Revolution Medicines, Inc.

Previous wording

Daraxonrasib (RMC-6236), our RAS(ON) multi-selective inhibitor, is designed as an oral, RAS-selective tri-complex inhibitor of multiple RAS(ON) variants containing cancer driver mutations at all three of the major RAS mutation hotspot positions, G12, G13, and Q61. Daraxonrasib inhibits all three major RAS isoforms, suppressing the mutant cancer driver and cooperating wild-type RAS proteins. In June 2025, daraxonrasib received Breakthrough Therapy Designation from the U.S. Food and Drug Administration (the FDA) for previously treated metastatic pancreatic ductal adenocarcinoma (PDAC) in patients with KRAS G12 mutations.

Current wording

Daraxonrasib (RMC-6236), our RAS(ON) multi-selective inhibitor, is designed as an oral, RAS-selective tri-complex inhibitor of multiple RAS(ON) variants containing cancer driver mutations at all three of the major RAS mutation hotspot positions, G12, G13, and Q61. Daraxonrasib inhibits all three major RAS isoforms, suppressing the mutant cancer driver and cooperating wild-type RAS proteins. In October 2025, the U.S. Food and Drug Administration (FDA) granted us a non-transferrable voucher for daraxonrasib under the Commissioner’s National Priority Voucher (CNPV) pilot program. Also in October 2025, daraxonrasib was granted Orphan Drug Designation by the FDA for the treatment of pancreatic cancer. In June 2025, daraxonrasib received Breakthrough Therapy Designation from the FDA for previously treated metastatic pancreatic ductal adenocarcinoma (PDAC) in patients with KRAS G12 mutations.

Previous wording

A global, randomized Phase 3 registrational trial of daraxonrasib in the second-line (2L) treatment of patients with metastatic PDAC, which we call the RASolute 302 study, is ongoing. In the RASolute 302 study, we are randomizing patients in a 1:1 ratio to receive either daraxonrasib at a dose of 300 mg daily or the investigator’s choice of chemotherapy. We currently expect to complete enrollment of the RASolute 302 study in 2025, to enable an expected clinical readout in 2026.

Current wording

A global, randomized Phase 3 registrational trial of daraxonrasib in the second-line (2L) treatment of patients with metastatic PDAC, which we call the RASolute 302 study, is ongoing. In the RASolute 302 study, we are randomizing patients in a 1:1 ratio to receive either daraxonrasib at a dose of 300 mg daily or the investigator’s choice of chemotherapy. We are winding down enrollment globally for RASolute 302 as we near completion of enrollment at all U.S. and international sites and currently expect a clinical readout in 2026.

Previous wording

A global, randomized Phase 3 registrational trial comparing daraxonrasib versus docetaxel in patients with locally advanced or metastatic RAS-mutated non-small cell lung cancer (NSCLC) who have been treated with immunotherapy and platinum-containing chemotherapy, which we call the RASolve 301 study, is ongoing. In the RASolve 301 study, we are randomizing patients in a 1:1 ratio to receive either daraxonrasib or docetaxel.

Current wording

A global, randomized Phase 3 registrational trial comparing daraxonrasib versus docetaxel in patients with locally advanced or metastatic RAS-mutated non-small cell lung cancer (NSCLC) who have been treated with immunotherapy and platinum-containing chemotherapy, which we call the RASolve 301 study, is ongoing. In the RASolve 301 study, we are randomizing patients in a 1:1 ratio to receive either daraxonrasib at a dose of 200 mg daily or docetaxel at a dose of 75 mg/m2 every three weeks.

Previous wording

We currently expect to initiate a global, randomized Phase 3 daraxonrasib monotherapy study in patients with first-line (1L) metastatic PDAC in the second half of 2025 and to share the clinical combination data that informed this planned study in 2025.

Current wording

We currently expect to initiate a global, randomized Phase 3 registrational trial comparing daraxonrasib with and without chemotherapy versus chemotherapy in patients with first-line (1L) metastatic PDAC, which we call the RASolute 303 study in the second half of 2025.

Previous wording

We currently expect to initiate a global, randomized Phase 3 study of daraxonrasib in patients with 1L RAS mutant NSCLC in 2026.

