Recursion Pharmaceuticals (RXRX)


Market Price (8/19/2026): $3.15 | Market Cap: $1.7 BilSector: Health Care | Industry: Biotechnology

Recursion Pharmaceuticals (RXRX)


Market Price (8/19/2026): $3.15
Market Cap: $1.7 Bil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -29%

Megatrend and thematic drivers
Megatrends include Artificial Intelligence, and Precision Medicine. Themes include AI Software Platforms, and Biopharmaceutical R&D.

Weak multi-year price returns
2Y Excs Rtn is -94%, 3Y Excs Rtn is -140%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -544 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1009%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -16%, Rev Chg QQuarterly Revenue Change % is -62%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 168%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -650%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -657%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -36%

Significant short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 34%

Key risks
RXRX key risks include [1] the lack of late-stage clinical validation for its core AI-driven discovery platform and [2] a history of discontinued drug candidates that creates uncertainty about the platform’s ability to perform as expected.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -29%
1 Megatrend and thematic drivers
Megatrends include Artificial Intelligence, and Precision Medicine. Themes include AI Software Platforms, and Biopharmaceutical R&D.
2 Weak multi-year price returns
2Y Excs Rtn is -94%, 3Y Excs Rtn is -140%
3 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -544 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1009%
4 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -16%, Rev Chg QQuarterly Revenue Change % is -62%
5 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 168%
6 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -650%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -657%
7 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -36%
8 Significant short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 34%
9 Key risks
RXRX key risks include [1] the lack of late-stage clinical validation for its core AI-driven discovery platform and [2] a history of discontinued drug candidates that creates uncertainty about the platform’s ability to perform as expected.

RXRX in ETFs

Weight = RXRX's share of each fund

VTI0.00%
ITOT0.00%
IWM0.05%
VB0.02%
ARKK1.0%
XBI0.70%
IBB0.12%
NUSC0.11%
+10 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

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Updated on 8/14/2026

Recursion Pharmaceuticals (RXRX) stock has lost about 10% since 4/30/2026 because of the following key factors:

1. Fiscal Q2 2026 Financial Underperformance and Missed Estimates.

Recursion Pharmaceuticals reported its fiscal Q2 2026 (ended June 30, 2026) financial results on August 5, 2026, with earnings per share (EPS) of -$0.25, missing the consensus estimate of -$0.24. The company's revenue for the quarter was $7.67 million, significantly below the consensus estimate of $10.97 million and a substantial decline from $19.1 million in the same period a year prior. This financial shortfall contributed to a negative short-term market reaction, with the stock seeing a 4.53% decrease the day following the earnings report and a 1.86% decline over the subsequent seven days.

2. Continued High Net Losses and Cash Utilization.

Recursion Pharmaceuticals reported a net loss of $131.01 million for fiscal Q2 2026. While the company has projected a cash runway extending into early 2028, supported by approximately $557 million in cash as of fiscal Q2 2026, the ongoing significant net losses and the high rate of cash burn are persistent concerns for investors in the early-stage biotechnology sector.

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Updated on 8/14/2026

Recursion Pharmaceuticals (RXRX) stock has lost about 10% since 4/30/2026 because of the following key factors:

1. Fiscal Q2 2026 Financial Underperformance and Missed Estimates.

Recursion Pharmaceuticals reported its fiscal Q2 2026 (ended June 30, 2026) financial results on August 5, 2026, with earnings per share (EPS) of -$0.25, missing the consensus estimate of -$0.24. The company's revenue for the quarter was $7.67 million, significantly below the consensus estimate of $10.97 million and a substantial decline from $19.1 million in the same period a year prior. This financial shortfall contributed to a negative short-term market reaction, with the stock seeing a 4.53% decrease the day following the earnings report and a 1.86% decline over the subsequent seven days.

2. Continued High Net Losses and Cash Utilization.

Recursion Pharmaceuticals reported a net loss of $131.01 million for fiscal Q2 2026. While the company has projected a cash runway extending into early 2028, supported by approximately $557 million in cash as of fiscal Q2 2026, the ongoing significant net losses and the high rate of cash burn are persistent concerns for investors in the early-stage biotechnology sector.

3. Headwinds in the Early-Stage Biotechnology Sector.

Despite a general recovery and growth within the broader biotechnology market in 2026, early-stage life sciences companies, including many in the biotech sector, continued to face headwinds. These challenges included slower-than-expected product launches, increased regulatory scrutiny, and difficulties in securing capital, which collectively created a cautious investment environment for clinical-stage companies like Recursion Pharmaceuticals.

4. Significant Insider Selling Activity.

Recursion Pharmaceuticals experienced considerable insider selling during the period, with approximately $10.99 million in total insider selling across 42 transactions in the ninety days leading up to August 14, 2026. Notably, former director Christopher Gibson made multiple Class A share sales, including one transaction of 340,440 shares for approximately $1.09 million on June 18, 2026. This pattern of consistent insider divestment likely contributed to negative investor sentiment.

