Revolution Medicines reports Q2 2026 results, raises FY2026 GAAP opex guidance to $2.1-$2.2B

FY2026 GAAP operating expense guidance raised by $400 million at midpoint, from $1.7-$1.8 billion to $2.1-$2.2 billion (midpoint $2.15 billion).

FY2026 non-cash stock-based compensation expense guidance raised by $10 million at midpoint, from $260-$280 million to $270-$290 million (midpoint $280 million).

Q2 2026 net loss was $644.4 million versus $247.8 million in Q2 2025, including a $151.0 million non-cash change in fair value of EQRx acquisition warrants.

R&D expenses rose to $394.9 million from $224.1 million and G&A expenses rose to $110.2 million from $40.6 million year over year, reflecting expanded development and pre-commercial activity.

Cash, cash equivalents and marketable securities reached $3.9 billion as of June 30, 2026 (versus $2.0 billion at December 31, 2025), supported by April 2026 financings and a $250.0 million Royalty Pharma tranche; up to $1.5 billion of additional Royalty Pharma funding remains subject to milestones.

Regulatory progress: FDA accepted the daraxonrasib NDA for review in previously treated metastatic pancreatic cancer, granted Breakthrough Therapy Designation in certain RAS mutant NSCLC, and EMA initiated a phased review.

Conference call/webcast scheduled for August 5, 2026 at 4:30 p.m. ET, with replay available on the IR site for at least 14 days.