Revolution Medicines, Inc. Q1 FY2024 earnings call

• Advancing RMC-6236 into first pivotal monotherapy trials in major cancers driven by oncogenic RAS variants, with plans to share updated clinical data from ongoing first-in-human study in second half of 2024, including durability data.
• Expanding RMC-6236 beyond G12X mutations into different RAS genotypes and tumor types, with oral presentation at AACR Annual Meeting and scientific publications highlighting its clinical potential, including anecdotal cases of deep antitumor responses across various RAS genotypes.
• Prioritizing combination studies, such as RMC-6236 plus RMC-6291, RMC-6236 plus pembrolizumab, and others in GI cancers, to explore first-line treatment options.
• Progress with RMC-6291 and RMC-9805, including initial clinical data for RMC-6291 in second-line monotherapy for KRAS G12C cancers and preclinical data for RMC-9805 showing deep and durable regressions in preclinical models.

No distinct product segments with revenue contributions were mentioned as the focus was on the RAS(ON) inhibitor pipeline.

• Reiterating 2024 financial guidance, projecting full-year 2024 GAAP net loss to be between $480 million and $520 million, which includes estimated noncash stock-based compensation expense of between $70 million and $80 million.

Q: On pancreatic cancer for RMC-6236, what questions are still being addressed to finalize the trial design? And on first-line, is monotherapy an option?

A: Mark Goldsmith responded that they need to come to agreement with the FDA on a dose and trial design, and on first-line, it's not yet known if monotherapy will be the path forward as they need to evaluate safety and options.

Q: How might increased use of G12C inhibitors impact RMC-6236's study enrollment or trial design?

A: Mark Goldsmith stated that in pancreatic cancer, it won't impact as G12C is a small subpopulation. In lung cancer, it's a significant population but RMC-6236 targets non-G12C mutations which are the main driver.

Q: For initial RMC-6236 combination data with mutant-selective inhibitors, what are you hoping to see? And thoughts on business development?

A: Mark Goldsmith said safety and activity are key, and on business development, the company has an integrated portfolio and is committed to U.S. operations with potential partnerships outside the U.S.

Q: How are you prioritizing which indication to start a pivotal study in?

A: Mark Goldsmith stated top priority is first-line indications in pancreatic and lung cancer, with other tumor types to follow based on data and traction.