Current wording

We currently expect to initiate a global, randomized Phase 3 study of daraxonrasib in combination with pembrolizumab and chemotherapy in patients with 1L RAS mutant NSCLC in 2026.

Previous wording

On December 2, 2024, we reported updated clinical safety, tolerability, and activity data for daraxonrasib from our first-in-human monotherapy study of daraxonrasib, which we refer to as the RMC-6236-001 study, in patients with previously treated RAS-mutant PDAC as of a data cutoff date of July 23, 2024. We believe these data showed that daraxonrasib was generally well tolerated and demonstrated encouraging antitumor activity that supported our initiation of the RASolute 302 study.

Current wording

On September 10, 2025, we reported updated clinical safety, tolerability, and activity data for daraxonrasib from our first-in-human monotherapy study of daraxonrasib, which we refer to as the RMC-6236-001 study, in patients with previously treated RAS-mutant PDAC as of a data cutoff date of June 30, 2025. We believe these data support continued development of daraxonrasib in patients with RAS-mutant PDAC.

Previous wording

Based on our observations from the RMC-6236-001 study and our preclinical observations, we believe there is a potential opportunity to evaluate daraxonrasib combinations in earlier lines of therapy in multiple tumor types, and we are currently evaluating several exploratory combination regimens that include daraxonrasib in order to assess the potential for development in these settings. These combinations include daraxonrasib with pembrolizumab, daraxonrasib with elironrasib, daraxonrasib with zoldonrasib, daraxonrasib with standard of care chemotherapy agents, and daraxonrasib with TNG462, a PRMT5 inhibitor. We are also planning a combination study of daraxonrasib with ivonescimab, a PD-1/VEGF bispecific antibody.

Current wording

Based on our clinical and preclinical observations, we believe there is an opportunity to evaluate daraxonrasib combinations in earlier lines of therapy in multiple tumor types, and we are currently evaluating several exploratory combination regimens that include daraxonrasib in order to assess the potential for development in these settings. These combinations include daraxonrasib with pembrolizumab, daraxonrasib with elironrasib, daraxonrasib with zoldonrasib, daraxonrasib with standard of care chemotherapy agents, and daraxonrasib with vopimetostat (TNG462), a PRMT5 inhibitor. We are also planning a combination study of daraxonrasib with ivonescimab, a PD-1/VEGF bispecific antibody.

Previous wording

We believe that these data collectively support our ongoing development of zoldonrasib as a single agent and in combination with other therapies. These combinations include zoldonrasib with standard of care chemotherapy agents, zoldonrasib with TNG462 and, as referenced in the “Daraxonrasib (RMC-6236)” section above, zoldonrasib with daraxonrasib. An exploratory combination study of zoldonrasib with daraxonrasib is ongoing. We are also planning a combination study of zoldonrasib with ivonescimab.

Current wording

We believe that these data collectively support our ongoing development of zoldonrasib as a single agent and in combination with other therapies. These combinations include zoldonrasib with standard of care chemotherapy agents, zoldonrasib with vopimetostat (TNG462) and, as referenced in the “Daraxonrasib (RMC-6236)” section above, zoldonrasib with daraxonrasib. An exploratory combination study of zoldonrasib with daraxonrasib is ongoing and we expect to initiate a registration trial for zoldonrasib combination in patients with first line metastatic PDAC in the first half of 2026. We also currently expect to initiate one or more additional pivotal combination studies in 2026 that incorporate either zoldonrasib or elironrasib. We are also planning a combination study of zoldonrasib with ivonescimab.

Previous wording

RMC-5127 is designed as a RAS(ON) oral G12V-selective inhibitor. It is designed to exhibit picomolar potency for suppressing RAS pathway signaling and growth of RAS G12V-bearing cancer cells and is engineered for selective inhibition of RAS G12V over other RAS isoforms via non-covalent binding interactions. In April 2025, RMC-5127 was highlighted in a New Drugs on the Horizon presentation at the American Association for Cancer Research (AACR) Annual Meeting. We currently expect to advance RMC-5127 to a clinic-ready stage in 2025 and to initiate a first-in-human dose escalation clinical trial of RMC-5127 in 2026.

