On February 25, 2026 Tempest Therapeutics, Inc. (Nasdaq: TPST) ("Tempest"), a clinical-stage biotechnology company developing a pipeline of advanced cell therapy and small molecule product candidates to treat cancer, reported clinical data from the ongoing REDEEM-1 Phase 1/2a trial evaluating TPST-2003, a CD19/BCMA dual-targeting CAR-T therapy.

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TPST-2003 is an autologous CD19/BCMA dual-targeting CAR-T therapy designed to improve response depth and durability in patients with relapsed/refractory multiple myeloma ("rrMM") through a parallel dual-targeting CAR structure designed to address tumor heterogeneity and antigen escape. TPST-2003 is being developed in China by Tempest’s partner, Novatim Immune Therapeutics ("Novatim"). Under its agreement with Novatim, Tempest has the exclusive right to develop TPST-2003 outside of China, India, Turkey, and Russia.

As of the January 31, 2026 data cutoff, a total of 36 patients with rrMM had received one infusion of TPST-2003, including 24 patients in a prior Phase 1/2 IIT and 12 patients in the ongoing REDEEM-1 trial, representing one of the largest datasets evaluating a CD19/BCMA dual-targeting CAR-T therapy. As of the data cutoff, patients enrolled in the REDEEM-1 trial have received a median of four prior lines of therapy.

All six patients currently evaluable for efficacy in the REDEEM-1 trial – three treated at dose level 1 (1 x 106 cells/kg) and three at dose level 2 (2 x 106 cells/kg) – achieved a CR according to the International Myeloma Working Group (IMWG) uniform response criteria. Among 25 evaluable patients with measurable disease at baseline across both studies, the overall response rate ("ORR") was 100% (25/25).

Clinical responses were observed consistently across dose levels and study settings, which Tempest believes supports the reproducibility of TPST-2003’s parallel dual-targeting CAR architecture. Tempest plans to present the results of the REDEEM-1 trial and updated results from the IIT at a scientific meeting later this year.

"These results have the potential to raise the bar for clinical effect in relapsed/refractory multiple myeloma (rrMM)," said Dr. Matt Angel, President and Chief Executive Officer of Tempest. "The data from the ongoing REDEEM-1 trial suggest a favorable safety and efficacy profile that could set TPST-2003 apart from currently approved CAR-T therapies and offer a safe, effective option for patients with rrMM. We believe that replicating these results in the remainder of the REDEEM-1 trial and also in a registrational trial would position TPST-2003 as a class-leading therapy for rrMM, and we have therefore made the decision to accelerate our development of TPST-2003. Given the favorable safety profile and demonstrated clinical effect, Tempest is also exploring potential development of TPST-2003 to include patients with large B-cell lymphoma (LBCL) and other related indications."

Favorable Safety Profile Observed Across All Dose Levels in REDEEM-1

As of the January 15, 2026 data cutoff, TPST-2003 demonstrated a favorable safety profile across all dose levels evaluated in REDEEM-1. As of the data cutoff, patients in the REDEEM-1 trial experienced:

No Grade three or higher cytokine release syndrome (CRS)
One patient treated at the highest dose level (3 x 106 cells/kg) experienced low-grade immune effector cell-associated neurotoxicity syndrome ("ICANS")
No Grade three or higher ICANS
The observed safety profile together with the consistency of responses observed in the REDEEM-1 trial support Tempest’s plan to accelerate its development timeline and meet with the FDA to discuss initiating a U.S. registrational study later this year.

Deep Responses and Durable Disease Control

Tempest believes the results of the ongoing REDEEM-1 study are consistent with prior clinical results, including a 24-patient Phase 1/2 IIT. In the IIT, among 19 evaluable patients with measurable disease at baseline:

ORR was 100% (19/19)
CR rate was 89.5% (17/19)
At the highest dose level, CR was observed in 100% of patients (5/5)
The IIT also demonstrated durable disease control, with:

Median progression-free survival (PFS) of 23.1 months across all patients
Median PFS of 23.1 months in patients with extramedullary disease (EMD)
All evaluable patients remained MRD-negative at month 12 (5/5)
Patients with EMD are often associated with worse outcomes and shorter disease control in rrMM. Tempest believes these findings support continued evaluation of TPST-2003 for its potential to deliver both deep and durable responses in advanced disease.

Parallel Dual-Targeting CAR Structure Designed to Address Resistance Mechanisms

TPST-2003 incorporates a proprietary parallel dual-targeting CAR architecture designed by Tempest’s partner, Novatim Immune Therapeutics.

"The differentiated parallel structure of TPST-2003’s dual-targeting CAR is designed to address the challenges of relapse and suboptimal efficacy of other approaches," said Guoxiang Wu, M.D., Chairman and General Manager of Novatim. "TPST-2003 has shown compelling efficacy results in rrMM and POEMS syndrome. In particular, we believe the favorable safety profile of TPST-2003 supports its potential in additional indications including autoimmune diseases and may provide broader clinical benefits for patients worldwide."

Positioning within the Treatment Landscape

Approved CAR-T therapies have demonstrated meaningful clinical benefit in patients with rrMM and represent an important treatment option in later lines of therapy. However, relapse remains common, and treatment can be associated with toxicity management challenges and manufacturing constraints.

TPST-2003 was designed with a parallel dual-targeting CAR structure intended to address tumor heterogeneity and antigen escape, mechanisms believed to contribute to disease progression following currently available therapies.

