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Recursion Pharma
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Latest analysis
Updated Aug 5, 2026
Recursion lowers 2026 cash OpEx guidance to $375M while validating its AI-native engine via a first-ever unexplored neuroscience target advance with Roche-Genentech.
Recursion's most consequential development this cycle is the advancement of a previously unexplored neuroscience target — discovered entirely through its AI-driven biology maps — into a jointly developed small molecule program with Roche-Genentech, providing the first external proof point that its platform can generate genuinely novel biology rather than merely optimize known targets. Simultaneously, the company lowered full-year 2026 cash operating expense guidance to $375 million, representing a nearly 40% reduction from comparable 2024 pro forma expenses, while maintaining all stated pipeline milestones. With five clinical-stage programs, $557 million in cash, and more than $500 million in cumulative partnership inflows, Recursion enters the second half of 2026 as the most externally-validated AI-native drug discovery platform with a near-term FAP data catalyst at CGA-IGC in November.
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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