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Revolution Medicines (Nasdaq: RVMD) Q2 2026 loss and $3.9B cash

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Revolution Medicines reported a second-quarter 2026 net loss of $644.4 million, compared with $247.8 million a year earlier, driven by R&D expenses of $394.9 million and G&A of $110.2 million as late-stage development and commercialization activities expanded. Cash, cash equivalents and marketable securities were $3.9 billion as of June 30, 2026, supported by $2,225.0 million in April equity and convertible offerings and a $250.0 million Royalty Pharma payment, with up to $1.5 billion of additional committed capital remaining. Full-year 2026 GAAP operating expenses are guided to $2.1–$2.2 billion, including $270–$290 million of stock-based compensation.

Regulatory and clinical progress was substantial. FDA accepted the daraxonrasib NDA in previously treated metastatic pancreatic cancer, EMA began a phased review, and more than 2,000 patients have received daraxonrasib via a U.S. Expanded Access Program; daraxonrasib also received FDA Breakthrough Therapy Designation in certain previously treated metastatic RAS mutant NSCLC. Combination data in first-line NSCLC showed high response rates for zoldonrasib and elironrasib, supporting multiple ongoing or planned global Phase 3 RASolute and RASolve trials alongside earlier-stage RAS(ON) programs and industry collaborations.

Positive

  • FDA accepted the daraxonrasib New Drug Application for previously treated metastatic pancreatic cancer and the EMA initiated a phased review, advancing the lead program toward potential approval in major markets.
  • Cash, cash equivalents and marketable securities reached $3.9 billion after raising $2,225.0 million in April equity and convertible offerings and receiving $250.0 million from Royalty Pharma, with up to $1.5 billion in additional committed capital available.
  • First-line NSCLC combinations showed strong early activity, including an 85% confirmed overall response rate and 97% disease control rate for elironrasib plus standard of care, with 95% of patients progression-free at 6 months.

Negative

  • Quarterly net loss widened to $644.4 million (loss per share $3.06) from $247.8 million a year earlier, driven by sharply higher R&D and G&A spending and a non-cash $151.0 million warrant liability charge.

Filing Explained

Daraxonrasib remains unapproved while its FDA application is under review; June 30 liquidity was reported at $3.9 billion.

This August 5 Form 8-K furnishes second-quarter results and a corporate update. It reports that daraxonrasib’s NDA was accepted for FDA review, while the company’s candidates remain unapproved for commercial use; launch readiness therefore remains conditional on a later regulatory decision.

