$RVMD
Revolution Medicines Inc

2023 Q2 Form 10-Q Financial Statement

#000095017023018805 Filed on May 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $3.824M $7.014M $7.578M
YoY Change -58.05% -7.44% -25.2%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $14.64M $13.22M $9.037M
YoY Change 43.47% 46.33% 35.49%
% of Gross Profit
Research & Development $97.98M $68.95M $56.49M
YoY Change 60.62% 22.05% 38.26%
% of Gross Profit
Depreciation & Amortization $1.200M $1.205M $901.0K
YoY Change 0.17% 33.74% 34.28%
% of Gross Profit
Operating Expenses $112.6M $82.17M $65.53M
YoY Change 58.16% 25.4% 37.87%
Operating Profit -$108.8M -$75.16M -$57.95M
YoY Change 75.23% 29.7% 54.96%
Interest Expense $10.50M $7.059M $0.00
YoY Change 1110.96% -100.0%
% of Operating Profit
Other Income/Expense, Net $10.50M $7.059M $302.0K
YoY Change 1110.96% 2237.42% 36.65%
Pretax Income -$98.30M -$68.10M -$57.65M
YoY Change 60.56% 18.13% 55.07%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$98.30M -$68.10M -$57.65M
YoY Change 60.56% 18.13% 55.07%
Net Earnings / Revenue -2570.55% -970.89% -760.72%
Basic Earnings Per Share -$0.92 -$0.72 -$0.78
Diluted Earnings Per Share -$0.92 -$0.72 -$777.3K
COMMON SHARES
Basic Shares Outstanding 106.3M 90.49M 74.19M
Diluted Shares Outstanding 106.9M 94.83M 74.16M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $909.5M $909.8M $518.8M
YoY Change 97.1% 75.38% -23.89%
Cash & Equivalents $380.3M $427.2M $97.67M
Short-Term Investments $529.2M $482.6M $421.1M
Other Short-Term Assets $10.09M $8.958M $10.21M
YoY Change -36.88% -12.23% 24.46%
Inventory
Prepaid Expenses
Receivables $2.510M $3.995M $5.383M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $922.1M $922.8M $534.3M
YoY Change 90.89% 72.69% -23.38%
LONG-TERM ASSETS
Property, Plant & Equipment $19.72M $18.54M $13.06M
YoY Change -73.12% 41.97% -65.28%
Goodwill $14.61M $14.61M $14.61M
YoY Change 0.0%
Intangibles $58.27M $58.54M $59.61M
YoY Change -1.79%
Long-Term Investments
YoY Change
Other Assets $2.691M $2.772M $851.0K
YoY Change 9.3% 225.73% -39.21%
Total Long-Term Assets $151.6M $150.5M $148.4M
YoY Change 1.24% 1.39% 29.86%
TOTAL ASSETS
Total Short-Term Assets $922.1M $922.8M $534.3M
Total Long-Term Assets $151.6M $150.5M $148.4M
Total Assets $1.074B $1.073B $682.8M
YoY Change 69.68% 57.19% -15.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $29.78M $19.91M $14.17M
YoY Change 111.73% 40.48% 46.12%
Accrued Expenses $47.93M $32.89M $31.57M
YoY Change 22.45% 4.18% 31.55%
Deferred Revenue $0.00 $1.434M $11.43M
YoY Change -87.46% 14.74%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $78.06M $54.64M $57.46M
YoY Change 22.85% -4.91% 31.31%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $252.0K $1.694M $1.634M
YoY Change -99.6% 3.67% 13.55%
Total Long-Term Liabilities $252.0K $1.694M $1.634M
YoY Change -99.6% 3.67% 13.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $78.06M $54.64M $57.46M
Total Long-Term Liabilities $252.0K $1.694M $1.634M
Total Liabilities $142.9M $121.0M $131.8M
YoY Change 6.65% -8.16% 47.95%
SHAREHOLDERS EQUITY
Retained Earnings -$867.7M -$769.4M -$510.3M
YoY Change 50.77% 68.57%
Common Stock $1.800B $1.722B $1.063B
YoY Change 62.08% 3.64%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $930.8M $952.2M $551.0M
YoY Change
Total Liabilities & Shareholders Equity $1.074B $1.073B $682.8M
YoY Change 69.68% 57.19% -15.88%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$98.30M -$68.10M -$57.65M
YoY Change 60.56% 18.13% 55.07%
Depreciation, Depletion And Amortization $1.200M $1.205M $901.0K
YoY Change 0.17% 33.74% 34.28%
Cash From Operating Activities -$67.12M -$62.39M -$55.16M
YoY Change 20.47% 13.11% 48.1%
INVESTING ACTIVITIES
Capital Expenditures $1.119M $1.758M $1.889M
YoY Change -144.3% -6.93% -47.22%
Acquisitions
YoY Change
Other Investing Activities -$42.43M $5.754M $45.91M
YoY Change -165.34% -87.47% 679.52%
Cash From Investing Activities -$43.54M $3.996M $44.03M
YoY Change -169.78% -90.92% 1806.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 64.63M 324.2M 305.0K
YoY Change 4422.74% 106196.72% -99.89%
NET CHANGE
Cash From Operating Activities -67.12M -62.39M -55.16M
Cash From Investing Activities -43.54M 3.996M 44.03M
Cash From Financing Activities 64.63M 324.2M 305.0K
Net Change In Cash -46.04M 265.8M -10.83M
YoY Change -667.35% -2554.39% -104.38%
FREE CASH FLOW
Cash From Operating Activities -$67.12M -$62.39M -$55.16M
Capital Expenditures $1.119M $1.758M $1.889M
Free Cash Flow -$68.24M -$64.15M -$57.05M
YoY Change 28.29% 12.45% 39.74%

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of estimates</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;"> </span></p><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to revenue recognition, clinical accruals, valuation of in-process research and development and developed technologies, income taxes, useful lives of property and equipment and intangible assets, impairment of goodwill and intangibles, impairment of in-process research and development and developed technologies, the incremental borrowing rate for determining operating lease assets and liabilities and stock-based compensation. The extent to which the COVID-19 pandemic may directly or indirectly impact the Company’s business, financial condition and results of operations is highly uncertain and subject to change. The Company considered the potential impact of the COVID-19 pandemic on its estimates and assumptions and there was not a material impact to the Company’s unaudited condensed consolidated financial statements as of and for the three months ended March 31, 2023. Actual results could materially differ from the Company’s estimates, and there may be changes to the estimates in future periods</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">.</span>
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