In addition, Tempest’s parallel CAR architecture is being applied across multiple programs, including:

TPST-3003, an allogeneic CD19/BCMA dual-targeting CAR-T therapy under development for rrMM
TPST-4003, an in vivo CD19/BCMA dual-targeting CAR-T therapy under development for systemic lupus erythematosus (SLE) and other immunology disorders
Tempest expects initial clinical data from both programs later this year and believes this platform approach may allow these therapies to ultimately benefit a larger number of patients.

Next Steps

Tempest plans to present the complete results from the ongoing Phase 1/2a REDEEM-1 study, as well as updated data from the Phase 1/2 IIT, in 2026. Based on data generated to date, Tempest intends to submit a U.S. IND application and, subject to clearance, initiate a U.S. registrational study of TPST-2003 in 2026.

About REDEEM-1

REDEEM-1 (Study nos. CTR20233309/NCT06223646) is a Phase 1/2a clinical trial evaluating TPST-2003 in patients with relapsed/refractory multiple myeloma, including patients with high-risk cytogenetics and patients with extramedullary disease. The REDEEM-1 trial has a targeted full enrollment of 29 patients. The REDEEM-1 trial is sponsored and being conducted by Tempest’s partner, Novatim Immune Therapeutics, with a total of eight clinical sites registered in China: Peking Union Medical College Hospital (Dr. Jian Li; lead site), The First Affiliated Hospital of Nanchang University (Dr. Fei Li), Peking University First Hospital (Dr. Yujin Dong), Henan Cancer Hospital (Dr. Baijun Fang), Shanxi Provincial Cancer Hospital (Dr. Liping Su), The Second Xiangya Hospital of Central South University (Dr. Hongling Peng), The First Affiliated Hospital of China Medical University (Dr. Xiaojing Yan), and The Institute of Hematology and Blood Diseases Hospital, Chinese Academy of Medical Sciences, Peking Union Medical College (Dr. Dehui Zou).

Additional clinical trials evaluating TPST-2003

A Phase 1/2 IIT (Study no. NCT04714827) is evaluating TPST-2003 in patients with relapsed/refractory multiple myeloma, including patients with high-risk cytogenetics and patients with extramedullary disease. The IIT is sponsored and being conducted by Tempest’s partner, Novatim Immune Therapeutics, with a total of two clinical sites registered in China: Shanghai Fourth People’s Hospital (Dr. Weijun Fu; lead site) and Shanxi Provincial Cancer Hospital (Dr. Liping Su).

A Phase 1 trial (Study nos. CTR20242409/NCT06518876) is evaluating TPST-2003 in patients with POEMS, a rare blood disorder caused by abnormal plasma cells. The Phase 1 trial is sponsored and being conducted by Tempest’s partner, Novatim Immune Therapeutics, with a total of three clinical sites registered in China: Peking Union Medical College Hospital (Dr. Jian Li; lead site), Xuanwu Hospital Capital Medical University (Dr. Wanling Sun), and West China Hospital, Sichuan University (Dr. Yu Wu).

(Press release, Tempest Therapeutics, FEB 25, 2026, View Source [SID1234662998])

On February 25, 2026 Schrödinger, Inc. (Nasdaq: SDGR) reported financial results for the fourth quarter and full-year ended December 31, 2025, and provided its 2026 outlook and 2028 financial objectives.

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"Schrödinger’s performance in 2025, marked by 23% total revenue growth and 11% software revenue growth, is a testament to the resilience of our business and the unique value we provide," said Ramy Farid, Ph.D., chief executive officer of Schrödinger. "While the drug discovery AI landscape is expanding rapidly, we differentiate ourselves by consistently delivering outsized real-world impact, validated by continued robust customer engagement, high customer retention, and a strong track record of highly differentiated development candidates across our collaborative and internal therapeutics portfolio. Our success is enabled by our transformative platform that integrates ground-truth, physics-based simulation with leading-edge AI and machine learning. Looking ahead to 2026, we are poised to scale our impact through new platform enhancements and the commercial launch of our predictive toxicology solution."

Full Year 2025 Financial Highlights (comparisons are to full year 2024, unless otherwise noted)
•Total revenue was $255.9 million, a 23.3% increase.
•Software revenue was $199.5 million, a 10.6% increase.
•Drug discovery revenue was $56.4 million compared to $27.2 million.
•Software gross margin was 74%.
•Operating expenses were $309.5 million, a 9.3% decrease.
•Other income, which includes gains/losses on equity investments, changes in fair value of such investments and interest income/expense, was $64.6 million.
•Net loss for the full year was $103.3 million, compared to $187.1 million.
•At December 31, 2025, Schrödinger had cash, cash equivalents, restricted cash and marketable securities of approximately $402.3 million, compared to approximately $367.5 million at December 31, 2024.

Fourth Quarter 2025 Financial Highlights (comparisons are to fourth quarter 2024, unless otherwise noted)
•Total revenue was $87.2 million, a 1.2% decrease.
•Software revenue was $69.3 million, a 13% decrease, primarily due to the accelerated recognition of upfront revenue from multi-year agreements signed in 2024, partially offset by higher hosted revenue.
•Drug discovery revenue was $18.0 million compared to $8.7 million.
•Software gross margin was 81%.
•Operating expenses were $74.5 million, a 12.2% decrease.
•Other income, which includes gains/losses on equity investments, changes in fair value of such investments and interest income/expense, was $50.1 million.
•Net income for the fourth quarter was $32.5 million, compared to a net loss of $40.2 million in the fourth quarter of 2024.

