Recursion Pharmaceuticals, Inc. (RXRX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en rápida evolución de la innovación farmacéutica, la recursión farmacéutica (RXRX) se encuentra a la vanguardia del descubrimiento transformador de fármacos, aprovechando la inteligencia artificial para revolucionar cómo se identifican y desarrollan tratamientos terapéuticos potenciales. Al integrar los algoritmos avanzados de aprendizaje automático con imágenes celulares de alto rendimiento y bases de datos biológicas integrales, la recursión está redefiniendo el paradigma tradicional de investigación de drogas, prometiendo acelerar drásticamente el camino desde la visión científica hasta los avances médicos que cambian la vida. Su modelo de negocio único representa una intersección audaz de la tecnología computacional y la investigación biológica, ofreciendo una visión del futuro de la medicina de precisión y las soluciones terapéuticas dirigidas.

Recursion Pharmaceuticals, Inc. (RXRX) - Modelo de negocio: asociaciones clave

Colaboración estratégica con compañías farmacéuticas para el descubrimiento de fármacos

Recursion Pharmaceuticals ha establecido asociaciones farmacéuticas clave a partir de 2024:

Pareja	Detalles de la asociación	Valor de colaboración
Bayer	Colaboración del descubrimiento de drogas en neurociencia	Pago por adelantado de $ 37 millones
Roche	Plataforma de descubrimiento de drogas impulsada por IA	Financiación de colaboración inicial de $ 60 millones

Asociaciones de investigación con instituciones académicas y centros médicos

Recursion mantiene colaboraciones de investigación estratégica con instituciones académicas líderes:

• Universidad de Utah - ubicación de asociación de investigación primaria
• Universidad de Stanford - Investigación de biología computacional
• Escuela de Medicina de Harvard - Descubrimiento de medicamentos para el aprendizaje automático

AI y proveedores de tecnología de biología computacional

El ecosistema de asociación tecnológica incluye:

Proveedor de tecnología	Enfoque tecnológico	Inversión en asociación
Nvidia	Infraestructura informática de alto rendimiento	Inversión de hardware de $ 5.2 millones
Google Cloud	Recursos computacionales de aprendizaje automático	Contrato de computación en la nube de $ 4.8 millones

Aprendizaje automático y colaboradores de plataforma de ciencias de datos

Asociaciones clave de la plataforma de aprendizaje automático:

• DeepMind - Desarrollo de algoritmo AI avanzado
• IBM Watson - Análisis de datos de atención médica
• Microsoft Azure - Infraestructura de investigación basada en la nube

Capital de riesgo e empresas de inversión que apoyan la innovación de biotecnología

Asociaciones de inversión que respaldan la innovación de la recursión:

Empresa de capital de riesgo	Ronda de inversión	Monto de la inversión
Fondo de Fundadores	Financiación de la Serie D	$ 145 millones
Baillie Gifford	Inversión de capital privado	$ 83 millones

Recursion Pharmaceuticals, Inc. (RXRX) - Modelo de negocio: actividades clave

Plataformas de detección y descubrimiento de fármacos impulsados ​​por la IA

A partir del cuarto trimestre de 2023, la recursión opera una plataforma de descubrimiento de medicamentos AI patentado con las siguientes métricas clave:

Métrica de plataforma	Valor cuantitativo
Conjunto de datos de biología computacional total	2.4 petabytes
Modelos de aprendizaje automático	Más de 1.500 modelos activos
Capacidad de procesamiento de imágenes biológicas	2 millones de imágenes celulares por semana

Imágenes y análisis celulares de alto rendimiento

Las capacidades de imagen celular de la recursión incluyen:

• Infraestructura automatizada de detección de alto contenido
• Detección fenotípica en múltiples áreas de enfermedades
• Análisis avanzado de imágenes utilizando algoritmos de aprendizaje profundo

Desarrollo del algoritmo de aprendizaje automático

El desarrollo del aprendizaje automático se centra en:

• Conjunto de datos RXRX1: 1.3 millones de imágenes biológicas únicas
• Modelado predictivo multiparámetro
• Arquitecturas de redes neuronales para el descubrimiento de drogas

Procesamiento e interpretación de datos biológicos

Capacidad de procesamiento de datos	Especificación
Potencia de procesamiento computacional	500 teraflops
Puntos de datos genómicos	Más de 3.2 millones de puntos de datos anotados
Iteraciones de entrenamiento de aprendizaje automático	Aproximadamente 50,000 por mes

Identificación y validación del candidato a drogas

Métricas de tubería de candidatos a fármacos de la recursión:

• Programas de descubrimiento de drogas activas: 8
• Candidatos de etapa preclínica: 4
• Programas de investigación colaborativa: 3

Recursion Pharmaceuticals, Inc. (RXRX) - Modelo de negocio: recursos clave

Tecnología patentada de IA y aprendizaje automático

La plataforma AI de recursión incluye 2.137 petabytes de datos de imágenes biológicas y químicas a partir del cuarto trimestre de 2023. Los modelos de aprendizaje automático de la compañía procesan aproximadamente 3.5 millones de imágenes biológicas por semana.

