Revolution Medicines, Inc. Warrant Q3 FY2024 earnings call

• Progressed RMC-6236 into first pivotal trials in PDAC and non-small cell lung cancer. • Shared PDAC results from RMC-6236 and RMC-9805 monotherapy studies at the Triple meeting, with RMC-6236 showing median PFS of 8.5 months and OS of 14.5 months in second-line PDAC, and RMC-9805 showing 30% objective response rate in PDAC. • Plan to share non-small cell lung cancer updates including RMC-6236 monotherapy and combinations. • Third quarter 2024 had R&D expenses of $151.8M, G&A expenses of $24.0M, and net loss of $156.3M. • Reiterated 2024 financial guidance with full-year GAAP net loss between $560M and $600M.

Revolution Medicine focused on its RAS(ON) inhibitor portfolio. Key RAS(ON) inhibitors like RMC-6236, RMC-6291, and RMC-9805 were highlighted in clinical development. RMC-6236 showed compelling durability data in PDAC, with initiated Phase 3 trials. RMC-9805 had encouraging safety, tolerability, and anti-tumor activity in PDAC. No detailed revenue contribution percentages for product segments were provided.

• Reiterated 2024 financial guidance, expecting full-year GAAP net loss between $560 million and $600 million, including non-cash stock-based compensation expense of between $70 million and $80 million. • Cash and investments of $1.55 billion at end of Q3 2024, projected to fund operations into 2027.

Q: What to look for in combination data sets, especially with pembro and RAS(ON) inhibitor doublet?

A: The pembro study is mainly a safety study looking at hepatotoxicity; the RMC-6236 plus RMC-6291 combination is looking for qualitative evidence of activity translating from preclinical models.

Q: Patient background and timing for Phase 3 lung cancer trial?

A: Lung cancer trial timing pushed due to needing regulatory alignment; details not provided beyond expecting data disclosure this quarter.

Q: Clinical collaboration with Tango Therapeutics on 6236 and 9805 combination?

A: Revolution Medicine provides clinical drug supply to Tango, who sponsors studies; preclinical results encouraging for suppressing signaling contributors.

Q: Cash runway guidance and Phase 3 studies?

A: Cash guidance includes two Phase 3 second-line studies; probability-adjusted model used for other potential programs.

Q: Combination of 6236 with pembrolizumab and chemotherapy?

A: Part of study is 6236 plus pembro plus platinum doublet chemotherapy, with plans to initiate combination with chemotherapy.

Q: Phase 3 study in first line PDAC?

A: Will move into first line study as soon as regimen and trial design are sorted, not waiting for second line results; RAS is a driver across lines, and efficacy may translate to first line.