For the three months and year ended December 31, 2025, Schrödinger reported adjusted EBITDA of $(5.2) million and $(114.9) million, respectively, compared to adjusted EBITDA of $(6.6) million and $(152.5) million for the three months and year ended December 31, 2024, respectively.

See "Non-GAAP Information" below and the table at the end of this press release for a reconciliation of adjusted EBITDA to GAAP net income (loss).

Full Year 2025 Key Performance Indicators (KPIs)
Schrödinger today reported 2025 key performance indicators for both the software and drug discovery components of its business.

Software KPI 2025 2024 % Growth
Total annual contract value (ACV) $198.5M $190.8M 4.0%
Top 20 Pharma ACV $80.8M $70.0M 15.3%
Commercial ACV $177.4M $165.8M 7.0%
ACV per Commercial Customer (>$1M ACV) $3.9M $3.3M 16.3%
Number of Commercial Customers (>$1M ACV) 27 29 —
Net Dollar Retention (Commercial Customers) 100% 113% —
Gross Dollar Retention (Commercial Customers) 96% 96% —

Drug Discovery KPI 2025 2024
Ongoing programs eligible for royalties 16 13
Number of collaborators since 2018 20 19

For additional information about the company’s KPIs, see "Operating Metrics" below.

Today Schrödinger announced that it is accelerating its transition to hosted software and license server solutions from traditional on-premise deployments. While this transition was already underway, the company believes that accelerating it will result in more predictable revenue and normalize the impact of contract renewal timing and duration. This industry-standard shift provides customers with faster onboarding, enhanced renewals, and improved support. This transition shifts upfront revenue recognition associated with on-premise licenses to ratable revenue recognition for hosted contracts. While this shift is expected to introduce short-to-medium term declines in software revenue, there will be no change to ACV or cash flow from this transition. Schrödinger believes this model better aligns with the evolving infrastructure needs of its customers and regulatory trends. Schrödinger expects that the majority of its software contracts will be transitioned to hosted agreements by 2028. Hosted revenue was 23% of software revenue for the year ended December 31, 2025 compared to 20% for the year ended December 31, 2024.

2026 Financial Outlook
As of February 25, 2026, Schrödinger provided the following expectations for the fiscal year ending December 31, 2026:
•Software ACV is expected to range from $218 million to $228 million, representing 10-15% growth over 2025.
•Drug discovery revenue is expected to range from $55 million to $65 million.
•Operating expenses are expected to be less than 2025.

For the first quarter of 2026, software ACV is expected to range from $24 million to $28 million, representing $197 million to $201 million on a trailing four quarter basis.

2028 Financial Objectives
In addition to its 2026 financial outlook, Schrödinger is establishing the following financial objectives reflecting its goal of achieving positive adjusted EBITDA by the end of 2028:
•Software ACV Growth: Deliver durable software ACV growth of 10% – 15% annually.
•Hosted Software Transition: Substantially complete transition to hosted software as revenue converges with ACV.
•Gross Margin: Return software gross margin percentage to high 70s.
•Drug Discovery Revenue: Target drug discovery revenue of $50 million annually, with potential variability each year due to milestone-driven timing of collaboration revenue.
•Operating Expense Discipline and Cash Flow Generation: Achieve positive adjusted EBITDA by the end of 2028.
"Our 2026 outlook and 2028 financial objectives reflect a strategic evolution in our business model," said Richie Jain, chief financial officer of Schrödinger. "We are accelerating our transition to a hosted licensing model. This shift from upfront to ratable recognition is expected to establish a more predictable, higher-visibility revenue stream that better aligns with standard software business practices without impacting cash flow. During this transition, we believe ACV provides useful insight into the underlying trends and performance of our software business given the transition’s impact on the timing of recognition of GAAP revenue, which we expect to decrease in the short-to-medium term. Accordingly, we have introduced a new set of key performance indicators to provide supplemental insight into our business performance. With our opportunities for continued growth and disciplined expense management, we aim to achieve positive adjusted EBITDA by the end of 2028."
Recent Highlights
Platform
Schrödinger’s platform addresses the challenge of data scarcity in molecular discovery by combining ground-truth, physics-based simulation with AI to enable teams to efficiently design high-quality, novel drug candidates and materials. Recent platform highlights include the following:
•In January, Schrödinger introduced RetroSynth, an AI-driven solution that enables chemists to rapidly identify the most efficient routes for the synthesis of novel molecules. RetroSynth reduces the time spent on manual route design and helps scientists prioritize the synthesis of molecules that not only have the most desirable attributes but are also synthetically tractable, while reducing costly lab failures.

•In January, the company announced a collaboration with Lilly TuneLab, whereby LiveDesign, Schrödinger’s widely used informatics platform, will be a priority interface for participating biotech companies to access TuneLab workflows. This allows users to combine Lilly’s federated learning models with Schrödinger’s physics-based simulations, addressing the data scarcity problem that often hinders AI-driven discovery.

•Also in January, Schrödinger announced a strategic agreement with Manas AI. Under the terms of the agreement, Manas AI will gain significant access to the company’s computational platform and is able to integrate Schrödinger’s physics-based modeling solutions with Manas AI’s algorithms to improve predictive accuracy and speed.