Current wording

RMC-5127 is designed as a RAS(ON) oral G12V-selective inhibitor. It is designed to exhibit picomolar potency for suppressing RAS pathway signaling and growth of RAS G12V-bearing cancer cells and is engineered for selective inhibition of RAS G12V over other RAS isoforms via non-covalent binding interactions. In April 2025, RMC-5127 was highlighted in a New Drugs on the Horizon presentation at the American Association for Cancer Research (AACR) Annual Meeting. We currently expect to initiate a first-in-human dose escalation clinical trial of RMC-5127 in the first quarter of 2026.

Previous wording

In November 2024, we entered into a clinical trial collaboration and supply agreement with Tango Therapeutics, Inc. (Tango) pursuant to which Tango plans to sponsor clinical trials investigating its compound TNG462, a PRMT5 inhibitor, with each of daraxonrasib and zoldonrasib (the Tango Collaboration Agreement). Under the Tango Collaboration Agreement, Tango is generally responsible for conducting the trials and all associated costs and expenses (other than the supply of our compounds), and we will supply our compounds. Each party will retain commercial rights to its respective compounds, and the agreement is mutually non-exclusive.

Current wording

In November 2024, we entered into a clinical trial collaboration and supply agreement with Tango Therapeutics, Inc. (Tango) pursuant to which Tango plans to sponsor clinical trials investigating its compound vopimetostat (TNG462), a PRMT5 inhibitor, with each of daraxonrasib and zoldonrasib (the Tango Collaboration Agreement). Under the Tango Collaboration Agreement, Tango is generally responsible for conducting the trials and all associated costs and expenses (other than the supply of our compounds), and we will supply our compounds. Each party will retain commercial rights to its respective compounds, and the agreement is mutually non-exclusive.

Previous wording

Interest and other income (expense), net, consists of non-cash interest expense associated with the sale of future royalties, and miscellaneous income and expenses unrelated to our core operations, including the impact of foreign currency exchange differences.

Current wording

Other income (expense), net, consists of miscellaneous income and expenses unrelated to our core operations, including the impact of foreign currency exchange differences.

Previous wording

Comparison of the three and six months ended June 30, 2025 and 2024

Current wording

Comparison of the three and nine months ended September 30, 2025 and 2024

Previous wording

Our research and development efforts during the three and six months ended June 30, 2025 and 2024 were focused on our clinical development programs and our preclinical programs. The following table sets forth the components of our research and development expenses for the periods indicated:

Current wording

Our research and development efforts during the three and nine months ended September 30, 2025 and 2024 were focused on our clinical development programs and our preclinical programs. The following table sets forth the components of our research and development expenses for the periods indicated:

Previous wording

Research and development expenses increased by $176.9 million, or 70%, during the six months ended June 30, 2025 compared to the same period in 2024. The increase in research and development expenses during the six months ended June 30, 2025 was primarily due to a $87.2 million increase in daraxonrasib expenses, primarily attributable to higher clinical trial expenses and manufacturing expenses for clinical and pre-commercial supply; a $26.9 million increase in salaries and other employee-related expenses due to increased headcount to support our research and development programs; a $21.3 million increase in zoldonrasib expenses, primarily attributable to higher clinical trial and clinical supply manufacturing expenses; a $12.5 million increase in stock-based compensation; a $11.6 million increase in other research and development costs as a result of higher rent, utilities and information technology expenses associated with increased headcount; a $11.5 million increase in elironrasib expenses, primarily attributable to higher clinical trial expenses; and a $9.4 million increase in preclinical research portfolio expenses; partially offset by a $3.4 million decrease in RAS companion inhibitor program costs.

Current wording

Research and development expenses increased by $110.8 million, or 73%, during the three months ended September 30, 2025 compared to the same period in 2024. The increase in research and development expenses during the three months ended September 30, 2025 was primarily due to a $41.0 million increase in daraxonrasib expenses, primarily attributable to higher clinical trial expenses; a $19.5 million increase in salaries and other employee-related expenses due to increased headcount to support our research and development programs; a $17.7 million increase in zoldonrasib expenses, primarily attributable to higher clinical trial and clinical supply manufacturing expenses; a $10.3 million increase in preclinical research portfolio expenses; a $9.9 million increase in other research and development costs as a result of higher rent, utilities and information technology expenses associated with increased headcount; a $7.3 million increase in elironrasib expenses, primarily attributable to higher clinical trial expenses; and a $7.0 million increase in stock-based compensation; partially offset by a $1.9 million decrease in RAS companion inhibitor program costs.

