Revolution Medicines Inc - Warrants (17/12/2026)

Landmark approval + strong early U.S. launch traction (but still too early to normalize) - FDA approved RASolute 302 results: *RAZONQ (daraxonrasib)* approved Aug 26, 2026 for adults with metastatic pancreatic adenocarcinoma after ≥1 prior systemic therapy or not candidates for multi-agent therapy. - Commercial start: Company began making it available by prescription immediately; ~5 weeks of commercialization in the quarter. - Q3 revenue: $198M net product revenue (partial quarter + initial channel stocking). 5,000+ unique patients treated commercially. - Channel management: ended quarter with <2 weeks of inventory in channel; long-run target ~2 weeks. - Good news / what to watch: Early payer/provider engagement and claims reimbursed across plans covering >90% of U.S. PDAC lives (formal coverage policies still developing). Management emphasized that early cohort dynamics (EAP transition + backlog) mean the near-term trajectory may not reflect a steady-state run rate yet.

Guideline momentum expanding beyond the label (supports addressable market) - NCCN expanded recommendations: Included RasOnQ as category 1 preferred subsequent therapy for locally advanced/metastatic/recurrent pancreatic cancer after prior therapy; also listed for metastatic first-line in certain circumstances (subcategory depends on clinician assessments). - Broader oncology signal: In non-small cell lung cancer (NSCLC), NCCN recommended RasOnQ as category 2a available targeted agent for metastatic NSCLC with KRAS G12/G13/Q61 mutations (still investigational but helps clinician awareness and trial rationale). - Surprise/opportunity: These guideline placements are independent recognition and can accelerate uptake beyond the strict FDA label.

Clinical pipeline: multiple Phase 3 efforts accelerating (pancreatic + NSCLC + CRC) - Pancreatic (multi-asset Phase 3 strategy): - RASolute 303: Phase 3 RasOnQ monotherapy and with chemo in first-line metastatic PDAC; U.S. enrollment complete, expect global completion H1 2027. - RASolute 309: Phase 3 daraxonrasib + zoldonrasib doublet in first-line RAS G12D PDAC; dosing initiated. - Additional Phase 3: adjuvant study and other first-line regimen(s) referenced (total 4 global Phase 3 trials across earlier lines and settings). - Regulatory: FDA breakthrough therapy designation for daraxonrasib + gemcitabine/nab-paclitaxel in first-line metastatic PDAC. - NSCLC: - RASolve 301 (Phase 3 monotherapy) enrollment winding down; expect site closure by month-end and planned initial readout in 2027. - NEJM-published Phase 1/2 supported the program. - New dosing started in earlier-line combination studies: - RASolve 308 (G12D) and RASolve 307 (G12C) combining mutant-selective RAS(ON) inhibitors with pembrolizumab + platinum chemo. - Colorectal cancer (CRC) opportunity is growing: - Early activity in a cohort (Zoldonrasib + cetuximab + FOLFOX) noted; management plans randomized Phase 3 RAS(ON)8-312. - BMS agreement: BMS will fund and run the Phase 3 on Revolution’s behalf due to earlier collaboration resources/global footprint; Revolution receives certain rights/economic arrangement. - Good news: enrollment progress (U.S. complete on 303; Phase 3 dosing started on 309) reduces execution risk. - What investors should monitor: timeline clarity and probability of success across multiple programs.