Revolution Medicines Posts $365M Q4 Loss as R&D Jumps to $295M
Revolution Medicines widened its Q4 net loss to $364.9 million from $194.6 million and full-year 2025 loss to $1.1 billion, with $2 billion in cash. R&D expenses rose to $294.9 million as enrollment begins for the NSCLC Phase-3 trial; pivotal pancreatic cancer readout from RASolute 302 due in H1 2026.
1. Financial Results
Revolution Medicines reported a Q4 net loss of $364.9 million, up from $194.6 million a year earlier, and a full-year 2025 net loss of $1.1 billion compared to $600.1 million in 2024, ending the period with $2 billion in cash and marketable securities.
2. R&D Investment
The company’s research and development expenditure rose to $294.9 million in Q4 from $188.1 million, driven by increased clinical trial and manufacturing costs for its RAS(ON) inhibitor candidates daraxonrasib, zoldonrasib, and elironrasib.
3. Clinical Pipeline Progress
Patient enrollment is underway in the Phase-3 RASolve 301 trial for NSCLC with daraxonrasib combinations, while a pivotal RASolute 302 readout in pancreatic cancer using zoldonrasib is expected in H1 2026, reflecting advancement of its RAS-targeting pipeline.