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Stock Movement Drivers

Fundamental Drivers

The -10.7% change in RXRX stock from 4/30/2026 to 8/18/2026 was primarily driven by a -27.4% change in the company's Total Revenues ($ Mil).
(LTM values as of)43020268182026Change
Stock Price ($)3.463.09-10.7%
Change Contribution By: 
Total Revenues ($ Mil)7454-27.4%
P/S Multiple24.330.525.4%
Shares Outstanding (Mil)522532-2.0%
Cumulative Contribution-10.7%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 8/18/2026
ReturnCorrelation
RXRX-10.7% 
Market (SPY)6.8%55.0%
Sector (XLV)16.3%12.5%

Fundamental Drivers

The -26.3% change in RXRX stock from 1/31/2026 to 8/18/2026 was primarily driven by a -29.3% change in the company's P/S Multiple.
(LTM values as of)13120268182026Change
Stock Price ($)4.193.09-26.3%
Change Contribution By: 
Total Revenues ($ Mil)435424.2%
P/S Multiple43.130.5-29.3%
Shares Outstanding (Mil)447532-16.1%
Cumulative Contribution-26.3%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 8/18/2026
ReturnCorrelation
RXRX-26.3% 
Market (SPY)11.2%61.3%
Sector (XLV)10.1%27.3%

Fundamental Drivers

The -48.1% change in RXRX stock from 7/31/2025 to 8/18/2026 was primarily driven by a -24.4% change in the company's Shares Outstanding (Mil).
(LTM values as of)73120258182026Change
Stock Price ($)5.953.09-48.1%
Change Contribution By: 
Total Revenues ($ Mil)6054-9.8%
P/S Multiple40.130.5-23.9%
Shares Outstanding (Mil)403532-24.4%
Cumulative Contribution-48.1%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 8/18/2026
ReturnCorrelation
RXRX-48.1% 
Market (SPY)22.4%52.6%
Sector (XLV)31.8%27.2%

Fundamental Drivers

The -78.1% change in RXRX stock from 7/31/2023 to 8/18/2026 was primarily driven by a -64.0% change in the company's Shares Outstanding (Mil).
(LTM values as of)73120238182026Change
Stock Price ($)14.123.09-78.1%
Change Contribution By: 
Total Revenues ($ Mil)475416.0%
P/S Multiple58.230.5-47.6%
Shares Outstanding (Mil)192532-64.0%
Cumulative Contribution-78.1%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2023 to 8/18/2026
ReturnCorrelation
RXRX-78.1% 
Market (SPY)73.6%48.3%
Sector (XLV)32.5%30.0%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
RXRX Return-45%-55%28%-31%-39%-24%-90%
Peers Return-44%-39%0%-44%18%69%-62%
S&P 500 Return27%-19%24%23%16%13%106%

Monthly Win Rates [3]
RXRX Win Rate22%33%42%33%58%62% 
Peers Win Rate38%38%50%33%50%55% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
RXRX Max Drawdown--72%-68%-63%-65%-43% 
Peers Max Drawdown-63%-58%-62%-60%-48%-47% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: SDGR, RLAY, ABCL, CERT, LTRN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/18/2026 (YTD)

How Low Can It Go

EventRXRXS&P 500
2024 Yen Carry Trade Unwind
  % Loss-16.6%-7.8%
  % Gain to Breakeven19.9%8.5%
  Time to Breakeven9 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-65.3%-9.5%
  % Gain to Breakeven188.0%10.5%
  Time to Breakeven113 days24 days
2023 SVB Regional Banking Crisis
  % Loss-42.9%-6.7%
  % Gain to Breakeven75.0%7.1%
  Time to Breakeven20 days31 days

Compare to SDGR, RLAY, ABCL, CERT, LTRN

In The Past

Recursion Pharmaceuticals's stock fell -16.6% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 19.9% gain to breakeven.

Preserve Wealth

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Asset Allocation

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EventRXRXS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-65.3%-9.5%
  % Gain to Breakeven188.0%10.5%
  Time to Breakeven113 days24 days
2023 SVB Regional Banking Crisis
  % Loss-42.9%-6.7%
  % Gain to Breakeven75.0%7.1%
  Time to Breakeven20 days31 days

Compare to SDGR, RLAY, ABCL, CERT, LTRN

In The Past

Recursion Pharmaceuticals's stock fell -16.6% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 19.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Recursion Pharmaceuticals (RXRX)

Recursion Pharmaceuticals (RXRX) is a clinical-stage biotechnology company dedicated to transforming drug discovery and development. The company's core business revolves around an innovative, technology-driven approach, integrating advanced capabilities across biology, chemistry, automation, data science, and engineering. This method aims to "industrialize" the traditionally complex and lengthy process of identifying novel therapeutic compounds by decoding biological mechanisms more efficiently.

Recursion Pharmaceuticals boasts a diverse pipeline of drug candidates targeting a wide array of serious and often rare diseases. Its clinical-stage programs include REC-994 for cerebral cavernous malformation, REC-2282 for neurofibromatosis type 2, REC-4881 for familial adenomatous polyposis, and REC-3599 for GM2 gangliosidosis. Additionally, the company has a strong preclinical pipeline addressing conditions such as various cancers, neural or systemic inflammation, and Clostridium difficile colitis. Recursion also engages in strategic collaborations with major pharmaceutical partners like Bayer AG and Takeda Pharmaceutical Company Limited, leveraging its discovery platform to accelerate drug development and expand its reach into different therapeutic areas, ultimately serving patients with significant unmet medical needs.

