RVMD on Nasdaq

Revolution Medicines (United States)

In its 2026 annual report the company says: “We are a clinical-stage precision oncology company developing novel targeted therapies for RAS-addicted cancers. We possess sophisticated structure-based drug discovery capabilities built upon deep chemical biology and cancer pharmacology know-how and innovative, proprietary technologies that enable the creation of small molecules tailored to unconventional binding sites.”6 It was founded in 2014.1 It is headquartered in Redwood City.1 Its shares trade on Nasdaq under the symbol RVMD.1

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Last updated Oct 21, 2026.

Overview

2014Founded1

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  • TickerRVMD on Nasdaq1
  • IndustryBiological Products, (No Diagnostic Substances)1
  • HeadquartersRedwood City1
  • Websitewww.revmed.com
  • Incorporated inDE4
  • Business address700 Saginaw Dr, Redwood City, Ca 940634
  • Filer categoryLarge accelerated filer4
  • Legal formCORPORATION3
  • LEI549300JU3X0LBCQ658923
  • StatusActive3
  • LEI statusLapsed (not renewed)3
  • Registered addressC/O CORPORATION SERVICE COMPANY, 19808 Wilmington, United States3
  • Registered withDivision of Corporations, Department of State, 56116003

We are a clinical-stage precision oncology company developing novel targeted therapies for RAS-addicted cancers. We possess sophisticated structure-based drug discovery capabilities built upon deep chemical biology and cancer pharmacology know-how and innovative, proprietary technologies that enable the creation of small molecules tailored to unconventional binding sites. Guided by our understanding of genetic drivers and adaptive resistance mechanisms in cancer, we deploy precision medicine approaches to inform innovative monotherapy and combination regimens. Our research and development pipeline comprises inhibitors that bind directly to RAS variants (RAS(ON) Inhibitors) that are designed to be used as monotherapy, in combination with other RAS(ON) Inhibitors and/or other therapeutic agents.6 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-69.3%Return on equity7
-$913.7MFree cash flow7

Financial statements

Revenue8910117$0 in 2025
0$20.0M$40.0M$60.0M2019: $50.0M$50.0M20192020: $43.0M$43.0M2020−14%2021: $29.4M$29.4M2021−32%2022: $35.4M$35.4M2022+20%2023: $11.6M$11.6M2023−67%2024: $0$020242025: $0$02025
Operating income8910117-$1.2B in 2025+2085% since 2019
-$1.5B-$1.0B-$500.0M02019: -$54.1M-$54.1M20192020: -$110.7M-$110.7M2020+105%2021: -$188.0M-$188.0M2021+70%2022: -$258.3M-$258.3M2022+37%2023: -$487.2M-$487.2M2023+89%2024: -$689.5M-$689.5M2024+42%2025: -$1.2B-$1.2B2025+71%
Net income8910117-$1.1B in 2025+2273% since 2019
-$1.5B-$1.0B-$500.0M02019: -$47.7M-$47.7M20192020: -$108.2M-$108.2M2020+127%2021: -$187.1M-$187.1M2021+73%2022: -$248.7M-$248.7M2022+33%2023: -$436.4M-$436.4M2023+75%2024: -$600.1M-$600.1M2024+38%2025: -$1.1B-$1.1B2025+89%

Every line of the income statement as filed: the last 4 fiscal years, latest first.7

Period ending2025-12-312024-12-312023-12-312022-12-31
Total revenue$0$0$11.6M
Research and development$987.3M$592.2M$423.1M
General and administrative$195.0M$97.3M$75.6M
Total operating expenses$1.2B$689.5M$498.8M
Loss from operations-$1.2B-$689.5M-$487.2M
Interest income$90.7M$86.9M$47.5M
Interest expense-$24.2M$0$0
Change in fair value of warrant liability and contingent earn-out shares-$15.4M$4.3M$115.0K
Other expense, net:-$37.0K-$2.5M-$303.0K
Total non-operating income, net$51.1M$88.7M$47.3M
Income (loss) before provision for income taxes-$1.1B-$600.8M-$439.9M
Benefit from income taxes$0$753.0K$3.5M
Net loss-$1.1B-$600.1M-$436.4M
Net loss per share attributable to common stockholders, basic-$5.95-$3.58-$3.86
Net loss per share attributable to common stockholders, diluted-$5.95-$3.58-$3.86
Weighted-average common shares used to compute net loss per share, basic190.1M shares167.7M shares113.1M shares
Weighted-average common shares used to compute net loss per share, diluted190.1M shares167.7M shares113.1M shares
Unrealized gain on investments, net$1.9M$777.0K$2.3M$2.3M
Comprehensive loss-$1.1B-$599.3M-$434.0M

