Recursion Pharmaceuticals, Inc. (Nasdaq : RXRX), a clinical-stage biotechnology company decoding biology by integrating technological innovations across biology, chemistry, automation, data science, and engineering, today reported financial results for the first quarter of 2021 and provided business updates.
"We are thrilled to have led Recursion through a successful IPO process which garnered support from new and existing healthcare and technology investors and better capitalized the company's mission of decoding biology to radically improve lives," said Recursion Co-Founder and CEO Chris Gibson Ph.D. He continued, "We are excited about Recursion's continued foray into inferential search, how that approach has quickly added many new programs to our portfolio in a short time, and how our new supercomputer, BioHive-1, will enable faster training and iteration of our machine learning algorithms and the ability to train on the totality of our nearly 8 petabytes of relatable biological data. And finally, we continue to make strides expanding, advancing, and executing on our pipeline of potential new medicines, including our four clinical stage programs and our first new chemical entity now headed towards clinical development."
Recursion finished the first quarter of 2021 with a portfolio of 4 clinical stage programs, 4 preclinical programs, 4 late discovery programs, and 25 early discovery programs, for a total of 37 research and development programs. Additionally, Recursion continued scaling the total number of executed phenomic experiments to over 67 million, the size of its total dataset to nearly 8 petabytes, and the number of biological inferences to over 92 billion. We accomplished this by utilizing a cellular library of 36 cell types, an in-house chemical library of over 706 thousand compounds, an in silico library of over 12 billion chemical scaffolds, and a growing team of more than 200 Recursionauts that is balanced between life scientists and computational and technical experts.
Summary of Business Highlights
First Quarter 2021 Financial Results
Other Corporate Updates
About Recursion
Recursion is a clinical-stage biotechnology company decoding biology by integrating technological innovations across biology, chemistry, automation, data science, and engineering. Our goal is to radically improve the lives of patients and industrialize drug discovery. Central to our mission is the Recursion Operating System, which combines an advanced infrastructure layer to generate what we believe is one of the world's largest and fastest-growing proprietary biological and chemical datasets. We combine that with the Recursion Map, a suite of custom software, algorithms, and machine learning tools that we use to explore foundational biology unconstrained by human bias and navigate to new biological insights. We are a biotechnology company scaling more like a technology company.
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Condensed Consolidated Statements of Operations
Recursion Pharmaceuticals, Inc. | |||||
Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) | |||||
(in thousands, except share and per share amounts) | |||||
Three months ended | |||||
March 31, | |||||
Revenue | 2021 | 2020 | |||
Grant revenue | $ | 62 | $ | 60 | |
Operating revenue | 2,500 | - | |||
Total revenue | 2,562 | 60 | |||
Operating expenses | |||||
Research and development | 24,109 | 12,842 | |||
General and administrative | 8,937 | 5,561 | |||
Total operating expenses | 33,046 | 18,403 | |||
Loss from operations | (30,484) | (18,343) | |||
Other loss, net | (233) | (81) | |||
Net loss and comprehensive loss | $ | (30,717) | $ | (18,424) | |
Per share data | |||||
Net loss per share, basic and diluted | $ | (1.33) | $ | (0.85) | |
Weighted average shares of common stock, basic and diluted | 23,035,623 | 21,639,891 |
Condensed Consolidated Balance Sheets
Recursion Pharmaceuticals, Inc. | |||||
Condensed Consolidated Balance Sheets (unaudited) | |||||
(in thousands) | |||||
March 31, | December 31, | ||||
2021 | 2020 | ||||
Assets | |||||
Current assets | |||||
Cash and cash equivalents | $ | 214,088 | $ | 262,126 | |
Restricted cash | 5,042 | 5,041 | |||
Accounts receivable | 71 | 156 | |||
Other current assets | 2,621 | 2,155 | |||
Total current assets | 221,822 | 269,478 | |||
Property and equipment, net | 44,642 | 25,967 | |||
Intangible assets, net | 2,414 | 2,490 | |||
Other non-current assets | 3,065 | 650 | |||
Total assets | $ | 271,943 | $ | 298,585 | |
Liabilities, convertible preferred stock and stockholders' deficit | |||||
Current liabilities | |||||
Accounts payable | 3,125 | 1,074 | |||
Accrued expenses and other liabilities | 11,085 | 10,485 | |||
Current portion of unearned revenue | 10,000 | 10,000 | |||
Current portion of notes payable | 2,145 | 1,073 | |||
Current portion of lease incentive obligation | 499 | 467 | |||
Total current liabilities | 26,854 | 23,099 | |||
Deferred rent | 2,750 | 2,674 | |||
Unearned revenue, net of current portion | 14,167 | 16,667 | |||
Notes payable, net of current portion | 10,339 | 11,414 | |||
Lease incentive obligation, net of current portion | 2,552 | 2,708 | |||
Total liabilities | 56,662 | 56,562 | |||
Commitments and contingencies | |||||
Convertible preferred stock | 448,312 | 448,312 | |||
Stockholders' deficit | |||||
Common stock | - | - | |||
Additional paid-in capital | 11,287 | 7,312 | |||
Accumulated deficit | (244,318) | (213,601) | |||
Total stockholder's deficit | (233,031) | (206,289) | |||
Total liabilities, convertible preferred stock and stockholders' deficit | $ | 271,943 | $ | 298,585 |
Forward Looking Statements
This press release contains information that includes or is based upon "forward-looking statements" within the meaning of the Securities Litigation Reform Act of 1995. Forward-looking statements provide our expectations or forecasts regarding future events. You can identify these statements by the fact they do not relate strictly to historical or current facts. They may use words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and other terms of similar meaning in connection with a discussion of future operating or financial performance. In particular, forward-looking statements include statements relating to intended future actions; plans with respect to clinical trials and preclinical activities; prospective products or product approvals; future performance or results of anticipated products or technology; expenses; our ability to obtain, maintain and enforce intellectual property protections and financial results; in addition to other topics. Any or all of our forward-looking statements here or elsewhere may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements and from expected or historical results. Many such factors will be important in determining our actual future results. Consequently, no forward-looking statement can be guaranteed. In particular, you should read the discussion in the "Risk Factors" section in our Prospectus filed with the U.S. Securities and Exchange Commission (SEC) on April 16, 2021 and in our periodic filings with the SEC. Other factors besides those listed could also adversely affect the company. We undertake no obligation to correct or update any forward-looking statements, whether as a result of new information, future developments or otherwise, except to the extent required by applicable law. These forward-looking statements (except as may be otherwise noted) speak only as of the date of this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. You are advised to consult any further disclosures we make on related subjects in our reports to the SEC.
Last Trade: | US$7.18 |
Daily Change: | 0.19 2.72 |
Daily Volume: | 13,598,489 |
Market Cap: | US$2.760B |
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....
CLICK TO LEARN MORERecursion 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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