Revolution Medicines widens quarterly loss as clinical spending rises
The biotechnology company reported a net loss of $644.4 million for the quarter ended June 30, 2026.
Revolution Medicines (RVMD), a biotechnology company, reported a net loss of $644.4 million for the quarter ended June 30, 2026. The loss widened from a net loss of $247.8 million for the same period in 2025.
The result included a $151.0 million non-cash charge related to the fair value of warrants from the acquisition of EQRx, Inc.. The company also saw a significant increase in operating costs as it advanced its lead candidates toward commercialization.
Research and development expenses rose to $394.9 million from $224.1 million in the prior-year quarter. The increase was due to higher headcount, stock-based compensation, and rising manufacturing and clinical trial costs for zoldonrasib and daraxonrasib. General and administrative expenses rose to $110.2 million from $40.6 million, driven by commercial preparation activities and increased staffing.
Clinical progress accelerated during the quarter. Daraxonrasib moved from Phase 3 results to the filing and FDA acceptance of a New Drug Application for previously treated metastatic pancreatic cancer. The company also launched an FDA-cleared Expanded Access Program in May 2026, which distributed the drug to more than 2,000 patients by June 30.
Zoldonrasib progressed to the initiation of the global Phase 3 RASolute 309 trial. Additionally, first-line NSCLC data for zoldonrasib showed an 82% objective response rate, and elironrasib showed an 85% objective response rate. These results supported the initiation of the Phase 3 RASolve 308 trial and the planned start of RASolve 307 in the fourth quarter of 2026.
Revolution Medicines updated its full-year 2026 GAAP operating expense guidance to a range of $2.1 billion to $2.2 billion. This estimate includes expected stock-based compensation between $270 million and $290 million.
Cash, cash equivalents, and marketable securities rose to $3.9 billion as of June 30, 2026, up from $2.0 billion at the end of 2025. The increase followed $2.2 billion in gross proceeds from public offerings in April 2026 and a $250 million payment from Royalty Pharma in May 2026.