Revolution Medicines reported a wider-than-expected second quarter net loss of $644.4 million, or ($3.06) per share, missing the consensus estimate of a $1.93 loss. The company did not report any revenue for the period, compared to the $1.8 million analyst expectation, as operating expenses increased significantly to support its clinical pipeline.
Key Highlights
- The U.S. FDA accepted the company's New Drug Application (NDA) for daraxonrasib for review in previously treated metastatic pancreatic cancer.
- Full-year 2026 GAAP operating expense guidance was raised to a range of $2.1 billion to $2.2 billion, up from previous investor expectations of $1.7 billion to $1.8 billion.
- The company ended the quarter with a cash, cash equivalents, and marketable securities balance of $3.9 billion, bolstered by recent equity and convertible note offerings.