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Corporate structure

Revolution Medicines (United States) sits at the top of its group. 7 entities, 4 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Revolution Medicines (United States)

  • BAKER BROS. ADVISORS LP Filed SCHEDULE 13G on Revolution Medicines (United States), latest Aug 14, 2026 (3 filings since Aug 14, 2025)
  • FARALLON CAPITAL MANAGEMENT, L.L.C. Filed SCHEDULE 13G/A on Revolution Medicines (United States), latest Aug 13, 2026
  • Janus Henderson Group Ltd. Filed SCHEDULE 13G on Revolution Medicines (United States), latest Aug 13, 2026 (6 filings since Feb 14, 2025)
  • BlackRock Filed SCHEDULE 13G on Revolution Medicines (United States), latest Jul 29, 2026 (5 filings since Feb 3, 2022)
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on Revolution Medicines (United States), latest Mar 27, 2026 (4 filings since Feb 10, 2022)
  • Wellington Management Company Filed SCHEDULE 13G/A on Revolution Medicines (United States), latest Feb 10, 2026 (8 filings since Feb 4, 2022)
  • Farallon Capital Partners, L.P. Filed SCHEDULE 13G/A on Revolution Medicines (United States), latest Feb 9, 2026 (6 filings since Nov 9, 2023)
  • FMR LLC Filed SCHEDULE 13G on Revolution Medicines (United States), latest Nov 5, 2025 (3 filings since Jan 10, 2022)
  • BIOTECHNOLOGY VALUE FUND L P Filed SC 13G/A on Revolution Medicines (United States), latest Feb 14, 2024 (3 filings since Feb 14, 2022)
  • EcoR1 Capital, LLC Filed SC 13G/A on Revolution Medicines (United States), latest Feb 14, 2024 (4 filings since Jun 27, 2022)
  • BB Biotech Filed SC 13G/A on Revolution Medicines (United States), latest Feb 13, 2024 (3 filings since Sep 30, 2022)
  • COLUMN GROUP III, LP Filed SC 13G/A on Revolution Medicines (United States), latest Feb 9, 2024 (3 filings since Feb 11, 2022)
  • Revolution Medicines (United States) Redwood City, California, United States
    • EQRx, LLC Subsidiary · Delaware, United States
    • Revolution Medicines Japan KK Subsidiary · Japan
    • Revolution Medicines Netherlands B.V. Subsidiary · Netherlands
    • Revolution Medicines Switzerland GmbH Subsidiary · Germany
    • Verum Norte Therapeutics, Inc. Subsidiary · Delaware, United States
    • Warp Drive Bio, Inc. Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Revolution Medicines (United States) reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$61.7M7 Dec 31, 2025$46.1M7 Dec 31, 2024+33.8%
Accumulated depreciation$28.5M7 Dec 31, 2025$21.8M7 Dec 31, 2024+30.7%
Property and equipment, net$33.2M7 Dec 31, 2025$24.3M7 Dec 31, 2024+36.7%
Operating-lease assets (leased space)$132.1M7 Dec 31, 2025$117.5M7 Dec 31, 2024+12.4%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$383.7M7 Dec 31, 2025$543.1M7 Dec 31, 2024−29.3%
Marketable securities, current$1.6B7 Dec 31, 2025$1.7B7 Dec 31, 2024−6.0%
Debt securities available for sale$2.0B7 Dec 31, 2025$2.3B7 Dec 31, 2024−11.5%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$14.6M7 Dec 31, 2025$14.6M7 Dec 31, 20240%
Intangible assets, net (excluding goodwill)$55.8M7 Dec 31, 2025$56.7M7 Dec 31, 2024−1.5%
Indefinite-lived intangibles (excluding goodwill)$55.8M7 Dec 31, 2025$55.8M7 Dec 31, 20240%
Finite-lived intangibles, gross$7.5M7 Dec 31, 2025$7.5M7 Dec 31, 20240%
Accumulated amortization$7.5M7 Dec 31, 2025$6.6M7 Dec 31, 2024+13.2%
Finite-lived intangibles, net$07 Dec 31, 2025$870.0K7 Dec 31, 2024−100.0%

Properties, in its own words

Our corporate headquarters is located in Redwood City, California, where we lease and occupy approximately 293,906 square feet of office and laboratory space. The term of our Redwood City lease expires in December 2035.

