Revolution Medicines, Inc. (RVMD) Q3 2026 Earnings Call Transcript

Operator: Good day, and thank you for standing by. Welcome to the Revolution Medicine's Q3 26 Earnings Conference Call. At this time, all participants are in a listen-only mode. There will be a question-and-answer session. Please be advised that today's conference is being recorded. Please I would now like to hand the conference over to your first speaker today, Ryan Asay, Senior Vice President, Corporate Affairs Please go ahead.

Analyst: Thank you, and welcome, everyone, to the Third Quarter 26 Earnings Call. Joining me on today's call are Dr. Mark A. Goldsmith, Revolution Medicine's Chairman and Chief Executive Officer, Anthony Mancini, our Chief Global Commercialization Officer, Dr. Alan Bart Sandler, our Chief Development Officer and Jack Anders, our chief financial officer. Doctor. Wei Lin, our Chief Medical Officer, will join us for the Q&A portion of today's call. I would like to inform you that certain statements we make during this call will be forward looking. Because such statements deal with future events and are subject to many risks and uncertainties Actual results may differ materially from those in the forward looking statements. For a full discussion of these risks and uncertainties, please review our recent periodic report that has been filed with the U. S. Securities and Exchange Commission. This afternoon, we released financial results for the quarter ended September 30, 2026, and recent corporate updates. The press release and updated corporate presentation are available on the Investors section of our website at revmed.com. With that, I will turn the call over to our Chief Executive Officer, Dr. Mark A. Goldsmith. Mark?

Mark A. Goldsmith: Thank you, Ryan, and good afternoon, everyone. I will begin today with several remarks focused on our progress in pancreatic cancer, and across our broader RAS(ON) portfolio. Anthony will then provide an update on the initial launch of RAS(ON)Q. Alan will discuss progress across our clinical development programs, and Jack will review our third quarter financial results before I return with brief concluding remarks. The third quarter marked a transformational period for Revolution Medicines. On August 26, less than 2 years after enrollment began in the global randomized RASolute 302 clinical trial the FDA approved RAZONQ for adults with metastatic pancreatic adenocarcinoma who have received at least 1 prior systemic therapy or who are not candidates for multi agent systemic therapy. And we immediately began making it available by prescription in the United States. The approval provided an important regulatory proof point for our RAS(ON) approach, and marked the beginning of a new chapter for our company. More importantly, eligible patients and their physicians now have an approved oral targeted medicine designed to directly and broadly inhibit RAS, the main cause of pancreatic cancer, in a disease with a profound need for therapeutic breakthrough. This milestone reflects years of scientific conviction, disciplined development, and focused execution by our team and collaborators. It also formally opens the delivery phase of responsibility for revolution medicines. We are working tirelessly to execute the US launch with urgency, help eligible patients, access Daraxonrasib promptly, and support a positive treatment experience and rigorously prepare to expand the launch internationally. With the US approval in hand and our execution plans operational, the foundation in pancreatic cancer is being further reinforced by guideline recognition. The NCCN guidelines are more expansive than the approved label, and now include RasOnQ as a category 1 preferred subsequent therapy option for appropriate patients with locally advanced or metastatic pancreatic cancer as well as recurrent disease, following prior systemic therapy. In metastatic pancreatic cancer, we believe this guideline placement highlights the strength and relevance to medical practice of Daraxonrasib and supports the use of RasOnQ in the FDA approved settings. Importantly, NCCN's recommendation for treatment in locally advanced disease extends its recommendation beyond the FDA approved metastatic disease setting while its first line metastatic listing recognizes RasOnQ as a useful in certain circumstances option with the applicable category linked to prescriber's assessments of performance status. While these NCCN placements do not change the FDA approved indication, they reflect NCCN's independent evaluation of the clinical data for RasOnQ in the context of significant unmet needs among patients with advanced pancreatic cancer. Based on the totality of clinical evidence, we believe Daraxonrasib is well positioned to become a new global standard of care option for appropriate patients with advanced pancreatic cancer. This progress indicates significant momentum in our pursuit of bold ambitions in pancreatic cancer through a multi asset strategy designed to extend RAS(ON) inhibition as the core of treatment in earlier lines of therapy and additional disease settings in which RAS is a key cancer driver. Recent regulatory designations further underscore the momentum. The FDA granted breakthrough therapy designation for the investigational combination of RasOnQ with gemcitabine and nab paclitaxel in first line metastatic pancreatic cancer. In addition, the FDA granted orphan drug designation to Zolgensma for the treatment of pancreatic cancer. We are conducting 4 additional global phase 3 studies across first line metastatic and adjuvant pancreatic cancer including programs evaluating 2 distinct regimens in first-line RAS G12D pancreatic cancer. Zoldonrasib plus chemotherapy, and the novel RAS(ON) inhibitor doublet of RasOnQ plus Zoldonrasib. While each of these regimens remains investigational, together, they reflect our determination to develop multiple potential best in class options for patients across the pancreatic cancer continuum. The growing body of evidence is also beginning to drive impact beyond pancreatic cancer. During the quarter, based on promising Phase 1/2 clinical evidence, for RasOnQ and previously treated RAS mutant non-small cell lung cancer the NCC guidelines recommended RasOnQ, as a category 2a available targeted agent for patients with metastatic non small cell lung cancer harboring KRAS G12, G13, or Q61 mutations. While Daraxonrasib remains investigational in non small cell lung cancer, this is an important treatment recommendation in RAS mutant non-small cell lung cancer, where substantial unmet need remains. Later, Alan will provide an update on RASolve 301 a phase 3 study of RasOnQ in RAS-mutant non-small cell lung cancer, and our broader development strategy in non small cell lung cancer. We are highly encouraged that the EMA's Committee for Medicinal Products for Human Use, or CHMP, has also moved rapidly to adopt a positive opinion for Daraxonrasib as a monotherapy indicated for the treatment of adult patients with metastatic pancreatic adenocarcinoma who have received at least 1 prior systemic therapy. For eligible patients in the European Union living with metastatic pancreatic cancer, a disease where profound unmet need persists, this opinion is a major step toward the potential availability of a new targeted medicine. The unprecedented clinical benefit shown in RASolute 302 provides the foundation for this milestone. With superior efficacy versus chemotherapy along with a manageable safety profile, and favorable patient reported outcomes. Together with the US approval, the CHMP opinion, advances our broader ambition to bring the potential benefits of RasOn inhibition to patients around the world. European Commission decision remains pending. Anthony will discuss the work underway to prepare for country level access following a potential approval. With that, I will turn the call over to Anthony for an update on the initial launch of RasOnQ and our commercial readiness outside the U.S. Anthony?

