Recursion (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 and business updates for its second quarter ending June 30, 2021.
"We are excited with how Recursion is expanding across many fronts in order to deliver on our mission to decode biology to radically improve lives," said Recursion Co-Founder & CEO Chris Gibson, PhD. "Not only is the company continuing to advance and expand the total number of its research and development programs, but we are expanding our operations to Canada to grow our capabilities and workforce and we are enhancing our expertise in research and development by forming a Therapeutics Advisory Board. Moreover, the company continues to build on its medicinal chemistry expertise, resulting in our first internally-developed new chemical entity being advanced to IND-enabling studies for potential treatment of C. difficile colitis."
Recursion finished the second quarter of 2021 with a portfolio of 4 clinical stage programs, 4 preclinical programs, 7 late discovery programs, and 33 early discovery programs, for a total of 48 research and development programs. Additionally, Recursion continued scaling the total number of executed phenomic experiments to over 82 million, the size of its proprietary data universe to approximately 9 petabytes, and the number of biological inferences to over 179 billion. Data have been generated across 37 human cell types, an in-house chemical library of over 706 thousand compounds, an in silico library of over 12 billion small molecules, and a growing team of more than 270 Recursionauts that is balanced between life scientists and computational and technical experts. The power of the Recursion OS is exemplified by the breadth of active research and development programs.
Summary of Business Highlights
Second 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, machine learning, 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. Learn more at www.Recursion.com, or connect on Twitter and LinkedIn.
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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 | Six months ended | |||||
June 30, | June 30, | |||||
Revenue | 2021 | 2020 | 2021 | 2020 | ||
Grant revenue | $ 49 | $ 186 | $ 111 | $ 246 | ||
Operating revenue | 2,500 | - | 5,000 | - | ||
Total revenue | 2,549 | 186 | 5,111 | 246 | ||
Operating expenses | ||||||
Research and development | 29,624 | 13,244 | 53,733 | 26,086 | ||
General and administrative | 13,854 | 5,159 | 22,791 | 10,720 | ||
Total operating expenses | 43,478 | 18,403 | 76,524 | 36,806 | ||
Loss from operations | (40,929) | (18,217) | (71,413) | (36,560) | ||
Other loss, net | (2,472) | (726) | (2,705) | (807) | ||
Net loss and comprehensive loss | $ (43,401) | $ (18,943) | $ (74,118) | $ (37,367) | ||
Per share data | ||||||
Net loss per share of Class A and B common stock, basic and diluted | $ (0.31) | $ (0.88) | $ (0.91) | $ (1.73) | ||
Weighted average shares (Class A and B) outstanding, basic and diluted | 138,360,646 | 21,652,277 | 81,022,240 | 21,646,118 | ||
Condensed Consolidated Balance Sheets
Recursion Pharmaceuticals, Inc. | |||
Condensed Consolidated Balance Sheets (unaudited) | |||
(in thousands) | |||
June 30, | December 31, | ||
2021 | 2020 | ||
Assets | |||
Current assets | |||
Cash and cash equivalents | $ 632,738 | $ 262,126 | |
Restricted cash | 10,232 | 5,041 | |
Accounts receivable | 49 | 156 | |
Other current assets | 4,616 | 2,155 | |
Total current assets | 647,635 | 269,478 | |
Property and equipment, net | 48,549 | 25,967 | |
Intangible assets, net | 2,338 | 2,490 | |
Other non-current assets | 68 | 650 | |
Total assets | $ 698,590 | $ 298,585 | |
Liabilities, convertible preferred stock and stockholders' equity (deficit) | |||
Current liabilities | |||
Accounts payable | $ 3,196 | $ 1,074 | |
Accrued expenses and other liabilities | 12,710 | 10,485 | |
Current portion of unearned revenue | 10,000 | 10,000 | |
Current portion of notes payable | 3,135 | 1,073 | |
Current portion of lease incentive obligation | 499 | 467 | |
Total current liabilities | 29,540 | 23,099 | |
Deferred rent | 2,819 | 2,674 | |
Unearned revenue, net of current portion | 11,667 | 16,667 | |
Notes payable, net of current portion | 9,423 | 11,414 | |
Lease incentive obligation, net of current portion | 2,427 | 2,708 | |
Total liabilities | 55,876 | 56,562 | |
Commitments and contingencies | |||
Convertible preferred stock | - | 448,312 | |
Stockholders' equity (deficit) | |||
Common stock (Class A and B) | 2 | - | |
Additional paid-in capital | 930,431 | 7,312 | |
Accumulated deficit | (287,719) | (213,601) | |
Total stockholder's equity (deficit) | 642,714 | (206,289) | |
Total liabilities, convertible preferred stock and stockholders' equity (deficit) | $ 698,590 | $ 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 Recursion's mission; research and development activities; plans with respect to preclinical, clinical, and late discovery programs; collaborations; prospective products and their anticipated future applications or performance; platform; technology; facilities expansion; growth; expenses; our ability to obtain, maintain and enforce intellectual property and cybersecurity protections, and business and financial 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," "target," and similar terms. These statements and their underlying assumptions 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. Such risks and uncertainties include, but are 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 remains high and failure can unexpectedly occur at any stage prior to regulatory approval due to lack of sufficient efficacy, safety considerations, or other factors; our ability to fund development activities and achieve development goals; 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 on our business, clinical trials, financial condition, and results of operations; our ability to obtain, maintain, and enforce intellectual property and cybersecurity protections; our ability to attract, motivate, and retain key employees; and other risks and uncertainties described under the heading "Risk Factors" in our filings with the U.S. Securities and Exchange Commission, including Recursion's Prospectus for our initial public offering filed on April 16, 2021 and our recent Quarterly Report on Form 10-Q. 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$7.16 |
Daily Change: | 0.17 2.43 |
Daily Volume: | 13,598,250 |
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....
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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