Revolution Medicines Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Revolution Medicines Inc. reported revenue of $0 and net income of ($1.1B) (-88.5% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Total revenue | $0 | $0 | $11.6M | $35.4M |
| Research and development | $987.3M | $592.2M | $423.1M | $253.1M |
| General and administrative | $195.0M | $97.3M | $75.6M | $40.6M |
| Total operating expenses | $1.2B | $689.5M | $498.8M | $293.7M |
| Loss from operations | ($1.2B) | ($689.5M) | ($487.2M) | ($258.3M) |
| Interest income | $90.7M | $86.9M | $47.5M | $9.2M |
| Interest expense | ($24.2M) | — | — | $0 |
| Change in fair value of warrant liability and contingent earn-out shares | -15.4M | 4.3M | 115.0K | — |
| Other expense, net: | ($37.0K) | ($2.5M) | ($303.0K) | — |
| Total non-operating income, net | $51.1M | $88.7M | $47.3M | $9.2M |
| Income (loss) before provision for income taxes | ($1.1B) | ($600.8M) | ($439.9M) | ($249.1M) |
| Benefit from income taxes | $0 | $753.0K | $3.5M | $420.0K |
| Net loss | ($1.1B) | ($600.1M) | ($436.4M) | ($248.7M) |
| Net loss per share attributable to common stockholders, basic | -$5.95 | -$3.58 | -$3.86 | -$3.08 |
| Net loss per share attributable to common stockholders, diluted | -$5.95 | -$3.58 | -$3.86 | -$3.08 |
| Weighted-average common shares used to compute net loss per share, basic | $190129154.00 | $167737672.00 | $113149869.00 | $80626525.00 |
| Weighted-average common shares used to compute net loss per share, diluted | $190129154.00 | $167737672.00 | $113149869.00 | $80626525.00 |
| Net Income | ($1.1B) | ($600.1M) | ($436.4M) | — |
| Unrealized gain on investments, net | $1.9M | $777.0K | $2.3M | — |
| Comprehensive loss | ($1.1B) | ($599.3M) | ($434.0M) | — |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Research and development | $394.9M | $344.0M | $262.5M | $224.1M |
| General and administrative | $110.2M | $101.3M | $52.8M | $40.6M |
| Total operating expenses | $505.1M | $445.2M | $315.3M | $264.7M |
| Loss from operations | ($505.1M) | ($445.2M) | ($315.3M) | ($264.7M) |
| Interest income | $35.6M | $19.5M | $22.1M | $22.4M |
| Interest expense | ($23.8M) | ($12.2M) | ($11.4M) | — |
| Change in fair value of warrant liability | ($151.0M) | ($15.8M) | — | — |
| Other expense, net | ($6.0K) | $117.0K | $0 | — |
| Total non-operating income (expense), net | ($139.2M) | ($8.6M) | $10.1M | $16.9M |
| Loss before income taxes | ($644.4M) | ($453.8M) | ($305.2M) | ($247.8M) |
| Net loss | ($644.4M) | ($453.8M) | ($305.2M) | ($247.8M) |
| Net loss per share attributable to common stockholders, basic | -$3.06 | -$2.29 | -$1.61 | -$1.31 |
| Net loss per share attributable to common stockholders, diluted | -$3.06 | -$2.29 | -$1.61 | -$1.31 |
| Weighted-average common shares used to compute net loss per share, basic | $210893604.00 | $198098047.00 | $189231562.00 | $188583288.00 |
| Weighted-average common shares used to compute net loss per share, diluted | $210893604.00 | $198098047.00 | $189231562.00 | $188583288.00 |
| Net Income | ($644.4M) | ($453.8M) | ($305.2M) | ($247.8M) |
| Foreign currency translation adjustments | ($93.0K) | — | — | — |
| Unrealized loss on investments, net | ($5.2M) | ($3.9M) | $1.8M | ($405.0K) |
| Comprehensive loss | ($649.7M) | ($457.7M) | ($303.4M) | ($248.2M) |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $383.7M | $543.1M | $696.1M | $161.4M |
| Marketable securities | $1.6B | $1.7B | $1.2B | $483.5M |
| Prepaid expenses and other current assets | $49.4M | $38.3M | $25.1M | $10.6M |
| Total current assets | $2.1B | $2.3B | $1.9B | $660.2M |
| Property and equipment, net | $33.2M | $24.3M | $22.9M | $18.7M |
