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About

Revolution Medicines, Inc., a clinical-stage precision oncology company, develops novel targeted therapies for RAS-addicted cancers.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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⭐ Superinvestors Holding RVMD

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Manager	Shares	Value	% of Fund	Period
Stan Druckenmiller Duquesne Family Office	315.9K	$30.7M	0.91%	Mar 2026
Jim Simons Renaissance Technologies LLC	6.2K	$603K	0.00%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 5 quarters analysed

Q2 2025

Confident Specific

Management repeatedly uses definitive timelines (e.g., 'expect to complete enrollment this year', 'data readout in 2026'), provides explicit financial guidance (e.g., full-year net loss $1.03B-$1.09B), and highlights specific regulatory milestones (breakthrough therapy designations). No hedging or defensive language.

Q3 2025

Confident Specific

Management used specific data points (e.g., median OS 13.1 months in second-line PDAC, ORR 47% in first-line monotherapy, Allieronrasib ORR 42% in G12C NSCLC) and repeated 'compelling', 'encouraging', and 'strong financial position'. They expressed confidence in achieving timelines and commercial readiness.

Q4 2025

Confident Specific

Management used strong positive language ('growing momentum', 'pivotal year', 'unprecedented clinical profile', 'leadership position') and provided detailed pipeline updates, but avoided specifics on interim event thresholds or exact readout timing, introducing slight vagueness.

Q1 2026

Confident Specific

Management repeatedly used emphatic language like 'unprecedented improvement', 'transformative advance', 'dramatic practice-changing results', and 'firmly validate' to describe daraxonrasib's Phase III data. They provided specific enrollment numbers (RASolute 301 expansion from 420 to 590 patients), regulatory steps (NDA under National Priority Voucher, expanded access protocol), and detailed pipeline timelines (RASolute 309 in H2 2026, RM-055 Phase I in Q4 2026).

Q2 2026 latest

Confident Specific

Management led with a series of concrete, quantified claims — 'paradigm-changing clinical outcomes', 'unprecedented clinical results', 'greater than 2,000 eligible patients' served through the EAP, 82% and 85% ORR in first-line lung cohorts, a $3.9B cash balance, and a ~60-person sales force — and repeatedly anchored forward commitments to named trials (RASolute 303/304/305/309, RASolve 301/307/308) and dated milestones (RASolve 307 in Q4, RMC-5127 RP2D in 2H 2026, RM-055 in Q4).

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call. Management converted a single pivotal win in second-line PDAC into a fully articulated multi-indication, multi-line franchise narrative — NDA accepted for daraxonrasib, 2,000+ patients already on expanded access, lung registration programs moving (RASolve 301 completing enrollment this year; 307/308 launched or imminent), and a deep balance sheet ($3.9B cash plus up to $1.5B of future Royalty Pharma tranches) to fund an aggressive slate of trials. The key open questions are competitive and strategic: management was non-committal on how elironrasib will differentiate against emerging second-generation G12C data (including divarasib head-to-head results), and it fully deferred the CRC proof-of-concept and registrational-path question to Q4. Next quarter, watch for FDA review milestones on the daraxonrasib NDA, formal initiation of RASolve 307, enrollment progress in RASolve 301, and the promised Q4 CRC data/strategy update, which should clarify whether the franchise extends beyond PDAC and NSCLC.

AI-generated concall tone analysis · Updated 2026-08-15 · Not investment advice

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🎙 Management Tone Confident Specific → Stable 5 quarters Full tone analysis in Intelligence →

Good quarter Investor Presentation One-Pager? Q2 2026

Net Loss

$644M

+160% YoY

R&D Expense

$395M

+76% YoY

G&A Expense

$110M

+168% YoY

Cash & Investments

$3.9B

reflects $2.2B gross raised plus $250M Royalty Pharma tranche

What Went Right

FDA accepted daraxonrasib NDA in previously treated pancreatic cancer; EAP has supplied the drug for more than 2,000 patients across nearly all 50 states and Puerto Rico.
New first-line NSCLC data were strong: zoldonrasib with pembro/chemo produced an 82% ORR, and elironrasib produced an 85% ORR with a 95% six-month PFS rate.
Balance sheet strengthened to $3.9B cash and investments after raising $2.2B gross and collecting a $250M Royalty Pharma tranche.

