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Revolution MedicinesRVMD

Legal name
Revolution Medicines, Inc.
Sector
Healthcare
Industry
Biological Products, (No Diagnostic Substances)
Exchange
Nasdaq

Stock Price $RVMD

Latest filings

You are here#33 of 52 in Healthcare by market cap

Filing record · 2020–202610-K710-Q208-K72

RVMD filed 7 annual reports (10-K), 20 quarterly reports (10-Q) and 72 current reports (8-K) between 2020 and 2026.

  1. Leadership change8-K · Mar ’21Mar ’21
  2. Leadership change8-K · Jul ’22Jul ’22
  3. Deal closed8-K · Nov ’23Nov ’23
  4. Material agreement8-K · Apr ’26Apr ’26

01—Key figures

Share Class
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  8. $0
YoY changeLargest recent move+148.2%in FY19

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All RVMD Financial Metrics53 metrics

Income Statement14

Balance Sheet23

Cash Flow12

Per Share4

02—Overview

Revolution Medicines Financial Overview 2021–2025

Updated Nov 4, 2026

At the close of FY2025, Revolution Medicines carried a $15.7 billiona market cap on a $79.65 share price, despite never having generated product revenue and posting a $1.13 billion net loss that year. The thesis is simple: investors were paying for one drug, daraxonrasib, and the bill for getting it to market has been enormous. EPS for FY2025 was -$5.95, so no earnings multiple applies.

The scale-up is stark. R&D expense climbed from $186.9 million in FY2021 to $987.3 millionb in FY2025, while collaboration revenue went the other way, from $29.4 million to zero after Sanofi exited in 2023. General and administrative expense doubled to $195.0 million in FY2025 from $97.3 million in FY2024. Cash rose from $577.1 million at the end of FY2021 to $2.0 billion at the end of FY2025, funded by equity raises, including $823.0 million in December 2024, plus a $250.0 million royalty sale to Royalty Pharma.

The spending has since been tested. The Phase 3 RASolute 302 trial in second-line pancreatic cancer showed median overall survival of 13.2 months versus 6.7 months for chemotherapy, a 0.40 hazard ratio. The FDA approved daraxonrasib in August 2026. The company then raised roughly $2.2 billionc in gross proceeds in April 2026 and held $3.9 billion in cash at June 30, 2026. Losses are still accelerating: Q2 2026 net loss hit $644.4 million.

Recent Developments (Q1 and Q2 2026)

Opex guidance is the clearest sign of scale. Management lifted full-year 2026 GAAP operating expense guidance from $1.7-$1.8 billion to $2.1-$2.2 billiond. Q1 2026 net loss was $453.8 million, against $213.4 million a year earlier, and G&A tripled to $101.3 million, partly on a $44.6 million retirement-benefit equity charge. Quarterly R&D reached $394.9 million in Q2 2026, up from $224.1 million. R&D president Steve Kelsey moves to senior adviser on July 1, 2026 and retires in January 2027. RASONQUE launched at $39,800 per 30-day supply. On October 8, 2026, the company drew a $250.0 million loan from Royalty Pharma at Term SOFR plus 5.75%, due 2032.

Bull case: a priced, launched oral drug, with more than 2,000 patients already on expanded access. Bear case: with EPS negative, no earnings multiple applies, and the $37.4 billione market cap as of August 4, 2026 already prices in a successful launch.

What to watch: RASONQUE launch uptake and early sales; 2026 spending against the raised guidance

