Market Newsdesk

LOUISVILLE, Ky., Feb. 27, 2023 (GLOBE NEWSWIRE) — LogicMark, Inc. (NASDAQ: LGMK) (the “Company”) today announced that the Company plans to adjourn the Special Meeting of Stockholders, which had been scheduled for Tuesday, February 28, 2023 at 1:00 p.m. (Eastern Time), to Thursday, March 2, 2023 at 1:00 p.m. (Eastern Time), to be held at the offices of Sullivan & Worcester LLP at 1633 Broadway, 32nd Floor, New York, NY 10019. The Company will announce such adjournment at the currently scheduled Special Meeting.

The Company is adjourning the Special Meeting to allow its stockholders additional time to vote on the proposals that are described in the Proxy Statement on Schedule 14A, filed with the U.S. Securities and Exchange Commission on January 31, 2023, as amended on February 2, 2023, and mailed to stockholders on or about February 1, 2023 (the “Proxy Statement”).

Each stockholder’s vote matters and is important no matter how many shares that they own. The Company requests that its stockholders please take the time to read and respond to the Company’s proxy materials that were previously provided to them and vote promptly. Voting on the Internet will require that the Company’s stockholders have their proxy control number available. That number is either printed on the voting instruction form, if stockholders received a physical copy of the proxy materials, or accessible through the voting portal, if the proxy materials were electronically delivered. Stockholders who have sold their shares but were a holder of record at the close of business on January 25, 2023, the record date for the Special Meeting, remain entitled to vote. The Company encourages its stockholders who have already voted against any of the proposals in the Proxy Statement to reconsider how they voted. In particular, the Board encourages stockholders to vote “FOR” each of the proposals described in the Proxy Statement.

Stockholders who need assistance in submitting their proxy or voting their shares should call the Company’s proxy solicitor, Laurel Hill Advisory Group, at 888-742-1305.

About LogicMark, Inc.

LogicMark, Inc. (Nasdaq: LGMK) provides personal emergency response systems (PERS), health communications devices and technologies to create a Connected Care Platform. The Company’s devices give people the ability to receive care at home and confidence to age in place. LogicMark revolutionized the PERS industry by incorporating two-way voice communication technology directly into its medical alert pendant and providing this life-saving technology at a price point everyday consumers can afford. The Company’s PERS technologies are sold through the United States Veterans Health Administration and dealers/distributors. LogicMark has been awarded a contract by the U.S. General Services Administration that enables the Company to distribute its products to federal, state, and local governments.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management’s current expectations, as of the date of this press release, and involve certain risks and uncertainties. Forward-looking statements include statements herein with respect to the Special Meeting, the proposals in the Proxy Statement and the successful execution of the Company’s business strategy. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Such risks and uncertainties include, among other things, our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; the availability of financing; the Company’s ability to implement its long range business plan for various applications of its technology; the Company’s ability to enter into agreements with any necessary marketing and/or distribution partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the Company’s technology; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company’s reports filed with the SEC.

Investor Relations Contact:

CORE IR
[email protected]
516 222 2560

Media:

Jules Abraham
[email protected]

Note: Notwithstanding the foregoing or anything to the contrary contained herein, due to ongoing public health concerns regarding the COVID-19 pandemic and for the health and well-being of our stockholders, directors, management and associates, the Company is planning for the possibility that there may be limitations on attending the Special Meeting in person, or the Company may decide to hold the Special Meeting on a different date, at a different location or by means of remote communication (i.e., a “virtual meeting”).

EMERYVILLE, Calif., Feb. 27, 2023 (GLOBE NEWSWIRE) — Gritstone bio, Inc. (Nasdaq: GRTS), a clinical-stage biotechnology company working to develop the world’s most potent vaccines, today announced that Andrew Allen, M.D., Ph.D., Gritstone’s Co-founder, President and Chief Executive Officer will participate in the “Novel Immuno-Oncology” panel at the Cowen 43^rd Annual Healthcare Conference on March 6, 2023.

Panel Details


Title: Novel I-O Corporate Panel
Date and Time: Monday, March 6, 2023 from 9:10 to 10:10am ET
Location: Boston Marriott Copley Place, 110 Huntington Ave, Boston, MA 02116

A live webcast of the panel will be available at https://ir.gritstonebio.com/investors/events. An archived replay will be accessible for 30 days following the event.

About Gritstone bio

Gritstone is working to create the world’s most potent vaccines. We leverage our innovative vectors and payloads to train multiple arms of the immune system to attack critical disease targets and have programs in viral diseases and solid tumors. Independently and with our partners, we are advancing a portfolio of product candidates with the aim of improving patient outcomes and eliminating disease. www.gritstonebio.com

Gritstone Contacts


Investors:
George E. MacDougall
Director, Investor Relations & Corporate Communications
Gritstone bio, Inc.
[email protected]

Media:
Dan Budwick
1AB
(973) 271-6085
[email protected] 

MONTCLAIR, N.J., Feb. 27, 2023 (GLOBE NEWSWIRE) — 180 Degree Capital Corp. (NASDAQ:TURN) (“180” and the “Company”), today provided interim updates from Q1 2023, including an estimated net asset value per share (“NAV”) of $7.08, or an increase of 12.0% from the end of 2022¹.

“Following our disappointing results in 2022, we are pleased to report that 2023 has started off with a material rebound in our NAV,” said Kevin M. Rendino, Chief Executive Officer of 180. “The gross total return of our public and related holdings from the end of 2022 through February 23, 2023, of approximately 14.8% has further reduced the percentage of our legacy private holding percentage of NAV to approximately 12%². This performance compares favorably to the overall public markets, including the total return of the Russell Microcap Index of 7.0%. Additionally, 180’s balance sheet as of February 23, 2023, was comprised of approximately 87% of public and related assets and only 13% of legacy private holdings.”

“While it is still very early in 2023, and the performance for the quarter and full year may be materially different than as of February 23, 2023, we are encouraged by the start of 2023 and thought it important to provide this interim update to shareholder,” added Daniel Wolfe, President of 180. “As 180’s assets are now comprised substantially of publicly traded investments, 180’s NAV is significantly easier for shareholders to estimate, particularly relative to 180’s price per share. We also believe it will be easier for us going forward to provide a closer look at our business at various points of the year outside of our normal reporting cycle. We believe this increased transparency should also lead to a narrowing of the discount of 180’s stock price versus its NAV.”

180 reminds shareholders that Mr. Rendino and Mr. Wolfe will host a conference call tomorrow, Tuesday, February 28, 2023, at 9am Eastern Time, to discuss the results from Q4 2022 and developments during Q1 2023. The call can be accessed by phone at (609) 746-1082 passcode 415049 or via the web at https://www.freeconferencecall.com/wall/180degreecapital. Additionally, slides that will be referred to during the presentation can be found on 180’s investor relations website at https://ir.180degreecapital.com/ir-calendar.

About 180 Degree Capital Corp.

180 Degree Capital Corp. is a publicly traded registered closed-end fund focused on investing in and providing value-added assistance through constructive activism to what we believe are substantially undervalued small, publicly traded companies that have potential for significant turnarounds. Our goal is that the result of our constructive activism leads to a reversal in direction for the share price of these investee companies, i.e., a 180-degree turn. Detailed information about 180 and its holdings can be found on its website at www.180degreecapital.com.

Press Contact:
Daniel B. Wolfe
180 Degree Capital Corp.
973-746-4500
[email protected]

Mo Shafroth
Peaks Strategies
[email protected]  

Forward-Looking Statements

This press release may contain statements of a forward-looking nature relating to future events. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect the Company’s current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this press release. Please see the Company’s securities filings filed with the Securities and Exchange Commission for a more detailed discussion of the risks and uncertainties associated with the Company’s business and other significant factors that could affect the Company’s actual results. Except as otherwise required by Federal securities laws, the Company undertakes no obligation to update or revise these forward-looking statements to reflect new events or uncertainties. The reference and link to the website www.180degreecapital.com has been provided as a convenience, and the information contained on such website is not incorporated by reference into this press release. 180 is not responsible for the contents of third-party websites.

1. Estimated net asset value per share on February 23, 2023, is based solely on the changes in value of Level 1 assets and cash. The remaining components of net asset value per share are the same as those included in the Company’s Annual Report on Form N-CSR as of December 31, 2022. The actual net asset value per share and percentages may be materially different as of March 31, 2023, from the estimate included in this press release.