Anthony Mancini: Thank you, Mark. The US launch of Daraxonrasib is off to a strong start. At approval, we outlined 3 priorities. Enabling health care providers and eligible patients to achieve a positive treatment experience, ensuring broad coverage and seamless patient access with coordinated support, and establishing Daraxonrasib as a new standard of care for eligible patients with metastatic pancreatic cancer. Early in the launch, I am encouraged by the progress we are seeing against each of these priorities. RasOnQ generated net product revenue of $198 million for the quarter reflecting more than 5 thousand unique patients treated on a commercial basis. As a reminder, FDA approval occurred on August 26, so these results reflect approximately 5 weeks of commercialization activity. Demand in the quarter reflected 3 components: First, demand included the transition of patients from our US expanded access program to commercial supply. That transition is now complete for US patients continuing treatment. We prioritize continuity of care and successfully supported patients in obtaining their medication through the transition. Second, separate from the expanded access program transition, early commercial demand included a sizable cohort of patients who had exhausted available treatment options at the time of approval and were waiting for a new treatment option. Including patients later in their treatment journey. And third, following approval, we began serving newly eligible patients initiating Daraxonrasib. We are encouraged by the speed with which we were able to begin serving patients following approval, which reflects the significant unmet need in metastatic pancreatic cancer, the strength of RasOnQ's clinical profile and label, the strong launch readiness and initial execution across functions, as well as payer engagement and patient support in line with our expectations. These early results are highly encouraging. At the same time, with only 5 weeks of commercialization activity, it is too early to draw conclusions about the normalized trajectory of the launch. The expanded access program transition and the initial cohort of patients awaiting commercial availability are finite early launch dynamics. As our launch matures, revenue will increasingly reflect ongoing treatment for newly eligible patients ongoing treatment duration. We are also pleased by the breadth of early physician engagement with activation across both academic and community oncology settings. And health care providers have responded positively to the RasOnQ data the approved label, and the recent NCCN guideline inclusion. Early payer access has been encouraging. We have strong functional access with Daraxonrasib claims reimbursed. Across health plans collectively representing greater than 90% of U.S. PDAC-covered lives. Formal coverage policies are still developing for most plans, as would be expected this early in the launch. Our field access and on path patient services teams are fully operational supporting benefits verifications, coverage navigation, financial assistant, and patient support needs. Their work is central to our goal of helping eligible patients start and remain on treatment as seamlessly as possible. Overall, we are very encouraged by the early launch experience, by the progress we are seeing across key launch priorities, and we remain focused on supporting healthcare providers and eligible patients, ensuring seamless access and coordinated support, and establishing Daraxonrasib as the new standard of care in metastatic pancreatic cancer. Following the October 15th positive opinion from the Committee for Medicinal Products for Human Use, or CHMP, we are advancing European launch preparations and country level reimbursement activities in parallel while awaiting the European Commission decision. The RASolute 302 study provides a strong clinical foundation for our European access plans including work to support the joint clinical assessment or JCA, and National Health Technology Assessment Pricing, and reimbursement processes. Launch timelines will depend on regulatory approval and country specific access requirements. We expect to be ready to launch as these are met. Subject to regulatory approval, we are also advancing launch readiness work in Japan. With that, Jack will provide additional financial information for the quarter later in the call, I will now turn the call over to Dr. Alan Bart Sandler.

