Revolution Medicines, Inc.
For the period ended Sep 30, 2026. Filed Nov 4, 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.
Sep 30, 2026 · Filed Nov 4, 2026
RVMD$192.28+8.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-05.
0001193125-26-335104
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-04.
0001193125-26-447253
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 143 previous paragraphs and 160 current paragraphs.
81 unchanged; 52 reworded; 24 added; 9 removed; 1 previous and 3 current paragraphs rearranged.
Tables are not compared: 3 previous and 3 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (24)
Current report
RASONQUE
Current report
RASONQUE is the first approved medicine from a new class of RAS(ON) multi-selective and mutant-selective inhibitors. In August 2026, the FDA approved RASONQUE for the treatment of adults with metastatic pancreatic adenocarcinoma (PDAC) who have received at least one prior systemic therapy or who are not candidates for multiagent systemic therapy, and we began commercial sales in the United States in August 2026. Outside the U.S., RASONQUE is an investigational agent that has not been approved by any regulatory authority. In October 2026, the European Medicines Agency (EMA) Committee for Medicinal Products for Human Use (CHMP) adopted a positive opinion recommending marketing authorization for daraxonrasib in the European Union (EU) for adults with metastatic pancreatic adenocarcinoma who have received at least one prior systemic therapy. The CHMP opinion will now be reviewed by the European Commission, which makes decisions on marketing authorization in the EU.
Current report
Product Candidates
Current report
Commercial Operations
Current report
In August 2026, the FDA approved RASONQUE for the treatment of adult patients with metastatic PDAC who have received at least one prior systemic therapy or who are not candidates for multiagent systemic therapy. RASONQUE is available through a limited distribution network of specialty pharmacies which dispense product pursuant to prescriptions and coordinate with the (ON)Path TM patient support program. Because we began selling RASONQUE in August 2026, our reported net product revenue for the third quarter of 2026 reflects both patient demand and the initial stocking of product in the distribution channel, and is not necessarily indicative of underlying patient demand or of net product revenue in future periods. We have established a commercial organization to support the launch of RASONQUE including field-based sales, market access and patient support teams. Separately, our field-based medical affairs organization engages with the medical community through scientific exchange. Our patient support program, (ON)Path, provides information and assistance to patients and healthcare providers, including help understanding insurance coverage, benefit verification, and prior authorization support.
Current report
Since launch, RASONQUE has been reimbursed by a broad range of U.S. health plans, primarily through the medical exception process, as most plans have not yet established formal coverage policies.
Current report
The National Comprehensive Cancer Network®Clinical Practice Guidelines in Oncology (NCCN Guidelines®) for U.S. clinical practice were updated to include daraxonrasib as a Category 1 Preferred subsequent-therapy option for appropriate patients with locally advanced or metastatic pancreatic cancer, or with recurrent disease following prior systemic therapy. The NCCN Guidelines® also list daraxonrasib in previously untreated metastatic disease as “Useful in Certain Circumstances,” with the applicable category linked to prescriber assessments of performance status. The NCCN Guidelines were also updated to include daraxonrasib as a Category 2A available targeted agent for patients with metastatic NSCLC harboring KRAS G12, G13 or Q61 mutations.
Current report
We rely on third parties for the manufacture of RASONQUE drug substance and drug product. We believe our inventory on hand and planned manufacturing position us to meet anticipated market demand. For more information, see “Note 5. Inventory” in the “Notes to Unaudited Condensed Consolidated Financial Statements” contained in Part I, Item 1 of this Quarterly Report on Form 10-Q.
Current report
In October 2026, at the European Society for Medical Oncology (ESMO) Congress 2026, we presented exploratory subgroup analyses from our Phase 3 RASolute 302 trial. We believe these data showed that RASONQUE consistently provided an overall survival benefit compared with chemotherapy across all evaluated RAS genotype subgroups in patients with previously treated PDAC.
Current report
RASolve 307: evaluating elironrasib in combination with pembrolizumab, pemetrexed and platinum-based chemotherapy in patients with 1L metastatic non-squamous RAS G12C NSCLC in a placebo-controlled study; and
Current report
Based on encouraging early-stage clinical results, we are initiating zoldonrasib in RASonate 312, a global, randomized Phase 3 registrational trialcomparing zoldonrasib in combination with cetuximab and FOLFOX/FOLFIRI in patients with previously untreated RAS G12D colorectal cancer against standard of care. Under the companies’ existing collaboration agreement, BeOne Medicines is funding and conducting this global trial on our behalf. We currently expect to provide a clinical data update and the trial design for RASonate 312 in the first half of 2027.
