Revolution Medicines, Inc. (Nasdaq: RVMD), a clinical-stage oncology company focused on developing targeted therapies for RAS-driven cancers, reported its third-quarter financial results for the period ending September 30, 2024, and shared updates on corporate progress.
The company’s mission centers on advancing innovative, targeted therapies for RAS-driven cancers across a variety of tumor types and lines of therapy.
“We are excited by the substantial progress we’ve made this year toward our strategic goals and in delivering potentially transformative treatments for patients with RAS-addicted cancers. Our recent data updates on three clinical-stage RAS(ON) inhibitors reinforce their potential impact,” said Mark A. Goldsmith, M.D., Ph.D., CEO and Chairman of Revolution Medicines. “Our latest results for RMC-6236, showing promising progression-free and overall survival in advanced pancreatic cancer, have led us to initiate a Phase 3 pivotal trial. Additionally, the initial clinical data for RMC-9805 in KRAS G12D-mutated pancreatic cancer is highly encouraging, marking a key milestone for this investigational treatment. We look forward to providing more updates before year-end, setting the stage for continued progress in 2025.”
Recent Clinical Highlights and Upcoming Milestones
Pancreatic Cancer: Revolution Medicines is developing two RAS(ON) inhibitors for advanced or metastatic pancreatic cancer (PDAC): RMC-6236, a multi-selective RAS(ON) inhibitor, and RMC-9805, a G12D-selective inhibitor. Both are being evaluated as standalone treatments and in combination regimens.
RMC-6236 Clinical Progress
- In October 2024, the company began dosing patients in the RASolute 302 Phase 3 study, comparing RMC-6236 to standard chemotherapy in previously treated metastatic PDAC patients.
- Updated Phase 1/2 results presented at the EORTC-NCI-AACR Symposium on October 23 showed notable progression-free survival (median 8.5 months) and overall survival (median 14.5 months) in PDAC patients with KRAS G12X mutations. Safety and tolerability were consistent with earlier findings, without new safety signals.
RMC-9805 Clinical Progress
- Initial data from the RMC-9805 dose-escalation study showed a promising safety profile and antitumor activity in PDAC patients, with a recommended Phase 2 dose of 1200 mg once daily. RMC-9805 is also being studied in combination with RMC-6236 in KRAS G12D tumors.
Beyond Pancreatic Cancer: The company is exploring the use of its RAS(ON) inhibitors in additional RAS-mutant solid tumors as standalone and combination treatments.
Key Milestones Expected
- Fourth-quarter 2024 updates on RMC-6236 monotherapy in non-small cell lung cancer (NSCLC) and potential regulatory alignment for a Phase 3 trial in RAS-mutant NSCLC.
- Initial data from RMC-6236 with pembrolizumab in Q4 2024.
- Initial data from the combination of RMC-6291 and RMC-6236 by Q4 2024, and from RMC-6291 with pembrolizumab in NSCLC in the first half of 2025.
Financial Overview
Cash Position: As of September 30, 2024, the company held $1.55 billion in cash, cash equivalents, and marketable securities.
R&D Expenses: Research and development expenses rose to $151.8 million for Q3 2024, compared to $107.7 million in Q3 2023, largely driven by increased clinical trial costs for RMC-6236, RMC-6291, and RMC-9805, along with personnel-related expenses.
G&A Expenses: General and administrative expenses were $24.0 million, up from $15.5 million in Q3 2023, mainly due to added personnel costs and preparations for commercialization.
Net Loss: Net loss for Q3 2024 was $156.3 million, compared to $108.4 million for Q3 2023.
Financial Guidance
Revolution Medicines reaffirms its full-year 2024 net loss guidance of $560-600 million, which includes projected non-cash stock-based compensation expenses of $70-80 million. Based on current plans, the company expects that its available cash and equivalents will support operations through 2027.
