Full Press Release Details
Revolution Medicines Reports First Quarter 2022 Financial Results and
Update on Corporate Progress
Lead RAS(ON) Inhibitor drug candidates RMC-6236
(RASMULTI) and RMC-6291 (KRASG12C)
approaching the clinic
RMC-4630-03 Phase 2 trial evaluating RAS Companion Inhibitor RMC-4630 (SHP2) in combination with
Lumakras (sotorasib) in patients with advanced
non-small cell lung cancer continues enrolling
(mTORC1) has exhibited preliminary evidence of clinical activity, and dose
optimization is underway to prepare for combination studies in
Conference call and webcast today at 4:30 p.m. Eastern Time
REDWOOD CITY, Calif., May 09, 2022 (GLOBE NEWSWIRE) Revolution Medicines, Inc. (Nasdaq: RVMD), a clinical-stage oncology company developing
targeted therapies for RAS-addicted cancers, today announced its financial results for the quarter ended March 31, 2022 and provided an update on corporate progress.
At Revolution Medicines, we are passionately pursuing our mission to outsmart cancer with a disruptive portfolio of RAS(ON) Inhibitors in development
for patients with RAS-addicted cancers, said Mark A. Goldsmith, M.D., Ph.D., chief executive officer and chairman of Revolution Medicines. With compounds RMC-6236 and
RMC-6291 expected to enter the clinic this year and a pipeline of other compounds behind them, we are advancing a wave of RAS(ON) Inhibitor drug candidates that could address the majority of these cancers that
lack effective targeted drugs.
Concurrently, we continue clinical evaluation of the class-leading RAS Companion Inhibitors RMC-4630 and RMC-5552 that are intended as combination agents to maximize patient benefit. Our integrated pipeline of RAS(ON) Inhibitors and RAS Companion Inhibitors enables
the science-driven treatment strategies we have designed to overcome common causes of treatment failure.
First Quarter 2022 Corporate Highlights
RMC-6236 is a potent, oral, RAS(ON)-selective tri-complex inhibitor designed to treat patients with cancers driven by a variety of RAS mutations, including KRASG12D, KRASG12V and KRASG12R. Additionally, RMC-6236 may be deployed as a RAS Companion Inhibitor in combination with
mutant-selective RAS(ON) Inhibitors.
RMC-6291 is a potent, oral, selective, covalent inhibitor of
KRASG12C(ON) with a differentiated preclinical profile. It is designed to serve patients with cancers driven by the KRASG12C mutant.
RMC-9805 is an oral, selective, covalent inhibitor of
KRASG12D(ON), the primary tumor driver for more than 50,000 new patients annually in the United States, predominantly patients with colorectal (CRC), pancreatic or
non-small cell lung cancer (NSCLC). The company believes this compound is the first covalent oral inhibitor of KRASG12D.
RMC-8839 is an oral, selective, covalent inhibitor of
KRASG13C(ON). The company believes RMC-8839 is the first compound to directly inhibit KRASG13C, an
important therapeutic target primarily for NSCLC and select CRC patients unserved by a targeted RAS inhibitor.
RAS Innovation Engine
The company is leveraging its innovative tri-complex platform and advanced cancer discovery capabilities to identify
additional orally bioavailable, tri-complex RAS(ON) inhibitors to target RAS variants driving RAS-addicted cancers that are unserved by a targeted RAS inhibitor.
The company demonstrated sector leadership in RAS pathway targeting with seven oral presentations at the American Association for Cancer Research (AACR) Annual
Meeting 2022. The presentations highlighted key themes in the company s multi-part approach to outsmarting cancer.
RAS Companion Inhibitors
RMC-4630 is a potent, oral small molecule that is designed
to selectively inhibit the activity of SHP2, an upstream cellular protein that plays a central role in modulating cell survival and growth by facilitating RAS pathway signaling. RMC-4630 (also known as
SAR442720) is progressing in a clinical program under the company s partnership with Sanofi, the company s global SHP2 development and commercialization partner.
