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RVMD · Revolution Medicines

7 filings

10-K

RVMD 10-K Annual Reports

Revolution Medicines - 7 annual reports

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

2025
Revolution Medicines Annual Report, Year Ended Dec 31, 2025
Revolution Medicines, Inc. (RVMD) is a clinical-stage precision oncology company developing RAS(ON) inhibitors for RAS-addicted cancers. It has never generated product revenue and reported a net loss of $1.13 billion for 2025, up from $600.1 million in 2024, with an accumulated deficit of $2.87 billion as of December 31, 2025. Research and development expense rose to $987.3 million in 2025 from $592.2 million, driven mainly by daraxonrasib, zoldonrasib and elironrasib programs, and general and administrative expense rose to $195.0 million from $97.3 million. The company held $2.0 billion in cash, cash equivalents and marketable securities at December 31, 2025, and states this will fund planned operations for at least 12 months after the filing date. Financing in 2025 included a $250.0 million upfront sale of future royalties to Royalty Pharma, with up to an additional $1.0 billion of potential royalty purchases, and a term loan facility of up to $750.0 million that is drawn only upon specified FDA approval or commercial milestones. In February 2026 the company entered a new at-the-market program with TD Cowen for up to $1 billion. Key near-term catalysts named in the filing include a clinical readout from the RASolute 302 Phase 3 study of daraxonrasib in second-line pancreatic cancer expected in the first half of 2026, and daraxonrasib holds a Commissioner's National Priority Voucher and Breakthrough Therapy Designation in pancreatic cancer. The company has no approved products and relies entirely on third-party manufacturers.
Feb 25, 2026
2024
Revolution Medicines Annual Report, Year Ended Dec 31, 2024
Revolution Medicines, Inc. (RVMD) is a clinical-stage precision oncology company developing RAS(ON) inhibitors for RAS-addicted cancers. It has never generated product revenue; collaboration revenue fell to zero in 2024 from $11.6 million in 2023 after the Sanofi Agreement was terminated in June 2023. Net loss widened to $600.1 million in 2024 from $436.4 million in 2023, and the accumulated deficit reached $1.7 billion. Research and development expense rose to $592.2 million, and general and administrative expense to $97.3 million. Cash, cash equivalents and marketable securities totaled $2.3 billion at year-end 2024, and management states these fund planned operations for at least 12 months. The lead asset, daraxonrasib (RMC-6236), is in a global Phase 3 registrational trial (RASolute 302) in second-line metastatic pancreatic cancer, with an expected clinical readout in 2026. A second Phase 3 trial (RASolve 301) in RAS-mutated non-small cell lung cancer is being activated. Company-reported Phase 1 data included an ORR of 36% (8 of 22 patients) in KRAS G12X pancreatic patients and 38% (15 of 40) in NSCLC efficacy-evaluable patients. Elironrasib and zoldonrasib are in earlier clinical development, and the company plans pivotal combination studies in 2026. In December 2024 the company completed an underwritten offering with net proceeds of $823.0 million at $46.00 per share, following the November 2023 EQRx acquisition that added $1.1 billion in net cash. The filing also discloses a pending Delaware lawsuit (Nemeth v. Casdin) tied to the EQRx merger, for which the company cannot estimate a range of loss.
Feb 26, 2025
2023
Revolution Medicines Annual Report, Year Ended Dec 31, 2023
Revolution Medicines, Inc. (RVMD) is a clinical-stage precision oncology company developing RAS(ON) inhibitors for RAS-addicted cancers. It has no approved products and has never generated product revenue. The company reported a net loss of $436.4 million for 2023, compared with $248.7 million in 2022, and an accumulated deficit of $1,137.7 million at December 31, 2023. Collaboration revenue fell to $11.6 million from $35.4 million as the Sanofi SHP2 agreement terminated in June 2023. Research and development expense rose to $423.1 million and general and administrative expense to $75.6 million. The November 9, 2023 acquisition of EQRx, Inc. was all-stock, with 54.8 million shares issued. It was accounted for as a capital-raising transaction and added about $1.1 billion in net cash, cash equivalents and marketable securities. At December 31, 2023 the company held $1.9 billion in cash, cash equivalents and marketable securities, and management believes this will fund planned operations for at least 12 months after the report date. The lead programs are RMC-6236, a RAS(ON) multi-selective inhibitor, and the mutant-selective inhibitors RMC-6291 (G12C) and RMC-9805 (G12D). The company plans two monotherapy registration studies, in second-line NSCLC and PDAC, subject to regulatory input, and expects several clinical data updates in the second half of 2024. Results to date are early, drawn from Phase 1 studies with limited patient numbers, and the filing stresses that these interim results may not predict later outcomes.
Feb 26, 2024
2022
Revolution Medicines Annual Report, Year Ended Dec 31, 2022
