$RVMD
Revolution Medicines, Inc.

2024 Q3 Form 10-Q Financial Statement

#000095017024092783 Filed on August 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $23.96M $21.71M
YoY Change 54.48% 48.3%
% of Gross Profit
Research & Development $151.8M $134.9M
YoY Change 40.86% 37.71%
% of Gross Profit
Depreciation & Amortization $1.600M $1.600M
YoY Change 23.08% 33.33%
% of Gross Profit
Operating Expenses $175.7M $156.6M
YoY Change 42.57% 39.09%
Operating Profit -$175.7M -$156.6M
YoY Change 42.57% 43.98%
Interest Expense $20.41M $21.49M
YoY Change 86.4% 104.66%
% of Operating Profit
Other Income/Expense, Net $19.42M $23.41M
YoY Change 77.44% 122.97%
Pretax Income -$156.3M -$133.2M
YoY Change 39.17% 35.54%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$156.3M -$133.2M
YoY Change 44.13% 35.54%
Net Earnings / Revenue
Basic Earnings Per Share -$0.94 -$0.81
Diluted Earnings Per Share -$0.94 -$0.81
COMMON SHARES
Basic Shares Outstanding 167.0M 165.0M
Diluted Shares Outstanding 166.8M 165.1M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.549B $1.591B
YoY Change 90.54% 74.9%
Cash & Equivalents $201.3M $275.7M
Short-Term Investments $1.348B $1.315B
Other Short-Term Assets $29.66M $34.02M
YoY Change 169.62% 237.02%
Inventory
Prepaid Expenses
Receivables $0.00 $0.00
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.579B $1.625B
YoY Change 91.53% 76.2%
LONG-TERM ASSETS
Property, Plant & Equipment $24.81M $25.28M
YoY Change 22.32% 28.23%
Goodwill $14.61M $14.61M
YoY Change 0.0% 0.0%
Intangibles $56.94M $57.21M
YoY Change -1.84% -1.83%
Long-Term Investments
YoY Change
Other Assets $10.28M $8.274M
YoY Change -9.49% 207.47%
Total Long-Term Assets $183.9M $183.7M
YoY Change 15.08% 21.17%
TOTAL ASSETS
Total Short-Term Assets $1.579B $1.625B
Total Long-Term Assets $183.9M $183.7M
Total Assets $1.763B $1.808B
YoY Change 79.12% 68.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $24.46M $29.32M
YoY Change -17.45% -1.56%
Accrued Expenses $85.13M $75.36M
YoY Change 53.66% 57.24%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $110.9M $105.3M
YoY Change 29.6% 34.94%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.644M $656.0K
YoY Change 67.41% 160.32%
Total Long-Term Liabilities $1.644M $656.0K
YoY Change 67.41% 160.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $110.9M $105.3M
Total Long-Term Liabilities $1.644M $656.0K
Total Liabilities $196.7M $189.6M
YoY Change 34.01% 32.7%
SHAREHOLDERS EQUITY
Retained Earnings -$1.500B -$1.400B
YoY Change 53.66% 61.35%
Common Stock $3.106B $3.008B
YoY Change 71.16% 67.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.566B $1.619B
YoY Change
Total Liabilities & Shareholders Equity $1.763B $1.808B
YoY Change 79.12% 68.43%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$156.3M -$133.2M
YoY Change 44.13% 35.54%
Depreciation, Depletion And Amortization $1.600M $1.600M
YoY Change 23.08% 33.33%
Cash From Operating Activities -$130.4M -$128.2M
YoY Change 29.77% 90.95%
INVESTING ACTIVITIES
Capital Expenditures $3.520M $2.399M
YoY Change 39.13% 114.39%
Acquisitions
YoY Change
Other Investing Activities -$17.95M $110.3M
YoY Change -122.47% -360.09%
Cash From Investing Activities -$21.47M $107.9M
YoY Change -127.76% -347.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 77.29M 7.504M
YoY Change 7552.87% -88.39%
NET CHANGE
Cash From Operating Activities -130.4M -128.2M
Cash From Investing Activities -21.47M 107.9M
Cash From Financing Activities 77.29M 7.504M
Net Change In Cash -74.59M -12.72M
YoY Change 236.92% -72.37%
FREE CASH FLOW
Cash From Operating Activities -$130.4M -$128.2M
Capital Expenditures $3.520M $2.399M
Free Cash Flow -$133.9M -$130.6M
YoY Change 30.0% 91.33%

