Revolution Medicines Reports Fourth Quarter and Year-End 2020 Financial Results and Update on Corporate Progress Advanced and Expanded Portfolio of RAS(ON) Inhibitors; Two Assets Entered IND-Enabling Development Continue

Revolution Medicines Reports Fourth Quarter and Year-End 2020

Financial Results and Update on Corporate Progress

Advanced and Expanded Portfolio of RAS(ON) Inhibitors; Two Assets Entered IND-Enabling Development

Continued Progress in Development of RAS Companion Inhibitors to Support

Targeted Combination Therapies

Strengthened Balance Sheet Completed Financing Raising $281 Million in Net Proceeds

REDWOOD CITY, CA March 2, 2021 Revolution Medicines, Inc. (Nasdaq: RVMD), a clinical-stage precision oncology company

focused on developing targeted therapies to inhibit frontier targets in RAS-addicted cancers, today announced its financial results for the fourth quarter and year ended December 31, 2020, and provided a

Revolution Medicines has achieved multiple significant milestones, furthering the company s position as a leading precision

oncology company dedicated to the development of innovative targeted medicines and treatment regimens to address significant unmet needs for patients with RAS-addicted cancers, said Mark A. Goldsmith,

M.D., Ph.D., chief executive officer and chairman of Revolution Medicines.

Our exceptional team delivered two pioneering RAS(ON) inhibitor

development candidates into IND-enabling development, RMC-6291 and RMC-6236. RMC-6291

targets the oncogenic KRASG12C(ON) variant through a highly differentiated anti-tumor profile. RMC-6236 uniquely targets numerous RAS(ON) variants

responsible for many cancers. We believe these two development candidates hold great promise for potential use in treating patients with a diverse range of RAS-addicted cancers, and we are actively advancing

both toward the clinic.

The company has also made great progress with our RAS Companion Inhibitor portfolio. Our most advanced candidate RMC-4630, a SHP2 inhibitor, is being evaluated in multiple studies to position it as a backbone for targeted combination therapies. We received FDA clearance to begin clinical evaluation of RMC-5552, a potent mTORC1-selective inhibitor, and plan to initiate a monotherapy dose-escalation study imminently. Additionally, we have advanced RMC-5845, our potent,

selective, oral inhibitor of SOS1, a major switch in the cycling of RAS(OFF) to RAS(ON), into IND-enabling development.

To support our expanded and advancing pipeline of development programs, Revolution Medicines recently completed an upsized financing, raising net

proceeds of $281 million. We have made tremendous progress as a company and believe that our cohesive portfolio of innovative clinical and preclinical assets will permit rational, mechanism-based combinations and position Revolution Medicines

to fulfill our mission.

RAS(ON) Inhibitors Revolution Medicines continues maturing its

first-in-class RAS(ON) platform, introducing an expansive collection of tri-complex inhibitors targeting diverse oncogenic RAS

variants through highly differentiated chemical and pharmacologic profiles.

RAS Companion Inhibitors Revolution Medicines continues

to advance and expand multiple clinical studies both as monotherapy and in targeted drug combinations designed to achieve maximum clinical benefit.

Corporate Highlights

Fourth Quarter and Full Year 2020 Financial Highlights

Cash Position: Cash, cash equivalents and marketable securities were $440.7 million as of December 31, 2020, compared to

$122.8 million as of December 31, 2019. The increase was primarily due to proceeds from the company s initial public offering in February 2020 and follow-on equity public offering in July 2020.

Proceeds from the recently completed offering are not included in the December 31, 2020 cash, cash equivalents and marketable securities balance.

Revenue: Total revenue, consisting of revenue from the company s collaboration agreement with Sanofi, was $8.8 million for the quarter ended

December 31, 2020, compared to $12.1 million for the quarter ended December 31, 2019. Total revenue was $43.0 million for the year ended December 31, 2020, compared to $50.0 million for the year ended December 31,

2019. The decrease was due to lower reimbursed research and development services for RMC-4630 resulting from lower manufacturing costs. During the quarter and year ended December 31, 2019, the company

incurred upfront manufacturing costs related to the supply of RMC-4630 for our clinical trials.

Expenses: Research and development expenses were $37.0 million for the quarter ended December 31, 2020, compared to $27.5 million for the quarter ended December 31, 2019. Research and development expenses were

$132.3 million for the year ended December 31, 2020, compared to $91.8 million for the year ended December 31, 2019. 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, partially offset by lower costs related to RMC-4630.

G&A Expenses: General and administrative expenses were $5.8 million for the quarter ended

December 31, 2020, compared to $4.2 million for the quarter ended December 31, 2019. General and administrative expenses were $21.4 million for the year ended December 31, 2020, compared to $12.4 million for the year

ended December 31, 2019. The increase was primarily due to an increase in expenses associated with operating as a public company, an increase in personnel-related expenses related to additional headcount, and an increase in stock-based

Net Loss: Net loss was $34.2 million for the quarter ended December 31, 2020, compared to net loss of

$14.6 million for the quarter ended December 31, 2019. Net loss was $108.2 million for the year ended December 31, 2020, compared to net loss of $47.7 million for the year ended December 31, 2019.

2021 Financial Guidance

Revolution Medicines expects

full year 2021 GAAP net loss to be between $170 million and $190 million, which includes estimated non-cash stock-based compensation expense of $20

million to $25 million.

About Revolution Medicines, Inc.

Revolution Medicines is a clinical-stage precision oncology company focused on developing novel targeted therapies to inhibit high-value frontier targets in RAS-addicted cancers. The company possesses sophisticated structure-based drug discovery capabilities built upon deep chemical biology and cancer pharmacology know-how and

innovative, proprietary technologies that enable the creation of small molecules tailored to unconventional binding sites.

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-6291, RMC-6236, and a pipeline of research compounds targeting additional RAS variants. RAS Companion Inhibitors in development include RMC-4630, RMC-5552, and RMC-5845.

Keytruda is a registered trademark of Merck

Sharp & Dohme Corp., a subsidiary of Merck & Co. Tagrisso is a registered trademark of the AstraZeneca group of companies. Cotellic is a registered trademark of Genentech, Inc. (a member of the Roche Group).

This press release 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 Revolution Medicines 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 inhibit frontier targets in RAS-addicted cancers; the company s plans to advance the IND-enabling development of

RMC-6291, RMC-6236 and RMC-5845; results from the company s single-agent and combination studies of RMC-4630; the company s plans to study RMC-5552 as a monotherapy and in combination with RAS inhibitors; the growth and scope of the company s RAS(ON) Inhibitor

platform; the potential advantages and effectiveness of the company s preclinical candidates, including its RAS(ON) Inhibitors; the company s plans to nominate a third development candidate from its family of RAS(ON) Inhibitors; and the

company s plans to release data related to its RAS Companion 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 our 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 our 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 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 2, 2021, 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.

Vida Strategic Partners

Vida Strategic Partners

REVOLUTION MEDICINES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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REVOLUTION MEDICINES, INC.

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