Revolution Medicines Reports Fourth Quarter and Full Year 2025 Financial Results and Update on Corporate Progress

Rhea-AI Summary

Revolution Medicines (Nasdaq: RVMD) reported Q4 and full-year 2025 results and clinical progress on Feb 25, 2026. The company holds $2.0 billion in cash and received a $250 million royalty tranche, with $1.75 billion more committed. R&D and G&A rose materially; net loss was $364.9M in Q4 and $1.1B for 2025. Full-year 2026 GAAP operating expense guidance is $1.6–1.7B.

Clinical highlights: RASolute 302 pivotal readout expected in H1 2026; five ongoing Phase 3 trials and three planned; initiated RASolute 305 and advanced RMC-5127 into first-in-human dosing. Zoldonrasib received FDA Breakthrough Therapy designation for G12D NSCLC.

Positive

• Cash, cash equivalents and marketable securities of $2.0 billion
• Received $250 million royalty tranche with $1.75 billion additional committed capital
• RASolute 302 pivotal readout expected in H1 2026
• Initiated Phase 3 RASolute 305 and five ongoing Phase 3 trials

Negative

• Research and development expenses rose to $987.3M in 2025 (+66.7% YoY)
• General and administrative expenses increased to $195.0M in 2025
• Net loss widened to $1.1B in 2025 from $600.1M in 2024
• 2026 GAAP operating expense guidance of $1.6–1.7B signals continued high cash burn

Market Reaction – RVMD

-5.08% $98.00

15m delay 3 alerts

-5.08% Since News

-8.1% Trough Tracked

$98.00 Last Price

$98.00 $107.45 Day Range

-$1.07B Valuation Impact

$19.96B Market Cap

1.4x Rel. Volume

Following this news, RVMD has declined 5.08%, reflecting a notable negative market reaction. Argus tracked a trough of -8.1% from its starting point during tracking. Our momentum scanner has triggered 3 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $98.00. This price movement has removed approximately $1.07B from the company's valuation.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.

Key Figures

Cash & securities: $2.0B Royalty Pharma committed capital: $1.75B Q4 2025 R&D expenses: $294.9M +5 more

8 metrics

Cash & securities $2.0B As of Dec 31, 2025

Royalty Pharma committed capital $1.75B Future committed under funding arrangement

Q4 2025 R&D expenses $294.9M Quarter ended Dec 31, 2025; vs $188.1M in Q4 2024

Q4 2025 net loss $364.9M Quarter ended Dec 31, 2025; vs $194.6M in Q4 2024

FY 2025 net loss $1.1B Year ended Dec 31, 2025; vs $600.1M in 2024

FY 2025 R&D expenses $987.3M Year ended Dec 31, 2025; vs $592.2M in 2024

FY 2025 G&A expenses $195.0M Year ended Dec 31, 2025; vs $97.3M in 2024

2026 GAAP opex guidance $1.6–$1.7B Expected full-year 2026 operating expenses

Market Reality Check

Price: $104.83 Vol: Volume 1,837,287 is sligh...

normal vol

$104.83 Last Close

Volume Volume 1,837,287 is slightly below the 20-day average of 2,074,151, suggesting no outsized trading response ahead of the earnings webcast. normal

Technical Price at 104.83 is trading above the 200-day MA of 59.21, sitting 15.79% below the 52-week high and 259.38% above the 52-week low.

Peers on Argus

RVMD is up 1.1% with modest volume, while key biotech peers (BPMC, VRNA, MDGL, M...

RVMD is up 1.1% with modest volume, while key biotech peers (BPMC, VRNA, MDGL, MRNA, ROIV) show small, mixed gains between roughly 0.06% and 2.43%, indicating a company-specific rather than sector-driven move.

Previous Earnings Reports

5 past events · Latest: Nov 05 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 05	Q3 2025 earnings	Positive	+1.3%	Reported Q3 2025 results with $1.93B cash and advancing RAS(ON) trials.
Aug 06	Q2 2025 earnings	Positive	-4.7%	Q2 2025 results, Royalty Pharma $2B funding deal, higher net loss and R&D.
May 07	Q1 2025 earnings	Positive	+11.3%	Q1 2025 loss of $213.4M, $2.1B cash, strong RAS(ON) clinical data.
Feb 26	FY 2024 earnings	Positive	-3.5%	Q4 and 2024 results, $2.3B cash after $823M equity offering, larger losses.
Nov 06	Q3 2024 earnings	Positive	-0.5%	Q3 2024 results with rising R&D spend and strong $1.55B cash position.