We believe our existing facilities are sufficient for our needs for the foreseeable future. To meet the future needs of our business, we may lease additional or alternate space, and we believe suitable additional or alternative space will be available in the future on commercially reasonable terms.

Item 2 of the 10-K filed Feb 25, 2026.6

Leadership

Who has led Revolution Medicines (United States), and when. Pick a name to see everywhere that person has worked.

Chief financial officer

  1. Jack Anders2022–now

Chief operating officer

  1. Margaret A. Horn2022–now
201520202025
Board members and other officers (23)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • EQRx, LLC Delaware5
  • Revolution Medicines Japan KK Japan5
  • Revolution Medicines Netherlands B.V. Netherlands5
  • Revolution Medicines Switzerland GmbH Germany5
  • Verum Norte Therapeutics, Inc. Delaware5
  • Warp Drive Bio, Inc. Delaware5

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Oct 13, 20268-K New debt or obligation; Other events39
  2. Sep 1, 20268-K Entered a material agreement; New debt or obligation40
  3. Aug 26, 20268-K Other events41
  4. Aug 5, 20268-K Results of operations42
  5. Jun 22, 20268-K Executive or director change; Shareholder vote43
  6. May 6, 20268-K Results of operations44
  7. Apr 17, 20268-K Entered a material agreement; New debt or obligation; Other events45
  8. Apr 16, 20268-K Other events46
  9. Apr 13, 20268-K Other events47
  10. Feb 25, 20268-K Results of operations48
  11. Nov 5, 20258-K Results of operations49
  12. Oct 17, 20258-K Other events50
  13. 2014Founded Founded1

Calendar

Coming up

  1. Nov 4, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($1.61) a share, on Nov 5, 2025.51

When it reported results

  1. Aug 5, 2026Reported quarterly or annual results42
  2. May 6, 2026Reported quarterly or annual results44
  3. Feb 25, 2026Reported quarterly or annual results48
  4. Nov 5, 2025Reported quarterly or annual results49
  5. Aug 6, 2025Reported quarterly or annual results52
  6. May 7, 2025Reported quarterly or annual results53
  7. Feb 26, 2025Reported quarterly or annual results54
  8. Nov 6, 2024Reported quarterly or annual results55

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

665 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 57 major events, 300 insider forms, 52 large holders, 236 other. The latest 20:

  1. Oct 13, 20268-K EDGAR
  2. Oct 1, 20264 EDGAR
  3. Sep 29, 20264 EDGAR
  4. Sep 29, 2026144 EDGAR
  5. Sep 28, 20264 EDGAR
  6. Sep 25, 2026144 EDGAR
  7. Sep 24, 2026144 EDGAR
  8. Sep 24, 20264 EDGAR
  9. Sep 22, 20264 EDGAR
  10. Sep 22, 2026144 EDGAR
  11. Sep 18, 20264 EDGAR
  12. Sep 18, 20264 EDGAR
  13. Sep 18, 2026144 EDGAR
  14. Sep 18, 20264 EDGAR
  15. Sep 18, 20264 EDGAR
  16. Sep 18, 20264 EDGAR
  17. Sep 18, 20264 EDGAR
  18. Sep 18, 20264 EDGAR
  19. Sep 15, 2026144 EDGAR
  20. Sep 15, 2026144 EDGAR

