Recursion (Nasdaq: RXRX), the clinical-stage biotechnology company industrializing drug discovery by decoding biology, today reported business updates and financial results for its fourth quarter and fiscal year ending December 31, 2021.
"2021 was an exciting year for Recursion, in which we closed one of the largest biotechnology initial public offerings in history; expanded our partnership with Bayer; entered into a transformational partnership with Roche and Genentech; received Fast Track and Orphan Drug Designations from the FDA for our NF2 and FAP programs, respectively; readied several programs to initiate clinical trials; expanded our therapeutics pipeline with numerous programs in oncology; and built and began to utilize our supercomputer, BioHive1," said Recursion Co-Founder & CEO Chris Gibson, Ph.D. "As we applied our mapping and navigating capabilities to explore complex biology, we discovered and advanced many new scientific and business opportunities. We are excited for 2022 as we work to transition more biology and chemistry from maps to medicines."
Summary of Business Highlights
Fourth Quarter and Fiscal Year 2021 Financial Results
Additional Corporate Updates
Recursion is the clinical-stage biotechnology company industrializing drug discovery by decoding biology. Enabling its mission is the Recursion Operating System, a platform built across diverse technologies that continuously expands one of the world's largest proprietary biological and chemical datasets, the Recursion Data Universe. Recursion leverages sophisticated machine-learning algorithms to distill from its dataset the Recursion Map, a collection of hundreds of billions of searchable relationships across biology and chemistry unconstrained by human bias. By commanding massive experimental scale — up to millions of wet lab experiments weekly — and massive computational scale — owning and operating one of the most powerful supercomputers in the world, Recursion is uniting technology, biology and chemistry to advance the future of medicine.
Recursion is proudly headquartered in Salt Lake City, where it is a founding member of BioHive, the Utah life sciences industry collective. Recursion also has offices in Toronto, Montreal and the San Francisco Bay Area. Learn more at www.Recursion.com, or connect on Twitter andLinkedIn.
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Consolidated Statements of Operations | ||||||
Recursion Pharmaceuticals, Inc. | ||||||
Consolidated Statements of Operations | ||||||
(in thousands, except share and per share amounts) | ||||||
Three months ended | Years ended | |||||
December 31, | December 31, | |||||
Revenue | 2021 | 2020 | 2021 | 2020 | ||
Grant revenue | $ 33 | $ 140 | $ 178 | $ 549 | ||
Operating revenue | 2,500 | 2,551 | 10,000 | 3,413 | ||
Total revenue | 2,533 | 2,691 | 10,178 | 3,962 | ||
Operating expenses | ||||||
Research and development | 48,291 | 20,698 | 135,271 | 63,319 | ||
General and administrative | 19,202 | 7,574 | 57,682 | 25,258 | ||
Total operating expenses | 67,493 | 28,272 | 192,953 | 88,577 | ||
Loss from operations | (64,960) | (25,581) | (182,775) | (84,615) | ||
Other gain (loss), net | 27 | (185) | (3,704) | (2,391) | ||
Net loss | $ (64,933) | $ (25,766) | $ (186,479) | $ (87,006) | ||
Per share data | ||||||
Net loss per share of Class A and B common stock, basic and diluted | $ (0.38) | $ (1.17) | $ (1.49) | $ (3.99) | ||
Weighted-average shares (Class A and B) outstanding, basic and diluted | 169,368,999 | 22,010,989 | 125,348,110 | 21,781,386 |
Consolidated Balance Sheets | |||
Recursion Pharmaceuticals, Inc. | |||
Consolidated Balance Sheets | |||
(in thousands) | |||
December 31, | December 31, | ||
2021 | 2020 | ||
Assets | |||
Current assets | |||
Cash and cash equivalents | $ 285,116 | $ 262,126 | |
Restricted cash | 1,552 | 2,000 | |
Accounts receivable | 34 | 156 | |
Other receivables | 9,056 | - | |
Investments | 231,446 | - | |
Other current assets | 7,514 | 2,155 | |
Total current assets | 534,718 | 266,437 | |
Restricted cash, non-current | 8,681 | 3,041 | |
Property and equipment, net | 64,725 | 25,967 | |
Intangible assets, net | 1,385 | 1,689 | |