2. Past performance is not an indication or guarantee of future performance. Gross unrealized and realized total returns of 180’s cash and securities of publicly traded companies are compounded on a quarterly basis, and intra-quarter cash flows from investments in or proceeds received from privately held investments are treated as inflows or outflows of cash available to invest or withdrawn, respectively, for the purposes of this calculation. 180 is an internally managed registered closed-end fund that has a portion of its assets in legacy privately held companies that are fair valued on a quarterly basis by the Valuation Committee of its Board of Directors, and 180 does not have an external manager that is paid fees based on assets and/or returns. Please see 180’s filings with the SEC, including its 2022 Annual Report on Form N-CSR for information on its expenses and expense ratios.

OAKLAND, Calif., Feb. 27, 2023 (GLOBE NEWSWIRE) — ThredUp Inc. (Nasdaq: TDUP), one of the largest online resale platforms for apparel, shoes, and accessories, announced today that CEO and co-founder James Reinhart and CFO Sean Sobers will participate in the following investor conference:

Morgan Stanley Technology, Media and Telecom Conference

Thursday, March 9, 2023
11:55 AM – 12:25 PM PST / 2:55 – 3:25 PM EST

The event will be webcast live on thredUP’s investor website athttps://ir.thredup.com/. A replay will be available for 30 days following the event.

About thredUP

thredUP is transforming resale with technology and a mission to inspire a new generation of consumers to think secondhand first. By making it easy to buy and sell secondhand, thredUP has become one of the world’s largest online resale platforms for apparel, shoes and accessories. Sellers love thredUP because we make it easy to clean out their closets and unlock value for themselves or for the charity of their choice while doing good for the planet. Buyers love shopping value, premium and luxury brands all in one place, at up to 90% off estimated retail price. Our proprietary operating platform is the foundation for our managed marketplace and consists of distributed processing infrastructure, proprietary software and systems and data science expertise. With thredUP’s Resale-as-a-Service, some of the world’s leading brands and retailers are leveraging our platform to deliver customizable, scalable resale experiences to their customers. thredUP has processed over 137 million unique secondhand items from 55,000 brands across 100 categories. By extending the life cycle of clothing, thredUP is changing the way consumers shop and ushering in a more sustainable future for the fashion industry.

Investor Contact

Lauren Frasch
[email protected]

Media Contact

Christina Berger
[email protected]

• 
  Fourth
  
  
  quarter total revenue of
  
  
  $1,117.8 million
  
  
  , up
  
  
  4%
  
  
  year over year as reported and
  
  
  6%
  
  
  in constant currency; full fiscal year total revenue of
  
  
  $4,393.0 million
  
  
  , up
  
  
  7%
  
  
  year over year as reported and
  
  
  9%
  
  
  in constant
  
  
  currency
  
• 
  Fourth
  
  
  quarter Enterprise revenue of
  
  
  $636.1 million
  
  
  , up
  
  
  18%
  
  
  year over year; full fiscal year Enterprise revenue of
  
  
  $2,409.3 million
  
  
  , up
  
  
  24%
  
  
  year over year
  
• 
  Year-end number of customers contributing more than $100,000 in trailing 12 months revenue up approximately
  
  
  27%
  
  
  year over year
  
  

SAN JOSE, Calif., Feb. 27, 2023 (GLOBE NEWSWIRE) — Zoom Video Communications, Inc. (NASDAQ: ZM), a leading provider of video-first unified communications, today announced financial results for the fourth quarter and fiscal year ended January 31, 2023.

“In fiscal year 2023, our growing base of Enterprise customers increasingly looked to Zoom to provide a seamless communication and collaboration platform, and drive productivity and efficiency during turbulent times,” said Zoom founder and CEO, Eric S. Yuan. “This was evident in the 27% growth in customers contributing more than $100,000 in trailing 12 months revenue, as well as the 115% trailing 12-month net dollar expansion rate for Enterprise customers. Zoom One adoption continued to accelerate and helped drive Zoom Phone to grow more than 100% year over year, surpassing 5.5 million seats in Q4. Our emerging technologies such as Zoom Contact Center picked up pace as customer experience teams recognized the value of a modern, integrated collaboration solution. While the macroeconomic situation continues to negatively impact our overall growth, we have maintained a healthy balance sheet and operating cash flow generation of approximately $1.29 billion.”

Fourth
Quarter Fiscal Year
2023
Financial Highlights:

• Revenue: Total revenue for the fourth quarter was $1,117.8 million, up 4% year over year. After adjusting for foreign currency impact, revenue in constant currency was $1,140.2 million, up 6% year over year. Enterprise revenue was $636.1 million, up 18% year over year, and Online revenue was $481.7 million, down 10% year over year.
• (Loss) Income from Operations and Operating Margin: GAAP (loss) from operations for the fourth quarter was $(129.9) million, compared to GAAP income from operations of $251.8 million in the fourth quarter of fiscal year 2022. The GAAP loss from operations for the fourth quarter was due to additional stock-based compensation expense related to a change to our supplemental equity grant program. After adjusting for stock-based compensation expense and related payroll taxes, and acquisition-related expenses, non-GAAP income from operations for the fourth quarter was $404.8 million, down from $420.3 million in the fourth quarter of fiscal year 2022. For the fourth quarter, GAAP operating margin was (11.6)% and non-GAAP operating margin was 36.2%.
• Net (Loss) Income and Diluted Net (Loss) Income Per Share: GAAP net (loss) attributable to common stockholders for the fourth quarter was $(104.1) million, or $(0.36) per share, compared to GAAP net income attributable to common stockholders of $490.5 million, or $1.60 per share in the fourth quarter of fiscal year 2022.

  Non-GAAP net income for the fourth quarter was $366.6 million, after adjusting for stock-based compensation expense and related payroll taxes, acquisition-related expenses, gains on strategic investments, net, income tax benefits from discrete activities, and undistributed earnings attributable to participating securities. Non-GAAP net income per share was $1.22. In the fourth quarter of fiscal year 2022, non-GAAP net income was $393.6 million, or $1.29 per share.

• Cash and Marketable Securities: Total cash, cash equivalents, and marketable securities, excluding restricted cash, as of January 31, 2023 was $5,412.7 million.
• Cash Flow: Net cash provided by operating activities was $211.6 million for the fourth quarter, compared to $209.4 million in the fourth quarter of fiscal year 2022. Free cash flow, which is net cash provided by operating activities less purchases of property and equipment, was $183.3 million, compared to $188.6 million in the fourth quarter of fiscal year 2022.

Full Fiscal Year
2023
Financial Highlights:

• Revenue: Total revenue for the fiscal year was $4,393.0 million, up 7% year over year. After adjusting for foreign currency impact, revenue in constant currency was $4,462.0 million, up 9% year over year. Enterprise revenue was $2,409.3 million, up 24% year over year, and Online revenue was $1,983.6 million, down 8% year over year.
• Income from Operations and Operating Margin: GAAP income from operations for the fiscal year was $245.4 million, compared to $1,063.6 million for fiscal year 2022. After adjusting for stock-based compensation expense and related payroll taxes, litigation settlements, net, and acquisition-related expenses, non-GAAP income from operations for the fiscal year was $1,579.1 million, down from $1,657.1 million for fiscal year 2022. For the fiscal year, GAAP operating margin was 5.6% and non-GAAP operating margin was 35.9%.
• Net Income and Diluted Net Income Per Share: GAAP net income attributable to common stockholders for the fiscal year was $103.7 million, or $0.34 per share, compared to GAAP net income attributable to common stockholders of $1,375.1 million, or $4.50 per share for fiscal year 2022.

  Non-GAAP net income for the fiscal year was $1,329.0 million, after adjusting for stock-based compensation expense and related payroll taxes, acquisition-related expenses, losses on strategic investments, net, litigation settlements, net, income tax benefits from discrete activities, and undistributed earnings attributable to participating securities. Non-GAAP net income per share was $4.37. In fiscal year 2022, non-GAAP net income was $1,549.1 million, or $5.07 per share.

• Cash Flow: Net cash provided by operating activities was $1,290.3 million for the fiscal year, compared to $1,605.3 million for fiscal year 2022. Free cash flow, which is net cash provided by operating activities less purchases of property and equipment, was $1,186.4 million, compared to $1,472.7 million for fiscal year 2022.

