Revolution Medicines(RVMD) - 2025 Q3 - Quarterly Results

Financial Position - Cash, cash equivalents, and marketable securities totaled $1.93 billion as of September 30, 2025, including a $250 million royalty monetization tranche received in June 2025[17] - Cash, cash equivalents, and marketable securities decreased to $1,931,508 from $2,289,299[32] - Working capital declined to $1,731,867 compared to $2,163,718[32] - Total assets decreased to $2,251,920 from $2,558,301[32] - Total liabilities increased significantly to $655,016 from $293,097[32] - Total stockholders' equity decreased to $1,596,904 from $2,265,204[32] Expenses - Research and development expenses increased to $262.5 million for Q3 2025, up from $151.8 million in Q3 2024, primarily due to clinical trial and manufacturing expenses[18] - General and administrative expenses rose to $52.8 million for Q3 2025, compared to $24.0 million in Q3 2024, driven by personnel-related expenses and increased legal costs[19] Net Loss - Net loss for Q3 2025 was $305.2 million, compared to a net loss of $156.3 million in Q3 2024[21] - The company reiterates its full year 2025 GAAP net loss guidance of between $1.03 billion and $1.09 billion, including estimated non-cash stock-based compensation expense of $115 million to $130 million[22] Clinical Trials - The RASolute 302 trial for daraxonrasib in previously treated metastatic pancreatic ductal adenocarcinoma is nearing completion of global enrollment, with data readout expected in 2026[4] - The company initiated RASolute 304, a Phase 3 trial of daraxonrasib as adjuvant treatment for resectable pancreatic ductal adenocarcinoma, focusing on disease-free survival as the primary endpoint[8] - New clinical results support the initiation of RASolute 303, a global Phase 3 trial of daraxonrasib in first-line metastatic pancreatic ductal adenocarcinoma, expected to start this year[7] - The company plans to initiate a registrational trial in 2026 for daraxonrasib in first-line metastatic RAS mutant non-small cell lung cancer in combination with pembrolizumab and chemotherapy[9] - The company anticipates initiating a registrational trial for zoldonrasib in combination with standard chemotherapy in first-line metastatic pancreatic ductal adenocarcinoma in the first half of 2026[12]