rxrx-202511040001601830FALSE00016018302025-11-042025-11-04
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 4, 2025
RECURSION PHARMACEUTICALS, INC.
(Exact name of registrant as specified in its charter)
| | | | | | | | | | | | | | |
Delaware | | 001-40323 | | 46-4099738 |
| (State or other jurisdiction of incorporation) | | (Commission File Number) | | (I.R.S. Employer Identification No.) |
41 S Rio Grande Street
Salt Lake City, UT 84101
(Address of principal executive offices) (Zip code)
(385) 269 - 0203
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
| Title of each class | Trading symbol(s) | Name of each exchange on which registered |
| Class A Common Stock, par value $0.00001 per share | RXRX | Nasdaq Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On November 5, 2025, the Company issued a press release announcing its results of operations and financial condition for the third quarter September 30, 2025. A copy of the press release is furnished as Exhibit 99.1 and is incorporated herein by reference.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On November 4, 2025, the Board of Directors (the “Board”) of Recursion Pharmaceuticals, Inc. (the “Company”) appointed Najat Khan, Ph.D., the Company’s Chief Research and Development Officer and Chief Commercial Officer, as the Company’s Chief Executive Officer and President, and appointed Christopher Gibson, Ph.D., the Company’s Chief Executive Officer and President, as Chair of the Board, both effective as of January 1, 2026. Also on November 4, 2025, Dr. Gibson stepped down as the Company’s Chief Executive Officer and President, effective as of January 1, 2026.
Dr. Khan, age 42, has served as our Chief Research and Development Officer and Chief Commercial Officer since July 2024 and as a member of our Board since April 2024. Prior to joining the Company, Dr. Khan was Chief Data Science Officer and Senior Vice President, Global Head of Strategy, Portfolio & Operations for R&D at Johnson & Johnson Innovative Medicine from June 2023 to June 2024, where she helped to triple pipeline value and built an industry-leading data science organization — positioning J&J as one of the first major pharma companies to strategically scale AI across its R&D portfolio. She previously held the following roles with Johnson and Johnson: Chief Data Science Officer and Senior Vice President/Global Head, Strategy and Operations, R&D, from May 2020 to June 2023; Chief Operating Officer, R&D Data Science and Global Head, Strategy and Operations, R&D, from November 2019 to May 2020 and April 2019 to May 2020, respectively; and Head of R&D Strategic Initiatives from March 2018 to March 2019. She was also Co-chair of Johnson and Johnson’s Data Science Council from February 2020 to June 2024. Earlier in her career, Dr. Khan was a Senior Principal and Partner with The Boston Consulting Group (BCG), working with leading biopharma, biotech, payer, and provider organizations on strategy and operations. Dr. Khan holds a Ph.D. in Organic Chemistry from the University of Pennsylvania, an AI/ML Certification from MIT’s Computer Science and Artificial Intelligence Laboratory (CSAIL), and a B.A. in Computational Chemistry from Colgate University.
Other than her employment letter (as described below), there are no arrangements or understandings between Dr. Khan and any other persons pursuant to which Dr. Khan was appointed as Chief Executive Officer and President of the Company. There are also no family relationships between Dr. Khan and any director or executive officer of the Company, and she has no direct or indirect interest in any transaction or proposed transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
In connection with her appointment as the Company’s Chief Executive Officer and President, Dr. Khan and the Company entered into an employment letter (the “Khan Letter”). The Khan Letter amends the Employment Offer Letter between the Company and Dr. Khan dated July 1, 2024, and provides for an increase to Dr. Khan’s annual base salary to $680,000,and for the same enhanced severance benefits under the Company’s Executive Change in Control and Severance Plan (the “Severance Plan”) as the Company’s existing Chief Executive Officer as described in the definitive proxy statement on Schedule 14A filed with the U.S. Securities and Exchange Commission on April 25, 2025, which severance benefits will also include, in the event of a Non-CIC Qualifying Termination (as defined in the Severance Plan),
vesting acceleration as to any unvested equity awards that otherwise would have vested during the twelve-month period following the date of a Non-CIC Qualifying Termination. On November 5, 2025, the Company granted to Dr. Khan restricted stock units with a value of $500,000 and stock options with a value of $500,000, each equity award vesting over four years subject to Dr. Khan’s continued service. These equity awards were granted under the Company’s 2021 Equity Incentive Plan (the “2021 Plan”) and the forms of award agreements thereunder. In addition, subject to the approval of the compensation committee of the Board, Dr. Kahn also is expected to receive an equity award, which will have an aggregate value of at least $7,500,000, consisting of restricted stock units with a value of $3,750,000 and stock options with a value of $3,750,000, each equity award vesting over four years subject to Dr. Khan’s continued service. All equity awards will be made under the 2021 Plan and subject to the terms of the 2021 Plan and the forms of award agreements thereunder. The Company has also agreed in the employment letter to indemnify Dr. Khan from certain liabilities, costs and expenses by reason of her employment as an employee, officer or director of the Company. Except as set forth in the Khan Letter, there are no other changes to Dr. Khan’s compensation terms with the Company.