Pattern Detected

Earnings updates have produced mixed reactions: two prior reports saw positive moves, while three led to selloffs despite continued pipeline progress and strong cash balances.

Recent Company History

Over the past five earnings cycles, Revolution Medicines has consistently highlighted expansion of its RAS(ON) pipeline and substantial cash reserves. Prior updates featured cash positions from $1.55B to $2.3B, large net losses (up to $600.1M in 2024) and guidance for continued heavy R&D investment. Market reactions have been uneven, with both double‑digit gains and notable declines, indicating investors scrutinize burn and dilution risk alongside clinical momentum. Today’s 2025 results extend that pattern of aggressive spend backed by significant funding.

Historical Comparison

+0.8% avg move · Across the last five earnings or annual results updates, RVMD’s average one‑day move was 0.77%, with...

earnings

+0.8%

Average Historical Move earnings

Across the last five earnings or annual results updates, RVMD’s average one‑day move was 0.77%, with both sharp rallies and selloffs, underscoring volatile reactions to its spend-heavy growth strategy.

Earnings reports show a steady build-out of late-stage RAS(ON) programs, rising R&D and G&A spend, and maintenance of cash balances above $1.5B via equity and royalty funding.

Market Pulse Summary

The stock is down -5.1% following this news. A negative reaction despite clinical progress fits prio...

Analysis

The stock is down -5.1% following this news. A negative reaction despite clinical progress fits prior episodes where investors focused on burn and dilution risk. The 2025 net loss of $1.1B and projected 2026 operating expenses of $1.6–$1.7B highlight heavy spending, even with a $2.0B cash balance and $1.75B committed capital. Historical earnings moves include several post-report selloffs, suggesting sentiment can quickly shift if funding or trial timelines become a concern.

Key Terms

Phase 3, Breakthrough Therapy designation, FOLFIRINOX, first-in-human, +3 more

7 terms

Phase 3 medical

"five ongoing Phase 3 trials and three additional Phase 3 trials planned"

Phase 3 is the late-stage clinical testing step for a new drug or medical treatment, where the product is given to large groups of patients to confirm effectiveness, monitor side effects, and compare it to standard care. Successful Phase 3 results are often the final scientific hurdle before regulators decide on approval and market launch—like passing a final exam before graduation—and can sharply change a company's valuation and future revenue prospects.

Breakthrough Therapy designation regulatory

"zoldonrasib was awarded FDA Breakthrough Therapy designation in this setting"

A breakthrough therapy designation is a regulatory fast-track given to a drug or treatment that shows early signs of providing a major improvement over existing options for a serious condition. Think of it as a VIP lane that can speed up development and more intensive guidance from regulators, which matters to investors because it can shorten time to market, reduce development risk and potentially increase a company’s value — though it does not guarantee approval.

FOLFIRINOX medical

"combination of zoldonrasib plus FOLFIRINOX in patients with 1L metastatic PDAC"

FOLFIRINOX is a combination chemotherapy treatment made up of several anti-cancer drugs given together to treat advanced cancers, most often pancreatic cancer. Investors watch it because its effectiveness, side effects and approval or use guidelines influence sales of the component drugs, demand for alternative therapies, hospital treatment patterns and the financial prospects of companies running clinical trials or selling supportive care for these patients—think of it as a widely used multi-drug toolkit whose performance shapes related markets.

first-in-human medical

"first patient was dosed in a first-in-human trial"

A first-in-human study is the initial test of a new drug, medical device, or therapy in people to check safety, side effects and appropriate dosing. It matters to investors because it marks a major development milestone: successful early human testing can reduce scientific and regulatory uncertainty, much like moving a prototype from the workshop to a real-world test drive, and often affects a company’s valuation and funding prospects.

Phase 1 trial medical

"plans to initiate a Phase 1 trial with the first compound from this class"

Phase 1 trial is the first stage of testing a new drug or treatment in humans, focused mainly on safety, tolerability and finding the right dose, usually in a small group of volunteers or patients. For investors it matters because clear safety and dosing results reduce development risk, unlock later, larger trials, and can meaningfully change a biotech’s value and timeline — like a prototype’s maiden test flight that shows whether further investment makes sense.

