Revolution Medicines reported a net loss of $364.9 million for the fourth quarter of 2025, a sharp increase from the $194.6 million loss in the same period a year earlier. The company’s non‑GAAP earnings per share were $‑1.86, missing the consensus estimate of $‑1.61 and widening the loss by $0.25 per share. Revenue for the quarter was $0.0 million, falling short of the $4.22 million estimate and marking a complete absence of sales for the reporting period.
Research and development expenses rose to $294.9 million, driven by clinical and manufacturing costs for three Phase 3 programs, while general and administrative costs increased to $66.7 million. Cash, cash equivalents and marketable securities stood at $2.0 billion as of December 31 2025, bolstered by the first $250 million tranche from the Royalty Pharma partnership and an additional $1.75 billion in committed capital.
Management shifted its 2026 outlook from a net‑loss focus to a guidance of GAAP operating expenses of $1.6 billion to $1.7 billion, reflecting continued investment in the RAS(ON) pipeline. The company highlighted the upcoming readout of the RASolute 302 pancreatic‑cancer trial, expected in the first half of 2026, as a key milestone that could shape its commercial trajectory.
"Substantial progress and growing momentum for our pioneering RAS(ON) inhibitor pipeline," said CEO Mark Goldsmith. CFO Jack Anders noted the company’s strong cash position and the strategic partnership with Royalty Pharma, which provides up to $2 billion in committed capital to support its development programs.
Investors reacted negatively to the results, citing the wider‑than‑expected loss and the revenue miss as primary concerns. The market’s response underscored the importance of the company’s upcoming trial readout and the shift in guidance toward operating expenses rather than net‑loss projections.
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