Revolution Medicines (RVMD) investor relations material

Executive summary

• Achieved significant progress in 2026, highlighted by paradigm-shifting phase III results for daraxonrasib in previously treated metastatic pancreatic cancer, leading to FDA NDA acceptance, EMA high-priority designation, and Swissmedic Orphan Drug Status.

• Expanded Access Program for daraxonrasib rapidly scaled, reaching over 2,000 eligible patients across nearly all U.S. states and Puerto Rico.

• Advanced global commercial readiness, with U.S. sales force and infrastructure in place, international launch capabilities accelerating, and EMA submissions underway.

• Multiple pivotal phase III trials ongoing or initiated in pancreatic and non-small cell lung cancer (NSCLC), with additional pipeline progress in colorectal cancer and early-stage assets; positive combination data in first-line NSCLC supports registrational studies for elironrasib and zoldonrasib.

• Expanded collaborations with major pharma and biotech partners to support combination trials and AI-driven drug discovery.

Financial highlights

• Ended Q2 2026 with $3.9 billion in cash, cash equivalents, and marketable securities, reflecting recent financings and royalty payments.

• Net loss for Q2 2026 was $644.4 million, up from $247.8 million in Q2 2025, including a $151 million non-cash warrant charge from EQRx acquisition.

• R&D expenses rose to $395 million (Q2 2026) from $224 million (Q2 2025), driven by increased clinical and manufacturing activity and higher personnel costs.

• G&A expenses increased to $110 million (Q2 2026) from $41 million (Q2 2025), reflecting commercialization prep, headcount growth, and stock-based compensation.

• Raised $2.2 billion in public offerings, $250 million from Royalty Pharma, and $487 million from convertible senior notes in April–May 2026.

Outlook and guidance

• Preparing for potential U.S. and international launches of daraxonrasib, with commercial and supply infrastructure ready.

• Updated 2026 GAAP operating expense guidance to $2.1–$2.2 billion, including $270–$290 million in non-cash stock-based compensation.

• Expecting to complete enrollment in pivotal NSCLC trial (RASolve 301) in 2026, with initial readout in 2027; plans to initiate Phase 3 RASolve 307 (elironrasib in NSCLC) and first-in-human trial for RM-055 in Q4 2026.

• Ongoing and planned phase III trials in pancreatic and lung cancer, with additional data and development strategy updates for colorectal cancer expected in Q4 2026.

• Sufficient liquidity to fund planned operations for at least 12 months; future funding needs depend on clinical progress and commercialization timelines.