GAAP financial

"expects full year 2026 GAAP operating expenses to be between $1.6 and $1.7 billion"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

stock-based compensation financial

"includes estimated non-cash stock-based compensation expense of between $180 and $200 million"

Stock-based compensation is when a company pays employees, directors or consultants with shares or the right to buy shares instead of or in addition to cash. It matters to investors because issuing stock or options spreads ownership thinner (like cutting a pie into more slices), which can reduce each existing share’s claim on profits and can also change reported earnings; investors watch it to assess true cost of running the business and how management is incentivized.

AI-generated analysis. Not financial advice.

• On track for readout of RASolute 302, a Phase 3 trial of daraxonrasib in second line metastatic PDAC, in first half of 2026
• Continues to advance broad late-stage pipeline, with five ongoing Phase 3 trials and three additional Phase 3 trials planned to initiate in 2026
• Expects to substantially complete enrollment in RASolve 301, a Phase 3 trial of daraxonrasib in previously treated NSCLC, this year
• Initiated RASolute 305, the first Phase 3 trial for zoldonrasib, in first line metastatic PDAC harboring a RAS G12D mutation
• Revolution Medicines to hold webcast today at 4:30 p.m. Eastern Time
  

REDWOOD CITY, Calif., Feb. 25, 2026 (GLOBE NEWSWIRE) -- Revolution Medicines, Inc. (Nasdaq: RVMD), a late-stage clinical oncology company developing targeted therapies for patients with RAS-addicted cancers, today announced its financial results for the quarter and full year ended December 31, 2025, and provided an update on corporate progress.

“We made substantial clinical progress over the past year continuing to advance our broad portfolio of RAS(ON) inhibitors across multiple tumor types and disease settings,” said Mark A. Goldsmith, M.D., Ph.D., chief executive officer and chairman of Revolution Medicines. “Our focus remains on executing high-quality clinical programs and leveraging our innovation platform to discover and develop potentially groundbreaking approaches aimed at improving outcomes for patients with RAS-addicted cancers. We expect a pivotal readout from RASolute 302 in the first half of 2026, which represents an important milestone for daraxonrasib, for patients with pancreatic cancer, and for our RAS(ON)-targeting strategy overall.”

Recent Clinical Highlights

Pancreatic Ductal Adenocarcinoma (PDAC)

Daraxonrasib in PDAC

Daraxonrasib, a pioneering RAS(ON) multi-selective inhibitor, has shown an unprecedented clinical profile as monotherapy and in various combinations, including a RAS(ON) inhibitor doublet. The company is currently evaluating daraxonrasib in three randomized Phase 3 studies in PDAC:

• RASolute 302: Global enrollment is complete in the randomized registrational trial evaluating daraxonrasib monotherapy in patients with second line (2L) metastatic disease. A readout is expected in the first half of 2026.
• RASolute 303: Initiation is underway for the registrational trial evaluating daraxonrasib both as monotherapy and in combination with chemotherapy in patients with first line (1L) metastatic disease.
• RASolute 304: Enrollment is ongoing in the registrational trial evaluating daraxonrasib monotherapy in the adjuvant setting in patients with resectable disease following surgery and conventional perioperative chemotherapy.
  

Zoldonrasib in PDAC

Zoldonrasib, an innovative RAS(ON) G12D-selective covalent inhibitor, has shown a highly differentiated safety and tolerability profile as monotherapy and is also being evaluated in a range of combinations.

In January, the company disclosed encouraging initial data from the combination of zoldonrasib plus FOLFIRINOX in patients with 1L metastatic PDAC. Nineteen patients were available for evaluation as of the December 1 data cutoff date. The initial safety and tolerability profile of the combination was largely consistent with the well-known profile of modified FOLFIRINOX alone, with high zoldonrasib dose intensity maintained. With a median follow-up of 3.9 months (2.7 – 8.0 months), 63% of patients achieved a partial response, either confirmed or pending confirmation. The disease control rate was 95% and most patients remained on treatment as of the data cutoff date. The company plans to share initial clinical data evaluating the combinations of zoldonrasib plus gemcitabine nab-paclitaxel and the RAS(ON) inhibitor doublet of zoldonrasib plus daraxonrasib at one or more medical meetings this year.

