Start here if you're new
what it is
It designs experimental cancer drugs aimed at a cancer growth switch called RAS.
how it gets paid
Last year Revolution Medicines made $0 in revenue.
what just happened
EDGAR shows $0 revenue and a -$4.06 per-share loss.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
90/100 earnings predictability — you can trust these numbers
-$3.58 fy2024 eps est
$12M fy2023 rev est
1.45 beta
xvary composite: 69/100 — average
What they do
It designs experimental cancer drugs aimed at a cancer growth switch called RAS.
You are buying 534 employees and a chemistry platform, not a finished drug business. The edge is structure-based drug discovery aimed at RAS-addicted cancers, with 3 named programs chasing the same ugly pathway. That matters because the company still has $0 revenue, so your upside has to come from the lab.
How they make money
$0
annual revenue
The products that matter
lead oncology asset
Daraxonrasib (RMC-6236)
phase 3 data pending
It carries an outsized share of the story because the company is valued at roughly $19B despite generating only $12M in revenue.
the key readout
next named pipeline asset
Zoldonrasib (RMC-6291)
breakthrough therapy designation
The designation matters because it can speed regulatory conversations, but it does not change the fact that current revenue is just $12M.
regulatory help
broader clinical pipeline
Clinical Pipeline
$1.6B–$1.7B 2026 opex guide
That spend tells you the real product today is development itself — a very expensive one for a company without meaningful commercial sales.
cash consumer
Key numbers
$19B
market value
You are paying $19B for a company with $0 revenue, so tomorrow's science is already in the price.
$0
revenue
No sales means every dollar of progress has to come from investors, not customers.
$4.06
per-share loss
That quarterly loss shows the business is still burning cash instead of producing it.
$142M
long-term debt
Debt is only 1% of capital, so borrowing is not the problem here. The problem is getting a drug to work.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 2 — safer than 80% of stocks
- price stability 10 / 100
- long-term debt $142M (1% of capital)
B++ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for RVMD right now.
source: institutional data · return history unavailable
What just happened
missed estimates
EDGAR shows $0 revenue and a -$4.06 per-share loss.
Annual revenue stayed at $0, and Yahoo lists trailing EPS at -$6.44. shows FY2024 EPS at -$3.58 versus -$3.86 in FY2023, so the loss profile is still very real.
$0
revenue
$4.06
per-share loss
152%
EPS Vs. last year
the number that mattered
The -$4.06 per-share loss matters because it came with $0 revenue, so the company still depends on outside cash.
source: company earnings report, 2026
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What could go wrong
the #1 risk here is daraxonrasib clinical failure or delay. This page already tells you the valuation is ahead of the revenue. If the key asset slips, the gap gets very visible very fast.
med
Daraxonrasib disappoints
A roughly $19B market cap sits on top of a company with $12M in revenue. If the lead program fails or meaningfully delays, the stock loses the main reason investors are here.
This is the risk that can erase most of the premium investors are assigning today.
med
Cash burn outruns confidence
Management guided to $1.6B–$1.7B in GAAP operating expenses for 2026. That is enormous relative to a $12M revenue base and follows a Q4 2025 net loss of $364.9M.
If spending keeps climbing without cleaner data, dilution risk moves from background noise to headline risk.
med
Valuation leaves no soft landing
At 12.2x book value, investors are paying far above accounting asset value for pipeline success that is still unproven.
Even decent news can disappoint when a stock is already priced for a clean path.
A forced rethink on daraxonrasib or a rise above the $1.6B–$1.7B expense guide would pressure the entire $19B equity story.
source: institutional data · regulatory filings · risk analysis
Pay attention to
catalyst
Daraxonrasib phase 3 timing
This is the event the valuation is waiting for. The current page does not provide a date, which means you should treat timing risk as real rather than assumed away.
spend
2026 operating expense guide
$1.6B–$1.7B in GAAP operating expenses is the number to watch. If it rises again before the pipeline is further de-risked, the market may start charging more for capital.
pipeline depth
Zoldonrasib follow-through
Breakthrough Therapy designation helps, but you want evidence the second asset is becoming more than a press release line item.
volatility
Share swings around data windows
A 52-week range of $29–$124 and a 1.45 beta tell you this name can reprice violently when expectations move even a little.
Analyst rankings
earnings predictability
90 / 100
in human-speak, analysts think the losses are at least easy to model because there is very little commercial revenue volatility to guess at.
risk rank
2
This refers to balance sheet and financial risk metrics, not clinical risk. That distinction matters a lot here.
price stability
10 / 100
Very unstable. The market is calm about the debt load and not calm at all about the stock path.
source: institutional data
Institutional activity
institutional ownership data for RVMD is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$96
current price
n/a
target midpoint · n/a from current
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