Revolution Medicines第二季淨虧損擴大至6.44億美元

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 

  
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
FORM 10-Q
 
(Mark One)

 
 
 
 
 

 
 ☒

 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 For the quarterly period ended June 30, 2026
OR

 
 
 
 
 

 
 ☐

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 For the transition period from ___ to ___
Commission File Number: 001-39219
 
Revolution Medicines, Inc.
(Exact name of registrant as specified in its charter)
 
 

 
 
 
 
 

 
 Delaware

 47-2029180

 

 
 (State or other jurisdiction of
incorporation or organization)

 (I.R.S. Employer
Identification No.)

 

 
 700 Saginaw Drive
Redwood City, CA

 94063

 

 
 (Address of principal executive offices)

 (Zip Code)

 

 Registrant’s telephone number, including area code: (650) 481-6801
 
Securities registered pursuant to Section 12(b) of the Act: 
 

 
 
 
 
 
 
 
 

 
 Title of each class

  

 Trading
Symbol(s)

  

 Name of each exchange on which registered

 

 
 Common Stock $0.0001 Par Value per Share

  

 RVMD

  

 The Nasdaq Stock Market LLC
(Nasdaq Global Select Market)

 

 
 Warrants to purchase 0.1112 shares of common stock expiring December 17, 2026

  

 RVMDW

  

 The Nasdaq Stock Market LLC
(Nasdaq Global Select Market)

 

 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 

 
 
 
 
 
 
 
 
 
 

 
 Large accelerated filer

 

 ☒

 

 Accelerated filer

 

 ☐

 

 
  

  

  

  

 

 
 Non-accelerated filer

 

 ☐

 

 Smaller reporting company

 

 ☐

 

 
  

  

  

  

  

  

  

 

 
  

  

  

  

 Emerging growth company

  

 ☐

 

  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of July 31, 2026, the registrant had 214,336,418 shares of common stock, $0.0001 par value per share, outstanding.
 
 

  

 
  

 Table of Contents
 

 
 
 
 
 
 

 
 

 

 Page

 

 
 Special Note Regarding Forward-Looking Statements

 ii

 

 
 PART I.

 FINANCIAL INFORMATION

 1

 

 
 Item 1.

 Financial Statements (unaudited)

 1

 

 
 

 Condensed Consolidated Balance Sheets

 1

 

 
 

 Condensed Consolidated Statements of Operations and Comprehensive Loss

 2

 

 
  

 Condensed Consolidated Statements of Stockholders’ Equity

 3

 

 
 

 Condensed Consolidated Statements of Cash Flows

 5

 

 
 

 Notes to Unaudited Condensed Consolidated Financial Statements

 6

 

 
 Item 2.

 Management’s Discussion and Analysis of Financial Condition and Results of Operations

 20

 

 
 Item 3.

 Quantitative and Qualitative Disclosures About Market Risk

 30

 

 
 Item 4.

 Controls and Procedures

 30

 

 
  

  

  

 

 
 PART II.

 OTHER INFORMATION

 31

 

 
 Item 1.

 Legal Proceedings

 31

 

 
 Item 1A.

 Risk Factors

 31

 

 
 Item 2.

 Unregistered Sales of Equity Securities and Use of Proceeds

 85

 

 
 Item 3.

 Defaults Upon Senior Securities

 85

 

 
 Item 4.

 Mine Safety Disclosures

 85

 

 
 Item 5.

 Other Information

 85

 

 
 Item 6.

