Revolution Medicines (RVMD) Q3 2025 earnings summary

Executive summary

• Advanced multiple clinical-stage RAS-on inhibitors, including daraxonrasib, elironrasib, and zoldonrasib, with several ongoing and planned Phase III trials in pancreatic, lung, and colorectal cancers.

• Daraxonrasib received FDA Breakthrough Therapy, Orphan Drug, and National Priority Voucher designations for pancreatic cancer.

• Significant progress in scaling organization, with new leadership appointments to support late-stage development and commercialization.

• Entered new collaborations with Tango Therapeutics, Summit Therapeutics, and others to expand clinical and discovery capabilities.

• Multiple Phase III trials initiated or planned, with key data readouts expected in 2026.

Financial highlights

• Ended Q3 2025 with $1.93 billion in cash and investments, including $250 million from Royalty Pharma and $1.75 billion in future committed capital.

• R&D expenses rose to $262.5 million from $151.8 million year-over-year, driven by clinical and manufacturing costs and increased headcount.

• G&A expenses increased to $52.8 million from $24.0 million year-over-year, reflecting higher personnel, commercial, and legal costs.

• Net loss for Q3 2025 was $305.2 million, up from $156.3 million in Q3 2024; nine-month net loss was $766.4 million.

• Weighted-average shares outstanding increased to 189.2 million for Q3 2025.

Outlook and guidance

• On track for key Phase III data readouts in 2026 for pancreatic and lung cancer programs.

• Full-year 2025 GAAP net loss guidance reiterated at $1.03–$1.09 billion, including $115–$130 million in non-cash stock-based compensation.

• Initiation of additional pivotal trials for zoldonrasib and allieronrasib combinations planned for 2026.

• Management expects continued increases in R&D and G&A expenses as clinical programs advance and commercial preparations intensify.

• Existing cash and investments expected to fund operations for at least 12 months from the report date.