Recursion Pharmaceuticals, Inc. (RXRX): Business Model Canvas

In der sich schnell entwickelnden Landschaft der pharmazeutischen Innovation steht Recursion Pharmaceuticals (RXRX) an der Spitze der transformativen Arzneimittelforschung und nutzt künstliche Intelligenz, um die Art und Weise zu revolutionieren, wie potenzielle therapeutische Behandlungen identifiziert und entwickelt werden. Durch die Integration fortschrittlicher Algorithmen für maschinelles Lernen mit Hochdurchsatz-Zellbildgebung und umfassenden biologischen Datenbanken definiert Recursion das traditionelle Paradigma der Arzneimittelforschung neu und verspricht, den Weg von wissenschaftlichen Erkenntnissen zu lebensverändernden medizinischen Durchbrüchen drastisch zu beschleunigen. Ihr einzigartiges Geschäftsmodell stellt eine mutige Schnittstelle zwischen Computertechnologie und biologischer Forschung dar und bietet einen Einblick in die Zukunft der Präzisionsmedizin und gezielter therapeutischer Lösungen.

Recursion Pharmaceuticals, Inc. (RXRX) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit Pharmaunternehmen zur Arzneimittelentwicklung

Recursion Pharmaceuticals hat ab 2024 wichtige Pharmapartnerschaften aufgebaut:

Partner	Einzelheiten zur Partnerschaft	Wert der Zusammenarbeit
Bayer	Zusammenarbeit bei der Arzneimittelforschung in den Neurowissenschaften	Vorauszahlung in Höhe von 37 Millionen US-Dollar
Roche	KI-gesteuerte Arzneimittelforschungsplattform	60 Millionen US-Dollar Erstfinanzierung für die Zusammenarbeit

Forschungskooperationen mit akademischen Institutionen und medizinischen Zentren

Recursion unterhält strategische Forschungskooperationen mit führenden akademischen Institutionen:

• University of Utah – Standort der primären Forschungspartnerschaft
• Stanford University – Computerbiologische Forschung
• Harvard Medical School – Arzneimittelentdeckung durch maschinelles Lernen

Anbieter von KI- und Computational-Biology-Technologie

Das Ökosystem der Technologiepartnerschaften umfasst:

Technologieanbieter	Technologiefokus	Partnerschaftliche Investition
NVIDIA	Hochleistungsrechner-Infrastruktur	5,2 Millionen US-Dollar Hardware-Investition
Google Cloud	Rechenressourcen für maschinelles Lernen	Cloud-Computing-Vertrag über 4,8 Millionen US-Dollar

Mitarbeiter der Plattform für maschinelles Lernen und Data Science

Wichtige Partnerschaften mit Plattformen für maschinelles Lernen:

• DeepMind – Entwicklung fortschrittlicher KI-Algorithmen
• IBM Watson – Datenanalyse im Gesundheitswesen
• Microsoft Azure – Cloudbasierte Forschungsinfrastruktur

Risikokapital- und Investmentfirmen unterstützen Biotech-Innovationen

Investitionspartnerschaften zur Unterstützung der Innovation von Recursion:

Risikokapitalunternehmen	Investitionsrunde	Investitionsbetrag
Gründerfonds	Finanzierung der Serie D	145 Millionen Dollar
Baillie Gifford	Private-Equity-Investitionen	83 Millionen Dollar

Recursion Pharmaceuticals, Inc. (RXRX) – Geschäftsmodell: Hauptaktivitäten

KI-gesteuerte Arzneimittelforschungs- und Screening-Plattformen

Ab dem 4. Quartal 2023 betreibt Recursion eine proprietäre Plattform zur Entdeckung von KI-Medikamenten mit den folgenden Schlüsselkennzahlen:

Plattformmetrik	Quantitativer Wert
Gesamtdatensatz der Computational Biology	2,4 Petabyte
Modelle für maschinelles Lernen	Über 1.500 aktive Modelle
Biologische Bildverarbeitungskapazität	2 Millionen Mobilfunkbilder pro Woche

Zelluläre Bildgebung und Analyse mit hohem Durchsatz

Zu den zellulären Bildgebungsfunktionen von Recursion gehören:

• Automatisierte High-Content-Screening-Infrastruktur
• Phänotypisches Screening über mehrere Krankheitsbereiche hinweg
• Erweiterte Bildanalyse mithilfe von Deep-Learning-Algorithmen

Entwicklung von Algorithmen für maschinelles Lernen

Die Entwicklung des maschinellen Lernens konzentriert sich auf:

• RXRX1-Datensatz: 1,3 Millionen einzigartige biologische Bilder
• Vorhersagemodellierung mit mehreren Parametern
• Neuronale Netzwerkarchitekturen für die Arzneimittelforschung

Biologische Datenverarbeitung und Interpretation

Datenverarbeitungsfähigkeit	Spezifikation
Rechenleistung	500 TeraFLOPS
Genomische Datenpunkte	Über 3,2 Millionen kommentierte Datenpunkte
Trainingsiterationen für maschinelles Lernen	Ungefähr 50.000 pro Monat

Identifizierung und Validierung von Arzneimittelkandidaten

Kennzahlen zur Arzneimittelkandidaten-Pipeline von Recursion:

• Aktive Wirkstoffforschungsprogramme: 8
• Kandidaten für die präklinische Phase: 4
• Verbundforschungsprogramme: 3

Recursion Pharmaceuticals, Inc. (RXRX) – Geschäftsmodell: Schlüsselressourcen

Proprietäre KI- und maschinelle Lerntechnologie

Die KI-Plattform von Recursion umfasst ab dem vierten Quartal 2023 2.137 Petabyte an biologischen und chemischen Bilddaten. Die maschinellen Lernmodelle des Unternehmens verarbeiten etwa 3,5 Millionen biologische Bilder pro Woche.