Previous wording

Research and development expenses increased by $89.2 million, or 66%, during the three months ended June 30, 2025 compared to the same period in 2024. The increase in research and development expenses during the three months ended June 30, 2025 was primarily due to a $46.7 million increase in daraxonrasib expenses, primarily attributable to higher clinical trial expenses and manufacturing expenses for clinical and pre-commercial supply; a $14.8 million increase in salaries and other employee-related expenses due to increased headcount to support our research and development programs; a $8.8 million increase in zoldonrasib expenses, primarily attributable to higher clinical trial and clinical supply manufacturing expenses; a $6.4 million increase in stock-based compensation; a $6.1 million increase in preclinical research portfolio expenses; a $5.5 million increase in other research and development costs as a result of higher rent, utilities and information technology expenses associated with increased headcount; and a $2.4 million increase in elironrasib expenses, primarily attributable to higher clinical trial expenses; partially offset by a $1.5 million decrease in RAS companion inhibitor program costs.

Current wording

Research and development expenses increased by $288.3 million, or 71%, during the nine months ended September 30, 2025 compared to the same period in 2024. The increase in research and development expenses during the nine months ended September 30, 2025 was primarily due to a $128.3 million increase in daraxonrasib expenses, primarily attributable to higher clinical trial expenses and manufacturing expenses for clinical and pre-commercial supply; a $46.9 million increase in salaries and other employee-related expenses due to increased headcount to support our research and development programs; a $38.9 million increase in zoldonrasib expenses, primarily attributable to higher clinical trial and clinical supply manufacturing expenses; a $21.5 million increase in other research and development costs as a result of higher rent, utilities and information technology expenses associated with increased headcount; a $19.7 million increase in preclinical research portfolio expenses; a $19.5 million increase in stock-based compensation; and a $18.9 million increase in elironrasib expenses, primarily attributable to higher clinical trial expenses; partially offset by a $5.4 million decrease in RAS companion inhibitor program costs.

Previous wording

General and administrative expenses increased by $18.9 million, or 87%, during the three months ended June 30, 2025 compared to the same period in 2024. The increase in general and administrative expenses during the three months ended June 30, 2025 was primarily due to a $6.5 million increase in salaries and other employee-related expenses due to increased headcount; a $5.3 million increase in commercial preparation expenses; a $2.7 million increase in stock-based compensation expense; a $1.7 million increase in facilities and other allocated expenses as a result of higher rent, utilities and information technology expenses associated with increased headcount; a $1.3 million increase in other administrative costs; and a $1.0 million increase in legal fees.

Current wording

General and administrative expenses increased by $28.8 million, or 120%, during the three months ended September 30, 2025 compared to the same period in 2024. The increase in general and administrative expenses during the three months ended September 30, 2025 was primarily due to a $7.9 million increase in commercial preparation expenses; a $7.6 million increase in salaries and other employee-related expenses due to increased headcount; a $6.7 million increase in legal related expenses; a $3.0 million increase in stock-based compensation expense; and a $2.9 million increase in facilities and other allocated expenses as a result of higher rent, utilities and information technology expenses associated with increased headcount.

Previous wording

General and administrative expenses increased by $31.0 million, or 70%, during the six months ended June 30, 2025 compared to the same period in 2024. The increase in general and administrative expenses during the six months ended June 30, 2025 was primarily due to a $10.2 million increase in salaries and other employee-related expenses due to increased headcount; a $8.9 million increase in commercial preparation expenses; a $5.4 million increase in stock-based compensation expense; a $2.6 million increase in facilities and other allocated expenses as a result of higher rent, utilities and information technology expenses associated with increased headcount; a $1.4 million increase in recruiting fees; and a $1.3 million increase in legal fees.