Therapeutics Portfolio
Schrödinger is advancing a portfolio of proprietary and collaborative programs that demonstrate the impact of its predict-first approach to drug design. The portfolio includes over twenty-five first-in-class, best-in-class, and first-in-modality programs across all stages of development, including more than ten clinical-stage programs. Sixteen programs are eligible for royalties on sales. The company has generated over $650 million in cash from its drug discovery initiatives since 2020 and is eligible for up to nearly $5 billion in potential future milestones. Recent highlights include the following:
•Schrödinger is working to complete the Phase 1 clinical packages for SGR-1505, Schrödinger’s investigational MALT-1 inhibitor for the treatment of relapsed or refractory B-cell malignancies, and of SGR-3515, its investigational Wee1/Myt1 inhibitor for the treatment of solid tumors. The company expects to present initial SGR-3515 data in the second quarter of 2026 and is exploring strategic partnerships to advance the development of these programs.

•In December, Structure Therapeutics, a company co-founded by Schrödinger and in which it has an equity stake, announced positive topline Phase 2B data of aleniglipron, its once-daily oral small molecule GLP-1 receptor agonist, in development for the treatment of obesity. Structure expects to initiate the aleniglipron Phase 3 program in mid-2026. Also in December, Structure announced the initiation of a first-in-human Phase 1 clinical study of ACCG-2671, an oral small molecule amylin receptor agonist for the treatment of obesity.
•In December, Ajax Therapeutics, a company co-founded by Schrödinger, presented preclinical data of AJ1-11095, the company’s first-in-class type II JAK2 inhibitor that is currently in a Phase 1 trial in patients with relapse/refractory myelofibrosis at the American Society of Hematology (ASH) (Free ASH Whitepaper) Annual Meeting. Later in December, AJ1-11095 received orphan drug designation from the U.S. Food and Drug Administration for the treatment of myelofibrosis.

•In December, Takeda announced positive topline Phase 3 results of zasocitinib, its investigational TYK2 inhibitor, in moderate-to-severe plaque psoriasis. Takeda intends to file a New Drug Application with the FDA in 2026. Takeda acquired zasocitinib from Nimbus, a company co-founded by Schrödinger, in 2023. Schrödinger is eligible to receive future cash distributions from potential milestone payments made to Nimbus upon achievement of specified sales milestones.

Webcast and Conference Call Information
Schrödinger will host a conference call to discuss its fourth quarter and full year 2025 financial results on Wednesday, February 25, 2026, at 4:30 p.m. ET. The live webcast can be accessed under "Events & Presentations" in the investors section of Schrödinger’s website, View Source To participate in the live call, please register for the call here. It is recommended that participants register at least 15 minutes in advance of the call. Once registered, participants will receive the dial-in information. The archived webcast will be available on Schrödinger’s website for approximately 90 days following the event.

(Press release, Schrodinger, FEB 25, 2026, View Source [SID1234662996])

On February 25, 2026 Revolution Medicines, Inc. (Nasdaq: RVMD), a late-stage clinical oncology company developing targeted therapies for patients with RAS-addicted cancers, reported its financial results for the quarter and full year ended December 31, 2025, and provided an update on corporate progress.

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"We made substantial clinical progress over the past year continuing to advance our broad portfolio of RAS(ON) inhibitors across multiple tumor types and disease settings," said Mark A. Goldsmith, M.D., Ph.D., chief executive officer and chairman of Revolution Medicines. "Our focus remains on executing high-quality clinical programs and leveraging our innovation platform to discover and develop potentially groundbreaking approaches aimed at improving outcomes for patients with RAS-addicted cancers. We expect a pivotal readout from RASolute 302 in the first half of 2026, which represents an important milestone for daraxonrasib, for patients with pancreatic cancer, and for our RAS(ON)-targeting strategy overall."

Recent Clinical Highlights

Pancreatic Ductal Adenocarcinoma (PDAC)

Daraxonrasib in PDAC

Daraxonrasib, a pioneering RAS(ON) multi-selective inhibitor, has shown an unprecedented clinical profile as monotherapy and in various combinations, including a RAS(ON) inhibitor doublet. The company is currently evaluating daraxonrasib in three randomized Phase 3 studies in PDAC:

RASolute 302: Global enrollment is complete in the randomized registrational trial evaluating daraxonrasib monotherapy in patients with second line (2L) metastatic disease. A readout is expected in the first half of 2026.
RASolute 303: Initiation is underway for the registrational trial evaluating daraxonrasib both as monotherapy and in combination with chemotherapy in patients with first line (1L) metastatic disease.
RASolute 304: Enrollment is ongoing in the registrational trial evaluating daraxonrasib monotherapy in the adjuvant setting in patients with resectable disease following surgery and conventional perioperative chemotherapy.
Zoldonrasib in PDAC

Zoldonrasib, an innovative RAS(ON) G12D-selective covalent inhibitor, has shown a highly differentiated safety and tolerability profile as monotherapy and is also being evaluated in a range of combinations.

