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-$7.18Primary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2026-02-25. The audited primary-source spine — not financial advice.
Revenue — annual (GAAP)
FY’21
$10M
FY’22
$40M+291%
FY’23
$45M+12%
FY’24
$59M+32%
FY’25
$75M+27%
Margins & balance sheet — FY’25
Operating margin-867.9%
Net margin-863.4%
Net cash$654M
The read
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
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