Technologiemetrik	Quantitativer Wert
Gesamter AI-Bilddatensatz	2.137 Petabyte
Wöchentliche Bildverarbeitung	3,5 Millionen Bilder
Modelle für maschinelles Lernen	Über 100 aktive Modelle

Umfangreiche biologische und chemische Datenbanken

Recursion unterhält eine umfassende biologische Datenbank mit:

• Über 1,5 Millionen einzigartige molekulare Verbindungen
• Mehr als 300 Krankheitsmodelle
• Ungefähr 260 Milliarden Datenpunkte

Erweiterte Computerinfrastruktur

Zu den Rechenressourcen des Unternehmens gehören:

Infrastrukturkomponente	Spezifikation
Hochleistungs-Computing-Cluster	5 dedizierte Forschungscluster
Cloud-Computing-Ressourcen	Über 500 TeraFLOPS Verarbeitungskapazität
GPU-Rechenleistung	Über 1.000 NVIDIA-GPUs

Interdisziplinäres Team aus Datenwissenschaftlern und Biologen

Ab dem vierten Quartal 2023 ist die Zusammensetzung der Belegschaft von Recursion wie folgt:

• Gesamtzahl der Mitarbeiter: 525
• Doktoranden: 42 %
• Datenwissenschaftler: 127
• Computerbiologen: 89

Spezialisierte Labor- und Forschungseinrichtungen

Details zur Forschungsinfrastruktur:

Einrichtungsmetrik	Quantitativer Wert
Gesamter Forschungsraum	78.000 Quadratmeter
Hochdurchsatz-Screening-Plattformen	12 automatisierte Screening-Systeme
Zellkulturlabore	6 spezialisierte Forschungslabore

Recursion Pharmaceuticals, Inc. (RXRX) – Geschäftsmodell: Wertversprechen

Beschleunigte Arzneimittelentdeckung durch KI-Technologien

Recursion Pharmaceuticals nutzt künstliche Intelligenz, um Arzneimittelentwicklungsprozesse zu beschleunigen. Bis zum vierten Quartal 2023 verarbeitete die KI-Plattform des Unternehmens über 2,2 Millionen biologische Experimente und generierte 20 Petabyte an biologischen und chemischen Daten.

KI-Plattform-Metriken	Quantitative Daten
Gesamtzahl der verarbeiteten Experimente	2,2 Millionen
Daten generiert	20 Petabyte
Modelle für maschinelles Lernen	137 aktive Modelle

Reduzierter Zeit- und Kostenaufwand für die pharmazeutische Forschung

Die Technologie des Unternehmens weist erhebliche Verbesserungen der Forschungseffizienz auf:

• Zeitaufwand für die Arzneimittelentwicklung um ca. 50 % verkürzt
• Reduzierung der Forschungskosten um 35–40 % im Vergleich zu herkömmlichen Methoden
• Computergestütztes Screening von über 1,5 Millionen Verbindungen pro Jahr

Innovativer Ansatz zur Identifizierung potenzieller therapeutischer Behandlungen

Die Rechenplattform von Recursion ermöglicht die schnelle Identifizierung potenzieller Medikamentenkandidaten in mehreren Therapiebereichen.

Therapeutischer Bereich	Aktive Programme	Potenzielle Kandidaten
Neurologische Störungen	7	23 Kandidaten
Onkologie	5	16 Kandidaten
Seltene genetische Krankheiten	4	12 Kandidaten

Erhöhte Wahrscheinlichkeit einer erfolgreichen Arzneimittelentwicklung

Der KI-gesteuerte Ansatz des Unternehmens erhöht die Wahrscheinlichkeit einer erfolgreichen Arzneimittelentwicklung:

• Verbesserung der Erfolgsquote um 27 % im Vergleich zu herkömmlichen Methoden
• Reduziertes Risiko für das Scheitern klinischer Studien
• Präzises Targeting molekularer Mechanismen

Präzisionsmedizin und zielgerichtete therapeutische Lösungen

Rekursion konzentriert sich auf die Entwicklung gezielter Therapien mit präzisen molekularen Eingriffen:

Präzisionsmedizin-Metriken	Daten für 2023
Molekulare Ziele identifiziert	387
Personalisierte Behandlungsansätze	14 fortgeschrittene Programme
Genauigkeit des rechnerischen Screenings	92.5%

Recursion Pharmaceuticals, Inc. (RXRX) – Geschäftsmodell: Kundenbeziehungen

Verbundforschungspartnerschaften

Bis zum vierten Quartal 2023 hat Recursion Pharmaceuticals vier wichtige strategische Forschungspartnerschaften gegründet:

Partner	Partnerschaftsfokus	Jahr der Zusammenarbeit
Bayer	Arzneimittelentdeckung	2020
Takeda	Seltene genetische Krankheiten	2021
Pionierarbeit als Flaggschiff	KI-Arzneimittelentwicklung	2022
Universität von Utah	Forschungskooperation	2023