| Operating lease right-of-use asset | $132.1M | $117.5M | $77.1M | $55.1M |
| Intangible assets, net | $55.8M | $56.7M | $57.7M | $58.8M |
| Goodwill | $14.6M | $14.6M | $14.6M | $14.6M |
| Restricted cash | $4.9M | $3.7M | $3.0M | $1.7M |
| Long-term deposits | $24.1M | — | — | — |
| Other noncurrent assets | $14.8M | $13.9M | $7.0M | $2.9M |
| Total assets | $2.4B | $2.6B | $2.1B | $811.9M |
| Accounts payable | $64.6M | $54.4M | $61.8M | $21.3M |
| Accrued expenses and other current liabilities | $209.3M | $96.6M | $74.7M | $29.4M |
| Operating lease liability, current | $16.5M | $12.9M | $7.4M | $6.8M |
| Total current liabilities | $290.4M | $163.9M | $143.9M | $62.0M |
| Deferred tax liability | $2.4M | $2.4M | $3.1M | $7.0M |
| Operating lease liability, noncurrent | $142.2M | $123.0M | $80.6M | $57.4M |
| Liability related to the sale of future royalties | $268.4M | — | — | — |
| Warrant liability | $18.5M | $3.2M | $6.5M | — |
| Other noncurrent liabilities | $1.2M | $670.0K | $1.5M | $301.0K |
| Total liabilities | $723.2M | $293.1M | $235.5M | $126.7M |
| Preferred stock, $0.0001 par value; 10,000,000 shares authorized at December 31, 2025 and December 31, 2024, respectively; none issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 0 | 0 | 0 | 0 |
| Common stock, $0.0001 par value; 300,000,000 shares authorized as of December 31, 2025 and December 31, 2024, respectively; 197,001,401 and 185,896,625 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | 19.0K | 18.0K | 16.0K | 9.0K |
| Additional paid-in capital | $4.5B | $4.0B | $3.0B | $1.4B |
| Accumulated other comprehensive income | $3.2M | $1.3M | $544.0K | ($1.8M) |
| Accumulated deficit | ($2.9B) | ($1.7B) | ($1.1B) | ($701.3M) |
| Total stockholders' equity | $1.6B | $2.3B | $1.8B | $685.2M |
| Total liabilities and stockholders' equity | $2.4B | $2.6B | $2.1B | $811.9M |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $815.4M | $440.9M | $217.4M | $402.4M |
| Marketable securities | $3.1B | $1.5B | $1.7B | $1.7B |
| Prepaid expenses and other current assets | $90.4M | $59.8M | $46.0M | $39.3M |
| Total current assets | $4.0B | $2.0B | $2.0B | $2.2B |
| Property and equipment, net | $34.6M | $31.5M | $32.9M | $33.0M |
| Operating lease right-of-use asset | $127.8M | $129.9M | $134.4M | $114.0M |
| Intangible assets, net | $55.8M | $55.8M | $55.9M | $56.1M |
| Goodwill | $14.6M | $14.6M | $14.6M | $14.6M |
| Restricted cash | $4.9M | $4.9M | $4.9M | $3.9M |
| Long-term deposits | $42.5M | $34.7M | $16.9M | — |
| Other noncurrent assets | $14.8M | $14.5M | $14.9M | $31.4M |
| Total assets | $4.3B | $2.3B | $2.3B | $2.4B |
| Accounts payable | $88.4M | $80.5M | $74.8M | $56.8M |
| Accrued expenses and other current liabilities | $248.9M | $192.5M | $154.4M | $114.7M |
| Operating lease liability, current | $16.8M | $16.6M | $16.3M | $13.1M |
| Total current liabilities | $354.1M | $289.6M | $245.6M | $184.5M |
| Deferred tax liability | $2.4M | $2.4M | $2.4M | $2.4M |
| Operating lease liability, noncurrent | $137.7M | $140.0M | $142.1M | $119.7M |
| Liability related to the sale of future royalties | $548.5M | $280.6M | $256.5M | $245.1M |
| Convertible senior notes, noncurrent | $487.4M | — | — | — |
| Warrant liability | $185.3M | $34.3M | $5.9M | $5.3M |
| Other noncurrent liabilities | $1.6M | $6.9M | $2.5M | $7.2M |
| Total liabilities | $1.7B | $753.8M | $655.0M | $564.2M |
| 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 | 0 | 0 | 0 | 0 |
| 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 | 21.0K | 19.0K | 18.0K | 18.0K |
| Additional paid-in capital | $6.6B | $4.8B | $4.1B | $4.1B |
| Accumulated other comprehensive income (loss) | ($6.0M) | ($622.0K) | $3.1M | $1.3M |
