RXRX

MKT CAP:$2B

Recursion Pharmaceuticals, Inc.

Market Cap

$2B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$3.51-$0.69 (-16.43%)

Apr 23, 2026

Company Details

Recursion Pharmaceuticals, Inc. operates as a clinical-stage biotechnology company, engages in the decoding biology by integrating technological innovations across biology, chemistry, automation, data science, and engineering to industriali...

CEO

Najat Khan

IPO Date

Apr 16, 2021

Website

www.recursion.com

Key Metrics TTM

Revenue

$64M

-0.4% YoY

Net Income

-$621M

EPS (Diluted)

-$1.51

Free Cash Flow

-$378M

Revenue / Share

$0.12

Gross Margin

-39.0%

Operating Margin

-995.7%

Net Margin

-965.7%

FCF Margin

-588.1%

P/S

24.6x

P/E

—

Earnings Reports

Q1 2026

May 4, 2026

PENDING

FY 2025

Feb 25, 2026

$75M+26.9%EPS -$1.44

Q4 2025

Feb 25, 2026

$36M+687.8%EPS -$0.21

Q3 2025

Nov 5, 2025

$5M-80.2%EPS -$0.36

Q2 2025

Aug 5, 2025

$19M+32.6%EPS -$0.41

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$3M	$3M	-$65M
Q1 22	$5M	-$3M	-$56M
Q2 22	$8M	-$7M	-$66M
Q3 22	$13M	-$2M	-$63M
Q4 22	$14M	$3M	-$61M
Q1 23	$12M	-$314.0K	-$70M
Q2 23	$11M	$2M	-$82M
Q3 23	$10M	-$775.0K	-$100M
Q4 23	$11M	$743.0K	-$99M
Q1 24	$13M	$2M	-$96M
Q2 24	$14M	$5M	-$101M
Q3 24	$26M	$14M	-$98M
Q4 24	$5M	-$8M	-$184M
Q2 25	$19M	-$1M	-$176M
Q3 25	$5M	-$24M	-$172M
Q4 25	$36M	$9M	-$108M

Valuation

Quarter	P/S	P/E
Q4 21	307.8x	—
Q1 22	91.6x	—
Q2 22	79.1x	—
Q3 22	70.8x	—
Q4 22	36.3x	—
Q1 23	29.8x	—
Q2 23	31.7x	—
Q3 23	35.6x	—
Q4 23	67.8x	—
Q1 24	50.2x	—
Q2 24	43.4x	—
Q3 24	28.8x	—
Q4 24	32.7x	—
Q2 25	31.8x	—
Q3 25	37.3x	—
Q4 25	26.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$77M	$73M
Q2 22	-$62M	-$78M
Q3 22	-$55M	-$63M
Q4 22	-$45M	-$53M
Q1 23	-$73M	-$79M
Q2 23	-$67M	-$71M
Q3 23	-$73M	-$74M
Q4 23	-$74M	-$76M
Q1 24	-$102M	-$109M
Q2 24	-$82M	-$86M
Q3 24	-$59M	-$64M
Q4 24	-$115M	-$117M
Q1 25	-$132M	-$134M
Q2 25	-$76M	-$80M
Q3 25	-$117M	-$118M
Q4 25	-$46M	-$47M

Capital Expenditures

Quarter	CapEx
Q1 22	$4M
Q2 22	$16M
Q3 22	$9M
Q4 22	$8M
Q1 23	$5M
Q2 23	$4M
Q3 23	$827.0K
Q4 23	$2M
Q1 24	$7M
Q2 24	$4M
Q3 24	$5M
Q4 24	$2M
Q1 25	$2M
Q2 25	$3M
Q3 25	$243.0K
Q4 25	$1M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	-2.0%	+139.8%
Q1 22	+112.0%	+85.8%
Q2 22	+206.1%	+70.0%
Q3 22	+422.1%	+54.6%
Q4 22	+447.0%	+10.7%
Q1 23	+129.0%	+33.8%
Q2 23	+43.9%	+25.6%
Q3 23	-22.6%	+45.0%
Q4 23	-22.3%	+46.7%
Q1 24	+11.2%	+33.9%
Q2 24	+30.8%	+24.0%
Q3 24	+158.2%	+13.5%
Q4 24	-57.5%	+71.9%
Q2 25	+41.6%	+77.8%
Q3 25	-64.1%	+54.3%
Q4 25	+36.3%	+15.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$6M	106.3%
Q2 22	$6M	74.2%
Q3 22	$9M	68.2%
Q4 22	$8M	56.3%
Q1 23	$9M	72.6%
Q2 23	$12M	107.2%
Q3 23	$17M	166.2%
Q4 23	$16M	151.4%
Q1 24	$16M	119.5%
Q2 24	$17M	114.7%
Q3 24	$18M	70.0%
Q4 24	$31M	682.4%
Q1 25	$36M	—
Q2 25	$26M	136.9%
Q3 25	$25M	487.8%
Q4 25	$24M	66.9%

