Recursion Pharmaceuticals

Recursion Pharmaceuticals (NASDAQ: RXRX) is a clinical-stage TechBio company decoding biology to improve patient lives, powered by its Recursion OS — an AI-native, end-to-end drug discovery and development platform that integrates biology, chemistry, and clinical development into a single, continuously learning intelligence system. Founded in 2013 in Salt Lake City, Recursion operates industrial-scale automated biology and chemistry labs in both Salt Lake City and Milton Park, Oxfordshire, generating vast proprietary datasets that feed its AI models.

Recursion's most powerful differentiator is its ability to generate biology "maps" at unprecedented scale. Its Roche/Genentech Phenomaps project uses over 1 trillion internally manufactured neuronal cells to map biological relationships across neuroscience and oncology. Its Sanofi partnership has delivered $134M in milestone payments across 5 milestones. In total, Recursion has earned $500M+ in upfront and milestone payments from pharma partners, validating its platform's ability to generate drug candidates that large pharmaceutical companies want to advance. In 2024, Recursion acquired Exscientia to add AI-driven small molecule design capabilities to its platform.

On the clinical front, REC-4881 for familial adenomatous polyposis (FAP) showed 53% polyp burden reduction in Phase 2 — Recursion's first AI-enabled clinical proof of concept — with FDA registration discussions begun in H1 2026. Recursion is the choice platform for major pharma companies seeking AI-powered biology mapping and target discovery at industrial scale, and for investors seeking exposure to the most vertically integrated public TechBio company in the world.

Recursion operates through three revenue streams: pharma collaboration agreements, data licensing, and its own internal drug pipeline.

Pharma partnerships (Roche/Genentech, Sanofi) are structured as multi-year agreements with upfront payments and milestone-based payments tied to program progress. Recursion has earned $500M+ in cumulative milestones to date, with $134M from Sanofi alone.

Data licensing allows external researchers and pharma companies to access Recursion's proprietary biology maps and phenomics datasets for their own target discovery programs.

Recursion's own clinical programs (REC-4881, REC-1245, REC-4539) will generate revenue through future partnering, co-development, or commercialization deals as they advance through clinical trials. Total 2025 revenue: $74.7M. Contact Recursion through recursion.com for partnership inquiries.