| Accumulated deficit | ($4.0B) | ($3.3B) | ($2.5B) | ($2.2B) |
| Total stockholders' equity | $2.6B | $1.5B | $1.6B | $1.9B |
| Total liabilities and stockholders' equity | $4.3B | $2.3B | $2.3B | $2.4B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net loss | ($1.1B) | ($600.1M) | ($436.4M) | ($248.7M) |
| Loss on disposal of fixed assets | $32.0K | $118.0K | $52.0K | $19.0K |
| Amortization of intangible assets | $870.0K | $1.1M | $1.1M | $1.1M |
| Stock-based compensation expense | $118.4M | $79.2M | $61.8M | $31.2M |
| Depreciation and amortization | $7.8M | $6.6M | — | $4.0M |
| Change in fair value of warrant liability and contingent earn-out shares | 15.4M | -4.3M | 115.0K | — |
| Non-cash interest expense on liabilities related to sale of future royalties | $24.2M | — | — | — |
| Net amortization of premium or discount on marketable securities | ($27.8M) | ($44.6M) | ($22.2M) | ($3.1M) |
| Amortization of operating lease right-of-use asset | $7.9M | $4.2M | $3.2M | $4.6M |
| Accounts receivable | $0 | $1.3M | $3.4M | $1.3M |
| Prepaid expenses and other current assets | ($9.7M) | ($9.7M) | ($2.6M) | ($3.8M) |
| Accounts payable | $9.5M | ($6.5M) | $32.5M | $7.3M |
| Accrued expenses and other current liabilities | $112.3M | $22.0M | $14.7M | $1.5M |
| Deferred revenue | $0 | $0 | ($4.5M) | ($14.5M) |
| Operating lease liability | ($957.0K) | ($245.0K) | ($1.5M) | ($2.4M) |
| Deferred tax liability | $0 | ($762.0K) | ($3.9M) | ($419.0K) |
| Long-term deposits | ($12.0M) | — | — | — |
| Other noncurrent assets | ($12.9M) | ($5.9M) | ($1.4M) | ($2.2M) |
| Other noncurrent liabilities | $537.0K | $212.0K | $157.0K | ($190.0K) |
| Net cash used in operating activities | ($897.7M) | ($557.4M) | ($350.6M) | ($224.4M) |
| Purchases of marketable securities | ($1.8B) | ($2.1B) | ($1.1B) | ($612.8M) |
| Maturities of marketable securities | $1.9B | $1.6B | $724.0M | $599.5M |
| Sales of marketable securities | $6.4M | — | $0 | $0 |
| Purchases of property and equipment | ($16.0M) | ($10.3M) | ($7.7M) | ($10.8M) |
| Net cash provided by (used in) investing activities | $118.1M | ($554.4M) | ($342.6M) | ($24.1M) |
| Cash, cash equivalents and restricted cash acquired in connection with EQRx Acquisition, net of transaction costs | $0 | $0 | $840.8M | — |
| Proceeds from the sale of future royalties, net of issuance costs | $244.2M | — | — | — |
| Proceeds from issuance of common stock, net of issuance costs | $0 | $727.6M | $323.7M | $248.1M |
| Proceeds from issuance of pre-funded warrants, net of transaction costs | $0 | $95.4M | — | — |
| Proceeds from issuance of common stock from at-the-market offering, net of transaction costs | $347.9M | $118.7M | $62.1M | $49.9M |
| Proceeds from issuance of common stock pursuant to stock option exercises | $21.1M | — | — | — |
| Proceeds from issuance of common stock related to employee stock purchase plan | $8.0M | $5.0M | $3.3M | $1.9M |
| Tax payment for common stock withheld in satisfaction of withholding tax requirements | $0 | $0 | ($4.0M) | — |
| Exercise of warrants | $4.0K | — | — | — |
| Payments of deferred offering costs | $220.0K | $284.0K | $0 | $42.0K |
| Net cash provided by financing activities | $621.5M | $959.4M | $1.2B | $301.4M |
| Net increase (decrease) in cash, cash equivalents and restricted cash | ($158.2M) | ($152.4M) | $536.0M | $52.9M |
| Cash, cash equivalents and restricted cash - beginning of year | $546.8M | $699.2M | $163.1M | $110.2M |
| Cash, cash equivalents and restricted cash - end of year | $388.6M | $546.8M | $699.2M | $163.1M |
| Cash and cash equivalents | $383.7M | $543.1M | $696.1M | $161.4M |
| Restricted cash | $4.9M | $3.7M | $3.0M | $1.7M |
