RXRX Recursion Pharmaceuticals Inc.

21.84
+0.66  (+3%)
Previous Close 21.18
Open 21.49
52 Week Low 19.68
52 Week High 35.78
Market Cap $3,676,125,071
Shares 168,320,745
Float 115,393,314
Enterprise Value $3,366,480,378
Volume 454,264
Av. Daily Volume 346,301
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Drug Pipeline

Drug Stage Notes
REC-994
Cerebral Cavernous Malformation
Phase 1
Phase 1
Phase 2 trial to be initiated in 2022.
REC-2282
Neurofibromatosis Type 2
Phase 2/3
Phase 2/3
Phase 2/3 trial to be initiated in 2022.
REC-3599
GM2 Gangliosidosis
Phase 2
Phase 2
Phase 2 trial to be initiated in 2022.
REC-4881
Familial Adenomatous Polyposis
Phase 1
Phase 1
Phase 2 trial to be initiated in 2022.

Latest News

  1. SALT LAKE CITY, May 12, 2021 /PRNewswire/ -- Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX), a clinical-stage biotechnology company decoding biology by integrating technological innovations across biology, chemistry, automation, data science, and engineering, today reported financial results for the first quarter of 2021 and provided business updates.

    "We are thrilled to have led Recursion through a successful IPO process which garnered support from new and existing healthcare and technology investors and better capitalized the company's mission of decoding biology to radically improve lives," said Recursion Co-Founder and CEO Chris Gibson Ph.D. He continued, "We are excited about Recursion's continued foray into inferential search, how that approach has quickly added many new programs to our portfolio in a short time, and how our new supercomputer, BioHive-1, will enable faster training and iteration of our machine learning algorithms and the ability to train on the totality of our nearly 8 petabytes of relatable biological data. And finally, we continue to make strides expanding, advancing, and executing on our pipeline of potential new medicines, including our four clinical stage programs and our first new chemical entity now headed towards clinical development."

    Recursion finished the first quarter of 2021 with a portfolio of 4 clinical stage programs, 4 preclinical programs, 4 late discovery programs, and 25 early discovery programs, for a total of 37 research and development programs. Additionally, Recursion continued scaling the total number of executed phenomic experiments to over 67 million, the size of its total dataset to nearly 8 petabytes, and the number of biological inferences to over 92 billion. We accomplished this by utilizing a cellular library of 36 cell types, an in-house chemical library of over 706 thousand compounds, an in silico library of over 12 billion chemical scaffolds, and a growing team of more than 200 Recursionauts that is balanced between life scientists and computational and technical experts.

    Summary of Business Highlights

    • Clinical Programs
      • Familial adenomatous polyposis (REC-4881) : We plan to initiate a Phase 2, randomized, double-blind, placebo-controlled study to evaluate efficacy and safety of REC-4881 in classical FAP patients within the next 4 to 5 quarters.
      • GM2 gangliosidosis (REC-3599) : We are generating additional pharmacodynamic data in an animal model of GM2 in anticipation of enrolling the first patient in an open-label Phase 2 trial in the next 4 to 5 quarters.
      • Neurofibromatosis type 2 (REC-2282) : The protocol has been updated based on scientific advice from the MHRA and FDA feedback from the special protocol assessment (SPA). We expect to enroll the first patient in an adaptive Phase 2/3, randomized, multicenter study within the next 4 to 5 quarters.
      • Cerebral cavernous malformation (REC-994) : We finalized the Phase 2 protocol and submitted it to the FDA. Subject to completion of all required CMC steps, we expect to enroll the first patient in a Phase 2, double-blind, placebo-controlled, safety, tolerability and exploratory efficacy study within the next 4 to 5 quarters.
    • Notable Preclinical Programs
      • Clostridium difficile colitis (REC-163964, REC-164014, REC-164067) : We completed exploratory, non-clinical, safety studies with three lead molecules to enable selection of a development candidate.
      • Immune checkpoint resistance in STK11-mutant NSCLC : We completed dose-optimization studies of REC-64151 that supported efficacy in rodent models at exposures achievable in humans.
    • Notable Late Discovery Programs
      • Neuroinflammation : This program is currently in the lead-optimization phase. The project has made progress in optimization of potency and pharmacokinetics of molecules in our lead series.
      • Batten disease : The program is currently in the lead-optimization phase. The project has made progress in optimization of potency and pharmacokinetics of molecules in our lead series.
      • Charcot-Marie-Tooth type 2A : The chemistry strategy has been constructed and relevant biochemical and cellular orthogonal assays are being developed.
      • Oncology - small molecule MYC Inhibitors : We have now confirmed that several molecules from multiple series exhibit activity in a c-Myc protein turnover assay and made progress in elucidating mechanisms underlying modulation of c-Myc degradation.
    • Partnership : There has been continued progress in our collaboration with Bayer to discover small molecule drug candidates targeting novel biology for the treatment of fibrotic diseases. Bayer's library of approximately 500,000 compounds has been onboarded to Recursion and high throughput discovery screens have been initiated for two of the approximately 10 programs.
    • Inferential Search : In less than 9 months, Recursion's transition to inferential search, which leverages its massive dataset for drug discovery, has yielded 18 programs in the area of oncology. This work has been led by Ron Alfa M.D., Ph.D., as Senior Vice President of Translational Medicine at Recursion. As a result of this success, Recursion is expanding its inferential search capabilities into neuroscience as well as inflammation and immunology.
    • Platform
      • Orthogonomics : We have made meaningful progress in both transcriptomics and proteomics at Recursion. Our transcriptomics team has standardized our protocol for extracting transcriptomic signals from experiments. Our proteomics team has been optimizing its ability to survey thousands of proteins to identify biomarkers with significant changes in level due to perturbation treatments. These technologies are now being applied to over a dozen early and late discovery programs at Recursion to quickly provide target-agnostic orthogonal validation data.
      • Digital Chemistry : We launched our digital chemistry-based target prediction tool which identifies potential targets for small molecules by comparing their structural fingerprints to well-annotated small molecules. This tool augments our mechanism of action deconvolution by taking chemical structure into account.
      • BioHive-1 : The company purchased, built, and activated BioHive-1, a purpose-built supercomputer that we believe is the 58th most powerful in the world and the most powerful supercomputer dedicated wholly to drug discovery for a single company.
    • Facilities : We initiated two facility expansions in Salt Lake City. First, we are expanding our current headquarters to add laboratory space that will support our plans for additional technology and future partnerships. Second, we are establishing a nearby CMC site for work in process chemistry, analytical chemistry, and drug substance production.