Customer Metrics: Drivers of total revenue included acquiring new customers and expanding across existing customers. At the end of the fourth quarter of fiscal year 2023, Zoom had:

• Approximately 213,000 Enterprise customers, up 12% year over year.
• A trailing 12-month net dollar expansion rate for Enterprise customers of 115%.
• 3,471 customers contributing more than $100,000 in trailing 12 months revenue, up approximately 27% from the same quarter last fiscal year.
• Online average monthly churn of 3.4% for Q4, down 40 bps from the same quarter last fiscal year.
• The percentage of total Online MRR from Online customers with a continual term of service of at least 16 months was 72.0%, up 1,300 bps year over year.

Financial Outlook: Zoom is providing the following guidance for its first quarter of fiscal year 2024 and its full fiscal year 2024.

• First Quarter Fiscal Year 2024: Total revenue is expected to be between $1.080 billion and $1.085 billion and revenue in constant currency is expected to be between $1.097 billion and $1.102 billion. Non-GAAP income from operations is expected to be between $374.0 million and $379.0 million. First quarter non-GAAP diluted EPS is expected to be between $0.96 and $0.98 with approximately 304 million non-GAAP weighted average shares outstanding.
• Full Fiscal Year 2024: Total revenue is expected to be between $4.435 billion and $4.455 billion and revenue in constant currency is expected to be between $4.458 billion and $4.478 billion, Non-GAAP income from operations is expected to be between $1.606 billion and $1.626 billion. Full fiscal year non-GAAP diluted EPS is expected to be between $4.11 and $4.18 with approximately 309 million non-GAAP weighted average shares outstanding.

Additional information on Zoom’s reported results, including a reconciliation of the non-GAAP results to their most comparable GAAP measures, is included in the financial tables below. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future, although it is important to note that these factors could be material to Zoom’s results computed in accordance with GAAP.

A supplemental financial presentation and other information can be accessed through Zoom’s investor relations website at investors.zoom.us.

Zoom Video Earnings Call

Zoom will host a Zoom Video Webinar for investors on February 27, 2023 at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time to discuss the company’s financial results, business highlights and financial outlook. Investors are invited to join the Zoom Video Webinar by visiting: https://investors.zoom.us/

About Zoom

Zoom is for you. Zoom is a space where you can connect to others, share ideas, make plans, and build toward a future limited only by your imagination. Our frictionless communications platform is the only one that started with video as its foundation, and we have set the standard for innovation ever since. That is why we are an intuitive, scalable, and secure choice for large enterprises, small businesses, and individuals alike. Founded in 2011, Zoom is publicly traded (NASDAQ:ZM) and headquartered in San Jose, California. Visit zoom.com and follow @zoom.

Forward-Looking Statements

This press release contains express and implied “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Zoom’s financial outlook for the first quarter of fiscal year 2024 and full fiscal year 2024, Zoom’s market position, opportunities, and growth strategy, product initiatives and go-to-market motions and the expected benefits resulting from the same, and market trends. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “target,” “explore,” “continue,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the statements, including: declines in new customers and hosts, renewals or upgrades, difficulties in evaluating our prospects and future results of operations given our limited operating history, competition from other providers of communications platforms, continued uncertainty regarding the extent and duration of the impact of COVID-19 and the responses of government and private industry thereto, including the potential effect on our user growth rate as the impact of the COVID-19 pandemic tapers, particularly as users return to work or school or are otherwise no longer subject to limitations on in-person meetings, as well as the impact of COVID-19 and other macroeconomic conditions, including inflation, on the overall economic environment, any or all of which will have an impact on demand for remote work solutions for businesses as well as overall distributed, face-to-face interactions and collaboration using Zoom, delays or outages in services from our co-located data centers, failures in internet infrastructure or interference with broadband access which could cause current or potential users to believe that our systems are unreliable, market volatility, and global security concerns and their potential impact on regional and global economies and supply chains. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in our most recent filings with the Securities and Exchange Commission (the “SEC”), including our quarterly report on Form 10-Q for the fiscal quarter ended October 31, 2022. Forward-looking statements speak only as of the date the statements are made and are based on information available to Zoom at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. Zoom assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

Non-GAAP Financial Measures

Zoom has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Zoom uses these non-GAAP financial measures internally in analyzing its financial results and believes that use of these non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing Zoom’s financial results with other companies in its industry, many of which present similar non-GAAP financial measures.

Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with Zoom’s consolidated financial statements prepared in accordance with GAAP. A reconciliation of Zoom’s historical non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliation.

Non-GAAP Income From Operations and Non-GAAP Operating Margin. Zoom defines non-GAAP income from operations as income from operations excluding stock-based compensation expense and related payroll taxes, acquisition-related expenses, and litigation settlements, net. Zoom excludes stock-based compensation expenses because it is non-cash in nature and excluding this expense provides meaningful supplemental information regarding Zoom’s operational performance and allows investors the ability to make more meaningful comparisons between Zoom’s operating results and those of other companies. Zoom excludes the amount of employer payroll taxes related to employee stock plans, which is a cash expense, in order for investors to see the full effect that excluding stock-based compensation expense had on Zoom’s operating results. In particular, this expense is dependent on the price of our common stock and other factors that are beyond our control and do not correlate to the operation of the business. Zoom views acquisition-related expenses when applicable, such as amortization of acquired intangible assets, transaction costs, and acquisition-related retention payments that are directly related to business combinations as events that are not necessarily reflective of operational performance during a period. Zoom excludes significant litigation settlements, net of amounts covered by insurance, that we deem not to be in the ordinary course of our business. In particular, Zoom believes the consideration of measures that exclude such expenses can assist in the comparison of operational performance in different periods which may or may not include such expenses and assist in the comparison with the results of other companies in the industry.

Non-GAAP Net Income and Non-GAAP Net Income Per Share, Basic and Diluted. Zoom defines non-GAAP net income and non-GAAP net income per share, basic and diluted, as GAAP net income attributable to common stockholders and GAAP net income per share attributable to common stockholders, basic and diluted, respectively, adjusted to exclude stock-based compensation expense and related payroll taxes, acquisition-related expenses, gains/losses on strategic investments, net, litigation settlements, net, income tax benefits from discrete activities, and undistributed earnings attributable to participating securities, including the tax effects of all non-GAAP adjustments. Zoom excludes gains on strategic investments, net because given the size and volatility in the ongoing adjustments to the valuation of our strategic investments, we believe that excluding these gains or losses facilitates a more meaningful evaluation of our operational performance. Zoom excludes income tax benefits from discrete activities, including the income tax benefit related to the release of the US federal and state valuation allowance, because of their nonrecurring nature. Zoom excludes undistributed earnings attributable to participating securities because they are considered by management to be outside of Zoom’s core operating results, and excluding them provides investors and management with greater visibility to the underlying performance of Zoom’s business operations, facilitates comparison of its results with other periods and may also facilitate comparison with the results of other companies in the industry.

Free Cash Flow. Zoom defines free cash flow as GAAP net cash provided by operating activities less purchases of property and equipment. Zoom considers free cash flow to be a liquidity measure that provide useful information to management and investors regarding net cash provided by operating activities and cash used for investments in property and equipment required to maintain and grow the business.

Revenue in Constant Currency. Zoom defines revenue in constant currency as GAAP revenue adjusted for revenue reported in currencies other than United States dollars as if they were converted into United States dollars using the average exchange rates from the comparative period rather than the actual exchange rates in effect during the respective periods. Zoom provides revenue in constant currency information as a framework for assessing how our underlying businesses performed period to period, excluding the effects of foreign currency fluctuations.

Customer Metrics

Zoom defines a customer as a separate and distinct buying entity, which can be a single paid host or an organization of any size (including a distinct unit of an organization) that has multiple paid hosts. Zoom defines Enterprise customers as distinct business units who have been engaged by either Zoom’s direct sales team, channel partners or independent software vendor partners. All other customers that subscribe to our services directly through our website are referred to as Online customers.

Zoom calculates net dollar expansion rate as of a period end by starting with the annual recurring revenue (“ARR”) from Enterprise customers as of 12 months prior (“Prior Period ARR”). Zoom defines ARR as the annualized revenue run rate of subscription agreements from all customers at a point in time. Zoom calculates ARR by taking the monthly recurring revenue (“MRR”) and multiplying it by 12. MRR is defined as the recurring revenue run-rate of subscription agreements from all Enterprise customers for the last month of the period, including revenue from monthly subscribers who have not provided any indication that they intend to cancel their subscriptions. Zoom then calculates the ARR from these Enterprise customers as of the current period end (“Current Period ARR”), which includes any upsells, contraction, and attrition. Zoom divides the Current Period ARR by the Prior Period ARR to arrive at the net dollar expansion rate. For the trailing 12 months calculation, Zoom takes an average of the net dollar expansion rate over the trailing 12 months.

