Revolution Medicines, Inc.

Previous wording

Daraxonrasib, our RAS(ON) multi-selective inhibitor, is designed as an oral, 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. Daraxonrasib has been granted a non-transferable voucher for daraxonrasib in pancreatic ductal adenocarcinoma (PDAC) under the Commissioner’s National Priority Voucher (CNPV) pilot program, Orphan Drug Designation (ODD) by the FDA and European Medicines Agency (EMA) for the treatment of pancreatic cancer, and Breakthrough Therapy Designation from the FDA for previously treated metastatic PDAC in patients with KRAS G12 mutations.

Current wording

Daraxonrasib, our RAS(ON) multi-selective inhibitor, is designed as an oral, 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. Daraxonrasib has been granted a non-transferable voucher for daraxonrasib in pancreatic adenocarcinoma (PDAC) under the Commissioner’s National Priority Voucher (CNPV) pilot program, Orphan Drug Designation (ODD) by the FDA and European Medicines Agency (EMA) for the treatment of pancreatic cancer, and Breakthrough Therapy Designation from the FDA for patients with previously treated metastatic PDAC with KRAS G12 mutations and patients with NSCLC with KRAS mutations other than G12C who have received prior platinum-based chemotherapy and anti-PD-(L)1 therapy.

Previous wording

Zoldonrasib is designed as an oral RAS(ON) G12D-selective tri-complex inhibitor. It is designed to exhibit low nanomolar potency for suppressing RAS pathway signaling and growth of RAS G12D-bearing cancer cells and is engineered to covalently inactivate RAS G12D irreversibly. Zoldonrasib has received Breakthrough Therapy Designation from the FDA for the treatment of adult patients with KRAS G12D-mutated locally advanced or metastatic non-small cell lung cancer (NSCLC) who have been previously treated with anti-PD-1/PD-L1 therapy and platinum-based chemotherapy.

Current wording

Zoldonrasib is designed as an oral RAS(ON) G12D-selective tri-complex inhibitor. It is designed to exhibit low nanomolar potency for suppressing RAS pathway signaling and growth of RAS G12D-bearing cancer cells and is engineered to covalently inactivate RAS G12D irreversibly. Zoldonrasib has received Breakthrough Therapy Designation from the FDA for the treatment of adult patients with KRAS G12D-mutated locally advanced or metastatic NSCLC who have been previously treated with anti-PD-1/PD-L1 therapy and platinum-based chemotherapy.

Previous wording

RMC-5127 is designed as an oral RAS(ON) G12V-selective tri-complex 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. A first-in-human dose escalation clinical trial of RMC-5127 is ongoing.

Current wording

RMC-5127 is designed as an oral RAS(ON) G12V-selective tri-complex 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. A first-in-human dose escalation clinical trial of RMC-5127 is ongoing. We currently expect to identify a recommended Phase 2 dose for RMC-5127 during the second half of 2026 and to share initial clinical data in 2027.

Previous wording

In April 2026, we shared topline results from RASolute 302 in which daraxonrasib taken orally once daily demonstrated statistically significant and clinically meaningful improvements in progression-free survival (PFS) and overall survival (OS) compared to standard of care cytotoxic chemotherapy delivered intravenously. In the overall (intent-to-treat) study population, daraxonrasib demonstrated a median OS of 13.2 months versus 6.7 months for chemotherapy, with a hazard ratio of 0.40 (p <0.0001). Daraxonrasib was generally well tolerated, with a manageable safety profile and with no new safety signals. Based on the results from this first interim analysis, all PFS and OS endpoint results are considered final. We currently plan to present the detailed results from this study at the American Society of Clinical Oncology 2026 Annual Meeting. We intend to submit these data to global regulatory authorities, including to the U.S. Food and Drug Administration as part of a future New Drug Application under a CNPV.