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Here are 1-3 brief analogies for Recursion Pharmaceuticals (RXRX):

  • Amazon for drug discovery
  • Google for decoding biology

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  • REC-994: A drug candidate in Phase IIa clinical trial for treating cerebral cavernous malformation.
  • REC-2282: A drug candidate for the treatment of neurofibromatosis type 2.
  • REC-4881: A drug candidate to treat familial adenomatous polyposis.
  • REC-3599: A drug candidate in Phase I clinical trial for treating GM2 gangliosidosis.
  • REC-3964: A preclinical stage drug candidate to treat Clostridium difficile colitis.
  • REC-64917: A preclinical stage drug candidate for the treatment of neural or systemic inflammation.
  • REC-65029: A preclinical stage drug candidate to treat HRD-negative ovarian cancer.
  • REC-648918: A preclinical stage drug candidate designed to enhance anti-tumor immune response.
  • REC-2029: A preclinical stage drug candidate for the treatment of wnt-mutant hepatocellular carcinoma.
  • REC-14221: A preclinical stage drug candidate to treat solid and hematological malignancies.
  • REC-64151: A preclinical stage drug candidate for the treatment of immune checkpoint resistance in KRAS/STK11 mutant non-small cell lung cancer.
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AI Analysis | Feedback

Recursion Pharmaceuticals (RXRX) operates as a clinical-stage biotechnology company focused on drug discovery and development. Given the nature of its business, which involves developing drug candidates and technological platforms for drug discovery, the company primarily sells to other companies and institutions through collaborations and agreements rather than directly to individuals.

Based on the provided information, the major customer companies (or strategic partners acting in a customer-like capacity for its technology and drug candidates) include:

  • Bayer AG (OTCMKTS: BAYRY)
  • Takeda Pharmaceutical Company Limited (NYSE: TAK)

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Najat Khan, Ph.D. CEO and President

Dr. Najat Khan assumed the role of CEO and President of Recursion Pharmaceuticals on January 1, 2026. She brings deep expertise from the pharmaceutical and healthcare industry, integrating scientific discovery, data, technology, and business strategy. Prior to becoming CEO, Dr. Khan served as Recursion's Chief R&D and Commercial Officer and was instrumental in advancing multiple clinical programs and leading the company's combination with Exscientia. Before joining Recursion in 2024, she was the Chief Data Science Officer and Senior Vice President at Johnson & Johnson Innovative Medicine.

Ben Taylor Chief Financial Officer & President Recursion UK

Ben Taylor was appointed Chief Financial Officer (and President Recursion UK) effective November 20, 2024, following Recursion's acquisition of Exscientia. He previously served for over four years as the CFO of Exscientia. Mr. Taylor has more than two decades of experience in healthcare investment banking and executive roles, including 15 years at Goldman Sachs and Barclays, where he focused on financing, strategic, and cross-border transactions in the biopharmaceutical industry across the U.S., Asia, and Europe. He also served as President and CFO for Tyme Technologies, a NASDAQ-listed oncology-focused biotechnology company, guiding its advancement from Phase 1 to Phase 3. Before Exscientia, he was interim CFO at Aetion, a healthtech company.

Chris Gibson, Ph.D. Co-Founder and Board Chair

Dr. Chris Gibson co-founded Recursion Pharmaceuticals in 2013 and served as its CEO from founding through 2025, building it into a publicly listed TechBio company. He is now the Co-Founder and Board Chair. Dr. Gibson developed the foundational technology for Recursion during his MD/PhD studies in Dr. Dean Li's lab at the University of Utah. He holds undergraduate degrees in bioengineering and management from Rice University. Dr. Gibson is active as an advisor and mentor to emerging biotech founders.

Tina Larson Chief Operating Officer

Tina Larson is the Chief Operating Officer at Recursion Pharmaceuticals, a role she assumed in 2018. In this position, she oversees technical operations, including the company’s automated screening platform, and core business functions. Prior to joining Recursion, Ms. Larson was the Senior Vice President of Technical Operations at Achaogen, where she established their Technical Operations organization. She also spent 20 years at Genentech and Roche, holding leadership positions in Technical Development, Manufacturing, and Engineering, and contributed to every commercial biopharmaceutical product launched from Genentech during her tenure.

David Hallett, Ph.D. Chief Scientific Officer

Dr. David Hallett serves as the Chief Scientific Officer at Recursion. He joined Recursion following approximately five years as the Chief Scientific Officer and Interim CEO of Exscientia. Dr. Hallett is an experienced "drug hunter" with over two decades of experience leading scientific teams and driving strategic collaborations in the pharmaceutical and biotechnology industries. Before Exscientia, from 2005 to 2019, he held various positions at Evotec, including Executive Vice President of Chemistry and EVP of Alliance Management. He also served as a Research Fellow at Merck & Co., Inc.

