Recursion Pharmaceuticals, Inc. (RXRX)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$54.9M

Revenue growth

-15.1%

Net income, last twelve months

-$518.9M

Earnings per share

-$1.04

Gross margin

3.5%

Operating margin

-991.7%

Net margin

-945.9%

Free cash flow

-$352.3M

Return on equity

-56.7%

Market value

$2.3B

Cash

$545.7M

Debt

$14.2M

Debt to equity

0.02

Shares outstanding

534.1M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the third quarter of 2026 results, filed 15 October 2026.

• Sanofi option triggered $10 million. The option on the first development candidate triggered a $10 million milestone payment to Recursion.
• Revenue to be recognized in Q3. The release contains no quarterly financial statements. The $10 million is to be recognized as revenue in the third quarter of 2026.
• Operational obligations end for candidate. The milestone ends Recursion's operational requirements for this candidate. Management said all future payments result in profit to Recursion.
• More than $300 million still eligible. Recursion remains eligible for more than $300 million of additional milestones for this program, beyond the payments already received.
• Royalties low double-digit if commercialized. Royalties on net product sales average low double-digit rates, applying if the candidate is successfully commercialized.
• Cumulative Sanofi payments reach $144 million. Upfront and milestone payments from Sanofi under the collaboration now total $144 million, including the $10 million option payment.
• First-in-class oral dual-targeting candidate. The candidate is a potential first-in-class oral small molecule, designed for a differentiated profile against a dual target in inflammatory disease.
• Target pair required chemistry balancing. Optimizing for the target pair meant managing competing chemistry constraints to reach the intended balance of drug-like properties.
• Candidate aimed at inflammatory patients. Sanofi's immunology lead described possible value for people with inflammatory diseases who still lack adequate treatment options.
• Recursion and Sanofi capabilities combined. The candidate combined Recursion's integrated AI-enabled drug design platform and small-molecule chemistry with Sanofi's expertise in drug discovery and immunology.
• Iterative computational design cycles. Multiple computational design approaches were run through repeated cycles of prediction, chemical design, synthesis and experimental validation to explore chemical space.
• Speed and precision credited to combination. Sanofi's immunology lead credited its clinical and translational knowledge, combined with Recursion's AI-driven platform, for moving with speed and precision.
• Candidate added to Sanofi pipeline. Sanofi has added the candidate to its development pipeline following the option.
• Phase 1 expected in 2027. Phase 1 clinical trials for the candidate are expected to begin in 2027.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

By region, FY2025

Company events

The newest 8-K filings of 88 held.

Every filing

The newest filings with the SEC of 181 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

385 funds held it at 30 Jun 2026: 169 added and 100 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Amgen Inc. (AMGN): revenue $38.1B, market value $244.4B
• Gilead Sciences, Inc. (GILD): revenue $30.5B, market value $197.6B
• Moderna, Inc. (MRNA): revenue $2.2B, market value $85.4B
• argenx SE (ARGX): revenue $4.2B, market value $55.2B
• Biogen Inc. (BIIB): revenue $10.3B, market value $36.1B
• BioNTech SE (BNTX): revenue $3.2B, market value $22.1B
• Exelixis, Inc. (EXEL): revenue $2.4B, market value $16.5B
• Halozyme Therapeutics, Inc. (HALO): revenue $1.7B, market value $14.8B
• Neurocrine Biosciences Inc. (NBIX): revenue $3.4B, market value $14.8B
• Bio-Techne Corp. (TECH): revenue $1.2B, market value $11.3B

What the company does

Recursion is a clinical-stage TechBio company, which is how it describes itself, that works on drug discovery and development. Its platform is the Recursion Operating System (Recursion OS), which spans biology, small molecule chemistry and clinical development. The company runs its own pipeline of five clinical programs and 2 preclinical programs, and also works with partners including Roche and Genentech, Sanofi, Bayer and Merck KGaA (Darmstadt, Germany). It has close to 600 employees and no products on the market.