Current wording

In May 2026, we presented results from our randomized Phase 3 registration study RASolute 302 comparing daraxonrasib against chemotherapy in patients with second line (2L) PDAC. In this study, daraxonrasib taken orally once daily demonstrated statistically significant and clinically meaningful improvements in progression-free survival (PFS) and overall survival (OS) compared to standard of care cytotoxic chemotherapy delivered intravenously. In the overall (intent-to-treat) study population, daraxonrasib demonstrated a median OS of 13.2 months versus 6.7 months for chemotherapy, with a hazard ratio of 0.40 (p < 0.0001). Daraxonrasib was generally well tolerated, with a manageable safety profile and with no new safety signals. Based on the results from this first interim analysis, all PFS and OS endpoint results are considered final. The FDA has accepted for review our New Drug Application (NDA) for daraxonrasib for previously treated metastatic pancreatic cancer and the EMA initiated a phased review of daraxonrasib under its Cancer Medicines Pathfinder project.

Previous wording

RASolute 304: evaluating daraxonrasib as an adjuvant therapy in patients with resectable PDAC; and

Current wording

RASolute 304: evaluating daraxonrasib as an adjuvant therapy in patients with resectable PDAC who have received surgery and chemotherapy;

Previous wording

RASolute 305: comparing zoldonrasib in combination with the investigator’s choice of either gemcitabine nab-paclitaxel or modified FOLFIRINOX against the investigator’s choice of the chemotherapies in patients with 1L metastatic PDAC in a placebo-controlled study.

Current wording

RASolute 305: evaluating zoldonrasib in combination with the investigator’s choice of chemotherapies in patients with 1L metastatic PDAC in a placebo-controlled study; and

Previous wording

In April 2026, we also presented updated Phase 1 clinical data for daraxonrasib in patients with 1L PDAC across monotherapy and combination cohorts at the American Association for Cancer Research (AACR) Annual Meeting.

Current wording

In April 2026, we presented updated Phase 1 clinical data for daraxonrasib in patients with 1L PDAC across monotherapy and combination cohorts at the American Association for Cancer Research (AACR) Annual Meeting.

Previous wording

Based on encouraging early-stage clinical results, we are evaluating daraxonrasib in RASolve 301, a global, randomized Phase 3 registrational trial comparing daraxonrasib versus docetaxel in patients with locally advanced or metastatic RAS mutant NSCLC who have been treated with immunotherapy and platinum-containing chemotherapy. We currently expect to substantially complete enrollment in RASolve 301 in 2026.

Current wording

RASolve 301: comparing daraxonrasib against docetaxel in patients with locally advanced or metastatic RAS mutant NSCLC who have been treated with immunotherapy and platinum-containing chemotherapy. We currently expect to complete enrollment in RASolve 301 in 2026, to enable an expected clinical readout in 2027; and

Previous wording

We also currently expect to initiate RASolve 308, a global, randomized, placebo-controlled Phase 3 registrational trial evaluating zoldonrasib in combination with standard of care in patients with 1L metastatic RAS G12D NSCLC in the first half of 2026.

Current wording

RASolve 308: evaluating zoldonrasib in combination with standard of care in patients with 1L metastatic RAS G12D NSCLC in a placebo-controlled study.

Previous wording

In April 2026, we presented updated Phase 1 clinical data for zoldonrasib in patients with previously treated KRAS G12D NSCLC at the AACR Annual Meeting.

Current wording

In April 2026, we presented updated Phase 1 clinical data for zoldonrasib in patients with previously treated RAS G12D NSCLC at the AACR Annual Meeting.

Previous wording

To address this need, we are pursuing a combination-focused strategy designed to maximize clinical impact in this challenging setting. We believe that our early clinical experience supports continued exploration of these strategies. As data mature, we plan to prioritize registrational opportunities with the goal of improving outcomes and expanding treatment options for patients with RAS mutant colorectal cancer. We currently expect to provide updated combination data in CRC in 2026.

Current wording

To address this need, we are pursuing a combination-focused strategy designed to maximize clinical impact in this challenging setting. We believe that our early clinical experience supports continued exploration of these strategies. As data mature, we plan to prioritize registrational opportunities with the goal of improving outcomes and expanding treatment options for patients with RAS mutant colorectal cancer. We currently expect to provide updated combination data in CRC in the fourth quarter of 2026.