At June 30, 2026, cash, cash equivalents and marketable securities were $3.9 billion.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Cash, cash equivalents and marketable securities $3.9 billion As of June 30, 2026
Concurrent offerings gross proceeds $2,225.0 million April 2026 common stock and 0.50% convertible senior notes due 2033
Royalty Pharma second tranche payment $250.0 million May 2026 payment for additional royalty rights; up to $1.5 billion more committed
R&D expenses Q2 2026 $394.9 million Quarter ended June 30, 2026 vs $224.1 million in Q2 2025
G&A expenses Q2 2026 $110.2 million Quarter ended June 30, 2026 vs $40.6 million in Q2 2025
Net loss Q2 2026 $644.4 million Quarter ended June 30, 2026 vs $247.8 million in Q2 2025
Operating expense guidance 2026 $2.1–$2.2 billion Full-year 2026 GAAP operating expenses including $270–$290 million stock-based compensation
Elironrasib NSCLC confirmed ORR 85% Combination with pembrolizumab and platinum doublet in first-line RAS G12C NSCLC
Expanded Access Program regulatory
"The company opened an FDA-cleared Expanded Access Program (EAP) in May"
A program that allows patients with serious or life‑threatening conditions to receive an experimental drug or therapy before it is fully approved by regulators, when they cannot join clinical trials. Investors care because expanded access can change a treatment’s market perception, create early real‑world safety or demand signals, and affect regulatory timelines and potential revenue — like a pre‑order system that also reveals how the product performs outside controlled testing.
Breakthrough Therapy Designation regulatory
"FDA granted Breakthrough Therapy Designation to daraxonrasib for certain patients"
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.
overall response rate medical
"demonstrated encouraging preliminary antitumor activity, including an overall response rate (ORR)"
Overall response rate is the percentage of patients in a clinical study whose measurable disease shrinks or disappears after receiving a treatment. Investors watch it like a product’s “hit rate” because higher response rates can signal a drug’s effectiveness, boost chances of regulatory approval and market demand, and affect a company’s future revenue prospects, similar to how a higher batting average suggests a more reliable player.
disease control rate medical
"including an overall response rate (ORR) of 82% and disease control rate (DCR) of 100%"
The disease control rate is the share of patients in a clinical trial whose cancer or condition either shrinks or stops getting worse for a specified period after treatment. Think of it like the percentage of people for whom a treatment hits pause or nudges back the problem rather than letting it progress; higher rates suggest the therapy can meaningfully limit disease, which matters to investors assessing a drug’s potential efficacy and commercial value.
convertible senior notes financial
"aggregate principal amount of 0.50% convertible senior notes due 2033"
Convertible senior notes are a type of loan that a company issues to investors, which can be turned into company shares later on. They are called "senior" because they are paid back before other debts if the company runs into trouble. This allows investors to earn interest like a loan but also have the chance to own part of the company if its value rises.
Orphan Drug Status regulatory
"daraxonrasib was also granted Orphan Drug Status (ODS) by Swissmedic"
An official label from health authorities for medicines that treat very rare diseases, given to encourage development by offering benefits such as reduced fees, tax breaks, and a period of exclusive sales. For investors it matters because these incentives lower development costs and can create a temporary monopoly-like advantage that boosts the drug’s potential revenue and valuation, much like a limited license that makes a risky project more commercially attractive.
Net loss $644.4 million $247.8 million net loss in Q2 2025
R&D expenses $394.9 million $224.1 million in Q2 2025
G&A expenses $110.2 million $40.6 million in Q2 2025
Cash, cash equivalents and marketable securities $3.9 billion $2,025,679 thousand at December 31, 2025
Guidance

Full year 2026 GAAP operating expense guidance of $2.1 to $2.2 billion, which includes estimated non-cash stock-based compensation expense of between $270 and $290 million.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

What were Revolution Medicines (RVMD) key Q2 2026 financial results?
Revolution Medicines reported a Q2 2026 net loss of $644.4 million (loss per share $3.06). R&D expenses were $394.9 million and G&A expenses $110.2 million. Cash, cash equivalents and marketable securities totaled $3.9 billion as of June 30, 2026.

What regulatory milestones did RVMD achieve for daraxonrasib?
FDA accepted the daraxonrasib NDA for previously treated metastatic pancreatic cancer and EMA began a phased review. Daraxonrasib also received Breakthrough Therapy Designation in certain previously treated metastatic RAS mutant NSCLC and Orphan Drug Status from Swissmedic, and supports a large U.S. Expanded Access Program.

How many patients have accessed daraxonrasib via the Expanded Access Program?
Since opening the FDA-cleared Expanded Access Program in May 2026, daraxonrasib has been supplied to physicians on behalf of more than 2,000 patients across academic cancer centers and community oncology practices in nearly all 50 U.S. states and Puerto Rico.

What were the NSCLC efficacy results for zoldonrasib and elironrasib reported by RVMD?
In first-line RAS G12D NSCLC, zoldonrasib plus standard of care showed an 82% overall response rate and 100% disease control. Elironrasib combinations in first-line RAS G12C NSCLC achieved an 85% confirmed response rate, 97% disease control, and 95% progression-free at 6 months.

What financings did Revolution Medicines (RVMD) complete in 2026?
In April 2026, the company completed upsized offerings of $1,725.0 million of common stock and $500.0 million of 0.50% convertible senior notes, for $2,225.0 million gross proceeds. In May, it also received $250.0 million from Royalty Pharma, with up to $1.5 billion more available.

What is RVMD’s 2026 operating expense guidance?
Revolution Medicines guides full-year 2026 GAAP operating expenses to $2.1–$2.2 billion. This range includes estimated non-cash stock-based compensation of $270–$290 million, reflecting continued investment in late-stage clinical development and commercialization readiness.