The 665 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

223 open-market trades by officers, directors and large owners since October 2021: 21 buys and 202 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 25, 2026Mancini AnthonySee RemarksSale3,121$200.54$625.9KForm 4
Sep 25, 2026Cislini JeffSVP & General CounselSale765$207.32$158.6KForm 4
Sep 24, 2026Mancini AnthonySee RemarksSale587$200.00$117.4KForm 4
Sep 22, 2026ANDERSON ELIZABETH MDirectorSale10,143$193.04$2.0MForm 4
Sep 18, 2026Mancini AnthonySee RemarksSale1,764$196.94$347.4KForm 4
Sep 16, 2026Mancini AnthonySee RemarksSale1,774$199.24$353.4KForm 4
Sep 16, 2026Cislini JeffSVP & General CounselSale3,366$199.23$670.6KForm 4
Sep 16, 2026Sandler Alan B.Chief Development OfficerSale341$199.24$67.9KForm 4
Sep 16, 2026Anders JackChief Financial OfficerSale4,053$199.24$807.5KForm 4
Sep 16, 2026Kelsey Stephen MichaelSee RemarksSale5,569$199.23$1.1MForm 4
Sep 16, 2026Horn Margaret AChief Operating OfficerSale4,967$199.23$989.6KForm 4
Sep 16, 2026GOLDSMITH MARK ASee RemarksSale13,988$199.23$2.8MForm 4
Sep 11, 2026Kelsey Stephen MichaelSee RemarksSale92,531$202.36$18.7MForm 4
Sep 10, 2026Mancini AnthonySee RemarksSale15,448$204.16$3.2MForm 4
Sep 8, 2026Kim Lorence H.DirectorSale17,090$209.82$3.6MForm 4
Aug 31, 2026Kim Lorence H.DirectorSale56,000$203.24$11.4MForm 4
Aug 21, 2026Cislini JeffSVP & General CounselSale56,894$209.24$11.9MForm 4
Aug 21, 2026GOLDSMITH MARK ASee RemarksSale86,000$209.20$18.0MForm 4
Jun 29, 2026Patel SushilDirectorSale5,580$187.99$1.0MForm 4
Jun 24, 2026Anders JackChief Financial OfficerSale20,000$168.33$3.4MForm 4

All 223 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Mark A. GoldsmithM.D., Ph.D.$812.5K$14.7M70
2025Stephen M. KelseyM.D., FRCP, FRCPath$625.8K$6.0M70
2025Margaret HornJ.D.63$582.7K$4.8M70
2025Jeffrey Cislini51$523.8K$3.7M70
2025Jack Anders49$523.3K$3.6M70
2024President and Chief Executive Officer$689.2K$10.1M70
2024PresidentResearch and Development$573.3K$5.9M70
2024Chief Operating Officer$540.8K$4.9M70
2024Chief Financial Officer$473.3K$3.3M70
2024General Counsel and Secretary$477.2K$2.7M70
2023President and Chief Executive Officer$631.1K$10.4M70
2023PresidentResearch and Development$512.6K$4.4M70
2023Chief Operating Officer$512.6K$4.4M70
2023Chief Financial Officer$438.4K$3.0M70
2023General Counsel and Secretary$405.0K$2.6M70