Current wording

General and administrative expenses increased by $59.3 million, or 86%, during the nine months ended September 30, 2025 compared to the same period in 2024. The increase in general and administrative expenses during the nine months ended September 30, 2025 was primarily due to a $17.2 million increase in salaries and other employee-related expenses due to increased headcount; a $17.0 million increase in commercial preparation expenses; an $8.5 million increase in stock-based compensation expense; and a $7.9 million increase in legal related expenses; and a $5.7 million increase in facilities and other allocated expenses as a result of higher rent, utilities and information technology expenses associated with increased headcount.

Previous wording

Interest income increased by $0.9 million during the three months ended June 30, 2025 compared to the same period in 2024 and increased by $2.1 million during the six months ended June 30, 2025 compared to the same period in 2024 due to a larger cash, cash equivalents and marketable securities balance.

Current wording

Interest income increased by $1.7 million during the three months ended September 30, 2025 compared to the same period in 2024 and increased by $3.7 million during the nine months ended September 30, 2025 compared to the same period in 2024 due to a larger cash, cash equivalents and marketable securities balance.

Previous wording

In November 2021, we entered into a sales agreement with TD Securities (USA) LLC (f/k/a Cowen and Company LLC) (TD Cowen), as amended in March 2024, to sell shares of our common stock, from time to time, with aggregate gross proceeds of up to $250 million, through an at-the-market equity offering program (the 2021 ATM). During the year ended December 31, 2024, we sold an aggregate of 1,294,050 shares of common stock under the 2021 ATM, resulting in gross proceeds of $60.8 million. In August 2024, we terminated the 2021 ATM and entered into a new sales agreement with TD Cowen to sell shares of our common stock, from time to time, with aggregate gross proceeds of up to $500 million, through an at-the-market equity offering program (the 2024 ATM). Through December 31, 2024, we have sold an aggregate of 1,147,893 shares of common stock under the 2024 ATM, resulting in gross proceeds of $60.4 million. During the six months ended June 30, 2025, we did not sell any shares of common stock in ATM offerings.

Current wording

In November 2021, we entered into a sales agreement with TD Securities (USA) LLC (f/k/a Cowen and Company LLC) (TD Cowen), as amended in March 2024, to sell shares of our common stock, from time to time, with aggregate gross proceeds of up to $250 million, through an at-the-market equity offering program (the 2021 ATM). During the year ended December 31, 2024, we sold an aggregate of 1,294,050 shares of common stock under the 2021 ATM, resulting in gross proceeds of $60.8 million. In August 2024, we terminated the 2021 ATM and entered into a new sales agreement with TD Cowen to sell shares of our common stock, from time to time, with aggregate gross proceeds of up to $500 million, through an at-the-market equity offering program (the 2024 ATM). Through December 31, 2024, we have sold an aggregate of 1,147,893 shares of common stock under the 2024 ATM, resulting in gross proceeds of $60.4 million. During the nine months ended September 30, 2025, we did not sell any shares of common stock in ATM offerings. In October 2025, the Company sold an aggregate of 3,521,018 shares of common stock under the 2024 ATM resulting in gross proceeds of $185.7 million.

Previous wording

The Royalty Payments (if any) in respect of Annual Net Sales of RMC-6236 Products in the United States will end 15 years after the first commercial sale of an RMC-6236 Product in the United States. The Royalty Payments (if any) in respect of Annual Net Sales of RMC-9805 Products in the United States will end 15 years after the earlier to occur of (i) the date that an RMC-9805 Product is approved in an overlapping indication with an RMC-6236 Product in the United States and (ii) the first commercial sale of an RMC-6236 Product in the United States. The Royalty Payments (if any) in respect of Annual Net Sales of RMC-6236 Products outside the United States will end 15 years after the first commercial sale of an RMC-6236 Product in the European Union. The Royalty Payments (if any) in respect of Annual Net Sales of the RMC-9805 Products outside the United States will end 15 years after the earlier to occur of (i) the date that an RMC-9805 Product is approved in an overlapping indication with an RMC-6236 Product by the European Medicines Agency and (ii) the first commercial sale of an RMC-6236 Product in the European Union.

