Revolution Medicines, Inc.

selective inhibitors behind these and we look forward to sharing more as these assets progress. Regarding our SHP2 inhibitor RMC4630, decisions about future development will be made after analysis of a complete data set from the RMC4630-03 study and other considerations including the potential of RMC6236 as a RAS companion inhibitor. Likewise, The future development of RMC5845, our SOS1 inhibitor, which is not expected to offer an advantage over RMC4630, will be evaluated following analysis of the complete RMC4630-03 dataset and other factors. Additionally, we are continuing to evaluate RMC5552 mTORC1-4-EBP1 as a single agent in a Phase 1-1B clinical study with the aim of studying it in the future as a RAS companion inhibitor for use in combination with RAS-on inhibitors, particularly in patients with RAS-addicted tumors exhibiting hyperactivation of the mTOR signaling pathway. We expect to provide additional characterization of the single agent profile for this compound at the upcoming triple meeting in October. Turning to important business news reported last Tuesday, We announced that Revolution Medicine signed an agreement to gain more than $1 billion in additional capital through the acquisition of EQRX, a deal that is focused entirely on strengthening our cash position. We summarized the terms and timing of this transaction last week and provided further details in our 8-K filing, which I encourage investors to review. With significant additional capital that is supportive of the enormous opportunity created by the scientific advances and clinical momentum we have established to date, this deal will reinforce and help us sustain our parallel development approach for our extensive Rasson inhibitor pipeline in multiple RAS-driven cancers by enhancing our balance sheet, thereby increasing our company's financial certainty in a challenging macro environment. We're pleased that initial feedback we've received from investors on the transaction has been very positive, And with important clinical updates in October and the anticipated close of the acquisition in November, the second half of this year promises to be action-packed. I'll now turn to Jack Anders, our CFO, to provide a financial update. Jack?

Thank you, Mark. Turning to our second quarter financials, we ended the quarter with $909.5 million in cash, cash equivalents, and investments. Total revenue for the second quarter of 2023 was $3.8 million, consisting of revenue from the company's now-terminated collaboration agreement with Sanofi. Total operating expenses for the second quarter of 2023 were $112.6 million. The increase in operating expenses over the prior year was largely due to clinical trial and manufacturing expenses for RMC-6236 and RMC 6291, research expenses associated with our preclinical portfolio, and an increase in personnel related expenses resulting from additional headcount. Net loss for the second quarter of 2023 was 98.3 million or 92 cents per share. We are reiterating our financial guidance and continue to expect full year 2023 gap net loss to be between 360 and 400 million which includes estimated non-cash stock-based compensation expense of 40 to 50 million note that we are pleased to strengthen our balance sheet further through the acquisition of eqrx a transaction we expect will close in november of this year but that our current financial guidance excludes the impact of this proposed transaction. And with that, I'll now turn the call back over to Mark.

Thank you, Jack. Reflecting on the quarter and looking ahead to the second half of the year, it is an exciting time for Revolution Medicines. With important clinical updates for both RMC 6236 and RMC 6291 in the fall, planning underway for late-stage development of RMC 6236, and a new clinical study of our first intra-pipeline combination featuring RMC-6236 and RMC-6291, RMC-9805 entering the clinic, and the anticipated close of the EQRx acquisition to help supercharge our work, we have a very full plate. Our first-grade team is passionate and highly energized about fulfilling our mission of discovering, developing, and delivering pioneering RAS on inhibitor drugs on behalf of patients with RAS-addicted cancers, and we are working hard to provide hope to these patients. Importantly, our work wouldn't be possible without the support of our patients, clinical investigators, scientific and business collaborators, advisors, and shareholders. This concludes our prepared remarks for today, and I'll now turn the call over to the operator for the Q&A session.