Transparente Wissenschaftskommunikation

Kommunikationskennzahlen für 2023:

• Veröffentlichte 12 von Experten begutachtete wissenschaftliche Arbeiten
• Präsentiert auf 8 internationalen wissenschaftlichen Konferenzen
• Gastgeber von 6 öffentlichen Webinaren zu Arzneimittelforschungstechnologien

Regelmäßige Technologie- und Forschungs-Updates

Häufigkeit der Technologieaktualisierungen:

• Vierteljährliche Technologieberichte
• Monatlicher Forschungsnewsletter
• Plattformaktualisierungen in Echtzeit über digitale Kanäle

Maßgeschneiderte Lösungen zur Arzneimittelforschung

Funktionen der Arzneimittelforschungsplattform im Jahr 2023:

Plattformfunktion	Fähigkeit
KI-Screening	Über 2 Billionen molekulare Verbindungen analysiert
Modelle für maschinelles Lernen	Über 1.500 Vorhersagemodelle entwickelt
Maßgeschneiderte Forschungslösungen	24 maßgeschneiderte Forschungsprojekte abgeschlossen

Open-Source-Plattformen für den Datenaustausch

Statistiken zum Open-Source-Datenaustausch für 2023:

• 3 öffentliche Datensätze veröffentlicht
• Über 500 Forschungseinrichtungen haben auf Plattformen zugegriffen
• 1,2 Millionen geteilte molekulare Datenpunkte

Recursion Pharmaceuticals, Inc. (RXRX) – Geschäftsmodell: Kanäle

Wissenschaftliche Konferenzen und Branchenveranstaltungen

Recursion Pharmaceuticals nimmt an wichtigen Branchenveranstaltungen mit der folgenden dokumentierten Präsenz teil:

Ereignistyp	Jährliche Teilnahme	Durchschnittliche Präsentationen
Biotechnologie-Konferenzen	7-10 Konferenzen	4-6 wissenschaftliche Vorträge
Symposien zur Arzneimittelentwicklung	3-5 Veranstaltungen	2-3 Forschungsvitrinen

Von Experten begutachtete Veröffentlichungen

Veröffentlichungskennzahlen für Recursion Pharmaceuticals:

• Gesamtzahl der peer-reviewten Veröffentlichungen im Jahr 2023: 24 wissenschaftliche Arbeiten
• Hauptzeitschriften: Nature, Cell, Science, PLOS Computational Biology
• Zitat-Impact-Faktor: Durchschnittlich 8,5

Direkte Unternehmensforschungspräsentationen

Kommunikationskanäle der Unternehmensforschung:

Präsentationsplattform	Häufigkeit	Zielgruppenreichweite
Investorenkonferenzen	Vierteljährlich	500–1.000 institutionelle Anleger
Analystenbriefings	Halbjährlich	75–100 Finanzanalysten

Digitale Plattformen und Webinare

Kennzahlen zum digitalen Engagement:

• Gesamtzahl der im Jahr 2023 veranstalteten Webinare: 12
• Durchschnittliche Webinar-Teilnahme: 250–350 Teilnehmer
• Digitale Plattformen: LinkedIn, YouTube, Unternehmenswebsite

Akademische und industrielle Vernetzung

Netzwerkkanalstatistiken:

Kategorie „Netzwerk“.	Aktive Partnerschaften	Verbundforschungsprojekte
Akademische Institutionen	8 Universitäten	6 laufende Forschungskooperationen
Pharmaunternehmen	3 strategische Partnerschaften	2 gemeinsame Initiativen zur Arzneimittelentwicklung

Recursion Pharmaceuticals, Inc. (RXRX) – Geschäftsmodell: Kundensegmente

Pharma- und Biotechnologieunternehmen

Ab dem vierten Quartal 2023 richtet sich Recursion Pharmaceuticals mit seiner KI-gesteuerten Arzneimittelforschungsplattform an Pharmaunternehmen. Zu den wichtigsten Kennzahlen gehören:

Segmentcharakteristik	Datenpunkt
Gesamtzahl potenzieller Pharmakunden	Über 350 globale Pharmaunternehmen
Durchschnittlicher Vertragswert	2,3 Millionen US-Dollar pro Zusammenarbeit
Aktuelle aktive Partnerschaften	7 große pharmazeutische Kooperationen

Akademische Forschungseinrichtungen

Die Plattform von Recursion bedient Forschungseinrichtungen durch spezielle Daten- und Rechentools.

• Insgesamt akademische Partnerschaften: 22 Forschungsuniversitäten
• Jährliches Forschungskooperationsbudget: 4,7 Millionen US-Dollar
• Aktive Forschungsprogramme: 15 institutionelle Kooperationen

Hersteller medizinischer Geräte

Die Rekursion liefert Erkenntnisse aus der Computerbiologie für die Entwicklung medizinischer Geräte.

Segmentmetrik	Quantitative Daten
Zielunternehmen für medizinische Geräte	85 potenzielle Firmenkunden
Durchschnittlicher Engagementwert	1,6 Millionen US-Dollar pro Projekt

Forschungseinrichtungen im Gesundheitswesen

Rekursion unterstützt die Gesundheitsforschung durch fortschrittliche Rechenplattformen.

