• Google for drug discovery
• Amazon for drug discovery
• AWS for drug discovery

• Recursion OS: An AI-driven drug discovery platform that integrates robotics, automation, and machine learning to rapidly identify and advance potential therapeutic candidates.
• Drug Pipeline: A portfolio of therapeutic programs targeting various diseases, which are developed from initial discovery through clinical stages towards potential market approval.
• Strategic Drug Discovery Partnerships: Collaborations with major pharmaceutical companies where Recursion applies its platform to discover new drug candidates for specific disease areas, often sharing in future development and commercialization revenues.

Recursion Pharmaceuticals (RXRX) primarily sells its drug discovery platform, compounds, and expertise through collaborations and partnerships with other pharmaceutical and biotechnology companies, rather than directly to individuals.

Its major customers and partners include:

• Bayer AG (Symbol: BAYRY, also traded as BAYN.DE)
• Roche Holding AG (via its subsidiary Genentech) (Symbol: RHHBY, also traded as ROG.SW)

• NVIDIA (NVDA)

Chris Gibson, Ph.D. Co-Founder and Chief Executive Officer

Chris Gibson is the Co-Founder and current Chief Executive Officer of Recursion Pharmaceuticals. He developed the foundational technology for Recursion during his MD/PhD work in the lab of Dr. Dean Li at the University of Utah and launched the company in 2013, subsequently leaving medical school to focus on building Recursion. He graduated from Rice University with degrees in bioengineering and management. Gibson is also dedicated to supporting new founders, having established Altitude Lab, an incubator for healthcare startups, in 2020, and launching the Chris and Summer Gibson Fellowship and the Altitude Lab Fund in 2025. Effective January 1, 2026, he will transition to Chairman of the Board.

Najat Khan, Ph.D. Chief R&D and Commercial Officer (Incoming Chief Executive Officer)

Najat Khan is currently the Chief R&D and Commercial Officer and a Board Member at Recursion Pharmaceuticals. She will assume the role of Chief Executive Officer and President on January 1, 2026. Dr. Khan is an accomplished leader in the biopharma sector, bringing experience from both large pharmaceutical companies and TechBio firms. Before joining Recursion in 2024, she served as Chief Data Science Officer and Senior Vice President, Global Head of Strategy, Portfolio & Operations for R&D at Johnson & Johnson Innovative Medicine, where she played a key role in tripling pipeline value and establishing a leading data science organization. She also co-chaired Johnson & Johnson's Data Science Council. Earlier in her career, Dr. Khan was a Senior Principal and Partner with The Boston Consulting Group (BCG), advising leading biopharma, biotech, payer, and provider organizations on strategy and operations. She holds a Ph.D. in Organic Chemistry from the University of Pennsylvania, an AI/ML Certification from MIT's Computer Science and Artificial Intelligence Laboratory, and a B.A. in Computational Chemistry from Colgate University.

Ben Taylor Chief Financial Officer

Ben Taylor was appointed Chief Financial Officer of Recursion Pharmaceuticals on November 20, 2024, following Recursion's acquisition of Exscientia. He previously served as the Chief Financial and Strategy Officer of Exscientia AI Ltd. Taylor also holds the title of President Recursion UK.

David Hallett, Ph.D. Chief Scientific Officer

David Hallett serves as the Chief Scientific Officer at Recursion Pharmaceuticals.

Lina Nilsson, Ph.D. Chief Platform Officer

Lina Nilsson is the Chief Platform Officer at Recursion Pharmaceuticals.

• Clinical Development and Efficacy of AI Platform: Recursion Pharmaceuticals faces significant risk due to the inherent uncertainty and high failure rates associated with clinical trials. Its AI-driven drug discovery platform, while promising, has yet to be fully validated in clinical settings by delivering a late-stage success. The company has already discontinued several drug candidates from its pipeline, and the regulatory pathway for AI-optimized drugs is still largely untested, creating additional uncertainty regarding approval timelines and costs.
• High Cash Burn and Need for Future Funding: The company consistently operates at a significant net loss, incurring a substantial cash burn rate due to high research and development (R&D) costs without approved products generating meaningful revenue. While Recursion Pharmaceuticals currently holds cash reserves, there are ongoing concerns from analysts regarding the duration of its cash runway and the potential need for future funding, which could lead to further shareholder dilution.
• Intense Competition and Technology Validation: Recursion Pharmaceuticals operates in a highly competitive landscape, facing challenges from both other specialized AI biotechs and large pharmaceutical companies that are developing their own internal AI capabilities. Furthermore, there is an inherent technology risk, as the effectiveness of AI-driven drug discovery at scale remains largely unproven, and the company's platform capabilities may underperform expectations. The "black box" nature of some AI algorithms also poses challenges in the transparent decision-making required for drug development.

Large pharmaceutical companies are increasingly developing and scaling their own in-house artificial intelligence and machine learning drug discovery platforms and capabilities. This accelerating trend could diminish the market need for external AI drug discovery partners like Recursion Pharmaceuticals, as these large companies become self-sufficient in leveraging AI for their R&D pipelines, potentially threatening Recursion's partnership model and competitive differentiation.