AI Analysis | Feedback

The key risks to Recursion Pharmaceuticals (RXRX) are as follows:
  1. Clinical Trial Failure and Regulatory Approval Risk: As a clinical-stage biotechnology company, Recursion Pharmaceuticals' success is heavily dependent on its drug candidates successfully progressing through various phases of clinical trials and ultimately receiving regulatory approval. The company has multiple programs in Phase I and Phase IIa clinical trials, and many more in preclinical stages. A failure in any of these stages due to lack of efficacy, unexpected side effects, or an inability to meet regulatory requirements could significantly delay or terminate the development of a drug, leading to substantial financial losses and a negative impact on the company's prospects.
  2. Significant Capital Requirements and Funding Risk: Developing and bringing a new drug to market is an extremely capital-intensive process, especially for a company with multiple drug candidates in various stages of development. Recursion Pharmaceuticals, as a clinical-stage entity, is likely to incur substantial research and development expenses without significant product revenue. The company may need to raise additional capital through equity offerings, debt financing, or strategic partnerships, which could dilute existing shareholders or be difficult to secure on favorable terms, posing a risk to its ability to fund ongoing operations and future development.
  3. Competition and Intellectual Property Risk: The biotechnology and pharmaceutical industries are highly competitive. Recursion Pharmaceuticals' drug candidates could face competition from other companies developing similar treatments for the same diseases, potentially through different mechanisms or more advanced stages of development. Furthermore, the company's ability to protect its proprietary technology and drug candidates through patents and other intellectual property rights is crucial. Any challenges to its intellectual property, inability to obtain new patents, or expiration of existing patents could negatively impact its competitive position and future revenue potential.

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The addressable markets for Recursion Pharmaceuticals' main products are as follows:

  • REC-994 (Cerebral Cavernous Malformation): The global cerebral cavernous malformation market was valued at USD 415.63 million in 2024 and is projected to reach USD 628.25 million by 2032, growing at a compound annual growth rate (CAGR) of 5.3% during the forecast period. North America holds the largest share of this market, with the U.S. accounting for a significant portion within North America.
  • REC-2282 (Neurofibromatosis Type 2): The Neurofibromatosis Type-2 market in the G-8 region was valued at USD 188.09 million in 2020. The United States accounts for the highest market size for Neurofibromatosis Type-2 compared to the EU5 (the United Kingdom, Germany, Italy, France, and Spain), Japan, and China. The Neurofibromatosis Type 2 market in the 7MM (United States, EU4, the UK, and Japan) is anticipated to experience steady growth with a robust CAGR from 2024 to 2034.
  • REC-4881 (Familial Adenomatous Polyposis): The global familial adenomatous polyposis treatment market size was valued at USD 2.09 billion in 2024 and is expected to reach USD 6.42 billion by 2032, at a CAGR of 15.00%. North America was the largest region in the familial adenomatous polyposis (FAP) treatment market in 2025, with the U.S. capturing 82% of the revenue share within North America in 2024.
  • REC-3599 (GM2 Gangliosidosis): The global GM2 gangliosidosis market is projected to reach an estimated value of USD 270 million in 2024 and is expected to grow to approximately USD 720 million by 2034, exhibiting a strong CAGR of around 10.5% during this period. North America is expected to dominate the GM2 gangliosidosis market.

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Recursion Pharmaceuticals (NASDAQ: RXRX) is poised for future revenue growth over the next 2-3 years, driven primarily by its strategic collaborations, the advancement of its wholly-owned clinical pipeline, and the continued expansion and validation of its AI-driven drug discovery platform.

Drivers of Future Revenue Growth:

  1. Continued Milestone Payments from Strategic Collaborations: Recursion Pharmaceuticals has established significant partnerships with pharmaceutical giants like Sanofi and Roche/Genentech. Revenue from these collaborations, largely through milestone payments, has been a key driver of the company's financial performance. For instance, Recursion's Q4 2025 revenue was significantly bolstered by milestone payments from both Roche/Genentech and Sanofi. The Sanofi collaboration has already generated $134 million ($100 million upfront and $34 million in milestones), with expectations for further later-stage discovery milestones over the next 18 months. Similarly, the partnership with Roche and Genentech has yielded $213 million in upfront and milestone payments to date, with potential for additional upcoming milestones. Analysts are forecasting a significant acceleration in revenue for Recursion, with collaboration milestones being a primary income source.

  2. Advancement of the Wholly-Owned Clinical Pipeline: The progression of Recursion's internal drug candidates through clinical trials is expected to generate significant value and potential future revenue. The company currently has five differentiated clinical programs advancing with defined next-stage milestones. A notable example is REC-4881, a program for Familial Adenomatous Polyposis (FAP), which has demonstrated positive Phase 2 proof of concept with a 43% median reduction in polyp burden in patients. Recursion plans to engage with the FDA in the first half of 2026 to discuss a registration pathway for REC-4881, and additional data is anticipated in early 2027. Other pipeline assets, such as RBM39, CDK7, ENPP1, MALT1, and LSD1, also have upcoming catalysts including early safety and pharmacokinetic data or go/no-go decisions expected within the next 18-24 months. The successful advancement of these programs could lead to further milestone payments, licensing deals, or, in the longer term, product sales.

