$RVMD
Revolution Medicines Inc

2023 Q4 Form 10-Q Financial Statement

#000095017023059391 Filed on November 06, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $742.0K $0.00 $3.356M
YoY Change -95.16% -100.0% 204.81%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $32.24M $15.51M $10.43M
YoY Change 195.55% 48.65% 33.92%
% of Gross Profit
Research & Development $148.5M $107.7M $69.46M
YoY Change 124.54% 55.11% 49.45%
% of Gross Profit
Depreciation & Amortization $1.610M $1.300M $1.258M
YoY Change 13.62% 3.34% 18.68%
% of Gross Profit
Operating Expenses $180.7M $123.2M $79.89M
YoY Change 134.6% 54.27% 47.22%
Operating Profit -$123.2M -$76.53M
YoY Change 61.04% 43.96%
Interest Expense $18.67M $10.95M $0.00
YoY Change 267.82% -100.0%
% of Operating Profit
Other Income/Expense, Net $115.0K $10.95M $2.907M
YoY Change 276.57% 1203.59%
Pretax Income -$161.2M -$112.3M -$73.63M
YoY Change 184.64% 52.53% 39.07%
Income Tax $343.0K -$3.867M -$297.0K
% Of Pretax Income
Net Earnings -$161.5M -$108.4M -$73.33M
YoY Change 185.87% 47.87% 38.51%
Net Earnings / Revenue -21770.49% -2185.01%
Basic Earnings Per Share -$0.99 -$0.87
Diluted Earnings Per Share -$1.14 -$0.99 -$0.87
COMMON SHARES
Basic Shares Outstanding 109.6M 109.2M 84.69M
Diluted Shares Outstanding 109.2M 84.69M

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.853B $813.2M $655.0M
YoY Change 187.31% 24.15% 7.62%
Cash & Equivalents $696.1M $358.4M $178.9M
Short-Term Investments $1.157B $454.8M $476.1M
Other Short-Term Assets $25.07M $11.00M $15.16M
YoY Change 137.22% -27.42% 102.91%
Inventory
Prepaid Expenses
Receivables $1.254M $300.0K $4.940M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.879B $824.5M $675.1M
YoY Change 184.66% 22.12% 8.27%
LONG-TERM ASSETS
Property, Plant & Equipment $22.87M $20.29M $18.27M
YoY Change 22.54% 11.05% 80.74%
Goodwill $14.61M $14.61M $14.61M
YoY Change 0.0% 0.0% 0.0%
Intangibles $57.74M $58.01M $59.08M
YoY Change -1.82% -1.81% -1.78%
Long-Term Investments
YoY Change
Other Assets $7.032M $11.35M $856.0K
YoY Change 146.13% 1226.17% -36.5%
Total Long-Term Assets $182.4M $159.8M $150.8M
YoY Change 20.22% 5.94% 35.32%
TOTAL ASSETS
Total Short-Term Assets $1.879B $824.5M $675.1M
Total Long-Term Assets $182.4M $159.8M $150.8M
Total Assets $2.062B $984.2M $825.9M
YoY Change 153.93% 19.17% 12.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $61.79M $29.63M $24.38M
YoY Change 190.0% 21.51% 132.41%
Accrued Expenses $78.17M $55.40M $38.72M
YoY Change 118.87% 43.1% 35.32%
Deferred Revenue $0.00 $0.00 $9.686M
YoY Change -100.0% -100.0%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $143.9M $85.54M $73.27M
YoY Change 132.08% 16.75% 41.2%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.458M $982.0K $471.0K
YoY Change 384.39% 108.49% -98.74%
Total Long-Term Liabilities $1.458M $982.0K $471.0K
YoY Change 384.39% 108.49% -98.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $143.9M $85.54M $73.27M
Total Long-Term Liabilities $1.458M $982.0K $471.0K
Total Liabilities $235.5M $146.8M $144.5M
YoY Change 85.82% 1.58% 49.31%
SHAREHOLDERS EQUITY
Retained Earnings -$1.100B -$976.2M -$644.8M
YoY Change 56.85% 51.4% 61.2%
Common Stock $2.963B $1.815B $1.329B
YoY Change 113.45% 36.56%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.826B $837.5M $681.4M
YoY Change
Total Liabilities & Shareholders Equity $2.062B $984.2M $825.9M
YoY Change 153.93% 19.17% 12.37%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$161.5M -$108.4M -$73.33M
YoY Change 185.87% 47.87% 38.51%
Depreciation, Depletion And Amortization $1.610M $1.300M $1.258M
YoY Change 13.62% 3.34% 18.68%
Cash From Operating Activities -$120.6M -$100.5M -$51.74M
YoY Change 95.12% 94.25% 41.4%
INVESTING ACTIVITIES
Capital Expenditures $2.319M $2.530M -$3.525M
YoY Change -19.37% -171.77% 676.43%
Acquisitions
YoY Change
Other Investing Activities -$378.1M $79.89M -$119.9M
YoY Change 8842.5% -166.62% 303.44%
Cash From Investing Activities -$380.4M $77.35M -$123.4M
YoY Change 5254.7% -162.66% 309.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 839.4M 1.010M 248.3M
YoY Change 1534.15% -99.59% 77747.96%
NET CHANGE
Cash From Operating Activities -120.6M -100.5M -51.74M
Cash From Investing Activities -380.4M 77.35M -123.4M
Cash From Financing Activities 839.4M 1.010M 248.3M
Net Change In Cash 338.4M -22.14M 73.16M
YoY Change -2030.46% -130.26% -210.1%
FREE CASH FLOW
Cash From Operating Activities -$120.6M -$100.5M -$51.74M
Capital Expenditures $2.319M $2.530M -$3.525M
Free Cash Flow -$122.9M -$103.0M -$48.21M
YoY Change 90.03% 113.7% 33.43%