How has RVMD’s balance sheet changed since year-end 2025?
Total assets increased to $4,323.270 million at June 30, 2026 from $2,354.508 million at December 31, 2025. Cash, cash equivalents and marketable securities rose to $3,937.969 million, while total stockholders’ equity grew to $2,606.238 million.
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 05, 2026

 

 

Revolution Medicines, Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware

001-39219

47-2029180

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

700 Saginaw Drive

 

Redwood City, California

 

94063

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 650 481-6801

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class

 

Trading
Symbol(s)

 


Name of each exchange on which registered

Common Stock $0.0001 par value per share

 

RVMD

 

The Nasdaq Stock Market LLC

Warrants to purchase 0.1112 shares of common stock expiring 2026

 

RVMDW

 

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Item 2.02 Results of Operations and Financial Condition.

On August 5, 2026, Revolution Medicines, Inc. (the “Company”) announced its financial results for the quarter ended June 30, 2026. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Current Report on Form 8-K and the attached Exhibit 99.1 is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

Exhibit No.

Description

99.1

Press Release, dated August 5, 2026.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

REVOLUTION MEDICINES, INC.

 

 

 

 

Date:

August 5, 2026

By:

/s/ Mark A. Goldsmith

 

 

 

Mark A. Goldsmith, M.D., Ph.D.
President and Chief Executive Officer

 

Exhibit 99.1

 

Revolution Medicines Reports Second Quarter 2026 Financial Results and Update on Corporate Progress

·
U.S. FDA accepted daraxonrasib New Drug Application for review for previously treated metastatic pancreatic cancer following unprecedented Phase 3 RASolute 302 results
·
Rapidly implemented U.S. Expanded Access Program for eligible patients with previously treated metastatic pancreatic cancer
·
Achieved U.S. commercial launch readiness, and began submissions to the European Medicines Agency under a new phased review process designed to accelerate assessment
•
FDA granted Breakthrough Therapy Designation to daraxonrasib for certain patients with previously treated metastatic RAS mutant non-small cell lung cancer
·
Reporting encouraging new combination data in first-line non-small cell lung cancer supporting registrational studies of elironrasib and zoldonrasib
·
Revolution Medicines to hold webcast today at 4:30 p.m. Eastern Time

REDWOOD CITY, Calif., August 5, 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 ended June 30, 2026, and provided an update on corporate progress.

“This has been a transformational period for Revolution Medicines, as we rapidly translated unprecedented Phase 3 results for daraxonrasib into an active Expanded Access Program and the filing of our first New Drug Application to the U.S. Food and Drug Administration on behalf of patients with previously treated metastatic pancreatic cancer,” said Mark A. Goldsmith, M.D., Ph.D., chief executive officer and chairman of Revolution Medicines. “We achieved U.S. launch readiness, advanced regulatory activities globally, and expanded our pancreatic cancer development programs across multiple lines of therapy. Beyond our deep commitment to pancreatic cancer, we are building significant momentum in lung cancer with a differentiated portfolio of RAS(ON) mutant-selective and multi-selective inhibitors designed to provide a broad range of options for patients across multiple stages of disease.”

 

 

Clinical Highlights

Pancreatic Adenocarcinoma (PDAC)

Daraxonrasib in PDAC

Daraxonrasib, the company’s oral RAS(ON) multi-selective inhibitor, continues to demonstrate a differentiated clinical profile across lines of therapy and in both monotherapy and combination settings. At the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting, detailed results from global RASolute 302 were presented in a Plenary Session and published simultaneously in The New England Journal of Medicine. The study demonstrated statistically significant and clinically meaningful improvements in the dual primary endpoints of overall survival and progression-free survival (PFS) as well as in patient-reported quality of life compared with chemotherapy, with a manageable safety profile.

Following the unprecedented Phase 3 results from RASolute 302, the company announced that the U.S. Food and Drug Administration (FDA) has accepted for review its New Drug Application (NDA) for daraxonrasib for the treatment of patients with previously treated metastatic PDAC.

The company also announced that the European Medicines Agency (EMA) initiated a phased review of daraxonrasib in pancreatic cancer under its Cancer Medicines Pathfinder project to accelerate regulatory assessment by evaluating in phases as sections become available, ahead of submission of a full Marketing Authorization Application. In addition, daraxonrasib was granted Orphan Drug Status (ODS) by Swissmedic for the treatment of pancreatic cancer. As previously shared, daraxonrasib was also selected for the FDA Commissioner’s National Priority Voucher pilot program, which is designed to accelerate the review of medicines that address key national health priorities.