Current report
BeOne Collaboration
Current report
In August 2026, we entered into a multi-part collaboration with BeOne Medicines I GmbH (BeOne) which included a clinical collaboration pursuant to which BeOne plans to evaluate drug combinations incorporating RASONQUE, zoldonrasib, elironrasib and/or RMC-5127 with select clinical-stage oncology assets from BeOne, including the MTA-cooperative PRMT5 inhibitor BGB-58067 and the EGFR × MET × MET trispecific antibody BG-T187.
Current report
Separately, on the same date, we entered into a regional rights agreement granting BeOne exclusive development and commercialization rights to these RAS(ON) Inhibitors in select Asian markets. We retain development and commercial rights to all of our assets outside of the licensed territory, including Japan and South Korea.
Current report
As part of this multi-part arrangement, BeOne is funding and conducting RASonate 312 using BeOne’s fully in-house development capabilities.
Current report
Additionally, in October 2026, we entered into a multi-part clinical collaboration with BMS pursuant to which pumitamig (BNT327), a PD-L1/VEGF bispecific antibody jointly developed by BioNTech and BMS, will be evaluated in four planned study cohorts. BMS will sponsor and lead two study cohorts: (1) RASONQUE in combination with pumitamig in patients with 1L PDAC; and (2) RASONQUE in combination with pumitamig in patients with 1L NSCLC. We will sponsor and lead two additional study cohorts under this collaboration: (i) zoldonrasib in combination with pumitamig in CRC; and (ii) elironrasib in combination with pumitamig in NSCLC.
Current report
Revenue
Current report
In August 2026, we began to generate revenue from sales of RASONQUE in the United States. We also recognized revenue from sales of RASONQUE in international markets, which are permitted under global named patient access in certain countries prior to the commercial approval of the product. We record product revenue net of estimated discounts and allowances, including estimated government rebates, chargebacks, cash discounts, product returns and other deductions (gross-to-net adjustments).
Current report
Cost of sales includes the cost of inventory sold and intangible asset amortization expense for our RAS programs. Cost of sales may also include costs related to excess or obsolete inventory adjustment charges, abnormal costs, unabsorbed manufacturing and overhead costs and manufacturing variances.
Current report
Selling, general and administrative expenses
Current report
Product revenue, net relates to sales of RASONQUE and was $197.6 million for the three and nine months ended September 30, 2026. We commenced sales of RASONQUE following FDA approval in August 2026 and did not record product revenue in any period prior to the third quarter of 2026. Our product revenue for the three and nine months ended September 30, 2026 reflects both patient demand and initial stocking of product in the distribution channel. We expect product revenue to increase in future periods given the sales of RASONQUE for the three months ended September 30, 2026 reflected a partial quarter of sales following approval.
Current report
Cost of sales primarily relates to intangible asset amortization expense for our acquired RAS programs and was $0.3 million for the three and nine months ended September 30, 2026. Cost of sales for the three and nine months ended September 30, 2026 includes the sale of RASONQUE inventory that was manufactured prior to FDA approval and was previously expensed as research and development expense. As a result, this inventory had a zero-cost basis when sold and no associated manufacturing costs were recognized in cost of sales. Had the costs associated with this inventory been capitalized and recognized as cost of sales when the inventory was sold, cost of sales for the three and nine months ended September 30, 2026 would have been $1.8 million higher. We expect to continue to sell RASONQUE inventory with a zero-cost basis through the remainder of 2026 and into 2027. We expect our cost of sales to increase as a percentage of product revenue, net in future periods as we produce and sell inventory that reflects the full cost of manufacturing the product.
Current report
Selling, general and administrative expenses
Current report
Selling, general and administrative expenses increased by $100.5 million, or 191%, during the three months ended September 30, 2026 compared to the same period in 2025. The increase was primarily due to a $41.7 million increase in commercial expenses; a $36.1 million increase in salaries and other employee-related expenses due to increased headcount; a $14.9 million increase in stock-based compensation expense related to increased headcount and a $7.8 million increase in other administrative expenses .