Alan Bart Sandler: Thank you, Anthony. RasOnQ's approval provides an important foundation for our deep commitment in pancreatic cancer. At the European Society for Medical Oncology Congress, we presented additional RASolute 302 analyses showing that the overall survival benefit with RasOnQ versus chemotherapy was observed consistently across key patient subgroups including RAS genotype subgroups, prior treatment settings, and preselected chemotherapy regimens. Overall survival is the most clinically meaningful endpoint in metastatic pancreatic cancer. And these findings reinforce the broad clinical relevance of RasOnQ the previously treated setting. Our strategy in pancreatic cancer extends well beyond the current approved setting, and we are advancing a broad pancreatic cancer development program across first line metastatic, and resectable disease. Let's begin with RASolute 303, a global phase 3 study of RasOnQ monotherapy, and in combination with chemotherapy, in first line metastatic pancreatic cancer. I am pleased to report that US enrollment is now complete and we expect to complete global enrollment in the first half of 2027. We are also pleased to have begun dosing patients in RASolute 309 our global phase 3 study of the novel RazOn inhibitor doublet of Daraxonrasib plus Zoldonrasib in first line RAS G12D pancreatic cancer. Taken together with the ongoing RASolute 304 study, in the adjuvant setting and RASolute 305 evaluating Zoldonrasib plus chemotherapy in the first line setting these active studies reflect the breadth and pace of our multi asset pancreatic cancer phase 3 development strategy. At the EORTC-NCI-AACR Symposium on Molecular Targets and cancer therapeutics later this month We will present longer term follow-up from the Phase 1 study of the combination of RasOnQ with gemcitabine and nab paclitaxel in first line metastatic pancreatic cancer. Building on encouraging data previously reported and further characterizing the regimen's clinical activity and safety profile. As Mark noted, the FDA's breakthrough therapy designation for the combination of RasOnQ with gemcitabine and nab paclitaxel in first line metastatic pancreatic cancer is an important regulatory milestone for that program. Turning to non small cell lung cancer, we continue to execute a broad strategy designed to address substantial unmet needs across RAS driven disease. In RASolve 301, our global phase 3 study of Daraxonrasib monotherapy, in patients with previously treated RAS mutant non-small cell lung cancer. We are winding down global enrollment and expect all sites to close enrollment by the end of the month. Positioning us for the planned initial phase 3 readout in 2027. During the quarter, Phase 1/2 data for RasOnQ in previously treated RAS mutant non-small cell lung cancer, were published in the New England Journal of Medicine providing peer reviewed support for the program. As Mark noted, the NCCN guidelines also now include RasOnQ as a category 2a available targeted agent in the emerging biomarkers table for metastatic non-small cell lung cancer with KRAS G12, G13, or Q61 mutations. RasOnQ remains investigational in non small cell lung cancer, and we will continue to advance its development through the RASolve 301 study. We are also advancing our broader first line non small cell lung cancer strategy. With our mutant selective RAS(ON) inhibitors. We have begun dosing patients in RASolve 308 evaluating Zoldonrasib in combination with pembrolizumab and platinum doublet chemotherapy in first-line RAS G12D non small cell lung cancer. We have also initiated RASolve 307 evaluating Elironrasib in combination with pembrolizumab and platinum doublet chemotherapy in first-line RAS G12C non small cell lung cancer. In colorectal cancer, we are encouraged by the strong clinical activity we have seen in a cohort of patients with RAS G12D-mutant colorectal cancer receiving first line treatment with a combination of Zoldonrasib, cetuximab, and FOLFOX. We have observed encouraging objective response rates and disease control rates along with an acceptable safety and tolerability profile that is generally consistent with what 1 would expect for cetuximab and FOLFOX. We will need longer follow-up to assess durability. Nevertheless, we believe the initial clinical profile in this very challenging disease merits a global randomized phase 3 trial RAS(ON)8 312, comparing the combination of Zoldonrasib, cetuximab, and investigator's choice of FOLFOX or FOLFIRI with standard of care. We expect to provide a clinical data update from our earlier-phase colorectal cancer study along with the RAS(ON)8 12 trial design in the first half of 2027. The RAS(ON)8 12 trial is being initiated. Under the agreement we announced earlier this year, BMS is funding and conducting this global registrational phase 3 study on our behalf using its global development superhighway. We are steadfast in our commitment to address this important RAS driven cancer and the needs of this underserved patient population. In our earlier stage pipeline, RMC-7, our RAS(ON) G12V-selective inhibitor continues in its first in human study. We are in the late stages of identifying a candidate recommended phase 2 dose, and we expect to share initial clinical monotherapy data in 2027. Finally, RM-005 our first mutant targeted catalytic RAS(ON) inhibitor remains on track for initiation of its first in human clinical study in the fourth quarter. Taken together, the progress across our pipeline reinforces the breadth of our RAS(ON) platform and our opportunity to build multiple important medicines for patients with RAS driven cancers. Beyond the programs we sponsor directly, we are collaborating with leading academic institutions and investigators to advance a robust externally sponsored research program. Studies that revolution medicine supports through this program enable independent investigators to explore our RasOn inhibitors in additional scientifically compelling settings and populations with significant unmet medical needs. Including but not limited to pancreatic and other gastrointestinal cancers. This program provides another avenue to build evidence across RAS driven cancers and underscores the breadth of interest in our pipeline. With that, I will now turn the call over to Jack.