The foregoing summary of the Khan Letter does not purport to be complete and is qualified in its entirety by reference to the full text of the Khan Letter. The Company intends to file the Khan Letter as an exhibit to the periodic report covering the period during which the agreement was executed.
Dr. Gibson and the Company entered into an Advisory Agreement (the “Gibson Advisory Agreement”), which provides that Dr. Gibson shall serve in the role of Advisor to the CEO. The Advisory Agreement has an initial term of twelve months and is designed to honor Dr. Gibson’s vision and lasting contributions to the Company while promoting a smooth leadership transition. The Gibson Agreement provides for the payment of premiums for continued group health benefits for Dr. Gibson and his eligible dependents for a period of up to twelve months from January 1, 2026. In addition, each outstanding equity award previously granted to Dr. Gibson will continue to vest in accordance with the terms and conditions of the applicable equity plan and award agreement, subject to Dr. Gibson’s continued service under the Advisory Agreement and/or on the Board.
The foregoing summary of the Gibson Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Gibson Agreement. The Company intends to file the Gibson Agreement as an exhibit to the periodic report covering the period during which the agreement was executed.
Appointment of Lead Independent Director
On November 4, 2025, and in connection with the appointment of Dr. Gibson as Chair of the Board, the Board appointed Robert Hershberg, M.D., Ph.D. to serve as its Vice Chair and Lead Independent Director, effective as of January 1, 2026. Dr. Hershberg has served as a member of the Board since May 2020 and as the Chair of the Board since June 2024. Dr. Hershberg will continue serving as the chair of the Board’s Compensation Committee, as a member of the Research and Development Committee, as a member of the Strategic Transactions and Finance Committee, and as a member of the ATM Pricing Committee.
In connection with Dr. Gibson’s appointment as Chair of the Board, he stepped down from the Board’s Strategic Transactions and Finance Committee and ATM Pricing Committee and Dr. Khan was appointed to the Strategic Transactions and Finance Committee, in each case effective as of January 1, 2026. Dr. Gibson will continue serving on the Board’s Corporate Social Responsibility Committee.
Item 7.01. Regulation FD Disclosure.
On November 5, 2025, the Company issued a press release announcing the leadership transitions described in Item 5.02. A copy of the press release is attached hereto as Exhibit 99.2 to this Current Report on Form 8-K and incorporated into this Item 7.01 by reference.
Also on November 5, 2025, the Company released an updated corporate presentation to the investor section of the Company’s website. A copy of the presentation is attached hereto as Exhibit 99.3 to this Current Report on Form 8-K and incorporated into this Item 7.01 by reference.
Additionally, on November 5, 2025, the Company released a presentation made in connection with its L(earnings) call on November 5, 2025. A copy of the presentation is attached hereto as Exhibit 99.4 to this Current Report on Form 8-K and incorporated into this Item 7.01 by reference.
The information furnished pursuant to Item 2.02 (including Exhibit 99.1) and 7.01 (including Exhibits 99.2, 99.3, and 99.4) on this Form 8-K, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| | | | | |
| Exhibit Number | Description |
| 99.1 | |
| 99.2 | |
| 99.3 | |
| 99.4 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized on November 5, 2025.
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| RECURSION PHARMACEUTICALS, INC. |
| | |
| By: | /s/ Nathan Hatfield |
| | Nathan Hatfield |
| | Chief Legal Officer |
| | |
Recursion Reports Third Quarter 2025 Financial Results and Provides Business Update
•Achieved $30 million milestone from Roche and Genentech for delivering a whole-genome map of microglial immune cells—the second neuro map designed to accelerate treatments for a wide range of neurological diseases
•With this achievement, Recursion will have reached over $500 million in milestone and upfront payments across all its partnerships and collaborations
•Approximately $785 million of cash and cash equivalents (unaudited) as of October 9, 2025- runway through the end of 2027, without additional financing
SALT LAKE CITY, November 5, 2025 (GLOBE NEWSWIRE) — Recursion (Nasdaq: RXRX) a leading clinical stage TechBio company decoding biology to radically improve lives, today reported business updates and financial results for its third quarter ended September 30, 2025.