Removed paragraphs (9)
Previous report
Daraxonrasib
Previous report
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 report
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 report
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 report
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 report
General and administrative expenses
Previous report
General and administrative expenses
Previous report
General and administrative expenses increased by $135.9 million, or 180%, during the six months ended June 30, 2026 compared to the same period in 2025. The increase was primarily due to a $51.9 million increase in stock-based compensation expense related to increased headcount and introducing retirement benefit provisions in our equity compensation program in 2026; a $51.5 million increase in salaries and other employee-related expenses due to increased headcount; a $13.1 million increase in commercial preparation expenses; and a $16.7 million increase in legal fees and other administrative expenses.
Previous report
Item 3. Quantitative and Qualitati
Reworded paragraphs (52)
Previous wording
We are a late-stage clinical oncology company developing novel targeted therapies for patients with RAS-addicted cancers. We possess sophisticated structure-based drug discovery capabilities built upon deep chemical biology and cancer pharmacology know-how and innovative, proprietary technologies that enable the creation of small molecules tailored to unconventional binding sites. Guided by our understanding of genetic drivers and adaptive resistance mechanisms in cancer, we deploy precision medicine approaches to inform innovative monotherapy and combination regimens. Our research and development pipeline comprises inhibitors that bind directly to RAS variants (RAS(ON) Inhibitors) that are designed to be used as monotherapy, in combination with other RAS(ON) Inhibitors and/or other therapeutic agents.
Current wording
We are a global, commercial-stage oncology company dedicated to discovering, developing and commercializing novel targeted therapies for patients with RAS-addicted cancers. We possess sophisticated structure-based drug discovery capabilities built upon deep chemical biology and cancer pharmacology know-how and innovative, proprietary technologies that enable the creation of small molecules tailored to unconventional binding sites. Guided by our understanding of genetic drivers and adaptive resistance mechanisms in cancer, we deploy precision medicine approaches to inform innovative monotherapy and combination regimens. Our research and development pipeline comprises inhibitors that bind directly to RAS variants (RAS(ON) Inhibitors) that are designed to be used as monotherapy, in combination with other RAS(ON) Inhibitors and/or other therapeutic agents.
Previous wording
We are advancing a deep pipeline of RAS(ON) Inhibitors, including daraxonrasib (RMC-6236), our multi-selective inhibitor, zoldonrasib (RMC-9805), our G12D-selective inhibitor, elironrasib (RMC-6291), our G12C-selective inhibitor, and RMC-5127, our G12V-selective inhibitor. We also have other preclinical-stage RAS(ON) Inhibitor clinical development opportunities, including the RAS(ON) mutant-selective inhibitors RMC-0708 (Q61H) and RMC-8839 (G13C) and additional novel targeted approaches for patients with RAS-addicted cancers.
Current wording
Our RAS(ON) Inhibitor portfolio comprises our commercial product RASONQUE® (daraxonrasib), a multi-selective inhibitor, and a deep pipeline of product candidates, including zoldonrasib (RMC-9805), our G12D-selective inhibitor, elironrasib (RMC-6291), our G12C-selective inhibitor, and RMC-5127, our G12V-selective inhibitor. We also have other preclinical-stage RAS(ON) Inhibitor clinical development opportunities, including the RAS(ON) mutant-selective inhibitors RMC-0708 (Q61H) and RMC-8839 (G13C) and additional novel targeted approaches for patients with RAS-addicted cancers.
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 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.