  3. Expansion and Validation of the AI-Driven Drug Discovery Platform: Recursion's proprietary AI-driven drug discovery platform, the "Recursion OS," is a core asset that continually drives new opportunities for revenue growth. The company is at an "important inflection point" in translating its platform's insights into tangible evidence for generating effective medicines. The acquisition of Exscientia in November 2024 has further strengthened Recursion's capabilities by integrating AI-enabled chemistry and molecular design into its existing phenomics platform. This enhanced platform is expected to attract new partnerships and expand existing collaborations, leading to additional upfront payments and milestone revenues. Management has emphasized a strategic focus on scaling generative drug design and applying AI across the full life cycle of R&D, positioning the company as a leader in AI-native drug discovery.

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Capital Allocation Decisions (Last 3-5 Years)

Share Issuance

  • Recursion Pharmaceuticals significantly increased its outstanding shares from 0.169 billion in December 2021 to 0.447 billion in December 2025, indicating substantial share issuance.
  • The company bolstered its cash position through multiple equity raises and an At-The-Market (ATM) equity program, including an offering in June 2024.
  • Recursion secured a new $500 million ATM offering agreement with Citigroup in February 2025.

Inbound Investments

  • Recursion has received over $500 million in cumulative upfront and progress-based milestone payments from strategic partners as of February 2026.
  • This includes $213 million in cash inflows from its collaboration with Roche and Genentech, and $134 million from its partnership with Sanofi.
  • A transformational collaboration with Roche and Genentech was announced in December 2021 to advance up to 40 novel potential medicines in neuroscience and gastrointestinal oncology, and the collaboration with Bayer was expanded in 2021 to include more than a dozen fibrosis programs.

Outbound Investments

  • In November 2024, Recursion Pharmaceuticals completed the acquisition of Exscientia plc for $630.1 million, a move aimed at strengthening its AI-enabled drug discovery capabilities. This was identified as the largest merger or acquisition in the TechBio space to date.

Capital Expenditures

  • Capital expenditures were reported as $3.91 million in 2025 and $6.5 million in fiscal year 2024.
  • Investments have primarily focused on building out the Recursion Operating System (OS), including scaling transcriptomic technologies, enhancing hiPSC-derived cell production, and integrating in-house chemistry capabilities.
  • In late 2023, the company announced an expansion of its BioHive-1 supercomputer with NVIDIA, with the goal of making it the fastest supercomputer wholly owned and operated by any biopharma company.

Better Bets vs. Recursion Pharmaceuticals (RXRX)

Peer Outperformance in Biotechnology

RXRX has trailed 58% of its 364 Biotechnology peers over 5Y. Biotechnology ranks 10th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Biotechnology constituents that RXRX has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
28%
of 460 industry peers · -44.0% return
3Y
36%
of 406 industry peers · -64.0% return
5Y
42%
of 364 industry peers · -83.9% return
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Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is RXRX's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 7 9.7%79.7%140.2% CAH 411% · MCK 348% · COR 179%
Health Care Services 20 20.0%41.9%9.5% HIMS 302% · RDNT 143% · DGX 72%
Managed Health Care 8 33.2%-3.6%1.3% OSCR 142% · HQY 64% · ELV 14%
Health Care Facilities 24 11.9%-3.3%-15.7% THC 289% · NHC 263% · ENSG 132%
Health Care Equipment 51 -2.3%-9.2%-18.9% POCI 10738% · UFPT 396% · GKOS 288%
Health Care Supplies 12 38.3%-12.4%-27.5% LNTH 314% · HAE 81% · MMSI 31%
Pharmaceuticals 63 3.1%-1.7%-31.9% LQDA 2959% · INDV 1388% · ETON 1385%
Life Sciences Tools & Services 108 -8.4%-32.7%-70.6% SNWV 1953% · ELMD 259% · MEDP 235%
Health Care Technology 20 -28.4%-53.8%-73.9% SPOK 37% · HSTM -2% · VEEV -24%
Biotechnology ← 365 6.6%-27.4%-77.2% BRTX 106400% · DNTH 1803% · CELZ 1443%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

RXRXSDGRRLAYABCLCERTLTRNMedian
NameRecursio.Schrodin.Relay Th.AbCeller.Certara Lantern . 
Mkt Price3.0917.6720.6111.128.012.529.56
Mkt Cap1.61.34.23.41.20.01.5
Rev LTM542591066408060
Op Inc LTM-544-153-310-211-1-15-182
FCF LTM-354-130-212-12055-14-125
FCF 3Y Avg-365-100-253-14361-16-121
CFO LTM-350-127-212-9583-14-111
CFO 3Y Avg-355-93-251-8984-16-91