Current wording

RMC-6236 Product in the United States. The Royalty Payments (if any) in respect of Annual Net Sales of RMC-6236 Products outside the United States will end 15 years after the first commercial sale of an RMC-6236 Product in the European Union. The Royalty Payments (if any) in respect of Annual Net Sales of the RMC-9805 Products outside the United States will end 15 years after the earlier to occur of (i) the date that an RMC-9805 Product is approved in an overlapping indication with an RMC-6236 Product by the European Medicines Agency and (ii) the first commercial sale of an RMC-6236 Product in the European Union.

Previous wording

To date, our operations have been financed primarily by our public offerings of common stock, the EQRx Acquisition, the Royalty Purchase Agreement, and $188.7 million received under the Sanofi Agreement from June 2018 through June 2023 for upfront payments and for research and development cost reimbursement.

Current wording

To date, our operations have been financed primarily by our public offerings of common stock, the EQRx Acquisition, the Royalty Purchase Agreement, and proceeds received under the Sanofi Agreement from June 2018 through June 2023 for upfront payments and for research and development cost reimbursement.

Previous wording

As of June 30, 2025, we had $2.1 billion in cash, cash equivalents and marketable securities.

Current wording

As of September 30, 2025, we had $1.9 billion in cash, cash equivalents and marketable securities.

Previous wording

As of June 30, 2025, we had an accumulated deficit of $2.2 billion. Our primary use of cash is to fund operating expenses, which consist primarily of research and development expenditures related to our product candidates and our pre-clinical research portfolio, and to a lesser extent, general and administrative and commercial preparation expenditures. We expect our expenses to continue to increase in connection with our ongoing activities, particularly as we continue to advance our product candidates into later stages of development, which includes conducting larger clinical trials, and increase our efforts to prepare to become a commercial-stage company.

Current wording

As of September 30, 2025, we had an accumulated deficit of $2.5 billion. Our primary use of cash is to fund operating expenses, which consist primarily of research and development expenditures related to our product candidates and our pre-clinical research portfolio, and to a lesser extent, general and administrative and commercial preparation expenditures. We expect our expenses to continue to increase in connection with our ongoing activities, particularly as we continue to advance our product candidates into later stages of development, which includes conducting larger clinical trials, and increasing our efforts to prepare to become a commercial-stage company.

Previous wording

During the six months ended June 30, 2025, cash used in operating activities of $416.2 million was attributable to a net loss of $461.2 million and a net change of $1.9 million in our operating assets and liabilities and $46.9 million in non-cash charges. The change in operating assets and liabilities was primarily due to a $12.4 million increase in accrued expenses and other current liabilities, a $5.8 million increase in noncurrent liabilities and a $0.5 million increase in accounts payable, offset by a $16.5 million increase in other noncurrent assets, a $3.1 million decrease in operating lease liability and a $0.9 million increase in prepaid expenses and other current assets. The non-cash charges primarily consisted of stock-based compensation expense of $53.9 million, depreciation and amortization of $4.0 million, amortization of operating lease right-of-use asset of $3.5 million, a $2.1 million change in fair value of warrant liability and a $0.9 million non-cash interest expense on liability related to sale of future royalties, offset by net amortization of premium on marketable securities of $17.6 million.

Current wording

During the nine months ended September 30, 2025, cash used in operating activities of $623.5 million was attributable to a net loss of $766.4 million, offset by a net change of $54.6 million in our operating assets and liabilities and $88.3 million in non-cash charges. The change in operating assets and liabilities was primarily due to a $57.7 million increase in accrued expenses and other current liabilities, a $20.0 million increase in accounts payable and a $1.8 million increase in noncurrent liabilities, offset by a $12.7 million increase in other noncurrent assets, a $6.3 million increase in prepaid expenses and other current assets, a $4.7 million increase in long-term deposits and a $1.2 million decrease in operating lease liability. The non-cash charges primarily consisted of stock-based compensation expense of $84.7 million, a $12.3 million non-cash interest expense on liability related to sale of future royalties, depreciation and amortization of $6.3 million, amortization of operating lease right-of-use asset of $5.5 million and a $2.7 million change in fair value of warrant liability and offset by net amortization of premium on marketable securities of $23.3 million.

