$RVMD
Revolution Medicines, Inc.

2020 Q3 Form 10-Q Financial Statement

#000156459020038663 Filed on August 10, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2020 Q2 2019 Q2
Revenue $12.66M $10.03M $12.28M
YoY Change 1.24% -18.37%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.340M $5.090M $2.730M
YoY Change 72.26% 86.45%
% of Gross Profit
Research & Development $34.87M $32.92M $20.12M
YoY Change 51.87% 63.63%
% of Gross Profit
Depreciation & Amortization $940.0K $900.0K $800.0K
YoY Change -44.05% 12.5%
% of Gross Profit
Operating Expenses $40.21M $38.01M $22.84M
YoY Change 54.24% 66.4%
Operating Profit -$27.98M -$10.56M
YoY Change 164.97%
Interest Expense $330.0K $19.00K $440.0K
YoY Change -55.41% -95.68%
% of Operating Profit
Other Income/Expense, Net $711.0K $442.0K
YoY Change 60.86%
Pretax Income -$27.22M -$27.27M -$10.12M
YoY Change 112.32% 169.52%
Income Tax $0.00 -$58.00K $0.00
% Of Pretax Income
Net Earnings -$27.22M -$27.22M -$10.12M
YoY Change 112.37% 168.95%
Net Earnings / Revenue -215.0% -271.47% -82.4%
Basic Earnings Per Share
Diluted Earnings Per Share -$419.5K -$463.3K -$0.22
COMMON SHARES
Basic Shares Outstanding 65.93M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $466.1M $325.4M
YoY Change 241.97%
Cash & Equivalents $64.87M $23.98M $85.48M
Short-Term Investments $401.3M $301.5M
Other Short-Term Assets $7.500M $7.600M
YoY Change 92.31%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $482.9M $340.4M
YoY Change 223.88%
LONG-TERM ASSETS
Property, Plant & Equipment $35.20M $7.102M
YoY Change 417.65%
Goodwill $14.61M
YoY Change
Intangibles $61.48M
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.100M $411.0K
YoY Change -45.0%
Total Long-Term Assets $112.2M $113.6M
YoY Change 31.07%
TOTAL ASSETS
Total Short-Term Assets $482.9M $340.4M
Total Long-Term Assets $112.2M $113.6M
Total Assets $595.1M $454.0M
YoY Change 153.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.700M $10.17M
YoY Change 11.67%
Accrued Expenses $22.50M $18.80M
YoY Change 93.97%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $100.0K $100.0K
YoY Change -50.0%
Total Short-Term Liabilities $42.40M $43.74M
YoY Change 9.84%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $40.50M $691.0K
YoY Change 122.53%
Total Long-Term Liabilities $40.50M $691.0K
YoY Change 122.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $42.40M $43.74M
Total Long-Term Liabilities $40.50M $691.0K
Total Liabilities $90.00M $93.46M
YoY Change 30.25%
SHAREHOLDERS EQUITY
Retained Earnings -$204.1M
YoY Change
Common Stock $564.3M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $505.1M $360.5M -$127.7M
YoY Change
Total Liabilities & Shareholders Equity $595.1M $454.0M
YoY Change 153.56%

Cashflow Statement

Concept 2020 Q3 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$27.22M -$27.22M -$10.12M
YoY Change 112.37% 168.95%
Depreciation, Depletion And Amortization $940.0K $900.0K $800.0K
YoY Change -44.05% 12.5%
Cash From Operating Activities -$27.02M -$19.99M -$11.50M
YoY Change 6.59% 73.83%
INVESTING ACTIVITIES
Capital Expenditures -$680.0K -$480.0K $630.0K
YoY Change -60.92% -176.19%
Acquisitions
YoY Change
Other Investing Activities -$100.3M -$136.0M -$55.32M
YoY Change -12.04% 145.9%
Cash From Investing Activities -$101.0M -$136.5M -$55.95M
YoY Change -12.77% 143.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 168.9M -1.330M 90.18M
YoY Change 68.58% -101.47%
NET CHANGE
Cash From Operating Activities -27.02M -19.99M -11.50M
Cash From Investing Activities -101.0M -136.5M -55.95M
Cash From Financing Activities 168.9M -1.330M 90.18M
Net Change In Cash 40.89M -157.8M 22.73M
YoY Change -199.93% -794.28%
FREE CASH FLOW
Cash From Operating Activities -$27.02M -$19.99M -$11.50M
Capital Expenditures -$680.0K -$480.0K $630.0K
Free Cash Flow -$26.34M -$19.51M -$12.13M
YoY Change 11.56% 60.84%

