Revolution Medicines, Inc. (RVMD) reported a net loss of $1.13 billion for the year ended December 31, 2025, compared to a net loss of $600.1 million for the year ended December 31, 2024. The increased loss was primarily driven by higher research and development expenses. The company had no collaboration revenue for the year ended December 31, 2025, compared to $11.6 million for the year ended December 31, 2023, due to the termination of the Sanofi Agreement in June 2023.
Research and development expenses for 2025 totaled $987.3 million, a 67% increase from $592.2 million in 2024. This rise was mainly attributed to increased clinical trial and manufacturing expenses for daraxonrasib, zoldonrasib, and elironrasib, as well as higher salaries, employee-related expenses, and stock-based compensation due to increased headcount. General and administrative expenses also saw a significant increase, reaching $195.0 million in 2025, a 100% increase from $97.3 million in 2024, driven by higher commercial preparation expenses, increased headcount, and higher legal and accounting fees.
Key operational developments included the FDA granting Breakthrough Therapy Designation to zoldonrasib for KRAS G12D-mutated NSCLC and elironrasib for KRAS G12C-mutated NSCLC. The FDA also granted a non-transferable voucher for daraxonrasib in pancreatic ductal adenocarcinoma (PDAC) under the Commissioner’s National Priority Voucher (CNPV) pilot program. In February 2026, the company entered into a clinical collaboration with Bristol Myers Squibb (BMS) to evaluate navlimetostat in combination with daraxonrasib in patients with PDAC.
As of December 31, 2025, Revolution Medicines had cash, cash equivalents, and marketable securities totaling $2.0 billion. The company expects to initiate a first-in-human clinical trial from a new class of RAS(ON) Inhibitors in the fourth quarter of 2026. The company also expects to initiate RASolve 308, a global, randomized placebo-controlled Phase 3 registrational trial evaluating zoldonrasib in combination with standard of care in patients with 1L metastatic RAS G12D NSCLC in the first half of 2026.
About Revolution Medicines, Inc.
Revolution Medicines is a clinical-stage biotech focused on developing targeted therapies for RAS-driven cancers. Utilizing proprietary tri-complex technology, it creates small molecules to inhibit active RAS proteins, addressing unmet needs in oncology. Its pipeline includes novel RAS(ON) inhibitors for various mutations, aiming to improve treatment durability and efficacy across multiple tumor types, with plans for pivotal trials and potential commercialization.
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