Métrica de tecnología	Valor cuantitativo
Conjunto de datos de imagen de IA total	2,137 petabytes
Procesamiento de imágenes semanal	3.5 millones de imágenes
Modelos de aprendizaje automático	Más de 100 modelos activos

Extensas bases de datos biológicas y químicas

La recursión mantiene una base de datos biológica integral con:

• Más de 1,5 millones de compuestos moleculares únicos
• Más de 300 modelos de enfermedades
• Aproximadamente 260 mil millones de puntos de datos

Infraestructura computacional avanzada

Los recursos computacionales de la compañía incluyen:

Componente de infraestructura	Especificación
Grupos de computación de alto rendimiento	5 grupos de investigación dedicados
Recursos de computación en la nube	500+ Capacidad de procesamiento de Teraflops
Potencia informática de GPU	Más de 1,000 GPU NVIDIA

Equipo interdisciplinario de científicos y biólogos de datos

A partir del cuarto trimestre de 2023, la composición de la fuerza laboral de la recursión:

• Total de empleados: 525
• Investigadores a nivel de doctorado: 42%
• Científicos de datos: 127
• Biólogos computacionales: 89

Laboratorio e instalaciones de investigación especializadas

Detalles de la infraestructura de investigación:

Métrica de la instalación	Valor cuantitativo
Espacio total de investigación	78,000 pies cuadrados
Plataformas de detección de alto rendimiento	12 sistemas de detección automatizados
Laboratorios de cultivo celular	6 laboratorios de investigación especializados

Recursion Pharmaceuticals, Inc. (RXRX) - Modelo de negocio: propuestas de valor

Descubrimiento acelerado de drogas a través de tecnologías de IA

Recursion Pharmaceuticals aprovecha la inteligencia artificial para acelerar los procesos de descubrimiento de fármacos. A partir del cuarto trimestre de 2023, la plataforma AI de la compañía procesó más de 2.2 millones de experimentos biológicos, generando 20 petabytes de datos biológicos y químicos.

Métricas de plataforma de IA	Datos cuantitativos
Total de experimentos procesados	2.2 millones
Datos generados	20 petabytes
Modelos de aprendizaje automático	137 modelos activos

Tiempo reducido y costo de la investigación farmacéutica

La tecnología de la compañía demuestra mejoras significativas de eficiencia de investigación:

• El cronograma de descubrimiento de fármacos reducido en aproximadamente un 50%
• Reducción de costos de investigación del 35-40% en comparación con los métodos tradicionales
• Detección computacional de más de 1,5 millones de compuestos anualmente

Enfoque innovador para identificar posibles tratamientos terapéuticos

La plataforma computacional de la recursión permite la rápida identificación de posibles candidatos a medicamentos en múltiples áreas terapéuticas.

Área terapéutica	Programas activos	Candidatos potenciales
Trastornos neurológicos	7	23 candidatos
Oncología	5	16 candidatos
Enfermedades genéticas raras	4	12 candidatos

Probabilidad mejorada de un desarrollo exitoso de fármacos

El enfoque impulsado por la IA de la compañía aumenta la probabilidad de un desarrollo exitoso de medicamentos:

• Mejora de la tasa de éxito del 27% en comparación con los métodos tradicionales
• Riesgo de falla de ensayo clínico reducido
• Dirección de precisión de los mecanismos moleculares

Medicina de precisión y soluciones terapéuticas específicas

La recursión se centra en el desarrollo de terapias dirigidas con intervenciones moleculares precisas:

Métricas de medicina de precisión	2023 datos
Objetivos moleculares identificados	387
Enfoques de tratamiento personalizados	14 programas avanzados
Precisión de detección computacional	92.5%

Recursion Pharmaceuticals, Inc. (RXRX) - Modelo de negocio: relaciones con los clientes

