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Mar 31, 2023
Recursion Pharmaceuticals Q1 2023 Earnings Report
Recursion Pharmaceuticals reported first quarter 2023 financial results, highlighted by strategic acquisitions to enhance technology-enabled drug discovery and advancements in clinical trials.
Key Takeaways
Recursion Pharmaceuticals reported a revenue increase in Q1 2023, driven by progress in the Roche-Genentech collaboration. The company also advanced its clinical trials and made strategic acquisitions of Cyclica and Valence to bolster its digital chemistry and generative AI capabilities. However, the company experienced increased research and development expenses and general and administrative expenses, leading to a higher net loss compared to the same period last year.
Acquired Cyclica and Valence to enhance digital chemistry and generative AI capabilities.
Advanced 4 active clinical trials, including REC-994 in Cerebral Cavernous Malformation.
Progressed RBM39 HR-proficient ovarian cancer program to preclinical stage.
Total revenue was $12.1 million, an increase from $5.3 million in the first quarter of 2022.
Recursion Pharmaceuticals
Recursion Pharmaceuticals
Forward Guidance
The company anticipates completing the acquisitions of Cyclica and Valence in the second quarter of 2023, subject to closing conditions. They expect no material change to its cash runway as a result of these acquisitions.