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Sep 30, 2025
Recursion Pharmaceuticals Q3 2025 Earnings Report
Recursion reported a wider net loss and lower revenue in Q3 2025 compared to the prior year.
Key Takeaways
Recursion Pharmaceuticals posted a Q3 net loss of $162.3M amid higher R&D spend and reduced revenue from collaborations. Despite the widening loss, the company secured a $30M milestone payment and maintains a strong cash position with runway through 2027.
Revenue by Segment
Forward Guidance
Recursion expects to maintain a strong cash runway through the end of 2027 and continues advancing its internal and partnered pipelines.
Positive Outlook
- Achieved $30M milestone from Roche and Genentech in October 2025
- Cash runway projected through end of 2027 without additional financing
- Advanced clinical trials including REC-617 and REC-7735
- Over $500M total milestone and upfront payments across partnerships
- Platform expansion through Recursion OS 2.0 and Exscientia acquisition
Challenges Ahead
- Q3 revenue significantly declined from prior year due to timing of milestones
- Net loss widened to $162.3M from $95.8M YoY
- R&D expenses surged due to increased investment and acquisitions
- Operating loss deepened with higher overall operating expenses
Historical Earnings Impact
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Avg. Return Before/After Earnings
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