Previous wording

In April 2026, we entered into a clinical collaboration with Synnovation Therapeutics, Inc. (Synnovation) pursuant to which Synnovation plans to evaluate its compound SNV1521, a PARP inhibitor, in combination with daraxonrasib in patients with PDAC as part of a Synnovation-sponsored trial.

Current wording

In April 2026, we entered into a clinical collaboration with Synnovation Therapeutics, Inc. (Synnovation) pursuant to which Synnovation plans to evaluate its compound SNV1521, a PARP1-selective inhibitor, in combination with daraxonrasib in patients with PDAC as part of a Synnovation-sponsored trial.

Previous wording

In June 2025, we entered into a clinical collaboration with Summit Therapeutics, Inc. (Summit) pursuant to which we are evaluating the safety and efficacy, in multiple solid tumor settings, of our clinical-stage RAS(ON) Inhibitors, including daraxonrasib, elironrasib and zoldonrasib, in combination with Summit’s ivonescimab, a PD-1/VEGF bispecific antibody, in the APEX-103 clinical trial.

Current wording

In June 2025, we entered into a clinical collaboration with Summit Therapeutics, Inc. (Summit) pursuant to which we are evaluating, in multiple solid tumor settings, the safety and efficacy of certain of our clinical-stage RAS(ON) Inhibitors, including daraxonrasib, elironrasib and zoldonrasib, in combination with Summit’s ivonescimab, a PD-1/VEGF bispecific antibody, in the APEX-103 clinical trial.

Previous wording

In May 2025, we entered into a collaboration with Iambic Therapeutics (Iambic), pursuant to which Iambic uses its artificial intelligence capabilities to generate customized models through training with our proprietary data. Our aim in this collaboration is to enhance our lead discovery and optimization processes directed against both current and new drug targets to enable continued development of our pipeline.

Current wording

In May 2025, we entered into a collaboration with Iambic Therapeutics, Inc. (Iambic) pursuant to which Iambic uses its artificial intelligence capabilities to generate customized models through training with our proprietary data. Our aim in this collaboration is to enhance our lead discovery and optimization processes directed against both current and new drug targets to enable continued development of our pipeline.

Previous wording

In November 2024, we entered into a clinical collaboration with Tango Therapeutics, Inc. (Tango) pursuant to which Tango is evaluating its compound vopimetostat (TNG462), an MTA-cooperative PRMT5 inhibitor, in combination with daraxonrasib or zoldonrasib in patients with MTAP-depleted, RAS mutant PDAC or lung cancer as part of a Tango-sponsored trial.

Current wording

In November 2024, we entered into a clinical collaboration with Tango Therapeutics, Inc. (Tango) pursuant to which Tango is evaluating its compound vopimetostat (TNG462), an MTA-cooperative PRMT5 inhibitor, in combination with daraxonrasib or zoldonrasib in patients with MTAP-deleted, RAS mutant PDAC or NSCLC as part of a Tango-sponsored trial.

Previous wording

costs related to the production of preclinical, clinical and pre-launch materials, including fees paid to contract manufacturers;

Current wording

costs related to the production of preclinical, clinical and pre-launch inventory, including fees paid to contract manufacturers, which are recorded as research and development expenses prior to initial regulatory approval;

Previous wording

Interest expense consists of non-cash interest expense associated with the sale of future royalties.

Current wording

Interest expense consists of non-cash interest expense associated with the sale of future royalties and interest expense associated with the convertible senior notes.