Goodwill | 801 | 801 | |
Other non-current assets | 35 | 650 | |
Total assets | $ 610,345 | $ 298,585 | |
Liabilities, convertible preferred stock and stockholders' equity (deficit) | |||
Current liabilities | |||
Accounts payable | $ 2,819 | $ 1,074 | |
Accrued expenses and other liabilities | 32,333 | 10,485 | |
Current portion of unearned revenue | 10,000 | 10,000 | |
Current portion of notes payable | 90 | 1,073 | |
Current portion of lease incentive obligation | 1,416 | 467 | |
Total current liabilities | 46,658 | 23,099 | |
Deferred rent | 4,110 | 2,674 | |
Unearned revenue, net of current portion | 6,667 | 16,667 | |
Notes payable, net of current portion | 633 | 11,414 | |
Lease incentive obligation, net of current portion | 9,339 | 2,708 | |
Total liabilities | 67,407 | 56,562 | |
Commitments and contingencies | |||
Convertible preferred stock | - | 448,312 | |
Stockholders' equity (deficit) | |||
Common stock (Class A and B) | 2 | - | |
Additional paid-in capital | 943,142 | 7,312 | |
Accumulated deficit | (400,080) | (213,601) | |
Accumulated other comprehensive loss | (126) | - | |
Total stockholder's equity (deficit) | 542,938 | (206,289) | |
Total liabilities, convertible preferred stock and stockholders' equity (deficit) | $ 610,345 | $ 298,585 |
Forward-Looking Statements
This document contains information that includes or is based upon "forward-looking statements" within the meaning of the Securities Litigation Reform Act of 1995, including, without limitation, those regarding early and late stage discovery, preclinical, and clinical programs; licenses and collaborations; prospective products and their potential future indications and market opportunities; Recursion OS and other technologies; expansion of facilities and expected uses; workforce growth; business and financial plans and performance; and all other statements that are not historical facts. Forward-looking statements may or may not include identifying words such as "plan," "will," "expect," "anticipate," "intend," "believe," "potential," "continue," and similar terms. These statements are subject to known or unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements, including but not limited to: challenges inherent in pharmaceutical research and development, including the timing and results of preclinical and clinical programs, where the risk of failure is high and failure can occur at any stage prior to regulatory approval due to lack of sufficient efficacy, safety considerations, or other factors; our ability to leverage and enhance our drug discovery platform; our ability to obtain financing for development activities and other corporate purposes; the success of our collaboration activities; our ability to obtain regulatory approval of, and ultimately commercialize, drug candidates; the impact of the COVID-19 pandemic and force majeure events; our ability to obtain, maintain, and enforce intellectual property protections; cyberattacks or other disruptions to our technology systems; our ability to attract, motivate, and retain key employees and manage our growth; and other risks and uncertainties such as those described under the heading "Risk Factors" in our filings with the U.S. Securities and Exchange Commission, including our most recent Quarterly Report on Form 10-Q and our Annual Report on Form 10-K to be filed later this month. All forward-looking statements are based on management's current estimates, projections, and assumptions, and Recursion undertakes no obligation to correct or update any such statements, whether as a result of new information, future developments, or otherwise, except to the extent required by applicable law.
Last Trade: | US$7.17 |
Daily Change: | 0.18 2.58 |
Daily Volume: | 13,598,489 |
Market Cap: | US$2.750B |
November 20, 2024 November 13, 2024 |
Recursion Pharmaceuticals is a clinical stage TechBio company leading the space by decoding biology to industrialize drug discovery. Enabling its mission is the Recursion OS, a platform built across diverse technologies that continuously expands one of the world’s largest....
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