Recursion Pharmaceuticals, Inc. (RXRX): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage en évolution rapide de l'innovation pharmaceutique, Recursion Pharmaceuticals (RXRX) se dresse à la pointe de la découverte transformatrice de médicaments, tirant parti de l'intelligence artificielle pour révolutionner comment les traitements thérapeutiques potentiels sont identifiés et développés. En intégrant des algorithmes avancés d'apprentissage automatique avec une imagerie cellulaire à haut débit et des bases de données biologiques complètes, la récursivité redéfinit le paradigme traditionnel de recherche sur les médicaments, promettant d'accélérer considérablement le chemin de la perspicacité scientifique aux percées médicales qui changent la vie. Leur modèle commercial unique représente une intersection audacieuse de la technologie informatique et de la recherche biologique, offrant un aperçu de l'avenir de la médecine de précision et des solutions thérapeutiques ciblées.

Recursion Pharmaceuticals, Inc. (RXRX) - Modèle d'entreprise: partenariats clés

Collaboration stratégique avec des sociétés pharmaceutiques pour la découverte de médicaments

Recursion Pharmaceuticals a établi des partenariats pharmaceutiques clés à partir de 2024:

Partenaire	Détails du partenariat	Valeur de collaboration
Bayer	Collaboration de découverte de médicaments en neurosciences	Paiement initial de 37 millions de dollars
Roche	Plate-forme de découverte de médicaments dirigée par AI	Financement de collaboration initiale de 60 millions de dollars

Partenariats de recherche avec les établissements universitaires et les centres médicaux

Recursion maintient des collaborations de recherche stratégique avec les principaux établissements universitaires:

• Université de l'Utah - Lieu de partenariat de recherche primaire
• Université de Stanford - Recherche en biologie informatique
• École de médecine de Harvard - Découverte de médicaments d'apprentissage automatique

IA et fournisseurs de technologies de biologie informatique

L'écosystème du partenariat technologique comprend:

Fournisseur de technologie	Focus technologique	Investissement de partenariat
Nvidia	Infrastructure informatique haute performance	5,2 millions de dollars d'investissement matériel
Google Cloud	Ressources informatiques d'apprentissage automatique	Contrat de cloud computing de 4,8 millions de dollars

Collaborateurs de la plate-forme d'apprentissage automatique et de science des données

Partenariats de plate-forme d'apprentissage machine clé:

• DeepMind - Développement avancé d'algorithme d'IA
• IBM Watson - Analyse des données de la santé
• Microsoft Azure - Infrastructure de recherche basée sur le cloud

Capital de capital-risque et sociétés d'investissement soutenant l'innovation biotechnologique

Partenariats d'investissement soutenant l'innovation de Recursion:

Entreprise de capital-risque	Tournée d'investissement	Montant d'investissement
Fonds des fondateurs	Financement de la série D	145 millions de dollars
Baillie Gifford	Investissement de capital-investissement	83 millions de dollars

Recursion Pharmaceuticals, Inc. (RXRX) - Modèle d'entreprise: Activités clés

Plateformes de découverte et de dépistage des médicaments pilotés

Depuis le quatrième trimestre 2023, Recursion exploite une plate-forme de découverte de médicaments IA propriétaire avec les mesures clés suivantes:

Métrique de la plate-forme	Valeur quantitative
Ensemble de données de biologie informatique totale	2,4 pétaoctets
Modèles d'apprentissage automatique	Plus de 1 500 modèles actifs
Capacité de traitement de l'image biologique	2 millions d'images cellulaires par semaine

Imagerie et analyse cellulaire à haut débit

Les capacités d'imagerie cellulaire de Recursion comprennent:

• Infrastructure de dépistage automatisé à haut contenu
• Dépistage phénotypique dans plusieurs zones de maladie
• Analyse d'image avancée utilisant des algorithmes d'apprentissage en profondeur

Développement d'algorithmes d'apprentissage automatique

Le développement de l'apprentissage automatique se concentre sur:

• Ensemble de données RXRX1: 1,3 million d'images biologiques uniques
• Modélisation prédictive multi-paramètres
• Architectures de réseau neuronal pour la découverte de médicaments

Traitement et interprétation des données biologiques

Capacité de traitement des données	Spécification
Puissance de traitement informatique	500 téraflops
Points de données génomiques	Plus de 3,2 millions de points de données annotés
Itérations de formation d'apprentissage automatique	Environ 50 000 par mois

Identification et validation des candidats de médicament

Les mesures de pipeline de candidats de médicament de Recursion:

• Programmes de découverte de médicaments actifs: 8
• Candidats de la scène préclinique: 4
• Programmes de recherche collaborative: 3

Recursion Pharmaceuticals, Inc. (RXRX) - Modèle d'entreprise: Ressources clés

Technologie propriétaire de l'IA et de l'apprentissage automatique

La plate-forme d'IA de Recursion comprend 2 137 pétaoctets de données biologiques et chimiques au T4 2023. Les modèles d'apprentissage automatique de l'entreprise traitent environ 3,5 millions d'images biologiques par semaine.