    First Quarter 2021 Financial Results

    • Cash Position : Cash, cash equivalents and marketable securities were $214.1 million as of March 31, 2021 and do not include net proceeds from the company's April 2021 IPO of $462.6 million.
    • Revenue : Total revenue, consisting primarily of revenue from collaborative agreements, was $2.6 million for the first quarter of 2021, compared to $60 thousand for the first quarter of 2020. The increase was primarily due to progress in our collaboration agreement with Bayer.
    • Research and Development Expenses : Research and development expenses were $24.1 million for the first quarter of 2021, compared to $12.8 million for the first quarter of 2020. The increase in research and development expenses over this period was primarily due to an increased number of experiments screened on the platform, an increased number of preclinical assets being validated, and the development of clinical-stage assets.
    • General and Administrative Expenses : General and administrative expenses were $8.9 million for the first quarter of 2021, compared to $5.6 million for the first quarter of 2020. The increase in general and administrative expenses was due to growth in size of the company's operations including an increase in salaries and wages of $1.2 million, human resources costs, facilities costs, finance costs and other administrative costs associated with operating a growth-stage company.
    • Net Loss : Net loss was $30.7 million for the first quarter of 2021, compared to a net loss of $18.4 million for the first quarter of 2020.

    Other Corporate Updates

    • IPO : Recursion upsized and completed its initial public offering in April 2021, raising gross and net proceeds of $501.8 million and $462.6 million, respectively.
    • Company Management : Since the end of 2020, Recursion has made several executive and board appointments aimed at further supporting the advancement of its pipeline and expanding its business operations. These appointments include naming R. Martin Chavez, Ph.D. as Chairman of our Board of Directors, Ramona Doyle, M.D. as Chief Medical Officer, and Louisa Daniels, J.D. as Chief Legal Officer and General Counsel. Additionally, Ron Alfa M.D., Ph.D. has been promoted to Senior Vice President of Research to lead the rapid creation and advancement of new early discovery programs based on our inferential search platform, and Sharath Hegde Ph.D. has resigned from his role as the company's Chief Scientific Officer. Dr. Alfa will assume the responsibilities of Dr. Hegde. We thank Dr. Hegde for his substantial contributions to Recursion, which include accelerating our work with new chemical entities and curating our rapid repurposing library.

    About Recursion

    Recursion is a clinical-stage biotechnology company decoding biology by integrating technological innovations across biology, chemistry, automation, data science, and engineering. Our goal is to radically improve the lives of patients and industrialize drug discovery. Central to our mission is the Recursion Operating System, which combines an advanced infrastructure layer to generate what we believe is one of the world's largest and fastest-growing proprietary biological and chemical datasets. We combine that with the Recursion Map, a suite of custom software, algorithms, and machine learning tools that we use to explore foundational biology unconstrained by human bias and navigate to new biological insights. We are a biotechnology company scaling more like a technology company.

