Revolution Medicines, Inc. announced its financial results for the third quarter ended September 30, 2024, on November 6, 2024. The company reported cash, cash equivalents, and marketable securities of $1.55 billion as of the quarter-end. Research and development expenses increased to $151.8 million for the quarter, up from $107.7 million in the prior year, driven by increased clinical trial and personnel costs.
General and administrative expenses also rose to $24.0 million, compared to $15.5 million in the third quarter of 2023, reflecting growth in headcount and pre-commercial activities. The net loss for the quarter was $156.3 million, an increase from $108.4 million in the same period last year, consistent with the company's heavy investment in its clinical pipeline.
Revolution Medicines reiterated its full-year 2024 GAAP net loss guidance of between $560 million and $600 million, including $70 million to $80 million in stock-based compensation. Management projects that its current cash position is sufficient to fund planned operations into 2027, providing a solid financial runway for its ongoing clinical development programs, including the Phase 3 trial for RMC-6236 in pancreatic cancer and initial results for RMC-9805.
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