Métrique technologique	Valeur quantitative
Ensemble de données d'image AI total	2 137 pétaoctets
Traitement hebdomadaire d'image	3,5 millions d'images
Modèles d'apprentissage automatique	Plus de 100 modèles actifs

Bases de données biologiques et chimiques étendues

Recursion maintient une base de données biologique complète avec:

• Plus de 1,5 million de composés moléculaires uniques
• Plus de 300 modèles de maladies
• Environ 260 milliards de points de données

Infrastructure informatique avancée

Les ressources informatiques de l'entreprise comprennent:

Composant d'infrastructure	Spécification
Grappes informatiques hautes performances	5 grappes de recherche dédiées
Ressources de cloud computing	500+ capacité de traitement de Teraflops
Alimentation informatique du GPU	Plus de 1 000 GPU NVIDIA

Équipe interdisciplinaire de scientifiques des données et de biologistes

Depuis le quatrième trimestre 2023, la composition de la main-d'œuvre de Recursion:

• Total des employés: 525
• Chercheurs au niveau du doctorat: 42%
• Scientifiques des données: 127
• Biologistes informatiques: 89

Installations spécialisées de laboratoire et de recherche

Détails de l'infrastructure de recherche:

Métrique de l'installation	Valeur quantitative
Espace de recherche total	78 000 pieds carrés
Plates-formes de dépistage à haut débit	12 systèmes de dépistage automatisés
Laboratoires de culture cellulaire	6 laboratoires de recherche spécialisés

Recursion Pharmaceuticals, Inc. (RXRX) - Modèle d'entreprise: propositions de valeur

Découverte de médicaments accélérés à travers les technologies d'IA

Recursion Pharmaceuticals exploite l'intelligence artificielle pour accélérer les processus de découverte de médicaments. Au quatrième trimestre 2023, la plate-forme d'IA de la société a traité plus de 2,2 millions d'expériences biologiques, générant 20 pétaoctets de données biologiques et chimiques.

Métriques de la plate-forme AI	Données quantitatives
Total des expériences traitées	2,2 millions
Données générées	20 pétaoctets
Modèles d'apprentissage automatique	137 modèles actifs

Temps réduit et coût de la recherche pharmaceutique

La technologie de l'entreprise démontre des améliorations d'efficacité de la recherche importantes:

• Chronologie de la découverte de médicament réduite d'environ 50%
• Réduction des coûts de recherche de 35 à 40% par rapport aux méthodes traditionnelles
• Dépistage informatique de plus de 1,5 million de composés par an

Approche innovante pour identifier les traitements thérapeutiques potentiels

La plate-forme de calcul de Recursion permet une identification rapide de candidats potentiels sur les médicaments dans plusieurs zones thérapeutiques.

Zone thérapeutique	Programmes actifs	Candidats potentiels
Troubles neurologiques	7	23 candidats
Oncologie	5	16 candidats
Maladies génétiques rares	4	12 candidats

Probabilité accrue de développement de médicaments à succès

L'approche axée sur l'IA de l'entreprise augmente la probabilité de réussite du développement de médicaments:

• Amélioration du taux de réussite de 27% par rapport aux méthodes traditionnelles
• Risque d'échec de l'essai clinique réduit
• Ciblage de précision des mécanismes moléculaires

Médecine de précision et solutions thérapeutiques ciblées

La récursivité se concentre sur le développement de thérapies ciblées avec des interventions moléculaires précises:

Métriques de médecine de précision	2023 données
Cibles moléculaires identifiées	387
Approches de traitement personnalisées	14 programmes avancés
Précision de dépistage informatique	92.5%

Recursion Pharmaceuticals, Inc. (RXRX) - Modèle d'entreprise: relations avec les clients

Partenariats de recherche collaborative

Au quatrième trimestre 2023, Recursion Pharmaceuticals a établi 4 partenariats de recherche stratégique clés:

