Revolution Medicines (RVMD) Q4 2025 earnings summary

Executive summary

• Advanced a robust pipeline of four novel RAS(ON) inhibitors, with eight ongoing or planned phase III registrational trials and over 2,500 patients treated to date.

• Advanced late-stage pipeline with five ongoing Phase 3 trials and three more planned for 2026.

• Achieved key milestones including Breakthrough Therapy Designation and a Commissioner's National Priority Voucher for daraxonrasib in pancreatic cancer.

• Expanded clinical programs in pancreatic, non-small cell lung, and colorectal cancers, with multiple registrational studies underway or planned.

• Strengthened commercialization readiness with strategic hires and field sales leadership in preparation for first U.S. launch.

Financial highlights

• Ended Q4 2025 with $2.03 billion in cash and investments.

• Cash, cash equivalents, and marketable securities totaled $2.0 billion as of December 31, 2025.

• R&D expenses for Q4 2025 were $294.9 million, up from $188.1 million in Q4 2024; full-year R&D expenses were $987.3 million, up from $592.2 million in 2024.

• G&A expenses for Q4 2025 were $66.7 million, up from $28.2 million in Q4 2024; full-year G&A expenses were $195.0 million, up from $97.3 million in 2024.

• Net loss for Q4 2025 was $364.9 million, compared to $194.6 million in Q4 2024; full-year net loss was $1.1 billion, up from $600.1 million in 2024.

Outlook and guidance

• Full year 2026 GAAP operating expenses expected to be $1.6–$1.7 billion, including $180–$200 million in non-cash stock-based compensation.

• Expense growth driven by expansion of clinical development programs and increased commercial preparation.

• Expects to substantially complete enrollment in RASolve 301 (daraxonrasib in previously treated NSCLC) in 2026.

• Plans to initiate three additional Phase 3 trials in 2026 and share new clinical data across programs.