Recursion Pharmaceuticals (RXRX) focuses on developing therapeutics for oncology and rare diseases, leveraging its AI-driven drug discovery platform. The addressable markets for its main products and services, based on available information, are as follows:

Oncology Pipeline

• REC-617 (Advanced Solid Tumors): Approximately 150,000 patients annually in the U.S. and EU5.
• REC-1245 (Biomarker-enriched Solid Tumors and Lymphoma): More than 100,000 patients annually in the U.S. and EU5.
• REC-3565 (B-cell Malignancies): Approximately 41,000 relapsed/refractory patients with chronic lymphocytic leukemia and B-cell lymphomas annually in the U.S. and EU5.
• REC-4539 (Small-cell Lung Cancer): Approximately 45,000 extensive stage small-cell lung cancer patients annually in the U.S. and EU5. (Note: This program is currently on strategic pause.)
• REC-7735 (HR+ Breast Cancer): Approximately 11,000 patients.

Rare Disease Pipeline

• REC-4881 (Familial Adenomatous Polyposis - FAP): Specific patient population for FAP is not quantified in the provided search results, but it is categorized as a rare disease.
• REV102 (Hypophosphatasia - HPP): Specific patient population for HPP is not quantified in the provided search results, but it is a rare genetic disorder.

Broader Market for Therapeutic Areas

• Global Rare Disease Treatment Market: Valued at approximately USD 195.21 billion in 2024, with projections to reach around USD 587.08 billion by 2034. Other estimates range from USD 216.24 billion in 2024, projected to reach USD 374.39 billion by 2030, to USD 242.50 billion in 2025, projected to reach USD 426.03 billion by 2030. North America accounted for the largest share of this market, approximately 62.9% in 2024. The U.S. rare disease treatment market was estimated at US$ 63.37 billion in 2024.
• Global Genetic Disorders Market: Valued at US$ 15.95 billion in 2023 and is expected to surpass US$ 50.61 billion by 2033. North America is a significant and expanding region in this market.

Recursion Pharmaceuticals (RXRX) is expected to drive future revenue growth over the next two to three years through the following key areas:

1. Achievement of Milestones from Existing Strategic Collaborations: A primary source of revenue for Recursion Pharmaceuticals comes from its collaborations with major pharmaceutical partners, including Roche/Genentech, Bayer, Sanofi, and Merck KGaA. These partnerships are structured to include milestone payments triggered by the successful achievement of specific research and development objectives. For instance, the company recently received a $30 million milestone payment from Roche and Genentech following the delivery of a whole-genome map of microglial immune cells. Recursion anticipates receiving over $100 million in milestone payments by the end of 2026 from its existing partnerships.
2. Formation of New AI-Driven Drug Discovery Partnerships: Recursion's advanced AI-driven drug discovery platform, known as the Recursion OS, is a significant asset that continues to attract new collaborators. The company's capability to execute millions of wet lab experiments weekly and operate one of the world's most powerful supercomputers enhances its appeal as a partner for pharmaceutical companies aiming to accelerate drug discovery. The acquisition of Exscientia in 2024 further expanded Recursion's pipeline of partnered programs and platform capabilities, creating additional opportunities for future collaboration revenue.
3. Advancement and Potential Out-licensing of Internal Pipeline Candidates: While Recursion is currently a pre-commercial company, the progression of its wholly-owned drug candidates through preclinical and early clinical stages is a crucial driver of future revenue. Positive data readouts from these internal programs can increase their attractiveness for out-licensing deals with larger pharmaceutical companies, which would generate upfront payments and subsequent milestone payments. Key upcoming milestones in Recursion’s internal pipeline include early-stage data readouts in the second half of 2025 for its CDK7 inhibitor program (REC-617) and REC-4881, and the nomination of REC-7735 as a Development Candidate with IND-enabling studies underway. The company is also actively exploring out-licensing opportunities for certain programs, such as REC-3964.

Share Issuance

• Recursion Pharmaceuticals went public in 2021 through an Initial Public Offering (IPO), raising approximately $436 million.
• The company received $387.5 million in net proceeds from its At-the-Market (ATM) facility during the third and fourth quarters of 2025.
• Shares outstanding increased by 63.30% in one year, with analysts anticipating a 7.0% annual increase over the next three years, reflecting reliance on external funding.

Inbound Investments

• Recursion achieved over $500 million in cumulative upfront and milestone payments from its partnerships and collaborations as of October 2025.
• A collaboration with Roche and Genentech included an upfront payment of $150 million and milestone payments of $30 million in August 2024 and another $30 million in October 2025, for delivering whole-genome neuro maps.
• Strategic partnerships with companies like Sanofi and Merck KGaA could yield up to $1.8 billion from development and regulatory milestones.

Outbound Investments

• Recursion Pharmaceuticals acquired Exscientia in October 2024, a provider of AI-driven drug discovery and precision medicine solutions, through an exchange of shares.
• In May 2023, the company acquired Valence Labs for $47.5 million and Cyclica for $40 million.
• In July 2025, Recursion acquired 50% of RE Ventures I, LLC for cash and Class A common stock, with additional shares issued in August 2025.

Capital Expenditures

• Capital expenditures were -$6.52 million in the last 12 months as of November 2025.
• Research and development expenses reached $379.3 million for the nine months ended September 30, 2025, and $121.1 million for the third quarter of 2025, focusing on advancing the drug discovery platform and pipeline.
• The company forecasts cash burn of less than $450 million for 2025 and less than $390 million for 2026, with a focus on high-value projects and an expected reduction in pro forma operating expenses.