Jack Anders: Thanks, Alan. The third quarter of 2020 6 represented our first quarter as a commercial-stage company following the U.S. approval of Daraxonrasib. Daraxonrasib generated net product revenue of $198 million during the quarter. This reflects a partial quarter and also includes initial stocking of inventory into the channel. We ended the quarter with less than 2 weeks of inventory in the channel, and in the long run, expect to manage channel inventory at approximately 2 weeks. The gross to net discount for the quarter came in at the lower end of our anticipated 20% to 30% range. We are early in the U.S. launch, And as payer mix and discounts evolve and mature, we expect the gross to net discount to increase within that anticipated range. Cost of sales for the quarter was 300 thousand This amount should not be viewed as representative of normalized cost of sales as products sold during the quarter includes product manufactured before FDA approval which was previously expensed to R&D. Turning to our capital position. We ended the third quarter with 3.7 billion in cash, cash equivalents and marketable securities. This balance does not include an additional $250 million in proceeds received after the quarter. Relating to the first debt tranche under our funding arrangement with Royalty Pharma. The approval of Daraxonrasib triggered 2 separate financing tranches under the agreement, a mandatory first debt tranche, which we received in October, and an optional third royalty tranche. We elected not to draw the optional third royalty tranche given our strong cash position. As taken the optional tranche would have committed us to pay incremental future royalties under the funding arrangement. There remains up to an additional 1 billion in committed capital under the funding arrangement. Subject to the achievement of specified milestones. All of which is optional and at our election to draw. Our financial position continues to provide the flexibility to support the U.S. launch of Daraxonrasib, our continued global commercialization build out, and the broad advancement of our RasOn inhibitor portfolio. Moving to expenses. R&D expenses for the third quarter of 2020 6 were $417 million compared to $263 million for the third quarter of 2020 5. The increase in R&D expenses was primarily driven by higher clinical trial and manufacturing expenses for RasOnQ Zoltanracib, and RMC-7. Increased personnel-related costs due to additional headcount, and higher stock based compensation expense. SG&A expenses for the third quarter of 2020 6 were $153 million compared to $52.8 million for the third quarter of 2020 5. The increase in SG&A expenses was primarily driven by higher personnel-related costs associated with additional headcount, higher commercial expenses associated with the Daraxonrasib commercial launch, and higher stock based compensation expense. Net loss for the third quarter of 2020 was $408 million compared to $305 million for the third quarter of 2020 5. Net loss for the third quarter of 2020 6 included a noncash charge of $40.7 million related to a change in the fair value of warrants we assumed as part of our EQRx acquisition. This charge related to an increase in our stock price during the quarter. Turning to financial guidance. We are reiterating our guidance for full year 2026 GAAP operating expenses of $2.1 billion to $2.2 billion This includes expected noncash stock based compensation expense of $270 million to $290 million As we turn to 2027, we expect to increase our investments in advancing our broad RAS(ON) inhibitor portfolio and also expect to increase our commercialization efforts, including expanding our global commercialization and infrastructure. While we are not providing a specific range at this time, we do expect full year 2027 GAAP operating expenses to increase from our current GAAP operating expense run rate. That concludes the financial update. I will now turn the call back over to Mark.

Mark A. Goldsmith: Thank you, Jack. Before we open the call for questions, I would like to briefly highlight 2 collaborations that further support our long term strategy. During the quarter, we announced a multipart collaboration with BMS that expands both our combination development capabilities and our regional commercial reach. The clinical development component will evaluate novel combination approaches involving select BMS oncology assets and assets from among our 4 clinical stage RasOn inhibitors, including RasOnQ. Under a separate regional rights agreement, BMS holds exclusive development and commercialization rights for these 4 assets in select Asian markets. Importantly, as referenced earlier by Alan, BMS is also funding and conducting on our behalf a global registrational phase 3 study of zoldonrasib, RASinate 312, in first-line RAS G12D-mutant colorectal cancer. This brings significant additional development capability into play as we continue to execute our broad global portfolio strategy. In October, we also entered into clinical collaborations with Bristol Myers Squibb, to evaluate Bamlanivimab an investigational PD L1 VEGF bispecific antibody in 4 planned early stage combination study cohorts across our portfolio of RAS(ON) inhibitors. Bamlanivimab is an investigational PD L1 VEGF bispecific immunomodulator jointly developed by BioNTech and Bristol Myers Squibb. The planned cohorts include RasOnQ in non small cell lung cancer and pancreatic cancer, Elironrasib in non small cell lung cancer, and Zoldonrasib in colorectal cancer. We will provide additional details as the cohorts are initiated. Our collaboration with Summit on Ivonescimab the first member of this class of bispecific inhibitors to enter clinical development, remains fully active and productive. Together, these collaborations are components of our larger, deliberate strategy to build development capacity expand the reach of our medicines, and evaluate rational combinations that may further improve outcomes for patients with RAS addictive cancers. Stepping back, we are proud of the robust activities and broad progress spanning all aspects of our discover, develop, and deliver model on behalf of patients. That includes an encouraging initial phase of the US commercial launch of RasOnQ, with its compelling product profile, addressing serious unmet needs, with strong progress toward entering international markets. A broad portfolio of pivotal trials with our first 3 clinical RasOn inhibitors in 3 major RAS driven tumor types. The RASolute Phase III series in pancreatic cancer, the RASolve Phase 3 series in non small cell lung cancer, and the RESOLVE phase 3 series in colorectal cancer. Exciting clinical collaborations exploring additional combination strategies, as well as external research pushing the boundaries. Building clinical momentum with our fourth RAS(ON) inhibitor, and a pending first in human study of our fifth that represents a new class of inhibitors. And a maturing collection of innovative preclinical programs and assets that are continuously informed by our vast scientific and clinical experience in RAS driven cancers. Looking ahead, our priorities are clear. Deliver Daraxonrasib with urgency to eligible US patients with metastatic pancreatic cancer, and prepare for potential commercial availability in Europe and Japan. Advance our multi asset clinical development strategy across pancreatic cancer, non-small cell lung cancer, colorectal cancer, and other RAS driven cancers, deliver the next wave of clinical milestones, including an update on our colorectal cancer program while continuing to advance our earlier stage RAS(ON) pipeline. RasOnQ's approval and launch mark a monumental step forward for patients living with RAS dependent cancers, an open and important new chapter for Revolution Medicines. With this momentum, we continue our deep commitment to discovering, developing, and delivering innovative targeted medicines with the urgency patients deserve. With that, I will turn the call over to the operator for questions.

