizumab in first-line RAS G12C mutated NSCLC patients. Initial data for this combination are anticipated in the first half of 2025.

RMC-9805, targeting KRAS G12D tumors, has shown significant preclinical promise. Initial clinical data for RMC-9805 monotherapy are expected later in 2024, with plans to evaluate its efficacy in combination with RMC-6236 and standard treatments in multiple tumor types.

Financially, Revolution Medicines reported a cash position of $1.70 billion as of March 31, 2024. The company’s revenue was zero for the quarter, reflecting the termination of its collaboration agreement with Sanofi. Research and development expenses increased to $118.0 million, primarily due to clinical trial costs and personnel expenses. General and administrative expenses rose to $22.8 million. The net loss for the quarter was $116.0 million, compared to a net loss of $68.1 million in the same period the previous year.

Revolution Medicines reaffirmed its projected net loss for the full year 2024 to be between $480 million and $520 million. Current financial resources are expected to fund planned operations into 2027.