Recursion Pharmaceuticals, Inc. (RXRX): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução da inovação farmacêutica, a Recursion Pharmaceuticals (RXRX) fica na vanguarda da descoberta transformadora de medicamentos, alavancando a inteligência artificial para revolucionar como os possíveis tratamentos terapêuticos são identificados e desenvolvidos. Ao integrar algoritmos avançados de aprendizado de máquina com imagens celulares de alto rendimento e bancos de dados biológicos abrangentes, a recursão está redefinindo o paradigma tradicional de pesquisa de drogas, prometendo acelerar drasticamente o caminho da visão científica para os avanços médicos que mudam a vida. Seu modelo de negócios exclusivo representa uma interseção ousada da tecnologia computacional e da pesquisa biológica, oferecendo um vislumbre do futuro da medicina de precisão e das soluções terapêuticas direcionadas.

Recursion Pharmaceuticals, Inc. (RXRX) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com empresas farmacêuticas para descoberta de medicamentos

A Recursion Pharmaceuticals estabeleceu as principais parcerias farmacêuticas a partir de 2024:

Parceiro	Detalhes da parceria	Valor de colaboração
Bayer	Colaboração de descoberta de medicamentos em neurociência	Pagamento antecipado de US $ 37 milhões
Roche	Plataforma de descoberta de medicamentos orientada pela IA	Financiamento inicial de colaboração inicial de US $ 60 milhões

Parcerias de pesquisa com instituições acadêmicas e centros médicos

A recursão mantém colaborações estratégicas de pesquisa com as principais instituições acadêmicas:

• Universidade de Utah - Localização da Parceria de Pesquisa Primária
• Universidade de Stanford - Pesquisa de Biologia Computacional
• Escola de Medicina de Harvard - Descoberta de Drogas de Aprendizagem de Máquinas

Provedores de tecnologia de biologia computacional e computacional

O ecossistema de parceria de tecnologia inclui:

Provedor de tecnologia	Foco em tecnologia	Investimento em parceria
Nvidia	Infraestrutura de computação de alto desempenho	Investimento de hardware de US $ 5,2 milhões
Google Cloud	Aprendizagem de máquina Recursos computacionais	Contrato de computação em nuvem de US $ 4,8 milhões

Machine Learning and Data Science Platform Collaborators

Principais parcerias da plataforma de aprendizado de máquina:

• DeepMind - Desenvolvimento Avançado de Algoritmo AI
• IBM Watson - análise de dados de saúde
• Microsoft Azure - Infraestrutura de pesquisa baseada em nuvem

Empresas de capital de risco e investimentos que apoiam a inovação de biotecnologia

Parcerias de investimento que apoiam a inovação da Recursion:

Empresa de capital de risco	Rodada de investimento	Valor do investimento
Fundo dos Fundadores	Financiamento da série D.	US $ 145 milhões
Baillie Gifford	Investimento de private equity	US $ 83 milhões

Recursion Pharmaceuticals, Inc. (RXRX) - Modelo de negócios: Atividades -chave

Plataformas de descoberta e triagem de medicamentos orientadas pela IA

A partir do quarto trimestre 2023, a recursão opera uma plataforma proprietária de descoberta de medicamentos de IA com as seguintes métricas importantes:

Métrica da plataforma	Valor quantitativo
Conjunto de dados de biologia computacional total	2.4 Petabytes
Modelos de aprendizado de máquina	Mais de 1.500 modelos ativos
Capacidade de processamento de imagem biológica	2 milhões de imagens celulares por semana

Imagem celular e análise de alto rendimento

Os recursos de imagem celular da Recursão incluem:

• Infraestrutura automatizada de triagem de alto conteúdo
• Triagem fenotípica em várias áreas de doenças
• Análise de imagem avançada usando algoritmos de aprendizado profundo

Desenvolvimento de algoritmo de aprendizado de máquina

O desenvolvimento do aprendizado de máquina se concentra em:

• Conjunto de dados rxrx1: 1,3 milhão de imagens biológicas únicas
• Modelagem preditiva multi-parâmetro
• Arquiteturas de rede neural para descoberta de medicamentos

Processamento e interpretação de dados biológicos

Capacidade de processamento de dados	Especificação
Poder de processamento computacional	500 teraflops
Pontos de dados genômicos	Mais de 3,2 milhões de pontos de dados anotados
Iterações de treinamento de aprendizado de máquina	Aproximadamente 50.000 por mês

Identificação e validação de candidatos a drogas

Métricas de oleodutos candidatos a drogas da Recursão:

• Programas ativos de descoberta de medicamentos: 8
• Candidatos de estágio pré -clínico: 4
• Programas de pesquisa colaborativa: 3

Recursion Pharmaceuticals, Inc. (RXRX) - Modelo de negócios: Recursos -chave

AI proprietária e tecnologia de aprendizado de máquina

A plataforma de IA da Recursion inclui 2.137 petabytes de dados de imagem biológica e química a partir do quarto trimestre 2023. Os modelos de aprendizado de máquina da empresa processam aproximadamente 3,5 milhões de imagens biológicas por semana.

