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Dec 31, 2025
Revolution Medicines Q4 2025 Earnings Report
Revolution Medicines reported a wider net loss in Q4 2025 as R&D and G&A spending increased to advance its late-stage RAS(ON) inhibitor pipeline.
Key Takeaways
For Q4 2025, the company reported a net loss of 364892000 driven by higher operating expenses, including 294943000 in R&D and 66683000 in G&A. It ended the quarter with 2025679000 in cash, cash equivalents and marketable securities.
R&D expenses increased to 294943000 in Q4 2025.
G&A expenses increased to 66683000 in Q4 2025.
Loss from operations was 361626000 in Q4 2025.
Cash, cash equivalents and marketable securities were 2025679000 at December 31, 2025.
Forward Guidance
For full year 2026, Revolution Medicines expects GAAP operating expenses to be between 1600000000 and 1700000000, including estimated non-cash stock-based compensation of between 180000000 and 200000000.
Positive Outlook
- On track for a Phase 3 RASolute 302 readout in the first half of 2026.
- Five ongoing Phase 3 trials with three additional Phase 3 trials planned to start in 2026.
- Expects to substantially complete enrollment in RASolve 301 this year.
- Initiated RASolute 305, the first Phase 3 trial for zoldonrasib.
- Guided full-year 2026 GAAP operating expenses of 1600000000 to 1700000000.
Challenges Ahead
- Guidance includes non-cash stock-based compensation of 180000000 to 200000000.
- Higher R&D spending reflects expanded late-stage clinical activity.
- Higher G&A spending reflects commercial preparation activities and added headcount.
Historical Earnings Impact
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