In January, the company disclosed encouraging initial data from the combination of zoldonrasib plus FOLFIRINOX in patients with 1L metastatic PDAC. Nineteen patients were available for evaluation as of the December 1 data cutoff date. The initial safety and tolerability profile of the combination was largely consistent with the well-known profile of modified FOLFIRINOX alone, with high zoldonrasib dose intensity maintained. With a median follow-up of 3.9 months (2.7 – 8.0 months), 63% of patients achieved a partial response, either confirmed or pending confirmation. The disease control rate was 95% and most patients remained on treatment as of the data cutoff date. The company plans to share initial clinical data evaluating the combinations of zoldonrasib plus gemcitabine nab-paclitaxel and the RAS(ON) inhibitor doublet of zoldonrasib plus daraxonrasib at one or more medical meetings this year.

The company is advancing two 1L Phase 3 combination studies incorporating zoldonrasib this year:

RASolute 305: The randomized, double-blind, placebo-controlled registrational trial, evaluating zoldonrasib in combination with investigator’s choice of either gemcitabine nab-paclitaxel or modified FOLFIRINOX compared to investigator’s choice of the chemotherapies with placebo, has been initiated.
RASolute 309: The company plans to initiate, in the second half of 2026, a registrational trial evaluating the RAS(ON) inhibitor doublet combination of zoldonrasib plus daraxonrasib.
Non-Small Cell Lung Cancer (NSCLC)

Daraxonrasib in NSCLC

RASolve 301, a global, randomized Phase 3 trial evaluating daraxonrasib monotherapy in patients with previously treated NSCLC, continues enrolling patients in the U.S. and globally; the company anticipates substantially completing enrollment this year.

The company also expects to disclose its plans for advancing daraxonrasib combination therapy in 1L NSCLC this year.

Zoldonrasib in NSCLC

The company has reported highly encouraging safety/tolerability and antitumor activity with zoldonrasib in patients with previously treated NSCLC harboring a RAS G12D mutation. A zoldonrasib monotherapy expansion cohort of 2L and beyond patients has fully enrolled, and earlier this year zoldonrasib was awarded FDA Breakthrough Therapy designation in this setting, making it the company’s third RAS(ON) inhibitor to have received this distinction.

The company is preparing to initiate, in the first half of 2026, RASolve 308, a randomized, placebo-controlled Phase 3 trial of zoldonrasib in combination with standard of care as a 1L treatment for patients with metastatic RAS G12D NSCLC.

Elironrasib in NSCLC

For elironrasib, the company has reported a differentiated clinical profile in both RAS G12C inhibitor-naïve and G12C inhibitor-experienced NSCLC patients. Elironrasib has demonstrated encouraging results as monotherapy and in combination with either pembrolizumab or as part of a RAS(ON) inhibitor doublet with daraxonrasib.

The company plans to share an update on its registrational vision for elironrasib in 2026.

Colorectal Cancer (CRC)

Given the genetically complex and heterogeneous nature of colorectal cancer, the company believes combinatorial approaches are key to maximizing clinical impact. The company has a range of combination trials underway, including evaluating RAS(ON) inhibitor doublets and combinations with current standards of care and other novel investigational approaches.

The company plans to share updated combination data in CRC this year as it looks toward potential pivotal trial opportunities.

Clinical Collaborations

The company’s development efforts include several clinical collaborations studying its RAS(ON) inhibitors with other targeted therapies:

Under a collaboration with Summit Therapeutics, Inc., the APEX-103 trial is evaluating Revolution Medicines’ RAS(ON) inhibitors with ivonescimab, Summit’s PD-1/VEGF bispecific antibody, across multiple solid tumor settings. The first patient was recently dosed in this clinical trial.
A collaborative trial with Tango Therapeutics, Inc. is evaluating Revolution Medicines’ RAS(ON) inhibitors in combination with vopimetostat, Tango’s MTA-cooperative PRMT5 inhibitor, in patients with tumors carrying both a RAS mutation and MTAP deletion.
The company also recently entered into a clinical collaboration with Bristol Myers Squibb to evaluate daraxonrasib in combination with navlimetostat, Bristol Myers Squibb’s MTA-cooperative PRMT5 inhibitor, in patients with pancreatic cancer whose tumors carry both a RAS mutation and MTAP deletion. This collaboration extends Revolution Medicines’ commitment to evaluating novel targeted agents, such as PRMT5 inhibitors, that may be appropriate to combine with RAS(ON) inhibitors in some settings.
Early-Stage Programs

RMC-5127

The company recently advanced its fourth RAS(ON) inhibitor, the RAS(ON) G12V-selective inhibitor RMC-5127, into the clinic and announced that the first patient was dosed in a first-in-human trial.

The company expects to identify a recommended monotherapy Phase 2 dose for this compound in the second half of 2026.

Innovative New Class of RAS(ON) Inhibitors

The company continues to discover novel approaches that have the potential to further transform treatment paradigms for patients living with RAS-addicted cancers.

In January, the company introduced an innovative new class of RAS(ON) inhibitors designed to overcome RAS-driven acquired drug resistance and extend the clinical benefit of its RAS(ON) portfolio. A compound from this class of RAS(ON) inhibitors, RM-055, was shown to drive deep and durable tumor regressions in preclinical PDAC and NSCLC models that had developed resistance to a RAS multi-selective inhibitor.

The company plans to share more information about this new class of compounds at an upcoming scientific meeting, and plans to initiate a Phase 1 trial with the first compound from this class of RAS(ON) inhibitors in the fourth quarter of this year.