Current wording
RASONQUE is a multi-selective inhibitor 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. RASONQUE inhibits all three major RAS isoforms, suppressing the mutant cancer driver and cooperating wild-type RAS proteins. RASONQUE received Orphan Drug Designation (ODD) from the FDA, EMA and Swissmedic for the treatment of pancreatic cancer, Breakthrough Therapy Designation (BTD) from Japan's Ministry of Health, Labour and Welfare for the treatment of unresectable PDAC, and BTDs from the FDA for the treatment of (i) patients with previously treated metastatic PDAC with KRAS G12 mutations, (ii) patients with previously untreated metastatic PDAC in combination with gemcitabine plus nab-paclitaxel and (iii) patients with non-small cell lung cancer (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 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 ODD from the FDA for the treatment of pancreatic cancer and BTD 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
Elironrasib is designed as an oral RAS(ON) G12C-selective tri-complex inhibitor. It is designed to exhibit subnanomolar potency for suppressing RAS pathway signaling and growth of RAS G12C-bearing cancer cells and is engineered to be highly selective for RAS G12C over wild-type RAS and other cellular targets. Elironrasib is designed to be differentiated from first-generation KRAS(OFF) G12C inhibitors, which sequester the KRAS(OFF) G12C form, by its mechanism of directly inhibiting the RAS(ON) G12C form. Elironrasib has received Breakthrough Therapy Designation from the FDA for the treatment of adult patients with KRAS G12C-mutated locally advanced or metastatic NSCLC who have received prior chemotherapy and immunotherapy but have not been previously treated with a KRAS G12C inhibitor.
Current wording
G12C over wild-type RAS and other cellular targets. Elironrasib is designed to be differentiated from first-generation KRAS(OFF) G12C inhibitors, which sequester the KRAS(OFF) G12C form, by its mechanism of directly inhibiting the RAS(ON) G12C form. Elironrasib has received Breakthrough Therapy Designation from the FDA for the treatment of adult patients with KRAS G12C-mutated locally advanced or metastatic NSCLC who have received prior chemotherapy and immunotherapy but have not been previously treated with a KRAS G12C(OFF) inhibitor.
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. 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.
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 are nearing selection of a candidate recommended Phase 2 dose for RMC-5127 and currently expect to share initial clinical monotherapy data in 2027.
Previous wording
We have designed a new class of tri-complex RAS(ON) Inhibitors in order to overcome RAS-driven drug resistance and thereby extend the clinical benefit of RAS(ON) Inhibitors. We currently expect to initiate a first-in-human clinical trial from this class of RAS(ON) Inhibitors in the fourth quarter of 2026.
Current wording
We have designed a new class of tri-complex RAS(ON) Inhibitors in order to overcome RAS-driven drug resistance and thereby extend the clinical benefit of RAS(ON) Inhibitors. We currently expect to initiate a first-in-human clinical trial evaluating RM-055, a representative from this class of RAS(ON) Inhibitors, in the fourth quarter of 2026.
Previous wording
Based on encouraging early-stage clinical results, we are evaluating daraxonrasib and zoldonrasib in the following global, randomized Phase 3 registrational studies in PDAC:
Current wording
Based on encouraging early-stage clinical results, we are evaluating RASONQUE and zoldonrasib in the following global, randomized Phase 3 registrational studies in PDAC:
Previous wording
RASolute 303: comparing daraxonrasib with and without chemotherapy against chemotherapy in patients with first-line (1L) metastatic PDAC;
Current wording
RASolute 303: comparing RASONQUE with and without chemotherapy against chemotherapy in patients with first-line (1L) metastatic PDAC. We have completed U.S. enrollment in RASolute 303 and currently expect to complete global enrollment in the first half of 2027;
Previous wording
RASolute 304: evaluating daraxonrasib as an adjuvant therapy in patients with resectable PDAC who have received surgery and chemotherapy;
Current wording
RASolute 304: evaluating RASONQUE as an adjuvant therapy following completion of neoadjuvant and/or adjuvant chemotherapy in patients with resected PDAC;
Previous wording
RASolute 309: comparing daraxonrasib with zoldonrasib against chemotherapy in 1L patients with RAS G12D PDAC.
Current wording
RASolute 309: comparing RASONQUE with zoldonrasib against chemotherapy in 1L patients with metastatic KRAS G12D PDAC.
Previous wording
In July 2026 at the European Society for Medical Oncology’s Gastrointestinal Cancers Congress, we presented data for (i) zoldonrasib in combination with chemotherapy in patients with 1L RAS G12D PDAC; and (ii) zoldonrasib in combination with daraxonrasib in patients with previously treated RAS G12D PDAC. We believe these data showed that zoldonrasib in combination with chemotherapy and zoldonrasib in combination with daraxonrasib were generally well tolerated and demonstrated encouraging antitumor activity that supported our initiation of RASolute 305 and RASolute 309, respectively.