Growth & Margins

RXRXSDGRRLAYABCLCERTLTRNMedian
NameRecursio.Schrodin.Relay Th.AbCeller.Certara Lantern . 
Rev Chg LTM-16.4%8.9%23.9%101.3%3.8%-8.9%
Rev Chg 3Y Avg4.6%10.3%1,195.1%7.8%5.1%-7.8%
Rev Chg Q-61.8%7.5%-48.3%-76.3%1.0%--48.3%
QoQ Delta Rev Chg LTM-18.0%1.6%-3.1%-16.5%0.2%--3.1%
Op Inc Chg LTM16.3%20.5%9.5%20.0%-102.8%24.6%18.2%
Op Inc Chg 3Y Avg-30.6%1.0%6.1%-42.7%-21.1%-2.3%-11.7%
Op Mgn LTM-1,008.6%-59.2%-2,999.4%-318.7%-0.2%--318.7%
Op Mgn 3Y Avg-942.9%-81.0%-2,721.8%-632.4%-0.3%--632.4%
QoQ Delta Op Mgn LTM-118.3%5.4%-222.8%-68.9%-1.9%--68.9%
CFO/Rev LTM-649.8%-49.0%-2,050.3%-143.5%20.3%--143.5%
CFO/Rev 3Y Avg-641.8%-42.4%-1,992.1%-221.9%21.7%--221.9%
FCF/Rev LTM-656.8%-50.3%-2,050.3%-180.8%13.4%--180.8%
FCF/Rev 3Y Avg-660.7%-45.4%-1,997.0%-373.0%15.7%--373.0%

Valuation

RXRXSDGRRLAYABCLCERTLTRNMedian
NameRecursio.Schrodin.Relay Th.AbCeller.Certara Lantern . 
Mkt Cap1.61.34.23.41.20.01.5
P/S30.55.1403.951.33.0-30.5
P/Op Inc-3.0-8.6-13.5-16.1-1,879.0-2.0-11.0
P/EBIT-3.2-8.6-13.5-16.1484.9-2.0-5.9
P/E-3.2-24.3-14.6-20.6-18.1-1.7-16.3
P/CFO-4.7-10.4-19.7-35.814.9-2.2-7.6
Total Yield-31.5%-4.1%-6.8%-4.8%-5.5%-59.6%-6.2%
Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg-18.6%-7.6%-27.5%-12.7%3.9%-36.7%-15.7%
D/E0.00.10.00.00.20.00.0
Net D/E-0.3-0.2-0.2-0.10.1-0.2-0.2

Returns

RXRXSDGRRLAYABCLCERTLTRNMedian
NameRecursio.Schrodin.Relay Th.AbCeller.Certara Lantern . 
1M Rtn4.9%15.3%3.5%72.0%15.6%-12.2%10.1%
3M Rtn8.4%47.4%70.8%174.6%74.5%-18.4%59.1%
6M Rtn-10.7%51.9%125.0%250.8%23.0%-8.0%37.5%
12M Rtn-44.0%-11.9%493.9%138.1%-28.4%-43.2%-20.1%
3Y Rtn-64.0%-47.7%94.6%102.6%-50.1%-43.0%-45.4%
1M Excs Rtn3.6%14.5%4.1%88.4%12.1%-17.9%8.1%
3M Excs Rtn3.0%42.7%66.4%163.4%71.8%-19.9%54.6%
6M Excs Rtn-23.1%39.5%112.6%238.4%10.6%-20.4%25.1%
12M Excs Rtn-65.7%-28.1%462.9%123.0%-46.6%-64.1%-37.3%
3Y Excs Rtn-140.0%-125.4%19.8%20.8%-124.3%-120.9%-122.6%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single segment75594540 
Grant revenue    0
Operating revenue    10
Total7559454010


Operating Income by Segment
$ Mil2025202420232022
Single segment-648-479-350-246
Total-648-479-350-246


Net Income by Segment
$ Mil2025202420232022
Single segment-645-464-328-239
Total-645-464-328-239


Price Behavior

Price Behavior
Market Price$3.09 
Market Cap ($ Bil)1.6 
First Trading Date04/16/2021 
Distance from 52W High-54.5% 
   50 Days200 Days
DMA Price$3.31$3.75
DMA Trenddowndown
Distance from DMA-6.8%-17.6%
 3M1YR
Volatility67.1%69.7%
Downside Capture307.62372.43
Upside Capture285.66229.58
Correlation (SPY)59.6%52.4%
RXRX Betas & Captures as of 7/31/2026

 1M2M3M6M1Y3Y
Beta2.412.862.612.722.812.62
Up Beta2.532.141.863.072.752.18
Down Beta0.823.003.282.492.372.45
Up Capture136%288%228%271%440%4385%
Bmk +ve Days11223567138427
Stock +ve Days9192750101336
Down Capture403%288%263%223%185%112%
Bmk -ve Days11212859114326
Stock -ve Days12223471142405