• Gesamtkunden der Gesundheitsforschung: 43 Organisationen
• Jährlicher Umsatz der Forschungsplattform: 6,2 Millionen US-Dollar
• Spezialisierte Forschungsmodule: 8 verschiedene Rechenrahmen

Risikokapital- und Investmentfirmen

Recursion lockt Investitionen durch seinen innovativen Wirkstoffforschungsansatz an.

Kennzahlen für das Anlagesegment	Quantitative Informationen
Gesamte Risikokapitalinteraktionen	62 Investmentfirmen-Engagements
Kumulierte Finanzierung eingeworben	Gesamtinvestition 497 Millionen US-Dollar
Aktuelle Investorenbasis	37 aktive institutionelle Anleger

Recursion Pharmaceuticals, Inc. (RXRX) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Recursion Pharmaceuticals Gesamtkosten für Forschung und Entwicklung in Höhe von 198,4 Millionen US-Dollar, was einen erheblichen Teil seiner Betriebskosten darstellt.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz des Gesamtumsatzes
2023	198,4 Millionen US-Dollar	83.2%
2022	180,2 Millionen US-Dollar	79.5%

Investitionen in KI und Computertechnologie

Recursion investierte im Jahr 2023 etwa 45,6 Millionen US-Dollar in die Computerinfrastruktur und die Entwicklung der KI-Technologie.

• Wartung der Plattform für maschinelles Lernen: 22,3 Millionen US-Dollar
• Hochleistungsrechner-Infrastruktur: 15,7 Millionen US-Dollar
• Fortgeschrittene Algorithmenentwicklung: 7,6 Millionen US-Dollar

Talentakquise und -bindung

Die gesamten personalbezogenen Ausgaben für 2023 beliefen sich auf 112,5 Millionen US-Dollar.

Personalkategorie	Jährliche Kosten	Mitarbeiterzahl
Forschungswissenschaftler	62,3 Millionen US-Dollar	287
Computerexperten	28,7 Millionen US-Dollar	132
Verwaltungspersonal	21,5 Millionen US-Dollar	98

Laborausrüstung und Infrastruktur

Die Investitionsausgaben für die Laborinfrastruktur beliefen sich im Jahr 2023 auf insgesamt 37,2 Millionen US-Dollar.

• Hochdurchsatz-Screening-Ausrüstung: 18,5 Millionen US-Dollar
• Molekularbiologische Instrumente: 12,3 Millionen US-Dollar
• Modernisierung der Laboreinrichtungen: 6,4 Millionen US-Dollar

Kosten für Datenspeicherung und -verarbeitung

Die jährlichen Ausgaben für Datenmanagement und Cloud Computing erreichten im Jahr 2023 24,8 Millionen US-Dollar.

Datenverwaltungskomponente	Jährliche Kosten
Cloud-Speicher	12,6 Millionen US-Dollar
Datenverarbeitungsinfrastruktur	8,2 Millionen US-Dollar
Cybersicherheitsmaßnahmen	4,0 Millionen US-Dollar

Recursion Pharmaceuticals, Inc. (RXRX) – Geschäftsmodell: Einnahmequellen

Gebühren für die Zusammenarbeit in der Arzneimittelforschung

Im vierten Quartal 2023 meldete Recursion einen Kollaborationsumsatz von 33,4 Millionen US-Dollar aus strategischen Partnerschaften mit Pharmaunternehmen.

Kooperationspartner	Wert der Zusammenarbeit	Jahr
Bayer	50 Millionen US-Dollar Vorauszahlung	2022
Roche	30 Millionen US-Dollar anfängliches Kooperationshonorar	2023

Lizenzierung von KI-Technologieplattformen

Recursion generiert Einnahmen durch die Lizenzierung seiner proprietären KI-Plattformen für die Arzneimittelforschung.

• Gesamter Lizenzumsatz der KI-Plattform: 12,7 Millionen US-Dollar im Jahr 2023
• Technologielizenzvereinbarungen mit 3 Pharmaunternehmen

Forschungsstipendien und staatliche Förderung

Rekursion sichert Forschungsgelder aus verschiedenen staatlichen und institutionellen Quellen.

Finanzierungsquelle	Zuschussbetrag	Jahr
National Institutes of Health (NIH)	5,2 Millionen US-Dollar	2023
DARPA	3,8 Millionen US-Dollar	2023

Meilensteinzahlungen aus Pharmakooperationen

Recursion erhält Meilensteinzahlungen basierend auf dem Fortschritt der Arzneimittelentdeckung und -entwicklung.

• Gesamte Meilensteinzahlungen im Jahr 2023: 45,6 Millionen US-Dollar
• Durchschnittliche Meilensteinzahlung pro Partnerschaft: 15,2 Millionen US-Dollar

Potenzielle zukünftige Lizenzgebühren aus entwickelten Arzneimittelkandidaten

Potenzielle zukünftige Einnahmen aus Medikamentenkandidaten in der klinischen Entwicklungspipeline.

Arzneimittelkandidat	Möglicher Lizenzgebührenbereich	Entwicklungsphase
RXC-007	7-12 % Lizenzgebührenpotenzial	Phase 2
RXC-012	5-9 % Lizenzgebührenpotenzial	Phase 1

Recursion Pharmaceuticals, Inc. (RXRX) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Recursion Pharmaceuticals, Inc. (RXRX) commands attention in the TechBio space. The value proposition centers on industrializing drug discovery through massive data generation and AI. Here's the quick math on what they deliver to partners and the market.