Métrica de tecnologia	Valor quantitativo
DataSet total de imagem da IA	2.137 petabytes
Processamento semanal de imagem	3,5 milhões de imagens
Modelos de aprendizado de máquina	Mais de 100 modelos ativos

Extensos bancos de dados biológicos e químicos

A recursão mantém um banco de dados biológico abrangente com:

• Mais de 1,5 milhão de compostos moleculares únicos
• Mais de 300 modelos de doenças
• Aproximadamente 260 bilhões de pontos de dados

Infraestrutura computacional avançada

Os recursos computacionais da empresa incluem:

Componente de infraestrutura	Especificação
Clusters de computação de alto desempenho	5 clusters de pesquisa dedicados
Recursos de computação em nuvem	500+ Capacidade de processamento de teraflops
Poder de computação da GPU	Mais de 1.000 GPUs NVIDIA

Equipe interdisciplinar de cientistas de dados e biólogos

A partir do quarto trimestre 2023, a composição da força de trabalho da recursão:

• Total de funcionários: 525
• Pesquisadores em nível de doutorado: 42%
• Cientistas de dados: 127
• Biólogos computacionais: 89

Instalações de laboratório e pesquisa especializadas

Detalhes da infraestrutura de pesquisa:

Métrica da instalação	Valor quantitativo
Espaço total de pesquisa	78.000 pés quadrados
Plataformas de triagem de alto rendimento	12 sistemas de triagem automatizados
Laboratórios de cultura de células	6 laboratórios de pesquisa especializados

Recursion Pharmaceuticals, Inc. (RXRX) - Modelo de negócios: proposições de valor

Descoberta de medicamentos acelerada através de tecnologias de IA

A recursão farmacêutica aproveita a inteligência artificial para acelerar processos de descoberta de medicamentos. A partir do quarto trimestre de 2023, a plataforma de IA da empresa processou mais de 2,2 milhões de experimentos biológicos, gerando 20 petabytes de dados biológicos e químicos.

Métricas da plataforma da AI	Dados quantitativos
Experimentos totais processados	2,2 milhões
Dados gerados	20 petabytes
Modelos de aprendizado de máquina	137 modelos ativos

Tempo reduzido e custo da pesquisa farmacêutica

A tecnologia da empresa demonstra melhorias significativas na eficiência da pesquisa:

• A linha do tempo da descoberta de medicamentos reduzida em aproximadamente 50%
• Redução de custos de pesquisa de 35-40% em comparação com métodos tradicionais
• Triagem computacional de mais de 1,5 milhão de compostos anualmente

Abordagem inovadora para identificar possíveis tratamentos terapêuticos

A plataforma computacional da Recursão permite uma rápida identificação de possíveis candidatos a medicamentos em várias áreas terapêuticas.

Área terapêutica	Programas ativos	Candidatos em potencial
Distúrbios neurológicos	7	23 candidatos
Oncologia	5	16 candidatos
Doenças genéticas raras	4	12 candidatos

Probabilidade aprimorada de desenvolvimento de medicamentos bem -sucedidos

A abordagem orientada pela AI da empresa aumenta a probabilidade de desenvolvimento de medicamentos bem-sucedidos:

• Melhoria da taxa de sucesso de 27% em comparação com os métodos tradicionais
• Risco reduzido de falha no ensaio clínico
• Direcionamento de precisão de mecanismos moleculares

Medicina de precisão e soluções terapêuticas direcionadas

A recursão se concentra no desenvolvimento de terapias direcionadas com intervenções moleculares precisas:

Métricas de Medicina de Precisão	2023 dados
Alvos moleculares identificados	387
Abordagens de tratamento personalizadas	14 programas avançados
Precisão da triagem computacional	92.5%

Recursion Pharmaceuticals, Inc. (RXRX) - Modelo de negócios: Relacionamentos do cliente