Operator: Thank you. At this time, we will conduct a question-and-answer session. As a reminder, to ask a question, you will need to press 1-1 on your telephone. And wait for your name to be announced. Please limit yourself to 1 question. Our first question comes from Charles Zhu at LifeSci Capital.

Charles Zhu: Hello. Good afternoon, everyone. On your first partial quarterly sales on all the progress as always. Maybe first on that quarterly sales figure are you able to provide some sort of high level breakdown of commercial patients whether it is by line of therapy, dynamics related to treatment beyond progression, Basically, how has duration of treatment looked in the real world relative to your experience with the RASolute 302 and the EAP? Thank you.

Mark A. Goldsmith: Thanks a lot, Charles. Anthony?

Anthony Mancini: Yes. Thanks for the question, Charles. I think as I described in my prepared remarks, there are really 3 cohorts of patients described in the demand in this early phase. The EAP patients-- a good percentage of those EAP patients will have received several months of therapy before transitioning to commercial product. The patients who had exhausted available treatment options who were really awaiting an approved treatment, those 2 treatment cohorts are finite as we outlined, We are not providing detail detailed breakdown of those. But what we can say is that a meaningful portion of those initial patients are later stage patients. that are lower performance status and as a result may have shorter treatment durations The third cohort, though, that we described really would represent kind of more of a normal demand trajectory. So they are really newly eligible patients on RasOnQ following approval and we expect to see duration of therapy follow a duration that is more in line with our expectations in the clinical trial. I think I will leave it there, Charles. Thanks for the question.

Charles Zhu: Got it. Thank you, and congrats again.

Operator: Our next question comes from Tyler Van Buren at TD Cowen.

Analyst: Hey guys, congratulations on a historic first month sales result. We think about the trajectory for patients going on RasOnQ therapy moving forward, and the over 5 thousand patients starting commercial treatment can you help us quantify I guess, the amount of stocking in the $198 million sales number?

Jack Anders: Thanks for the question, Tyler. We said in the prepared remarks that channel inventory, which is the stocking, we ended the quarter with less than 2 weeks of inventory. In the channel. And on a go forward basis, you know, more long term, we would expect to manage that level at around 2 weeks.

Operator: Our next question comes from Michael Schmidt at Guggenheim.

Michael Schmidt: Hey, guys. Thanks for taking my question and congrats on all the momentum in recent months. I had a question on colorectal cancer. So exciting to see that RASinate 312 study up and running now in frontline CRC Zoldonrasib. And I am just curious how you think about the colorectal cancer opportunity in a broader sense. Do you see opportunity, for example, for chemo free option similar to what you are doing in pancreatic cancer? And how do you think about addressing some of the other KRAS mutations in the term?

Mark A. Goldsmith: Yes. Thanks, Michael. I think that scope of our CRC program will evolve over time. We are very committed to colorectal cancer, and so the 312 study is really just the first. We certainly do not expect it to be the last of the late stage development programs. All of those decisions will be data driven as the 312 study was as well. So I would just say stay tuned. This is an area that will require significant investment. Over time, we will continue to generate data across various combination strategies. With regard to mutations beyond G12D, certainly have high interest even though G12D is the most common mutation in colorectal cancer, G12B is the second most common. Of course, RMC5.13 thousand is working its way through the dose escalation and RP 2 d evaluation. So stay tuned. We will be working to cover as much of the colorectal cancer space as we can. And to move to keep working towards early lines of therapy in order to have the greatest impact on behalf of patients. Thank you.

Operator: Our next question comes from Morgan Lamberti at Goldman Sachs.

Analyst: Good afternoon. Thanks for taking the question. Congratulations on the quarter. I am just curious if you are able to share how uptake has been split across community oncology networks versus the academic centers. And have you noticed any differences in prescribing velocity across the 2 settings? Thanks so much.

Mark A. Goldsmith: Thank you, Morgan. Nice to have you back. Anthony.

