Recursion Pharmaceuticals, a clinical-stage TechBio company, announced its first-quarter financial results for 2024 on May 9, 2024. The company reported a net loss of $91.4 million, with total revenue increasing to $13.8 million compared to $12.1 million in the first quarter of 2023. The increase in revenue was attributed to the company's partnership with Roche. Research and development expenses rose to $67.6 million from $46.7 million in the previous year, reflecting the company's investment in expanding and upgrading its platform, including advancements in chemical technology, machine learning, and transcriptomics. General and administrative expenses also increased to $31.4 million. Recursion Pharmaceuticals also announced the appointment of PricewaterhouseCoopers LLP as its new independent registered public accounting firm, replacing Ernst & Young LLP, effective from the second fiscal quarter of...Show More

Recursion Pharmaceuticals, a clinical-stage TechBio company, announced its first-quarter financial results for 2024 on May 9, 2024. The company reported a net loss of $91.4 million, with total revenue increasing to $13.8 million compared to $12.1 million in the first quarter of 2023. The increase in revenue was attributed to the company's partnership with Roche. Research and development expenses rose to $67.6 million from $46.7 million in the previous year, reflecting the company's investment in expanding and upgrading its platform, including advancements in chemical technology, machine learning, and transcriptomics. General and administrative expenses also increased to $31.4 million. Recursion Pharmaceuticals also announced the appointment of PricewaterhouseCoopers LLP as its new independent registered public accounting firm, replacing Ernst & Young LLP, effective from the second fiscal quarter of 2024. The company highlighted its progress in various clinical trials, with Phase 2 data expected in Q3 2024 for its Cerebral Cavernous Malformation trial and other trials progressing as planned. Additionally, Recursion is in the process of remediating a material weakness in its internal control over financial reporting related to cost estimation for revenue calculation. The company also released an updated corporate presentation and held a L(earnings) call on May 9, 2024.