Revolution Medicines reported a Q3 2025 net loss of $305.2 million, a sharp increase from the $156.3 million loss recorded in the same quarter a year earlier. The company’s earnings per share fell to $‑1.61, missing the consensus estimate of $‑1.39 (or $‑1.38 in some reports) by $0.22. Revenue for the quarter was $0, falling short of the $1.95 million consensus estimate and the $1.58 million estimate cited by other analysts.
Research and development expenses climbed to $262.5 million, up 74 % from $151.8 million in Q3 2024, driven by expanded clinical activity for daraxonrasib, elironrasib and zoldonrasib. General and administrative costs also rose 74 % to $52.8 million from $24.0 million, reflecting additional headcount and the company’s preparation for commercial launch of its pipeline assets.
Cash, cash equivalents and marketable securities stood at $1.93 billion as of September 30, 2025. The balance includes a $250 million royalty monetization tranche received in June 2025 and a future commitment of $1.75 billion from Royalty Pharma. The all‑stock acquisition of EQRx in November 2023 added more than $1 billion in net cash to Revolution’s balance sheet, reinforcing the company’s liquidity position and providing a runway into the second half of 2027.
Management reiterated its full‑year 2025 GAAP net loss guidance of $1.03 billion to $1.09 billion, unchanged from the prior guidance. The company emphasized that, despite the widening quarterly loss, its cash reserves and strategic partnerships give it confidence to sustain its late‑stage development program and pursue additional pivotal trials in 2026.
CEO Mark A. Goldsmith said the company’s “diverse clinical and pre‑clinical RAS(ON) inhibitor programs continue to make encouraging progress and deliver on important milestones.” CFO Jack Anders added that the “balance includes the receipt of the first royalty monetization tranche of $250 million and an additional $1.75 billion in future committed capital,” underscoring the firm’s strong financial footing.
The results highlight the high cost of late‑stage development for a company that has yet to generate product sales. While the widening loss and expense growth signal significant investment, the robust cash position and strategic partnerships position Revolution to continue advancing its pipeline, with the next major data readout expected in 2026.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.