Financial Highlights

Fourth Quarter Results

Cash Position: Cash, cash equivalents and marketable securities were $2.0 billion as of December 31, 2025. This balance includes the receipt of the first royalty monetization tranche of $250 million in June 2025 from the company’s partnership with Royalty Pharma, and there remains an additional $1.75 billion in future committed capital under this arrangement.

R&D Expenses: Research and development expenses were $294.9 million for the quarter ended December 31, 2025, compared to $188.1 million for the quarter ended December 31, 2024. The increase was primarily due to an increase in clinical trial and manufacturing expenses for daraxonrasib, zoldonrasib, and elironrasib, and an increase in personnel-related expenses and stock-based compensation expense related to additional headcount.

G&A Expenses: General and administrative expenses were $66.7 million for the quarter ended December 31, 2025, compared to $28.2 million for the quarter ended December 31, 2024. The increase in G&A expenses was primarily due to increases in commercial preparation activities, and personnel-related expenses and stock-based compensation related to additional headcount.

Net Loss: Net loss was $364.9 million for the quarter ended December 31, 2025, compared to net loss of $194.6 million for the quarter ended December 31, 2024.

Full Year 2025 Financial Highlights

R&D Expenses: Research and development expenses were $987.3 million for the year ended December 31, 2025, compared to $592.2 million for the year ended December 31, 2024. The increase was primarily due to an increase in clinical trial and manufacturing expenses for daraxonrasib, zoldonrasib, and elironrasib, and an increase in personnel-related expenses and stock-based compensation related to additional headcount.

G&A Expenses: General and administrative expenses were $195.0 million for the year ended December 31, 2025 compared to $97.3 million for the year ended December 31, 2024. The increase in G&A expenses was primarily due to increases in commercial preparation activities, and personnel-related expenses and stock-based compensation related to additional headcount.

Net Loss: Net loss was $1.1 billion for the year ended December 31, 2025, compared to net loss of $600.1 million for the year ended December 31, 2024.

2026 Financial Guidance

Revolution Medicines expects full year 2026 GAAP operating expenses to be between $1.6 and $1.7 billion, which includes estimated non-cash stock-based compensation expense of between $180 and $200 million.

Webcast
Revolution Medicines will host a webcast this afternoon, February 25, 2026, at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). To listen to the live webcast, or access the archived webcast, please visit: View Source Following the live webcast, a replay will be available on the company’s website for at least 14 days.

(Press release, Revolution Medicines, FEB 25, 2026, View Source [SID1234662995])

On February 25, 2026 Recursion (Nasdaq : RXRX) a leading clinical stage TechBio company decoding biology to radically improve lives, reported business updates and financial results for its fourth quarter and full year ending December 31, 2025.

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Recursion will host an earnings Call on February 25, 2026 at 8:00 am ET / 6:00 am MT / 1:00 pm GMT from Recursion’s X, LinkedIn, and YouTube accounts giving analysts, investors, and the public the opportunity to ask questions of the company by submitting questions here: View Source

"Recursion has reached an inflection point: moving from proving that AI can participate in drug discovery to demonstrating that an AI-native operating system can generate clinical proof and durable value," said Najat Khan, Ph.D., CEO & President of Recursion. "Our first AI-enabled clinical proof of concept in FAP and our fifth program milestone achieved with Sanofi reflect the increasing maturity of a deeply integrated model — one that connects biology, chemistry, and clinical development into a continuous learning system. We enter 2026 with five differentiated clinical programs advancing with defined next-stage milestones, a growing discovery portfolio informed by proprietary platform insights, and more than $500 million in upfront and progress-based milestone payments earned to date. Pairing bold ambition with disciplined execution, we are building Recursion to compound over time — translating insight into molecules, molecules into medicines, and innovation into measurable impact for patients and shareholders alike."

•REC-4881 (MEK1/2): Provided the first clinical validation of the Recursion OS from a novel phenotypic insight, with positive preliminary efficacy results from the ongoing Phase 2 portion of the TUPELO study in FAP, a disease with no approved pharmacotherapies.
◦REC-4881 (4 mg QD) achieved rapid clinical activity, with 75% of evaluable patients showing reductions in total polyp burden and a 43% median reduction after 12 weeks of treatment (n=12).
◦After 12 weeks off therapy (week 25 of the study), 82% of evaluable patients (9 of 11) maintained a durable reduction in total polyp burden, with a 53% median reduction observed from baseline.

◦REC-4881 (4 mg QD) has a safety profile consistent with MEK1/2 inhibition, with the majority of treatment-related adverse events being Grade 1 or 2, Grade 3 events occurring in 15.8% of the safety-evaluable patients, and no Grade ≥4 TRAEs reported to date. The most frequent TRAEs (at ≥10%) included dermatitis acneiform / rash and blood CPK increase.
•REC-617 (CDK7): A potential best-in-class CDK7 inhibitor optimized for improved therapeutic index using our AI-driven precision design platform and identified as lead candidate in under 11 months with 136 novel compounds synthesized, delivered further Phase 1/2 results in November 2025, demonstrating promising safety and preliminary efficacy signals. The program is currently advancing in ongoing Phase 1 combination studies in 2L+ platinum-resistant ovarian cancer (PROC) alongside Phase 2 monotherapy expansion.
•REC-7735 (PI3Kα H1047R): Recursion announced new preclinical efficacy data on REC-7735, a potential best-in-class PI3K⍺ H1047R inhibitor, precision designed with 242 compounds synthesized from first novel hit to REC-7735 in 10 months using the Recursion OS platform. Current pan-PI3K⍺ inhibitors lack selectivity over the wild-type protein, resulting in metabolic liabilities, including hyperglycemia, that often necessitate dose reductions in a significant portion of non diabetic patients and the exclusion entirely of diabetic patients from treatment. REC-7735 demonstrates >100-fold selectivity for the H1074R mutation over WT PI3K⍺ suggesting potential improved tolerability and is currently in IND-enabling studies.