Zoom calculates online average monthly churn by starting with the Online customer MRR as of the beginning of the applicable quarter (“Entry MRR”). Zoom defines Entry MRR as the recurring revenue run-rate of subscription agreements from all Online customers except for subscriptions that Zoom recorded as churn in a previous quarter based on the customers’ earlier indication to us of their intention to cancel that subscription. Zoom then determine the MRR related to customers who canceled or downgraded their subscription or notified us of that intention during the applicable quarter (“Applicable Quarter MRR Churn”) and divide the Applicable Quarter MRR Churn by the applicable quarter Entry MRR to arrive at the MRR churn rate for Online Customers for the applicable quarter. Zoom then divided that amount by three to calculate the online average monthly churn. One of the dynamics in the Online portion of the business is the MRR contribution from customers that have retained Zoom services for a certain portion of time as these customers tend to maintain their subscriptions and contribute meaningfully to the Online business.

Public Relations

Colleen Rodriguez
Head of Global Public Relations and Executive Communications
[email protected]

Investor Relations

Tom McCallum
Head of Investor Relations
[email protected]

Zoom Video Communications, Inc.

Consolidated Balance Sheets

(In thousands)

	As of January 31,
		2023				2022
Assets	(unaudited)
Current assets:
Cash and cash equivalents	$	1,086,830			$	1,062,820
Marketable securities		4,325,836				4,356,446
Accounts receivable, net		557,404				419,673
Deferred contract acquisition costs, current		223,250				199,266
Prepaid expenses and other current assets		163,092				145,602
Total current assets		6,356,412				6,183,807
Deferred contract acquisition costs, noncurrent		179,991				164,714
Property and equipment, net		252,821				222,354
Operating lease right-of-use assets		80,906				95,965
Strategic investments		398,992				367,814
Goodwill		122,641				27,607
Deferred tax assets		558,428				382,296
Other assets, noncurrent		177,874				106,761
Total assets	$	8,128,065			$	7,551,318
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	14,414			$	7,841
Accrued expenses and other current liabilities		457,716				430,415
Deferred revenue, current		1,266,514				1,141,435
Total current liabilities		1,738,644				1,579,691
Deferred revenue, noncurrent		41,932				38,481
Operating lease liabilities, noncurrent		73,687				85,018
Other liabilities, noncurrent		67,195				68,110
Total liabilities		1,921,458				1,771,300
Stockholders’ equity:
Preferred stock		—				—
Common stock		294				299
Additional paid-in capital		4,104,880				3,749,514
Accumulated other comprehensive loss		(50,385	)			(17,902	)
Retained earnings		2,151,818				2,048,107
Total stockholders’ equity		6,206,607				5,780,018
Total liabilities and stockholders’ equity	$	8,128,065			$	7,551,318

Note: The amount of unbilled accounts receivable included within accounts receivable, net on the consolidated balance sheets was $91.6 million and $59.7 million as of January 31, 2023 and 2022, respectively.

Zoom Video Communications, Inc.

Consolidated Statements of Operations

(Unaudited, in thousands, except share and per share amounts)

	Three Months Ended January 31,								Year Ended January 31,
		2023				2022				2023				2022
Revenue	$	1,117,803			$	1,071,376			$	4,392,960			$	4,099,864
Cost of revenue		294,354				257,347				1,100,451				1,054,554
Gross profit		823,449				814,029				3,292,509				3,045,310
Operating expenses:
Research and development		261,258				116,996				774,059				362,990
Sales and marketing		505,586				325,415				1,696,590				1,135,959
General and administrative		186,492				119,799				576,431				482,770
Total operating expenses		953,336				562,210				3,047,080				1,981,719
Income from operations		(129,887	)			251,819				245,429				1,063,591
Gains (losses) on strategic investments, net		40,443				(110,736	)			(37,571	)			43,761
Other income (expense), net		49,900				(2,549	)			41,418				(5,720	)
(Loss) income before provision for (benefit from) income taxes		(39,544	)			138,534				249,276				1,101,632
Provision for (benefit from) income taxes		64,506				(352,107	)			145,565				(274,007	)
Net (loss) income		(104,050	)			490,641				103,711				1,375,639
Undistributed earnings attributable to participating securities		—				(116	)			(7	)			(582	)
Net (loss) income attributable to common stockholders	$	(104,050	)		$	490,525			$	103,704			$	1,375,057
Net (loss) income per share attributable to common stockholders:
Basic	$	(0.36	)		$	1.64			$	0.35			$	4.64
Diluted	$	(0.36	)		$	1.60			$	0.34			$	4.50
Weighted-average shares used in computing net income per share attributable to common stockholders:
Basic		292,983,772				298,374,298				296,560,501				296,334,894
Diluted		292,983,772				306,010,113				304,231,350				305,826,505

Zoom Video Communications, Inc.

Consolidated Statements of Cash Flows

(Unaudited, in thousands)

	Three Months Ended January 31,								Year Ended January 31,
		2023				2022				2023				2022
Cash flows from operating activities:
Net (loss) income	$	(104,050	)		$	490,641			$	103,711			$	1,375,639
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense		518,059				161,375				1,285,752				477,287
Deferred Income taxes		(160,961	)			(327,957	)			(160,961	)			(327,957	)
Amortization of deferred contract acquisition costs		72,742				51,592				259,368				177,283
(Gains) losses on strategic investments, net		(40,443	)			110,736				37,571				(43,761	)
Depreciation and amortization		24,400				12,913				82,321				48,188
Provision for accounts receivable allowances		10,705				13,265				50,285				36,747
Non-cash operating lease cost		11,984				5,256				28,933				18,387
Amortization of discount/premium on marketable securities		(2,950	)			5,770				1,206				25,316
Other		(27,015	)			2,464				14,913				4,591
Changes in operating assets and liabilities:
Accounts receivable		6,175				(50,642	)			(231,845	)			(159,183	)
Prepaid expenses and other assets		145,655				(83,936	)			(18,066	)			(155,934	)
Deferred contract acquisition costs		(80,807	)			(82,066	)			(298,629	)			(247,371	)
Accounts payable		(12,950	)			(14,280	)			11,611				(2,218	)
Accrued expenses and other liabilities		(95,861	)			(70,545	)			20,530				101,369
Deferred revenue		(46,924	)			(10,626	)			127,401				293,887
Operating lease liabilities, net		(6,171	)			(4,564	)			(23,839	)			(17,004	)
Net cash provided by operating activities		211,588				209,396				1,290,262				1,605,266
Cash flows from investing activities:
Purchases of marketable securities		(922,072	)			(988,436	)			(2,849,121	)			(4,434,749	)
Maturities of marketable securities		697,321				685,498				2,835,196				1,733,043
Sales of marketable securities		—				15,285				—				296,867
Purchases of property and equipment		(28,258	)			(20,774	)			(103,826	)			(132,590	)
Purchases of strategic investments		(4,000	)			(178,800	)			(69,050	)			(305,149	)
Cash paid for acquisition, net of cash acquired		—				(1,380	)			(120,553	)			(3,501	)
Purchases of intangible assets		(700	)			(3,392	)			(11,268	)			(13,018	)
Other		—				—				300				—
Net cash used in investing activities		(257,709	)			(491,999	)			(318,322	)			(2,859,097	)
Cash flows from financing activities:
Cash paid for repurchases of common stock		(9,225	)			—				(1,000,003	)			—
Proceeds from issuance of common stock for employee stock purchase plan		19,105				21,485				53,710				59,331
Proceeds from exercise of stock options		1,762				3,360				8,577				14,404
Proceeds from employee equity transactions to be remitted (remitted) to employees and tax authorities, net		103				(11,662	)			774				(40,004	)
Other		—				—				—				337
Net cash provided by financing activities		11,745				13,183				(936,942	)			34,068
Effect of exchange rate changes on cash, cash equivalents, and restricted cash		28,531				—				(8,108	)			—
Net (decrease) increase in cash, cash equivalents, and restricted cash		(5,845	)			(269,420	)			26,890				(1,219,763	)
Cash, cash equivalents, and restricted cash—beginning of year		1,106,088				1,342,773				1,073,353				2,293,116
Cash, cash equivalents, and restricted cash—end of year	$	1,100,243			$	1,073,353			$	1,100,243			$	1,073,353

Zoom Video Communications, Inc.

