Companies /Healthcare

Recursion Pharmaceuticals Inc - Class A

NASDAQ: RXRX Biotechnology
$3.63
▲ $0.19 (+5.52%) today
Markets closed · 8:39am ET

Q3 2025 Earnings

Reported Nov 5, 2025, 6:37am ET · SEC source
$-0.36
Beat +5.69%
EPS · est. $-0.38
$5.2M
Miss −73.27%
Revenue · est. $19.4M
−3.7%
Trailing market
RXRX vs S&P since report
1 quarter
Consecutive EPS misses

Market Reaction

% change · around the report
0+5%+10%Nov 5Nov 6report 6:37am ETearnings−0.4%−0.5%
0+5%+10%Nov 5Nov 6earnings−0.4%−0.5%
RXRX −0.5%S&P 500 −0.4%
0+5%+10%Nov 5Nov 6report 6:37am ETearnings−0.6%−0.5%
0+5%+10%Nov 5Nov 6earnings−0.6%−0.5%
RXRX −0.5%NASDAQ −0.6%
−14%−7%0+7%Nov 4Nov 13report 6:37am ETearnings+1.3%−6.9%
−14%−7%0+7%Nov 4Nov 13earnings+1.3%−6.9%
RXRX −6.9%S&P 500 +1.3%
−14%−7%0+7%Nov 4Nov 13report 6:37am ETearnings+0.5%−6.9%
−14%−7%0+7%Nov 4Nov 13earnings+0.5%−6.9%
RXRX −6.9%NASDAQ +0.5%
−0.80%
Day of report
−6.85%
Next session
−6.25%
One week
−2.82%
30 days

S&P 500 over the same 30 days: +0.89%.

Did RXRX Beat Earnings? Q3 2025 Results

Recursion Pharmaceuticals delivered a mixed but strategically eventful Q3 2025, posting a narrower-than-expected loss while falling well short of revenue forecasts. The AI-driven biotech reported a loss of $0.36 per share, beating the consensus estimate of $0.38 by 5.69%, yet revenue collapsed 80.2% year-over-year to just $5.17 million, missing the $19.36 million consensus by 73.27%. The steep revenue decline was largely a timing artifact: a $30 million Roche/Genentech milestone had inflated the year-ago quarter, while the company's next $30 million milestone for a microglia whole-genome phenomap, achieved in October 2025, will be partially recognized in Q4. Net losses widened to $162.25 million, reflecting higher R&D costs tied to the Exscientia combination and REC-102 rights acquisition. Against that backdrop, the company crossed $500 million in cumulative partner milestones and held roughly $785 million in cash, supporting runway through year-end 2027, with management projecting more than $100 million in partnership milestone payments by end of 2026.

Key Takeaways
  • Achievement of $30 million Roche/Genentech milestone for second neuroscience phenomap (microglia map)
  • Cumulative partnership milestones and upfront payments exceeding $500 million
  • $387.5 million in net ATM proceeds raised during Q3 and Q4 2025
  • Exscientia business combination completed November 2024 expanding platform capabilities

“Recursion continues to deliver on our internal pipeline, our strategic partnerships and the continued building and refinement of the Recursion OS. On the partnership front, we are proud to announce that with the option of our second neuro map in the Roche and Genentech collaboration, we've achieved over $500 million in upfront and milestone payments from our partners to date as we continue to deliver novel insights and advance programs for some of the toughest disease areas.”

Recursion Pharmaceuticals CEO, on the earnings call

Forward Guidance & Outlook

Recursion expects cash burn of less than $450 million in 2025 and less than $390 million in 2026, with an expected reduction in pro forma operating expenses of approximately 35% from 2024 to 2026. Cash runway extends through year-end 2027 without additional financing. The company expects to recognize a meaningful portion of the $30 million Roche/Genentech microglia milestone as revenue in Q4 2025. Recursion is on track for over $100 million in partnership milestone payments by the end of 2026. Key upcoming catalysts include additional REC-4881 Phase 2 TUPELO data in December 2025, early REC-1245 Phase 1 data in 1H 2026, and potential Phase 1 initiations for REC-102 and REC-7735 in 2H 2026.

RXRX YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$-600,000,000$-300,000,000$0$26.1M$5.2MRevenue$-691,019,262$-172,202,000Operating Income$-533,551,463$-162,253,000Net Income
$-600,000,000$-300,000,000$0RevenueOperating IncomeNet Income

Figures from SEC filings and company reports. Not investment advice.