Facts In Submission

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us-gaap Use Of Estimates
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<p style="text-indent:0;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of estimates</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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 and nine months ended September 30, 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="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">.</span>
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us-gaap Depreciation
Depreciation
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CY2022Q4 us-gaap Operating Lease Liability
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CY2022Q3 us-gaap Operating Lease Cost
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CY2022Q3 us-gaap Sublease Income
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us-gaap Operating Lease Cost
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
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CY2023Q3 us-gaap Operating Lease Liability
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us-gaap Common Stock Voting Rights
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CY2023Q3 rvmd Number Of Voting Rights Per Common Share
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us-gaap Dividends Common Stock
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
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CY2022Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
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17766601
CY2023Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
82100000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y10M13D
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13666000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8138000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
36345000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
22880000
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-108434000
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-73329000
us-gaap Net Income Loss
NetIncomeLoss
-274830000
us-gaap Net Income Loss
NetIncomeLoss
-192198000
CY2023Q3 rvmd Weighted Average Number Of Shares Outstanding Diluted
WeightedAverageNumberOfSharesOutstandingDiluted
109233340
CY2022Q3 rvmd Weighted Average Number Of Shares Outstanding Diluted
WeightedAverageNumberOfSharesOutstandingDiluted
84709849
rvmd Weighted Average Number Of Shares Outstanding Diluted
WeightedAverageNumberOfSharesOutstandingDiluted
103704719
rvmd Weighted Average Number Of Shares Outstanding Diluted
WeightedAverageNumberOfSharesOutstandingDiluted
77764196
CY2023Q3 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
256
CY2022Q3 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
14989
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
2218
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
13011
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
109233084
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
109233084
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
84694860
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
77751185
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
77751185
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.99
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.99
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.87
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.87
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.65
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.65
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.47
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.47
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13320179
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9883645

Files In Submission

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rvmd-20230930_def.xml Edgar Link unprocessable
0000950170-23-059391-index-headers.html Edgar Link pending
0000950170-23-059391-index.html Edgar Link pending
0000950170-23-059391.txt Edgar Link pending
0000950170-23-059391-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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report.css Edgar Link pending
rvmd-20230930.htm Edgar Link pending
rvmd-20230930.xsd Edgar Link pending
rvmd-ex10_3.htm Edgar Link pending
rvmd-ex31_1.htm Edgar Link pending
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rvmd-ex32_1.htm Edgar Link pending
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rvmd-20230930_lab.xml Edgar Link unprocessable
rvmd-20230930_pre.xml Edgar Link unprocessable
rvmd-20230930_htm.xml Edgar Link completed