Reconciliation of GAAP to Non-GAAP Measures

(Unaudited, in thousands, except share and per share amounts)

	Three Months Ended January 31,								Year Ended January 31,
		2023				2022				2023				2022
GAAP income from operations	$	(129,887	)		$	251,819			$	245,429			$	1,063,591
Add:
Stock-based compensation expense and related payroll taxes		520,951				164,511				1,301,663				504,336
Litigation settlements, net		—				—				(4,226	)			66,916
Acquisition-related expenses		13,768				3,960				36,218				22,277
Non-GAAP income from operations	$	404,832			$	420,290			$	1,579,084			$	1,657,120
GAAP operating margin	(11.6)%					23.5	%			5.6	%			25.9	%
Non-GAAP operating margin		36.2	%			39.2	%			35.9	%			40.4	%
GAAP net income attributable to common stockholders	$	(104,050	)		$	490,525			$	103,704			$	1,375,057
Add:
Stock-based compensation expense and related payroll taxes		520,951				164,511				1,301,663				504,336
Litigation settlements, net		—				—				(4,226	)			66,916
(Gains) losses on strategic investments, net		(40,443	)			110,736				37,571				(43,761	)
Acquisition-related expenses		13,768				3,960				36,218				22,277
Income tax benefits from discrete activities		—				(376,266	)			—				(376,266	)
Undistributed earnings attributable to participating securities		—				116				7				582
Tax effects on non-GAAP adjustments		(23,672	)			—				(145,926	)			—
Non-GAAP net income	$	366,554			$	393,582			$	1,329,011			$	1,549,141
Net (loss) income per share – basic and diluted:
GAAP net (loss) income per share – basic	$	(0.36	)		$	1.64			$	0.35			$	4.64
Non-GAAP net income per share – basic	$	1.25			$	1.32			$	4.48			$	5.23
GAAP net (loss) income per share – diluted	$	(0.36	)		$	1.60			$	0.34			$	4.50
Non-GAAP net income per share – diluted	$	1.22			$	1.29			$	4.37			$	5.07
GAAP and non-GAAP weighted-average shares used to compute net (loss) income per share – basic		292,983,772				298,374,298				296,560,501				296,334,894
GAAP weighted-average shares used to compute net (loss) income per share – diluted		292,983,772				306,010,113				304,231,350				305,826,505
Non-GAAP weighted-average shares used to compute net income per share – diluted		301,143,279				306,010,113				304,231,350				305,826,505
Net cash provided by operating activities	$	211,588			$	209,396			$	1,290,262			$	1,605,266
Less: Purchases of property and equipment		(28,258	)			(20,774	)			(103,826	)			(132,590	)
Free cash flow (non-GAAP)		183,330				188,622				1,186,436				1,472,676
Net cash used in investing activities	$	(257,709	)		$	(491,999	)		$	(318,322	)		$	(2,859,097	)
Net cash provided by financing activities	$	11,745			$	13,183			$	(936,942	)		$	34,068
Operating cash flow margin (GAAP)		18.9	%			19.5	%			29.4	%			39.2	%
Free cash flow margin (non-GAAP)		16.4	%			17.6	%			27.0	%			35.9	%
	Three Months Ended January 31,								Year Ended January 31,
		2022								2022
	Revenue				YoY Revenue Growth (%)				Revenue				YoY Revenue Growth (%)
GAAP revenue		1,117,803				4	%		$	4,392,960				7	%
Add: Constant currency impact		22,398				2	%		$	69,075				2	%
Revenue in constant currency (non-GAAP)	$	1,140,201				6	%		$	4,462,035				9	%

 

Early clinical data on RMC-6236 provided in support of RAS(ON) Inhibitor platform validation

Additional data releases for RMC-6236 (RAS

^MULTI

) and RMC-6291 (KRAS

^G12C

) expected in 2023

RMC-9805 (KRAS

<sup>G1


2D</sup>

) expected to begin clinical development in mid-2023

Growing pipeline of development-stage assets, including RMC-0708 (KRAS

^Q61H

), that target every major RAS cancer mutation hotspot

Webcast today at 4:30 p.m. Eastern Time

REDWOOD CITY, Calif., Feb. 27, 2023 (GLOBE NEWSWIRE) — Revolution Medicines, Inc. (Nasdaq: RVMD), a clinical-stage oncology company developing targeted therapies for RAS-addicted cancers, today announced its financial results for the quarter and year ended December 31, 2022, and provided an update on corporate progress.

“2022 saw the entry of our first two RAS(ON) Inhibitor candidates, RMC-6236 (RAS^MULTI) and RMC-6291 (KRAS^G12C), into clinical development,” said Mark A. Goldsmith, M.D., Ph.D., chief executive officer and chairman of Revolution Medicines.  “For RMC-6236, initial pharmacokinetics, molecular, radiographic and tolerability/safety data provide encouraging evidence that we are dosing patients at clinically active and tolerated doses. Consistent with its preclinical profile, RMC-6236 has shown promising preliminary antitumor activity against multiple tumor types and genotypes. Combined with initial evidence of clinical activity for RMC-6291, we are encouraged that these data should have positive readthrough to our broad portfolio of RAS(ON) Inhibitors.

“In addition, IND-enabling development of RMC-9805, a mutant-selective RAS(ON) Inhibitor drug candidate designed to target cancers driven by the KRAS^G12D mutation, is progressing toward first-in-human dosing mid-year.  And we recently announced the advancement of RMC-0708, a mutant-selective inhibitor of the KRAS^Q61H cancer variant, into IND-enabling development.

“As a result of the exceptional work of our entire organization, Revolution Medicines’ portfolio now includes clinical and development-stage assets that may be applicable to the majority of RAS-addicted cancers, including compounds targeting every major RAS cancer mutation hotspot — G12, G13 and Q61. Early results from our first wave of RAS(ON) Inhibitors support continued investment in advancing our development pipeline of clinical and preclinical RAS(ON) Inhibitors and clinical RAS Companion Inhibitors. Building on this ongoing portfolio progress and encouraging signs, part of management’s bandwidth is now directed toward defining the paths and steps we need to take now and over the next several years to ensure that we can maximize the value of these product candidates.”

Clinical and Development Highlights

RAS(ON) Inhibitors

RMC-6236 (RAS

<sup>MULT


I</sup>

)

RMC-6236 is an oral RAS(ON) Inhibitor designed to treat patients with cancers driven by a variety of RAS mutations, including KRAS^G12D, KRAS^G12V and KRAS^G12R. Initially being evaluated as monotherapy, it may also be deployed as a RAS Companion Inhibitor in combination with mutant-selective RAS(ON) Inhibitors.

• The ongoing Phase 1/1b monotherapy trial (NCT05379985) is a multicenter, open-label, dose-escalation and dose-expansion study of RMC-6236 in patients with advanced solid tumors harboring select KRAS^G12 mutations, including KRAS^G12D, KRAS^G12V and KRAS^G12R.
• Early findings have shown that RMC-6236 is orally bioavailable in patients, exhibiting pharmacokinetics consistent with our preclinical data and delivering dose-dependent increases in plasma exposure on once daily dosing and is generally well tolerated. A recommended phase 2 dose has not been established yet.
• 36 patients were evaluable for initial safety and tolerability in the study as of the data cut-off date of February 17, 2023. All of these patients had been previously treated with standard of care and/or other regimens, with an overall median of three prior treatments. As of this data cut-off, RMC-6236 was generally well tolerated in this group. Some patients have exhibited predicted and manageable on-target normal tissue effects.
• 12 patients — three non-small cell lung cancer (NSCLC) and nine pancreatic cancer —treated with RMC-6236 at doses of 40 mg, 80 mg or 120 mg daily were efficacy evaluable as of the February 17, 2023 data cut-off date. All 12 patients exhibited stable disease or better as their best response; 10 of these had reductions in tumor volume as of the data cut-off date. Importantly, as of the data cut-off date, all patients remained on study, with total duration of approximately 1.5-4.5 months. One patient with KRAS^G12D NSCLC treated with 80 mg achieved a partial response (PR) on first re-staging scan that was subsequently confirmed by a follow-up scan. One patient with metastatic KRAS^G12D pancreatic cancer who progressed following a third course of chemotherapy received RMC-6236 80 mg daily and has tolerated it well. At baseline the patient had three distinct lesions in the lung that are followed radiographically. At six weeks, all three tumor lesions were reduced in size, reported as 17% reduction by Response Evaluation Criteria in Solid Tumors (RECIST). At 12 weeks, all three residual lesions were barely detectable, and the patient achieved a 70% reduction and PR by RECIST. The patient continues on study as of the data cut-off date and confirmation of the response awaits a follow-up scan.
• The company currently plans to provide further evidence of first-in-class single agent activity for RMC-6236 in mid-2023.