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.13,695,790$2.6B0.0%+2,483,084
Farallon Capital Management, L.l.c.13,550,796$2.5B15.0%−54,000
Fmr LLC12,200,422$2.3B0.1%+3,736,108
Baker Bros. Advisors LP11,443,357$2.1B10.8%+1,888,000
Darwin Global Management, Ltd.10,629,822$2.0B54.5%+8,418,804
Jupiter Topco LLC10,736,145$2.0B0.8%New
Vanguard Capital Management LLC9,088,661$1.7B0.0%+726,377
Vanguard Portfolio Management LLC8,294,855$1.6B0.1%+792,232
Nextech Invest Ltd.7,601,087$1.4B67.6%No change
Paradigm Biocapital Advisors LP6,361,323$1.2B22.3%−294,380
UBS Group AG5,448,364$1.0B0.2%+1,061,573
State Street Corp4,897,051$917.1M0.0%+494,389
Capital World Investors4,008,244$750.7M0.1%New
Geode Capital Management, LLC3,942,676$736.8M0.0%+604,534
Wellington Management Group Llp3,843,415$719.8M0.1%−2,184,404
Jpmorgan Chase & Co3,298,066$636.9M0.0%+2,996,673
Bvf Inc/il2,965,160$555.3M14.2%+108,378
Alphabet Inc.2,946,619$551.8M0.6%−345,906
Casdin Capital, LLC2,577,333$482.7M24.2%No change
Deerfield Management Company, L.P.2,392,000$448.0M5.6%+95,000
Avoro Capital Advisors LLC2,297,000$430.2M3.9%−47,444
Norges Bank2,157,479$404.1M0.0%New
Goldman Sachs Group Inc2,133,101$399.5M0.0%−52,399
Nearwater Capital Markets, Ltd2,097,000$392.7M6.8%+1,419,000
Massachusetts Financial Services Co /ma/2,012,317$376.8M0.1%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Revolution Medicines (United States) is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARRevolution Medicines, Inc.2
  • CIK0001628171
  • Employer ID (EIN)47-20291806
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company6
  • Incorporated inDelaware6
  • Fiscal year endsDecember 312
  • Industry code (SIC)2836 Biological Products, (No Diagnostic Substances)2
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance2
  • Business address700 Saginaw Dr, Redwood City, CA 940632
  • Phone650-481-68012
  • Shares outstanding214,336,418 as of Jul 31, 202613
  • Public float$6.7B as of Jun 30, 20256
  • AuditorPricewaterhouseCoopers LLP, San Jose, California PCAOB ID 238; it also attests to the company’s internal control over financial reporting6
  • On EDGAR sinceDec 21, 20162
  • Filings858 in all: 4 (372), 144 (176), 8-K (71), SC 13G/A (30), 3 (26), 10-Q (20), SC 13G (17), 424B5 (13)2
    All 41 form types

    SCHEDULE 13G/A (13), CORRESP (11), 4/A (9), 425 (9), UPLOAD (9), DEFA14A (8), 10-K (7), S-8 (7), SCHEDULE 13G (7), DEF 14A (6), ARS (4), EFFECT (4), 424B4 (3), D (3), DRS (3), S-1 (3), S-1/A (3), S-3ASR (3), 8-A12B (2), CERT (2), DRS/A (2), DRSLTR (2), FWP (2), SEC STAFF LETTER (2), 144/A (1), 3/A (1), 305B2 (1), 424B3 (1), 8-K/A (1), DEFM14A (1), S-1MEF (1), S-4 (1), S-4/A (1)

  • Latest filingsAnnual report (10-K) Feb 25, 2026
    Quarterly report (10-Q) Aug 5, 2026
    Proxy statement (DEF 14A) Apr 27, 2026
    Latest 8-K (8-K) Oct 13, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock $0.0001 Par Value per ShareRVMDThe Nasdaq Stock Market LLC
Warrants to purchase 0.1112 shares of common stock expiring 2026RVMDWThe Nasdaq Stock Market LLC

From the cover page of the 10-K filed Feb 25, 2026 (Section 12(b) of the Exchange Act).6

Risk factors and legal proceedings

The risks Revolution Medicines (United States) names in Item 1A of its 10-K filed Feb 25, 2026: 74 risks under these headings, as written.6

