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Recursion Pharma
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Latest analysis
Updated Nov 3, 2026
Recursion posts first-in-class clinical proof in FAP and solid tumors while cutting 2027 opex below $360M and extending runway to 2029.
Recursion's Q3 2026 earnings call delivered two simultaneous first-in-class clinical signals: REC-4881 showed 87% of FAP patients with polyp burden reduction at 12 weeks with 85% persistence off treatment, and REC-1245 produced two confirmed partial responses in heavily pretreated endometrial cancer, anchoring a novel RBM39 degrader franchise. These clinical readouts, combined with the Sanofi development candidate option triggering a $10 million milestone and total partner cash inflows crossing $535 million, establish the repeatability thesis management has staked its platform valuation on. A $200 million oversubscribed financing extending runway to 2029, alongside a reduction in 2026 cash opex guidance to below $375 million and a 2027 target below $360 million, positions the company to execute a registrational FAP study initiation targeted for H2 2027 without near-term capital risk.
Tone: bullishRevenue
$74.7M
RXRX 10-K · FY 2025
Employees
600
Revenue FY2024
$58.8M
Founded
2013
Profile
RXRX 10-K Item 1 · Feb 25, 2026Recursion Pharmaceuticals is a clinical-stage TechBio company that applies an AI-native, end-to-end drug discovery and development platform — the Recursion Operating System — to decode complex biology and advance a portfolio of wholly owned and partnered small molecule programs. The company generates revenue through strategic collaborations with large pharmaceutical partners including Roche and Genentech, Sanofi, Bayer, and Merck KGaA, receiving milestone payments for novel data generation and AI-designed molecule programs. Its internal pipeline is focused on oncology and rare disease, with the FAP program REC-4881 representing the first clinical validation of the Recursion OS.
Read filing description ↓ Collapse description ↑
Recursion is a clinical-stage TechBio company with a mission to decode biology to radically improve lives. We have advanced a portfolio of differentiated internal programs and strategic partnerships powered by our integrated drug discovery and development platform, the Recursion Operating System (OS). This platform provides end-to-end, AI-native capabilities that span from novel biological ideas through the clinic, integrating multimodal biological data generation, AI-powered small molecule synthesis, and AI-enabled clinical development. All of our technologies are designed to translate complex science into medicines that matter — faster, better, and at scale — for patients who are waiting. We utilize a wide range of AI and automation to achieve differentiation in biology, chemical design, and clinical development, targeting areas of high unmet need with a speed and precision unique to our AI-native approach. Our goal remains for these proprietary insights to be translated into successful clinical outcomes across our internal focus areas of oncology and rare disease, as well as for our partners across oncology, neuroscience, immunology, and other therapeutic areas with high unmet need. Our platform is differentiated by the scale and quality of our core capabilities, including proprietary data generated by automated high-throughput labs running over 2 million experiments per week, purpose-built AI models, and a supercomputer (BioHive-2) built in collaboration with NVIDIA. To date, we have received over $500 million in partner payments and have the potential for over $20 billion in additional milestones before royalties.
Primary products
- Recursion Operating System (OS)
- REC-4881 (MEK1/2 inhibitor, FAP)
- REC-617 (CDK7 inhibitor, advanced solid tumors)
- REC-1245 (RBM39 molecular glue degrader, solid tumors and lymphoma)
- REC-3565 (MALT1 inhibitor, B-cell malignancies)
- REC-4539 (LSD1 inhibitor, solid tumors and hematology oncology)
Business segments
End markets
Geographies
Named customers
Named competitors
“We believe that our differentiated approach provides us with a significant competitive advantage. We are a hybrid company, competing within multiple categories of the pharmaceutical, biotechnology, and technology industries where companies are similarly working to integrate rapidly advancing technologies into their drug discovery and development activities and/or are creating scalable scientific platforms.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue increased from $58.8 million in 2024 to $74.7 million in 2025, driven by growth in operating revenue from collaboration and milestone payments, partially offset by a modest increase in grant revenue.
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