Anthony Mancini: Thanks for the question, Morgan. We are really encouraged by the breadth of interest and the early uptake across both the academic cancer centers and the community oncology practices. What I will add is approximately 2.7 thousand unique health care provider providers prescribed RasOnQ in the quarter. And the utilization across the academic and community settings was representative of the overall patient volume. So it was a about a 40% academic contribution and about a 60% community contribution. So we are really pleased with that. Our focus is to continue to educate health care providers and you know, particularly as we build familiarity in the community practice, our goal is to create a positive patient and customer experience. And that really is all about understanding the label, understanding the safety profile, and really being aware of all the resources available to help eligible patients. Start on Daraxonrasib and stay on Daraxonrasib.

Analyst: Great. Thanks so much. Congratulations again.

Operator: Our next question comes from Cory Kasimov at Evercore ISI.

Cory Kasimov: Good afternoon, guys. Thanks for taking the And, yeah, definitely great to see such an impressive start to the launch. So I look-- I understand this might be tough to answer. I want to ask about the longebob from a different angle. But, again, with over 5 thousand patients, receiving commercial Daraxonrasib in the first 5 weeks, Can you, like, kind of at least qualitatively comment on what you are seeing in October that might be able to help distinguish the initial backlog from kind of sustainable new patient demand? Thank you.

Mark A. Goldsmith: I will ask Anthony to deliver the disappointing news.

Anthony Mancini: Cory, thanks for the question. I think we are 5 weeks into the launch, you know, in the quarter. Of the things that has happened in October is the EAP program has officially wound down. And so, you know, we know that all of our EAP transitions have been completed by the end of this month. I think for adding additional color probably at this time without the full quarter probably is not gonna be a helpful exercise. So we will leave it we will leave it there.

Cory Kasimov: Understood. Thank you, guys.

Operator: Our next question comes from Sean McCutcheon at Morgan Stanley.

Analyst: Hi, good afternoon. This is Catherine on for Sean. Thank you so much for taking our question and congrats on the strong start to launch. Given that it is early, but could you please share some feedback you have been hearing about Daraxonrasib tolerability in the real world? Now that use is moving more into the community, Do you have any feedback on how physicians are managing the toxicities with either the prophylaxis or the education materials you mentioned? Any color here would be appreciated. Thank you.

Mark A. Goldsmith: Is there anything that you want to comment on there? Do you wanna start?

Anthony Mancini: And I will-- maybe I will comment, you know, in general that our experience thus far has been very positive. We have spent a considerable focus and attention on ensuring the education around our adverse event profile. So far so good is what I would say. I think our plans are coming to fruition. The reactions have been have been positive to date. But again, it is very early. So we were really focused on ensuring a positive customer experience and so far so good is what I would say. there is really not a lot to add at this point, but, you know, I will have a lot more to report with a full quarter.

Mark A. Goldsmith: Yeah. Thanks for the question.

Operator: Our next question comes from Jonathan Chang at JPMorgan.

Brian Chang: Hey, guys. Thanks for taking our questions today. Congrats on the first sprint. Very impressive out of the gate. You talked about NCCN guideline has a very broad usage recommendation including locally advanced patients. I am curious if you are starting to see that in this initial wave that you are seeing. And then second, on colorectal, I think you talked about how BMS will be funding and conducting the study on RevMed's behalf. Can you provide a little bit more color on that decision to lean on BMS here Why not just run the colorectal data. Colorectal trial yourself? Thank you.

Mark A. Goldsmith: Good. Comment update in CTN.

Anthony Mancini: Yeah. Thanks, Jonathan, for the question. Right now, what I can comment on is that the majority of patients that we are seeing are metastatic PDAC patients that are previously treated. At this point, given the small numbers, I mean, there likely are some locally advanced patients and some frontline patients, but it is it is the majority is certainly in the later stages at this point.

Mark A. Goldsmith: Yeah, Brian. With regard to CRC, I think your question related to funding and conduct of the 312 trial and why BMS. Well, we established a relationship with them earlier this year, a multipart collaboration. And part of that collaboration included their commitment of the resources the person power, the global footprint, to conduct 1 phase 3 trial on our behalf and at their cost, which was essentially in exchange for certain commercial rights that they would obtain. So this is, you know, simply part of a multilevel collaboration it is a. it is an economic benefit to us. But it is also takes advantage of very high quality global development capability that complements ours. We have similarly been developing that capability but this adds bandwidth. And it frees up our internal resources to continue to conduct other studies and to open up new lines of investigation. So it is a win for us and we are very pleased and actually quite excited that they are moving forward with it and they are initiating that study as we speak.

Brian Chang: Great. Congrats again. Thank you.

Operator: Our next question comes from Faisal Khurshid at Jefferies.

Faisal Khurshid: Hey, guys. Thanks for taking the question. I wanted to ask. So there is other companies in the space, those that have G12D inhibitors, that have said that they think they can support filing in frontline pancreatic cancer based on overall response rate. Could I ask you to comment on this and whether this is a strategy you think that you can pursue with your frontline pancreatic studies? Thank you.

Mark A. Goldsmith: Yeah. Thanks a lot. Well, I guess there is a 2 part. I just had a question: is that an opportunity we could pursue? Do we want to pursue it? Are we pursuing it?