Partenaire	Focus de partenariat	Année de collaboration
Bayer	Découverte de médicaments	2020
Mouton	Maladies génétiques rares	2021
Pionnier phare	Développement de médicaments IA	2022
Université de l'Utah	Collaboration de recherche	2023

Communication scientifique transparente

Métriques de communication pour 2023:

• Publié 12 articles scientifiques évalués par des pairs
• Présenté à 8 conférences scientifiques internationales
• Hébergé 6 webinaires publics sur les technologies de découverte de médicaments

Mises à jour régulières de la technologie et de la recherche

Fréquence de mise à jour de la technologie:

• Rapports technologiques trimestriels
• Newsletter de recherche mensuelle
• Mises à jour de la plate-forme en temps réel via les canaux numériques

Solutions de découverte de médicaments personnalisés

Capitaires de plate-forme de découverte de médicaments en 2023:

Fonctionnalité de plate-forme	Capacité
Dépistage de l'IA	Plus de 2 billions de composés moléculaires analysés
Modèles d'apprentissage automatique	1 500+ modèles prédictifs développés
Solutions de recherche personnalisées	24 projets de recherche sur mesure terminés

Plates-formes de partage de données open source

Statistiques de partage de données open source pour 2023:

• 3 ensembles de données publiques publiées
• Plus de 500 institutions de recherche ont accédé aux plateformes
• 1,2 million de points de données moléculaires partagés

Recursion Pharmaceuticals, Inc. (RXRX) - Modèle d'entreprise: canaux

Conférences scientifiques et événements de l'industrie

Recursion Pharmaceuticals participe à des événements clés de l'industrie avec la présence documentée suivante:

Type d'événement	Participation annuelle	Présentations moyennes
Conférences de biotechnologie	7-10 conférences	4-6 présentations scientifiques
Symposiums de découverte de médicaments	3-5 événements	2-3 vitrines de recherche

Publications évaluées par des pairs

Publication Metrics for Recursion Pharmaceuticals:

• Publications totales à comité de lecture en 2023: 24 articles scientifiques
• Journaux primaires: nature, cellule, science, biologie informatique PLOS
• Facteur d'impact sur la citation: moyenne 8,5

Présentations de recherche d'entreprise directes

Canaux de communication de recherche d'entreprise:

Plate-forme de présentation	Fréquence	Poutenir
Conférences d'investisseurs	Trimestriel	500 à 1 000 investisseurs institutionnels
Briefings d'analystes	Semestriel	75-100 analystes financiers

Plates-formes et webinaires numériques

Métriques d'engagement numérique:

• Total des webinaires hébergés en 2023: 12
• Association moyenne du webinaire: 250-350 participants
• Plateformes numériques: LinkedIn, YouTube, site Web de l'entreprise

Réseau académique et industriel

Statistiques des canaux de réseautage:

Catégorie de réseautage	Partenariats actifs	Projets de recherche collaborative
Institutions universitaires	8 universités	6 collaborations de recherche en cours
Sociétés pharmaceutiques	3 partenariats stratégiques	2 Initiatives conjointes de découverte de médicaments

Recursion Pharmaceuticals, Inc. (RXRX) - Modèle d'entreprise: segments de clientèle

Sociétés pharmaceutiques et biotechnologiques

Au quatrième trimestre 2023, Recursion Pharmaceuticals cible les sociétés pharmaceutiques avec sa plate-forme de découverte de médicaments dirigée par l'IA. Les mesures clés comprennent:

Caractéristique du segment	Point de données
Clients pharmaceutiques potentiels totaux	350+ sociétés pharmaceutiques mondiales
Valeur du contrat moyen	2,3 millions de dollars par collaboration
Partenariats actifs actuels	7 collaborations pharmaceutiques majeures

Établissements de recherche universitaire

La plate-forme de Recursion sert des institutions de recherche par le biais de données spécialisées et d'outils de calcul.

• Partenariats scolaires totaux: 22 universités de recherche
• Budget de collaboration de recherche annuelle: 4,7 millions de dollars
• Programmes de recherche actifs: 15 collaborations institutionnelles

Fabricants d'appareils médicaux

La récursivité fournit des informations sur la biologie informatique au développement des dispositifs médicaux.

Métrique du segment	Données quantitatives
Cibler les sociétés de dispositifs médicaux	85 clients d'entreprise potentiels
Valeur d'engagement moyenne	1,6 million de dollars par projet

Organisations de recherche sur les soins de santé

Recursion soutient la recherche sur les soins de santé grâce à des plateformes de calcul avancées.

