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Recursion(RXRX) - 2024 Q4 - Annual Results
RXRXRecursion(RXRX)2025-02-28 11:31

Financial Performance - Recursion reported total revenue of 58.8millionfortheyearendedDecember31,2024,anincreaseof3258.8 million for the year ended December 31, 2024, an increase of 32% compared to 44.6 million for 2023[16]. - Pro forma revenue was 82.6millionfortheyearendedDecember31,2024,comparedto82.6 million for the year ended December 31, 2024, compared to 72.5 million for 2023, reflecting the impact of the Exscientia merger[16]. - Operating revenue decreased to 4,511,000inQ42024from4,511,000 in Q4 2024 from 10,624,000 in Q4 2023, reflecting a 58% decline[21]. - Total assets increased significantly to 1,448,598,000in2024,comparedto1,448,598,000 in 2024, compared to 653,699,000 in 2023, marking a 121% growth[23]. - Cash and cash equivalents improved to 594,350,000in2024from594,350,000 in 2024 from 391,565,000 in 2023, representing a 52% increase[23]. - The net loss for the year was 463,661,000,comparedtoanetlossof463,661,000, compared to a net loss of 328,066,000 in 2023, indicating a 41% increase in losses[21]. - The company’s total operating costs and expenses surged to 537,843,000in2024,up36537,843,000 in 2024, up 36% from 394,635,000 in 2023[21]. - Recursion's accumulated deficit reached 1,431,283,000in2024,increasingfrom1,431,283,000 in 2024, increasing from 967,622,000 in 2023[23]. Mergers and Acquisitions - The company completed a transformative merger with Exscientia, enhancing its position as a leading TechBio company and expecting at least 100millioninsynergiesfromthetransaction[4][16].−ThecompanyisfocusedonadvancingitsdrugdiscoveryplatformandexpectssynergiesfromtheExscientiacombination[24].ResearchandDevelopment−Researchanddevelopmentexpensesincreasedto100 million in synergies from the transaction[4][16]. - The company is focused on advancing its drug discovery platform and expects synergies from the Exscientia combination[24]. Research and Development - Research and development expenses increased to 314.4 million for the year ended December 31, 2024, up from 241.2millionin2023,drivenbyplatformandpersonnelcosts[16].−Thecompanyadvancedthreenewclinicalstudiesin2024,includingREC−1245foradvancedsolidtumorsandlymphoma,REC−4881forfamilialadenomatouspolyposis,andREC−3964forrecurrentC.difficileinfection[8].−RecursionreportedpromisingearlyefficacydataforREC−617andREC−994,withREC−617showingadurablepartialresponseinalate−stagemetastaticovariancancerpatient[8].−Recursion′sAIsynthesisplanningcapabilityshowsa25241.2 million in 2023, driven by platform and personnel costs[16]. - The company advanced three new clinical studies in 2024, including REC-1245 for advanced solid tumors and lymphoma, REC-4881 for familial adenomatous polyposis, and REC-3964 for recurrent C. difficile infection[8]. - Recursion reported promising early efficacy data for REC-617 and REC-994, with REC-617 showing a durable partial response in a late-stage metastatic ovarian cancer patient[8]. - Recursion's AI synthesis planning capability shows a 25% improved tractability assessment of AI-generated compounds over competitors, enhancing its drug discovery efforts[13]. Partnerships and Collaborations - Recursion generated 45 million in aggregate cash inflows from partner milestones, including a $30 million option exercised by Roche and Genentech[5][12]. - Recursion aims to enhance its technology and expand its partnerships, including ongoing collaborations with Roche-Genentech and Bayer[24].