Previous wording

Comparison of the three months ended March 31, 2026 and 2025

Current wording

Comparison of the three and six months ended June 30, 2026 and 2025

Previous wording

Our research and development efforts during the three months ended March 31, 2026 and 2025 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 six months ended June 30, 2026 and 2025 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 $138.2 million, or 67%, during the three months ended March 31, 2026 compared to the same period in 2025. The increase was primarily due to higher clinical trial and manufacturing expenses, including a $46.5 million increase related to daraxonrasib expenses, a $27.6 million increase related to zoldonrasib expenses, partially offset by a $4.0 million decrease related to elironrasib expenses; a $28.3 million increase in stock-based compensation; a $24.3 million increase in salaries and other employee-related expenses due to increased headcount to support our research and development programs; a $10.0 million increase in other research and development expenses as a result of higher rent, utilities and information technology expenses associated with increased headcount; and a $4.2 million increase in preclinical research portfolio expenses. RMC-5127 became a clinical development program in 2025 and we incurred $3.4 million in expenses during the three months ended March 31, 2026 related to this program. Stock-based compensation expense for the three months ended March 31, 2026 included $17.3 million related to a modification of our equity compensation program to include retirement benefit provisions.

Current wording

Research and development expenses increased by $170.8 million, or 76%, during the three months ended June 30, 2026 compared to the same period in 2025. The increase was primarily due to higher clinical trial and manufacturing expenses, including costs related to pre-launch materials that were recorded as research and development expense prior to initial regulatory approval, with a $40.4 million increase related to zoldonrasib expenses and a $36.8 million increase related to daraxonrasib expenses; a $37.5 million increase in salaries and other employee-related expenses due to increased headcount to support our research and development programs; a $24.6 million increase in other research and development expenses resulting from higher medical affairs expenses and higher rent, utilities, and information technology expenses associated with increased headcount; a $20.2 million increase in stock-based compensation expense related to increased headcount and introducing retirement benefit provisions in our equity compensation program in 2026; and a $10.9 million increase in preclinical research portfolio expenses.

Previous wording

General and administrative expenses increased by $66.2 million, or 189%, during the three months ended March 31, 2026 compared to the same period in 2025. The increase was primarily due to a $34.0 million increase in stock-based compensation expense; a $15.5 million increase in salaries and other employee-related expenses due to increased headcount; a $7.0 million increase in commercial preparation expenses; a $5.8 million increase in legal and accounting fees; 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; and a $0.8 million increase in other professional expenses. Stock-based compensation expense for the three months ended March 31, 2026 included $27.3 million related to a modification of our equity compensation program to include retirement benefit provisions.

Current wording

General and administrative expenses increased by $69.6 million, or 172%, during the three months ended June 30, 2026 compared to the same period in 2025. The increase was primarily due to a $36.0 million increase in salaries and other employee-related expenses due to increased headcount; a $18.0 million increase in stock-based compensation expense related to increased headcount and introducing retirement benefit provisions in our equity compensation program in 2026; a $9.9 million increase in legal fees and other administrative expenses; and a $6.1 million increase in commercial preparation expenses.

Previous wording

Interest income decreased by $5.4 million during the three months ended March 31, 2026 compared to the same period in 2025 primarily due to a lower average balance of cash, cash equivalents and marketable securities and lower prevailing interest rates during the period.

Current wording

Interest income increased by $13.2 million and $7.8 million during the three and six months ended June 30, 2026 compared to the same periods in 2025, primarily due to a higher average balance of cash, cash equivalents and marketable securities.

Previous wording

Interest expense increased by $12.2 million during the three months ended March 31, 2026 compared to the same period in 2025, reflecting non-cash interest expense and amortization of issuance costs associated with the Royalty Purchase Agreement, which was entered into in June 2025.

Current wording

Interest expense increased by $22.9 million and $35.1 million during the three and six months ended June 30, 2026 compared to the same periods in 2025, due to non-cash interest expense associated with the Royalty Purchase Agreement, which was entered into in June 2025, and interest expense associated with convertible senior notes issued in April 2026.

Previous wording

The fair value of our warrant liability increased by $15.8 million during the three months ended March 31, 2026 as a result of an increase in our share price in 2026.

Current wording

The fair value of our warrant liability increased by $151.0 million and $166.8 million during the three and six months ended June 30, 2026 respectively, as a result of an increase in our share price in 2026.