RMC-6291 (
KRAS

^G12C

)

RMC-6291, an oral, selective, covalent inhibitor of KRAS^G12C(ON) designed to treat patients with cancers driven by the KRAS^G12C mutant, is the first of the company’s mutant-selective RAS(ON) Inhibitors to enter clinical development and the first publicly reported inhibitor of KRAS^G12C that exhibits a highly differentiated mechanism of action.

• The ongoing Phase 1/1b monotherapy trial (NCT05462717) is a multicenter, open-label, dose-escalation and dose-expansion study of RMC-6291 in patients with advanced KRAS^G12C mutant solid tumors. Early findings have shown that RMC-6291 is orally bioavailable and has exhibited pharmacokinetics consistent with preclinical findings and is generally well tolerated. A recommended phase 2 dose and schedule have not been established yet. Initial molecular and radiographic data indicate that the company is dosing RMC-6291 in a pharmacologically active range.
• The company currently plans to provide preliminary evidence of a superior profile for this compound in the second half of 2023. 

RMC-9805
(KRAS

^G12D

)

RMC-9805 is an oral, selective, covalent inhibitor of KRAS^G12D(ON), the most common driver of RAS-addicted human cancers, predominantly among patients with pancreatic cancer, NSCLC or colorectal cancer (CRC). The company believes RMC-9805 is the first oral and covalent inhibitor of KRAS^G12D.

• The company currently expects to announce dosing of the first patient in a monotherapy dose-escalation study of RMC-9805 in mid-2023.

RAS Innovation Engine

Beyond this first wave of RAS(ON) Inhibitors, the company continues expanding its pipeline of RAS(ON) Inhibitor candidates.

• RMC-0708 is a potent, oral and selective non-covalent inhibitor of the KRAS^Q61H(ON) cancer variant. KRAS^Q61H is found in approximately 10,000 new cancer cases in the U.S. each year divided evenly across lung cancer, CRC, pancreatic cancers and multiple myeloma. RMC-0708 is the company’s first mutant-selective RAS(ON) inhibitor drug candidate to engage its RAS target non-covalently.
• RMC-8839 is a potent, oral and selective inhibitor of KRAS^G13C(ON). The company believes RMC-8839 is the first compound to directly inhibit KRAS^G13C, an important therapeutic target primarily for NSCLC and select CRC patients unserved by a targeted RAS inhibitor.
• The company continues drug discovery efforts in RAS(ON) Inhibitor pipeline expansion programs focused on RAS mutation hotspots including KRAS^G12R, KRAS^G12V, KRAS^G13D, RAS^Q61X and other important targets.

RAS Companion Inhibitors

RMC-4630 (SHP2)

RMC-4630 is a clinical-stage, oral inhibitor of SHP2, which contributes to tumor survival and growth in many RAS-addicted cancers.

RMC-4630 and KRAS

^G12C

 Inhibitor
Lumakras™
(sotorasib)

• CodeBreaK 101c: Amgen has reported preliminary results from this Phase 1b trial evaluating the combination of RMC-4630 with the KRAS^G12C inhibitor sotorasib in patients with advanced KRAS^G12C-mutated solid tumors. The results demonstrated that the combination was safe and tolerable, and showed promising early clinical activity in NSCLC patients with KRAS^G12C mutations, particularly in patients who were KRAS^G12C inhibitor-naïve.
• RMC-4630-03: Revolution Medicines continues conducting its global Phase 2 trial RMC-4630-03 (NCT05054725), a multicenter, open-label study of RMC-4630 in combination with sotorasib for patients with NSCLC with a KRAS^G12C mutation who have failed prior standard therapy and who have not previously been treated with a KRAS^G12C inhibitor. The company is conducting the trial in collaboration with Amgen, which is supplying sotorasib to trial sites globally. The study is fully enrolled and Revolution Medicines currently expects to provide topline data from this study in the second half of 2023.
• The company expects to evaluate RMC-4630 in combination with its RAS(ON) Inhibitors in the future.

Sanofi, Revolution Medicines’ partner for the development of RMC-4630, provided notice of termination of their global SHP2 development and commercialization collaboration, effective as of June 2023. The companies are collaborating for the transition of all Sanofi’s rights and obligations related to RMC-4630 back to Revolution Medicines over the first half of 2023. Following termination, Revolution Medicines will regain all global rights to RMC-4630.

RMC-5552 (mTORC1/4EPB1)

RMC-5552 is a first-in-class, bi-steric mTORC1-selective inhibitor designed to suppress phosphorylation and inactivation of 4EBP1 in cancers with hyperactive mTORC1 signaling, including certain RAS-addicted cancers. The company aims to combine RMC-5552 with RAS(ON) Inhibitors in patients with cancers harboring RAS/mTOR pathway co-mutations.

• Dose optimization continues in the company’s ongoing multicenter, open-label, Phase 1/1b dose-escalation study evaluating RMC-5552 monotherapy in patients with refractory solid tumors (NCT04774952). As with RMC-4630, the company expects to evaluate RMC-5552 in combination with its RAS(ON) Inhibitors in the future.
• The company currently anticipates disclosing additional evidence of single agent activity for this compound in 2023.

Fourth Quarter and Full Year 2022 Financial Highlights

Cash Position: Cash, cash equivalents and marketable securities were $644.9 million as of December 31, 2022, compared to $577.1 million as of December 31, 2021. The increase was primarily attributable to the company’s public equity offering in July 2022.

Revenue: Total revenue was $15.3 million for the quarter ended December 31, 2022, compared to $9.5 million for the quarter ended December 31, 2021 and consisted of revenue from the company’s collaboration agreement on SHP2 inhibitors with Sanofi. During the quarter ended December 31, 2022, the company recorded a non-cash GAAP accounting adjustment that increased collaboration revenue by $7.6 million. This non-cash revenue adjustment was due to the termination of the Sanofi collaboration agreement which resulted in changes to the company’s estimates of the accounting transaction price and estimated percentage of completion of work performed to date and resulted in a cumulative catch-up adjustment to collaboration revenue in the quarter.

Total revenue was $35.4 million for the year ended December 31, 2022, compared to $29.4 million for the year ended December 31, 2021. The increase in revenue was primarily due to the non-cash revenue adjustment.

R&D Expenses: Research and development expenses were $66.1 million for the quarter ended December 31, 2022, compared to $53.7 million for the quarter ended December 31, 2021. Research and development expenses were $253.1 million for the year ended December 31, 2022, compared to $186.9 million for the year ended December 31, 2021. The increases were primarily due to an increase in RMC-6236 and RMC-6291 expenses as a result of commencing clinical trials in 2022, an increase in personnel-related expenses related to additional headcount, an increase in research expenses associated with the company’s pre-clinical research portfolio, and an increase in stock-based compensation.

G&A Expenses: General and administrative expenses were $10.9 million for the quarter ended December 31, 2022, compared to $8.7 million for the quarter ended December 31, 2021. General and administrative expenses were $40.6 million for the year ended December 31, 2022, compared to $30.5 million for the year ended December 31, 2021. The increases were primarily due to an increase in stock-based compensation and an increase in personnel-related expenses related to additional headcount.

Net Loss: Net loss was $56.5 million for the quarter ended December 31, 2022, compared to net loss of $52.7 million for the quarter ended December 31, 2021. Net loss was $248.7 million for the year ended December 31, 2022, compared to net loss of $187.1 million for the year ended December 31, 2021.

Financial Guidance

Revolution Medicines expects full year 2023 GAAP net loss to be between $335 and $365 million, which includes estimated non-cash stock-based compensation expense of $40 million and $50 million.

Based on the company’s current operating plan, the company projects current cash, cash equivalents and investments can fund planned operations through 2024.

