RVMD Reports Wider-Than-Expected Q4 Loss, Issues 2026 Expense View

Revolution Medicines RVMD reported a fourth-quarter 2025 loss of $1.86 per share, wider than the Zacks Consensus Estimate of a loss of $1.56. The company had incurred a loss of $1.12 in the year-ago quarter.

Currently, RVMD does not have any approved products in its portfolio. It has yet to generate revenues.

Shares of Revolution Medicines fell 5% in after-market trading yesterday, likely due to the wider-than-expected loss.

Still, the stock has risen 30% year to date compared with the industry’s 10% growth.

More on RVMD’s Earnings

Research and development expenses amounted to $294.9 million, up nearly 57% year over year. This significant increase was primarily driven by higher costs associated with clinical studies and manufacturing for the company’s drug candidates.

General and administrative expenses amounted to $66.7 million, up more than 136% year over year. This upside was mainly due to increases in commercial preparation activities and employee-related expenses incurred during the quarter.

As of Dec. 31, 2025, Revolution Medicines had cash and cash equivalents worth $2 billion compared with $1.9 billion as of Sept. 30, 2025.

Full-Year 2025 Results

With no marketed products, Revolution Medicines did not record any revenues during the year.

The company posted a loss of $5.95 per share in 2025, wider than the $3.58 loss reported in the previous year.

2026 Guidance

RVMD issued fresh guidance for operating expenses. It expects the figure to be between $1.6 billion and $1.7 billion, which includes non-cash stock-based compensation expense of $180-$200 million.

RVMD’s Pipeline Updates

Revolution Medicines is developing multiple novel drugs that target the active, GTP-bound form (or ON form) of RAS proteins, which it refers to as RAS(ON). The company’s lead pipeline drug is daraxonrasib, an investigational oral RAS(ON) multi-selective inhibitor designed to target all three major RAS mutation hotspot positions (G12, G13 and Q61). RVMD is currently evaluating daraxonrasib across four late-stage registrational studies — RASolve 301, RASolute 302, RASolute-303 and RASolute 304.

While the RASolute 302 study is assessing the drug in patients with second-line metastatic pancreatic ductal adenocarcinoma (PDAC), the RASolute 303 study is evaluating its efficacy for the first-line metastatic setting of the disease. Revolution Medicines is evaluating daraxonrasib in the RASolute 304 study as an adjuvant therapy for patients with resectable PDAC. A data readout from the RASolute 302 study is expected in the first half of 2026.

Concerning NSCLC, Revolution Medicines is conducting the RASolve 301 study on daraxonrasib in patients with locally advanced or metastatic RAS-mutated non-small cell lung cancer (NSCLC). The company is on track to start a fifth late-stage study of the drug in the first-line NSCLC setting later this year.

While multi-selective inhibitors like daraxonrasib target several forms of RAS mutations, Revolution Medicines is developing mutant-selective inhibitors like elironrasib (targeting G12C) and zoldonrasib (targeting G12D) that are designed to suppress the growth of specific RAS-bearing cancer cells. The company is pursuing an expansive combination strategy to enhance efficacy and broaden therapeutic reach, especially in first-line settings.

Alongside its earnings results, RVMD announced that it has started the phase III RASolute 305 study evaluating the combination of zoldonrasib and the investigator’s choice of chemotherapy (either gemcitabine nab-paclitaxel or modified FOLFIRINOX) in patients with first-line PDAC. Later this year, the company plans to initiate two more late-stage studies assessing a combination therapy involving the drug — one in NSCLC and another in PDAC.

RVMD intends to share its development plans for elironrasib in 2026.

To further strengthen its position in the RAS-addicted cancer space, Revolution Medicines has entered into several agreements with different companies to accelerate the growth of its pipeline. The company has established clinical collaborations with companies like Summit Therapeutics SMMT and Tango Therapeutics TNGX to evaluate the combinations of its RAS(ON) inhibitors with their pipeline drugs.

Recently, RVMD signed a similar collaboration deal with pharma giant Bristol Myers BMY to evaluate daraxonrasib in combination with the latter’s MTA-cooperative PRMT5 inhibitor, navlimetostat, in certain patients with pancreatic cancer.

Revolution Medicines, Inc. Price

 

Revolution Medicines, Inc. price | Revolution Medicines, Inc. Quote

RVMD’s Zacks Rank

Revolution currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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