Previous wording

During the three months ended March 31, 2026, we sold an aggregate of 1,455,299 shares of common stock under the 2026 ATM, resulting in gross proceeds of $144.1 million, with net proceeds to the Company of $141.9 million after deducting commissions and expenses.

Current wording

During the six months ended June 30, 2026, we sold an aggregate of 1,455,299 shares of common stock under the 2026 ATM, resulting in gross proceeds of $144.1 million, with net proceeds of $141.9 million after deducting commissions and expenses.

Previous wording

In June 2025, we entered into a revenue participation right purchase and sale agreement (the Royalty Purchase Agreement) with Royalty Pharma Investments 2019 ICAV (Royalty Pharma). Pursuant to the Royalty Purchase Agreement, in exchange for an upfront payment of $250.0 million, Royalty Pharma purchased from us the right to receive royalty payments with respect to worldwide net product sales in a calendar year (Annual Net Sales) of (a) RMC-6236 Products and (b) RMC-9805 Products, if an RMC-9805 Product is approved for the same indication or subset of the same indication for which an RMC-6236 Product is approved. In May 2026, the Company received a $250.0 million payment from Royalty Pharma in connection with the Tranche 2 funding trigger under the Royalty Purchase Agreement. In addition, under the Royalty Purchase Agreement, Royalty Pharma has agreed to purchase up to an additional $750.0 million in synthetic royalty funding divided into three additional tranches of up to $250.0 million. Each of these tranches is subject to the satisfaction of certain triggers, and is available at our sole election, provided the relevant trigger events have occurred.

Current wording

In June 2025, we entered into a revenue participation right purchase and sale agreement (the Royalty Purchase Agreement) with Royalty Pharma Investments 2019 ICAV (Royalty Pharma). Pursuant to the Royalty Purchase Agreement, in exchange for an upfront payment of $250.0 million, Royalty Pharma purchased from us the right to receive royalty payments with respect to worldwide net product sales in a calendar year (Annual Net Sales) of (a) RMC-6236 Products and (b) RMC-9805 Products, if an RMC-9805 Product is approved for the same indication or subset of the same indication for which an RMC-6236 Product is approved. In May 2026, we received a $250.0 million payment from Royalty Pharma in connection with the Tranche 2 funding trigger under the Royalty Purchase

Previous wording

In June 2025, we entered into a loan agreement (the Loan Agreement) with Wilmington Trust, National Association as administrative agent and Royalty Pharma Development Funding, LLC, as a lender. The Loan Agreement provides for a term loan facility of up to $750.0 million (the Term Loan Facility), consisting of three tranches, one of which must be drawn and the other two of which may be drawn at our option during certain commitment periods, subject to the satisfaction or waiver of certain terms and conditions.

Current wording

In June 2025, we entered into a loan agreement (the Loan Agreement) with Wilmington Trust, National Association as administrative agent and Royalty Pharma Development Funding, LLC, as a lender. The Loan Agreement provides for a term loan facility of up to $750.0 million (the Term Loan Facility), consisting of three tranches, one of which must be drawn and the other two of which may be drawn at our option during certain commitment periods, in each case subject to the satisfaction or waiver of certain terms and conditions.

Previous wording

On April 17, 2026, the Company completed concurrent public offerings consisting of (i) 12,147,887 shares of its common stock at a public offering price of $142.00 per share and (ii) $500.0 million aggregate principal amount of 0.50% convertible senior notes due 2033 (the Notes). The offerings included the full exercise of the underwriters’ option to purchase additional shares of common stock.

Current wording

In April 2026, we completed concurrent public offerings consisting of (i) 12,147,887 shares of its common stock at a public offering price of $142.00 per share and (ii) $500.0 million aggregate principal amount of 0.50% convertible senior notes due 2033 (the 2033 Notes). The offerings included the full exercise of the underwriters’ option to purchase additional shares of common stock.