Webcast

Revolution Medicines will host a webcast this afternoon, February 27, 2023, at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). To listen to the live webcast, or access the archived webcast, please visit: https://ir.revmed.com/events-and-presentations. Following the live webcast, a replay will be available on the company’s website for at least 14 days.

About Revolution Medicines, Inc.

Revolution Medicines is a clinical-stage oncology company developing novel targeted therapies for RAS-addicted cancers. The company’s R&D pipeline comprises RAS(ON) Inhibitors designed to suppress diverse oncogenic variants of RAS proteins, and RAS Companion Inhibitors for use in combination treatment strategies. The company’s RAS(ON) Inhibitors RMC-6236 (RAS^MULTI) and RMC-6291(KRAS^G12C) are currently in clinical development. Additional RAS(ON) Inhibitors in the company’s pipeline include RMC-9805 (KRAS^G12D) and RMC-0708 (KRAS^Q61H), both of which are currently in IND-enabling development, RMC-8839 (KRAS^G13C), and additional compounds targeting other RAS variants. RAS Companion Inhibitors in clinical development include RMC-4630 (SHP2) and RMC-5552 (mTORC1/4EBP1).

Lumakras™ (sotorasib) is a trademark of Amgen Inc.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this press release that are not historical facts may be considered “forward-looking statements,” including without limitation statements regarding the company’s financial projections; the company’s development plans and timelines and its ability to advance its portfolio and R&D pipeline; progression of clinical studies and findings from these studies, including the tolerability and potential efficacy of the company’s candidates being studied; the potential advantages and effectiveness of the company’s clinical and preclinical candidates, including its RAS(ON) Inhibitors; the ability of the company’s product candidates to meet unmet medical needs and to be applicable to the majority of RAS-addicted cancers; whether data available from RMC-6236 and RMC-6291 will have positive readthrough to the company’s portfolio of RAS(ON) Inhibitors; the company’s ability to maximize the value of its product candidates; the potential of RMC-6236 to be first-in-class; the potential of RMC-6291 to show superior activity; the transition of rights and obligations related to RMC-4630 from Sanofi to the company; the potential of RMC-5552 to be first-in-class; the company’s plans to study RMC-5552 in combination with RAS inhibitors and the company’s aim to combine RMC-5552 with RAS(ON) Inhibitors in patients with cancers harboring RAS/mTOR pathway co-mutations. Forward-looking statements are typically, but not always, identified by the use of words such as “may,” “will,” “would,” “believe,” “intend,” “plan,” “anticipate,” “estimate,” “expect,” and other similar terminology indicating future results. Such forward-looking statements are subject to substantial risks and uncertainties that could cause the company’s development programs, future results, performance, or achievements to differ materially from those anticipated in the forward-looking statements. Such risks and uncertainties include without limitation risks and uncertainties inherent in the drug development process, including the company’s programs’ early stage of development, the process of designing and conducting preclinical and clinical trials, the regulatory approval processes, the timing of regulatory filings, the challenges associated with manufacturing drug products, the company’s ability to successfully establish, protect and defend its intellectual property, other matters that could affect the sufficiency of the company’s capital resources to fund operations, reliance on third parties for manufacturing and development efforts, changes in the competitive landscape and the effects on the company’s business of the COVID-19 pandemic and other global events. For a further description of the risks and uncertainties that could cause actual results to differ from those anticipated in these forward-looking statements, as well as risks relating to the business of Revolution Medicines in general, see Revolution Medicines’ Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 27, 2023, and its future periodic reports to be filed with the Securities and Exchange Commission. Except as required by law, Revolution Medicines undertakes no obligation to update any forward-looking statements to reflect new information, events, or circumstances, or to reflect the occurrence of unanticipated events.

Contacts:

For Investors:
Vida Strategic Partners
Stephanie Diaz
415-675-7401
[email protected]

For Media:
Vida Strategic Partners
Tim Brons
415-675-7402
[email protected]

REVOLUTION MEDICINES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

(unaudited)

		Three Months Ended December 31,								Year Ended December 31,
		2022				2021				2022				2021
Revenue:
Collaboration revenue		$	15,330			$	9,460			$	35,380			$	29,390
Total revenue			15,330				9,460				35,380				29,390
Operating expenses:
Research and development			66,127				53,681				253,073				186,948
General and administrative			10,910				8,692				40,586				30,450
Total operating expenses			77,037				62,373				293,659				217,398
Loss from operations			(61,707	)			(52,913	)			(258,279	)			(188,008	)
Other income, net:
Interest income			5,077				237				9,154				929
Interest and other expense			—				—				—				(12	)
Total other income, net			5,077				237				9,154				917
Loss before income taxes			(56,630	)			(52,676	)			(249,125	)			(187,091	)
Benefit from income taxes			123				—				420				—
Net loss		$	(56,507	)		$	(52,676	)		$	(248,705	)		$	(187,091	)
Net loss per share attributable to common stockholders – basic and diluted		$	(0.63	)		$	(0.71	)		$	(3.08	)		$	(2.57	)
Weighted-average common shares used to compute net loss per share, basic and diluted			89,158,785				73,831,121				80,626,525				72,806,079

REVOLUTION MEDICINES, INC.

SELECTED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, unaudited)

		December 31,				December 31,
		2022					2021
Cash, cash equivalents and marketable securities		$	644,943				$	577,054
Working capital (1)			598,201					529,423
Total assets			811,930					737,988
Deferred revenue			4,459					18,931
Total liabilities			126,742					135,420
Total stockholders’ equity			685,188					602,568

   (1)   Working capital is defined as current assets less current liabilities.

SANTA CLARA, Calif., Feb. 27, 2023 (GLOBE NEWSWIRE) — SiTime Corporation, (Nasdaq: SITM), the precision timing company, today announced that SiTime’s CFO, Art Chadwick, will participate at the following financial conferences.

Raymond James 44

^th

Annual Institutional Investor Conference

Location: JW Marriott Grande Lakes, Orlando, FL
Presentation: Tuesday, March 7, 2023 at 1:05 p.m. EST (10:05 a.m. PST)
A live and archived webcast of the company’s presentation will be available in the Events section of SiTime’s Investor Relations website.

35

^th

Annual ROTH Conference

Location: The Ritz-Carlton Laguna Niguel, Dana Point, CA
Fireside Chat: Tuesday, March 14, 2023 at 1:30 p.m. PST
A live and archived webcast of the company’s fireside chat will be available in the Events section of SiTime’s Investor Relations website.

Management will be available to meet with registered attendees through the day at each of the above events. Portfolio managers and analysts can request a meeting with SiTime management by contacting their sales representative at the respective hosting firms.

About SiTime

SiTime Corporation is a leading provider of precision timing solutions to the global electronics industry. Our precision timing solutions are the heartbeat of our customers’ electronic systems. They solve complex timing problems and enable industry-leading electronics products. We provide precision timing solutions that deliver extremely accurate, high performance timing that can withstand severe environmental conditions such as shock, vibration, rapid changes in temperature and other conditions. Our solutions have been designed into over 300 applications across our target markets, including communications and enterprise, automotive, industrial, aerospace, and mobile, IoT and consumer. For more information, visit www.sitime.com.

Investor Relations Contacts:

Shelton Group
Leanne Sievers | Brett Perry
949-224-3874 | 214-272-0070
[email protected]

SiTime Corporation
Art Chadwick
Chief Financial Officer
[email protected]

NEW YORK, Feb. 27, 2023 (GLOBE NEWSWIRE) — At the end of the settlement date of February 15, 2023, short interest in 3,455 Nasdaq Global Market^SM securities totaled 9,937,951,277 shares compared with 9,983,462,569 shares in 3,463 Global Market issues reported for the prior settlement date of January 31, 2023. The mid-February short interest represents 2.68 days compared with 2.70 days for the prior reporting period.

Short interest in 1,835 securities on The Nasdaq Capital Market^SM totaled 1,959,305,049 shares at the end of the settlement date of February 15, 2023, compared with 2,062,861,237 shares in 1,860 securities for the previous reporting period. This represents a 1.04 day average daily volume; the previous reporting period’s figure was 1.09.

In summary, short interest in all 5,290 Nasdaq® securities totaled 11,897,256,326 shares at the February 15, 2023 settlement date, compared with 5,323 issues and 12,046,323,806 shares at the end of the previous reporting period. This is 2.13 days average daily volume, compared with an average of 2.15 days for the prior reporting period.