    Contact

    Elyse Freeman - Communications and Content Manager

    Condensed Consolidated Statements of Operations

    Recursion Pharmaceuticals, Inc. 

    Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited)

    (in thousands, except share and per share amounts) 







    Three months ended





    March 31,

    Revenue

    2021

    2020



    Grant revenue

    $

    62

    $

    60



    Operating revenue

    2,500

    -

    Total revenue

    2,562

    60









    Operating expenses







    Research and development

    24,109

    12,842



    General and administrative

    8,937

    5,561

    Total operating expenses

    33,046

    18,403









    Loss from operations

    (30,484)

    (18,343)



    Other loss, net

    (233)

    (81)

    Net loss and comprehensive loss

    $

    (30,717)

    $

    (18,424)









    Per share data





    Net loss per share, basic and diluted

    $

    (1.33)

    $

    (0.85)

    Weighted average shares of common stock, basic and diluted

    23,035,623

    21,639,891

     

    Condensed Consolidated Balance Sheets

    Recursion Pharmaceuticals, Inc. 

    Condensed Consolidated Balance Sheets (unaudited)

    (in thousands)













    March 31,

    December 31,





    2021

    2020

    Assets







    Current assets







    Cash and cash equivalents

    $

    214,088

    $

    262,126



    Restricted cash

    5,042

    5,041



    Accounts receivable

    71

    156



    Other current assets

    2,621

    2,155



    Total current assets

    221,822

    269,478











    Property and equipment, net

    44,642

    25,967



    Intangible assets, net

    2,414

    2,490



    Other non-current assets

    3,065

    650



    Total assets

    $

    271,943

    $

    298,585









    Liabilities, convertible preferred stock and stockholders' deficit







    Current liabilities







    Accounts payable

    3,125

    1,074



    Accrued expenses and other liabilities

    11,085

    10,485



    Current portion of unearned revenue

    10,000

    10,000



    Current portion of notes payable

    2,145

    1,073



    Current portion of lease incentive obligation

    499

    467



    Total current liabilities

    26,854

    23,099











    Deferred rent

    2,750

    2,674



    Unearned revenue, net of current portion

    14,167

    16,667



    Notes payable, net of current portion

    10,339

    11,414



    Lease incentive obligation, net of current portion

    2,552

    2,708



    Total liabilities

    56,662

    56,562



    Commitments and contingencies















    Convertible preferred stock

    448,312

    448,312



    Stockholders' deficit







    Common stock

    -

    -



    Additional paid-in capital

    11,287

    7,312



    Accumulated deficit

    (244,318)

    (213,601)



    Total stockholder's deficit

    (233,031)

    (206,289)











    Total liabilities, convertible preferred stock and stockholders' deficit

    $

    271,943

    $

    298,585

     

    Forward Looking Statements

    This press release contains information that includes or is based upon "forward-looking statements" within the meaning of the Securities Litigation Reform Act of 1995. Forward-looking statements provide our expectations or forecasts regarding future events. You can identify these statements by the fact they do not relate strictly to historical or current facts. They may use words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and other terms of similar meaning in connection with a discussion of future operating or financial performance. In particular, forward-looking statements include statements relating to intended future actions; plans with respect to clinical trials and preclinical activities; prospective products or product approvals; future performance or results of anticipated products or technology; expenses; our ability to obtain, maintain and enforce intellectual property protections and financial results; in addition to other topics. Any or all of our forward-looking statements here or elsewhere may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements and from expected or historical results. Many such factors will be important in determining our actual future results. Consequently, no forward-looking statement can be guaranteed. In particular, you should read the discussion in the "Risk Factors" section in our Prospectus filed with the U.S. Securities and Exchange Commission (SEC) on April 16, 2021 and in our periodic filings with the SEC. Other factors besides those listed could also adversely affect the company. We undertake no obligation to correct or update any forward-looking statements, whether as a result of new information, future developments or otherwise, except to the extent required by applicable law. These forward-looking statements (except as may be otherwise noted) speak only as of the date of this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. You are advised to consult any further disclosures we make on related subjects in our reports to the SEC.

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  2. SALT LAKE CITY, April 21, 2021 /PRNewswire/ -- Recursion Pharmaceuticals, Inc. ("Recursion" or "we")  announced the closing on April 20, 2021 of its initial public offering of 27,878,787 shares of its Class A common stock, which includes the exercise in full of the underwriters' option to purchase 3,636,363 additional shares of its Class A common stock, at a price to the public of $18.00 per share. Including the option exercise, the gross proceeds from the offering were $501.8 million, before deducting underwriting discounts and commissions and other offering expenses payable by Recursion. All of the shares were offered by Recursion. The shares began trading on the Nasdaq Global Select Market on April 16, 2021 under the symbol "RXRX."