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us-gaap Proceeds From Issuance Of Common Stock
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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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CY2019Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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rvmd Unpaid Deferred Offering Costs
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CY2019Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2019Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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rvmd Increase Decrease In Deferred Revenue Related Party
IncreaseDecreaseInDeferredRevenueRelatedParty
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rvmd Increase Decrease In Deferred Revenue Related Party
IncreaseDecreaseInDeferredRevenueRelatedParty
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rvmd Proceeds From Sale Of Held For Sale Assets
ProceedsFromSaleOfHeldForSaleAssets
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Issuance Of Redeemable Convertible Preferred Stock
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us-gaap Payments For Repurchase Of Common Stock
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CY2020Q2 us-gaap Restricted Cash
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CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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rvmd Vesting Of Early Exercised Options And Restricted Stock
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rvmd Vesting Of Early Exercised Options And Restricted Stock
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AccruedResearchAndDevelopmentExpenseCurrent
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CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
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FinanceLeaseLiabilityCurrent
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CY2019Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
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CY2019Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
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79000
CY2019Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
5000
CY2019Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
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us-gaap Stockholders Equity Reverse Stock Split
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CY2020Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
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CY2020Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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us-gaap Use Of Estimates
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<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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, valuation of the redeemable convertible preferred stock liability, income taxes, useful lives of property and equipment and intangible assets, impairment of goodwill, and stock-based compensation. The extent to which the COVID-19 pandemic may directly or indirectly impact the Company&#8217;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&#8217;s condensed consolidated financial statements as of and for the three months ended June 30, 2020. Actual results could materially differ from the Company&#8217;s estimates, and there may be changes to the estimates in future periods<font style="font-style:italic;">.</font> </p>
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Recent Accounting Pronouncements Not Yet Adopted</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In June 2016, the FASB issued ASU No. 2016-13,<font style="font-style:italic;"> Financial Instruments&#8212;Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments</font> (ASU 2016-13), which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes will result in earlier recognition of credit losses. In November 2018, the FASB issued ASU No. 2018-19, <font style="font-style:italic;">Codification Improvements to Topic 326, Financial Instruments&#8212;Credit Losses</font> (ASU 2018-19) which narrowed the scope and changed the effective date for non-public entities for ASU 2016-13. The FASB subsequently issued supplemental guidance within ASU No. 2019-05, <font style="font-style:italic;">Financial Instruments&#8212;Credit Losses (Topic 326): Targeted Transition Relief</font> (ASU 2019-05). ASU 2019-05 provides an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. ASU 2016-13 is applicable to the Company for the fiscal year beginning on January 1, 2023. Early adoption is permitted. The Company is currently evaluating the impact the adoption of these ASUs will have on its consolidated financial statements and related disclosures.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In August 2018, the FASB issued ASU No. 2018-15, <font style="font-style:italic;">Intangibles&#8212;Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer&#8217;s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract</font> (ASU 2018-15). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use-software. This ASU is effective for the Company for the fiscal year beginning after December 31, 2020, and interim periods within fiscal years beginning after December 31, 2021. The Company is currently evaluating the impact of this ASU on the Company&#8217;s consolidated financial statements.</p> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In December 2019, the FASB issued ASU 2019-12, <font style="font-style:italic;">Income Taxes (Topic 740)-Simplifying the Accounting for Income Taxes</font> (ASU 2019-12). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and clarifying and amending existing guidance. ASU 2019-12 will be effective for the Company in the first quarter of 2021 with early adoption permitted. The Company is currently assessing the impact of ASU 2019-12 on its consolidated financial statements.</p>
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us-gaap Depreciation And Amortization
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us-gaap Depreciation And Amortization
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CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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CY2019Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