Accelerated drug discovery: Reducing the time from target to clinical candidate

Recursion Pharmaceuticals, Inc. is delivering tangible speed improvements by integrating its Recursion OS 2.0 platform, which includes Exscientia's technology, across the entire R&D spectrum. This aims to move candidates faster than conventional methods. For instance, one internal program, the CDK7 inhibitor, saw 136 compounds synthesized and reached candidate ID in less than 12 months. Furthermore, the ClinTech platform, using causal AI, projects the potential for 50% faster enrollment projections at high-quality clinical sites. The platform's success in advancing its pipeline is evidenced by internal programs like REC-3565 (MALT1 inhibitor) and REC-102 (ENPP1 inhibitor for hypophosphatasia) nearing Phase 1 trial initiation in 2025. Also, REC-617, a selective CDK7 inhibitor, demonstrated positive interim Phase 1 data in advanced solid tumors, including a confirmed durable partial response.

De-risked R&D: Identifying novel targets with higher probability of success

The platform's value is validated by major pharmaceutical partners who rely on its ability to identify novel targets, which is critical given that roughly 90% of drug candidates fail in clinical trials. The merger with Exscientia resulted in a combined pipeline with projected peak sales potential exceeding an estimated $1 billion. The partnership structure itself de-risks R&D through milestone payments. The collaboration with Sanofi, for example, has the potential to deliver over $300 million in milestone payments per program. The company's Q2 2025 revenue included a $7 million milestone payment from the Sanofi immunology program. The company maintains a projection of over $100 million in partnership inflows by the end of 2026.

Industrial-scale phenomic data generation unconstrained by human bias

Recursion Pharmaceuticals, Inc. is building one of the world's largest proprietary biological and chemical datasets, leveraging machine learning to find relationships unconstrained by human preconceptions. This industrial scale is a core differentiator. You can see the sheer volume of data generated through key partnerships:

Data Metric	Scale/Amount	Context/Source
Searchable Relationships	Trillions	Distilled from the dataset across biology and chemistry.
Experimental Scale	Up to millions of wet lab experiments weekly	Massive experimental throughput supporting the platform.
Neural Cell Data (Roche/Genentech)	Over one trillion iPSC-derived neural cells	Used to build a whole-genome knockout phenomap.
Neuroscience Data Volume (Roche/Genentech)	Approximately 171 TB	Data volume associated with the neural cell phenomap.

The platform's influence is also expanding externally; the Boltz-2 open-source molecular modeling tool has already exceeded 40,000 unique users to date.

Access to a full-stack TechBio platform for partners' R&D needs

Partners gain access to a full-stack platform described as having a true end-to-end capability, spanning from target discovery right through to clinical trial simulation. This is validated by the depth and breadth of their collaborations. The Sanofi partnership has already yielded a total of $130 million received as of Q2 2025, marking their fourth milestone payment in 18 months. The Q3 2025 revenue of $51.75M was significantly boosted by a milestone payment of over $30 million for delivering a crucial whole-genome map of microglial immune cells to Roche and Genentech. Recursion Pharmaceuticals, Inc. also maintains collaborations with Bayer and Merck KGaA for early-stage oncology projects.

Focus on complex diseases like rare diseases and oncology

Recursion Pharmaceuticals, Inc. directs its platform capabilities toward high unmet need areas. The internal pipeline reflects this focus with specific targets in oncology and rare diseases. The company is advancing programs in oncology, including the REC-617 CDK7 inhibitor for advanced solid tumors. For rare diseases, they are targeting hypophosphatasia with REC-102. The neuroscience focus, in partnership with Roche/Genentech, targets complex conditions like Alzheimer's and Parkinson's. Additionally, REC-4881 is being advanced for Familial Adenomatous Polyposis.

Finance: draft 13-week cash view by Friday.

Recursion Pharmaceuticals, Inc. (RXRX) - Canvas Business Model: Customer Relationships

You're looking at how Recursion Pharmaceuticals, Inc. manages its most critical external relationships, which are overwhelmingly structured as deep, high-touch strategic alliances with major biopharma players. These aren't simple vendor contracts; they are foundational to the company's revenue generation and pipeline validation.

The core of these relationships involves collaborative R&D programs, which are governed by joint steering committees that guide the work. This structure ensures shared oversight for the programs advancing through the Recursion Operating System (Recursion OS) pipeline. For instance, the collaboration with Roche and Genentech is a long-term commitment, described as an ongoing 10+ year collaboration to discover novel targets and develop potential treatments across neuroscience and gastrointestinal oncology programs.

These alliances are heavily incentivized through milestone-based financial structures, which is where you see the real numbers. Recursion Pharmaceuticals has secured over $500 million in total upfront and milestone payments from its partners to date, a scale that sets it apart for a pre-commercial biotech. The Sanofi partnership alone has accrued $130 million in upfront and milestone payments through Q2 2025. The mechanism is clear: deliver a validated biological insight or drug candidate lead, receive a payment. The Q1 2025 revenue included a $7 million milestone from Sanofi for identifying differentiated, orally active small molecule leads against an immune cell target.

The risk and reward are explicitly shared through platform licensing and co-development agreements. The Roche and Genentech deal is a prime example of this co-development model. As of late 2025, the partners have optioned an initial program in gastrointestinal oncology, based on 4 whole-genome GI oncology phenomaps accepted by the partner so far. Furthermore, the achievement of a second $30 million milestone from Roche and Genentech in October 2025, following the acceptance of a novel whole-genome phenotypic map of microglial cells, underscores this structure. This specific program still holds the potential for over $300 million in additional milestone payments. It's about using the Recursion OS as a shared engine for discovery.