How the platform works Its automated high throughput labs can run over 2 million experiments per week. Its phenomics work, which is image-based profiling of cells, operates across nearly 50 distinct cell types, including neuronal and microglial cells derived from induced pluripotent stem cells.

For chemistry, it uses a design platform called Centaur Chemist, which runs repeated cycles of design, make, test and learn. The company says it synthesizes about 330 compounds per program to reach an advanced candidate, against an industry average it puts at about 2,500. It trains many of its models on BioHive-2, a supercomputer built with NVIDIA from 63 DGX H100 systems holding 504 GPUs.

For clinical work, its ClinTech platform draws on de-identified records covering about 300 million real-world lives and about 1 million molecularly profiled lives. The company uses it to select patients, choose countries and sites, and plan trials.

Its own pipeline

- REC-4881 is a MEK1/2 inhibitor for familial adenomatous polyposis. It is in the Phase 1b/2 TUPELO study and holds Orphan Drug Designation in the US and EU and Fast Track Designation in the US. - REC-617 is a CDK7 inhibitor in the Phase 1/2 ELUCIDATE study in advanced solid tumors. - REC-1245 is an RBM39 degrader in the Phase 1/2 DAHLIA study, enrolling at sites in the US and Canada. - REC-3565 is a MALT1 inhibitor in the Phase 1 EXCELERIZE study in relapsed or refractory B-cell malignancies. - REC-4539 is an LSD1 inhibitor. The company says it expects to start its Phase 1 study, ENLYGHT, in the first half of 2026.

Two preclinical programs, REC-7735 and REC-102, are in IND-enabling studies. In May 2025 the company streamlined its portfolio. It discontinued REC-2282, REC-994 and REC-3964 and says it is pursuing partnering opportunities for them.

Partnerships Recursion does the early discovery, and the partner can option the resulting targets or molecules and take them into later development.

- Roche and Genentech: The collaboration began in December 2021 and covers neuroscience and one gastrointestinal cancer indication. Up to 40 small molecule programs may be started. Recursion builds phenomaps, which are maps of how cells respond to genetic changes, and the partners have accepted six of them. Two are whole-genome maps, one from neurons and one from microglia. - Sanofi: The agreement dates from January 2022 and covers oncology and immunology. Up to 15 small molecule programs may be started, with tiered royalties on net sales if products are commercialized. - Bayer: Recursion works on up to seven oncology programs. Bayer holds the first option to license candidates. - Merck KGaA (Darmstadt, Germany): The September 2023 agreement covers three initial targets in oncology and immunology. Once a development candidate is selected, the partner takes over later development and commercialization.

Data, technology and licences Recursion buys access to outside data and technology. It has agreements with Tempus, Helix and HealthVerity for de-identified patient records, and with Google Cloud for cloud and generative AI tools. REC-4881 was in-licensed from Takeda, where it was known as TAK-733. REC-617 came through an asset purchase from Apeiron. Contract manufacturers make the drug substance and investigational drug product for its candidates.

Where it operates and who works there Two sites hold the heavy laboratory infrastructure. Salt Lake City, Utah, has 140,000 square feet of lab and office space and hosts the high throughput screening labs. Milton Park, Oxfordshire, has 20,151 square feet and focuses on design-make-test-learn work and automation. Offices in New York City (11,655 square feet), Montreal (8,367 square feet, home to Valence Labs) and London (6,792 square feet) support leadership, AI research and recruiting.

About 35% of employees are life scientists such as chemists and biologists, and about 43% are computational and technical experts such as data scientists and software engineers.

Competition and commercial position The company describes itself as a hybrid competing in four groups. These are TechBio companies such as Relay Therapeutics, Isomorphic Labs, Schrodinger and AbCellera, and scalable platform companies such as Moderna, BioNTech and Roivant Sciences. They also include traditional biopharma companies such as Janssen, Merck and Pfizer, and large technology companies such as Alphabet, Microsoft and Amazon.

Recursion has no sales, marketing or commercial distribution capabilities. If a candidate is approved, it says it may commercialize on its own or with a partner.

*From Recursion's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1601830/000160183026000039/rxrx-20251231.htm)*

From the company's 10-K.