Recursion Pharmaceuticals, Inc
Recursion Pharmaceuticals is a U.S.-based clinical-stage TechBio company that uses its Recursion Operating System to discover and develop medicines. Its business combines an internal pipeline of drug candidates with strategic partnerships, using AI, multimodal biological data, and automated chemistry to move from biological insight to clinical development.
Tilikausi 2025 · muutos edellisvuodesta
Kehitys 2020–2025
Liiketoiminta
Osuus liikevaihdostaWholly owned drug candidates advancing through discovery and clinical development.
Research and development agreements with pharmaceutical and biotech partners.
AI-enabled discovery, data generation, and development capabilities used internally and for partners.
Tuotteet
Raportoitu · osuus liikevaihdosta- License and Service99,4 %
- Grant0,6 %
Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.
Asiakkaat
Recursion’s customers are primarily pharmaceutical, biotechnology, and research partners that pay for discovery and development work under collaboration agreements. The company also serves future end-markets indirectly through its own pipeline, which targets patients in oncology and rare disease once programs advance to commercialization.
Large pharma companies buy discovery and development services, data, and program work through alliance agreements.
Biotech companies use Recursion's platform and scientific capabilities to accelerate target discovery and candidate generation.
Institutions collaborate for access to datasets, biology expertise, and intellectual property.
Patients and healthcare systems are the eventual end market for approved medicines from the internal pipeline.
Strategia
Recursion’s strategy is to use its integrated AI-native platform to increase the speed and quality of drug discovery, while validating the platform through both internal programs and partner collaborations. The company is building a diversified pipeline across oncology and rare disease, with partnerships serving as external proof points for the Recursion OS.
Clinical data is the main value driver for a TechBio pipeline and validates the platform.
A stronger platform improves candidate selection, reduces attrition, and supports partner demand.
Collaborations provide non-dilutive funding, external validation, and broader data access.
Maantiede
Q3/2025Recursion is headquartered in the United States, with operations and collaboration activity spanning North America and Europe. The company also maintains research sites in Montréal and London, which support its AI and computational biology capabilities and broaden access to scientific talent.
Osuus liikevaihdosta, jonka yhtiö raportoi maantieteellisesti.
Riskit
Recursion faces the typical risks of a clinical-stage biotechnology company: no approved products, long development timelines, and dependence on external capital and collaboration revenue. Its platform model also depends on third-party vendors, data quality, and successful translation of AI-driven discovery into clinical outcomes.
- Clinical development failureVaikutus: KorkeaTodennäköisyys: Kohtalainen
Drug candidates can fail in discovery, preclinical work, or clinical trials, which would reduce pipeline value.
Kohdistuu: Internal oncology and rare disease programs
- Capital dependenceVaikutus: KorkeaTodennäköisyys: Kohtalainen
The company has no approved product sales and relies on financing and collaboration receipts to fund operations.
Kohdistuu: Operating runway and future commercialization
- Technology and data execution riskVaikutus: KorkeaTodennäköisyys: Kohtalainen
The Recursion OS must consistently generate useful biological insight and candidate selection to justify the model.
Kohdistuu: Platform performance and partner confidence
- Partner concentration and milestone timingVaikutus: KeskitasoTodennäköisyys: Kohtalainen
Collaboration revenue is tied to performance obligations and milestone achievement, which can be uneven.
Kohdistuu - Supply chain and manufacturing dependenceVaikutus: KeskitasoTodennäköisyys: Kohtalainen
The company relies on third-party CDMOs, vendors, and testing providers for drug substance and product.
Kohdistuu: Clinical supply and platform operations
Kirjanpito
Harkinnanvaraiset erätRevenue is recognized as performance obligations are satisfied, so timing can shift materially between periods.
Vaikutus: Affects operating revenue and quarter-to-quarter comparability
Variable consideration is recognized when milestones are achieved, not when cash is received.
Vaikutus: Can create lumpy revenue recognition
Equity awards are a meaningful operating cost for a research-intensive biotech company.
Vaikutus: Affects reported R&D and G&A expense
Business combinations can change the revenue base, cost structure, and asset valuation.
Vaikutus: Can distort year-over-year comparisons
Samankaltaisia listattuja yhtiöitä
Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.
iBio, Inc.
IBIO · Pharmaceutical Preparations
Nautilus Biotechnology, Inc.
NAUT · Laboratory Analytical Instruments
Tempus AI, Inc.
TEM · Services-Computer Programming, Data Processing, Etc.
Replimune Group, Inc.
REPL · Biological Products, (No Diagnostic Substances)
Bio-Path Holdings, Inc.
BPTH · Pharmaceutical Preparations
Tectonic Therapeutic, Inc.
TECX · Biological Products, (No Diagnostic Substances)
Päivitetty: 24.9.2026