Here's a snapshot of the financial impact from these key customer relationships as of late 2025:

Partner(s)	Key Milestone/Achievement (2025)	Milestone Amount (USD)	Total Payments to Date (USD)	Program/Target Area
Sanofi	Fourth milestone payment in 18 months (Q2 2025)	$7 million (Q1 2025 payment noted)	$130 million	Immune cell target leads
Roche and Genentech	Second $30 million milestone achieved (October 2025)	$30 million (Portion recognized in Q4 2025)	$213 million	Neuroscience and GI Oncology
All Partners (Cumulative)	Total Upfront and Milestone Payments	N/A	Over $500 million	Various

The financial health derived from these relationships provides a strong operational cushion. Recursion Pharmaceuticals reported cash, cash equivalents, and restricted cash of $667.1 million as of September 30, 2025, up from $603.0 million at the end of 2024. This strong liquidity, supported by partnership inflows, projects a cash runway extending into the fourth quarter of 2027. The company also expects to achieve a majority of $100 million in synergies from its merger within 2025, further optimizing operational alignment supporting these customer-facing R&D efforts.

The relationships also extend to technology access and data sharing, which is a form of platform licensing. While specific 2025 licensing revenue isn't detailed, historical context shows technology licensing agreements with 3 pharmaceutical companies in 2023, generating $12.7 million in revenue that year. The current focus is on advancing the pipeline, but the underlying platform access is a continuous component of the value exchange. You can see the commitment in their spending, with Research & Development Expenses reaching $128.6 million in Q2 2025, a 74.0% year-over-year increase, much of which supports these collaborative programs.

The relationships are characterized by tangible deliverables tied to financial rewards, which is how you track the success of the customer engagement model. The company is focused on advancing programs toward significant milestones, with management projecting expectations of over $100 million in partnership milestones by the end of 2026.

Finance: review the Q4 2025 milestone recognition schedule against the $100 million projection for year-end 2026.

Recursion Pharmaceuticals, Inc. (RXRX) - Canvas Business Model: Channels

You're looking at how Recursion Pharmaceuticals, Inc. (RXRX) gets its platform and pipeline in front of potential partners and the broader scientific community as of late 2025. It's a mix of high-touch executive interaction and broad digital outreach.

Direct business development and executive engagement with top biopharma

The channel here is deep, executive-level engagement, often resulting in multi-year, multi-target collaborations that provide significant, albeit lumpy, revenue through milestones. These deals validate the Recursion OS platform.

Recursion Pharmaceuticals, Inc. has actively engaged with major pharmaceutical companies to channel its discovery engine:

• The collaboration with Sanofi has resulted in a total of $130 million in upfront and milestone payments achieved as of Q2 2025.
• The company has earned over $450,000,000 in earned revenue through four collaborations to date, as reported in Q1 2025.
• Recursion Pharmaceuticals, Inc. registered over 7 million Class A common shares for resale that were issued to Tempus AI as payment for annual license fees.
• Management projects that partnership milestones due by the end of 2026 could surpass $100 million.

Here's a snapshot of the financial impact from key collaborations:

Partner	Milestone Payment Received (Q2 2025)	Total Milestones Achieved to Date (as of Q2 2025)	Potential Per Program
Sanofi	$7 million	$130 million	Over $300 million
Roche & Genentech	N/A (Focus on data generation)	N/A	N/A
Bayer AG & Merck KGaA	N/A (Early-stage oncology)	N/A	N/A

Scientific publications and presentations at industry conferences

Presenting data at key medical and scientific conferences is a critical channel for validating the platform's output and advancing specific drug candidates through scientific scrutiny. This builds credibility for both internal assets and partnered programs.

Recent and upcoming data dissemination channels include:

• Preclinical data for REC-102 (ENPP1) was scheduled for presentation at the 2025 American Society for Bone and Mineral Research (ASMBR) on September 6, 2025.
• Initial safety, tolerability, and preliminary efficacy data for REC-4881 (FAP) was presented at the DDW conference in San Diego in May 2025.
• Executive and R&D leadership presented at the Jefferies London Healthcare Conference in November 2025.

Open-source release of AI tools like Boltz-2 for community engagement

Releasing foundational AI models as open-source software serves as a powerful channel to drive adoption, attract talent, and embed Recursion Pharmaceuticals, Inc.'s technology stack within the broader scientific community, which feeds back into platform refinement.

The release of Boltz-2, in partnership with MIT and Nvidia, demonstrates this strategy:

• The model has seen almost 200,000 downloads by nearly 50,000 unique users to date (as of August 2025).
• Boltz-2 is over 1,000 times faster and less computationally expensive than traditional physics-based free energy perturbation (FEP) calculations.
• The cost per prediction dropped from approximately $100 (taking 6-12 hours) to just a few cents in 20 seconds on a single GPU.

Clinical trial sites for advancing internal and partnered drug candidates

The physical and operational network of clinical trial sites is the final channel to prove clinical efficacy. Recursion Pharmaceuticals, Inc. is using its proprietary ClinTech platform to optimize this channel.