  • Risks related to our limited operating history, financial position and need for additional capital
  • We are a clinical-stage precision oncology company with a limited operating history and no products approved for commercial sale. We have incurred significant losses since our inception. We expect to incur losses for at least the next several years and may never achieve or maintain profitability, which, together with our limited operating history, makes it difficult to assess our future viability.
  • We have never generated revenue from product sales and may never be profitable.
  • We will require substantial additional financing to achieve our goals, which may not be available on acceptable terms, or at all. A failure to obtain this necessary capital when needed could force us to delay, limit, reduce or terminate our product development or commercialization efforts.
  • The Royalty Pharma Agreements place restrictions on our operating and financial flexibility. If we fail to comply with certain covenants in the Royalty Pharma Agreements, our financial condition and results of operations may be harmed.
  • Our operating results may fluctuate significantly, which will make our future results difficult to predict and could cause our results to fall below expectations.
  • Risks related to product development and regulatory process
  • Our business is dependent on the successful development of our current and future product candidates. If we, alone or in collaboration, are unable to advance our current or future product candidates through clinical trials, obtain marketing approval and ultimately commercialize any of our product candidates, or we experience significant delays in doing so, our business will be materially harmed.
  • Preclinical development is uncertain. Our preclinical programs may experience delays or may never advance to clinical trials, which would adversely affect our ability to obtain regulatory approvals or commercialize our product candidates on a timely basis or at all, which would have an adverse effect on our business.
  • The results of preclinical studies and early-stage clinical trials may not be predictive of future results.
  • If we encounter difficulties enrolling patients in our clinical trials, our clinical development activities could be delayed or otherwise adversely affected.
  • We and our collaborators are currently developing, and may in the future develop, our product candidates in combination with other therapies, which exposes us to additional risks.
The other 63 risks
  • We face significant competition, and if our competitors develop and market products that are more effective, safer or less expensive than our product candidates, our commercial opportunities will be negatively impacted.
  • The regulatory approval processes of the FDA, the EMA and comparable foreign authorities are lengthy, time-consuming and inherently unpredictable, and if we or our potential future collaboration partners are ultimately unable to obtain regulatory approval for our product candidates, our business will be substantially harmed.
  • Clinical product development involves a lengthy and expensive process, with uncertain outcomes. We or our potential future collaboration partners may experience delays in completing, or ultimately be unable to complete, the development and commercialization of our current and future product candidates.
  • Interim, “topline” and preliminary data from our clinical trials may differ materially from the final data.
  • Our current or future product candidates may cause undesirable side effects or have other properties when used alone or in combination with other approved products or investigational new drugs that could delay or halt their clinical development, prevent their marketing approval, limit their commercial potential or result in significant negative consequences.
  • Even if we complete the necessary preclinical studies and clinical trials, the marketing approval process is expensive, time-consuming and uncertain and may prevent us or any of our existing or potential future collaboration partners from obtaining approvals for the commercialization of any of our product candidates.
  • Obtaining and maintaining marketing approval of our current and future product candidates in one jurisdiction does not mean that we or our potential future collaboration partners will be successful in obtaining marketing approval of our current and future product candidates in other jurisdictions.
  • Adverse events in the field of oncology or the biopharmaceutical industry could damage public perception of our current or future product candidates and negatively affect our business.
  • Even if we or our potential future collaboration partners receive marketing approval of a product candidate, we will be subject to ongoing regulatory obligations and continued regulatory review, which may result in significant additional expense, and we may be subject to penalties if we fail to comply with regulatory requirements or experience unanticipated problems with our products, if approved.
  • Even if a current or future product candidate receives marketing approval, it may fail to achieve the degree of market acceptance by physicians, patients, third-party payors and others in the medical community necessary for commercial success.
  • Even if we are able to commercialize any product candidates, such products may become subject to unfavorable pricing regulations or third-party coverage and reimbursement policies.
  • We may fail to select or capitalize on the most scientifically, clinically and commercially promising or profitable drug candidates including mutant RAS(ON) targets.
  • We may not be successful in our efforts to identify or discover other product candidates and may fail to capitalize on programs, product candidates or indications or lines of therapy for which there is a greater likelihood of success or that may present a greater commercial opportunity.
  • We may need to use existing commercial diagnostic tests or develop, or enter into a collaboration or partnership to develop, novel complementary diagnostics and/or novel companion diagnostics for some of our current or future product candidates. If we or our partners are unable to successfully develop these companion diagnostics or complementary diagnostics, or experience significant delays in doing so, we may not realize the full commercial potential of our future product candidates.
  • We may seek and fail to obtain fast track or breakthrough therapy designations for our current or future product candidates. Even if we are successful, these programs may not lead to a faster development or regulatory review process, and they do not guarantee we will receive approval for any product candidate.
  • We may seek orphan drug designation for our product candidates, and we may be unsuccessful or may be unable to maintain the benefits associated with orphan drug designation, including the potential for market exclusivity.
  • We have received a Commissioner’s National Priority Voucher (CNPV) from FDA for daraxonrasib, but we may not realize any benefit from our participation in the FDA’s CNPV Pilot Program, and any changes to or termination of the CNPV Pilot Program could delay or adversely affect development and review of our product candidates.
  • If product liability lawsuits are brought against us, we may incur substantial liabilities and may be required to limit commercialization of any approved products.
  • Healthcare legislative reform measures may significantly impact our business and results of operations.
  • Disruptions at the FDA and other government agencies caused by funding shortages, staffing limitations or global health concerns could hinder their ability to hire and retain key leadership and other personnel, prevent new products and services from being developed or commercialized in a timely manner or otherwise prevent those agencies from performing normal business functions on which the operation of our business may rely, which could negatively impact our business.
  • We are subject to stringent privacy laws, information security policies and contractual obligations governing the use, processing and transfer of personal information.
  • Our business may be affected by the evolving regulatory framework for artificial intelligence, machine learning, and automated decision-making technologies, as well as the operational, cybersecurity and confidentiality risks associated with our use of such technologies.
  • Our business and operations, or those of our CROs or other third parties, may suffer in the event of information technology system failures, cyberattacks or deficiencies in our cybersecurity, which could materially affect our business, financial condition and results of operations.