OpEx Breakdown

Quarter	R&D	G&A
Q4 21	$48M	$19M
Q1 22	$32M	$21M
Q2 22	$38M	$21M
Q3 22	$41M	$19M
Q4 22	$44M	$20M
Q1 23	$47M	$23M
Q2 23	$55M	$28M
Q3 23	$70M	$29M
Q4 23	$69M	$30M
Q1 24	$68M	$31M
Q2 24	$74M	$32M
Q3 24	$75M	$38M
Q4 24	$98M	$77M
Q2 25	$129M	$47M
Q3 25	$121M	$42M
Q4 25	$83M	$34M

Revenue Segments

Quarter	Grant	License and Service
Q4 21	$33.0K	$3M
Q1 22	$34.0K	$5M
Q2 22	$21.0K	$8M
Q3 22	$107.0K	$13M
Q4 22	—	$14M
Q1 23	—	$12M
Q2 23	$1.0K	$11M
Q3 23	$431.0K	$10M
Q4 23	$267.0K	$11M
Q1 24	$303.0K	$13M
Q2 24	$13.0K	$14M
Q3 24	—	$26M
Q2 25	$120.0K	$19M
Q3 25	$192.0K	$5M
Q4 25	$186.0K	$35M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$508M	$83M	$591M
Q2 22	$454M	$62M	$515M
Q3 22	$455M	$0	$455M
Q4 22	$550M	$0	$550M
Q1 23	$473M	$0	$473M
Q2 23	$406M	$0	$406M
Q3 23	$387M	$0	$387M
Q4 23	$392M	$0	$392M
Q1 24	$300M	$0	$300M
Q2 24	$474M	$0	$474M
Q3 24	$428M	$0	$428M
Q4 24	$594M	$0	$594M
Q1 25	$500M	$0	$500M
Q2 25	$528M	$0	$528M
Q3 25	$660M	$0	$660M
Q4 25	$743M	$0	$743M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	169M	+0.5%	+1.4%
Q1 22	171M	+0.8%	+1.4%
Q2 22	172M	+0.9%	+2.2%
Q3 22	173M	+0.7%	+2.9%
Q4 22	186M	+7.1%	+9.6%
Q1 23	192M	+3.2%	+12.3%
Q2 23	201M	+5.1%	+17.0%
Q3 23	214M	+6.4%	+23.6%
Q4 23	233M	+8.8%	+25.6%
Q1 24	236M	+1.2%	+23.2%
Q2 24	242M	+2.6%	+20.2%
Q3 24	283M	+16.7%	+31.8%
Q4 24	336M	+18.9%	+44.1%
Q2 25	417M	+24.2%	+76.8%
Q3 25	447M	+7.1%	+84.6%
Q4 25	527M	+17.8%	+86.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$6.3K	400
Q1 22	$13.2K	400
Q2 22	$19.1K	400
Q3 22	$32.6K	400
Q4 22	$27.4K	500
Q1 23	$24.3K	500
Q2 23	$22.0K	500
Q3 23	$20.2K	500
Q4 23	$21.2K	500
Q1 24	$27.0K	500
Q2 24	$28.8K	500
Q3 24	$52.2K	500
Q4 24	$5.6K	800
Q2 25	$23.9K	800
Q3 25	$6.5K	800
Q4 25	$178	200K

Revenue / Employee