What to Watch

Net loss widened to $644M from $248M year-over-year, and FY2026 GAAP operating expense guidance was raised to $2.1-2.2B.
Frontline pancreatic cancer trials face potential control-arm crossover if patients receive commercial daraxonrasib after approval, which could complicate OS interpretation.
KRAS G12C first-line competition is intensifying; management did not commit to a head-to-head versus divarasib and noted the control arm depends on approved therapies at study start.

Management Guidance

FY2026 GAAP operating expenses now expected between $2.1B and $2.2B, including $270M-$290M of non-cash stock-based compensation.
Q4 2026 milestones: initiate RASolve 307 (elironrasib first-line NSCLC), provide CRC data update, and initiate RM-055 first-in-human study.
Expect to complete RASolve 301 enrollment this year with initial readout in 2027; RMC-5127 RP2D expected in H2 2026.

Investor Lens

The thesis is stronger after this call. Daraxonrasib is on a regulated path toward a first approval with an FDA-accepted NDA and broad EAP adoption, while new first-line NSCLC data support a much larger commercial opportunity. The offset is a rapidly rising cost base and a longer path to profitability, so investors are effectively funding multiple late-stage programs rather than a single near-term catalyst.

From investor presentation · AI-generated analysis · Not investment advice

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📈 STRONG Strong quarter: NDA filed, EAP at 2,000+ patients, and frontline NSCLC ORRs of 82-85%.

Revenue

Not discussed. This is a pre-revenue clinical-stage company; the call focused on R&D and commercial investments rather than product sales.

Profitability

Net loss widened to $644M in Q2 2026 from $248M in Q2 2025, including a $151M non-cash warrant fair-value charge. R&D expense rose to $395M from $224M, and G&A expense rose to $110M from $41M.

Margins

Not discussed at the margin level. R&D and G&A combined were $505M in the quarter, with no revenue recorded.

Balance Sheet

Cash and investments totaled $3.9B at quarter end, supported by $2.2B of gross proceeds from April equity/convertible offerings and a $250M Royalty Pharma tranche. Up to $1.5B in additional committed capital remains available under the Royalty Pharma arrangement.

Key Risks

Management flagged control-arm crossover in frontline PDAC trials as a potential threat to the OS endpoint, and acknowledged the need for more PRMT5 combination data before increasing conviction. The EAP cannot provide quantitative efficacy or safety feedback, and European review timing remains uncertain.

Outlook

FY2026 GAAP operating expenses are guided to $2.1-2.2B. Near-term catalysts include RASolve 307 initiation, CRC data, and RM-055 first-in-human dosing in Q4 2026, plus RASolve 301 enrollment completion this year.

Generated by AI · Q2 2026 results · Not investment advice

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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-05

Q2 2026 saw transformational clinical and regulatory progress, with daraxonrasib showing paradigm-shifting results in pancreatic cancer and rapid expansion of access programs. Financially, strong liquidity supports increased investment in manufacturing, clinical, and commercial readiness, while pivotal trials advance in pancreatic and lung cancer.

Q1 2026 Q1 2026 2026-05-06

Daraxonrasib demonstrated unprecedented survival benefits in pancreatic cancer, driving strong investor support and a $2 billion capital raise. Multiple registrational trials are underway across pancreatic, lung, and colorectal cancers, with robust financial resources and global commercialization plans in place.

Q4 2025 Q4 2025 2026-02-25

Advanced four RAS(ON) inhibitors with eight registrational trials, strengthened financial position with $2.03B in cash, and set 2026 operating expense guidance at $1.6–$1.7B. Key milestones include Breakthrough Therapy Designations and expanded clinical/commercial readiness.

Q3 2025 Q3 2025 2025-11-05

Advanced RAS-on inhibitor pipeline with strong clinical progress in pancreatic and lung cancers, highlighted by FDA designations and robust financial position. Key Phase III trials are on track, with major data readouts and pivotal trial initiations expected in 2026.

Q2 2025 Q2 2025 2025-08-06

Advanced clinical programs for RAS(ON) inhibitors in pancreatic and lung cancers, secured $2.1B in cash and investments, and received two FDA breakthrough therapy designations. Robust clinical trial progress and new collaborations support a strong outlook for 2026 data readouts.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

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