The company is advancing two 1L Phase 3 combination studies incorporating zoldonrasib this year:

• RASolute 305: The randomized, double-blind, placebo-controlled registrational trial, evaluating zoldonrasib in combination with investigator’s choice of either gemcitabine nab-paclitaxel or modified FOLFIRINOX compared to investigator’s choice of the chemotherapies with placebo, has been initiated.
• RASolute 309: The company plans to initiate, in the second half of 2026, a registrational trial evaluating the RAS(ON) inhibitor doublet combination of zoldonrasib plus daraxonrasib.

Non-Small Cell Lung Cancer (NSCLC)

Daraxonrasib in NSCLC

RASolve 301, a global, randomized Phase 3 trial evaluating daraxonrasib monotherapy in patients with previously treated NSCLC, continues enrolling patients in the U.S. and globally; the company anticipates substantially completing enrollment this year.

The company also expects to disclose its plans for advancing daraxonrasib combination therapy in 1L NSCLC this year.

Zoldonrasib in NSCLC

The company has reported highly encouraging safety/tolerability and antitumor activity with zoldonrasib in patients with previously treated NSCLC harboring a RAS G12D mutation. A zoldonrasib monotherapy expansion cohort of 2L and beyond patients has fully enrolled, and earlier this year zoldonrasib was awarded FDA Breakthrough Therapy designation in this setting, making it the company’s third RAS(ON) inhibitor to have received this distinction.

The company is preparing to initiate, in the first half of 2026, RASolve 308, a randomized, placebo-controlled Phase 3 trial of zoldonrasib in combination with standard of care as a 1L treatment for patients with metastatic RAS G12D NSCLC.

Elironrasib in NSCLC

For elironrasib, the company has reported a differentiated clinical profile in both RAS G12C inhibitor-naïve and G12C inhibitor-experienced NSCLC patients. Elironrasib has demonstrated encouraging results as monotherapy and in combination with either pembrolizumab or as part of a RAS(ON) inhibitor doublet with daraxonrasib.

The company plans to share an update on its registrational vision for elironrasib in 2026.

Colorectal Cancer (CRC)

Given the genetically complex and heterogeneous nature of colorectal cancer, the company believes combinatorial approaches are key to maximizing clinical impact. The company has a range of combination trials underway, including evaluating RAS(ON) inhibitor doublets and combinations with current standards of care and other novel investigational approaches.

The company plans to share updated combination data in CRC this year as it looks toward potential pivotal trial opportunities.

Clinical Collaborations

The company’s development efforts include several clinical collaborations studying its RAS(ON) inhibitors with other targeted therapies:

• Under a collaboration with Summit Therapeutics, Inc., the APEX-103 trial is evaluating Revolution Medicines’ RAS(ON) inhibitors with ivonescimab, Summit’s PD-1/VEGF bispecific antibody, across multiple solid tumor settings. The first patient was recently dosed in this clinical trial.
• A collaborative trial with Tango Therapeutics, Inc. is evaluating Revolution Medicines’ RAS(ON) inhibitors in combination with vopimetostat, Tango’s MTA-cooperative PRMT5 inhibitor, in patients with tumors carrying both a RAS mutation and MTAP deletion.
• The company also recently entered into a clinical collaboration with Bristol Myers Squibb to evaluate daraxonrasib in combination with navlimetostat, Bristol Myers Squibb’s MTA-cooperative PRMT5 inhibitor, in patients with pancreatic cancer whose tumors carry both a RAS mutation and MTAP deletion. This collaboration extends Revolution Medicines’ commitment to evaluating novel targeted agents, such as PRMT5 inhibitors, that may be appropriate to combine with RAS(ON) inhibitors in some settings.
  

Early-Stage Programs

RMC-5127

The company recently advanced its fourth RAS(ON) inhibitor, the RAS(ON) G12V-selective inhibitor RMC-5127, into the clinic and announced that the first patient was dosed in a first-in-human trial.

The company expects to identify a recommended monotherapy Phase 2 dose for this compound in the second half of 2026.

Innovative New Class of RAS(ON) Inhibitors

The company continues to discover novel approaches that have the potential to further transform treatment paradigms for patients living with RAS-addicted cancers.

