Core Insights - Recursion reported business updates and financial results for Q3 2025, highlighting progress in its internal pipeline and strategic partnerships, with a strong cash position extending through the end of 2027 [1][3][19] Business Highlights - The company achieved over $500 million in upfront and milestone payments from partnerships, including a recent $30 million milestone from Roche and Genentech for a whole-genome map of microglial immune cells [3][8][12] - Recursion's internal pipeline includes several programs in oncology and rare diseases, with notable candidates such as REC-617 for advanced solid tumors and REC-7735 for HR+ breast cancer [4][6][13] - The company is advancing its clinical programs, with REC-4881 in the TUPELO study and REC-617 entering combination studies [6][13] Financial Performance - Total revenue for Q3 2025 was $5.2 million, a decrease from $26.1 million in Q3 2024, primarily due to the timing of milestone payments [19][24] - Research and development expenses increased to $121.1 million in Q3 2025 from $74.6 million in Q3 2024, driven by acquisitions and business combinations [19][20] - The net loss for Q3 2025 was $162.3 million, compared to a net loss of $95.8 million in Q3 2024, reflecting increased operational costs [25][26] Cash Position - As of October 9, 2025, Recursion had approximately $785 million in cash and cash equivalents, providing a runway through the end of 2027 without additional financing [8][19] - The company reported a cash position of $667.1 million as of September 30, 2025, an increase from $603.0 million at the end of 2024 [19][28] Strategic Partnerships - Recursion's collaboration with Roche and Genentech focuses on neuroscience and oncology, with ongoing projects and milestones expected to exceed $10 billion in potential future payments [12][18] - The partnership with Sanofi aims to develop up to 15 best-in-class programs across oncology and immunology, with significant milestone payment potential [18][19]