Recursion Pharmaceuticals

Executive Summary

Recursion Pharmaceuticals is a clinical-stage TechBio company leveraging its proprietary Recursion Operating System—an integrated platform combining automated wet labs, high-dimensional cellular imaging, and AI/ML foundation models—to industrialize drug discovery. The company's platform analyzes over 50 petabytes of biological data to identify novel therapeutic candidates at unprecedented scale. Despite several recent trial terminations (REC-4881 for AXIN1-mutant tumors, REC-3964 for C. difficile infection, and REC-2282 for neurofibromatosis type 2), Recursion maintains an active clinical pipeline including multiple Phase 1/2 and Phase 2 studies. The most advanced active program is REC-4881 in familial adenomatous polyposis (FAP), a Phase 1/2 trial expected to complete in mid-2026. Other ongoing trials include REC-1245 in advanced solid tumors/lymphomas, GTAEXS617 (CDK7 inhibitor) across multiple cancer types, and EXS73565 in B-cell malignancies. The company's platform strength and ability to rapidly progress candidates provide a long-term competitive advantage, though near-term clinical execution risks remain elevated given recent discontinuations. Key upcoming catalysts focus on data readouts from ongoing trials and potential platform or partnership announcements.

Upcoming Catalysts (preview)

• Q3 2026REC-4881 Phase 1/2 data readout in Familial Adenomatous Polyposis45% success
• 2027Interim data from REC-1245 Phase 1/2 in advanced cancers35% success
• 2027GTAEXS617 Phase 1/2 dose escalation update in solid tumors40% success