| Cash, cash equivalents and restricted cash - end of period | $388.6M | $546.8M | $699.2M | $163.1M |
| Issuance of common stock for EQRx acquisition | 0 | 0 | 1.1B | — |
| Fair value of net assets acquired in connection with EQRx Acquisition | $0 | $0 | $291.5M | — |
| Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities | $1.9M | $1.6M | $2.6M | $1.4M |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net loss | ($1.1B) | ($453.8M) | ($766.4M) | ($461.2M) |
| Stock-based compensation expense | $154.3M | $87.3M | $84.7M | $53.9M |
| Depreciation and amortization | $4.8M | $2.3M | $5.5M | $3.5M |
| Change in fair value of warrant liability | $166.8M | $15.8M | $2.7M | $2.1M |
| Non-cash interest expense on liabilities related to sale of future royalties | $35.1M | $12.2M | $12.3M | $866.0K |
| Non-cash interest expense on convertible senior notes | $880.0K | — | — | — |
| Net amortization of premium or discount on marketable securities | ($7.6M) | ($3.2M) | ($23.3M) | ($17.6M) |
| Amortization of operating lease right-of-use asset | $4.2M | $2.2M | $5.5M | $3.5M |
| Prepaid expenses and other current assets | ($41.0M) | ($10.5M) | ($6.3M) | ($935.0K) |
| Accounts payable | $21.9M | $16.9M | $20.0M | $491.0K |
| Accrued expenses and other current liabilities | $39.0M | ($16.7M) | $57.7M | $12.4M |
| Operating lease liability | ($4.2M) | ($2.1M) | ($1.2M) | ($3.1M) |
| Long-term deposits | ($18.3M) | ($10.6M) | ($4.7M) | — |
| Other prepaid and noncurrent assets | $283.0K | $378.0K | — | — |
| Other noncurrent liabilities | $440.0K | $5.7M | $1.8M | $5.8M |
| Net cash used in operating activities | ($741.5M) | ($354.2M) | ($623.5M) | ($416.2M) |
| Purchases of marketable securities | ($2.2B) | ($209.7M) | ($1.5B) | ($1.0B) |
| Maturities of marketable securities | $765.9M | $383.9M | $1.5B | $1.1B |
| Sales of marketable securities | $0 | — | $6.4M | $6.4M |
| Purchases of property and equipment | ($3.8M) | ($1.5M) | ($14.1M) | ($10.7M) |
| Net cash provided by (used in) investing activities | ($1.5B) | $172.6M | $43.2M | $18.3M |
| Proceeds from issuance of common stock, net of issuance costs | $1.7B | — | — | — |
| Proceeds from the sale of future royalties, net of issuance costs | $245.0M | — | $244.2M | $250.0M |
| Proceeds from issuance of common stock pursuant to at-the-market offering, net of issuance costs | $226.7M | $226.7M | $0 | — |
| Proceeds from issuance of convertible senior notes, net | $487.1M | — | — | — |
| Proceeds from issuance of common stock under equity incentive plans | $41.1M | $12.2M | $7.0M | $2.8M |
| Proceeds from issuance of common stock related to employee stock purchase plan | $8.5M | — | $4.6M | $4.6M |
| Proceeds from exercise of warrants | $293.0K | $57.0K | $4.0K | $1.0K |
| Deferred offering costs | ($743.0K) | ($252.0K) | $29.0K | ($16.0K) |
| Net cash provided by financing activities | $2.7B | $238.7M | $255.9M | $257.5M |
| Net increase (decrease) in cash, cash equivalents and restricted cash | $431.7M | $57.2M | ($324.5M) | ($140.4M) |
| Cash, cash equivalents and restricted cash - beginning of period | $388.6M | $388.6M | $546.8M | $546.8M |
| Cash and cash equivalents | $815.4M | $440.9M | $217.4M | $402.4M |
| Restricted cash | $4.9M | $4.9M | $4.9M | $3.9M |
| Cash, cash equivalents and restricted cash - end of period | $820.3M | $445.8M | $222.3M | $406.4M |
| Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities | $3.8M | $786.0K | $1.4M | $2.9M |
| Unpaid issuance costs on the liability related to the sale of future royalties | $0 | — | — | $5.8M |
| Unpaid issuance costs on convertible senior notes | $745.0K | — | — | — |
Revolution Medicines Inc. score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.