  • Risks related to reliance on third parties
  • We may depend on collaborations with other third parties for the development and commercialization of our product candidates in the future. If our collaborations are not successful, we may not be able to capitalize on the market potential of these product candidates.
  • We may seek to establish additional collaborations, and, if we are not able to establish them on commercially reasonable terms, we may have to alter our development and commercialization plans.
  • If conflicts arise between us and our collaborators or strategic partners, these parties may act in a manner adverse to us and could limit our ability to implement our strategies.
  • We rely on third parties to conduct the clinical trials for our product candidates. If these third parties do not successfully carry out their contractual duties, comply with regulatory requirements or meet expected deadlines, we may not be able to obtain marketing approval for or commercialize our product candidates.
  • We rely on third parties to manufacture preclinical and clinical drug supplies, and we intend to rely on third parties to produce commercial supplies of any approved product, which increases the risk that we will not have sufficient quantities of these product candidates or products or such quantities at an acceptable cost, which could delay, prevent or impair our development or commercialization efforts.
  • Our future relationships with customers and third-party payors in the United States and elsewhere may be subject, directly or indirectly, to applicable anti-kickback, fraud and abuse, false claims, transparency, and other healthcare laws and regulations, which could expose us to criminal sanctions, civil penalties, contractual damages, reputational harm, administrative burdens and diminished profits and future earnings.
  • Risks related to intellectual property
  • If we and our collaborators are unable to obtain and maintain sufficient patent and other intellectual property protection for our product candidates and technology, our competitors could develop and commercialize products and technology similar or identical to ours, and we may not be able to compete effectively in our market or successfully commercialize any of our current or future product candidates.
  • We have entered into license agreements with third parties. If we or a third party fail to comply with the obligations in the agreements under which we license intellectual property rights to or from third parties, or these agreements are terminated, or we otherwise experience disruptions to business relationships with our licensors or licensees, our competitive position, business, financial condition, results of operations and prospects could be harmed.
  • If we are unable to obtain licenses from third parties on commercially reasonable terms or at all, our business could be harmed.
  • We may not identify relevant third-party patents or may incorrectly interpret the relevance, scope or expiration of a third-party patent, which might subject us to infringement claims or adversely affect our ability to develop and market our product candidates.
  • Patent terms may be inadequate to protect our competitive position on our product candidates for an adequate amount of time.
  • We may not be able to protect our intellectual property rights throughout the world.
  • Changes in patent law could diminish the value of patents in general, thereby impairing our ability to protect our product candidates.
  • Obtaining and maintaining our patent protection depends on compliance with various procedural, document submission, fee payment and other requirements imposed by government patent agencies, and our patent protection could be reduced or eliminated if we fail to comply with these requirements.
  • We may become involved in lawsuits to protect or enforce our patents or other intellectual property, which could be expensive, time-consuming and unsuccessful, and issued patents covering our technology and product candidates could be found invalid or unenforceable if challenged.
  • Third parties may initiate legal proceedings alleging that we are infringing, misappropriating or otherwise violating their intellectual property rights, the outcome of which would be uncertain and could negatively impact the success of our business.
  • We may be subject to claims by third parties asserting that we or our employees have infringed upon, misappropriated or otherwise violated their intellectual property rights, or claiming ownership of what we regard as our own intellectual property.
  • We may be subject to claims challenging the inventorship of our patents and other intellectual property.
  • If we are unable to protect the confidentiality of our trade secrets, our business and competitive position would be harmed.
  • If our trademarks and trade names are not adequately protected, then we may not be able to build name recognition in our markets of interest, and our business may be adversely affected.
  • Intellectual property rights do not necessarily address all potential threats.
  • Risks related to employee matters and managing our growth
  • We are highly dependent on our key personnel, and if we are not successful in attracting, motivating and retaining highly qualified personnel, we may not be able to successfully implement our business strategy.
  • We will need to increase the size of our organization, and we may experience difficulties in managing this growth.
  • We are currently building out our commercial organization. If we are unable to establish sufficient sales and marketing capabilities on our own or through third parties, we may not be able to market and sell any products effectively, if approved, or generate product revenue.
  • We have in the past engaged and may in the future engage in strategic transactions; these transactions could affect our liquidity, dilute our existing stockholders, increase our expenses and present significant challenges in focus and energy to our management or prove not to be successful.
  • If we fail to comply with environmental, health and safety laws and regulations, we could become subject to fines or penalties or incur costs that could negatively impact our business.
  • We or the third parties upon whom we depend are subject to risk from earthquakes, outbreak of disease, other natural disasters and catastrophic events and may be subject to disruption as a result of war, terrorism, political unrest and other causes.
  • Our employees, independent contractors, vendors, principal investigators, CROs and consultants may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements and insider trading.
  • Risks related to our common stock and warrants
  • The price of our common stock is volatile and fluctuates substantially, which could result in substantial losses for investors.
  • An active and liquid market for our common stock may not be sustained.
  • We do not intend to pay dividends on our common stock so any returns will be limited to the value of our stock.
  • Sales of a substantial number of shares of our common stock in the public market could cause our stock price to fall.
  • There is no guarantee that the warrants will ever be in the money, and they may expire worthless.
  • We may amend the terms of the warrants in a manner that may be adverse to holders with the approval by the holders of at least 50% of the then-outstanding warrants. As a result, the exercise price of a holder’s warrants could be increased, the exercise period could be shortened and the number of shares of our common stock purchasable upon exercise of a warrant could be decreased, all without the approval of that warrant holder.
  • We may redeem unexpired warrants prior to their exercise at a time that is disadvantageous to warrant holders, thereby making their warrants worthless.
  • Our ability to utilize our net operating loss carryforwards and certain other tax attributes has been limited by “ownership changes” and may be further limited.
  • Provisions in our charter documents and under Delaware law could discourage a takeover that stockholders may consider favorable and may lead to entrenchment of management.
  • Claims for indemnification by our directors and officers may reduce our available funds to satisfy successful third-party claims against us and may reduce the amount of money available to us.
  • Our amended and restated certificate of incorporation and amended and restated bylaws provide for an exclusive forum in the Court of Chancery of the State of Delaware for certain disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.
  • General risk factors
  • Raising additional capital may cause dilution to our stockholders, restrict our operations or require us to relinquish rights to our technologies.

