Revolution Medicines Reports Third Quarter Financial Results and Update on Corporate Progress RAS(ON) Inhibitor Development Candidates Targeting KRAS G12C and RAS MULTI Progressing Toward the Clinic; Company Showed Addit

Revolution Medicines Reports Third Quarter Financial Results and Update on Corporate Progress

RAS(ON) Inhibitor Development Candidates Targeting KRASG12C and RASMULTI Progressing Toward the Clinic; Company Showed Additional Preclinical Data Supporting Benefits and Differentiation

Company Poised to Select Additional RAS(ON) Development Candidate in 2021; Mutant-Selective Inhibitors of KRASG13C and KRASG12D Showing Preclinical Promise

Global Phase 2 Study, RMC-4630-03, Recruiting Patients to

Evaluate RMC-4630 in Combination with Lumakras

REDWOOD CITY, CA November 10, 2021 Revolution Medicines, Inc. (Nasdaq: RVMD), a clinical-stage precision oncology

company developing targeted drugs to inhibit frontier targets that drive and sustain RAS-addicted cancers, today announced its financial results for the third quarter and nine months ended September 30,

2021, and provided a corporate update.

During the third quarter, the company s unique capabilities and continuing momentum with our innovative

RAS(ON) Inhibitors and RAS Companion Inhibitors strengthened Revolution Medicines leadership position in the quest to successfully treat RAS-addicted cancers. In our RAS(ON) Inhibitor portfolio,

development candidates targeting KRASG12C (RMC-6291) and RASMULTI

(RMC-6236) have shown compelling features and continue to advance toward the clinic. Exciting mutant-selective inhibitors of KRASG13C and KRASG12D have also emerged from our RAS(ON) drug discovery platform, and we expect to select another development candidate by year end, said Mark A. Goldsmith, M.D., Ph.D., chief executive officer

and chairman of Revolution Medicines.

We have expanded the evaluation of our SHP2 inhibitor, RMC-4630, in

combination regimens with direct inhibitors of RAS. In particular, the company recently began recruiting patients in our RMC-4630-03 study under our global partnership

with Sanofi and in collaboration with Amgen. This study is intended to further evaluate RMC-4630 and Lumakras in the treatment of lung cancer as a

complement to the ongoing CodeBreaK 101c study of these compounds. In addition, we are gratified that Sanofi plans to sponsor a study of RMC-4630 in combination with Mirati s KRASG12C inhibitor, adagrasib, also under our partnership.

RAS(ON) Inhibitors Revolution

Medicines continues to build on its innovative RAS(ON) Inhibitor platform, producing 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 of its RAS Companion Inhibitors designed to provide maximum clinical benefit in RAS-addicted cancers.

Third Quarter 2021 Financial Highlights

Cash Position: Cash, cash equivalents and marketable securities were $608.7 million as of September 30, 2021, compared to

$440.7 million as of December 31, 2020. The increase was primarily due to proceeds from the company s public equity offering in February 2021.

Revenue: Total revenue consists of revenue from the company s collaboration agreement with Sanofi. During the third quarter of 2021, the company

recorded a non-cash, non-recurring GAAP accounting adjustment that reduced collaboration revenue by $8.5 million. This

non-cash revenue adjustment relates to the addition of the RMC-4630-03 study to the

RMC-4630 development plan, and deprioritization of the RMC-4630-02 study. As a result of these development plan events, the

company revised its estimate of the accounting transaction price and percentage of completion of work performed to date under its agreement with Sanofi, which resulted in a cumulative catch-up adjustment to

collaboration revenue in this quarter. Total revenue, including the non-cash revenue adjustment, was $1.1 million for the quarter ended September 30, 2021, compared to $12.7 million for the

quarter ended September 30, 2020. The decrease was primarily due to the non-cash revenue adjustment and lower reimbursed manufacturing costs.

R&D Expenses: Research and development expenses were $46.5 million for the quarter ended September 30, 2021, compared to

$34.9 million for the quarter ended September 30, 2020. 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

$7.8 million for the quarter ended September 30, 2021, compared to $5.3 million for the quarter ended September 30, 2020. The increase was primarily due to an increase in stock-based compensation, an increase in personnel-related

expenses related to additional headcount, and higher legal and accounting fees.

Net Loss: Net loss was $52.9 million for the quarter ended

September 30, 2021, compared to a net loss of $27.2 million for the quarter ended September 30, 2020.

2021 Financial Guidance

Revolution Medicines continues to expect full year 2021 GAAP net loss to be between $170 million and $190 million, which

includes estimated non-cash stock-based compensation expense of approximately $20 million.

Revolution Medicines will host a

conference call and webcast this afternoon, November 10, 2021, at 4:30 PM Eastern (1:30 PM Pacific).

To listen to the conference call,

please dial (833) 423-0425 or (918) 922-3069, provide conference ID: 9757524 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 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. 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 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; the company s plans to study RMC-5552 in combination with RAS inhibitors; the expected timing of results from the company s Phase 1 study of RMC-5552; 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 RAS(ON) inhibitor portfolio; the selection of a combination dose for the CodeBreak 101c study;

and enrollment in and findings from the company s RMC-4630-03 study. 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 November 10, 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.

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REVOLUTION MEDICINES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

REVOLUTION MEDICINES, INC.

SELECTED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, unaudited)