01—Abstract
Summary
Summary of the 8-K filed February 25, 2026. Cited figures are marked; the original filing is the authoritative source.
Revolution Medicines, Inc. (Nasdaq: RVMD) reported financial results for the fourth quarter and full year ended December 31, 2025, and provided a corporate progress update, per Exhibit 99.1 furnished with this Item 2.02 Form 8-K.
The company reported Q4 2025 research and development expenses of $294.9 milliona and general and administrative expenses of $66.7 million, with a net loss of $364.9 million, compared with a net loss of $194.6 million in the fourth quarter of 2024. For full year 2025, R&D expenses were $987.3 million, G&A expenses were $195.0 million, and net loss was $1.1 billion, compared with $600.1 million in 2024. The increases were attributed mainly to clinical trial and manufacturing costs for daraxonrasib, zoldonrasib and elironrasib, and to commercial preparation activities and headcount growth.
Cash, cash equivalents and marketable securities totaled $2.0 billionb at December 31, 2025, including the first $250 million royalty monetization tranche received in June 2025 from its Royalty Pharma partnership, with an additional $1.75 billion in future committed capital under that arrangement. For 2026, the company expects GAAP operating expenses of $1.6 to $1.7 billion, including estimated non-cash stock-based compensation of $180 to $200 million.
The near-term focus is the pivotal RASolute 302 Phase 3 readout of daraxonrasib in second-line metastatic pancreatic cancer (PDAC), expected in the first half of 2026. The company also highlighted five ongoing Phase 3 trials, three additional Phase 3 trials planned to start in 2026, and initial zoldonrasib plus FOLFIRINOX data in first-line PDAC.
02—Key points
Key Highlights
- RASolute 302 (daraxonrasib monotherapy, second-line metastatic PDAC) has completed global enrollment, with a readout expected in the first half of 2026.
- Cash, cash equivalents and marketable securities were $2.0 billion at December 31, 2025, versus $2.3 billion at December 31, 2024, including the first $250 million Royalty Pharma tranche received in June 2025; $1.75 billion of future committed capital remains under that arrangement.
- Q4 2025 net loss was $364.9 million versus $194.6 million in Q4 2024; R&D expenses rose to $294.9 million from $188.1 million.
- Full year 2025 net loss was $1.1 billion versus $600.1 million in 2024; R&D expenses were $987.3 million versus $592.2 million, and G&A expenses were $195.0 million versus $97.3 million.
- 2026 GAAP operating expense guidance is $1.6 to $1.7 billion, including $180 to $200 million of non-cash stock-based compensation.
- Zoldonrasib plus FOLFIRINOX in first-line PDAC showed a 63% partial response rate (confirmed or pending confirmation) and a 95% disease control rate among 19 patients as of the December 1 data cutoff.
- The company initiated RASolute 305, the first Phase 3 trial for zoldonrasib, and expects to start three additional Phase 3 trials in 2026, including RASolve 308 and RASolute 309.
03—Questions
Frequently Asked Questions
What is the most important near-term catalyst for Revolution Medicines?
The company expects a pivotal readout from RASolute 302, a Phase 3 trial of daraxonrasib monotherapy in second-line metastatic pancreatic cancer, in the first half of 2026. Global enrollment in that trial is complete.
How much cash does the company have and what additional funding is available?
Cash, cash equivalents and marketable securities were $2.0 billion as of December 31, 2025. This includes the first $250 million royalty monetization tranche received in June 2025 under the Royalty Pharma partnership, and an additional $1.75 billion in future committed capital remains under that arrangement.
Why did operating expenses and net loss increase in 2025?
The filing attributes the R&D increase to higher clinical trial and manufacturing expenses for daraxonrasib, zoldonrasib and elironrasib, plus personnel and stock-based compensation costs from added headcount. The G&A increase reflected commercial preparation activities and similar personnel-related costs.
What spending level does the company expect in 2026?
Revolution Medicines expects full year 2026 GAAP operating expenses between $1.6 billion and $1.7 billion, including estimated non-cash stock-based compensation expense of between $180 million and $200 million.
04—Continue