Previous wording

The Company received gross proceeds of approximately $1,725.0 million from the sale of common stock and approximately $500.0 million from the issuance of the Notes. Net proceeds were approximately $1,650.4 million from the equity offering and approximately $486.8 million from the issuance of the Notes, after deducting underwriting discounts, commissions and estimated offering expenses.

Current wording

We received gross proceeds of approximately $1,725.0 million from the sale of common stock and approximately $500.0 million from the issuance of the 2033 Notes. Net proceeds were approximately $1,651.4 million from the equity offering and approximately $487.1 million from the issuance of the 2033 Notes, after deducting underwriting discounts, commissions and estimated offering expenses.

Previous wording

The Notes are senior, unsecured obligations of the Company and bear interest at a rate of 0.50% per annum, payable semi-annually in arrears on May 1 and November 1 of each year, beginning on November 1, 2026. The Notes will mature on May 1, 2033, unless earlier converted, redeemed, or repurchased. The initial conversion rate is 5.0302 shares of common stock per $1,000 principal amount of Notes, which represents an initial conversion price of approximately $198.80 per share, subject to customary adjustments.

Current wording

The 2033 Notes are senior, unsecured obligations of the Company and bear interest at a rate of 0.50% per annum, payable semi-annually in arrears on May 1 and November 1 of each year, beginning on November 1, 2026. The 2033 Notes will mature on May 1, 2033, unless earlier converted, redeemed, or repurchased. The initial conversion rate is 5.0302 shares of common stock per $1,000 principal amount of 2033 Notes, which represents an initial conversion price of approximately $198.80 per share, subject to customary adjustments. For additional information regarding the 2033 Notes, see “Note 10. Convertible senior notes” in the “Notes to Unaudited Condensed Consolidated Financial Statements” contained in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Previous wording

To date, our operations have been financed primarily by the sale of our securities, our acquisition of EQRx in 2023 and the sale of future royalties.

Current wording

To date, our operations have been financed primarily by the sale of our securities, our acquisition of EQRx in 2023, the sale of future royalties and the issuance of convertible senior notes.

Previous wording

As of March 31, 2026, we had $1.9 billion in cash, cash equivalents and marketable securities.

Current wording

As of June 30, 2026, we had $3.9 billion in cash, cash equivalents and marketable securities.

Previous wording

As of March 31, 2026, we had an accumulated deficit of $3.3 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 preclinical 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.

Current wording

As of June 30, 2026, we had an accumulated deficit of $4.0 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 preclinical 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 three months ended March 31, 2026, cash used in operating activities of $354.2 million was primarily attributable to a net loss of $453.8 million, offset by a net change of $16.9 million in our operating assets and liabilities and $116.6 million in non-cash charges. The change in operating assets and liabilities was primarily due to a $16.9 million increase in accounts payable and a $5.7 million increase in other noncurrent liabilities, offset by a $16.7 million decrease in accrued expenses and other current liabilities, a $10.6 million increase in long-term deposits, a $10.5 million increase in prepaid expenses and other current assets, and a $2.1 million decrease in operating lease liability. The non-cash charges primarily consisted of stock-based compensation expense of $87.3 million, a $15.8 million change in fair value of warrant liability, a $12.2 million non-cash interest expense on liability related to the sale of future royalties, depreciation and amortization of $2.3 million, amortization of operating lease right-of-use asset of $2.2 million offset by net amortization of premium on marketable securities of $3.2 million.

Current wording

During the six months ended June 30, 2026, cash used in operating activities of $741.5 million was primarily attributable to a net loss of $1,098.2 million, offset by a net change of $1.9 million in our operating assets and liabilities and $358.6 million in non-cash charges. The non-cash charges primarily consisted of a $166.8 million change in fair value of warrant liability, stock-based compensation expense of $154.3 million, non-cash interest expense on the liability related to the sale of future royalties of $35.1 million, depreciation and amortization of $4.8 million, amortization of operating lease right-of-use asset of $4.2 million offset by net amortization of premium on marketable securities of $7.6 million.

