$RXRX

RECURSION PHARMACEUTICALS, INC.

CIK:0001601830|SEC Filings

Condensed Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue
Total revenue	$ 7,670	$ 19,223	$ 14,143	$ 33,968
Operating costs and expenses
Cost of revenue	11,491	20,161	23,981	41,990
Research and development	89,614	128,636	177,510	258,269
General and administrative	41,533	46,653	76,124	101,304
Total operating costs and expenses	142,638	195,450	277,615	401,563
Loss from operations	(134,968)	(176,227)	(263,472)	(367,595)
Other income (loss), net	3,962	4,330	10,359	(6,947)
Loss before income tax benefit	(131,006)	(171,897)	(253,113)	(374,542)
Income tax benefit	1	0	4,604	158
Net loss	$ (131,005)	$ (171,897)	$ (248,509)	$ (374,384)
Per share data
Net loss per share of class A, B and Exchangeable common stock, basic (in dollars per share)	$ (0.25)	$ (0.41)	$ (0.47)	$ (0.91)
Net loss per share of class A, B and Exchangeable common stock, diluted (in dollars per share)	$ (0.25)	$ (0.41)	$ (0.47)	$ (0.91)
Weighted-average shares (Class A, B and Exchangeable) outstanding, basic (in shares)	532,460,085	417,361,147	530,890,753	410,268,199
Weighted-average shares (Class A, B and Exchangeable) outstanding, diluted (in shares)	532,460,085	417,361,147	530,890,753	410,268,199
Operating revenue
Revenue
Total revenue	$ 7,303	$ 19,103	$ 13,605	$ 33,921
Grant revenue
Revenue
Total revenue	$ 367	$ 120	$ 538	$ 47

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash flows from operating activities
Net loss	$ (131,005)	$ (171,897)	$ (248,509)	$ (374,384)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization			37,840	43,180
Stock-based compensation			41,713	62,217
Asset impairment			0	5,956
Lease expense			10,459	11,755
Loss on disposal of a business			0	4,502
Deferred income taxes			(4,600)	219
Other, net			2,414	8,879
Changes in operating assets and liabilities:
Other receivables and assets			8,454	30,246
Prepaid data assets			3,062	29,601
Accrued data liability			0	20,258
Unearned revenue			(9,552)	(23,383)
Accounts payable			(5,602)	(1,145)
Accrued development expense			(814)	(155)
Accrued expenses and other current liabilities			(12,623)	(15,213)
Lease liabilities			(9,290)	(10,908)
Net cash used in operating activities			(187,048)	(208,375)
Cash flows from investing activities
Purchases of property and equipment			(302)	(4,982)
Purchase of an intangible asset			(1,995)	(2,158)
Decrease in cash related to disposal of a business			0	(4,438)
Purchases of investments			0	(1,500)
Net cash used in investing activities			(2,297)	(13,078)
Cash flows from financing activities
Proceeds from issuance of common shares, net of issuance costs			0	141,024
Equity incentive plans			(278)	4,293
Repayment of long-term debt and finance lease liabilities			(4,459)	(4,131)
Purchase of an intangible asset			0	(3,000)
Net cash provided by (used in) financing activities			(4,737)	138,186
Effect of exchange rate changes on cash, cash equivalents and restricted cash			(3,019)	14,088
Net change in cash, cash equivalents and restricted cash			(197,101)	(69,179)
Cash, cash equivalents and restricted cash, beginning of period			753,921	603,024	$ 603,024
Cash, cash equivalents and restricted cash, end of period	$ 556,820	$ 533,845	556,820	533,845	$ 753,921
Supplemental schedule of non-cash investing and financing activities
Accrued property and equipment			300	263
Purchase of an equity investment			$ 0	$ 4,438

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 545,683	$ 743,294
Restricted cash	5,385	4,594
Other receivables	14,393	24,649
Prepaid data assets	8,680	11,742
Other current assets	29,321	28,566
Total current assets	603,462	812,845
Restricted cash, non-current	5,752	6,033
Property and equipment, net	89,623	103,931
Operating lease right-of-use assets	40,271	45,339
Financing lease right-of-use assets	17,179	20,210
Intangible assets, net	282,888	309,903
Goodwill	160,350	162,158
Deferred tax assets	957	957
Other assets, non-current	12,186	12,754
Total assets	1,212,668	1,474,130
Current liabilities
Accounts payable	12,672	18,118
Accrued expenses and other liabilities	56,936	70,230
Unearned revenue	27,586	37,605
Operating lease liabilities	13,249	12,663
Notes payable and financing lease liabilities	9,443	9,091
Total current liabilities	119,886	147,707
Unearned revenue, non-current	112,818	114,012
Operating lease liabilities, non-current	39,193	46,647
Notes payable and financing lease liabilities, non-current	4,753	9,564
Deferred tax liabilities	18,313	23,255
Other liabilities, non-current	2,702	2,080
Total liabilities	297,665	343,265
Commitments and contingencies (Note 7)
Stockholders’ equity
Common stock, $0.00001 par value; 2,000,000,000 shares (Class A 1,989,032,117 and Class B 10,967,883) authorized as of June 30, 2026 and December 31, 2025; 534,120,235 shares (Class A 533,191,318, Class B — and Exchangeable 928,917) and 528,182,693 shares (Class A 521,831,046, Class B 5,547,334 and Exchangeable 804,313) issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	5	5
Additional paid-in capital	3,211,515	3,170,145
Accumulated deficit	(2,324,511)	(2,076,002)
Accumulated other comprehensive income	27,994	36,717
Total stockholders’ equity	915,003	1,130,865
Total liabilities and stockholders’ equity	$ 1,212,668	$ 1,474,130