Revolution Medicines, Inc.

Good day, and thank you for standing by. Welcome to Revolution Medicine's fourth quarter 2025 earnings conference call. After the speaker's presentation, there will be a question and answer session. To ask a question during your session, you will need to press star 11 on your telephone. You will then hear an automated message advising that your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Ryan Acy, Senior Vice President of Corporate Affairs. Ryan, please go ahead.

Thank you, and welcome everyone to our fourth quarter and full year 2025 earnings call. Joining me on today's call are Dr. Mark Goldsmith, our Chairman and Chief Executive Officer, and Jack Anders, our Chief Financial Officer. Dr. Steve Kelsey, our President of Research and Development, Dr. Alan Sandler, our Chief Development Officer, Dr. Wei Lin, our Chief Medical Officer, and Anthony Mancini, our Chief Global Commercialization Officer, will join us for the Q&A portion of today's call. Before we begin, I'd like to remind everyone that certain statements we make during this call will be forward-looking because such statements deal with future events and are subject to many risks and uncertainties. Actual results may differ materially from those in the forward-looking statements. For a full discussion of these risks and uncertainties, please review our annual report on Form 10-K that is filed with the U.S. Securities and Exchange Commission. This afternoon, we released financial results for the quarter and full year ended December 31, 2025, and recent corporate updates. The press release is available on the Investors section of our website at RevMed.com. With that, I'll turn the call over to Dr. Mark Goldsmith, Revolution Medicine's Chairman and Chief Executive Officer. Mark?

Thanks, Ryan. Good afternoon, and thank you for joining us. We will keep our prepared remarks brief today, highlighting the substantial progress and growing momentum for our pioneering Rason inhibitor pipeline and outlining several important priorities for the year ahead. Jack Anders will summarize our financial results along with financial guidance for the year ahead. At Revolution Medicines, we remain steadfast in our commitment to revolutionizing treatment globally for patients living with RAS-addicted cancers through the discovery, development, and delivery of innovative, targeted medicines directed against these common mutational drivers of human cancers. As pioneers in the RAS targeting field, with a singular focus on RAS-addicted cancers and a great deal of validating data behind us, We are well positioned to continue building on important scientific drug discovery and clinical breakthroughs that have the potential to change standards of care for patients. Our efforts throughout 2025 strengthened our leadership position as we advanced our robust pipeline that includes four novel investigational drugs that target the major oncogenic RAS drivers. Duraxone RASib, our most advanced program, a groundbreaking RAS on multi-selective inhibitor, Alir on RACIB, a differentiated, highly active, and well-tolerated Rason G12C selective inhibitor, Zold on RACIB, an innovative, highly active, and well-tolerated Rason G12D selective inhibitor, and our newest clinical compound, RMC5127, a promising Rason G12D selective inhibitor. We have eight ongoing or planned phase three registrational trials and extensive clinical experience to date with more than 2,500 patients having received one or more of our RAS-on inhibitors in the aggregate. This clinical work is built upon the foundation of a strong discovery and preclinical platform that continues pushing the boundaries. Our virtuous cycle of innovation fuels how we discover new ways of targeting RAS through our highly productive Tricomplex platform, develop novel investigational drugs through robust and parallel clinical development plans, and systematically expand our commercialization and operational capabilities to deliver potential new therapies to patients globally. I'll provide an update on our clinical activities in pancreatic cancer, our most advanced clinical program. With more than 90% of pancreatic cancers being RAS-driven, there's a profound need for RAS-targeted therapies, which we aim to address with multiple registrational trials underway or that we plan to initiate in 2026. Dyraxon RASIB, our pioneering RAS on multi-selective inhibitor, has shown an unprecedented clinical profile across RAS mutations and lines of therapy, either alone or in combination with standards of care. Our broad conviction around Dyraxon RASIB was further strengthened by the U.S. FDA designation of Dyraxon RASIB as a breakthrough therapy