Facts In Submission

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CY2023Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
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StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
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AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
12980000
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OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
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CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
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us-gaap Profit Loss
ProfitLoss
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us-gaap Gain Loss On Sale Of Property Plant Equipment
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us-gaap Amortization Of Intangible Assets
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us-gaap Share Based Compensation
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us-gaap Depreciation
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us-gaap Fair Value Adjustment Of Warrants
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us-gaap Accretion Amortization Of Discounts And Premiums Investments
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us-gaap Accretion Amortization Of Discounts And Premiums Investments
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us-gaap Asset Impairment Charges
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us-gaap Asset Impairment Charges
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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us-gaap Increase Decrease In Other Noncurrent Liabilities
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rvmd Proceeds From Maturity Of Marketable Securities
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rvmd Proceeds From Maturity Of Marketable Securities
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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rvmd Proceeds From Issuance Of Common Stock From At The Market Offering
ProceedsFromIssuanceOfCommonStockFromAtTheMarketOffering
0
rvmd Proceeds From Issuance Of Common Stock From At The Market Offering
ProceedsFromIssuanceOfCommonStockFromAtTheMarketOffering
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us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
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us-gaap Proceeds From Stock Plans
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rvmd Proceeds From Issuance Of Common Stock Under Employee Stock Purchase Plan
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rvmd Proceeds From Issuance Of Common Stock Under Employee Stock Purchase Plan
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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219775000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q2 us-gaap Restricted Cash
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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CY2024Q2 us-gaap Retained Earnings Accumulated Deficit
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us-gaap Use Of Estimates
UseOfEstimates
<p style="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><p style="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-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 the fair value of assets acquired and liabilities assumed and related purchase price allocation, revenue recognition, clinical accruals, 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</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">incremental borrowing rate for determining operating lease assets and liabilities, warrant liabilities and stock-based compensation. Estimates are based on historical experience, complex judgments, facts and circumstances available at the time and various other assumptions that are believed to be reasonable under the circumstances but are inherently uncertain and unpredictable. 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-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">.</span>
CY2024Q2 rvmd Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Noncurrent Liabilities Warrant Liability
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilitiesWarrantLiability
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CY2024Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Contingent Liability
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedContingentLiability
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us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
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BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents
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CY2024Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Marketable Securities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsMarketableSecurities
313878000
CY2024Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Prepaid Expense And Other Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsPrepaidExpenseAndOtherAssets
12084000
CY2024Q2 rvmd Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Restricted Cash
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsRestrictedCash
633000
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BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherNoncurrentAssets
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CY2024Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Accounts Payable
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable
6893000
CY2024Q2 rvmd Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Accrued Expenses And Other Current Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccruedExpensesAndOtherCurrentLiabilities
30506000
CY2024Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net
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1153026000
us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
1097099000
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BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet
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BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet
55927000
CY2024Q2 rvmd Transaction Costs
TransactionCosts
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CY2024Q2 rvmd Fair Value Level1 Level2 Level3 Transfers Amount
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CY2023Q4 rvmd Fair Value Level1 Level2 Level3 Transfers Amount
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CY2024Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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CY2024Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
1936000
CY2024Q2 us-gaap Available For Sale Securities Debt Securities
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CY2023Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2023Q4 us-gaap Property Plant And Equipment Net
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us-gaap Depreciation
Depreciation
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us-gaap Depreciation
Depreciation
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CY2024Q2 rvmd Accrued Research And Development Expense Current
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CY2023Q4 rvmd Accrued Research And Development Expense Current
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CY2023Q4 rvmd Accrued Expenses And Other Current Liabilities
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55800000
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us-gaap Amortization Of Intangible Assets
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us-gaap Sublease Income
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us-gaap Sublease Income
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us-gaap Lease Cost
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3834000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2024Q2 rvmd Lessee Operating Lease Liability Payments Due After Year Four
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CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
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CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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54065000
CY2024Q2 us-gaap Operating Lease Liability
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87411000
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
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P11Y7M6D
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2024Q2 us-gaap Common Stock Shares Authorized
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us-gaap Common Stock Voting Rights
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CY2024Q2 rvmd Number Of Voting Rights Per Common Share
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us-gaap Dividends Common Stock
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CY2024Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
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CY2023Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
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us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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CY2023Q2 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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-133233000
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-98298000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-249236000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-166396000
CY2024Q2 rvmd Weighted Average Number Of Shares Outstanding Diluted
WeightedAverageNumberOfSharesOutstandingDiluted
165141936
CY2023Q2 rvmd Weighted Average Number Of Shares Outstanding Diluted
WeightedAverageNumberOfSharesOutstandingDiluted
106885561
rvmd Weighted Average Number Of Shares Outstanding Diluted
WeightedAverageNumberOfSharesOutstandingDiluted
164935542
rvmd Weighted Average Number Of Shares Outstanding Diluted
WeightedAverageNumberOfSharesOutstandingDiluted
100894443
CY2024Q2 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
0
CY2023Q2 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
1376
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
0
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
3068
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
165141936
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
165141936
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
106884185
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
106884185
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
164935542
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
164935542
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
100891375
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
100891375
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.81
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.81
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.92
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.92
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.51
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.51
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.65
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.65
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
20420782
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13045999

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