So what
Shares of Revolution Medicines (RVMD 1.78%) were up more than 20% as of 2 p.m. ET after the company announced positive phase 1/1b trial data for two cancer therapies. The clinical-stage biotech's stock is up more than 22% so far this year.
What happened
Revolution focuses on oncology therapies that involve mutant RAS proteins that are crucial in cellular networks in certain cancers. According to Revolution, RAS-addicted cancers account for nearly 55,000 diagnosed patients in the U.S. each year, mainly those with pancreatic cancer, non-small cell lung cancer, and colon cancer.
On Friday, the healthcare company announced positive clinical data on RMC-6236 and RMC-6291 as monotherapies. The drugs are RAS(ON) inhibitors that the company said showed were well tolerated and had a good safety profile at doses that were expected to reduce tumors and spark molecular responses.
While the trials are still in the early stages, investors were encouraged. RMC-6291 is being looked at to treat advanced solid tumors harboring KRAS G12C mutations while RMC-6236 is being tested to treat advanced solid tumors that are harboring KRAS G12X mutations.
Now what
The company has a fairly deep pipeline that also includes RMC-9805 in early trials to treat tumors related to KRAS G12D. Preclinical pipeline programs include RMC-0708 (KRAS Q61H) and RMC-5127 (KRAS G12V) as well as RMC-8839 (KRAS G13C), and RAS companion inhibitors RMC-4630 and RMC-5552.
Revolution also has solid financials for a clinical-stage biotech. It said that as of the second quarter, it had $990.5 million in cash, enough to fund operations into 2025. In the quarter, its collaboration revenue from an agreement with Sanofi was $3.8 million, down from $9.1 million in the same period a year ago. The company's net loss was listed as $98.3 million, compared to a loss of $61.2 million in the second quarter of 2022.
