Revolution Medicines, Inc.
For the period ended Jun 30, 2026. Filed Aug 5, 2026.
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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.
Jun 30, 2026 · Filed Aug 5, 2026
RVMD$193.06-3.5%Stored close · as of Nov 10, 2026
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Condensed Consolidated Statements of Cash Flows
(in thousands)
| Six Months Ended June 30, | ||
|---|---|---|
| 2026 | 2025 | |
| Cash flows from operating activities | ||
| Net loss | $(1,098,187) | $(461,203) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Stock-based compensation expense | 154,299 | 53,914 |
| Depreciation and amortization | 4,795 | 3,984 |
| Change in fair value of warrant liability | 166,819 | 2,139 |
| Non-cash interest expense on liabilities related to sale of future royalties | 35,096 | 866 |
| Non-cash interest expense on convertible senior notes | 880 | — |
| Net amortization of premium or discount on marketable securities | (7,556) | (17,560) |
| Amortization of operating lease right-of-use asset | 4,240 | 3,534 |
| Changes in operating assets and liabilities: | ||
| Prepaid expenses and other current assets | (41,011) | (935) |
| Accounts payable | 21,888 | 491 |
| Accrued expenses and other current liabilities | 39,044 | 12,369 |
| Operating lease liability | (4,208) | (3,056) |
| Long-term deposits | (18,306) | (4,472) |
| Other prepaid and noncurrent assets | 283 | (12,036) |
| Other noncurrent liabilities | 440 | 5,773 |
| Net cash used in operating activities | (741,484) | (416,192) |
| Cash flows from investing activities | ||
| Purchases of marketable securities | (2,248,094) | (1,039,327) |
| Maturities of marketable securities | 765,863 | 1,061,986 |
| Sales of marketable securities | — | 6,384 |
| Purchases of property and equipment | (3,824) | (10,716) |
| Net cash provided by (used in) investing activities | (1,486,055) | 18,327 |
| Cash flows from financing activities | ||
| Proceeds from issuance of common stock, net of issuance costs | 1,651,355 | — |
| Proceeds from the sale of future royalties, net of issuance costs | 245,000 | 250,000 |
| Proceeds from issuance of common stock pursuant to at-the-market offering, net of issuance costs | 226,730 | — |
| Proceeds from issuance of convertible senior notes, net | 487,068 | — |
| Proceeds from issuance of common stock under equity incentive plans | 41,053 | 2,828 |
| Proceeds from issuance of common stock related to employee stock purchase plan | 8,473 | 4,644 |
| Proceeds from exercise of warrants | 293 | 1 |
| Deferred offering costs | (743) | (16) |
| Net cash provided by financing activities | 2,659,229 | 257,457 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 431,690 | (140,408) |
| Cash, cash equivalents and restricted cash - beginning of period | 388,603 | 546,762 |
| Cash, cash equivalents and restricted cash - end of period | $820,293 | $406,354 |
| Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets | ||
| Cash and cash equivalents | 815,435 | 402,438 |
| Restricted cash | 4,858 | 3,916 |
| Cash, cash equivalents and restricted cash - end of period | $820,293 | $406,354 |
| Supplemental disclosure of non-cash investing and financing activities | ||
| Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities | $3,781 | $2,907 |
| Unpaid issuance costs on the liability related to the sale of future royalties | — | 5,785 |
| Unpaid issuance costs on convertible senior notes | 745 | — |
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