Revolution Medicines Q3 2024 Financial Results and Corporate Update

Revolution Medicines, Inc., a clinical-stage company focused on developing targeted therapies for RAS-addicted cancers, has announced its financial results for the third quarter ending September 30, 2024, alongside updates on its corporate progress. Based in Redwood City, California, the company is advancing its mission to revolutionize cancer treatment through innovative medicines targeting RAS-dependent tumors.

Chief Executive Officer Mark A. Goldsmith, M.D., Ph.D., highlighted the company's substantial advancements in their strategic priorities for the year, emphasizing the positive clinical outcomes of their three pioneering RAS(ON) inhibitors. Among these, the updated data for RMC-6236 has shown promising progression-free and overall survival outcomes in patients with previously treated metastatic pancreatic ductal adenocarcinoma (PDAC). The company has initiated a Phase 3 pivotal study for this compound. Additionally, initial findings for RMC-9805, a G12D-selective inhibitor, have demonstrated encouraging safety, tolerability, and antitumor activity in PDAC patients harboring a KRAS G12D mutation.

For its pancreatic cancer programs, Revolution Medicines is developing two RAS(ON) inhibitors: RMC-6236 and RMC-9805. These compounds are being evaluated both as monotherapies and in combination therapies. The company recently dosed the first patient in a Phase 3 study called RASolute 302, comparing RMC-6236 with standard chemotherapy in previously treated metastatic PDAC patients. The latest data from this study, presented at the EORTC-NCI-AACR Symposium, revealed that RMC-6236 showed significant antitumor activity with a median progression-free survival of 8.5 months and overall survival of 14.5 months. The safety profile remained consistent with previous reports.

The initial data for RMC-9805, collected until September 2, 2024, highlighted its favorable safety and tolerability across different dose levels and tumor types. Particularly in PDAC patients treated with either 1200 mg once daily or 600 mg twice daily, the compound showed promising antitumor activity, with 1200 mg once daily being identified as a potential Phase 2 dose. An ongoing Phase 1 study is evaluating the combination of RMC-9805 with RMC-6236 in patients with KRAS G12D solid tumors.

Beyond pancreatic cancer, the company is also exploring the potential of its RAS(ON) inhibitors in other solid tumors with RAS mutations. Revolution Medicines plans to update data from its ongoing RMC-6236 study in non-small cell lung cancer (NSCLC) by the fourth quarter of 2024. Additionally, they aim to start a Phase 3 study for RMC-6236 in advanced RAS-mutant NSCLC in early 2025. The company will also reveal initial clinical data from a combination study of RMC-6236 with pembrolizumab by the end of 2024.

Further development includes evaluating a combination of RMC-6291 with RMC-6236, with initial clinical data expected by the fourth quarter of 2024. The company is also studying the combination of RMC-6291 with pembrolizumab, with or without chemotherapy, in advanced NSCLC, with data anticipated in the first half of 2025.

Financially, Revolution Medicines reported a cash position of $1.55 billion as of September 30, 2024. Research and development expenses for the quarter were $151.8 million, a rise from $107.7 million in the same period last year, due to increased clinical trial expenses and higher personnel-related costs. General and administrative expenses also increased to $24.0 million from $15.5 million, primarily due to higher personnel costs and commercial preparation activities. The net loss for the quarter was $156.3 million, compared to $108.4 million in the previous year.

Revolution Medicines is confident in its financial projections and operations funding into 2027. The company will host a webcast to discuss these updates and financial results.

Revolution Medicines remains committed to advancing its pipeline of RAS(ON) inhibitors and other targeted cancer therapies, continuing to make strides in their clinical programs and corporate progress.