Revolution Medicines (RVMD) investor relations material

Executive summary

• Daraxonrasib monotherapy in the RASolute 302 Phase III trial showed unprecedented improvement in overall survival for previously treated metastatic pancreatic cancer, with median OS of 13.2 months vs. 6.7 months for chemotherapy (HR 0.40; p<0.0001), meeting primary and key secondary endpoints.

• Advanced late-stage clinical oncology pipeline focused on RAS-addicted cancers, with multiple Phase 3 trials underway for daraxonrasib, zoldonrasib, and elironrasib.

• Regulatory filings are planned in the U.S. and globally, with an expanded access protocol for daraxonrasib approved by the FDA and positive EMA opinion on Orphan Drug Designation.

• Expanded collaborations with major pharmaceutical partners and AI-driven drug discovery initiatives, including new clinical collaborations with Summit, Tango, and BMS.

• Expansion of commercialization capabilities with new leadership appointments in APAC, JPAC, and Europe.

Financial highlights

• Ended Q1 2026 with $1.9 billion in cash and investments; raised $2.1–$2.2 billion in net/gross proceeds from April 2026 offerings of common stock and convertible notes.

• Q1 2026 R&D expenses rose to $344.0 million from $205.7 million in Q1 2025, driven by increased clinical trial, manufacturing, and personnel costs.

• G&A expenses increased to $101.3 million from $35.0 million year-over-year, mainly due to higher compensation, headcount, and stock-based compensation.

• Net loss for Q1 2026 was $453.8 million, compared to $213.4 million in Q1 2025.

• Stock-based compensation expense was $87.3 million in Q1 2026, up from $25.1 million in Q1 2025, including $44.6 million from a retirement-related modification.

Outlook and guidance

• Full-year 2026 GAAP operating expenses are projected at $1.7–$1.8 billion, with stock-based compensation expected at $260–$280 million.

• Company plans to submit RASolute 302 data to global regulatory authorities and advance multiple registrational trials across indications.

• Anticipates substantial completion of enrollment in the expanded RASolve 301 lung cancer trial in 2026.

• Launch readiness for daraxonrasib is prioritized, with commercialization infrastructure built in the U.S. and internationally.

• Existing cash and investments are expected to fund operations for at least 12 months from the reporting date.