Recursion Pharmaceuticals, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved operating revenue of $26.1 million for the third quarter, a substantial increase from $10.1 million in the same period of 2023, reflecting over a 100% growth. Total revenue for the quarter also rose to $26.1 million, up from $10.5 million year-over-year. For the nine months ended September 30, 2024, operating revenue reached $54.0 million, a 62% increase from $33.3 million in the prior year.
Despite the revenue growth, Recursion reported a net loss of $95.8 million for Q3 2024, slightly higher than the $93.0 million loss in Q3 2023. The net loss for the nine months ended September 30, 2024, was $284.8 million, compared to $235.1 million in the same period of 2023. The increase in losses was attributed to rising operating costs, which totaled $124.4 million for Q3 2024, up from $110.1 million in Q3 2023, and $349.5 million for the nine months, compared to $284.8 million in the previous year.
The company’s cash and cash equivalents increased to $427.6 million as of September 30, 2024, from $391.6 million at the end of 2023. This liquidity is expected to support operations for at least the next 12 months, although Recursion anticipates needing additional capital to advance its drug candidates.
Strategically, Recursion has made notable acquisitions, including Valence Discovery Inc. and Cyclica Inc. in 2023, aimed at enhancing its drug discovery capabilities. Additionally, the company announced an agreement to acquire Exscientia plc, which is pending shareholder approval. In November 2023, Recursion entered a five-year agreement with Tempus Labs, Inc. for access to oncology data, with annual payments ranging from $22 million to $42 million.
Research and development expenses have increased, driven by platform and personnel costs as the company expands its capabilities. General and administrative expenses also rose, primarily due to higher salaries and software costs. The company continues to focus on its expansive pipeline targeting precision oncology and rare diseases, with potential annual sales exceeding $1 billion for some programs.
As of September 30, 2024, Recursion reported an accumulated deficit of $1.3 billion, reflecting its ongoing investment in drug development and the challenges of achieving profitability in the near term.
About RECURSION PHARMACEUTICALS, INC.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.