RVMDRevolution Medicines, Inc.

Revolution Medicines develops drugs against RAS mutations — a target long considered undruggable.

RAS-family mutations occur in a substantial share of pancreatic, lung and colorectal tumours, and until recently no drug could be found for them. The company develops compounds acting on the active form of the protein, and the potential market is very large.

The company has no revenue: it is at the clinical trial stage, and its value is set entirely by the probability of success. Such a stock moves on trial data rather than on financial results, and the risk is binary — failure in a pivotal study devalues the programme. The key question is not only efficacy but durability: tumours develop resistance, and how long a response lasts decides the drug's fate. Funding comes from share issuance.