Recursion Pharmaceuticals, a clinical-stage TechBio company, reported significant business developments and financial performance in its latest quarterly report. The company received a substantial $150.0 million upfront payment from its collaboration with Roche in January 2022, with potential for additional milestone payments and fees that could exceed $250.0 million for accepted Phenomaps. Roche may also initiate up to 40 programs, each potentially yielding over $300.0 million for Recursion. Revenue recognized in the quarter ending March 31, 2024, was primarily from the upfront payment, reducing the unearned revenue balance from the previous year. Recursion reported a net loss of $91.4 million for the quarter, compared to $65.3 million in the same period last year, and an accumulated deficit of $1.1 billion as of March 31, 2024. Despite the losses, the company has cash...Show More

Recursion Pharmaceuticals, a clinical-stage TechBio company, reported significant business developments and financial performance in its latest quarterly report. The company received a substantial $150.0 million upfront payment from its collaboration with Roche in January 2022, with potential for additional milestone payments and fees that could exceed $250.0 million for accepted Phenomaps. Roche may also initiate up to 40 programs, each potentially yielding over $300.0 million for Recursion. Revenue recognized in the quarter ending March 31, 2024, was primarily from the upfront payment, reducing the unearned revenue balance from the previous year. Recursion reported a net loss of $91.4 million for the quarter, compared to $65.3 million in the same period last year, and an accumulated deficit of $1.1 billion as of March 31, 2024. Despite the losses, the company has cash and cash equivalents of $296.3 million and expects these funds to cover operations for at least the next twelve months. Recursion's pipeline includes several clinical and preclinical programs, with Phase 2 data for its CCM trial expected in Q3 2024 and Phase 2 safety and preliminary efficacy data for its NF2 trial anticipated in Q4 2024. The company is also expanding its computational capabilities with the near completion of BioHive-2, a supercomputer designed with NVIDIA, and is advancing a whole-genome transcriptomics map. Strategic partnerships, such as with Helix for genomic data, continue to be a focus, and the company plans to use its raised capital for operating and investing activities, including platform research, drug discovery, and clinical development.