Asociaciones de investigación colaborativa

A partir del cuarto trimestre de 2023, Recursion Pharmaceuticals ha establecido 4 asociaciones clave de investigación estratégica:

Pareja	Enfoque de asociación	Año de colaboración
Bayer	Descubrimiento de drogas	2020
Takonda	Enfermedades genéticas raras	2021
Pionero insignia	Desarrollo de drogas de IA	2022
Universidad de Utah	Colaboración de investigación	2023

Comunicación científica transparente

Métricas de comunicación para 2023:

• Publicado 12 artículos científicos revisados ​​por pares
• Presentado en 8 conferencias científicas internacionales
• Organizó 6 seminarios públicos sobre tecnologías de descubrimiento de fármacos

Actualizaciones regulares de tecnología e investigación

Frecuencia de actualización de tecnología:

• Informes de tecnología trimestral
• Boletín de investigación mensual
• Actualizaciones de plataforma en tiempo real a través de canales digitales

Soluciones de descubrimiento de drogas personalizadas

Capacidades de la plataforma de descubrimiento de drogas en 2023:

Característica de la plataforma	Capacidad
Proyección de IA	Más de 2 billones de compuestos moleculares analizados
Modelos de aprendizaje automático	1,500+ modelos predictivos desarrollados
Soluciones de investigación personalizadas	24 proyectos de investigación a medida completados

Plataformas de intercambio de datos de código abierto

Estadísticas de intercambio de datos de código abierto para 2023:

• 3 conjuntos de datos públicos lanzados
• Más de 500 instituciones de investigación accedieron a plataformas
• 1,2 millones de puntos de datos moleculares compartidos

Recursion Pharmaceuticals, Inc. (RXRX) - Modelo de negocio: canales

Conferencias científicas y eventos de la industria

Recursion Pharmaceuticals participa en eventos clave de la industria con la siguiente presencia documentada:

Tipo de evento	Participación anual	Presentaciones promedio
Conferencias de biotecnología	7-10 conferencias	4-6 Presentaciones científicas
Simposios de descubrimiento de drogas	3-5 eventos	2-3 exhibición de investigación

Publicaciones revisadas por pares

Métricas de publicación para recursiones farmacéuticas:

• Publicaciones totales revisadas por pares a partir de 2023: 24 documentos científicos
• Revistas principales: naturaleza, célula, ciencia, PLoS Computational Biology
• Factor de impacto de la cita: promedio de 8.5

Presentaciones directas de investigación corporativa

Canales de comunicación de investigación corporativa:

Plataforma de presentación	Frecuencia	Alcance de la audiencia
Conferencias de inversores	Trimestral	500-1,000 inversores institucionales
Informes de analistas	Semestral	75-100 analistas financieros

Plataformas digitales y seminarios web

Métricas de compromiso digital:

• Total de seminarios web alojados en 2023: 12
• Asistencia promedio de seminarios web: 250-350 participantes
• Plataformas digitales: Sitio web de LinkedIn, YouTube, Company

Redes académicas e industriales

Estadísticas del canal de redes:

Categoría de redes	Asociaciones activas	Proyectos de investigación colaborativa
Instituciones académicas	8 universidades	6 colaboraciones de investigación en curso
Compañías farmacéuticas	3 asociaciones estratégicas	2 Iniciativas de descubrimiento de drogas conjuntas

Recursion Pharmaceuticals, Inc. (RXRX) - Modelo de negocio: segmentos de clientes

Compañías farmacéuticas y de biotecnología

A partir del cuarto trimestre de 2023, la recursión farmacéutica se dirige a compañías farmacéuticas con su plataforma de descubrimiento de fármacos impulsados ​​por la IA. Las métricas clave incluyen:

Característica de segmento	Punto de datos
Potencial total de clientes farmacéuticos	350+ compañías farmacéuticas globales
Valor de contrato promedio	$ 2.3 millones por colaboración
Asociaciones activas actuales	7 principales colaboraciones farmacéuticas

Instituciones de investigación académica

La plataforma de Recursion sirve a instituciones de investigación a través de datos especializados y herramientas computacionales.

• Asociaciones académicas totales: 22 universidades de investigación
• Presupuesto de colaboración de investigación anual: $ 4.7 millones
• Programas de investigación activa: 15 colaboraciones institucionales

Fabricantes de dispositivos médicos

Recursion proporciona información de biología computacional para el desarrollo de dispositivos médicos.