and its award of one of the agency's first commissioner's national priority vouchers, based on its potential to address significant unmet needs in pancreatic cancer. We're currently evaluating Draxon RASIB in three randomized registrational studies in pancreatic cancer across lines of therapy. Resolute 302, a randomized registrational trial evaluating Draxon RASIB monotherapy in second-line metastatic disease. As a reminder, Resolute 302 employs a nested trial design the largest population of patients with tumors carrying a Ras G12 mutation in the core, and the expanded population that includes patients with tumors carrying other Ras mutations and tumors without a detected Ras mutation. The trial employs hierarchical testing to maximize the probability of success in the core population and potentially enable a broad label not requiring biomarker testing. With global enrollment now complete, we expect a readout to occur in the first half of 2026. In earlier lines of therapy, two randomized registrational studies were recently initiated. Resolute 303 is evaluating both Deraxon RACIB monotherapy and Deraxon RACIB in combination with chemotherapy in first-line metastatic disease. Evaluating both monotherapy and combination approaches may enable treatment optionality for physicians and patients. Rasolut 304 is evaluating duraxone-rasib monotherapy in the adjuvant setting in patients with resectable disease after receiving conventional surgery and perioperative chemotherapy. The data we've collected to date support our strong conviction that these studies have the potential to establish new global standards of care across lines of treatment for patients living with pancreatic cancer. Zoldanracib, our covalent G12D selective inhibitor, is another first-of-its-kind compound that has shown a highly differentiated safety and tolerability profile. We recently disclosed encouraging initial data from patients with metastatic pancreatic cancer receiving first-line treatment with the combination of Zoldanracib and Fulfironox. The initial safety and tolerability profile for the combination of both treatments was largely consistent with a well-known profile of modified fulfirinox alone, and a high zoldonracid dose intensity was maintained. As of the data cutoff date, 63% of patients achieved a partial response, either confirmed or pending confirmation. The disease control rate was 95%, and the vast majority of patients remained on treatment. With these data reinforcing confidence in this compelling G12D selective inhibitor, we plan to advance two first-line registrational combination studies this year. Today, we're pleased to announce that RASLUTE-305 has been initiated. RASLUTE-305 is a randomized, double-blind, placebo-controlled trial that is evaluating Zoldan RASB in combination with investigators' choice of either gemcitabine, NAB-paclitaxel, or modified Fulfironox chemotherapy compared to investigators' choice of chemotherapy with placebo. RASL309 will evaluate the RAS on inhibitor doublet combination of Zoldon RASib plus Durex on RASib, and we plan to initiate this trial in the second half of 2026. We plan to share clinical data from the initial trial of the Zoldon RASib plus gemcitabine-NAB-paclitaxel combination and the Zoldon RASib plus Durex on RASib RAS on inhibitor doublet combination in PDAC at one or more medical meetings this year. A second area of focus in which we've shown continued clinical advancement is non-small cell lung cancer. With approximately 30% of non-small cell lung cancers harboring a RAS mutation, including 18% with non-G12C mutations, this tumor type remains a key priority. To date, we've shown encouraging initial safety tolerability and anti-tumor activity in patients with RAS mutant lung cancers across our three lead compounds, that supports their potential to establish new standards of care. And we are building a set of registrational trials accordingly. Resolv301, our global randomized trial evaluating Draxon RACIB monotherapy in previously treated patients continues enrolling patients across sites both in the U.S. and globally. We anticipate substantially completing enrollment this year. We also expect to disclose our plans for advancing Draxon RACIB combination therapy and first-line non-small-cell lung cancer this year. With Zoldon RASIB and Aliron RASIB, we've reported highly encouraging safety tolerability and anti-tumor activity data from previously treated patients with lung tumors harboring RASG12D or G12C mutations, respectively. The Zoldon RASIB monotherapy expansion cohort is fully enrolled, and earlier this year, Zoldon RASIB was awarded breakthrough therapy designations. making it our third RAS-on