Recursion Pharmaceuticals
ConvictionSpeculative
Dual engine: (1) platform partnerships with large pharma (Roche/Genentech, Sanofi, Bayer) that pay upfront + milestone + royalty economics for AI-discovered targets/molecules; (2) internal pipeline of wholly-owned clinical candidates. Pre-product-revenue; funded by cash + partner milestones, not drug sales.
Revenue
$74.7MFY2025, collaboration/milestone revenue; up from $58.8M FY2024). Q1 FY26 only $6.5M (lumpy milestone timingRev growth
+27% FY2025 YoY$74.7M vs $58.8M); Q1 FY26 -56% YoY ($6.5M vs $14.7M) on milestone-recognition timingGross margin
n/m - revenue is collaboration/milestone feesnot product COGS; effectively high-margin service/IP revenue but immaterial vs cost baseOp margin
deeply negative~-800%+ FY2025: net loss $644.8M on $74.7M revenueCapex intensity
Moderate-to-high for a biotech - owns automated wet-labs and the NVIDIA-built BioHive-2 supercomputerdata-generation + compute infrastructureMarket cap
~$2.0BNasdaq: RXRX, ~$3.79/share, early Jul 2026; 52-wk range $2.77-$7.18The read
Where our coverage leans
Coverage leans bullish
Sign in free to read the bull & bear take — Pro unlocks the full dossier.
Members only
Full financial intelligence for Recursion Pharmaceuticals
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence