Key Highlights

  • Revenue was USD 197.56 million against a USD 25.58 million estimate, with EPS of USD -1.90 against USD -2.35.
  • The FDA approved RASONQUE in August 2026 for previously treated metastatic pancreatic adenocarcinoma, and sales began that month.
  • Research and development expense was USD 417.1 million, while selling, general and administrative expense was USD 153.3 million.
  • Cash, cash equivalents and marketable securities totaled USD 3.7 billion at September 30, before a USD 250.0 million Loan tranche.

Revolution Medicines, Inc. (NASDAQ:RVMD) moved from clinical development to commercial sales during the quarter, after the FDA approved RASONQUE (daraxonrasib) in August 2026 for adults with metastatic pancreatic adenocarcinoma who have received at least one prior systemic therapy or are not candidates for multiagent systemic therapy. Product is dispensed through a limited network of specialty pharmacies supported by the (ON)Path patient program.

Launch, Pipeline and Collaborations

Management said third quarter Revenue reflects both patient Demand and initial stocking in the distribution channel, and is not necessarily indicative of underlying demand or future periods. In October 2026 the CHMP adopted a positive opinion recommending EU Marketing authorization, which the European Commission reviews next.

Four Phase 3 pancreatic cancer studies are listed: RASolute 303, 304, 305 and 309. The company has completed U.S. enrollment in RASolute 303 and is scheduled to complete global enrollment in the first half of 2027. In lung cancer, RASolve 301 is scheduled to complete enrollment by the end of November 2026, with a readout in 2027, alongside RASolve 307 and 308. It is also initiating RASonate 312 in colorectal cancer, which BeOne Medicines is funding and conducting under an August 2026 collaboration that also grants BeOne rights in select Asian markets. A first-in-human trial of RM-055 is scheduled for the fourth quarter of 2026, and initial RMC-5127 monotherapy data are scheduled for 2027.

Financial Results

Net product revenue was USD 197.6 million, with no revenue in the prior-year quarter. Cost of sales was USD 0.3 million, which the company said includes inventory expensed before approval and carried at zero cost basis.

Research and development expense was USD 417.1 million against USD 262.5 million, driven by clinical trial and Manufacturing costs, with RASONQUE program expense of USD 121.3 million and zoldonrasib expense of USD 78.1 million. Selling, general and administrative expense was USD 153.3 million against USD 52.8 million. Loss from operations was USD 373.1 million against USD 315.3 million.

The change in Fair Value of the Warrant Liability was a charge of USD 40.7 million. Net loss was USD 407.5 million, or USD 1.90 per share, against USD 305.2 million, or USD 1.61.

Funding and Capital Structure

Cash, cash equivalents and marketable securities were USD 3.7 billion, and the accumulated Deficit was USD 4.4 billion. In April 2026 the company raised gross proceeds of USD 1,725.0 million from a common stock offering at USD 142.00 per share and USD 500.0 million from 0.50% convertible senior notes due 2033. In May it received USD 250.0 million under its Royalty purchase agreement, and in October it received a USD 250.0 million first Tranche of a term loan Facility that allows up to USD 750.0 million. Management said existing resources fund planned operations for at least 12 months.

Next Reporting Checkpoints

Revenue of USD 197.56 million sits alongside a net loss of USD 407.5 million, Research and Development expense of USD 417.1 million and USD 3.7 billion of cash and securities.

Management named several dated items: the European Commission review of the CHMP opinion, the RM-055 trial start in the fourth quarter of 2026, RASolve 301 enrollment by the end of November 2026, and 2027 milestones including global enrollment in RASolute 303, RASonate 312 updates in the first half and initial RMC-5127 data. It stated that it plans to keep RASONQUE under evaluation in lung cancer with bispecific antibodies.