Revolution Medicines, Inc.
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 5, 2025
RVMD$193.06-3.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
(in thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities | ||
| Net loss | $(766,409) | $(405,524) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Loss on disposal of fixed assets | 32 | 318 |
| Amortization of intangible assets | 801 | 802 |
| Stock-based compensation expense | 84,693 | 56,758 |
| Depreciation and amortization | 5,513 | 4,824 |
| Change in fair value of warrant liabilities and contingent earn-out shares | 2,731 | (4,543) |
| Non-cash interest expense on liability related to sale of future royalties | 12,294 | — |
| Net amortization of premium or discount on marketable securities | (23,277) | (35,739) |
| Amortization of operating lease right-of-use asset | 5,542 | 2,811 |
| Impairment of assets | — | 2,761 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | — | 1,254 |
| Prepaid expenses and other current assets | (6,290) | (4,586) |
| Accounts payable | 20,036 | (35,828) |
| Accrued expenses and other current liabilities | 57,663 | 3,687 |
| Operating lease liability | (1,198) | (1,238) |
| Long-term deposits | (4,723) | (5,078) |
| Other noncurrent assets | (12,718) | (805) |
| Other noncurrent liabilities | 1,807 | 980 |
| Net cash used in operating activities | (623,503) | (419,146) |
| Cash flows from investing activities | ||
| Purchases of marketable securities | (1,498,365) | (1,441,413) |
| Maturities of marketable securities | 1,549,222 | 1,289,008 |
| Sales of marketable securities | 6,384 | — |
| Purchases of property and equipment | (14,065) | (9,086) |
| Net cash provided by (used in) investing activities | 43,176 | (161,491) |
| Cash flows from financing activities | ||
| Proceeds from issuance of common stock upon at-the-market offering, net of issuance costs | — | 74,293 |
| Proceeds from issuance of common stock under equity incentive plans | 6,973 | 8,151 |
| Proceeds from issuance of common stock related to employee stock purchase plan | 4,644 | 3,164 |
| Proceeds from the sale of future royalties | 244,215 | — |
| Exercise of warrants | 4 | — |
| Deferred offering costs | 29 | — |
| Net cash provided by financing activities | 255,865 | 85,608 |
| Net decrease in cash, cash equivalents and restricted cash | (324,462) | (495,029) |
| Cash, cash equivalents and restricted cash - beginning of period | 546,762 | 699,179 |
| Cash, cash equivalents and restricted cash - end of period | $222,300 | $204,150 |
| Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets | ||
| Cash and cash equivalents | 217,442 | 201,262 |
| Restricted cash | 4,858 | 2,888 |
| Cash, cash equivalents and restricted cash - end of period | $222,300 | $204,150 |
| Supplemental disclosure of non-cash investing and financing activities | ||
| Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities | $1,422 | $616 |
| Right-of-use assets obtained in exchange for operating lease liabilities | 22,458 | — |
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