The company opened an FDA-cleared Expanded Access Program (EAP) in May and within three weeks began distributing daraxonrasib to participating treating physicians on behalf of patients. Since opening the EAP, daraxonrasib has been distributed to physicians on behalf of more than 2,000 patients through participating academic cancer centers and community oncology practices across nearly all 50 U.S. states and Puerto Rico.

The company also enhanced its commercial readiness during the quarter, putting in place the commercialization infrastructure needed to support a successful U.S. launch of daraxonrasib, if approved, while accelerating build out of global commercialization capabilities in preparation for potential international regulatory approvals.

The company continues to advance daraxonrasib across earlier lines of treatment for PDAC through the ongoing global Phase 3 RASolute 303 and RASolute 304 studies evaluating daraxonrasib in the first-line metastatic and adjuvant settings, respectively.

 

 

Zoldonrasib in PDAC

At the European Society for Medical Oncology Gastrointestinal Cancers Congress, the company presented new Phase 1/2 clinical data supporting two complementary development strategies for zoldonrasib, the company’s oral RAS(ON) G12D-selective covalent inhibitor, in metastatic PDAC.

•
Zoldonrasib in combination with chemotherapy demonstrated compelling preliminary antitumor activity and manageable safety and tolerability in patients with first-line RAS G12D PDAC. These findings support the ongoing global Phase 3 RASolute 305 trial.
•
The novel RAS(ON) inhibitor doublet of zoldonrasib plus daraxonrasib in previously treated RAS G12D PDAC demonstrated compelling preliminary antitumor activity and a manageable safety and tolerability profile. These findings support the recently initiated global Phase 3 RASolute 309 trial.

 

Non-Small Cell Lung Cancer (NSCLC)

 

Revolution Medicines continues to advance a broad RAS-targeted portfolio in NSCLC, with both clinical-stage RAS(ON) multi-selective and mutant-selective inhibitors designed to address a broad spectrum of RAS-driven malignancies, including inhibitors targeting RAS G12C, G12D and G12V that together account for more than 70% of RAS mutant NSCLC.

 

Daraxonrasib in NSCLC

Development of daraxonrasib in previously treated RAS mutant NSCLC continues to advance. Based on previously reported Phase 1 data in patients with tumors harboring RAS mutations other than G12C, the FDA granted Breakthrough Therapy Designation to daraxonrasib for the treatment of patients with previously treated metastatic NSCLC harboring KRAS mutations other than G12C who have received prior platinum-based chemotherapy and anti-PD-(L)1 therapy.

 

Enrollment in the global Phase 3 RASolve 301 trial evaluating daraxonrasib in patients with previously treated RAS mutant NSCLC is expected to be completed this year, supporting an anticipated initial readout in 2027.

 

Zoldonrasib in NSCLC

Zoldonrasib also continues to advance across multiple treatment settings in NSCLC. Today the company is reporting initial clinical data evaluating zoldonrasib in combination with

 

standard of care pembrolizumab and platinum doublet chemotherapy in patients with first-line RAS G12D NSCLC.

 

The analysis included 38 patients, with efficacy evaluable in 28 patients who had at least 8 weeks of follow-up. PD-L1 tumor proportion score (TPS) was <1% in 39% of patients, 1–49% in 39% of patients, ≥50% in 16% of patients, and TPS score missing in 5% of patients.

 

As of a data cutoff of May 11, 2026, with a median follow-up of 3.4 months, the zoldonrasib plus standard of care combination demonstrated encouraging preliminary antitumor activity, including an overall response rate (ORR; confirmed and pending confirmation) of 82% and disease control rate (DCR) of 100%. Confirmed and pending ORRs ranged from 60% to 100% across PD-L1 TPS subgroups (<1% to ≥50%).

 

The combination demonstrated a manageable safety profile, with treatment-related adverse events (TRAEs) generally consistent with the established safety profile of
standard of care pembrolizumab and platinum doublet chemotherapy, with minimal added toxicity and a favorable liver safety profile.