Expected Upcoming Milestones Across Recursion’s Wholly-Owned Pipeline:

•REC-1245 (RBM39): Early Phase 1 safety and PK monotherapy data expected in 1H26
•REC-4881 (MEK1/2):
◦Initiate FDA engagement in 1H26 to align on a potential registration pathway for REC-4881, alongside ongoing dosing optimization and expansion of TUPELO to include patients aged 18+ to support a broader development strategy
◦Additional Phase 1b/2 clinical data expected in 1H27
•REC-7735 (PI3Kα H1047R) and REC-102 (ENPP1): IND-enabling studies ongoing; data-driven go/no-go decision on Phase 1 initiation expected in 2H26
•REC-617 (CDK7): Early Phase 1 safety and PK combination data expected in 1H27
•REC-3565 (MALT1): Early Phase 1 safety and PK monotherapy data expected in 1H27
•REC-4539 (LSD1): Early Phase 1 safety and PK monotherapy data expected in 2H27

Advancing Partnered Discovery, with Over $500 Million in Milestone Payments Achieved to Date:

•Sanofi:
◦Advancing programs for complex targets: Recursion is using its platform to discover, design, and advance a joint portfolio of 5+ AI-driven novel small molecule programs across immunology and oncology. Recursion continues to design against challenging and diverse protein targets.
◦The collaboration has the potential for up to 15 AI-designed small molecule programs.
◦Milestone payments: Recursion has now received $134 million in upfront and progress-based milestones from this partnership to date.
▪In the next 12-18 months, there is potential for additional near-term milestones as the first programs advance towards development candidates and earlier-stage programs progress.

◦Fifth progress-based milestone: In February 2026, Recursion achieved its fifth milestone across the collaboration, generating a $4M payment from Sanofi. This 5th milestone reflects a first-in-class Sanofi-partnered oncology program against a historically difficult and novel biological space.
▪Recursion’s AI-driven design coupled with Recursion’s physics-based capabilities has produced selective, orally active lead series.

•Roche and Genentech:
◦Neuron Map: In partnership with Roche and Genentech, Recursion built the first whole-genome CRISPR knockout map generated from a subset of 1 trillion internally manufactured iPSC-derived neuronal cells ($30 million milestone payment, accepted in 2024). This proprietary dataset is being used in partnership with Roche and Genentech to identify potential new targets in neuroscience, a field which has historically suffered from limited new discoveries.
◦Microglia Map: Recursion built and Roche and Genentech accepted a second neuroscience Phenomap, a first-of-its-kind whole-genome CRISPR knockout map generated from over 100 billion internally manufactured iPSC-derived microglial cells ($30 million milestone payment, accepted in 2025). With approximately 46 million images, the scale and quality of this proprietary map enables us, in partnership with Roche and Genentech, to leverage the power of AI to explore novel targets and pathways.
◦Gastrointestinal-Oncology Advancements: We have built four proprietary Phenomaps which are being leveraged under the collaboration to identify novel insights that can be used to initiate programs for a gastrointestinal-oncology indication including continuing to advance one program optioned by Roche and Genentech.
◦Milestones and Collaboration: In total, Recursion has received $213 million in upfront and milestone payments from the collaboration. Roche and Genentech have accepted 6 Phenomaps and initiated one small molecule program based on Phenomap insights to date. The companies have also identified a number of biological insights from Phenomaps that are now being validated or advanced as potential novel targets.

Meaningful Potential Upcoming Milestones Across Partnered Discovery:
•Sanofi programs continue advancing towards potential lead series and development candidate designation milestones in the next 12-18 months.
•The Company expects to translate biological insights from maps delivered to Roche and Genentech to early stage programs across 2026 and beyond.

2025 Recursion OS Advances: Driving Platform Innovations, Grounded in Impact

Full stack AI-powered platform: The Recursion Operating System (OS) is continuing to drive program development by integrating AI across multimodal biology, precision design, and next-generation clinical development—enabling faster, more efficient, and more innovative drug discovery and development from biology to insight, insight to molecule, and molecule to patient.

•Biology to Insight: Initiating programs with deep biological grounding
◦Unmatched multimodal scale: At-scale cellular imaging, integrated with proprietary and partner omics datasets, has created one of the most comprehensive and relatable biological datasets in biopharma.
◦From signal to selection: This foundation enables systematic discovery of novel biology — rapidly triaging hundreds of signals into dozens of targets for experimental validation within weeks.
•Insight to Molecule: Designing differentiated molecules more efficiently
◦Proven platform productivity and reproducibility: To date, the platform has delivered >10 development candidates that address a wide variety of previously unsolved biology or chemistry problems.
◦Advanced candidates have been delivered by synthesizing ~330 compounds per program in ~17 months, compared to industry averages of over 2,500 compounds and 42 months, respectively.
◦Leverages an AI-native engine for the industrialized generation of over 100 million molecules annually through synthetically aware design, generating novel and patentable compounds.
•Molecule to Patient: Advancing medicines into the clinic with improved patient relevance
◦Integrated high-quality, linked patient datasets to strengthen programs, bolster preclinical and early clinical data to select patients and optimize recruitment: Contextualized the single-arm efficacy of REC-4881 in the TUPELO study through real-world evidence analytics and AI-enabled data extraction, to build a comprehensive view of the lived, progressive-disease FAP patient experience, to directly inform clinical development strategy.
◦Rapid, data-driven optimization of clinical trial operations: Deployed global clinical trial site intelligence database, covering a wide swath of historical clinical trials, to reduce trial country and site selection from months to hours.

