Revolution Medicines, Inc.

Listed Company

RVMDWCIK 0001628171NasdaqLarge AcceleratedBiological Products, (No Diagnostic Substances)DelawareFY ends Dec 31

Period

FY 2025

Revenue

Net Income

$-1.13B

Total Assets

$2.35B

Equity

$1.63B

Shares Out

198.17M

Op. Cash Flow

$-897.74M

Business

Revolution Medicines, Inc. is a clinical-stage precision oncology company developing targeted small molecule therapies that inhibit activated RAS proteins. It offers a pipeline of RAS(ON) inhibitors (multi-selective and mutant-selective tri-complex small molecules) and RAS companion inhibitors that target cooperating nodes in the RAS pathway. Its business is organized around discovery and development programs for RAS(ON) tri-complex inhibitors and companion programs, supported by a proprietary tri-complex platform and discovery engine. The company conducts global clinical trials and outsources manufacturing to contract organizations while building commercial capabilities, primarily in the United States and other regions.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	0	0	12	35	29
Research and development	987	592	423	253	187
General and administrative	195	97	76	41	30
Total operating expenses	1,182	690	499	294	217
Loss from operations	−1,182	−690	−487	−258	−188
Interest income	91	87	47	9	929,000
Interest expense	−24	0	0	—	—
Change in fair value of warrant liability and contingent earn-out shares	−15	4	115,000	0	0
Other expense, net:	−37,000	−3	−303,000	0	−12,000
Total non-operating income, net	51	89	47	9	917,000
Income (loss) before provision for income taxes	−1,131	−601	−440	−249	−187
Benefit from income taxes	0	800,000	4	400,000	0
Net loss	−1,131	−600	−436	−249	−187
Net loss per share attributable to common stockholders, basic	−5.95	−3.58	−3.86	−3.08	−2.57
Net loss per share attributable to common stockholders, diluted	−5.95	−3.58	−3.86	−3.08	−2.57
Weighted-average common shares used to compute net loss per share, basic	190	168	113	81	73
Weighted-average common shares used to compute net loss per share, diluted	190	168	113	81	73
Unrealized gain on investments, net	2	777,000	2	2	−492,000
Comprehensive loss	−1,129	−599	−434	−250	−188

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	384	543	696	161	108
Marketable securities	1,642	1,746	1,157	484	469
Prepaid expenses and other current assets	49	38	25	11	7
Total current assets	2,075	2,328	1,879	660	590
Property and equipment, net	33	24	23	19	12
Operating lease right-of-use asset	132	118	77	55	60
Intangible assets, net	56	57	58	59	60
Goodwill	15	15	15	15	15
Restricted cash	5	4	3	2	2
Long-term deposits	24	12	—	—	—
Other noncurrent assets	15	2	7	3	758,000
Total assets	2,355	2,558	2,062	812	738
Accounts payable	65	54	62	21	14
Accrued expenses and other current liabilities	209	97	75	29	28
Operating lease liability, current	16	13	7	7	6
Total current liabilities	290	164	144	62	60
Deferred tax liability	2	2	3	7	7
Operating lease liability, noncurrent	142	123	81	57	60
Liability related to the sale of future royalties	268	0	—	—	—
Warrant liability	19	3	7	0	—
Other noncurrent liabilities	1	670,000	1	301,000	634,000
Total liabilities	723	293	236	127	135
Commitments and contingencies (Note 8)	—	—	—	—	—
Preferred stock, $0.0001 par value; 10,000,000 shares authorized at December 31, 2025 and December 31, 2024, respectively; none issued and outstanding at December 31, 2025 and December 31, 2024, respectively	0	0	0	0	0
Common stock, $0.0001 par value; 300,000,000 shares authorized as of December 31, 2025 and December 31, 2024, respectively; 197,001,401 and 185,896,625 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	19,000	18,000	16,000	9,000	8,000
Additional paid-in capital	4,497	4,002	2,963	1,388	1,056
Accumulated other comprehensive income	3	1	544,000	−2	−376,000
Accumulated deficit	−2,900	−1,738	−1,138	−701	−453
Total stockholders' equity	1,631	2,265	1,826	685	603
Total liabilities and stockholders' equity	2,355	2,558	2,062	812	738

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−1,131	−600	−436	−249	−187
Loss on disposal of fixed assets	32,000	118,000	52,000	19,000	119,000
Amortization of intangible assets	900,000	1	1	1	1
Stock-based compensation expense	118	79	62	31	21
Depreciation and amortization	8	7	5	4	—
Change in fair value of warrant liability and contingent earn-out shares	15	−4	115,000	0	0
Non-cash interest expense on liabilities related to sale of future royalties	24	0	0	—	—
Net amortization of premium or discount on marketable securities	−28	−45	−22	−3	3
Amortization of operating lease right-of-use asset	8	4	3	5	3
Accounts receivable	0	1	3	1	464,000
Prepaid expenses and other current assets	−10	−10	−3	−4	198,000
Accounts payable	10	−6	32	7	2
Accrued expenses and other current liabilities	112	22	15	2	9
Deferred revenue	0	0	−4	−14	−2
Operating lease liability	−957,000	−245,000	−2	−2	−1
Deferred tax liability	0	−762,000	−4	−419,000	0
Long-term deposits	−12	−8	−2	—	—
Other noncurrent assets	−13	2	870,000	−2	81,000
Other noncurrent liabilities	537,000	212,000	157,000	−190,000	151,000
Net cash used in operating activities	−898	−557	−351	−224	−147
Purchases of marketable securities	−1,795	−2,137	−1,059	−613	−671
Maturities of marketable securities	1,923	1,593	724	599	527
Sales of marketable securities	6	0	0	—	—
Purchases of property and equipment	−16	−10	−8	−11	−7
Net cash provided by (used in) investing activities	118	−554	−343	−24	−142
Cash, cash equivalents and restricted cash acquired in connection with EQRx Acquisition, net of transaction costs	0	0	841	0	0
Proceeds from the sale of future royalties, net of issuance costs	244	0	0	—	—
Proceeds from issuance of common stock, net of issuance costs	0	728	324	248	281
Proceeds from issuance of common stock from at-the-market offering, net of transaction costs	348	119	62	50	10
Proceeds from issuance of common stock pursuant to stock option exercises	21	12	3	—	—
Proceeds from issuance of common stock related to employee stock purchase plan	8	5	3	2	2
Tax payment for common stock withheld in satisfaction of withholding tax requirements	0	0	−4	0	0
Exercise of warrants	4,000	0	0	—	—
Payments of deferred offering costs	220,000	284,000	0	42,000	−424,000
Net cash provided by financing activities	622	959	1,229	301	294
Net increase (decrease) in cash, cash equivalents and restricted cash	−158	−152	536	53	5
Issuance of common stock for EQRx acquisition	0	0	1,086	0	0
Fair value of net assets acquired in connection with EQRx Acquisition	0	0	291	0	0
Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities	2	2	3	1	1
Right-of-use assets obtained in exchange for operating lease liabilities	22	45	25	0	35

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