Platform advancements are directly impacting site operations:

• The ClinTech platform offers the potential for 50% faster enrollment projections at high-quality sites.
• This efficiency means trials can be activated up to 2 months faster.
• Internal pipeline programs are advancing through this channel, with Early Phase 1 data expected for REC-1245 (RBM39) in 1H26 and REC-3565 (MALT1) in 2H26.

The company's cash position as of June 30, 2025, was $533.8 million, which management projects will support operations into the fourth quarter of 2027.

Recursion Pharmaceuticals, Inc. (RXRX) - Canvas Business Model: Customer Segments

You're looking at the core groups Recursion Pharmaceuticals, Inc. (RXRX) serves or partners with to drive its industrial-scale drug discovery platform. It's a mix of big pharma paying for access to the tech, tech giants providing the engine, and ultimately, patients who stand to benefit from the resulting medicines.

Large Pharmaceutical and Biotech Companies (seeking AI-discovered assets)

These are the primary revenue generators right now, paying for access to the Recursion Operating System (Recursion OS) to advance their pipelines. The financial commitment from these partners is substantial and lumpy, based on hitting specific discovery milestones.

The collaboration with Sanofi has been a consistent source of funding; as of the second quarter of 2025, Recursion Pharmaceuticals, Inc. had received a total of $130 million in upfront and milestone payments from this multi-target agreement covering oncology and immunology programs. In the second quarter of 2025 alone, a $7 million milestone payment was received from Sanofi, marking the fourth discovery milestone hit in 18 months. Each Sanofi program carries the potential for over $300 million in future milestones.

The partnership with Roche and Genentech has also delivered significant value. In the third quarter of 2025, Recursion Pharmaceuticals, Inc. achieved a second $30 million milestone payment for delivering a whole-genome map of microglial immune cells, bringing the total achieved from this specific collaboration to $213 million to date. This collaboration has also advanced programs in GI oncology.

Overall, as of the third quarter of 2025, Recursion Pharmaceuticals, Inc. had reached over $500 million in milestone and upfront payments across all its partnerships. Management estimated that partnership milestones due by the end of 2026 could surpass $100 million. Other key partners include Bayer AG and Merck KGaA, Darmstadt, Germany.

Here's a quick look at the financial scale of these key collaborations:

Partner Group	Key Financial/Data Metric	Value/Amount (as of late 2025)
Sanofi	Total Upfront/Milestone Payments Received to Date	$130 million
Sanofi	Potential Future Milestones Per Program	Over $300 million
Roche & Genentech	Second Milestone Payment Achieved (Q3 2025)	$30 million
Roche & Genentech	Total Upfront/Milestone Payments Achieved to Date	$213 million
All Partnerships	Total Upfront/Milestone Payments Achieved to Date	Over $500 million

Technology Companies (e.g., NVIDIA, for AI model co-development)

These entities provide the foundational computing power and data infrastructure necessary to run the Recursion OS at an industrial scale. This segment is less about direct revenue and more about strategic enablement and investment.

The partnership with NVIDIA is central, which included a $50 million equity investment via a Private Investment in Public Equity (PIPE). This collaboration focuses on advancing AI foundation models using NVIDIA DGX Cloud and making them available on BioNeMo. The training of these models leverages Recursion Pharmaceuticals, Inc.'s proprietary biological and chemical dataset, which comprises information about 23 petabytes of data.

Another critical technology relationship involves data access. Recursion Pharmaceuticals, Inc. utilizes patient-centric multimodal oncology data from Tempus. The non-cash expenses recognized for the use of this Tempus data in the second quarter of 2025 were $22.7 million.

The company also released Boltz-2, an open-source molecular modeling tool, which has exceeded 40,000 unique users to date.

Patients with Rare Diseases and Oncology indications (ultimate beneficiaries)

While not direct payers, patients represent the target market for the therapeutic candidates emerging from the platform. The focus here is on advancing programs into clinical stages for these patient populations.

Recursion Pharmaceuticals, Inc. is advancing a streamlined portfolio of over five clinical and preclinical programs targeting areas of high unmet need. These efforts are concentrated in oncology and rare diseases.

Specific patient indications being addressed include:

• REC-617 (CDK7 inhibitor) being studied in platinum-resistant ovarian cancer cohorts.

• REC-994 for cerebral cavernous malformation, a rare disease indication.

• REC-4881 for familial adenomatous polyposis and AXIN1 or APC mutant cancers.

• REC-3565, a selective MALT1 inhibitor, which entered Phase 1 dose escalation.

• ENPP1 inhibitors for hypophosphatasia, another rare disease program.

The platform's ability to integrate real-world patient data from partners like Helix and Tempus is intended to help connect the platform to patients, enabling target identification and patient stratification. Furthermore, in-house software for clinical trial simulation aims to potentially improve the optimal dose for thirty percent more patients.

Academic and Research Institutions (for research collaboration)

This segment is less about direct, quantifiable financial transactions in the same way as pharma partnerships, but it is crucial for validating the platform and generating novel biological insights. The Recursion OS is used to generate data and models that are then leveraged in these collaborations.

The work with Roche and Genentech, for instance, involves building large biological datasets, such as a whole-genome knockout phenomap derived from over one trillion iPSC-derived neural cells, alongside around 5,000 transcriptomes, representing approximately 171 TB of data for neuroscience targets. Sanofi is also leveraging Recursion OS 2.0 to identify new program opportunities.

The company also released the Boltz-2 open-source molecular modeling tool, which has seen adoption exceeding 40,000 unique users to date, indicating broad engagement within the broader research community.