 Exhibits

 87

 

 
  

 Signatures

 88

 

  

 i

 
  

 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements concerning our business, operations and financial performance and condition, as well as our plans, objectives and expectations for our business, operations and financial performance and condition. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that are in some cases beyond our control and may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “positioned,” “potential,” “predict,” “seek,” “should,” “target,” “will,” “would,” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. These forward-looking statements include, but are not limited to, statements about: 
•the scope, progress, results and costs of developing our product candidates or any other future product candidates, and conducting preclinical studies and clinical trials; 

•the scope, progress, results and costs related to the research and development of our pipeline; 

•the timing of and costs involved in obtaining and maintaining regulatory approval for any of our current or future product candidates, and any related restrictions, limitations and/or warnings in the label of an approved product candidate; 

•our expectations regarding the potential market size and size of the potential patient populations for our product candidates and any future product candidates, if approved for commercial use; 

•our ability to maintain and establish new collaborations, licensing or other arrangements and the financial terms of any such agreements; 

•our commercialization, marketing and manufacturing capabilities and expectations; 

•the rate and degree of market acceptance of our product candidates, as well as the pricing and reimbursement of our product candidates, if approved; 

•the implementation of our business model and strategic plans for our business, product candidates and technology, including additional indications for which we may pursue; 

•the scope of protection we are able to establish and maintain for intellectual property rights covering our product candidates, including the projected term of patent protection; 

•our expectations regarding our ability to obtain, maintain, enforce and defend our intellectual property protection for our product candidates;

•estimates of our expenses, future revenue, capital requirements, our needs for additional financing and our ability to obtain additional capital; 

•developments and projections relating to our competitors and our industry, including competing therapies and procedures; 

•regulatory and legal developments in the United States and foreign countries; 

•the performance of our third-party suppliers and manufacturers; 

•our ability to attract and retain key scientific or management personnel; and

•other risks and uncertainties, including those listed under the caption “Risk Factors.” 

 ii

 
  

 We have based these forward-looking statements largely on management’s current expectations, estimates, forecasts and projections about our business and the industry in which we operate and management’s beliefs and assumptions. These forward-looking statements are not guarantees of future performance or development and involve known and unknown risks, uncertainties and other factors that are in some cases beyond our control. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q and are subject to a number of risks, uncertainties and assumptions described in the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Except as required by applicable law, we undertake no obligation to publicly update or revise any forward‑looking statements contained herein, whether as a result of any new information, future events or otherwise.
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and you are cautioned not to unduly rely upon these statements.
Investors and others should note that we may announce material business and financial information to our investors using our investor relations website (ir.revmed.com), Securities and Exchange Commission (SEC) filings, webcasts, press releases and conference calls. We use these mediums, including our website, to communicate with our investors and the public about our company, our products and other issues. It is possible that the information that we make available may be deemed to be material information. We therefore encourage investors and others interested in our company to review the information that we make available on our website. Information contained on our website is not incorporated into, and does not form a part of, this Quarterly Report.
 

 iii

 
  

 PART I—FINANCIAL INFORMATION
Item 1. Financial Statements.
REVOLUTION MEDICINES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
(unaudited)

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 June 30,

  

  

 December 31,

  

 

 
  

  

 2026

  

  

 2025

  

 

 
 Assets

  

  

  

  

  

  

 

 
 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

  

 

 
 Liabilities and stockholdersʼ equity

  

  

  

  

  

  

 

 
 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

  

  

  

 —

  

 

 
 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)

  

  

  

  

  

  

 

 
 Stockholdersʼ 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

  

  

 —

  

  

  

 —

  

 

 
 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 stockholdersʼ equity

  

  

 2,606,238

  

  

  

 1,631,297

  

 

 
 Total liabilities and stockholdersʼ equity

  

 $

 4,323,270

  

  

 $

 2,354,508

  

 

  
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 1

 
  

 REVOLUTION MEDICINES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except share and per share data)
(unaudited)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Three Months Ended June 30,

  

  

 Six Months Ended June 30,

  

 

 
  

  

 2026

  

  

 2025

  

  

 2026

  

  

 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 and diluted

  

 $

 (3.06

 )

  

 $

 (1.31

 )

  

  

 (5.37

 )

  

 $

 (2.45

 )

 

 
 Weighted-average common shares used to compute net loss per share, basic and diluted

  

  

 210,893,604

  

  

  

 188,583,288

  

  

  

 204,531,173

  

  

  

 188,365,805

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Comprehensive loss:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Net loss

  

 $

 (644,371

 )

  

 $

 (247,787

 )

  

 $

 (1,098,187

 )

  