Current wording
In July 2026 at ESMO’s Gastrointestinal Cancers Congress, we presented data for (i) zoldonrasib in combination with chemotherapy in patients with 1L RAS G12D PDAC; and (ii) zoldonrasib in combination with RASONQUE in patients with previously treated RAS G12D PDAC. We believe these data showed that zoldonrasib in combination with chemotherapy and zoldonrasib in combination with RASONQUE were generally well tolerated and demonstrated encouraging antitumor activity that supported our initiation of RASolute 305 and RASolute 309, respectively.
Previous wording
Based on encouraging early-stage clinical results, we are evaluating daraxonrasib and zoldonrasib in the following global, randomized Phase 3 registrational studies in NSCLC:
Current wording
Based on encouraging early-stage clinical results, we are evaluating RASONQUE, zoldonrasib and elironrasib in the following global, randomized Phase 3 registrational studies in NSCLC:
Previous 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
Current wording
RASolve 301: comparing RASONQUE 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 by the end of November 2026, to enable an expected clinical readout in 2027;
Previous wording
RASolve 308: evaluating zoldonrasib in combination with standard of care in patients with 1L metastatic RAS G12D NSCLC in a placebo-controlled study.
Current wording
RASolve 308: evaluating zoldonrasib in combination with pembrolizumab and platinum-based chemotherapy in patients with 1L metastatic non-squamous RAS G12D NSCLC in a placebo-controlled study.
Previous wording
1L NSCLC; we expect to initiate RASolve 307, a global, randomized Phase 3 registrational trial evaluating elironrasib in combination with standard of care in 1L RAS G12C NSCLC in the fourth quarter of 2026 and plan to continue evaluating daraxonrasib in NSCLC in combination with bispecific antibodies targeting both the PD-1/PD-L1 and VEGF axes.
Current wording
1L NSCLC. We plan to continue evaluating RASONQUE in NSCLC in combination with bispecific antibodies targeting both the PD-1/PD-L1 and VEGF axes.
Previous wording
In August 2026, we reported initial Phase 1 clinical data for (i) zoldonrasib in combination with pembrolizumab and chemotherapy in patients with 1L RAS G12D NSCLC and (ii) elironrasib in combination with pembrolizumab and chemotherapy in patients with 1L RAS G12C NSCLC. We believe these data showed that zoldonrasib and elironrasib were generally well tolerated and demonstrated encouraging antitumor activity that support our initiation of RASolve 308 and planned initiation of RASolve 307, respectively.
Current wording
In August 2026, we reported initial Phase 1 clinical data for (i) zoldonrasib in combination with pembrolizumab and chemotherapy in patients with 1L RAS G12D NSCLC and (ii) elironrasib in combination with pembrolizumab and chemotherapy in patients with 1L RAS G12C NSCLC. We believe these data showed that zoldonrasib and elironrasib were generally well tolerated and demonstrated encouraging antitumor activity that support our initiation of RASolve 308 and RASolve 307, respectively.
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 PARP1-selective 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 RASONQUE in patients with PDAC as part of a Synnovation-sponsored trial.
Previous wording
In February 2026, we entered into a clinical collaboration with Bristol-Myers Squibb (BMS) pursuant to which BMS plans to evaluate its compound navlimetostat, an MTA-cooperative PRMT5 inhibitor, in combination with daraxonrasib in patients with PDAC as part of a BMS-sponsored trial.
Current wording
In February 2026, we entered into a clinical collaboration with Bristol-Myers Squibb Company (BMS) pursuant to which BMS is evaluating its compound navlimetostat, an MTA-cooperative PRMT5 inhibitor, in combination with RASONQUE in patients with PDAC as part of a BMS-sponsored trial.
Previous 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.
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 RASONQUE, elironrasib and zoldonrasib, in combination with Summit’s ivonescimab, a PD-1/VEGF bispecific antibody, in the APEX-103 clinical trial.
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-deleted, RAS mutant PDAC or NSCLC 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 RASONQUE or zoldonrasib in patients with MTAP-deleted, RAS mutant PDAC or NSCLC as part of a Tango-sponsored trial.
Previous wording
In November 2024, we entered into a collaboration with Break Through Cancer. The collaboration is designed to assess biopsy samples taken from patients receiving daraxonrasib in the investigational setting, with the goal of identifying biomarkers that could predict tumor response and how cancer cells adapt to the therapy. We believe this approach has the potential to provide important insights into the complex interplay of tumor biology and daraxonrasib response.
