$RVMD · Revolution Medicines, Inc.
Revolution Medicines filed its Q3 FY2026 10-Q, reporting first-ever product revenue of $197.6M from RASONQUE following FDA approval in August 2026. Net loss was $407.5M ($1.90 per share), up from $305.2M a year earlier, driven by R&D expense of $417.1M and SG&A of $153.3M. Cash and marketable securities totaled $3.65B at September 30, 2026.
- First product revenue of $197.6M from RASONQUE, approved August 2026.
- Net loss widened to $407.5M from $305.2M year-over-year.
- R&D expense rose to $417.1M from $262.5M in Q3 2025.
- SG&A expense jumped to $153.3M from $52.8M a year earlier.
- Cash and marketable securities totaled $3.65B at quarter-end.
Extended-hours last trade $210.60, up 5.46% vs regular close and 5.69% vs price-at-filing, suggesting investors welcomed the first commercial revenue despite the widening loss.
First commercial revenue from RASONQUE validates the company's transition to a revenue-generating oncology player despite a widening net loss.
RASONQUE's launch marks Revolution Medicines' transition from clinical-stage to commercial-stage oncology, a key inflection for the RAS-targeted therapy space.
Commercialization risk for RASONQUE, including market acceptance, pricing, reimbursement, and gross-to-net deductions. Heavy R&D and SG&A spend continues to drive substantial operating losses.