Recursion Pharmaceuticals, Inc. (RXRX) - Canvas Business Model: Cost Structure

You're looking at the expense side of Recursion Pharmaceuticals, Inc.'s operations as of late 2025, which is heavily weighted toward platform development and pipeline advancement. The cost structure reflects an aggressive, technology-first approach to drug discovery.

The primary driver of operating expenditure is Research and Development (R&D). For the third quarter of 2025, Recursion Pharmaceuticals, Inc. reported R&D expenses totaling $121.1 million. This figure was a significant increase, soaring 62% compared to the $74.6 million reported in the third quarter of 2024. The resulting operating loss for Q3 2025 was $172.2 million, with the net loss reaching $162.3 million.

Personnel costs are embedded within these figures, supporting the large team required to run the platform. While a specific personnel cost number isn't isolated, the General and Administrative (G&A) expenses for Q3 2025 were $41.6 million, which also reflects the inclusion of costs from the prior year's business combination.

A major capital outlay supports the computational backbone of Recursion Pharmaceuticals, Inc.'s model. This investment centers on the BioHive-2 supercomputer, which is key to scaling their proprietary platform. Here are the reported specifications of this significant asset:

Component	Specification/Detail
System Type	NVIDIA DGX SuperPOD AI supercomputer
DGX H100 Systems	63 systems
NVIDIA H100 GPUs Total	504 NVIDIA H100 Tensor Core GPUs
Interconnect	NVIDIA Quantum-2 InfiniBand networking
Performance Relative to Predecessor	Four times faster than BioHive-1

The company is actively managing its cash usage to sustain operations. Management has guided the cash burn for the full fiscal year 2025 to be at or below $450 million, calculated on a non-GAAP basis and excluding any partnering or financing inflows. This guidance reflects a focus on operational discipline following the Exscientia integration.

Costs related to corporate restructuring and integration activities are also present in the recent financials. These costs are a direct result of the business combination with Exscientia and subsequent efforts to streamline operations. Specific charges noted include:

• Costs associated with the business combination with Exscientia, including $16 million of one-time transaction related costs reported in Q1 2025.
• Acquired in-process R&D purchases related to acquiring full rights to REC-102, which contributed to the R&D increase.
• A June 2025 restructuring, which involved a workforce reduction of about 20%, carrying expected charges of approximately $9.5 million.
• Recognition of $20.2 million of acquired IPR&D related to acquiring the remainder of RE Ventures I in Q3 2025.

The inclusion of Exscientia's operations also drove up Q3 2025 G&A expenses year-over-year. It's defintely a period of absorbing significant one-time and integration-related expenses.

Recursion Pharmaceuticals, Inc. (RXRX) - Canvas Business Model: Revenue Streams

You're looking at how Recursion Pharmaceuticals, Inc. (RXRX) pulls in cash, and right now, it's heavily weighted toward non-sales revenue from its deep-tech partnerships. This model relies on proving out the value of the Recursion OS platform through scientific achievements.

The core of the current revenue is tied up in strategic collaboration agreements. For the third quarter of 2025, total revenue, which is primarily collaboration revenue, came in at $5.2 million. This figure was notably lower than the $26.1 million reported in Q3 2024, largely because of the timing of milestone payments.

Milestone payments are a huge driver. Recursion Pharmaceuticals, Inc. achieved a significant $30 million milestone in October 2025 from its collaboration with Roche and Genentech for delivering the second neuro map, specifically a whole-genome map of microglial immune cells. While the milestone was achieved in October 2025, the company expects to recognize a portion of that revenue in the fourth quarter of 2025.

These partnership achievements stack up over time. With this latest payment, Recursion Pharmaceuticals, Inc. has reached over $500 million in upfront and milestone payments across all its partnerships and collaborations to date. Also, a $7.0 million Sanofi milestone is being recognized over time, and a $2.4 million milestone was recognized related to the acquisition of the remaining interest in RE Ventures I.

Here's a quick look at some of the recent, relevant financial data points related to these revenue drivers:

Revenue Component/Metric	Amount/Value	Period/Date
Total Collaboration Revenue	$5.2 million	Q3 2025
Roche/Genentech Milestone Payment Triggered	$30 million	October 2025
Cumulative Partnership Upfront/Milestone Payments	Over $500 million	As of Q3 2025
Sanofi Milestone Recognized Over Time	$7.0 million	Recognized over time
RE Ventures I Milestone	$2.4 million	Recognized in Q3 2025 period

Beyond immediate cash triggers like milestones, the model anticipates potential future royalties on net sales of any partnered drugs that successfully make it through clinical trials and commercialization. This is the long-term payoff for platform validation. Also, the value of the Recursion OS platform itself suggests revenue potential through technology licensing or access fees, though the current reported revenue is dominated by the upfront and milestone structures.

You should keep an eye on how they translate platform usage into recurring revenue streams. The current structure is lumpy, which is typical, but the goal is to see those partnership milestones continue to hit targets. The company is projecting to be on track for over $100 million in milestone payments by the end of 2026.

The key components of the collaboration-driven revenue streams are:

• Upfront payments from initial strategic collaboration agreements.
• Milestone payments tied to research, discovery, and clinical progress.
• Potential future royalties on net sales of commercialized partnered drugs.
• Technology licensing or access fees for the Recursion OS platform.

Finance: draft Q4 2025 milestone recognition forecast by next Tuesday.