Alan Bart Sandler: Yes. Thanks for the question. So I think there is a number of different ways to again look at drug development. And of course overall survival remains the most clinically meaningful endpoint and most important, the overall benefit risk. And what I would also like to say, this was established, of course, in RASolute 302 with RasOnQ. Importantly, RASolute 303, 3 zero 5, and 3 zero 9 already include PFS and OS as dual primary endpoints. So, these are also well underway in their conduct. With respect to ORR, it is certainly unclear if that is an endpoint that can stand on its own. And typically, historically, has always been associated with an additional durability endpoint. Such as PFS and OS, which I have just commented upon in stated that our studies have already incorporated that. So I think we have a very robust approach and we will be in discussion with the FDA appropriately as data comes forward.

Faisal Khurshid: Understood. Thank you.

Operator: Our next question comes from Michael Yee at UBS.

Michael Yee: Great. Thanks. I was going to ask on November sales, but I think you are not gonna talk to that Mark. it is it is been a week into November. But instead, instead, there is a lot of development going on in PRMT 5. You make a bunch of comments at the bottom about how you have collaborations. And also in August, you did 1 with D1. Can you maybe just talk a little bit about the different assets that you are partnering with and how to think about that since that is a big part of pancreatic. and RAS, obviously, is the sort of backbone. And how we should think about whether you could, either bring 1 in or just choose to collaborate with, hopefully, all the different companies. Have a different shot at it. Thank you.

Mark A. Goldsmith: Yeah. Yeah. Thank you, Michael. Well, we certainly recognize the encouraging clinical data that were generated by Tango, as has the field that essentially provides proof of concept for the field. I think there is no doubt that, there will be continued investigation of PRMT inhibition in combination with RAS-mutant inhibitors or various other selective inhibitors, And we certainly share the goal of advancing promising regimens for patients as quickly as possible. As you point out, we are currently evaluating 3 PRMT5 inhibitors. We had 4, 1 of those was from Amgen. That program was discontinued. But we now have 3: Tango, of course, BMS, and BMS. And each of those has a somewhat different profile. I do not think it is would be meaningful for me today to try to highlight what those features are because that will ultimately be proven out through extensive clinical evaluation in the combinations. But they do have distinct pharmacologic features and we will see how all of that goes. We think it is very attractive and very serving of patients' interest to have those multiple studies underway and for us to have an opportunity to see how they all perform relative to each other. As to whether or not we would bring in a PRMT5 inhibitor into our shop Well, I guess first, I probably would not tell you if that is something we did want to do. I would not tell you if that is something we did not want to do. So I just cannot-- really cannot answer that. You know, we do think that the community, the world is being served by studies that are underway now, but that would ultimately just be a business or strategic question. For us to make at any given point in time. Thank you.

Operator: Our next question comes from Asthika Goonewardene at Leerink.

Asthika Goonewardene: Hey, guys. Thanks for taking my question, and my congratulations as well for an outstanding quarter here. Just to tag on to Brian's question, can you talk to us a little bit about maybe the restrictions that the payers may be putting up against off label but on compendia use. And if I can also ask, are community centers dealing with the prioritization and the restrictions as well as the academic counterparts? Thanks.

Mark A. Goldsmith: Okay. Thanks for those questions, Anthony.

Anthony Mancini: Yeah. Thanks, Asthika, for the questions. So far, look, as we said, there have been reimbursed claims across health plans collectively represent greater than 90% of U. S. PDAC. U. S. PDAC covered lives. What that means is really we have strong functional access and patients are gaining access through established peer-review processes. So medical exception and prior auth, in advance of formal coverage policies. Now we have a full field based reimbursement team that is assisting both academic setting and the community setting with navigating those things, that is going really well. But in this period of time, before formal coverage policies, you know, it is. There are claims that are reimbursed that may not get reimbursed post coverage policies. it is just a period of time that we are in right now. But this is what we have expected and you know, we expect to continue to work on you know, ensuring that the various payers have what they need at P&T that are coming up. But, yeah, there is no big differences and we are not seeing anything unexpected at this point, Astika.

Asthika Goonewardene: Thanks.

Operator: Our next question comes from Jay Olson at Oppenheimer.

Jay Olson: Congratulations on a stellar launch. Could you describe any trends you are seeing in the typical profile of patients who were treated with Daraxonrasib in the first line setting? And any anecdotal feedback from prescribers on how patients are responding to therapy and maybe how those responses might influence their future decisions about treating patients in the first line setting. Thank you.

Mark A. Goldsmith: Jay, those are great questions. I think it is too early to have any information that would be meaningful at this point. I think as we see more patients treated over time and for longer, duration, I think those sorts of concepts will start to emerge.

Operator: Our next question comes from Kelsey Goodwin at Truist Securities.

Analyst: Great. Good afternoon. Mark and team. Congrats on an excellent quarter. Just wanted to ask on the PD-1 VEGF strategy and perhaps on the partner breadth that you are pursuing. Maybe at first blush, the Bristol collaboration may appear, maybe in greater scope than perhaps the Ivonescimab and combo. I just wanted to ask how this sort of fits into the broader strategy, and if you could just comment on the scope that we are maybe observing on the Bristol versus the Ivonescimab collaboration. Thanks so much.