Recursion will host a (L)earnings Call on November 5, 2025 at 8:00 am ET / 6:00 am MT / 1:00 pm GMT from Recursion’s X, LinkedIn, and YouTube accounts giving analysts, investors, and the public the opportunity to ask questions of the company by submitting questions here: https://forms.gle/ciFX2KbLfkAvh3Q87.
“Recursion continues to deliver on our internal pipeline, our strategic partnerships and the continued building and refinement of the Recursion OS. On the partnership front, we are proud to announce that with the option of our second neuro map in the Roche and Genentech collaboration, we’ve achieved over $500 million in upfront and milestone payments from our partners to date as we continue to deliver novel insights and advance programs for some of the toughest disease areas,” said Chris Gibson, Co-Founder and CEO of Recursion. “This is only the beginning of the returns we expect to see on the investment in our platform. With a strong cash runway through the end of 2027, we look forward to delivering on our pipeline and proving that building an end-to-end AI-enabled platform—combining massive proprietary datasets with industry-leading supercomputing capabilities and sophisticated AI models—is the critical infrastructure we need to realize real change in our industry.”
Summary of Business Highlights
Portfolio - Internal and Partnered Programs
“Our progress this quarter underscores the power of translating the Recursion OS into meaningful pipeline momentum,” said Najat Khan, Chief R&D and Chief Commercial Officer of Recursion. “We continued to advance our clinical programs, with REC-4881 in the TUPELO study moving toward additional data later this year. We also progressed REC-617 into its first combination study and nominated REC-7735 as a new development candidate. On the partnered side, the delivery of our first-in-kind microglia map with Roche and Genentech highlights how phenomics can open new frontiers in neuroscience and other complex disease areas. These are the kinds of bold but pragmatic steps — in our own programs and through collaborations — that will be essential as we work to turn our platform insights into transformative medicines for patients.”
Internal Pipeline Updates:
•REC-617 (CDK7):
◦Recursion announced progress in its ELUCIDATE Phase 1/2 trial evaluating REC-617, a precision-designed oral CDK7 inhibitor. The monotherapy dose-escalation study established the maximum tolerated dose (MTD) at 10 mg once-daily, demonstrating a manageable safety profile and preliminary anti-tumor activity consistent with the December 2024 update.
◦As of September 29, 2025, 29 heavily pre-treated patients with advanced solid tumors had received REC-617 across six dose levels. Treatment was generally well tolerated, with the most common dose-limiting toxicities (DLTs) being nausea and thrombocytopenia. Grade ≥3 treatment-related adverse events (TRAEs) occurred in 27.6% of patients (n=8), with no Grade 4/5 TRAEs reported. Only 6.9% (n=2) discontinued due to a TRAE. Importantly, REC-617 demonstrated rates of GI-related toxicities consistent with best-in-class potential. Specifically, common GI toxicities with REC-617 treatment were diarrhea (69%), nausea (41%), and vomiting (28%). Toxicities reported for samuraciclib treatment also included diarrhea (82%), nausea (77%), and vomiting (80%) (Coombes et al, 2023).
◦REC-617 has shown early anti-tumor activity, including one confirmed partial response and five cases of stable disease. Pharmacokinetic data support dose-proportional exposure, rapid absorption, and a short half-life (~5 hours), in line with its design as a selective, reversible CDK7 inhibitor.
◦The ELUCIDATE study has now expanded into 2L+ platinum-resistant ovarian cancer (PROC), with a Phase 2 monotherapy cohort ongoing and a Phase 1 combination arm initiated. Combination regimens include bevacizumab plus paclitaxel or pegylated liposomal doxorubicin (PLD). Recursion is also leveraging Recursion OS insights to explore additional indications and dosing regimens for expansion cohorts.
•REC-7735 (PI3Kα H1047R):
◦Recursion announced progress on REC-7735, with nomination as a Development Candidate and IND-enabling studies now underway. REC-7735 is a precision-designed PI3K⍺ H1047R inhibitor generated using the Recursion OS. In preclinical studies, REC-7735 demonstrated significant tumor regressions at low doses, outperforming approved agents, while maintaining high selectivity (>100-fold) over wild-type PI3K⍺ to reduce the risk of dose-limiting hyperglycemia.