inhibitor to have received this distinction. Building on these milestones, we are preparing to initiate Resolve 308, a first randomized registrational trial of Zolon RASib in combination with standard of care as a first-line treatment for patients with metastatic RAS G12D non-small cell lung cancers. For Aliron RACIB, we continue to evaluate this compelling G12C-selective inhibitor that has demonstrated a differentiated clinical profile in both G12C inhibitor-naive and G12C inhibitor-experienced lung cancer patients. We've reported encouraging results with monotherapy or in combinations with either pembrolizumab or as part of a RACON inhibitor doublet with Duraxone RACIB. And as we consider multiple approaches, We plan to share an update on a registrational strategy for Aliron RACIB this year. The third area of focus, colorectal cancer, remains of high interest and engagement for the company. Approximately 50% of patients with colorectal cancer harbor a RAS mutation. Given the genetically complex and heterogeneous nature of the disease, combinatorial approaches are key to maximizing clinical impact. We have a range of studies underway, including evaluating RAS on inhibitor doublets and evaluating RAS on inhibitors with current standards of care and with other novel approaches. We plan to provide visibility into combination data in colorectal cancer this year as we work toward prioritizing registrational opportunities. Our development efforts include several clinical collaborations, studying our RAS on inhibitors with new targeted therapies in clinical development. Our collaboration with Tango Therapeutics is studying our Rasson inhibitors in combination with Vopimetastat, Tango's MTA-cooperative PRMT5 inhibitor in patients with tumors carrying both a RAS mutation and MTAP deletion. We also recently entered into a clinical collaboration with Bristol-Myers Squibb to evaluate Teraxon Rassib in combination with Navlimetastat, its MTA-cooperative PRMT5 inhibitor, in patients with pancreatic cancer whose tumors carry both RAS mutation and M-TAP deletion. This collaboration extends our commitment to evaluating novel targeted agents, such as PRMT5 inhibitors, that may be appropriate to combine with RAS-on inhibitors in some settings. Our ongoing collaboration with Summit Therapeutics is evaluating our RAS-on inhibitor with Summit's PD-1 VEGF bispecific antibody, Ivernesimab, across multiple solid tumor settings. The first patient in this trial was recently dosed. We recently brought our fourth Rason inhibitor, the Rason G12V selective inhibitor RMC5127 into the clinic and announced that the first patient had been dosed in the first in human trial. We expect to identify a recommended monotherapy phase two dose for this compound in the second half of 2026. As leaders in developing treatment strategies for patients with RAS-addicted cancers, we recognize the importance of continuing to invest in new approaches that advance the science and have the potential to further transform treatment paradigms. Our discovery team continues pioneering novel approaches, including an innovative new class of RAS-on inhibitors from our laboratory designed to overcome RAS-driven drug resistance and thereby extend the clinical benefit of RAS-on inhibitors. As we disclosed in January, in preclinical pancreatic cancer and non-small cell lung cancer models that had developed resistance to duraxone racibs, treatment with a representative compound from this new class, RM055, drove deep and durable regressions. This year, we plan to share more information about this new class of compounds at a scientific meeting and later in the year to begin clinical development of a first compound from this class as our fifth investigational clinical-stage RAS on inhibitor. As late-stage programs, notably Deraxon RACID, advance toward possible commercialization, we are committed to building a world-class, end-to-end global oncology enterprise to deliver compelling targeted therapies to patients with RAS-addicted cancers. We have established a strong operational foundation to move with speed and agility to ensure a successful first commercial launch, initially focused in the U.S. market. To that end, we have made key strategic hires to form a strong leadership team of professionals who have established track records and launched some of the most impactful oncology products in recent years. In addition to recently onboarding regional field sales leadership to support the U.S. launch, recruitment for our first field sales team is now underway. I'd now like to turn the call over to Jack Anders, our CFO, to summarize our fourth quarter financial results and forward-looking guidance. Jack?