Legal proceedings

From time to time, we are and may become involved in litigation or other legal proceedings arising from the normal course of business activities. Defending such proceedings is costly and can impose a significant burden on management and employees. The results of any current or future litigation cannot be predicted with certainty, and regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources, and other factors.

On December 9, 2024, Nemeth v. Casdin, et al., Case No. 2024-1268-KSJM (Del. Ch.), was filed in the Court of Chancery of the State of Delaware (the Complaint) arising from CM Life Sciences III., Inc.’s (CMLS III) December 17, 2021 merger with EQRx, Inc. (Legacy EQRx) (the Merger). The Complaint was filed by former stockholders of CMLS III and brings claims for breach of fiduciary duty and unjust enrichment against members of CMLS III’s board of directors, CMLS III’s officers, and CMLS III’s sponsor in connection with the Merger. The Complaint also brings claims for aiding and abetting breaches of fiduciary duties against certain investment firms involved with the merger process, the Company, solely as successor-in-interest to EQRx, and Legacy EQRx’s former Executive Chairman and CEO, Alexis Borisy, who is also on the Company’s board of directors. Defendants moved to dismiss the Complaint in February 2025. The parties reached an agreement to resolve the matter, which was filed with the court on January 6, 2026, and remains subject to court approval. We have recorded an accrual of $5.0 million in accrued and other current liabilities as of December 31, 2025, based on its expected contribution under the agreement and anticipated insurance recoveries.

The opening of Item 3, Legal Proceedings.6

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