REVOLUTION Medicines Inc · Q2 2023 earnings

Briefing

Reported financial results for the quarter ended June 30, 2023, and provided an update on corporate progress.

Revolution Medicines reported second quarter 2023 financial results, highlighting clinical updates for RMC-6236 and RMC-6291, and announced the acquisition of EQRx, Inc., expected to add more than $1 billion to the balance sheet. The company's cash, cash equivalents, and marketable securities were $909.5 million as of June 30, 2023. Total revenue was $3.8 million, and net loss was $98.3 million for the quarter.

• To provide clinical updates for RMC-6236 at Triple (AACR-NCI-EORTC) Meeting and ESMO (European Society for Medical Oncology) Congress 2023 and initial clinical findings for RMC-6291 at Triple Meeting
• Planning underway for one or more single agent pivotal trials with RMC-6236 and the first combination study of RMC-6236 and RMC-6291
• Announced acquisition of EQRx, Inc. expected to add more than $1 billion in additional capital to balance sheet
• Cash, cash equivalents and marketable securities were $909.5 million as of June 30, 2023

Headline financials

Revenue & EPS history

Revolution Medicines is reiterating its projected full year 2023 GAAP net loss to be between $360 and $400 million, which includes estimated non-cash stock-based compensation expense of $40 million and $50 million. Based on the company’s current operating plan, the company projects current cash, cash equivalents and investments can fund planned operations into 2025. The Company’s financial guidance excludes the financial impact of the proposed EQRx transaction.