Current wording
In November 2024, we entered into a collaboration with Break Through Cancer. The collaboration is designed to assess biopsy samples taken from patients receiving RASONQUE in the investigational setting, with the goal of identifying biomarkers that could predict tumor response and how cancer cells adapt to the therapy. We believe this approach has the potential to provide important insights into the complex interplay of tumor biology and RASONQUE response.
Previous wording
General and administrative expenses consist primarily of personnel-related costs, consultants and professional services expenses, including legal, audit, accounting and human resources services, insurance, commercial preparation activities, allocated facilities and information technology costs, and other general operating expenses not otherwise classified as research and development expenses. Personnel-related costs consist of salaries, benefits and stock-based compensation. Facilities costs consist of rent, utilities and maintenance of facilities. We expect our general and administrative expenses to increase for the foreseeable future due to anticipated increases in operating and commercial preparation activities, which may result in increases in personnel-related costs associated with increased headcount, other administrative and professional services, and related overhead needed to support these efforts.
Current wording
Selling, general and administrative expenses consist primarily of personnel-related costs, consultants and professional services expenses, including legal, audit, accounting and human resources services, insurance, selling and commercial activities, allocated facilities and information technology costs, and other general operating expenses not otherwise classified as research and development expenses. Personnel-related costs consist of salaries, benefits and stock-based compensation. Facilities costs consist of rent, utilities and maintenance of facilities.
Previous wording
Comparison of the three and six months ended June 30, 2026 and 2025
Current wording
Comparison of the three and nine months ended September 30, 2026 and 2025
Previous 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:
Current wording
Our research and development efforts during the three and nine months ended September 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 $309.0 million, or 72%, during the six 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 $83.4 million increase related to daraxonrasib expenses and a $69.9 million increase related to zoldonrasib expenses; a $61.8 million increase in salaries and other employee-related expenses due to increased headcount to support our research and development programs; a $48.4 million increase in stock-based compensation expense related to increased headcount and introducing retirement benefit provisions in our equity compensation program in 2026; a $34.7 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; and a $13.1 million increase in preclinical research portfolio expenses.
Current wording
Research and development expenses increased by $154.6 million, or 59%, during the three months ended September 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 $47.2 million increase related to zoldonrasib expenses, a $29.8 million increase related to RASONQUE expenses and a $5.4 million increase in RMC-5127 expenses; a $30.1 million increase in salaries and other employee-related expenses due to increased headcount to support our research and development programs; a $23.1 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 $16.5 million increase in stock-based compensation expense related to increased headcount and a $8.2 million increase in preclinical research portfolio expenses; partially offset by a $5.5 million decrease in elironrasib expenses which was primarily due to lower manufacturing expense.
Previous 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.
Current wording
Research and development expenses increased by $463.6 million, or 67%, during the nine months ended September 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 $117.1 million increase related to zoldonrasib expenses, a $111.6 million increase related to RASONQUE expenses and a $13.9 million increase in RMC-5127 expenses; a $97.4 million increase in salaries and other employee-related expenses due to increased headcount to support our research and development programs; a $64.9 million increase in stock-based compensation expense related to increased headcount and introducing retirement benefit provisions in our equity compensation program in 2026; a $52.4 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 and a $22.9 million increase in preclinical research portfolio expenses; partially offset by a $15.5 million decrease in elironrasib expenses which was primarily due to lower manufacturing expense.
Previous wording
We expect our research and development expenses to increase for the foreseeable future as we continue to invest in discovering and developing product candidates and advancing product candidates into later stages of development, which may include conducting larger clinical trials. The process of conducting the necessary research and development and clinical trials to seek regulatory approval for product candidates is costly and time-consuming, and the successful development of our product candidates is highly uncertain. As a result, we are unable to determine the duration and completion costs of our research and development projects or clinical trials or if and to what extent we will generate revenue from the commercialization and sale of any of our product candidates, if approved.
Current wording
We expect our research and development expenses to increase for the foreseeable future as we continue to invest in discovering and developing product candidates and advancing product candidates into later stages of development, which may include conducting larger clinical trials. The process of conducting the necessary research and development and clinical trials to seek regulatory approval for product candidates is costly and time-consuming, and the successful development of our product candidates is highly uncertain. As a result, we are unable to determine the duration and completion costs of our research and development projects or clinical trials or if and to what extent we will generate revenue from the commercialization and sale of any of our product candidates (other than RASONQUE), if approved.
