Revolution Medicines, Inc. Q4 FY2025 earnings call

Ryan Acy started the call. Dr. Mark Goldsmith highlighted progress in the Rason inhibitor pipeline, including clinical work in pancreatic cancer (e.g., Resolute 302, 303, 304 trials), non-small cell lung cancer (e.g., Resolv301, Resolve 308 trials), and colorectal cancer; collaboration updates with Tango Therapeutics, Bristol-Myers Squibb, and Summit Therapeutics; and commercialization preparations like strategic hires and field sales team recruitment. Jack Anders summarized financial results and provided 2026 guidance.

Expects full-year 2026 GAAP operating expenses to be between $1.6 and $1.7 billion, including estimated non-cash stock-based compensation expense of $180 - $200 million. Increase due to progression/expansion of clinical development programs and increased commercial preparation activities.

Q: Jonathan Chang asks about plans to advance combination in first-line non-small cell lung cancer.

A: Commitment to develop duraxone RASib in first-line, with dose optimization and waiting for proof of concept.

Q: Brian Chang asks about efficacy measure in second-line PDAC trial.

A: Study is OS event-driven, powered for OS but overpowered for PFS, will have interim read.

Q: Michael Schmidt asks about durexanracid use in first-line studies and OS in studies.

A: Label not indicating crossover, but timing and geography can buffer risk.

Q: Charles Zhu asks about collaborations with Bristol and Tango and go-no-go decisions on later stage clinical development.

A: PRMT5 inhibitors are important, decisions on Ivo Nesimab depend on context.

Q: Mark Fromm asks about event thresholds in 302 trial and long-term vision for pancreatic cancer treatment.

A: No info on event thresholds yet, long-term includes multiple studies covering different patient populations.

Q: Alex Stranahan asks about Ivanoisumab study design and combo hedging.

A: APEX study has dose escalation and expansion cohorts, combo hedging with evolving treatment landscape.

Q: Ashika Gunnarwardeen asks about Durexan in frontline non-small cell lung.

A: Evaluating Ivo and continuing dose optimization of Duraxone plus PEMBRO plus chemo.

Q: Unnamed asks about using commission's priority review voucher for second line PDAC.

A: Likely to use it given data basis.

Q: Laura Prendergast asks about treatment beyond progression in PDAC phase three studies.

A: Not permitted in 302 study, encouraged in earlier line studies.

Q: Jay Olson asks about strategy in colorectal cancer.

A: Colorectal cancer is complex, obligate combination play, plan to figure out impactful combinations.

Q: Leo Timishev asks about RMO55 class of molecules.

A: More to come on its biology and positioning.

Q: Poonah asks about commercialization of data and preparation.

A: Launch readiness plans advancing, adding team members.

Q: Kalpit Patel asks about disclosure of pivotal update in second-line pancreatic.

A: Will see data and decide disclosure.

Q: Sean McCutcheon asks about staggering of enrollment and mutation representation in PDAC studies.

A: Managed by site selection, expected balanced representation.

Q: Faisal Khurzad asks about benefits of commissioner priority review voucher.

A: Faster review process, but details on interactions with FDA not disclosed much