    SALT LAKE CITY, April 21, 2021 /PRNewswire/ -- Recursion Pharmaceuticals, Inc. ("Recursion" or "we")  announced the closing on April 20, 2021 of its initial public offering of 27,878,787 shares of its Class A common stock, which includes the exercise in full of the underwriters' option to purchase 3,636,363 additional shares of its Class A common stock, at a price to the public of $18.00 per share. Including the option exercise, the gross proceeds from the offering were $501.8 million, before deducting underwriting discounts and commissions and other offering expenses payable by Recursion. All of the shares were offered by Recursion. The shares began trading on the Nasdaq Global Select Market on April 16, 2021 under the symbol "RXRX."

    Goldman Sachs & Co. LLC and J.P. Morgan acted as lead book-running managers for the offering. BofA Securities, SVB Leerink and Allen & Company LLC also acted as active book-running managers. KeyBanc Capital Markets acted as book running manager for the offering.

    Registration statements relating to this offering have been filed with the Securities and Exchange Commission and became effective on April 15, 2021. This offering was made only by means of a prospectus. Copies of the final prospectus may be obtained from: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526 or by email at ; or J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by telephone at (866) 803-9204 or by email at . Copies of the final prospectus related to the offering are also available at www.sec.gov.

    This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor will there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About Recursion

    Recursion is a clinical-stage biotechnology company decoding biology by integrating technological innovations across biology, chemistry, automation, data science, and engineering, with the goal of radically improving the lives of patients and industrializing drug discovery. Central to our mission is the Recursion Operating System, or Recursion OS, that combines an advanced infrastructure layer to generate what we believe is one of the world's largest and fastest-growing proprietary biological and chemical datasets and the Recursion Map, a suite of custom software, algorithms, and machine learning tools that we use to explore foundational biology unconstrained by human bias and navigate to new biological insights which may accelerate our programs. We are a biotechnology company scaling more like a technology company.

    Investor Relations and Press Contact

    Elyse Freeman

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  3. SALT LAKE CITY, April 16, 2021 /PRNewswire/ -- Recursion Pharmaceuticals, Inc. ("Recursion" or "we") today announced the pricing of its initial public offering of its Class A common stock at a price to the public of $18.00 per share. Recursion is offering 24,242,424 shares of its Class A common stock. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Recursion, are expected to be $436.4 million, excluding any exercise of the underwriters' option to purchase additional shares. The shares are expected to begin trading on the Nasdaq Global Select Market on April 16, 2021 under the symbol "RXRX" and the offering is expected to close on April 20, 2021, subject to customary…

    SALT LAKE CITY, April 16, 2021 /PRNewswire/ -- Recursion Pharmaceuticals, Inc. ("Recursion" or "we") today announced the pricing of its initial public offering of its Class A common stock at a price to the public of $18.00 per share. Recursion is offering 24,242,424 shares of its Class A common stock. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Recursion, are expected to be $436.4 million, excluding any exercise of the underwriters' option to purchase additional shares. The shares are expected to begin trading on the Nasdaq Global Select Market on April 16, 2021 under the symbol "RXRX" and the offering is expected to close on April 20, 2021, subject to customary closing conditions. In addition, Recursion has granted the underwriters a 30-day option to purchase up to an additional 3,636,363 shares of its common stock at the initial public offering price, less the underwriting discounts and commissions.

    Goldman Sachs & Co. LLC and J.P. Morgan are acting as lead book-running managers for the offering. BofA Securities, SVB Leerink, Allen & Company LLC, and KeyBanc Capital Markets are acting as book running managers for the offering.

    Registration statements relating to this offering have been filed with the Securities and Exchange Commission and became effective on April 15, 2021. This offering is being made only by means of a prospectus, copies of which may be obtained, when available, from: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526 or by email at ; or J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by telephone at (866) 803-9204 or by email at . Copies of the final prospectus, when available, related to the offering will be available at www.sec.gov.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About Recursion

    Recursion is a clinical-stage biotechnology company decoding biology by integrating technological innovations across biology, chemistry, automation, data science, and engineering, with the goal of radically improving the lives of patients and industrializing drug discovery. Central to our mission is the Recursion Operating System, or Recursion OS, that combines an advanced infrastructure layer to generate what we believe is one of the world's largest and fastest-growing proprietary biological and chemical datasets and the Recursion Map, a suite of custom software, algorithms, and machine learning tools that we use to explore foundational biology unconstrained by human bias and navigate to new biological insights which may accelerate our programs. We are a biotechnology company scaling more like a technology company.

    Investor Relations and Press Contact

    Elyse Freeman

    Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/recursion-pharmaceuticals-announces-pricing-of-initial-public-offering-301270388.html

    SOURCE Recursion Pharmaceuticals

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