RECURSION PHARMACEUTICALS, INC. RXRX
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.
Historically, it has taken over ten years and an average capitalized R&D cost of approximately $2-3.5 billion to move a drug discovery project from early discovery to an approved therapeutic, with less than 4% of drug discovery programs initiated resulting in an approved medicine.1,2,3,4,5,6 Today, we are working to transform the traditional high-attrition, "V-shaped" discovery funnel by pivoting to a ‘T-shaped' model. By leveraging advanced computational tools across biology, chemistry and clinical development, we aim to rapidly narrow a broad set of potential medicines to the candidates with the highest probabilities of success, with the goal to move programs through development more efficiently and with less attrition.
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- United States
- United Kingdom
- Other
| Region | FY2025 | FY2024 |
|---|---|---|
| United States | $39.3M | $57.4M |
| United Kingdom | $35.3M | $1.1M |
| Other | $0 | $327.0K |
As the company reported it, from the “Segment Information - Schedule of Revenue and Long-Lived Assets Based on Geographic Areas (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $74.7M | $58.8M | $44.6M | $39.8M | $10.2M | $4.0M | $2.3M | — |
| Cost of revenue | $71.0M | $45.2M | $42.6M | $48.3M | $0 | $0 | — | — |
| Gross profit | $3.7M | $13.6M | $2.0M | -$8.4M | $10.2M | $4.0M | — | — |
| R&D | $475.3M | $314.4M | $241.2M | $155.7M | $135.3M | $63.3M | $45.8M | — |
| SG&A | $176.6M | $178.2M | $110.8M | $81.6M | $57.7M | $25.3M | $19.0M | — |
| Total operating expenses | $722.8M | $537.8M | $394.6M | $285.6M | $193.0M | $88.6M | $64.8M | — |
| Operating income | -$648.1M | -$479.0M | -$350.1M | -$245.7M | -$182.8M | -$84.6M | -$62.4M | — |
| Interest expense | $1.8M | $1.6M | $97.0K | $55.0K | $3.0M | $1.4M | $635.0K | — |
| Pre-tax income | -$644.9M | -$464.8M | -$332.1M | -$239.5M | -$186.5M | -$87.0M | -$61.9M | — |
| Income tax | $136.0K | $1.1M | $4.1M | $0 | $0 | $0 | $0 | — |
| Net income | -$644.8M | -$463.7M | -$328.1M | -$239.5M | -$186.5M | -$87.0M | -$61.9M | — |
| EPS, basic | -1.44 | -1.69 | -1.58 | -1.36 | -1.49 | -3.99 | -2.87 | — |
| EPS, diluted | -1.44 | -1.69 | -1.58 | -1.36 | -1.49 | -3.99 | -2.87 | — |
| Shares, diluted (wtd. avg.) | 447.4M | 274.2M | 207.9M | 175.5M | 125.3M | 21.8M | 21.6M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $743.3M | $594.4M | $401.4M | $559.1M | $295.3M | $267.2M | $75.2M | $15.7M |
| Short-term investments | — | — | — | $0 | $231.4M | $0 | — | — |
| Receivables | — | — | — | $0 | $34.0K | $156.0K | — | — |
| Total current assets | $812.8M | $714.3M | $438.1M | $569.8M | $534.7M | $266.4M | — | — |
| Property, plant and equipment | $103.9M | $141.1M | $86.5M | $88.2M | $64.7M | $26.0M | — | — |
| Goodwill | $162.2M | $148.9M | $52.1M | $801.0K | $801.0K | $801.0K | — | — |
| Other intangibles | $309.9M | $335.9M | $36.4M | $1.3M | $1.4M | $1.7M | — | — |
| Total assets | $1.47B | $1.45B | $653.7M | $701.3M | $610.3M | $298.6M | — | — |
| Accounts payable | $18.1M | $21.6M | $4.0M | $4.6M | $2.8M | $1.1M | — | — |
| Total current liabilities | $147.7M | $187.5M | $93.2M | $100.3M | $46.7M | $23.1M | — | — |
| Long-term debt | — | — | — | — | $723.0K | — | — | — |
| Total liabilities | $343.3M | $413.8M | $190.3M | $215.5M | $67.4M | $56.6M | — | — |
| Retained earnings | -$2.08B | -$1.43B | -$967.6M | -$639.6M | -$400.1M | -$213.6M | — | — |
| Total equity | $1.13B | $1.03B | $463.4M | $485.8M | $542.9M | -$206.3M | -$124.3M | -$63.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$371.8M | -$359.2M | -$287.8M | -$83.5M | -$158.6M | -$45.4M | -$57.0M | — |
| Depreciation and amortisation | $83.7M | $36.5M | $24.4M | $11.8M | $8.4M | $3.9M | $2.5M | — |
| Stock-based compensation | $111.2M | $81.7M | $53.5M | $27.9M | $14.8M | $4.3M | $1.4M | — |
| Capital expenditure | $6.5M | $13.7M | $12.0M | $37.1M | $39.8M | $5.8M | $3.9M | — |
| Investing cash flow | -$16.9M | $260.1M | -$10.2M | $193.2M | -$271.7M | -$8.7M | -$3.9M | — |
| Financing cash flow | $521.5M | $304.1M | $140.1M | $154.3M | $458.5M | $246.1M | $120.4M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001601830-26-000065.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | $2.3M | $4.0M | $10.2M | $39.8M | $44.6M | $58.8M | $74.7M |
| Gross profit | — | — | $4.0M | $10.2M | -$8.4M | $2.0M | $13.6M | $3.7M |
| Net income | — | -$61.9M | -$87.0M | -$186.5M | -$239.5M | -$328.1M | -$463.7M | -$644.8M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Item 7.01
- Officer or director change Item 5.02
- Regulation FD disclosure Item 7.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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