Mark A. Goldsmith: Yeah, thanks, Kelsey. I am not sure that is that we would necessarily see it that way. They are both pretty broad collaborations. there is both high interest by both of those parties. These compounds are not identical, of course. 1's focused on PD-1, on the PD-1 axis, and the other's a PD-L1 component on the PD-1 axis. Those may or may not have differences. I just think it is far too early to tell, and we are excited to be we were the first to be combining RAS inhibitors with a bispecific Now, we are the second to be combining RAS inhibitors or RAS on inhibitors specifically with the bispecific. And, you know, this is part of a broad approach. We have got a very big footprint in the field and the industry now. And this is the best way for us to maximize assessment of the potential value of our compounds in various contexts in these very important, diseases.

Operator: Our next question comes from Laura Prendergast.

Laura Prendergast: Hey, guys. Congrats on the very exciting start to the launch. I just want to get some expectations for upcoming data sets. First, what should we expect from the late breaker at that ENA meeting? Could we get PFS, OS, Kaplan Meier curves here? And then as far as the colorectal cancer data in, you know, first half of 2027, will this strictly be supportive of the regimen you are bringing forward in the BMS collaboration trial, or, you know, would we maybe see, you know, a broader array of, you know, CRC data you have generated here?

Mark A. Goldsmith: Yeah. Thank you, Laura. You know, generally, we do not give that level of resolution of guidance about future disclosures? I think Alan already pointed out in his prepared remarks that the ENA presentation would kind of reinforce the our understanding of the profile of that combination as to what exactly will be included that is something that will be revealed when the presentation's made. And similarly with CRC, I think that our commitment has always been that we would provide the data supporting a decision to move forward, and sometimes we provide those data well ahead of initiating trials. Sometimes we provide it right at the time of launching a trial. And in this particular case, we will provide it a little bit after initiation of the trial. But as to exactly what is the scope of that disclosure, unfortunately, you know, it is our practice not to and as you know, we have had this conversation before. it is it is our practice not to reveal that in advance.

Laura Prendergast: Got it. Had to try. Well, thanks, guys.

Operator: Our next question comes from Alec Stranahan at Bank of America.

Alec Stranahan: Guys. Big congrats on the early uptake and excited to see where the launch goes from here. Just on that 20% to 30% gross to net with the early dynamics being towards the low end, of the range, like you said. Could you talk about how payer mix is tracking versus your expectations? And which segments are maybe expected to grow as you see that gross to net normalizing over time?

Jack Anders: Yeah. So we did note that we expect it to increase within that range as the payer mix and discounts kind of evolve and mature. I would say largely from an expectation perspective on a go forward basis, as we think about kind of channel discounts, those are the ones that we would probably expect a little bit more to affect the gross to net discount. So we are talking 340B, some potential distribution fees that we may be paying down within the channel. But so that is that is how we are thinking. it is still very, very early in the launch. And we will get more information as we go along. But that is kind of how we are doing it at this time.

Alec Stranahan: Thank you.

Operator: Our last question comes from Sean McCutcheon at Raymond James.

Sean McCutcheon: Hey, guys. Thanks for squeezing me in, and I will send my congrats as well. We have continued to hear chemo-free therapy or a chemo-free regimen is a priority for KOLs. Can you speak to the strategic import of a chemo sparing frontline regimen in PDAC for you? 1 of your competitors, your G12D competitors, announced plans for an arm of their frontline study combining with EGFR antibody. Love to get your thoughts on how you are positioned with the dual RAS approach in that context. Thanks.

Mark A. Goldsmith: Yeah. Well, maybe I will make the conceptual comment and then just a concrete point. The conceptual comment is that I think it is unclear and we have had this position for several years now, whether an early chemo free approach ultimately delivers the greatest long term benefit. Or whether combining with chemo, you know, would deliver more value. We are very neutral on this point. I think it is a debate that is been around in the oncology field for a long time, and it comes down to sort of just empirically evaluating it. there is no theoretical way to differentiate or to rank or prioritize those. I think the second comment is, I think we have got the first chemo-free, first-line regimen and the second first-line chemo-free regimen already well underway. The 303 trial already has an arm that is Daraxonrasib. And even though the FDA's already approved, Daraxonrasib for first line use when it is, at the discretion of physicians based on candidacy for other treatments. So that is 1. And then secondly, we have combined Daraxonrasib with Zoldonrasib in our 309 trial and that is moving forward as well. So we are we are evaluating that. We are evaluating in combination with chemo. We are evaluating Daraxonrasib in combination with chemo and Zoldonrasib in combination with chemo. I think we have got a lot going on there, but it is still TBD. How those will all perform relative to each other.

Operator: This concludes the question-and-answer session. I would now like to turn it back to Mark for closing remarks.

Mark A. Goldsmith: Well, thank you, operator, and thank you to everyone who joined us today and for your continued interest in Revolution Medicines. We appreciate the continued support of our shareholders, collaborators, investigators, and above all, the patients and families we serve.

Operator: Alfredo, you may now conclude the call. Thank you for your participation. This does conclude the program. You may now disconnect.