01—Abstract
Summary
Summary of the 10-K filed February 25, 2026. Cited figures are marked; the original filing is the authoritative source.
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 billiona 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 millionb 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.
02—Key points
Key Highlights
- Net loss of $1.13 billion in 2025 versus $600.1 million in 2024; accumulated deficit of $2.9 billion at December 31, 2025.
- Research and development expense rose to $987.3 million from $592.2 million, led by daraxonrasib ($331.0 million third-party R&D expense), zoldonrasib and elironrasib.
- Cash, cash equivalents and marketable securities totaled $2.0 billion at December 31, 2025, which the company says fund operations for at least 12 months.
- June 2025 Royalty Purchase Agreement provided $250.0 million upfront, with up to $1.0 billion of additional royalty funding and a term loan facility of up to $750.0 million.
- RASolute 302 Phase 3 readout in second-line pancreatic cancer is expected in the first half of 2026; daraxonrasib received Breakthrough Therapy Designation and a CNPV voucher.
- The company has never generated product revenue and has no approved products; all manufacturing is outsourced to contract manufacturers.
- February 2026 entry into a new $1 billion at-the-market equity program with TD Cowen, with $86.1 million gross proceeds sold under the prior program in January and February 2026.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 25, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $0$0 | — |
| R&D Expenses | $987.33M$592.23M | +66.7% |
| Operating Expenses | $1.18B$689.52M | +71.5% |
| Operating Income | -$1.18B-$689.52M | −71.5% |
| Net Income | -$1.13B-$600.00M | −88.5% |
| EPS (Basic) | $-5.95$-3.58 | −66.2% |
| EPS (Diluted) | $-5.95$-3.58 | −66.2% |
| Shares Outstanding (Basic) | 190.13M167.74M | +13.3% |
| Shares Outstanding (Diluted) | 190.13M167.74M | +13.3% |
05—Questions
Frequently Asked Questions
Does Revolution Medicines have any approved products or revenue?
No. The filing states the company has no products approved for commercial sale and has never generated revenue from product sales. Collaboration revenue was zero in 2025 and 2024 and $11.6 million in 2023, related to the terminated Sanofi agreement.
How much cash does the company have and how long will it last?
The company had $2.0 billion in cash, cash equivalents and marketable securities as of December 31, 2025. Management believes this will fund planned operations for at least 12 months following the filing date, though it expects to continue spending substantially and may need additional capital.
What financing sources are available beyond existing cash?
The Royalty Purchase Agreement received $250.0 million upfront, with up to $1.0 billion of additional royalty purchases available under specified triggers. The Loan Agreement provides up to $750.0 million in term loans, with the first $250.0 million tranche required to be drawn within 45 days after FDA approval of daraxonrasib for metastatic pancreatic cancer if approval occurs by January 1, 2028. The company also has a $1 billion at-the-market program.
What are the key upcoming clinical catalysts?
The filing expects a clinical readout from RASolute 302 (daraxonrasib versus chemotherapy in second-line pancreatic cancer) in the first half of 2026. It also expects to initiate RASolute 309 and RASolve 308 trials in 2026 and to provide updates on colorectal and first-line non-small cell lung cancer strategies during 2026.
What are the main risks to investors?
The filing highlights the company's history of losses and need for substantial additional financing, dependence on clinical success of its RAS(ON) inhibitors, uncertain regulatory approval, competition from larger companies, reliance on third-party manufacturers and collaborators, and pricing and reimbursement pressures including proposed Medicare most-favored-nation rebate regulations.
06—Continue