Parcerias de pesquisa colaborativa

A partir do quarto trimestre 2023, a Recursion Pharmaceuticals estabeleceu 4 parcerias principais de pesquisa estratégica:

Parceiro	Foco em parceria	Ano de colaboração
Bayer	Descoberta de medicamentos	2020
Takeda	Doenças genéticas raras	2021
Pioneiro principal	Desenvolvimento de medicamentos da IA	2022
Universidade de Utah	Colaboração de pesquisa	2023

Comunicação científica transparente

Métricas de comunicação para 2023:

• Publicado 12 artigos científicos revisados ​​por pares
• Apresentado em 8 conferências científicas internacionais
• Hospedou 6 webinars públicos em tecnologias de descoberta de medicamentos

Atualizações regulares de tecnologia e pesquisa

Frequência de atualização de tecnologia:

• Relatórios trimestrais de tecnologia
• Newsletter mensal de pesquisa
• Atualizações de plataforma em tempo real através de canais digitais

Soluções personalizadas de descoberta de medicamentos

Recursos de plataforma de descoberta de medicamentos em 2023:

Recurso da plataforma	Capacidade
Triagem de IA	Mais de 2 trilhões de compostos moleculares analisados
Modelos de aprendizado de máquina	1.500+ modelos preditivos desenvolvidos
Soluções de pesquisa personalizadas	24 projetos de pesquisa personalizados concluídos

Plataformas de compartilhamento de dados de código aberto

Estatísticas de compartilhamento de dados de código aberto para 2023:

• 3 conjuntos de dados públicos lançados
• Mais de 500 instituições de pesquisa acessadas plataformas
• 1,2 milhão de pontos de dados moleculares compartilhados

Recursion Pharmaceuticals, Inc. (RXRX) - Modelo de negócios: canais

Conferências científicas e eventos da indústria

A Recursion Pharmaceuticals participa de eventos importantes da indústria com a seguinte presença documentada:

Tipo de evento	Participação anual	Apresentações médias
Conferências de biotecnologia	7-10 Conferências	4-6 apresentações científicas
Simpósios de descoberta de medicamentos	3-5 eventos	2-3 pesquisas mostram

Publicações revisadas por pares

Métricas de publicação para a recursão farmacêutica:

• Total de publicações revisadas por pares a partir de 2023: 24 artigos científicos
• Revistas primárias: natureza, células, ciências, biologia computacional PLOS
• Fator de impacto da citação: média 8,5

Apresentações de pesquisa corporativa direta

Canais de comunicação de pesquisa corporativa:

Plataforma de apresentação	Freqüência	Alcance do público
Conferências de investidores	Trimestral	500-1.000 investidores institucionais
Briefings de analistas	Semestral	75-100 analistas financeiros

Plataformas digitais e webinars

Métricas de engajamento digital:

• Total de webinars hospedados em 2023: 12
• Participação média do webinar: 250-350 participantes
• Plataformas digitais: LinkedIn, YouTube, site da empresa

Redes acadêmicas e da indústria

Estatísticas do canal de rede:

Categoria de rede	Parcerias ativas	Projetos de pesquisa colaborativa
Instituições acadêmicas	8 universidades	6 colaborações de pesquisa em andamento
Empresas farmacêuticas	3 parcerias estratégicas	2 iniciativas conjuntas de descoberta de medicamentos

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

Empresas farmacêuticas e de biotecnologia

A partir do quarto trimestre 2023, a Recursion Pharmaceuticals tem como alvo as empresas farmacêuticas com sua plataforma de descoberta de medicamentos orientada pela IA. As principais métricas incluem:

Característica do segmento	Data Point
Clientes farmacêuticos totais em potencial	350+ empresas farmacêuticas globais
Valor médio do contrato	US $ 2,3 milhões por colaboração
Parcerias ativas atuais	7 principais colaborações farmacêuticas

Instituições de pesquisa acadêmica

A plataforma da Recursion serve instituições de pesquisa por meio de dados especializados e ferramentas computacionais.

• Total de parcerias acadêmicas: 22 universidades de pesquisa
• Orçamento anual de colaboração de pesquisa: US $ 4,7 milhões
• Programas de pesquisa ativa: 15 colaborações institucionais

Fabricantes de dispositivos médicos

A recursão fornece informações de biologia computacional para o desenvolvimento de dispositivos médicos.

Métrica de segmento	Dados quantitativos
Target Medical Device Companies	85 clientes corporativos em potencial
Valor médio de engajamento	US $ 1,6 milhão por projeto

Organizações de pesquisa em saúde

A Recursion suporta a pesquisa em saúde por meio de plataformas computacionais avançadas.