The open short interest positions reported for each Nasdaq security reflect the total number of shares sold short by all broker/dealers regardless of their exchange affiliations. A short sale is generally understood to mean the sale of a security that the seller does not own or any sale that is consummated by the delivery of a security borrowed by or for the account of the seller.

For more information on Nasdaq Short interest positions, including publication dates, visit http://www.nasdaq.com/quotes/short-interest.aspx or http://www.nasdaqtrader.com/asp/short_interest.asp.

About Nasdaq:

Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com.

Media Contact:

Camille Stafford
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/51779e9b-2df7-4c92-8c4e-349d1493c69b

NDAQO

Targeting Adenosine for Cancer:

Challenging Past Assumptions with Next-Generation Small Molecule Inhibitors

Thursday, March 9

^th

@ 10:30 am ET

WESTPORT, Conn., Feb. 27, 2023 (GLOBE NEWSWIRE) — Portage Biotech Inc. (NASDAQ: PRTG), a clinical-stage immuno-oncology company advancing novel multi-targeted therapies for use as single agents and in combination, today announced that it will host a key opinion leader (KOL) webinar on targeting the adenosine pathway in cancer on Thursday, March 9, 2023 at 10:30 am Eastern Time.

A critical mechanism of cancer immune evasion is the generation of high levels of immunosuppressive adenosine within the tumor microenvironment. Engagement with adenosine receptors A2A and A2B can suppress effector cell function and promote immunosuppression. Portage’s virtual KOL event will discuss what can be learned from agents that target adenosine for the treatment of cancer, and how Portage plans to augment an immune response with its next-generation small molecule adenosine 2A and adenosine 2B inhibitors.

Featuring Lawrence Fong, MD, from The University of California, San Francisco (UCSF) Helen Diller Family Comprehensive Cancer Center, and Sumit Subudhi, M.D., Ph.D., from MD Anderson Cancer Center, this event will cover the immunologic rationale and current clinical landscape that set the foundation for Portage’s development approach. The Portage team will also provide an update on the progress of its adenosine-targeted candidates along with the Company’s approach to personalize treatment by using biomarkers to identify patients likely to benefit the most from this drug class.

A live question and answer session will follow the formal presentations. To register for the event, please click here.

Lawrence Fong, M.D., is the Efim Guzik Distinguished Professor in Cancer Biology and leads the Cancer Immunotherapy Program at UCSF. He also co-directs the Parker Institute for Cancer Immunotherapy at UCSF and co-leads the Cancer Immunology Program in the Helen Diller Family Comprehensive Cancer Center. He is a physician-scientist in the Department of Medicine, Division of Hematology/Oncology directing both a translational research program and a research lab. He has focused on cancer immunotherapy for over 20 years and has been involved in both pre-clinical and clinical studies of FDA-approved immunotherapies including sipuleucel-T and immune checkpoint inhibitors. Dr. Fong’s research focuses on understanding the mechanisms that underlie clinical response and resistance to immunotherapies. This work includes tracking antigen-specific T cell responses in treated cancer patients and developing biomarkers that are associated with clinical outcomes. The Cancer Immunotherapy Program that he directs performs early phase and high risk clinical trials across different disease indications. This program also includes a translational laboratory that performs mechanistic studies on samples derived from patients undergoing treatment.

Sumit Subudhi, M.D., Ph.D., is an Associate Professor in the Department of Genitourinary Medical Oncology at The University of Texas MD Anderson Cancer Center. A trained medical oncologist and immunologist, his research focuses on investigating the immunological mechanisms contributing to anti-tumor immunity and immune-related adverse events. He serves as principal investigator of multiple biomarker-enriched clinical trials evaluating immunotherapies for patients with advanced prostate cancer.

About Portage Biotech Inc.        
Portage is a clinical-stage immuno-oncology company advancing multi-targeted therapies to extend survival and significantly improve the lives of patients with cancer. Lead programs in the Portage portfolio include first-in-class invariant natural killer T cell (iNKT) small molecule engagers and best-in-class adenosine antagonists. These programs are being advanced using innovative trial designs and translational data to identify the patient populations most likely to benefit from treatment. The Company’s unique business model leverages a strong network of academic experts and large pharma partners to rapidly and efficiently advance multiple products. For more information, please visit www.portagebiotech.com, follow us on Twitter at @PortageBiotech or find us on LinkedIn at Portage Biotech Inc.

Forward-Looking Statements

All statements in this news release, other than statements of historical facts, including without limitation, statements regarding about the Company’s information that are forward-looking in nature and, business strategy, plans and objectives of management for future operations and those statements preceded by, followed by or that otherwise include the words “believe,” “expects,” “anticipates,” “intends,” “estimates,” “will,” “may,” “plan,” “potential,” “continue,” or similar expressions or variations on such expressions are forward-looking statements. For example, statements regarding the Company’s plans to advance first-in-class therapies to improve long-term treatment response and quality of life in patients with evasive cancers; the Company’s plan to augment an immune response with its next-generation small molecule adenosine 2A and adenosine 2B inhibitors; the Company’s plans to identify the most promising clinical therapies and product development strategies that accelerate these medicines through innovative trial designs and the translational pipeline; the Company’s plans to report multiple clinical readouts through the end of 2024; the safety and tolerability profile of PORT-2; the Company’s collaboration agreement with Merck to evaluate PORT-2 in combination with KEYTRUDA^® (pembrolizumab) for the treatment of patients with front-line and refractory NSCLC; the Company’s preparations to launch of ADPORT-601 adenosine trial for PORT-6 and PORT-7 in the U.S.; advancing the Company’s broader strategy of de-risked clinical development; and the Company’s ability to deliver on multiple catalysts in the coming months and forward-looking statements. As a result, forward-looking statements are subject to certain risks and uncertainties, including, but are not limited to: the Company’s plans and ability to develop and commercialize product candidates and the timing of these development programs; the Company’s clinical development of its product candidates, including the results of current and future clinical trials; the benefits and risks of the Company’s product candidates as compared to others; the Company’s maintenance and establishment of intellectual property rights in its product candidates; the Company’s need for financing and its estimates regarding its capital requirements and future revenues and profitability; the Company’s estimates of the size of the potential markets for its product candidates; its selection and licensing of product candidates; and other factors set forth in “Item 3 – Key Information-Risk Factors” in the Company’s Annual Report on Form 20-F for the year ended March 31, 2022. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from these forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.

FOR MORE INFORMATION, PLEASE CONTACT:

Investor Relations
Chuck Padala
[email protected]

Media Relations
Gwendolyn Schanker
[email protected] 

BRISBANE, Calif., Feb. 27, 2023 (GLOBE NEWSWIRE) — Vera Therapeutics, Inc. (Nasdaq: VERA), a late-stage biotechnology company focused on developing and commercializing transformative treatments for patients with serious immunological diseases, today announced that the Company’s management team will participate in a fireside chat at the Cowen 43rd Annual Health Care Conference, which is taking place in Boston, MA from March 6 – 8, 2023. The management team will also participate in one-on-one investor meetings.

Fireside Chat Details:

Date:	Monday, March 6, 2023
Time:	2:10 PM ET
Webcast:	https://wsw.com/webcast/cowen132/vera/2010876

A replay of the event will be available for 90 days and can be accessed by visiting the “Investor Calendar” section of the Vera Therapeutics website.

About Vera Therapeutics

Vera Therapeutics is a late-stage biotechnology company focused on developing treatments for serious immunological diseases. Vera’s mission is to advance treatments that target the source of immunologic diseases in order to change the standard of care for patients. Vera’s lead product candidate is atacicept, a fusion protein self-administered as a subcutaneous injection once weekly that blocks both B lymphocyte stimulator (BLyS) and a proliferation inducing ligand (APRIL), which stimulate B cells and plasma cells to produce autoantibodies contributing to certain autoimmune diseases, including IgA nephropathy (IgAN), also known as Berger’s disease, and lupus nephritis. In addition, Vera is evaluating additional diseases where the reduction of autoantibodies by atacicept may prove medically useful. Vera is also developing MAU868, a monoclonal antibody designed to neutralize infection with BK Virus, a polyomavirus that can have devastating consequences in certain settings such as kidney transplant. For more information, please visit www.veratx.com.

For more information, please contact:

Investor Contact:

Joyce Allaire
LifeSci Advisors
212-915-2569
[email protected]

Media Contact:

Uncapped Communications
[email protected]