$RVMDW

Revolution Medicines, Inc.

CIK:0001628171|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses:
Research and development	$ 394,919	$ 224,134	$ 738,889	$ 429,883
General and administrative	110,213	40,580	211,465	75,591
Total operating expenses	505,132	264,714	950,354	505,474
Loss from operations	(505,132)	(264,714)	(950,354)	(505,474)
Non-operating income (expense), net:
Interest income	35,579	22,404	55,087	47,319
Interest expense	(23,781)	(867)	(35,978)	(867)
Change in fair value of warrant liability	(151,031)	(4,578)	(166,819)	(2,139)
Other expense, net	(6)	(32)	(123)	(42)
Total non-operating income (expense), net	(139,239)	16,927	(147,833)	44,271
Loss before income taxes	(644,371)	(247,787)	(1,098,187)	(461,203)
Net loss	$ (644,371)	$ (247,787)	$ (1,098,187)	$ (461,203)
Net loss per share attributable to common stockholders, basic	$ (3.06)	$ (1.31)	$ (5.37)	$ (2.45)
Net loss per share attributable to common stockholders, diluted	$ (3.06)	$ (1.31)	$ (5.37)	$ (2.45)
Weighted-average common shares used to compute net loss per share, basic	210,893,604	188,583,288	204,531,173	188,365,805
Weighted-average common shares used to compute net loss per share, diluted	210,893,604	188,583,288	204,531,173	188,365,805
Comprehensive loss:
Net Income (Loss)	$ (644,371)	$ (247,787)	$ (1,098,187)	$ (461,203)
Other comprehensive loss:
Foreign currency translation adjustments	(93)	0	(101)	0
Unrealized loss on investments, net	(5,235)	(405)	(9,086)	(19)
Comprehensive loss	$ (649,699)	$ (248,192)	$ (1,107,374)	$ (461,222)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash flows from operating activities
Net loss			$ (1,098,187)	$ (461,203)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense			154,299	53,914
Depreciation and amortization			4,795	3,984
Change in fair value of warrant liability	$ 151,031	$ 4,578	166,819	2,139
Non-cash interest expense on liabilities related to sale of future royalties			35,096	866
Non-cash interest expense on convertible senior notes			880	0
Net amortization of premium or discount on marketable securities			(7,556)	(17,560)
Amortization of operating lease right-of-use asset			4,240	3,534
Changes in operating assets and liabilities:
Prepaid expenses and other current assets			(41,011)	(935)
Accounts payable			21,888	491
Accrued expenses and other current liabilities			39,044	12,369
Operating lease liability			(4,208)	(3,056)
Long-term deposits			(18,306)	(4,472)
Other prepaid and noncurrent assets			283	(12,036)
Other noncurrent liabilities			440	5,773
Net cash used in operating activities			(741,484)	(416,192)
Cash flows from investing activities
Purchases of marketable securities			(2,248,094)	(1,039,327)
Maturities of marketable securities			765,863	1,061,986
Sales of marketable securities			0	6,384
Purchases of property and equipment			(3,824)	(10,716)
Net cash provided by (used in) investing activities			(1,486,055)	18,327
Cash flows from financing activities
Proceeds from issuance of common stock, net of issuance costs			1,651,355	0
Proceeds from the sale of future royalties, net of issuance costs			245,000	250,000
Proceeds from issuance of common stock pursuant to at-the-market offering, net of issuance costs			226,730	0
Proceeds from issuance of convertible senior notes, net			487,068	0
Proceeds from issuance of common stock under equity incentive plans			41,053	2,828
Proceeds from issuance of common stock related to employee stock purchase plan			8,473	4,644
Proceeds from exercise of warrants			293	1
Deferred offering costs			(743)	(16)
Net cash provided by financing activities			2,659,229	257,457
Net increase (decrease) in cash, cash equivalents and restricted cash			431,690	(140,408)
Cash, cash equivalents and restricted cash - beginning of period			388,603	546,762	$ 546,762
Cash, cash equivalents and restricted cash - end of period	820,293	406,354	820,293	406,354	388,603
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets
Cash and cash equivalents	815,435	402,438	815,435	402,438	$ 383,745
Restricted cash	4,858	3,916	4,858	3,916
Cash, cash equivalents and restricted cash - end of period	$ 820,293	$ 406,354	820,293	406,354
Supplemental disclosure of non-cash investing and financing activities
Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities			3,781	2,907
Unpaid issuance costs on the liability related to the sale of future royalties			0	5,785
Unpaid issuance costs on convertible senior notes			$ 745	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 815,435	$ 383,745
Marketable securities	3,122,534	1,641,934
Prepaid expenses and other current assets	90,369	49,358
Total current assets	4,028,338	2,075,037
Property and equipment, net	34,608	33,194
Operating lease right-of-use asset	127,844	132,084
Intangible assets, net	55,800	55,800
Goodwill	14,608	14,608
Restricted cash	4,858	4,858
Long-term deposits	42,454	24,148
Other noncurrent assets	14,760	14,779
Total assets	4,323,270	2,354,508
Current liabilities:
Accounts payable	88,419	64,616
Accrued expenses and other current liabilities	248,889	209,340
Operating lease liability, current	16,753	16,468
Total current liabilities	354,061	290,424
Deferred tax liability	2,353	2,353
Operating lease liability, noncurrent	137,741	142,234
Liability related to the sale of future royalties	548,542	268,446
Convertible senior notes, noncurrent	487,434	0
Warrant liability	185,253	18,546
Other noncurrent liabilities	1,648	1,208
Total liabilities	1,717,032	723,211
Commitments and contingencies (Note 7)
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized at June 30, 2026 and December 31, 2025; none issued and outstanding at June 30, 2026 and December 31, 2025	0	0
Common stock, $0.0001 par value; 300,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 214,242,688 and 197,001,401 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	21	19
Additional paid-in capital	6,579,456	4,497,143
Accumulated other comprehensive income (loss)	(5,950)	3,237
Accumulated deficit	(3,967,289)	(2,869,102)
Total stockholders' equity	2,606,238	1,631,297
Total liabilities and stockholders' equity	$ 4,323,270	$ 2,354,508