RXRX Stock — Recursion Pharmaceuticals Inc.: Cash, EV, Pipeline

What they do

Recursion is a clinical-stage TechBio company with a mission to decode biology to radically improve lives. We have advanced a portfolio of differentiated internal programs and strategic partnerships powered by our integrated drug discovery and development platform, the Recursion Operating System (OS).

Source: 10-K FY2025 via SEC EDGAR

Share price

$3.52

Market cap

$2,192.1M

Cash

$549.9M

Enterprise value

$1,642.2M

Balance sheet

Cash	$549.9M
Debt	$0.0M
Net cash	$549.9M
Enterprise value	$1,642.2M
Basic shares	534.1M shares
Fully diluted shares	578.9M shares
Fully diluted market cap	$2,037.8M
Cash per share	$1.03
Quarterly burn	$105.9M
Cash runway	5.2 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.

Share structure

Common

534.1M

Pre-funded warrants

0.0M

Options

17.3M

RSUs

27.5M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

—

FDSO

578.9M

Cap table as of 2026-06-30.

Price history

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Next catalyst

GTAEXS617 · Feb 12 - Mar 25 in 15 mo · Phase 2 · Head and Neck Squamous Cell Carcinoma (HNSCC); Pancreatic Adenocarcinoma; Non-small Cell Lung Cancer (NSCLC)

Recently reported

REC-4881 Phase 2 Mixed · 2026-11-02

REC-4881 · familial adenomatous polyposis

Primary: Reduction in total polyp burden in the Phase 1b/2 TUPELO trial of REC-4881 in familial adenomatous polyposis (FAP) — After 12 weeks of REC-4881 (4 mg QD), 87% of patients (13 of 15) had a reduction in total polyp burden, with a 47% median reduction

· Median polyp burden reductions after 12 weeks were 55% in the upper GI and 50% in the lower GI

· Approximately 1 in 3 patients achieved reductions of ≥65% in total polyp burden

· Twelve weeks after stopping treatment, 85% of evaluable patients (11 of 13) remained below baseline polyp burden

· Upper GI: 92% of patients (12 of 13) had reductions after 12 weeks, with two patients achieving ≥98% reductions

· Lower GI: 9 of 11 patients (82%) with measurable baseline burden had reductions, with a 50% median reduction

· REC-1245 Phase 1 DAHLIA update in the same release: 2 confirmed partial responses in endometrial cancer, 1 unconfirmed partial response in liver cancer, 91.7% disease control rate (11/12) at doses ≥45 mg

Safety: No new safety signals; highest-grade treatment-related adverse event was Grade 1 or 2 in 21 of 26 patients (81%) and Grade 3 in four patients (15%), no Grade 4 or 5 treatment-related adverse events, and no additional discontinuations since the previous data cutoff

Source release →

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Feb 12 - Mar 25 in 15 mo	GTAEXS617	Phase 2	Head and Neck Squamous Cell Carcinoma (HNSCC); Pancreatic Adenocarcinoma; Non-small Cell Lung Cancer (NSCLC)	—
Jul 13 - Aug 24 in 20 mo	EXS73565	Phase 1	Relapsed or Refractory B-cell Malignancies; Chronic Lymphocytic Leukemia/Small Lymphocytic Lymphoma (CLL/SLL); Follicular Lymphoma (FL)	—
Dec 11, 2028 - Jan 22, 2029 in 26 mo	REC-1245	Phase 2	Unresectable; Locally Advanced; Metastatic Cancers	—
Apr 12 - May 24 in 30 mo	EXS74539	Phase 1	Solid Tumor; Small Cell Lung Cancer (SCLC); High Grade Neuroendocrine Cancer	—
Feb 12 - Mar 26 in 52 mo	REC-7735	Phase 2	Solid Tumors	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

REC-4881

Phase 2 · Active Modality: small molecule

Target MEK1/2

Indications

Familial adenomatous polyposis (FAP) (Phase 2)

Catalysts

— 2H26
— November 2026

Status note TUPELO Phase 1b/2 study enrolling patients ages 18 and older plus a cohort with an alternative dosing schedule. Orphan Drug Designation granted in the US and EU.

REC-1245

Phase 1 · Active

Target RBM39

Indications

Unresectable (Phase 2)
Locally Advanced (Phase 2)
Metastatic Cancers (Phase 2)

Catalysts

— 2H26

Status note Phase 1 dose escalation ongoing.

REC-617

Phase 1 · Active

Target CDK7

Indications

not disclosed (Phase 1)

Catalysts

— 1H27

Status note Phase 1 combination study ongoing.

REC-3565

Phase 1 · Active

Target MALT1

Indications

not disclosed (Phase 1)

Catalysts

— 1H27

Status note Phase 1 monotherapy study ongoing.

REC-4539

Phase 1 · Active

Target LSD1

Indications

not disclosed (Phase 1)

Catalysts

— 2H27

Status note Phase 1 monotherapy study ongoing.

REC-7735

Preclinical · Active

Target PI3Kα H1047R

Indications

Select PIK3CA H1047R-mutant solid tumors (Preclinical)

Catalysts

— 2H26

Status note IND cleared; Phase 1/2 ZINNIA study to be initiated in the second half of 2026.

Per-asset detail extracted from the 10-Q filed 2026-08-05. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	REC-4881
Lead indication	Familial Adenomatous Polyposis
Lead phase	Phase 2
Active trials	6

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT05552755	Phase 2	Recruiting	Sponsor	RXRX	—	Familial Adenomatous Polyposis	November 2026
NCT05985655	Phase 2	Recruiting	Sponsor	RXRX	—	Head and Neck Squamous Cell Carcinoma (HNSCC); Pancreatic Adenocarcinoma; Non-small Cell Lung Cancer (NSCLC)	—
NCT06678659	Phase 2	Recruiting	Sponsor	RXRX	—	Unresectable; Locally Advanced; Metastatic Cancers	—
NCT07819136	Phase 2	Not yet recruiting	Sponsor	RXRX	—	Solid Tumors	—
NCT06980116	Phase 1	Recruiting	Sponsor	RXRX	—	Relapsed or Refractory B-cell Malignancies; Chronic Lymphocytic Leukemia/Small Lymphocytic Lymphoma (CLL/SLL); Follicular Lymphoma (FL)	—
NCT07517198	Phase 1	Recruiting	Sponsor	RXRX	—	Solid Tumor; Small Cell Lung Cancer (SCLC); High Grade Neuroendocrine Cancer	—

Sponsor-matched active trials from ClinicalTrials.gov (6 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 6 active trials for Recursion Pharmaceuticals Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Casdin Capital	165,323	no change	0.03%	2026-08-14
ADAR1 Capital Management	41,000	+6,000	0.01%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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RXRX — Recursion Pharmaceuticals Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Recently reported

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

RXRX — Recursion Pharmaceuticals Inc.