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with RXRX
RXRX-46.6%69.7%-0.61-
Sector ETF (XLV)26.3%15.5%1.3126.5%
Equity (SPY)20.4%12.8%1.1752.5%
Gold (GLD)29.8%28.5%0.9126.4%
Commodities (DBC)40.2%20.2%1.56-6.1%
Real Estate (VNQ)13.1%13.9%0.6516.4%
Bitcoin (BTCUSD)-45.4%42.7%-1.3042.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with RXRX
RXRX-34.1%93.0%-0.05-
Sector ETF (XLV)6.6%15.0%0.2527.0%
Equity (SPY)13.1%17.2%0.5943.1%
Gold (GLD)19.8%18.6%0.8710.1%
Commodities (DBC)9.8%19.6%0.393.6%
Real Estate (VNQ)2.4%18.9%0.0230.6%
Bitcoin (BTCUSD)7.1%52.6%0.3222.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with RXRX
RXRX-20.2%92.6%-0.06-
Sector ETF (XLV)10.4%16.7%0.5126.0%
Equity (SPY)15.2%17.9%0.7241.9%
Gold (GLD)12.1%16.2%0.619.5%
Commodities (DBC)7.8%18.1%0.354.3%
Real Estate (VNQ)4.8%20.7%0.2029.7%
Bitcoin (BTCUSD)59.9%66.0%1.0020.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date7312026
Short Interest: Shares Quantity180.8 Mil
Short Interest: % Change Since 71520260.0%
Average Daily Volume19.4 Mil
Days-to-Cover Short Interest9.3 days
Basic Shares Quantity532.5 Mil
Short % of Basic Shares34.0%

Earnings Returns History

Updated 8/14/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/5/2026-4.2%1.2% 
5/6/20261.8%-6.5%12.8%
2/25/20266.8%0.3%-10.2%
11/5/2025-0.8%-5.8%-5.8%
8/5/2025-4.7%-8.8%-20.2%
5/5/2025-16.6%-24.0%-23.0%
2/28/2025-2.1%-18.6%-24.3%
11/6/2024-0.6%5.0%14.9%
...
SUMMARY STATS   
# Positive8138
# Negative14913
Median Positive6.1%5.0%32.3%
Median Negative-3.2%-15.5%-12.2%
Max Positive12.0%39.8%67.2%
Max Negative-17.7%-24.0%-34.5%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/5/2026-4.2%1.2% 
5/6/20261.8%-6.5%12.8%
2/25/20266.8%0.3%-10.2%
11/5/2025-0.8%-5.8%-5.8%
8/5/2025-4.7%-8.8%-20.2%
5/5/2025-16.6%-24.0%-23.0%
2/28/2025-2.1%-18.6%-24.3%
11/6/2024-0.6%5.0%14.9%
8/8/20244.2%-1.4%-7.1%
5/9/2024-0.5%10.1%-0.2%
2/27/2024-16.6%-23.3%-34.5%
11/9/2023-7.1%27.5%35.0%
8/8/20234.7%-15.5%-18.0%
5/8/20238.5%2.5%67.2%
2/27/20235.6%6.3%-16.8%
11/8/20226.7%23.5%-2.7%
8/9/202212.0%39.8%45.6%
5/10/2022-11.4%7.4%31.3%
3/23/2022-1.1%4.7%-12.2%
11/10/2021-17.7%2.0%-3.9%
8/13/2021-2.3%-16.7%13.5%
5/12/2021-1.9%0.7%33.4%
SUMMARY STATS   
# Positive8138
# Negative14913
Median Positive6.1%5.0%32.3%
Median Negative-3.2%-15.5%-12.2%
Max Positive12.0%39.8%67.2%
Max Negative-17.7%-24.0%-34.5%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/05/202610-Q
03/31/202605/06/202610-Q
12/31/202502/25/202610-K
09/30/202511/05/202510-Q
06/30/202508/05/202510-Q
03/31/202505/05/202510-Q
12/31/202402/28/202510-K
09/30/202411/06/202410-Q
06/30/202408/08/202410-Q
03/31/202405/09/202410-Q
12/31/202302/29/202410-K
09/30/202311/09/202310-Q
06/30/202308/08/202310-Q
03/31/202305/08/202310-Q
12/31/202202/27/202310-K
09/30/202211/08/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/05/202610-Q
03/31/202605/06/202610-Q
12/31/202502/25/202610-K
09/30/202511/05/202510-Q
06/30/202508/05/202510-Q
03/31/202505/05/202510-Q
12/31/202402/28/202510-K
09/30/202411/06/202410-Q
06/30/202408/08/202410-Q
03/31/202405/09/202410-Q
12/31/202302/29/202410-K
09/30/202311/09/202310-Q
06/30/202308/08/202310-Q
03/31/202305/08/202310-Q
12/31/202202/27/202310-K
09/30/202211/08/202210-Q
06/30/202208/09/202210-Q
03/31/202205/10/202210-Q
12/31/202103/23/202210-K
09/30/202111/10/202110-Q
06/30/202108/13/202110-Q
03/31/202105/12/202110-Q
12/31/202004/16/2021424B4

Recent Forward Guidance

Updated 8/6/2026

Latest: Q2 2026 Earnings Reported 8/5/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Cash Operating Expense 375.00 Mil 4.2% LoweredGuidance: 390.00 Mil for 2026