Integration Initiatives Completed with Continued Disciplined Capital Management
Several operating initiatives were completed through the course of 2025 focused on integration of the Exscientia combination and the prioritization of high impact investments in the pipeline and platform. These initiatives allowed Recursion to achieve an operating cash expense of approximately $400 million, approximately 10% lower than guidance for 2025. The company will continue to apply a rapid, data-driven

investment strategy to continue efficiently growing its differentiated pipeline and leading platform. Management expects 2026 operating cash expense, excluding partnership inflows and transaction costs, to be less than $390 million.

Fourth Quarter and Full Year 2025 Financial Results

•Cash Position: Cash, cash equivalents and restricted cash were $753.9 million as of December 31, 2025 compared to $603.0 million as of December 31, 2024. Based on current operating plans and with no additional financing, the Company’s expected cash runway extends into early 2028.

•Revenue: Total revenue, consisting primarily of revenue from collaboration agreements, was $35.5 million for the fourth quarter of 2025, compared to $4.5 million for the fourth quarter of 2024. Total revenue, consisting primarily of revenue from collaboration agreements, was $74.7 million for the year ended December 31, 2025, compared to $58.8 million for the year ended December 31, 2024. The quarter over quarter increase was driven by the timing of achievement of a $30 million milestone payment for the second phenomap from Roche and Genentech in October 2025 for which the company recognized a portion as revenue in the fourth quarter of 2025, in addition to an increase in revenue relating to the company’s collaboration with Sanofi. The year over year change was primarily due to the inclusion of Exscientia’s results for the full year of 2025.

•Research and Development Expenses: Research and development expenses were $95.9 million for the fourth quarter of 2025, compared to $98.3 million for the fourth quarter of 2024. Research and development expenses were $475.3 million for the year ended December 31, 2025, compared to $314.4 million for the year ended December 31, 2024. The quarter over quarter decrease compared to the prior period was primarily driven by improved operating efficiency and a strategic reprioritization of our clinical portfolio in the second quarter of 2025. The increase in 2025 research and development expenses compared to the prior year was driven by Tempus record purchases of $49.9 million, acquired IPR&D purchases of $22.8 million and the inclusion of Exscientia’s results for the full year of 2025.

•General and Administrative Expenses: General and administrative expenses were $33.7 million for the fourth quarter of 2025 compared to $77.2 million for the fourth quarter of 2024. General and administrative expenses were $176.6 million for the year ended December 31, 2025, compared to $178.2 million for the year ended December 31, 2024. The decrease compared to the prior period was primarily due to the inclusion of transaction expenses from the business combination with Exscientia in the fourth quarter of 2024. The decrease in 2025 general and administrative expenses compared to the prior year was driven by the inclusion of Exscientia’s results for the full year of 2025.

•Net Loss: Net loss was $108.1 million for the fourth quarter of 2025 compared to a net loss of $178.9 million for the fourth quarter of 2024. Net loss was $644.8 million for the year ended December 31, 2025, compared to a net loss of $463.7 million for the year ended December 31, 2024.

•Operational Cash flows: Net cash used in operating activities was $46.1 million for the fourth quarter of 2025, compared to net cash used in operating activities of $115.4 million for the fourth quarter of 2024. Net cash used in operating activities was $371.8 million for the year ended December 31, 2025, compared to net cash used in operating activities of $359.2 million for the year ended December 31, 2024. The quarter over quarter decrease in cash used was primarily driven by the receipt of the Roche $30 million milestone, four quarter 2024 spend on the Exscientia transaction and 2025 operational efficiencies due to our various strategic initiatives. The increase in cash used in operating activities year over year was primarily driven by the inclusion of Exscientia’s operations, for which the business combination with Recursion closed in November 2024.
•Cash Operating Expense: Cash, excluding partnership inflows and transaction costs, for the year ended December 31, 2025 was $399.2 million.

(Press release, Recursion Pharmaceuticals, FEB 25, 2026, View Source [SID1234662994])

On February 25, 2026 Quest Diagnostics Incorporated (NYSE: DGX), a leader in diagnostic information services, reported that Sam Samad, Executive Vice President & Chief Financial Officer, will speak on the company’s strategy, performance and the latest market developments and trends during the Leerink 2026 Global Healthcare Conference in Miami on Wednesday, March 11, 2026, at 8:00 a.m. Eastern Time.

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The Fireside Chat and Q&A session will be webcast live during the conference on the company’s investor relations page, which can be accessed at ir.QuestDiagnostics.com. In addition, the archived webcast will be available within 24 hours after the conclusion of the live event and will remain available until March 25, 2026.

(Press release, Quest Diagnostics, FEB 25, 2026, View Source [SID1234662993])