Revolution Medicines, Inc. reported significant financial changes in its latest 10-Q filing for the quarter ending September 30, 2024. The company, focused on developing targeted therapies for RAS-addicted cancers, experienced a notable decline in revenue, reporting $0 for the three and nine months ended September 30, 2024, compared to $10.8 million for the same periods in 2023. This decrease is attributed to the termination of a collaboration agreement with Sanofi in June 2023, which had previously contributed to revenue.
Total operating expenses surged to $175.7 million for the third quarter of 2024, up from $123.2 million in the same quarter of 2023. For the nine-month period, operating expenses reached $473.2 million, compared to $318.0 million in 2023. The increase in expenses was primarily driven by a $129.5 million rise in research and development costs, largely due to clinical trial expenses for the RMC-6236 and RMC-6291 programs, as well as increased personnel costs associated with a growing workforce.
The net loss for the third quarter of 2024 was $156.3 million, compared to a loss of $108.4 million in the prior year. For the nine months ended September 30, 2024, the net loss totaled $405.5 million, up from $274.8 million in 2023. The net loss per share for the third quarter was $(0.94), slightly improved from $(0.99) in the same quarter of 2023.
As of September 30, 2024, Revolution Medicines reported cash and cash equivalents of $201.3 million, a significant decrease from $696.1 million at the end of 2023. Total assets also declined to $1.76 billion from $2.06 billion, while total liabilities decreased to $196.7 million from $235.5 million. The accumulated deficit increased to $1.54 billion, up from $1.14 billion at the end of 2023.
Strategically, the company completed the acquisition of EQRx on November 9, 2023, which added approximately $1.1 billion in cash and marketable securities to its balance sheet. This acquisition involved issuing 54.8 million shares of common stock and paying $4 million in taxes. The company has also initiated a new at-the-market equity offering program with TD Cowen, aiming for gross proceeds of up to $500 million.
Overall, Revolution Medicines continues to focus on advancing its clinical pipeline while managing significant financial losses and operational challenges.
About Revolution Medicines, Inc.
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