• Clients de recherche sur les soins de santé: 43 organisations
• Revenus de la plate-forme de recherche annuelle: 6,2 millions de dollars
• Modules de recherche spécialisés: 8 cadres de calcul distincts

Capital-risque et sociétés d'investissement

Recursion attire l'investissement grâce à son approche innovante de découverte de médicaments.

Métriques du segment d'investissement	Informations quantitatives
Interactions totales de capital-risque	62 Engagements de l'entreprise d'investissement
Financement cumulatif collecté	497 millions de dollars d'investissement total
Base d'investisseurs actuelle	37 investisseurs institutionnels actifs

Recursion Pharmaceuticals, Inc. (RXRX) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Recursion Pharmaceuticals a déclaré des dépenses totales de R&D de 198,4 millions de dollars, ce qui représente une partie importante de leurs coûts opérationnels.

Exercice fiscal	Dépenses de R&D	Pourcentage du total des revenus
2023	198,4 millions de dollars	83.2%
2022	180,2 millions de dollars	79.5%

IA et investissements technologiques informatiques

Recursion a investi environ 45,6 millions de dollars d'infrastructures informatiques et de développement de la technologie de l'IA en 2023.

• Maintenance de la plate-forme d'apprentissage automatique: 22,3 millions de dollars
• Infrastructure informatique haute performance: 15,7 millions de dollars
• Développement algorithmique avancé: 7,6 millions de dollars

Acquisition et rétention de talents

Les dépenses totales liées au personnel pour 2023 étaient de 112,5 millions de dollars.

Catégorie de personnel	Coût annuel	Effectif
Chercheur	62,3 millions de dollars	287
Experts en informatique	28,7 millions de dollars	132
Personnel administratif	21,5 millions de dollars	98

Équipement de laboratoire et infrastructure

Les dépenses en capital pour les infrastructures de laboratoire en 2023 ont totalisé 37,2 millions de dollars.

• Équipement de dépistage à haut débit: 18,5 millions de dollars
• Instruments de biologie moléculaire: 12,3 millions de dollars
• Mises à niveau des installations de laboratoire: 6,4 millions de dollars

Coûts de stockage et de traitement des données

Les dépenses annuelles de gestion des données et de cloud computing ont atteint 24,8 millions de dollars en 2023.

Composant de gestion des données	Coût annuel
Stockage cloud	12,6 millions de dollars
Infrastructure de traitement des données	8,2 millions de dollars
Mesures de cybersécurité	4,0 millions de dollars

Recursion Pharmaceuticals, Inc. (RXRX) - Modèle d'entreprise: Strots de revenus

Frais de collaboration de découverte de médicaments

Au quatrième trimestre 2023, Recursion a déclaré des revenus de collaboration de 33,4 millions de dollars provenant de partenariats stratégiques avec des sociétés pharmaceutiques.

Partenaire de collaboration	Valeur de collaboration	Année
Bayer	Paiement initial de 50 millions de dollars	2022
Roche	TRAIS DE CLABORATION DE 30 millions de dollars	2023

Licence des plateformes technologiques d'IA

La récursivité génère des revenus grâce à l'octroi de licences à ses plateformes de découverte de médicaments d'IA propriétaires.

• Revenus de licence de plate-forme AI totale: 12,7 millions de dollars en 2023
• Accords de licence de technologie avec 3 sociétés pharmaceutiques

Subventions de recherche et financement gouvernemental

La récursivité assure le financement de la recherche de diverses sources gouvernementales et institutionnelles.

Source de financement	Montant d'octroi	Année
National Institutes of Health (NIH)	5,2 millions de dollars	2023
Darpa	3,8 millions de dollars	2023

Payments d'étape provenant des partenariats pharmaceutiques

La récursivité reçoit des paiements marquants en fonction des progrès de la découverte et du développement de médicaments.

• Paiements totaux de jalons en 2023: 45,6 millions de dollars
• Paiement de jalon moyen par partenariat: 15,2 millions de dollars

Royaux futurs potentiels des candidats à la drogue développés

Les revenus futurs potentiels des candidats médicamenteux dans le pipeline de développement clinique.

Drogue	Range potentielle de redevances	Étape de développement
RXC-007	Potentiel de redevance 7 à 12%	Phase 2
RXC-012	Potentiel de redevance de 5 à 9%	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.