share_log

Recursion Pharmaceuticals | 8-K: Recursion Provides Business Updates and Reports Third Quarter 2024 Financial Results

SEC ·  Nov 6 16:22

Summary by Moomoo AI

Recursion Pharmaceuticals, a clinical-stage TechBio company, announced its third-quarter financial results on November 6, 2024, revealing significant business updates and clinical trial milestones. The company reported a successful Phase 2 trial in Cerebral Cavernous Malformation (CCM) and the dosing of the first patient in a Phase 2 trial for recurrent C. difficile infection. Additionally, Recursion received IND clearance for a Phase 1/2 trial in biomarker-enriched solid tumors and lymphoma. A notable business development includes a $30 million option fee from Roche-Genentech for a neuroscience phenomap, with the potential for the total fees to exceed $500 million. Recursion also expanded its collaboration with Google Cloud to enhance its drug discovery platform. The company is progressing towards a business combination with Exscientia, with a special...Show More
Recursion Pharmaceuticals, a clinical-stage TechBio company, announced its third-quarter financial results on November 6, 2024, revealing significant business updates and clinical trial milestones. The company reported a successful Phase 2 trial in Cerebral Cavernous Malformation (CCM) and the dosing of the first patient in a Phase 2 trial for recurrent C. difficile infection. Additionally, Recursion received IND clearance for a Phase 1/2 trial in biomarker-enriched solid tumors and lymphoma. A notable business development includes a $30 million option fee from Roche-Genentech for a neuroscience phenomap, with the potential for the total fees to exceed $500 million. Recursion also expanded its collaboration with Google Cloud to enhance its drug discovery platform. The company is progressing towards a business combination with Exscientia, with a special shareholder meeting scheduled for November 12, 2024, and the scheme of arrangement expected to be completed by November 20, 2024. Financially, Recursion reported a cash position of $427.6 million and total revenue of $26.1 million for the quarter, driven by the partnership with Roche-Genentech. Research and development expenses were $74.6 million, and the net loss for the quarter was $95.8 million. The company did not host a L(earnings) Call for this quarter but plans to hold an Update Call around the date of the scheme of arrangement.

This announcement is a separate document:

Doc 1

Doc 2

Doc 3

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
    Heat List
    US
    SymbolLatest Price% Chg

    No Data

    Hot News
    Updated