In January, the company introduced an innovative new class of RAS(ON) inhibitors designed to overcome RAS-driven acquired drug resistance and extend the clinical benefit of its RAS(ON) portfolio. A compound from this class of RAS(ON) inhibitors, RM-055, was shown to drive deep and durable tumor regressions in preclinical PDAC and NSCLC models that had developed resistance to a RAS multi-selective inhibitor.

The company plans to share more information about this new class of compounds at an upcoming scientific meeting, and plans to initiate a Phase 1 trial with the first compound from this class of RAS(ON) inhibitors in the fourth quarter of this year.

Financial Highlights

Fourth Quarter Results

Cash Position: Cash, cash equivalents and marketable securities were $2.0 billion as of December 31, 2025. This balance includes the receipt of the first royalty monetization tranche of $250 million in June 2025 from the company’s partnership with Royalty Pharma, and there remains an additional $1.75 billion in future committed capital under this arrangement.

R&D Expenses: Research and development expenses were $294.9 million for the quarter ended December 31, 2025, compared to $188.1 million for the quarter ended December 31, 2024. The increase was primarily due to an increase in clinical trial and manufacturing expenses for daraxonrasib, zoldonrasib, and elironrasib, and an increase in personnel-related expenses and stock-based compensation expense related to additional headcount.

G&A Expenses: General and administrative expenses were $66.7 million for the quarter ended December 31, 2025, compared to $28.2 million for the quarter ended December 31, 2024. The increase in G&A expenses was primarily due to increases in commercial preparation activities, and personnel-related expenses and stock-based compensation related to additional headcount.

Net Loss: Net loss was $364.9 million for the quarter ended December 31, 2025, compared to net loss of $194.6 million for the quarter ended December 31, 2024.

Full Year 2025 Financial Highlights

R&D Expenses: Research and development expenses were $987.3 million for the year ended December 31, 2025, compared to $592.2 million for the year ended December 31, 2024. The increase was primarily due to an increase in clinical trial and manufacturing expenses for daraxonrasib, zoldonrasib, and elironrasib, and an increase in personnel-related expenses and stock-based compensation related to additional headcount.

G&A Expenses: General and administrative expenses were $195.0 million for the year ended December 31, 2025 compared to $97.3 million for the year ended December 31, 2024. The increase in G&A expenses was primarily due to increases in commercial preparation activities, and personnel-related expenses and stock-based compensation related to additional headcount.

Net Loss: Net loss was $1.1 billion for the year ended December 31, 2025, compared to net loss of $600.1 million for the year ended December 31, 2024.

2026 Financial Guidance

Revolution Medicines expects full year 2026 GAAP operating expenses to be between $1.6 and $1.7 billion, which includes estimated non-cash stock-based compensation expense of between $180 and $200 million.

Webcast
Revolution Medicines will host a webcast this afternoon, February 25, 2026, 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 late-stage clinical oncology company developing novel targeted therapies for patients with RAS-addicted cancers. The company’s R&D pipeline comprises RAS(ON) inhibitors designed to suppress diverse oncogenic variants of RAS proteins. The company’s RAS(ON) inhibitors daraxonrasib (RMC-6236), a RAS(ON) multi-selective inhibitor; elironrasib (RMC-6291), a RAS(ON) G12C-selective inhibitor; zoldonrasib (RMC-9805), a RAS(ON) G12D-selective inhibitor; and RMC-5127, a RAS(ON) G12V-selective inhibitor, are currently in clinical development. Additional development opportunities in the company’s pipeline focus on RAS(ON) mutant-selective inhibitors, including RMC-0708 (Q61H) and RMC-8839 (G13C). For more information, please visit www.revmed.com and follow us on LinkedIn.

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 and guidance; the company’s development opportunities, plans and timelines and its ability to build or advance its portfolio and R&D pipeline; progression of clinical studies and findings from these studies, including the tolerability, safety, and potential efficacy of the company’s candidates being studied; the company’s expectations regarding timing of clinical trial strategies, initiation, enrollment and data readouts or disclosures and clinical trial designs; the company’s ability discover and develop approaches that improve outcomes for patients with RAS-addicted cancers; collaborations, including the aims and expected benefits of the company’s collaborations with Summit, Tango, and Bristol Myers Squibb; plans for developing any of the company’s product candidates as part of a combination treatment; sources of capital, including the availability of capital under the Royalty Pharma arrangement and whether the company achieves the milestones associated with certain payments thereunder.

