RVMD: Don't Miss the Forest for the G12D Trees

We believe RVMD's sell-off overstates the G12D concern. Survival benefit, not subgroup ORR, is the key clinical measure, while Rasonque's broad activity and the zoldonrasib combination preserve a compelling G12D opportunity. Investors appear to have interpreted the FDA review as suggesting that KRAS G12D PDAC, the largest RAS genotype subgroup in pancreatic cancer, may represent a relative vulnerability for Rasonque given the lower observed ORR, raising concerns around both competitive positioning and the drug's longer-term commercial opportunity. We believe that interpretation risks placing weight on an exploratory G12D ORR subgroup analysis while overlooking the endpoint that ultimately matters most: overall survival. The FDA's own approval summary states that RASolute 302 demonstrated statistically significant improvements in OS, PFS and ORR versus chemotherapy in both the RAS G12 population and the overall population. In the overall study, Rasonque delivered median OS of 13.2 month