Revolution Medicines Stock Earnings Reports

Revolution Medicines reported substantial clinical and operational progress in Q3 2025 while continuing to invest in commercialization and late-stage development. Key clinical highlights: daraxonrasib (pan-RAS multi-selective RAS(ON) inhibitor) received three FDA designations (Breakthrough Therapy earlier, and most recently Orphan Drug Designation plus a Commissioner’s National Priority Voucher), Phase III RASolute 302 (second-line metastatic pancreatic cancer) is nearing completion of enrollment with an expected readout in 2026, and encouraging Phase I/II data show durable activity (median PFS >8 months and median OS ~13–15 months in later-line cohorts). First-line pancreatic studies (monotherapy and daraxonrasib + GnP) showed high ORRs (47% monotherapy; 55% combo) and acceptable tolerability; RASolute 303 (three-arm registrational trial in first-line metastatic PDAC) is on track to start in 2025. RASolute 304 (adjuvant/perioperative PDAC) has been initiated (≈500 patients; daraxonrasib vs observation after ≥4 months perioperative chemo). Zoldonrasib (G12D-selective) shows favorable safety and is being positioned for combination registrational trials (first zoldonrasib combo in first-line PDAC expected H1 2026). Elironrasib (G12C-selective) demonstrated activity in heavily pretreated NSCLC (confirmed ORR 42%, median DOR 11.2 months), and RMC-5127 (G12V-selective) is on track for first-in-human in Q1 2026. The company is actively exploring RAS doublets and multiple combo strategies and has collaborations to broaden combination options. Financials and operations: cash and investments were $1.93 billion (includes $250M tranche from Royalty Pharma; $1.75B remaining committed), R&D and G&A expenses rose materially (R&D $262.5M in Q3 2025 vs $151.8M prior year; G&A $52.8M vs $24.0M), net loss was $305.2M for the quarter, and full-year 2025 GAAP net loss guidance reiterated at $1.03–1.09B (includes $115–130M stock-comp expense). The company is building commercial infrastructure (key hires for U.S. and EU regional heads, medical affairs, market access, etc.) and states manufacturing/supply chain scaling is underway to support potential launch. Near-term investor milestones: RASolute 302 Phase III readout expected 2026, updated first-line PDAC durability data H1 2026, initiation of RASolute 303 in 2025, zoldonrasib combo registrational trial(s) planned H1 2026, RMC-5127 FIH planned Q1 2026. Risks noted include typical clinical-development, regulatory and commercial execution uncertainties and potential impacts from cross-over or post-approval availability on trial designs.