 

These findings support the recently initiated global Phase 3 RASolve 308 study evaluating zoldonrasib in combination with standard of care in patients with first-line metastatic RAS G12D NSCLC, while the company continues following patients in a Phase 2 monotherapy expansion cohort in previously treated disease.

 

Elironrasib in NSCLC

Elironrasib, the company's oral RAS(ON) G12C-selective covalent inhibitor, continues to demonstrate promising potential in NSCLC. Today the company is reporting clinical data evaluating elironrasib in combination with standard of care pembrolizumab and platinum doublet chemotherapy in patients with first-line RAS G12C NSCLC.

As of a data cutoff of May 11, 2026, the analysis included 39 patients who had at least 14 weeks of follow-up. PD-L1 TPS was <1% in 10% of patients, 1–49% in 67% of patients, and ≥50% in 23% of patients.

With a median follow-up of 8.7 months, the elironrasib plus standard of care combination demonstrated encouraging preliminary antitumor activity, including a confirmed ORR of 85% and DCR of 97%. Confirmed ORRs ranged from 50% to 100% across PD-L1 TPS subgroups (<1% to ≥50%). Early PFS findings suggest encouraging preliminary durability, with 95% of patients progression-free at 6 months.

The combination demonstrated a manageable safety profile, with TRAEs generally consistent with the established safety profile of standard of care pembrolizumab and

 

platinum doublet chemotherapy, with minimal added toxicity and a favorable liver safety profile.

These findings support the planned global Phase 3 RASolve 307 study evaluating elironrasib in combination with standard of care for patients with first-line metastatic RAS G12C NSCLC, which the company expects to initiate in the fourth quarter of 2026.

 

Colorectal Cancer (CRC)

 

The company continues to evaluate multiple combination approaches in CRC, including RAS(ON) inhibitor doublets and combinations with standard of care and other investigational therapies. The company expects to provide updated clinical data and additional visibility into its CRC development strategy during the fourth quarter of 2026.

 

Early-Stage Programs

RMC-5127

The company continues enrollment in an ongoing first-in-human trial studying RMC-5127, the company’s oral RAS(ON) G12V-selective inhibitor. RMC-5127 has been well tolerated at all dose levels evaluated to date, with no dose-limiting toxicities reported as of July 20, 2026. Encouraging early signs of antitumor activity have been seen across multiple tumor types, including objective responses starting at the first dose level. The company remains on track to identify a recommended Phase 2 dose during the second half of 2026 and expects to share initial clinical data in 2027.

 

Innovative New Class of RAS(ON) Inhibitors

The company also remains on track to initiate a first-in-human clinical trial evaluating RM-055, a representative from a novel class, during the fourth quarter of 2026.

 

Clinical Collaborations

 

The company's development efforts continue to include clinical collaborations evaluating its RAS(ON) inhibitors in combination with other targeted therapies, including through ongoing collaborations with Summit Therapeutics, Tango Therapeutics and Bristol Myers Squibb. These collaborations are evaluating combinations across multiple RAS-driven solid tumors, including with PD-1/VEGF bispecific antibodies and MTA-cooperative PRMT5 inhibitors.

 

 

Financings

In April 2026, the company completed concurrent upsized public offerings of $1,725.0 million of common stock and $500.0 million aggregate principal amount of 0.50% convertible senior notes due 2033. Total gross proceeds from the offerings, before deducting underwriting discounts, commissions and other offering expenses, were $2,225.0 million.

 

Royalty Pharma Funding Arrangement

In May 2026, the company received a $250.0 million payment from Royalty Pharma in exchange for additional rights to royalty payments in connection with the second tranche under the royalty purchase agreement with Royalty Pharma.

 

Financial Highlights

Second Quarter Results

Cash Position: Cash, cash equivalents and marketable securities were $3.9 billion as of June 30, 2026. This balance includes the proceeds from the company’s concurrent public offerings of common stock and convertible notes in April 2026 as well as receipt of the second royalty tranche in May 2026 from Royalty Pharma. There remains up to an additional $1.5 billion in committed, flexible capital under the Royalty Pharma funding arrangements, subject to the achievement of specific milestones.