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CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2019Q4 us-gaap Finite Lived Intangible Assets Net
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CY2019 us-gaap Finite Lived Intangible Asset Useful Life
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us-gaap Goodwill Translation And Purchase Accounting Adjustments
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CY2020Q2 us-gaap Finance Lease Liability
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CY2020Q2 rvmd Lease Liabilities
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us-gaap Operating Lease Cost
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us-gaap Sublease Income
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CY2020Q2 rvmd Tenant Improvement Allowance Credits
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rvmd Tenant Improvement Allowance Credits
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CY2020Q2 us-gaap Operating Lease Payments
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us-gaap Operating Lease Payments
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CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
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CY2020Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2020Q2 rvmd Lessee Operating Lease Liability Tenant Improvement Allowance
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CY2020Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2019Q4 rvmd Operating And Capital Leases Future Minimum Payments Due In Two Years
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CY2019Q4 rvmd Operating And Capital Leases Future Minimum Payments Due
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CY2019Q4 rvmd Future Minimum Sublease Income Receivable Due Current
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CY2019Q4 rvmd Future Minimum Sublease Income Receivable In Two Years
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CY2019Q4 rvmd Future Minimum Sublease Income Receivable In Three Years
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CY2019Q4 rvmd Future Minimum Sublease Income Receivable In Four Years
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CY2019Q4 rvmd Future Minimum Sublease Income Receivable
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CY2019Q4 rvmd Operating And Capital Leases Future Minimum Payments Net Of Sublease Income Due Current
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CY2019Q4 rvmd Operating And Capital Leases Future Minimum Payments Net Of Sublease Income In Two Years
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CY2019Q4 rvmd Operating And Capital Leases Future Minimum Payments Net Of Sublease Income In Three Years
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CY2019Q4 rvmd Operating And Capital Leases Future Minimum Payments Net Of Sublease Income In Four Years
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CY2019Q4 rvmd Operating And Capital Leases Future Minimum Payments Net Of Sublease Income
OperatingAndCapitalLeasesFutureMinimumPaymentsNetOfSubleaseIncome
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CY2019Q4 us-gaap Capital Lease Obligations
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CY2019 us-gaap Operating Leases Rent Expense Net
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CY2019Q4 us-gaap Temporary Equity Value Excluding Additional Paid In Capital
TemporaryEquityValueExcludingAdditionalPaidInCapital
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us-gaap Common Stock Voting Rights
CommonStockVotingRights
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CY2020Q2 rvmd Number Of Voting Rights Per Common Share
NumberOfVotingRightsPerCommonShare
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us-gaap Dividends Common Stock
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CY2020Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
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CY2019Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
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CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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us-gaap Stock Issued During Period Shares Stock Options Exercised
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
5691470
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
1913729
CY2020Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
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23700000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P2Y9M18D
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
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CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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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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CY2020Q2 rvmd Shares Of Common Stock Subject To Repurchase
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CY2019Q4 rvmd Shares Of Common Stock Subject To Repurchase
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CY2020Q2 rvmd Exercise Price Of Early Exercised Shares Of Common Stock
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200000
CY2019Q4 rvmd Exercise Price Of Early Exercised Shares Of Common Stock
ExercisePriceOfEarlyExercisedSharesOfCommonStock
300000
CY2020Q2 rvmd Weighted Average Number Of Shares Issued Basic And Diluted
WeightedAverageNumberOfSharesIssuedBasicAndDiluted
59013236
CY2019Q2 rvmd Weighted Average Number Of Shares Issued Basic And Diluted
WeightedAverageNumberOfSharesIssuedBasicAndDiluted
3193469
rvmd Weighted Average Number Of Shares Issued Basic And Diluted
WeightedAverageNumberOfSharesIssuedBasicAndDiluted
44314960
rvmd Weighted Average Number Of Shares Issued Basic And Diluted
WeightedAverageNumberOfSharesIssuedBasicAndDiluted
3194237
CY2020Q2 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
260742
CY2019Q2 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
474896
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
289588
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
513374
CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6083832
CY2019Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
41833278
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6083832
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
41833278

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