$RXRX · RECURSION PHARMACEUTICALS, INC.
Recursion Pharmaceuticals reported Q3 2026 results: total revenue of $18.6M (+258% YoY), net loss of $(119.0)M (improved from $(162.3)M), and GAAP EPS of $(0.22). The company highlighted positive Phase 2 REC-4881 data in FAP showing deep polyp burden reductions, encouraging Phase 1 REC-1245 data with 2 confirmed partial responses, and Sanofi's optioning of a first-in-class immunology candidate triggering a $10M milestone. Cash runway was extended into 2029. Fred Hassan was appointed Chair of the Board.
- Q3 total revenue of $18.6M, up 258% YoY from $5.2M, driven by $18.1M in operating revenue.
- Net loss narrowed to $(119.0)M from $(162.3)M YoY; GAAP EPS improved to $(0.22) from $(0.36).
- Cash and equivalents of $549.9M at Sept 30; runway extended into 2029 including October 2026 follow-on proceeds.
- Sanofi optioned first development candidate from collaboration, triggering $10M milestone; Phase 1 expected 2027.
- Fred Hassan appointed Chair of the Board effective Oct 31, 2026; board expanded from 9 to 10 members.
Extended-hours trading shows RXRX at $3.83, essentially flat (-0.02%) vs the regular close of ~$3.83, suggesting the positive clinical data and cash runway extension were largely priced in or offset by the ongoing cash burn narrative.
Recursion is delivering clinical validation across multiple wholly-owned programs while simultaneously monetizing its AI platform through Big Pharma partnerships — a dual-engine model now producing tangible data and milestone cash.
Recursion's AI-native platform is now producing clinical validation across multiple programs (REC-4881, REC-1245) while also delivering partnered milestones with Sanofi and Genentech — a dual proof-of-concept for the platform model that peers like Exscientia and Schrödinger are still working toward.
Cash burn remains significant: $367.5M net loss over nine months with $549.9M cash on hand. Operating expenses of $419.3M for nine months, though down 27.6% YoY. REC-4881 registrational trial not expected until H2 2027, leaving a gap before pivotal data.