RMC-4630 and KRASG12C Inhibitor
Lumakras (sotorasib)
KRASG12C Inhibitor adagrasib
RMC-4630 and PD-1 Inhibitor KEYTRUDA (pembrolizumab)
RMC-5552 (mTORC1/4EPB1)
RMC-5552 is a potent,
first-in-class, bi-steric mTORC1-selective inhibitor designed to suppress phosphorylation and inactivation of 4EBP1 for cancers
with hyperactive mTORC1 signaling, including certain RAS-addicted cancers. The company intends to combine RMC-5552 with RAS(ON) inhibitors in patients with cancers
harboring RAS/mTOR pathway co-mutations.
First Quarter 2022 Financial Highlights
Position: Cash, cash equivalents and marketable securities were $518.8 million as of March 31, 2022, compared to $577.1 million as of December 31, 2021. The decrease was primarily attributable to net loss for the
quarter ended March 31, 2022.
Revenue: Total revenue, consisting of revenue from the company s collaboration agreement with Sanofi, was
$7.6 million for the quarter ended March 31, 2022, compared to $10.2 million for the quarter ended March 31, 2021. The decrease was related to lower reimbursed development costs under our collaboration agreement with Sanofi.
R&D Expenses: Research and development expenses were $56.5 million for the quarter ended March 31, 2022, compared to $40.9 million
for the quarter ended March 31, 2021. The increase was primarily due to an increase in research expenses associated with the company s pre-clinical research portfolio, an increase in
personnel-related expenses related to additional headcount, and an increase in stock-based compensation.
G&A Expenses: General and administrative expenses were $9.0 million for the quarter ended
March 31, 2022, compared to $6.7 million for the quarter ended March 31, 2021. The increase was primarily due to an increase in stock-based compensation and an increase in personnel-related expenses related to additional headcount.
Net Loss: Net loss was $57.6 million for the quarter ended March 31, 2022, compared to net loss of $37.2 million for the quarter ended
2022 Financial Guidance
Revolution Medicines reiterates full year 2022 GAAP net loss to be between $260 million and $290 million, which includes estimated non-cash stock-based compensation expense of $35 million to $40 million.
Revolution Medicines will host a conference call and webcast this afternoon, May 9, 2022, at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time).
To listen to the conference call, please dial (833) 423-0425 (U.S.) or + 1 (918)
922-3069 (international), provide conference ID: 6994747 and request the Revolution Medicines conference call. To listen to the live webcast, or access the archived webcast, please visit: https://ir.revmed.com/events-and-presentations. Following the live webcast, a replay will be available on the company s website for at least 14 days.
About Revolution Medicines, Inc.
Revolution Medicines is
a clinical-stage oncology company developing novel targeted therapies for RAS-addicted cancers. The company s R&D pipeline comprises RAS(ON) Inhibitors designed to suppress diverse oncogenic variants
of RAS proteins, and RAS Companion Inhibitors for use in combination treatment strategies. RAS(ON) Inhibitors in development include RMC-6236 (RASMULTI), RMC-6291 (KRASG12C), RMC-9805 (KRASG12D) and RMC-8839 (KRASG13C), and a pipeline of research compounds targeting additional RAS variants. RAS Companion Inhibitors in clinical development include RMC-4630 (SHP2) and RMC-5552 (mTORC1/4EBP1).
Keytruda is a registered trademark of Merck Sharp & Dohme Corp., a subsidiary of Merck & Co., Inc. Lumakras (sotorasib) is a trademark of Amgen Inc.