03—Filings

Recent SEC Filings

  1. 8-KRevolution Medicines 8-K Report, Financial Obligation (Oct 13, 2026)Revolution Medicines, Inc. filed a Form 8-K reporting two related events tied to the U.S. Food and Drug Administration's approval of RASONQUE (daraxonrasib) for adult patients with metastatic pancreatic adenocarcinoma who have received at least one prior systemic therapy or who are not candidates for multiagent systemic therapy. On October 8, 2026, the company borrowed a $250.0 million Tranche A Loan from Royalty Pharma Development Funding, LLC under the June 23, 2025 loan agreement, which provides a senior secured term loan facility of up to $750.0 million in three tranches. The Tranche A Loan bears interest at three-month Term SOFR (3.50% floor) plus 5.75%, is interest-only, and matures on October 8, 2032. The company also paid a $5.0 million draw fee. Separately, the FDA approval constituted the "Tranche 3 Trigger" under the Royalty Purchase Agreement with Royalty Pharma Investments 2019 ICAV. The company elected not to deliver a Tranche 3 Notice by October 10, 2026, so it will not receive the up to $250.0 million Tranche 3 Purchase Price and Royalty Pharma will not receive the related Tranche 3 Incremental Revenue Participation Right. For both facilities, up to an additional $500.0 million remains potentially available at the company's election, subject to milestones and conditions specified in the respective agreements.
  2. 8-KRevolution Medicines 8-K Report, Material Agreement (Sep 1, 2026)Revolution Medicines, Inc. (RVMD) disclosed in this Form 8-K, filed September 1, 2026, that on August 27, 2026 it agreed to lease the entirety of four buildings at 1600, 1700, 1800 and 1900 Seaport Boulevard in Redwood City, California, comprising approximately 672,000 rentable square feet, to serve as its new headquarters. The transaction consists of four separate leases with four affiliated landlords, subsidiaries of Pacific Shores Phase II Associates, LLC. Commencement dates are staggered from September 26, 2027 through September 1, 2028, with initial terms ending in September 2042, and the company holds options to extend each lease for up to three additional five-year periods. At full commencement, aggregate scheduled monthly base rent will begin at approximately $2.7 million and increase by approximately 3% annually. Rent abatement periods run through January 2030 and represent an aggregate base rent abatement of approximately $23.1 million. The landlords have agreed to aggregate tenant improvement allowances of approximately $115.9 million, with the company able to elect up to approximately $40.3 million in additional allowances, which would be repaid as additional rent amortized at 10% annually. The leases are conditioned on the landlords' acquisition of the underlying properties (the "Phase II Closing"). Base rent is reduced if that closing occurs after November 24, 2026, and the company may terminate if it does not occur by December 31, 2026; each lease automatically terminates if the closing has not occurred by April 29, 2027, absent an agreed extension. The filing also notes that Farallon Capital Management, L.L.C. reported beneficial ownership of approximately 6.4% of the company's common stock as of June 30, 2026, and that Farallon-managed funds indirectly own a majority interest in the landlords.
  3. 8-KRevolution Medicines 8-K Report, Corporate Update (Aug 26, 2026)Revolution Medicines, Inc. (RVMD) reported in a Form 8-K filed August 26, 2026, under Item 8.01 (Other Events) that the U.S. Food and Drug Administration approved RASONQUE™ (daraxonrasib) for adult patients with metastatic pancreatic adenocarcinoma who have received at least one prior systemic therapy or who are not candidates for multiagent systemic therapy. The approval was based on data from RASolute 302, a global, randomized Phase 3 clinical trial comparing RASONQUE with investigator's choice of cytotoxic chemotherapy in patients with previously treated metastatic pancreatic adenocarcinoma. The company stated that the once-daily oral tablets are now available in the United States for physicians to prescribe to eligible patients. The filing states a wholesale acquisition cost of $39,800 for a 30-day supply, based on the recommended daily dose. The filing does not include efficacy results or commercial guidance beyond these points.
  4. 8-KRevolution Medicines 8-K Report, Financial Results (Aug 5, 2026)Revolution Medicines, Inc. (Nasdaq: RVMD) reported financial results for the quarter ended June 30, 2026 in a press release furnished as Exhibit 99.1 to this Form 8-K, dated August 5, 2026. The company highlighted that the U.S. FDA accepted its New Drug Application for daraxonrasib for previously treated metastatic pancreatic cancer following Phase 3 RASolute 302 results, that it opened an FDA-cleared Expanded Access Program in May 2026 with distribution to physicians on behalf of more than 2,000 patients, and that it achieved U.S. commercial launch readiness and began submissions to the European Medicines Agency under a phased review process. Financially, net loss was $644.4 million for the quarter, compared with $247.8 million a year earlier, including a non-cash $151.0 million charge tied to a change in the fair value of warrants assumed in the acquisition of EQRx, Inc. Research and development expenses rose to $394.9 million from $224.1 million, and general and administrative expenses rose to $110.2 million from $40.6 million. Cash, cash equivalents and marketable securities were $3.9 billion at June 30, 2026, reflecting April 2026 offerings with total gross proceeds of $2,225.0 million and a $250.0 million Royalty Pharma payment received in May 2026. Up to an additional $1.5 billion in committed capital remains under the Royalty Pharma arrangements, subject to milestones. The company updated its full-year 2026 GAAP operating expense guidance to $2.1 to $2.2 billion. On clinical programs, the company reported initial first-line NSCLC data for zoldonrasib and elironrasib in combination with standard of care, and noted FDA Breakthrough Therapy Designation for daraxonrasib in previously treated non-G12C KRAS-mutant NSCLC. The company expects enrollment completion in the Phase 3 RASolve 301 trial this year, with an initial readout anticipated in 2027.
  5. 8-KRevolution Medicines 8-K Report, Executive Changes (Jun 22, 2026)Revolution Medicines, Inc. (RVMD) filed this Form 8-K reporting two items: a leadership transition and the results of its annual meeting of stockholders held June 18, 2026. Steve Kelsey, M.D., FRCP, FRCPath, informed the Company on June 18, 2026 of his intent to retire effective January 4, 2027. He will move from his role as president, research and development to senior advisor to the chief executive officer effective July 1, 2026. The Company contemplates appointing him to its Board of Directors effective upon his retirement, subject to Board approval. He will be eligible for certain benefits under the Company's retirement policy for equity awards. At the annual meeting, stockholders elected Alexis Borisy and Mark A. Goldsmith, M.D., Ph.D. as Class III directors to serve until the 2029 annual meeting. Stockholders ratified PricewaterhouseCoopers LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2026, and approved, on an advisory basis, the compensation of the named executive officers. Of 212,592,561 shares outstanding and entitled to vote as of the April 23, 2026 record date, Borisy received 127,181,172 votes for and 33,660,532 withheld, and Goldsmith received 157,681,628 votes for and 3,160,076 withheld. On the say-on-pay proposal, 155,110,825 shares voted for, 5,554,146 against, and 176,733 abstained. The filing is largely administrative and contains no financial results, guidance, or clinical data. The key forward-looking elements concern the timing of Dr. Kelsey's retirement, his advisory role, and the possible Board appointment, none of which is assured.
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04—See also

Related Companies

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