Financial Data and Key Metrics Changes - The company ended the quarter with $509 million in cash [67] - Cash burn for Q1 2025 was approximately $118 million, excluding partnership inflows and non-cash effects [68] - The company expects a cash runway extending into mid-2027 based on current operational adjustments and partnerships [69][70] Business Line Data and Key Metrics Changes - The company is focusing on five clinical and preclinical programs with a higher probability of success, particularly in oncology and rare diseases [12][13] - The pipeline reflects a strategic application of Recursion OS and AI, emphasizing differentiated medicines [12][13] - The company has deprioritized three programs: NF2, CCM, and C. Diff, while placing LSD1 on strategic pause [13][22][27] Market Data and Key Metrics Changes - The company has generated over $450 million from partnerships, including four collaborations with Sanofi [7][70] - The partnership with Roche has led to significant advancements in disease context-specific maps, enhancing discovery speed [63] Company Strategy and Development Direction - The company aims to build a learning system that improves drug discovery and development through its Recursion operating system [2][4] - There is a commitment to disciplined capital allocation and prioritizing programs that meet high standards of differentiation [30][65] - The focus is on leveraging AI throughout the drug development process to enhance efficiency and effectiveness [76] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenging macroeconomic environment and emphasizes the need for disciplined decision-making [6] - The company is optimistic about the potential for significant milestones from existing partnerships and internal programs [75][76] Other Important Information - The company plans to make all clinical data publicly available in peer-reviewed journals following appropriate review [28] - The integration of Recursion and Exensia has strengthened the company's capabilities and pipeline [4][6] Q&A Session Summary Question: What burn rate do you anticipate exiting 2025 or entering 2026 with? - The company has not provided specific guidance but targets a budget of $450 million or less for the year, aiming to extend the runway without impacting execution [78][79] Question: When can we see an option on a molecule candidate from one of your partnerships? - The company has already optioned four programs with Sanofi and is optimistic about future options and potential later-stage transitions into partners' pipelines [82] Question: What new levers in the OS are being used to accelerate partnership programs to commercialization? - The company is enhancing its understanding of biology and patient populations through multimodal data, improving chemistry and design processes, and modeling drug-like properties earlier in development [83]