 $

 (461,203

 )

 

 
 Other comprehensive loss:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
   Foreign currency translation adjustments

  

  

 (93

 )

  

  

 —

  

  

  

 (101

 )

  

  

 —

  

 

 
   Unrealized loss on investments, net

  

  

 (5,235

 )

  

  

 (405

 )

  

  

 (9,086

 )

  

  

 (19

 )

 

 
 Comprehensive loss

  

 $

 (649,699

 )

  

 $

 (248,192

 )

  

 $

 (1,107,374

 )

  

 $

 (461,222

 )

 

  
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 2

 
  

 REVOLUTION MEDICINES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands, except share data)
(unaudited)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

  

  

  

  

  

  

  

  

  

 Accumulated

  

  

  

  

  

  

  

 

 
  

  

  

  

  

  

  

  

 Additional

  

  

 Other

  

  

  

  

  

 Total

  

 

 
  

  

 Common Stock

  

  

 Paid-in

  

  

 Comprehensive

  

  

 Accumulated

  

  

 Stockholdersʼ

  

 

 
  

  

 Shares

  

  

 Amount

  

  

 Capital

  

  

 Income/ (Loss)

  

  

 Deficit

  

  

 Equity

  

 

 
 Balance at December 31, 2025

  

  

 197,001,401

  

  

 $

 19

  

  

 $

 4,497,143

  

  

 $

 3,237

  

  

 $

 (2,869,102

 )

  

 $

 1,631,297

  

 

 
 Issuance of common stock pursuant to stock option exercises

  

  

 473,472

  

  

  

 —

  

  

  

 12,209

  

  

  

 —

  

  

  

 —

  

  

  

 12,209

  

 

 
 Issuance of common stock related to vesting of restricted stock units

  

  

 367,871

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

 

 
 Issuance of common stock from at-the-market offering

  

  

 2,335,397

  

  

  

 —

  

  

  

 226,730

  

  

  

 —

  

  

  

 —

  

  

  

 226,730

  

 

 
 Exercise of warrants

  

  

 485

  

  

  

 —

  

  

  

 57

  

  

  

 —

  

  

  

 —

  

  

  

 57

  

 

 
 Stock-based compensation expense

  

  

 —

  

  

  

 —

  

  

  

 87,299

  

  

  

 —

  

  

  

 —

  

  

  

 87,299

  

 

 
 Foreign currency translation adjustment

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (8

 )

  

  

 —

  

  

  

 (8

 )

 

 
 Net unrealized loss on marketable securities

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (3,851

 )

  

  

 —

  

  

  

 (3,851

 )

 

 
 Net loss

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (453,816

 )

  

  

 (453,816

 )

 

 
 Balance at March 31, 2026

  

  

 200,178,626

  

  

 $

 19

  

  

 $

 4,823,438

  

  

 $

 (622

 )

  

 $

 (3,322,918

 )

  

 $

 1,499,917

  

 

 
 Issuance of common stock pursuant to stock option exercises

  

  

 1,309,927

  

  

  

 1

  

  

  

 28,843

  

  

  

 —

  

  

  

 —

  

  

  

 28,844

  

 

 
 Issuance of common stock related to vesting of restricted stock units

  

  

 395,886

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

 

 
 Issuance of common stock from follow-on public offering, net of offering costs of
$73,645

  

  

 12,147,887

  

  

  

 1

  

  

  

 1,651,354

  

  

  

 —

  

  

  

 —

  

  

  

 1,651,355

  

 

 
 Issuance of common stock related to employee stock purchase plan

  

  

 208,030

  

  

  

 —

  

  

  

 8,473

  

  

  

 —

  

  

  

 —

  

  

  

 8,473

  

 

 
 Exercise of warrants

  

  

 2,332

  

  

  

 —

  

  

  

 348

  

  

  

 —

  

  

  

 —

  

  

  

 348

  

 

 
 Stock-based compensation expense

  

  

 —

  

  

  

 —

  

  

  

 67,000

  

  

  

 —

  

  

  

 —

  

  

  

 67,000

  

