diff --git a/crates/oxc_parser/src/cursor.rs b/crates/oxc_parser/src/cursor.rs
index 12c9026e5..4babc53f5 100644
--- a/crates/oxc_parser/src/cursor.rs
+++ b/crates/oxc_parser/src/cursor.rs
@@ -29,7 +29,7 @@ impl<'a> Parser<'a> {
 
     /// Get current token
     #[must_use]
-    pub fn cur_token(&self) -> &Token {
+    pub fn cur_token(&self) -> &Token<'a> {
         &self.token
     }
 
diff --git a/crates/oxc_parser/src/js/expression.rs b/crates/oxc_parser/src/js/expression.rs
index 37de2c5dd..87051e591 100644
--- a/crates/oxc_parser/src/js/expression.rs
+++ b/crates/oxc_parser/src/js/expression.rs
@@ -301,11 +301,13 @@ impl<'a> Parser<'a> {
             Kind::RegExp => self.cur_token().value.as_regex(),
             _ => return self.unexpected(),
         };
+        let pattern = Atom::from(r.pattern);
+        let flags = r.flags;
         self.bump_any();
         Ok(RegExpLiteral {
             span: self.end_span(span),
             value: EmptyObject {},
-            regex: RegExp { pattern: r.pattern, flags: r.flags },
+            regex: RegExp { pattern, flags },
         })
     }
 
diff --git a/crates/oxc_parser/src/lexer/mod.rs b/crates/oxc_parser/src/lexer/mod.rs
index d6fc0788e..3e8000657 100644
--- a/crates/oxc_parser/src/lexer/mod.rs
+++ b/crates/oxc_parser/src/lexer/mod.rs
@@ -16,7 +16,7 @@ mod trivia_builder;
 use std::{collections::VecDeque, str::Chars};
 
 use oxc_allocator::{Allocator, String};
-use oxc_ast::{ast::RegExpFlags, Atom, SourceType, Span};
+use oxc_ast::{ast::RegExpFlags, SourceType, Span};
 use oxc_diagnostics::{Diagnostics, Error};
 use simd::{SkipMultilineComment, SkipWhitespace};
 pub use token::{RegExp, Token, TokenValue};
@@ -197,7 +197,7 @@ impl<'a> Lexer<'a> {
                 Kind::SlashEq => 2,
                 _ => unreachable!(),
             };
-        let kind = self.read_regex(kind);
+        let kind = self.read_regex();
         self.lookahead.clear();
         self.finish_next(kind)
     }
@@ -986,12 +986,8 @@ impl<'a> Lexer<'a> {
     }
 
     /// 12.8.5 Regular Expression Literals
-    fn read_regex(&mut self, kind: Kind) -> Kind {
-        let start = self.current.chars.as_str();
-        let mut pattern = String::new_in(self.allocator);
-        if kind == Kind::SlashEq {
-            pattern.push('=');
-        }
+    fn read_regex(&mut self) -> Kind {
+        let start = self.current.token.start + 1; // +1 to exclude `/`
         let mut in_escape = false;
         let mut in_character_class = false;
         loop {
@@ -1020,7 +1016,8 @@ impl<'a> Lexer<'a> {
             }
         }
 
-        pattern.push_str(&start[..start.len() - self.current.chars.as_str().len() - 1]);
+        let end = self.offset() - 1; // -1 to exclude `/`
+        let pattern = &self.source[start as usize..end as usize];
 
         let mut flags = RegExpFlags::empty();
 
@@ -1051,8 +1048,7 @@ impl<'a> Lexer<'a> {
             flags |= flag;
         }
 
-        self.current.token.value =
-            TokenValue::RegExp(RegExp { pattern: Atom::from(pattern.as_str()), flags });
+        self.current.token.value = TokenValue::RegExp(RegExp { pattern, flags });
 
         Kind::RegExp
     }
diff --git a/crates/oxc_parser/src/lexer/token.rs b/crates/oxc_parser/src/lexer/token.rs
index 982742ee8..6a0e94446 100644
--- a/crates/oxc_parser/src/lexer/token.rs
+++ b/crates/oxc_parser/src/lexer/token.rs
@@ -1,7 +1,7 @@
 //! Token
 
 use num_bigint::BigUint;
-use oxc_ast::{ast::RegExpFlags, Atom, Span};
+use oxc_ast::{ast::RegExpFlags, Span};
 
 use super::kind::Kind;
 
@@ -29,7 +29,7 @@ pub struct Token<'a> {
 #[test]
 fn no_bloat_token() {
     use std::mem::size_of;
-    assert_eq!(size_of::<Token>(), 56);
+    assert_eq!(size_of::<Token>(), 48);
 }
 
 impl<'a> Token<'a> {
@@ -45,12 +45,12 @@ pub enum TokenValue<'a> {
     Number(f64),
     BigInt(BigUint),
     String(&'a str),
-    RegExp(RegExp),
+    RegExp(RegExp<'a>),
 }
 
 #[derive(Debug, Clone, PartialEq, Eq)]
-pub struct RegExp {
-    pub pattern: Atom,
+pub struct RegExp<'a> {
+    pub pattern: &'a str,
     pub flags: RegExpFlags,
 }
 
@@ -78,9 +78,9 @@ impl<'a> TokenValue<'a> {
     }
 
     #[must_use]
-    pub fn as_regex(&self) -> RegExp {
+    pub fn as_regex(&self) -> &RegExp<'a> {
         match self {
-            Self::RegExp(regex) => regex.clone(),
+            Self::RegExp(regex) => regex,
             _ => panic!("expected regex!"),
         }
     }