 

R&D Expenses: Research and development expenses were $394.9 million for the quarter ended June 30, 2026, compared to $224.1 million for the quarter ended June 30, 2025. The increase was primarily driven by higher clinical trial and manufacturing expenses for daraxonrasib and zoldonrasib, increased personnel-related costs due to additional headcount, and higher stock-based compensation expense related to changes in retirement provisions for equity awards and increased headcount.

 

G&A Expenses: General and administrative expenses were $110.2 million for the quarter ended June 30, 2026, compared to $40.6 million for the quarter ended June 30, 2025. The increase was primarily driven by higher stock-based compensation expense related to changes in retirement provisions for equity awards and increased headcount, higher personnel-related costs associated with additional headcount, increased commercial preparation activities, and higher administrative costs.

 

 

Net Loss: Net loss was $644.4 million for the quarter ended June 30, 2026, compared to net loss of $247.8 million for the quarter ended June 30, 2025. Net loss for the quarter ended June 30, 2026 included a non-cash charge of $151.0 million related to a change in the fair value of warrants assumed as part of the company’s acquisition of EQRx, Inc.

 

Financial Guidance

Revolution Medicines is updating its full year 2026 GAAP operating expense guidance to a range of $2.1 to $2.2 billion, which includes estimated non-cash stock-based compensation expense of between $270 and $290 million.

 

Webcast

Revolution Medicines will host a webcast this afternoon, August 5, 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. These product candidates are investigational and have not been approved for commercial use in any indication. 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 commercialization plans and readiness, including its ability to establish commercial, sales, marketing, market access and distribution infrastructure, the timing and

 

potential success of any commercial launch, and its development of global commercialization capabilities; the company’s regulatory filings, including the NDA for daraxonrasib and the EMA’s phased review of daraxonrasib; the timing, progress and outcome of regulatory reviews and the company’s ability to obtain regulatory approvals, including the timing, scope and conditions of any such approvals; the company’s development opportunities, plans and timelines and its ability to build or advance its portfolio and R&D pipeline; the 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, milestones, initiation, enrollment and data readouts or disclosures and clinical trial designs including timing for enrollment completion in RASolve 301 and initiation of RASolve 307; the company’s ability to 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; and sources of capital.

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, commercialization preparation and launch readiness, 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’ Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) on August 5, 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 June 30,

 

Six Months Ended June 30,

 

 

2026

 

2025

 

2026

 

2025

Operating expenses:

 

 

 

 

 

 

Research and development

 

$

394,919

 

$

224,134

 

$

738,889

 

$

429,883

General and administrative

110,213

40,580

 

 

211,465

 

 

75,591

Total operating expenses

505,132

264,714

 

 

950,354

 

 

505,474

Loss from operations

(505,132)

(264,714)

 

 

(950,354)

 

 

(505,474)

Non-operating income (expense), net:

 

 

 

 

 

Interest income

35,579

22,404

 

 

55,087

 

 

47,319

Interest expense

(23,781)

(867)

 

 

(35,978)

 

 

(867)

Change in fair value of warrant liability

(151,031)

(4,578)

 

 

(166,819)

 

 

(2,139)

Other expense, net

(6)

(32)

 

 

(123)

 

 

(42)

Total non-operating income (expense), net

(139,239)

16,927

 

 

(147,833)

 

 

44,271

Net loss

$

(644,371)

$

(247,787)

 

$

(1,098,187)

 

$

(461,203)

Net loss per share attributable to common stockholders - basic and diluted

$

(3.06)

$

(1.31)

 

$

(5.37)

 

$

(2.45)

Weighted-average common shares used to compute net loss per share, basic and diluted

210,893,604

188,583,288

 

 

204,531,173

 

 

188,365,805

 

REVOLUTION MEDICINES, INC.

SELECTED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, unaudited)

June 30,

2026

December 31,

2025

Cash, cash equivalents and marketable securities

$

3,937,969

$

2,025,679

Working capital (1)

3,674,277

1,784,613

Total assets

4,323,270

2,354,508

Total liabilities

1,717,032

723,211

Total stockholders' equity

2,606,238

1,631,297

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

 

 

 

Source: View Original Filing on SEC EDGAR

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