Previous wording

During the six months ended June 30, 2024, cash used in operating activities of $288.7 million was attributable to a net loss of $249.2 million and a net change of $52.0 million in our operating assets and liabilities and $12.5 million in non-cash charges. The change in operating assets and liabilities was primarily due to a $33.0 million decrease in accounts payable; an $8.9 million increase in prepaid expenses and other current assets; a $6.6 million decrease in accrued expenses and other current liabilities; and an increase in other noncurrent assets by $4.0 million, offset by a $1.3 million decrease in accounts receivable. The non-cash charges primarily consisted of stock-based compensation expense of $36.0 million; depreciation and amortization of $3.7 million; a $2.8 million impairment of a long term asset acquired as part of the EQRx Acquisition; amortization of operating lease right-of-use asset of $1.8 million, offset by net amortization of premium on marketable securities of $26.1 million and a $5.8 million change in fair value of warrant liabilities and contingent earn-out shares.

Current wording

During the nine months ended September 30, 2024, cash used in operating activities of $419.1 million was attributable to a net loss of $405.5 million, offset by a net change of $41.6 million in our operating assets and liabilities and $28.0 million in non-cash charges. The change in operating assets and liabilities was primarily due to a $35.8 million decrease in accounts payable; a $4.6 million increase in prepaid expenses and other current assets; a $5.1 million increase in long-term deposits; a $1.2 million decrease in operating lease liability offset by a $3.7 million decrease in accrued expenses and other current liabilities; and a $1.3 million decrease in accounts receivable. The non-cash charges primarily consisted of stock-based compensation expense of $56.8 million; depreciation and amortization of $5.6 million; a $2.8 million impairment of a long term asset acquired as part of the EQRx Acquisition; amortization of operating lease right-of-use asset of $2.8 million, offset by net amortization of premium on marketable securities of $35.7 million; and a $4.5 million change in fair value of warrant liabilities and contingent earn-out shares.

Previous wording

During the six months ended June 30, 2025, cash provided by investing activities of $18.3 million was comprised of maturities of marketable securities of $1.1 billion and sale of marketable securities of $6.4 million partially offset by purchases of marketable securities of $1.0 billion and purchases of property and equipment of $10.7 million.

Current wording

During the nine months ended September 30, 2025, cash provided by investing activities of $43.2 million was comprised of maturities of marketable securities of $1.5 billion and sale of marketable securities of $6.4 million partially offset by purchases of marketable securities of $1.5 billion and purchases of property and equipment of $14.1 million.

Previous wording

During the six months ended June 30, 2024, cash used in investing activities of $140.0 million was comprised of maturities of marketable securities of $942.1 million partially offset by purchases of marketable securities of $1.1 billion and purchases of property and equipment of $5.6 million.

Current wording

During the nine months ended September 30, 2024, cash used in investing activities of $161.5 million was comprised of maturities of marketable securities of $1.3 billion partially offset by purchases of marketable securities of $1.4 billion and purchases of property and equipment of $9.1 million.

Previous wording

During the six months ended June 30, 2025, cash provided by financing activities comprised primarily of $250.0 million in proceeds from the sale of future royalties, $4.6 million in proceeds from the issuance of common stock related to our 2020 Employee Stock Purchase Plan (the ESPP) and $2.8 million in proceeds from the issuance of common stock upon the exercise of stock options.

Current wording

During the nine months ended September 30, 2025, cash provided by financing activities comprised primarily of $244.2 million in proceeds from the sale of future royalties, $7.0 million in proceeds from the issuance of common stock upon the exercise of stock options and $4.6 million in proceeds from the issuance of common stock related to our 2020 Employee Stock Purchase Plan (the ESPP).

Previous wording

During the six months ended June 30, 2024, cash provided by financing activities comprised of $5.2 million in proceeds from the issuance of common stock upon the exercise of stock options and $3.2 million in proceeds from the issuance of common stock related to our ESPP.

Current wording

During the nine months ended September 30, 2024, cash provided by financing activities comprised of $74.3 million in net proceeds from the issuance of common stock under the 2021 ATM and the 2024 ATM; $8.2 million in proceeds from the issuance of common stock upon the exercise of stock options; and $3.2 million in proceeds from the issuance of common stock related to our 2020 Employee Stock Purchase Plan (the ESPP).