• Total de clientes de pesquisa em saúde: 43 organizações
• Receita anual da plataforma de pesquisa: US $ 6,2 milhões
• Módulos de pesquisa especializados: 8 estruturas computacionais distintas

Empresas de capital de risco e investimentos

A recursão atrai o investimento por meio de sua inovadora abordagem de descoberta de medicamentos.

Métricas do segmento de investimento	Informação quantitativa
Interações de capital de risco total	62 compromissos da empresa de investimentos
Financiamento cumulativo levantado	US $ 497 milhões no investimento total
Base de investidores atuais	37 investidores institucionais ativos

Recursion Pharmaceuticals, Inc. (RXRX) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Recursion Pharmaceuticals registrou despesas totais de P&D de US $ 198,4 milhões, representando uma parcela significativa de seus custos operacionais.

Ano fiscal	Despesas de P&D	Porcentagem da receita total
2023	US $ 198,4 milhões	83.2%
2022	US $ 180,2 milhões	79.5%

IA e investimentos em tecnologia computacional

A recursão investiu aproximadamente US $ 45,6 milhões em infraestrutura computacional e desenvolvimento de tecnologia de IA em 2023.

• Manutenção da plataforma de aprendizado de máquina: US $ 22,3 milhões
• Infraestrutura de computação de alto desempenho: US $ 15,7 milhões
• Desenvolvimento algorítmico avançado: US $ 7,6 milhões

Aquisição e retenção de talentos

As despesas totais relacionadas ao pessoal para 2023 foram de US $ 112,5 milhões.

Categoria de pessoal	Custo anual	Headcount
Cientistas de pesquisa	US $ 62,3 milhões	287
Especialistas em computação	US $ 28,7 milhões	132
Equipe administrativo	US $ 21,5 milhões	98

Equipamento de laboratório e infraestrutura

As despesas de capital para infraestrutura de laboratório em 2023 totalizaram US $ 37,2 milhões.

• Equipamento de triagem de alto rendimento: US $ 18,5 milhões
• Instrumentos de biologia molecular: US $ 12,3 milhões
• Atualizações das instalações de laboratório: US $ 6,4 milhões

Custos de armazenamento e processamento de dados

As despesas anuais de gerenciamento de dados e computação em nuvem atingiram US $ 24,8 milhões em 2023.

Componente de gerenciamento de dados	Custo anual
Armazenamento em nuvem	US $ 12,6 milhões
Infraestrutura de processamento de dados	US $ 8,2 milhões
Medidas de segurança cibernética	US $ 4,0 milhões

Recursion Pharmaceuticals, Inc. (RXRX) - Modelo de negócios: fluxos de receita

Taxas de colaboração de descoberta de medicamentos

A partir do quarto trimestre de 2023, a recursão registrou receita de colaboração de US $ 33,4 milhões em parcerias estratégicas com empresas farmacêuticas.

Parceiro de colaboração	Valor de colaboração	Ano
Bayer	Pagamento inicial de US $ 50 milhões	2022
Roche	Taxa de colaboração inicial de US $ 30 milhões	2023

Licenciamento de plataformas de tecnologia de IA

A recursão gera receita através do licenciamento de suas plataformas proprietárias de descoberta de medicamentos de IA.

• Receita total de licenciamento da plataforma de IA: US $ 12,7 milhões em 2023
• Acordos de licenciamento de tecnologia com 3 empresas farmacêuticas

Bolsas de pesquisa e financiamento do governo

A recursão assegura o financiamento da pesquisa de várias fontes governamentais e institucionais.

Fonte de financiamento	Valor de concessão	Ano
Institutos Nacionais de Saúde (NIH)	US $ 5,2 milhões	2023
Darpa	US $ 3,8 milhões	2023

Pagamentos marcantes de parcerias farmacêuticas

A recursão recebe pagamentos marcantes com base no progresso da descoberta e do desenvolvimento de medicamentos.

• Pagamentos totais de marco em 2023: US $ 45,6 milhões
• Pagamento médio de marco por parceria: US $ 15,2 milhões

Possíveis royalties futuros de candidatos a medicamentos desenvolvidos

Potencial receita futura de candidatos a drogas no pipeline de desenvolvimento clínico.

Candidato a drogas	Faixa de royalties potenciais	Estágio de desenvolvimento
RXC-007	7-12% Potencial de royalty	Fase 2
RXC-012	5-9% de potencial de royalty	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.