Recursion Pharmaceuticals (RXRX) Q4 2025 Earnings
How Did RXRX Stock React to Q4 2025 Earnings?
S&P 500 over the same 30 days: −8.52%.
Did RXRX Beat Earnings? Q4 2025 Results
Yes. Recursion Pharmaceuticals reported Q4 2025 earnings of $-0.21 a share on Feb 25, 2026, beating the $-0.32 consensus estimate by 33.4%. Revenue was $35.5M against a $24.6M estimate.
Recursion Pharmaceuticals delivered a standout fourth quarter, beating on both the top and bottom lines as its AI-native drug discovery platform began translating into clinical and financial results. The clinical-stage TechBio company posted Q4 2025 revenue of $35.54 million, well ahead of the $22.59 million consensus estimate and representing a 57.31% revenue beat, with year-over-year growth of 687.8% driven primarily by recognition of a $30.00 million milestone payment from Roche and Genentech for a second neuroscience Phenomap. Loss per share narrowed to $0.21, beating the $0.30 consensus estimate by 30.00%, as tighter operational discipline, including cash operating expenses coming in roughly 10% below guidance, helped compress the net loss to $108.12 million from $178.91 million a year earlier. The company ended the period with $753.92 million in cash, extending its runway into early 2028, and management guided 2026 operating cash expense below $390.00 million. Notably, plans for a $300 million at-the-market equity offering have drawn scrutiny over potential dilution, though near-term catalysts, including FDA engagement on a registrational pathway for REC-4881 expected in the first half of 2026, give investors concrete milestones to watch.
- Recognition of $30 million Roche/Genentech milestone payment for second neuroscience Phenomap (microglia map) in Q4 2025
- Increased revenue from Sanofi collaboration including fifth program milestone
- Full-year inclusion of Exscientia operations following November 2024 business combination
- Operational efficiency improvements and strategic reprioritization of clinical portfolio reducing cash operating expense ~10% below guidance
- Approximately 35% reduction in pro forma operating expenses year-over-year
“Recursion has reached an inflection point: moving from proving that AI can participate in drug discovery to demonstrating that an AI-native operating system can generate clinical proof and durable value. Our first AI-enabled clinical proof of concept in FAP and our fifth program milestone achieved with Sanofi reflect the increasing maturity of a deeply integrated model — one that connects biology, chemistry, and clinical development into a continuous learning system. We enter 2026 with five differentiated clinical programs advancing with defined next-stage milestones, a growing discovery portfolio informed by proprietary platform insights, and more than $500 million in upfront and progress-based milestone payments earned to date. Pairing bold ambition with disciplined execution, we are building Recursion to compound over time — translating insight into molecules, molecules into medicines, and innovation into measurable impact for patients and shareholders alike.”
Recursion Pharmaceuticals CEO, on the earnings call
What Was Recursion Pharmaceuticals's Outlook in Q4 2025?
Recursion expects 2026 operating cash expense (excluding partnership inflows and transaction costs) to be less than $390 million. The company's cash runway extends into early 2028 without additional financing, based on current operating plans. Key upcoming milestones include: FDA engagement on a registrational pathway for REC-4881 in 1H26; early Phase 1 safety/PK data for REC-1245 in 1H26; go/no-go decisions for REC-7735 and REC-102 in 2H26; Phase 1 trial start for REC-4539 in 1H26; and combination data for REC-617 in 1H27. The Sanofi partnership has potential for additional near-term later-stage discovery milestones over the next 12-18 months as first programs advance towards development candidates. The company expects to translate biological insights from maps delivered to Roche and Genentech into early-stage programs across 2026 and beyond.
RXRX YoY Financials
| Metric | Q4 2025 | Q4 2024 | Year over year |
|---|---|---|---|
| Revenue | $35.5M | $4.5M | +687.8% |
| Operating Income | −$108.3M | −$76.8M | +41.1% |
| Net Income | −$108.1M | −$77.5M | +39.6% |
Figures from SEC filings and company reports. Not investment advice.