Zoldon combos build on Daraxon’s lead; may have favorable implications for 1L du

研报英文原文证据摘录

Zoldon combos build on Daraxon’s lead; may have favorable implications for 1L du

Flash Note Health Care | Biotechnology / SMID Cap

June 25, 2026

Revolution Medicines, Inc. Cory Kasimov Noah Eisenberg 917-733-5320 212-446-5622

RVMD | $169.88 cory.kasimov@evercoreisi.com noah.eisenberg@evercoreisi.com

Outperform | Target Price/Base Case: $220.00 Johnny Phan Joshua Chazaro, MD

Commentary 646-705-1846 917-750-5601

johnny.phan@evercoreisi.com joshua.chazaro@evercoreisi.com

Zoldon combos build on Daraxon’s lead; may have favorable implications for 1L

durability

RVMD’s two ESMO Gastrointestinal Cancers abstracts (340O/341O) are compelling for the broader RAS(ON) story

and highlight the dynamic evolution of the franchise post-RASolute 302. These data underscore that combo regimens

can strengthen the platform in multiple directions: internal chemo-free RAS(ON) doublets and SoC chemo

combinations in 1L. Importantly, they also reinforce a point we made on the daraxon + PRMT5i combo data: current

Street expectations for 1L DoT/durability may be too low. With deeper responses and pot’l improvements in PFS/OS,

we think the durability upside in 1L PDAC remains underappreciated and could further strengthen RVMD’s moat as

competition increases. Reit OP.

Key takeaways:

• Doublet looks impressive in 2L+ PDAC and supports the RASolute 309 rationale. Zoldon + daraxon delivered

50% ORR / 89% 6-mo OS in 2L and 47% / 82% in 3L+ KRAS G12D mPDAC (n=30 each; mFU 12.2mo), well

ahead of daraxon mono in RASolute 302 (~32% ORR). Safety was manageable and consistent with a daraxon-

containing regimen: rash 90%, diarrhea 63%, nausea 57%; Gr3+ TRAEs 35%, no Gr4, one Gr5 intestinal

perforation. To us, this is the clearest evidence yet that a RAS(ON) doublet is additive to monotherapy, and