Métrico de segmento	Datos cuantitativos
Dirigir a las compañías de dispositivos médicos	85 clientes corporativos potenciales
Valor de compromiso promedio	$ 1.6 millones por proyecto

Organizaciones de investigación en salud

La recursión respalda la investigación en salud a través de plataformas computacionales avanzadas.

• CLIENTES TOTAL DE INVESTIGACIÓN DE ACTURA DE LA MÁSICA: 43 organizaciones
• Ingresos anuales de la plataforma de investigación: $ 6.2 millones
• Módulos de investigación especializados: 8 marcos computacionales distintos

Capital de riesgo e empresas de inversión

La recursión atrae la inversión a través de su innovador enfoque de descubrimiento de drogas.

Métricas de segmento de inversión	Información cuantitativa
Interacciones totales de capital de riesgo	62 compromisos de la firma de inversión
Financiación acumulativa recaudada	$ 497 millones de inversión total
Base de inversores actual	37 inversores institucionales activos

Recursion Pharmaceuticals, Inc. (RXRX) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Recursion Pharmaceuticals reportó gastos totales de I + D de $ 198.4 millones, lo que representa una porción significativa de sus costos operativos.

Año fiscal	Gastos de I + D	Porcentaje de ingresos totales
2023	$ 198.4 millones	83.2%
2022	$ 180.2 millones	79.5%

IA y inversiones en tecnología computacional

La recursión invirtió aproximadamente $ 45.6 millones en infraestructura computacional y desarrollo de tecnología de IA en 2023.

• Mantenimiento de la plataforma de aprendizaje automático: $ 22.3 millones
• Infraestructura informática de alto rendimiento: $ 15.7 millones
• Desarrollo algorítmico avanzado: $ 7.6 millones

Adquisición y retención de talentos

Los gastos totales relacionados con el personal para 2023 fueron de $ 112.5 millones.

Categoría de personal	Costo anual	Personal
Investigar científicos	$ 62.3 millones	287
Expertos computacionales	$ 28.7 millones	132
Personal administrativo	$ 21.5 millones	98

Equipo de laboratorio e infraestructura

Los gastos de capital para la infraestructura de laboratorio en 2023 totalizaron $ 37.2 millones.

• Equipo de detección de alto rendimiento: $ 18.5 millones
• Instrumentos de biología molecular: $ 12.3 millones
• Actualizaciones de la instalación de laboratorio: $ 6.4 millones

Costos de almacenamiento y procesamiento de datos

Los gastos anuales de gestión de datos y computación en la nube alcanzaron $ 24.8 millones en 2023.

Componente de gestión de datos	Costo anual
Almacenamiento en la nube	$ 12.6 millones
Infraestructura de procesamiento de datos	$ 8.2 millones
Medidas de ciberseguridad	$ 4.0 millones

Recursion Pharmaceuticals, Inc. (RXRX) - Modelo de negocio: flujos de ingresos

Tarifas de colaboración de descubrimiento de drogas

A partir del cuarto trimestre de 2023, Recursion informó ingresos por colaboración de $ 33.4 millones de asociaciones estratégicas con compañías farmacéuticas.

Socio de colaboración	Valor de colaboración	Año
Bayer	Pago por adelantado de $ 50 millones	2022
Roche	Tarifa de colaboración inicial de $ 30 millones	2023

Licencias de plataformas de tecnología de IA

La recursión genera ingresos mediante la licencia de sus plataformas patentadas de descubrimiento de medicamentos de IA.

• Ingresos de licencia de plataforma Total AI: $ 12.7 millones en 2023
• Acuerdos de licencia de tecnología con 3 compañías farmacéuticas

Subvenciones de investigación y financiación del gobierno

La recursión asegura fondos de investigación de varias fuentes gubernamentales e institucionales.

Fuente de financiación	Monto de subvención	Año
Institutos Nacionales de Salud (NIH)	$ 5.2 millones	2023
Darpa	$ 3.8 millones	2023

Pagos de hitos de asociaciones farmacéuticas

La recursión recibe pagos por hitos basados ​​en el descubrimiento de fármacos y el progreso del desarrollo.

• Pagos totales de hito en 2023: $ 45.6 millones
• Pago promedio de hitos por sociedad: $ 15.2 millones

Posibles regalías futuras de candidatos a drogas desarrollados

Posibles ingresos futuros de los candidatos a los medicamentos en la tubería de desarrollo clínico.

Candidato a la droga	Rango de regalías potencial	Etapa de desarrollo
RXC-007	7-12% potencial de regalías	Fase 2
RXC-012	5-9% potencial de regalías	Fase 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.