RECURSION PHARMACEUTICALS, INC. (RXRX)

Recursion is a clinical-stage TechBio company whose mission is to decode biology to radically improve lives. It operates an integrated, AI-native drug discovery and development platform called the Recursion Operating System (OS), which spans from novel biological ideas through the clinic. The platform combines multimodal biological data generation, AI-powered small molecule design and synthesis, and AI-enabled clinical development. The company aims to reshape the high-attrition drug discovery funnel into a "T-shaped" model that narrows quickly to the candidates with the highest probability of success. Its strategy rests on three pillars: translating insights into clinical proof points, focused innovation in platform capabilities (including ClinTech), and disciplined execution.

The business consists of a wholly owned pipeline and partnered discovery programs, both powered by the Recursion OS. The wholly owned pipeline focuses on oncology and rare disease and has five clinical programs and two preclinical programs. The clinical programs are REC-4881 (a MEK1/2 inhibitor for familial adenomatous polyposis, in the Phase 1b/2 TUPELO study), REC-617 (a CDK7 inhibitor for advanced solid tumors, in the Phase 1/2 ELUCIDATE study), REC-1245 (an RBM39 degrader, in the Phase 1/2 DAHLIA study), REC-3565 (a MALT1 inhibitor, in the Phase 1 EXCELERIZE study) and REC-4539 (an LSD1 inhibitor, expected to enter Phase 1 in 2026). The preclinical programs are REC-7735 (PI3Kα H1047R) and REC-102 (ENPP1). In May 2025 the company streamlined its portfolio, discontinuing or seeking partners for the REC-2282, REC-994 and REC-3964 programs. Positive Phase 1b/2 REC-4881 data in 2025 was described as the first clinical validation of the platform. The company also has roughly 15 discovery-stage programs across its internal and partnered efforts.

Recursion's collaborators are large pharmaceutical companies: Roche and Genentech, Sanofi, Bayer, and Merck KGaA (Darmstadt, Germany). These partnerships cover oncology, neuroscience, immunology and other areas of high unmet need. The company has received more than $500 million in upfront and milestone payments to date and cites potential for over $20 billion in additional milestones before royalties. Roche and Genentech have accepted six Phenomaps (including whole-genome CRISPR knockout maps of neuronal and microglial cells) and have initiated one small molecule program, with $213 million received. Sanofi is a joint small molecule collaboration with $134 million in milestones achieved and potential for up to 15 programs. Bayer is advancing precision oncology programs, and Merck KGaA is focused on target identification in oncology and immunology. The company is eligible for tiered royalties on partnered programs.

Operationally, the company generates proprietary data in automated high-throughput wet labs that can run over 2 million experiments per week. The data includes cellular phenomics, transcriptomics, proteomics, ADMET, genomics, chemical synthesis and patient data. It trains purpose-built AI models largely on BioHive-2, its supercomputer built in collaboration with NVIDIA. It also deploys AI agents and automation to orchestrate lab experimentation and modeling. The company says its platform has let it advance candidates while synthesizing about 90% fewer compounds than the industry average, and it relies on integrated "bilingual" teams fluent in both science and technology. The text does not identify the company's headquarters, manufacturing arrangements beyond internal cell production, or competitors.