Prior: Q1 2026 Earnings Reported 5/6/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Operational Cash Burn -390.00 Mil 0 AffirmedGuidance: -390.00 Mil for 2026

Q4 2025 Earnings Reported 2/25/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Operating Cash Expense 390.00 Mil    

Insider Activity

Updated 8/18/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Borgeson, Blake DirectSell80620263.2530,00097,50020,111,933Form
2Borgeson, Blake DirectSell70920263.9640,000158,50024,639,962Form
3Bumpus, Namandje DirectSell62220263.183,96312,602405,870Form
4Khan, NajatCEO and PresidentDirectSell60520263.5823,58884,4597,790,655Form
5Gibson, Christopher DirectSell60520263.6240,000144,8003,199,121Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Borgeson, Blake DirectSell80620263.2530,00097,50020,111,933Form
2Borgeson, Blake DirectSell70920263.9640,000158,50024,639,962Form
3Bumpus, Namandje DirectSell62220263.183,96312,602405,870Form
4Khan, NajatCEO and PresidentDirectSell60520263.5823,58884,4597,790,655Form
5Gibson, Christopher DirectSell60520263.6240,000144,8003,199,121Form
6Bumpus, Namandje DirectSell60420263.544,38615,526152,825Form
7Borgeson, Blake DirectSell60420263.6830,000110,40022,705,096Form
8Gibson, Christopher DirectSell52620263.0840,000123,2002,721,904Form
9Gibson, Christopher DirectSell50720263.3740,000134,8003,122,494Form
10Borgeson, Blake DirectSell50620263.5230,000105,60021,823,518Form
11Gibson, Christopher DirectSell40820263.1040,000124,0002,810,324Form
12Borgeson, Blake DirectSell40820263.1030,00093,00019,312,575Form
13Gibson, Christopher DirectSell40220263.6140,000144,4003,272,667Form
14Gibson, Christopher DirectSell32520263.2540,000130,0002,946,307Form
15Taylor, Ben RChief Financial OfficerDirectSell31820263.397,95626,9714,001,278Form
16Khan, NajatCEO and PresidentDirectSell31120263.3528,29894,6607,566,901Form
17Borgeson, Blake DirectSell30420263.46170,000588,20021,659,126Form
18Gibson, Christopher DirectSell21920263.4640,000138,4003,136,684Form
19Taylor, Ben RChief Financial OfficerDirectSell21920263.0813,42641,3523,681,675Form
20Gibson, Christopher DirectSell20620264.1240,000164,8003,765,017Form
21Borgeson, Blake DirectSell20520264.20220,000924,00027,005,425Form
22Gibson, Christopher DirectSell12220264.4740,000178,8004,084,860Form
23Gibson, Christopher DirectSell10720264.2540,000170,0003,968,816Form
24Taylor, Ben RChief Financial OfficerDirectSell123020254.1821,38389,3813,183,279Form
25Khan, NajatChief R&D Commercial OfficerDirectSell122920254.41124,403548,5922,694,983Form
26Gibson, ChristopherChief Executive OfficerDirectSell121920254.5040,000180,0004,112,276Form
27Gibson, ChristopherChief Executive OfficerDirectSell120520254.6340,000185,2004,323,675Form
28Borgeson, Blake DirectSell120420254.37220,000961,40030,021,301Form
29Gibson, ChristopherChief Executive OfficerDirectSell111920254.1640,000166,4003,801,570Form
30Gibson, ChristopherChief Executive OfficerDirectSell110520255.2140,000208,4005,075,733Form
31Gibson, ChristopherChief Executive OfficerDirectSell102420255.70100,000570,0005,439,105Form
32Gibson, ChristopherChief Executive OfficerDirectSell101020256.04100,000604,0005,884,343Form
33Gibson, ChristopherChief Executive OfficerDirectSell92620254.76100,000476,0004,542,130Form
34Gibson, ChristopherChief Executive OfficerDirectSell82820254.84100,000484,0004,618,468Form
35Khan, NajatChief R&D Commercial OfficerDirectSell81920255.5236,599202,1733,691,120Form
36Gibson, ChristopherChief Executive OfficerDirectSell81120255.28500,3002,641,5845,304,388Form
37Gibson, ChristopherChief Executive Officerby LAHWRAN-3 LLCSell81120255.28100,000  Form
38Gibson, ChristopherChief Executive Officerby Gibson Family TrustSell81120255.2817,875  Form

Investor Activity (13F)

Updated Aug 19, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
MIC Capital Management UK LLP$29.6 Mil8.4%18Hold13F
Softbank Group Corp.$41.9 Mil0.4%31Hold13F
Lingotto Investment Management LLP$18.1 Mil0.4%34ADD +19.3%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Lingotto Investment Management LLP$18.1 Mil0.4%34ADD +19.3%13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Softbank Group Corp.$41.9 Mil0.4%31Hold13F
MIC Capital Management UK LLP$29.6 Mil8.4%18Hold13F
Lingotto Investment Management LLP$18.1 Mil0.4%34ADD +19.3%13F
Core Cache Last Updated: 8/18/2026