Previous 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.
Current wording
Selling, general and administrative expenses increased by $236.4 million, or 184%, during the nine months ended September 30, 2026 compared to the same period in 2025. The increase was primarily due to a $71.6 million increase in salaries and other employee-related expenses due to increased headcount; a $66.8 million increase in stock-based compensation expense related to increased headcount and introducing retirement benefit provisions in our equity compensation program in 2026; a $66.5 million increase in commercial expenses; a $23.4 million increase in other administrative expenses associated with increased headcount; a $4.1 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 $4.0 million increase in legal fees.
Previous 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.
Current wording
Interest income increased by $15.7 million and $23.5 million during the three and nine months ended September 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 $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.
Current wording
Interest expense increased by $22.4 million and $57.5 million during the three and nine months ended September 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 $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.
Current wording
The fair value of our warrant liability increased by $40.7 million and $207.5 million during the three and nine months ended September 30, 2026, respectively, as a result of an increase in our share price in 2026.
Previous 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.
Current wording
During the nine months ended September 30, 2026, we sold an aggregate of 2,070,899 shares of common stock under the 2026 ATM, resulting in gross proceeds of $271.9 million, with net proceeds of $267.8 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, we received a $250.0 million payment from Royalty Pharma in connection with the Tranche 2 funding trigger under the Royalty Purchase
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 mandatory Tranche 2 funding trigger under the Royalty Purchase Agreement. In October 2026, we elected not to receive the Tranche 3 payment following FDA approval of RASONQUE, which would have entitled Royalty Pharma to receive additional royalties in exchange for payments of up to $250.0 million. Under the Royalty Purchase Agreement, there remains an additional $500.0 million in synthetic royalty funding that Royalty Pharma has agreed to purchase, divided into two 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.
Previous wording
For additional information regarding the Royalty Purchase Agreement (including information regarding the trigger events related to particular tranches and the applicable tiered revenue payments), 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
For additional information regarding the Royalty Purchase Agreement (including information regarding the trigger events related to particular tranches and the applicable tiered revenue payments), see “Note 9. Liability related to the sale of future royalties” in the
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, in each case subject to the satisfaction or waiver of certain terms and conditions.
Current wording
In June 2025, we entered into a loan agreement (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 (Term Loan Facility), consisting of three tranches. The first tranche of $250.0 million was required to be drawn following FDA approval of RASONQUE and was received in October 2026. The second and third tranches are optional and may be drawn in whole or in part upon the satisfaction or waiver of certain terms and conditions.
Previous 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.
Current wording
In April 2026, we completed concurrent public offerings consisting of (i) 12,147,887 shares of our 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
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.
Current wording
We received gross proceeds of $1,725.0 million from the sale of common stock and $500.0 million from the issuance of the 2033 Notes. Net proceeds were $1,651.4 million from the equity offering and $487.1 million from the issuance of the 2033 Notes, after deducting underwriting discounts, commissions and estimated offering expenses.
Previous 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.
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. Following the August 2026 launch of RASONQUE, we have begun generating revenue from product sales of RASONQUE.
Previous wording
As of June 30, 2026, we had $3.9 billion in cash, cash equivalents and marketable securities.
Current wording
As of September 30, 2026, we had $3.7 billion in cash, cash equivalents and marketable securities.
Showing the first 40 of 52 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
Elironrasib is designed as an oral RAS(ON) G12C-selective tri-complex inhibitor. It is designed to exhibit subnanomolar potency for suppressing RAS pathway signaling and growth of RAS G12C-bearing cancer cells and is engineered to be highly selective for RAS
Current report — wording carried from elsewhere
We expect our selling, general and administrative expenses to increase for the foreseeable future due to anticipated increases in operating, selling and commercial activities in support of the commercialization of RASONQUE, which may result in increases in personnel-related costs associated with increased headcount, other administrative and professional services, and related overhead needed to support these efforts.
Current report — wording carried from elsewhere
“Notes to Unaudited Condensed Consolidated Financial Statements” contained in Part I, Item 1 of this Quarterly Report on Form 10-Q.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
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.