Forward-looking statements are typically, but not always, identified by the use of words such as “aims,” “anticipate,” "believe," "estimate," "expect," "plan," “potential,” “project,” “up to,” "will" 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’ development stages, 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 global events, such as international conflicts or global pandemics. 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 (the “SEC”) on February 25, 2026, and its future periodic reports to be filed with the SEC. 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.

Revolution Medicines Media & Investor Contact:
media@revmed.com
investors@revmed.com

REVOLUTION MEDICINES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share data)
	Three Months Ended December 31,								Year Ended December 31,
	2025				2024				2025				2024
Operating Expenses:
Research and development	$	294,943			$	188,096			$	987,332			$	592,225
General and administrative	66,683				28,214				195,037				97,299
Total operating expenses	361,626				216, 310				1,182,369				689,524
Loss from operations	(361,626		)		(216,310		)		(1,182,369		)		(689,524		)
Non-operating income (expense), net:
Interest income	21,292				21,225				90,694				86,883
Interest expense	(11,936		)		—				(24,231		)		—
Change in fair value of warrant liability and contingent earn-out shares	(12,627		)		(17		)		(15,358		)		4,323
Other income (expense), net	5				(220		)		(37		)		(2,528		)
Total non-operating income (loss), net	(3,266		)		20,988				51,068				88, 678
Loss before income taxes	(364,892		)		(195,322		)		(1,131,301		)		(600,846		)
Benefit (loss) from income taxes	—				753				—				753
Net loss	$	(364,892	)		$	(194,569	)		$	(1,131,301	)		$	(600,093	)
Net loss per share attributable to common stockholders – basic and diluted	$	(1.86	)		$	(1.12	)		(5.95		)		$	(3.58	)
Weighted-average common shares used to compute net loss per share, basic and diluted	196,669,886				173,758,250				190,129,154				167,737,672

 

REVOLUTION MEDICINES, INC.
SELECTED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
		December 31, 2025				December 31, 2024
Cash, cash equivalents and marketable securities		$	2,025,679			$	2,289,299
Working capital (1)			1,784,613				2,163,718
Total assets			2,354,508				2,558,301
Total liabilities			723,211				293,097
Total stockholders' equity			1,631,297				2,265,204

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

FAQ

When does Revolution Medicines (RVMD) expect the RASolute 302 readout for daraxonrasib in PDAC?

A pivotal readout is expected in the first half of 2026. According to the company, global enrollment is complete for RASolute 302 and top-line results are anticipated in H1 2026, making this a near-term clinical milestone for daraxonrasib in 2L metastatic PDAC.

How much cash did Revolution Medicines (RVMD) report at December 31, 2025 and what financing remains?

The company reported $2.0 billion in cash, cash equivalents and marketable securities. According to the company, that includes a $250 million royalty tranche received in June 2025 and an additional $1.75 billion in future committed capital under the royalty arrangement.

What were Revolution Medicines' (RVMD) full-year 2025 R&D and net loss figures?

Research and development expense was $987.3 million and net loss was $1.1 billion for 2025. According to the company, R&D increased primarily from clinical and manufacturing activity for daraxonrasib, zoldonrasib, and elironrasib.

What near-term Phase 3 plans did Revolution Medicines (RVMD) announce for zoldonrasib in 2026?

The company initiated RASolute 305 and plans additional Phase 3 starts in 2026. According to the company, RASolute 305 has begun and RASolute 309 is planned for second-half 2026, plus RASolve 308 initiation in H1 2026 for 1L G12D NSCLC.

Has Revolution Medicines (RVMD) received any regulatory designations for zoldonrasib?

Yes, zoldonrasib received FDA Breakthrough Therapy designation for previously treated G12D NSCLC. According to the company, this is the third of its RAS(ON) inhibitors to receive breakthrough recognition and reflects encouraging clinical activity.

What is Revolution Medicines' (RVMD) 2026 operating expense guidance and stock-based compensation estimate?

Full-year 2026 GAAP operating expenses are expected to be $1.6–1.7 billion, including $180–200 million of non-cash stock-based compensation. According to the company, this guidance covers continued late-stage trials and commercial preparation activities.