Recursion Pharmaceuticals Reports $644.8 Million Net Loss and Increased Revenue in Fiscal Year 2025

Recursion Pharmaceuticals, Inc. reported a net loss of $644.8 million for the fiscal year 2025, compared to a net loss of $463.7 million in 2024 and $328.1 million in 2023. The company's total revenue increased to $74.7 million in 2025 from $58.8 million in 2024 and $44.6 million in 2023, driven primarily by revenue recognized from its partnership with Sanofi, and to a lesser extent, Roche. Research and development expenses increased to $475.3 million in 2025, up from $314.4 million in 2024 and $241.2 million in 2023, due to increased investment in its platform and clinical programs, as well as the inclusion of Exscientia's results. General and administrative expenses remained relatively stable at $176.6 million in 2025, compared to $178.2 million in 2024, but increased from $110.8 million in 2023.

A significant strategic development in 2025 was the continued advancement of the Recursion Operating System (OS), which integrates AI across biology, chemistry, and clinical development. The company achieved its first AI-enabled clinical proof of concept with REC-4881 in familial adenomatous polyposis (FAP), demonstrating the potential of its platform to translate biological insights into clinical outcomes. Recursion also continued to progress its partnered pipeline, securing over $500 million in upfront and progress-based milestone payments to date. The company streamlined its portfolio in May 2025, discontinuing certain clinical programs to focus resources on high-impact opportunities.

Key operational developments included the continued build-out of the company's ClinTech capabilities, applying data and AI to improve trial design and patient selection. The company also reported advancements in its small molecule drug candidates, synthesizing approximately 90% fewer compounds than the industry average. Recursion is poised for a catalyst-rich period, with multiple programs reaching meaningful milestones over the next 24 months, including engaging with the FDA to define a registration path for REC-4881 and reporting early monotherapy safety and PK data for REC-1245.

As of January 31, 2026, Recursion had 521,950,663 shares of Class A common stock and 5,447,334 shares of Class B common stock outstanding. The company expects to continue investing in its AI-native platform and prioritizing programs with the strongest scientific rationale and the highest potential for impact. Management believes that its existing cash and cash equivalents will be sufficient to fund its operating expenses and capital expenditure requirements for at least the next 12 months. The company's future success depends on its ability to translate AI and science into meaningful medicines, scale its platform, and execute with discipline.