Revolution Medicines 8-K Report, Financial Results (Aug 6, 2025)

Revolution Medicines, Inc. reported financial results for the quarter ended June 30, 2025, and gave an update on corporate progress.

Second-quarter research and development expenses were $224.1 million^a, up from $134.9 million a year earlier, driven mainly by clinical trial and manufacturing costs for daraxonrasib, zoldonrasib and elironrasib. General and administrative expenses were $40.6 million versus $21.7 million, and the net loss was $247.8 million compared with $133.2 million in the prior-year quarter. Cash, cash equivalents and marketable securities totaled $2.1 billion as of June 30, 2025, including the first $250 million royalty monetization tranche from Royalty Pharma.

The company highlighted progress on its Phase 3 program. Enrollment in RASolute 302, a global Phase 3 trial of daraxonrasib in previously treated pancreatic ductal adenocarcinoma (PDAC), is being wound down in the U.S. while enrollment continues outside the U.S.; the company expects enrollment to complete this year, with a data readout expected in 2026. The company also received FDA Breakthrough Therapy Designations for daraxonrasib (previously treated metastatic PDAC with KRAS G12 mutations) and elironrasib (KRAS G12C NSCLC).

Plans for 2026 include initiating registrational trials of daraxonrasib in first-line metastatic PDAC and as adjuvant treatment for resectable PDAC, and a Phase 3 trial in first-line RAS mutant NSCLC. For full-year 2025, Revolution Medicines projects a GAAP net loss between $1.03 billion^b and $1.09 billion, including estimated non-cash stock-based compensation of $115 million to $130 million. The company also entered a $2 billion flexible funding agreement with Royalty Pharma, providing capital upon achievement of agreed milestones through a mix of synthetic royalty and debt instruments, and announced a clinical collaboration with Summit Therapeutics to evaluate its RAS(ON) inhibitors with ivonescimab.