Revolution Medicines, Inc.
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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FY2025 · Filed Feb 25, 2026
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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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEM ENTS OF CASH FLOWS
(in thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities | |||
| Net loss | $(1,131,301) | $(600,093) | $(436,367) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Loss on disposal of fixed assets | 32 | 118 | 52 |
| Amortization of intangible assets | 870 | 1,069 | 1,068 |
| Stock-based compensation expense | 118,389 | 79,197 | 61,772 |
| Depreciation and amortization | 7,780 | 6,559 | 5,042 |
| Change in fair value of warrant liability and contingent earn-out shares | 15,358 | (4,323) | 115 |
| Non-cash interest expense on liabilities related to sale of future royalties | 24,231 | — | — |
| Net amortization of premium or discount on marketable securities | (27,831) | (44,565) | (22,205) |
| Amortization of operating lease right-of-use asset | 7,908 | 4,196 | 3,199 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | — | 1,254 | 3,419 |
| Prepaid expenses and other current assets | (9,667) | (9,698) | (2,646) |
| Accounts payable | 9,535 | (6,465) | 32,469 |
| Accrued expenses and other current liabilities | 112,267 | 21,985 | 14,668 |
| Deferred revenue | — | — | (4,459) |
| Operating lease liability | (957) | (245) | (1,532) |
| Deferred tax liability | — | (762) | (3,910) |
| Long-term deposits | (12,020) | (7,563) | (2,284) |
| Other noncurrent assets | (12,872) | 1,688 | 870 |
| Other noncurrent liabilities | 537 | 212 | 157 |
| Net cash used in operating activities | (897,741) | (557,436) | (350,572) |
| Cash flows from investing activities | |||
| Purchases of marketable securities | (1,794,850) | (2,136,623) | (1,058,916) |
| Maturities of marketable securities | 1,922,514 | 1,592,537 | 724,047 |
| Sales of marketable securities | 6,384 | — | — |
| Purchases of property and equipment | (15,990) | (10,308) | (7,729) |
| Net cash provided by (used in) investing activities | 118,058 | (554,394) | (342,598) |
| Cash flows from financing activities | |||
| Cash, cash equivalents and restricted cash acquired in connection with EQRx Acquisition, net of transaction costs | — | — | 840,834 |
| Proceeds from the sale of future royalties, net of issuance costs | 244,215 | — | — |
| Proceeds from issuance of common stock, net of issuance costs | — | 727,620 | 323,706 |
| Proceeds from issuance of pre-funded warrants, net of transaction costs | — | 95,422 | — |
| Proceeds from issuance of common stock from at-the-market offering, net of transaction costs | 347,915 | 118,728 | 62,053 |
| Proceeds from issuance of common stock pursuant to stock option exercises | 21,134 | 12,330 | 3,316 |
| Proceeds from issuance of common stock related to employee stock purchase plan | 8,036 | 5,029 | 3,317 |
| Tax payment for common stock withheld in satisfaction of withholding tax requirements | — | — | (4,026) |
| Exercise of warrants | 4 | — | — |
| Payments of deferred offering costs | 220 | 284 | — |
| Net cash provided by financing activities | 621,524 | 959,413 | 1,229,200 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | (158,159) | (152,417) | 536,030 |
| Cash, cash equivalents and restricted cash - beginning of year | 546,762 | 699,179 | 163,149 |
| Cash, cash equivalents and restricted cash - end of year | $388,603 | $546,762 | $699,179 |
| Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets | |||
| Cash and cash equivalents | 383,745 | 543,064 | 696,148 |
| Restricted cash | 4,858 | 3,698 | 3,031 |
| Cash, cash equivalents and restricted cash - end of period | $388,603 | $546,762 | $699,179 |
| Supplemental disclosure of non-cash investing and financing activities | |||
| Issuance of common stock for EQRx acquisition | $— | $— | $1,085,676 |
| Fair value of net assets acquired in connection with EQRx Acquisition | — | — | 291,475 |
| Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities | 1,876 | 1,576 | 2,611 |
| Right-of-use assets obtained in exchange for operating lease liabilities | 22,458 | 44,581 | 25,271 |
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