Previous wording

During the three months ended March 31, 2025, cash used in operating activities of $194.4 million was attributable to a net loss of $213.4 million, partially offset by a net change of $2.4 million in our operating assets and liabilities and $16.5 million in non-cash charges. The change in operating assets and liabilities was primarily due to a $8.3 million decrease in accounts payable and a $1.5 million decrease in operating lease liability, partially offset by a $6.4 million decrease in prepaid expenses and other current assets, a $3.5 million increase in noncurrent liabilities and a $1.5 million increase in accrued expenses and other current liabilities. The non-cash charges primarily consisted of stock-based compensation expense of $25.1 million, depreciation and amortization of $2.0 million, amortization of operating lease right-of-use asset of $1.8 million offset by net amortization of premium on marketable securities of $9.8 million and a $2.4 million change in fair value of warrant liability.

Current 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 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.

Previous wording

During the three months ended March 31, 2025, cash used in investing activities of $15.9 million was comprised of purchases of marketable securities of $510.0 million and purchases of property and equipment of $3.3 million partially offset by maturities of marketable securities of $497.4 million.

Current wording

During the six months ended June 30, 2026, cash used in investing activities of $1.5 billion was comprised of purchases of marketable securities of $2.2 billion and purchases of property and equipment of $3.8 million offset by maturities of marketable securities of $765.9 million.

Previous wording

During the three months ended March 31, 2026, cash provided by investing activities of $172.6 million was comprised of maturities of marketable securities of $383.9 million partially offset by purchases of marketable securities of $209.7 million and purchases of property and equipment of $1.5 million.

Current 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.

Previous wording

During the three months ended March 31, 2026, cash provided by financing activities was comprised primarily of $226.7 million in net proceeds from the issuance of common stock under the ATM Programs and $12.2 million in proceeds from the issuance of common stock upon the exercise of stock options.

Current wording

During the six months ended June 30, 2025, cash provided by financing activities was 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 the ESPP and $2.8 million in proceeds from the issuance of common stock upon the exercise of stock options.

Previous wording

In June 2025, we entered into the Royalty Purchase Agreement with Royalty Pharma. Pursuant to the Royalty Purchase Agreement, Royalty Pharma purchased from us the right to receive tiered royalty payments on worldwide net product sales of daraxonrasib and zoldonrasib, if zoldonrasib is approved for the same indication or subset of the same indication for which daraxonrasib is approved. For additional information regarding the Royalty Purchase Agreement, see “Note 8. Liability related to the sale of future royalties” in the “Notes to Unaudited Condensed Consolidated Financial Statements” contained in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Current wording

In June 2025, we entered into the Royalty Purchase Agreement with Royalty Pharma. Pursuant to the Royalty Purchase Agreement, Royalty Pharma purchased from us the right to receive tiered royalty payments on worldwide net product sales of daraxonrasib (together with certain potential future products having the same mechanism of action as daraxonrasib, the RMC-6236 Products) and zoldonrasib (together with certain potential future products having the same mechanism of action as zoldonrasib, the RMC-9805 Products), if zoldonrasib is approved for the same indication or subset of the same indication for which daraxonrasib is approved. For additional information regarding the Royalty Purchase Agreement, see “Note 8. Liability related to the sale of future royalties” in the “Notes to Unaudited Condensed Consolidated Financial Statements” contained in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Previous wording

On April 17, 2026, we issued $500.0 million aggregate principal amount of 0.50% convertible senior notes due 2033, which mature on May 1, 2033 unless earlier converted, redeemed, or repurchased. For additional information regarding the Notes, see “Note 13. Subsequent events” in the “Notes to Unaudited Condensed Consolidated Financial Statements” contained in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Current wording

On April 17, 2026, we issued $500.0 million aggregate principal amount of 0.50% convertible senior notes due 2033, which mature on May 1, 2033 unless earlier converted, redeemed, or repurchased. For additional information regarding the 2033 Notes, see “Note 10. Convertible senior notes” in the “Notes to Unaudited Condensed Consolidated Financial Statements” contained in Part I, Item 1 of this Quarterly Report on Form 10-Q.