 

 
 Foreign currency translation adjustment

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (93

 )

  

  

 —

  

  

  

 (93

 )

 

 
 Net unrealized loss on marketable securities

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (5,235

 )

  

  

 —

  

  

  

 (5,235

 )

 

 
 Net loss

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (644,371

 )

  

  

 (644,371

 )

 

 
 Balance at June 30, 2026

  

  

 214,242,688

  

  

 $

 21

  

  

 $

 6,579,456

  

  

 $

 (5,950

 )

  

 $

 (3,967,289

 )

  

 $

 2,606,238

  

 

  
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
 

 3

 
  

 REVOLUTION MEDICINES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands, except share data)
(unaudited)
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

  

  

  

  

  

  

  

  

  

  

 Accumulated

  

  

  

  

  

  

  

 

 
  

  

  

  

  

  

  

  

  

 Additional

  

  

 Other

  

  

  

  

  

 Total

  

 

 
  

  

  

 Common Stock

  

  

 Paid-in

  

  

 Comprehensive

  

  

 Accumulated

  

  

 Stockholdersʼ

  

 

 
  

  

  

 Shares

  

  

 Amount

  

  

 Capital

  

  

 Loss

  

  

 Deficit

  

  

 Equity

  

 

 
 Balance at December 31, 2024

  

  

  

 185,896,625

  

  

 $

 18

  

  

 $

 4,001,666

  

  

 $

 1,321

  

  

 $

 (1,737,801

 )

  

 $

 2,265,204

  

 

 
 Issuance of common stock pursuant to stock option exercises

  

  

  

 90,043

  

  

  

 —

  

  

  

 891

  

  

  

 —

  

  

  

 —

  

  

  

 891

  

 

 
 Issuance of common stock related to vesting of restricted stock units

  

  

  

 271,536

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

 

 
 Exercise of warrants

  

  

  

 2

  

  

  

 —

  

  

  

 1

  

  

  

 —

  

  

  

 —

  

  

  

 1

  

 

 
 Stock-based compensation expense

  

  

  

 —

  

  

  

 —

  

  

  

 25,084

  

  

  

 —

  

  

  

 —

  

  

  

 25,084

  

 

 
 Net unrealized gain on marketable securities

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 386

  

  

  

 —

  

  

  

 386

  

 

 
 Net loss

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (213,416

 )

  

  

 (213,416

 )

 

 
 Balance at March 31, 2025

  

  

  

 186,258,206

  

  

 $

 18

  

  

 $

 4,027,642

  

  

 $

 1,707

  

  

 $

 (1,951,217

 )

  

 $

 2,078,150

  

 

 
 Issuance of common stock pursuant to stock option exercises

  

  

  

 121,103

  

  

  

 —

  

  

  

 1,937

  

  

  

 —

  

  

  

 —

  

  

  

 1,937

  

 

 
 Issuance of common stock related to vesting of restricted stock units

  

  

  

 361,975

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

 

 
 Issuance of common stock related to employee stock purchase plan

  

  

  

 159,984

  

  

  

 —

  

  

  

 4,644

  

  

  

 —

  

  

  

 —

  

  

  

 4,644

  

 

 
 Stock-based compensation expense

  

  

  

 —

  

  

  

 —

  

  

  

 28,830

  

  

  

 —

  

  

  

 —

  

  

  

 28,830

  

 

 
 Net unrealized loss on marketable securities

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (405

 )

  

  

 —

  

  

  

 (405

 )

 

 
 Net loss

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (247,787

 )

  

  

 (247,787

 )

 

 
 Balance at June 30, 2025

  

  

  

 186,901,268

  

  

 $

 18

  

  

 $

 4,063,053

  

  

 $

 1,302

  

  

 $

 (2,199,004

 )

  

 $

 1,865,369

  

 

 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
 

 4

 
  

 REVOLUTION MEDICINES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Six Months Ended June 30,

  

 

 
  

  

 2026

  

  

 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

  

  

 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

  

  

  

 —

  

 

 
 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

 )

 

 
 Matu