Revolution Medicines, Inc. (RVMD) is a clinical-stage precision oncology company developing targeted therapies for RAS-addicted cancers. It has never generated product revenue and has no approved products. Net losses were $248.7 million in 2022, $187.1 million in 2021 and $108.2 million in 2020, bringing the accumulated deficit to $701.3 million as of December 31, 2022. Its only revenue, $35.4 million of collaboration revenue in 2022, came from the Sanofi Agreement for the SHP2 inhibitor RMC-4630. Sanofi terminated that agreement for convenience in December 2022, effective June 2023, after which Revolution Medicines regains global rights to RMC-4630 and Sanofi's reimbursement obligations end. The company's pipeline centers on RAS(ON) inhibitors, led by RMC-6236 (a RAS-multi inhibitor in a Phase 1/1b trial), RMC-6291 (KRASG12C(ON)) and RMC-9805 (KRASG12D(ON), in IND-enabling stages), plus RAS Companion Inhibitors RMC-4630, RMC-5552 (mTORC1) and RMC-5845 (SOS1). Management states that existing cash, cash equivalents and marketable securities of $644.9 million will fund planned operations for at least 12 months. It notes that it will need substantial additional financing and that research and development expenses rose to $253.1 million in 2022 from $186.9 million in 2021. The filing also highlights significant risks, including unproven tri-complex technology, early-stage clinical data, dependence on third-party CROs and contract manufacturers, and the transition of SHP2 rights from Sanofi. PricewaterhouseCoopers issued an unqualified audit opinion and concluded internal control over financial reporting was effective as of December 31, 2022.
Feb 27, 2023
2021
Revolution Medicines Annual Report, Year Ended Dec 31, 2021
Revolution Medicines, Inc. (RVMD) is a clinical-stage precision oncology company developing targeted therapies for RAS-addicted cancers. As of December 31, 2021, it had no approved products and had never generated product revenue. Its net loss was $187.1 million in 2021, up from $108.2 million in 2020 and $47.7 million in 2019, and its accumulated deficit reached $452.6 million. Collaboration revenue, which comes entirely from the Sanofi Agreement for the SHP2 inhibitor RMC-4630, fell to $29.4 million in 2021 from $43.0 million in 2020, including an $8.5 million cumulative catch-up adjustment. Research and development expense rose to $186.9 million. The company ended 2021 with $577.1 million in cash, cash equivalents and marketable securities. It raised $281.1 million in a February 2021 follow-on offering and established a $250 million at-the-market program with Cowen in November 2021, under which it sold $10.4 million of stock by year-end. Management states that existing resources will fund planned operations for at least 12 months after the report date, while also noting that it expects to need substantial additional funding for future research and development. The pipeline centers on four RAS(ON) inhibitors in IND-enabling development (RMC-6236, RMC-6291, RMC-9805 and RMC-8839), with IND submissions for RMC-6236 and RMC-6291 planned for the first half of 2022. RMC-4630 is in clinical studies, partly through Sanofi, which shares U.S. profits and losses equally and can terminate the agreement for convenience. The company also reported a confirmed partial response with a 63% reduction from baseline in an early RMC-5552 study, and it had 188 full-time employees as of December 31, 2021.
Feb 28, 2022
2020
Revolution Medicines Annual Report, Year Ended Dec 31, 2020
Revolution Medicines, Inc. (RVMD) is a clinical-stage precision oncology company developing targeted therapies for RAS-addicted cancers. Its most advanced candidate, RMC-4630, a SHP2 inhibitor, is in a multi-cohort Phase 1/2 program in collaboration with Sanofi, which is responsible for reimbursing substantially all research and development costs for RMC-4630 and holds the right to terminate the agreement for convenience. The company has no approved products and has never generated product revenue. Collaboration revenue from Sanofi was $42.98 million in 2020 versus $50.04 million in 2019, while net loss widened to $108.2 million from $47.7 million, and the accumulated deficit reached $265.5 million as of December 31, 2020. At year-end 2020, cash, cash equivalents and marketable securities totaled $440.7 million, following net proceeds of $250.7 million from the February 2020 IPO, $167.8 million from the July 2020 follow-on offering, and $281.3 million from a February 2021 follow-on offering. Management believes existing resources will fund planned operations for at least 12 months. The company's pipeline also includes RMC-5552 (mTORC1 inhibitor, IND authorized), RMC-5845 (SOS1 inhibitor, IND-enabling), and RAS(ON) tri-complex inhibitors RMC-6291 and RMC-6236, both in IND-enabling preclinical development with planned IND submissions in the first half of 2022. The company reported 125 full-time employees at December 31, 2020, 103 of them in research and development. Its financial statements were audited by PricewaterhouseCoopers LLP, which issued an unqualified opinion dated March 2, 2021.
Mar 2, 2021
2019
Revolution Medicines Annual Report, Year Ended Dec 31, 2019
Revolution Medicines, Inc. (RVMD) is a clinical-stage precision oncology company focused on RAS and mTOR signaling pathways. Its most advanced product candidate, RMC-4630, is a SHP2 inhibitor being evaluated in a Phase 1/2 program with Sanofi, which shares profits and losses 50-50 in the United States and receives royalties outside it. The company has no approved products and has never generated product revenue, and it reported net losses of $47.7 million for 2019, $41.8 million for 2018 and $31.1 million for 2017, with an accumulated deficit of $157.4 million at December 31, 2019. Collaboration revenue from Sanofi rose to $50.0 million in 2019 from $19.4 million in 2018. As of December 31, 2019, the company held $122.8 million in cash, cash equivalents and marketable securities. It completed its IPO on February 18, 2020, issuing 16,100,000 shares at $17.00 per share for net proceeds of approximately $251.0 million. Management believes existing resources fund operations for at least 12 months following the filing date. The company states it has 95 full-time employees and that its pipeline beyond RMC-4630 is preclinical, including mutant-selective RAS(ON) inhibitors and the mTORC1 candidate RMC-5552. The filing reports preliminary Phase 1 data for RMC-4630 with 63 patients treated as of November 6, 2019, including one confirmed partial response in KRAS G12C non-small cell lung cancer, and it notes treatment-related adverse events such as anemia, fatigue, thrombocytopenia and edema, with one treatment-related serious adverse event on the intermittent schedule. The filing also notes that COVID-19 may delay clinical trial timelines.
Mar 30, 2020