Forward Looking Statements
contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this press release that are not historical facts may be considered forward-looking
statements, including without limitation statements regarding the company s development plans and timelines and its ability to advance its portfolio and R&D pipeline; dosing and enrollment in the company s clinical trials and the
tolerability and potential efficacy of the company s candidates being studied; the ability of the company s therapies to serve unmet needs in RAS-addicted cancers and to overcome causes of treatment failure; the potential
advantages and effectiveness of the company s preclinical candidates, including its RAS(ON) Inhibitors; the company s plans to advance the development of RMC-6236,
RMC-6291, RMC-9805 and RMC-8839 and related milestones; the potential of RMC-6236 to be first-in-class; the potential of RMC-6291 to
show superior activity; the company s plans to nominate a fifth development candidate from its RAS(ON) Inhibitor portfolio; Amgen s disclosure of initial data from the CodeBreaK 101c study; and
enrollment in and findings from the company s clinical studies, including RMC-4630-03 and RMC-5552; the company s plans to study RMC-5552 in combination with RAS inhibitors. Forward-looking
statements are typically, but not always, identified by the use of words such as may, will, would, believe, intend, plan, anticipate, estimate,
expect, and other similar terminology indicating future results. Such forward-looking statements are subject to substantial risks and uncertainties that could cause the company s development programs, future results,
performance, or achievements to differ materially from those anticipated in the forward-looking statements. Such risks and uncertainties include without limitation risks and uncertainties inherent in the drug development process,
including the company s programs early stage of development, the process of designing and conducting preclinical and clinical trials, the regulatory approval processes, the timing of regulatory filings, the challenges associated with
manufacturing drug products, the company s ability to successfully establish, protect and defend its intellectual property, other matters that could affect the sufficiency of the company s capital resources to fund operations, reliance on
third parties for manufacturing and development efforts, changes in the competitive landscape and the effects on the company s business of the worldwide COVID-19 pandemic. For a further description of the risks and uncertainties that could
cause actual results to differ from those anticipated in these forward-looking statements, as well as risks relating to the business of Revolution Medicines in general, see Revolution Medicines Quarterly Report on Form
10-Q filed with the Securities and Exchange Commission on May 9, 2022, and its future periodic reports to be filed with the Securities and Exchange Commission. Except as required by law, Revolution Medicines undertakes no
obligation to update any forward-looking statements to reflect new information, events, or circumstances, or to reflect the occurrence of unanticipated events.
REVOLUTION MEDICINES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
| Three Months Ended March 31, | ||||||||
| 2022 | 2021 | |||||||
| Revenue: | ||||||||
| Collaboration revenue | $ | 7,578 | $ | 10,131 | ||||
| Total revenue | 7,578 | 10,131 | ||||||
| Operating expenses: | ||||||||
| Research and development | 56,490 | 40,858 | ||||||
| General and administrative | 9,037 | 6,670 | ||||||
| Total operating expenses | 65,527 | 47,528 | ||||||
| Loss from operations | (57,949 | ) | (37,397 | ) | ||||
| Other income (expense), net: | ||||||||
| Interest income | 302 | 233 | ||||||
| Interest expense | (12 | ) | ||||||
| Total other income, net | 302 | 221 | ||||||
| Loss before income taxes | (57,647 | ) | (37,176 | ) | ||||
| Benefit from income taxes | ||||||||
| Net loss | $ | (57,647 | ) | $ | (37,176 | ) | ||
| Net loss per share attributable to common stockholders - basic and diluted | $ | (0.78 | ) | $ | (0.53 | ) | ||
| Weighted-average common shares used to compute net loss per share, basic and diluted | 74,162,363 | 70,420,076 |
REVOLUTION MEDICINES, INC.
SELECTED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
| March 31, | December 31, | |||||||
| 2022 | 2021 | |||||||
| Cash, cash equivalents and marketable securities | $ | 518,754 | $ | 577,054 | ||||
| Working capital (1) | 476,885 | 529,423 | ||||||
| Total assets | 682,774 | 737,988 | ||||||
| Deferred revenue | 17,095 | 18,931 | ||||||
| Total liabilities | 131,781 | 135,420 | ||||||
| Total stockholders equity | 550,993 | 602,568 |
SVP Investor Relations and Corporate Affairs
Revolution Medicines