New York, June 1, 2026, 08:03 (EDT)
- Revolution Medicines’ daraxonrasib doubled median survival versus chemotherapy in a Phase 3 pancreatic cancer trial.
- RVMD was last quoted at $157.48 before the Nasdaq open; regular U.S. trading had not yet started.
- The FDA has allowed expanded access, but the drug remains unapproved.
Revolution Medicines’ shares were in focus before the bell on Monday after the company’s experimental pancreatic cancer pill delivered full late-stage data that doctors described as a potential shift in care for one of the hardest cancers to treat.
RVMD was last quoted at $157.48 in premarket dealing at 7:46 a.m. EDT, with a market value of about $31.2 billion, according to market data. Nasdaq’s regular session had not opened; premarket trading can be thinner, meaning early moves may not hold once cash trading starts.
The reason this matters now is not just that the study was positive. It is that the full 500-patient trial, presented Sunday at the American Society of Clinical Oncology meeting, showed daraxonrasib cut the risk of death by 60% versus standard chemotherapy in previously treated metastatic pancreatic cancer, Reuters reported. Dr. Rachna Shroff, an ASCO expert from the University of Arizona Cancer Center, said: “It ticks all of the boxes.” Reuters
The company said median overall survival — the middle point at which half the patients are still alive — was 13.2 months for daraxonrasib against 6.7 months for chemotherapy in the overall study population. Progression-free survival, meaning time before the cancer worsens or death occurs, was 7.2 months versus 3.6 months.
The data also give investors a clearer regulatory path. Revolution said it plans to submit the results to global regulators, including the U.S. Food and Drug Administration, as part of a new drug application under the FDA Commissioner’s National Priority Voucher program, a pilot intended to speed review of drugs tied to national health priorities.
Daraxonrasib is a RAS(ON) inhibitor, a drug designed to block active RAS proteins that help cancers grow. RAS mutations are common in pancreatic cancer and were long viewed as difficult to attack with drugs.
“While not curing the cancer, it is a very large step forward,” Dr. Zev Wainberg of UCLA, who helped lead the study, told the Associated Press. Dr. Brian Wolpin of Dana-Farber, who presented the findings, said the drug should become “a new standard of care” for previously treated metastatic pancreatic cancer. AP News
The FDA on May 1 permitted expanded access to daraxonrasib for patients with previously treated metastatic pancreatic ductal adenocarcinoma, a serious form of pancreatic cancer. Expanded access lets some patients receive an investigational medicine outside a clinical trial when options are limited, but it is not the same as approval.
Competition is still relevant, even if Revolution has the cleanest headline this week. Amgen’s Lumakras and Bristol Myers Squibb’s Krazati are approved KRAS G12C-targeted drugs in some cancers, but those drugs address a narrower mutation group than Revolution’s multi-selective RAS approach.
Revolution has also used the rally in its shares to shore up its balance sheet. The company said in May it had $1.9 billion in cash, cash equivalents and marketable securities at March 31, and later received $2.1 billion in net proceeds from April financings. That gives it room to fund trials and launch preparation, but expenses are rising fast: first-quarter net loss widened to $453.8 million from $213.4 million a year earlier.
The risk is that a good trial does not remove execution risk. The drug still needs regulatory approval, manufacturing scale-up and payer acceptance; rash and mouth sores were among the notable side effects, and the company reported one treatment-related death from pneumonitis in the daraxonrasib arm.
There is also a market risk. RVMD has already priced in a lot of success after a sharp run this year, so any delay, label restriction, safety debate or stronger rival data could hit the stock harder than the clinical story alone might suggest.
For now, the bull case is simple: Revolution has full Phase 3 data in a cancer with few good options, a fast-access signal from the FDA, and cash to move. The next question is whether regulators move as quickly as investors already have.