◦With a differentiated preclinical efficacy and tolerability profile, REC-7735 has the potential to be a best-in-class PI3K⍺ H1047R inhibitor for breast and other solid tumors harboring this mutation.
Upcoming Milestones:
•REC-4881 (MEK1/2): Additional data in FAP from the Phase 2 TUPELO study expected in December 2025
•REC-1245 (RBM39): Early Phase 1 safety and PK monotherapy data expected in 1H26
•REC-3565 (MALT1): Early Phase 1 safety and PK monotherapy data expected in 1H27
•REC-102 (ENPP1): Potential Phase 1 initiation expected in 2H26
•REC-7735 (PI3Kα H1047R): Potential Phase 1 initiation expected in 2H26
•Recursion is well on track for over $100 million in milestone payments by end of 2026
◦Programs are advancing towards potential development candidate designation over the next 12 months
◦Multiple neuroscience target validation programs advancing by leveraging the Recursion OS
Partnered Discovery Updates:
With the acceptance of the second neuro map and the $30 million milestone from Roche and Genentech, Recursion has now achieved more than $500 million in upfront and milestone payments from its partners. This milestone places Recursion among a small group of pre-commercial biotechnology companies to achieve such scale, underscoring the strength of its partnership strategy. These collaborations not only support the maintenance and expansion of the Recursion OS, but also provide access to insights from leading biopharma companies and the potential for future milestone payments exceeding $10 billion, as well as royalties across indications Recursion may not pursue independently.
•Roche and Genentech: Recursion announced that it has achieved a second $30 million milestone from its partner, Roche and Genentech. The payment follows the acceptance of a novel whole-genome phenotypic map ("phenomap") of microglial cells, which are critical for brain health and implicated in a wide range of neurodegenerative and neuroinflammatory diseases.
◦The milestone is part of a larger ongoing 10+ year collaboration to discover novel targets and develop potential therapeutic treatments for up to 40 programs in neuroscience and gastrointestinal oncology.
◦Together, Recursion, Roche and Genentech have identified a number of biological insights from the first neuroscience-focused phenomap, that could become novel targets of interest.
◦Roche and Genentech have already optioned an initial program in gastrointestinal oncology with additional potential targets/programs under exploration based off of 4 whole-genome GI oncology phenomaps accepted by the partner to date.
◦To date, Recursion has achieved $213 million in upfront and milestone payments through the collaboration.
•Sanofi: Recursion and Sanofi continue to advance multi-target collaboration for up to 15 best-in-class or first-in-class programs across oncology and immunology, with $130 million in upfront and milestone payments achieved to date. Each program has the potential for over $300 million in milestone payments.
◦Sanofi continues to leverage combined Recursion OS 2.0, including phenomics, to identify new program opportunities.
◦Recursion and Sanofi are further advancing and expanding their joint pipeline across oncology and immunology.
◦Several programs are continuing to advance towards potential lead series and development candidate designation over the next 12 months.
Platform
Recursion OS 2.0: The platform is continuing to drive program development by integrating AI across multimodal biology, precision design, and clinical development—enabling faster, more efficient, and more innovative drug discovery and development.
Third Quarter 2025 Financial Results
•Cash Position: Cash, cash equivalents and restricted cash were $667.1 million as of September 30, 2025 compared to $603.0 million as of December 31, 2024. As of October 9, 2025, cash and cash equivalents was approximately $785 million (unaudited), following receipt of $387.5 million in net proceeds from the Company’s At-the-Market (ATM) facility during the third and fourth quarters of 2025, which is now fully utilized and completed. Based on current operating plans and with no additional financing, the Company’s expected cash runway extends through the end of 2027.
•Revenue: Total revenue, consisting primarily of revenue from collaboration agreements, was $5.2 million for the third quarter of 2025, compared to $26.1 million for the third quarter of 2024. The year over year change was primarily due to achievement of a $30 million milestone payment for the first phenomap from Roche and Genentech in August 2024, with the second $30 million milestone under the agreement achieved in October 2025, for which the company expects to recognize a portion as revenue in the fourth quarter of 2025.
•Research and Development Expenses: Research and development expenses were $121.1 million for the third quarter of 2025, compared to $74.6 million for the third quarter of 2024. The increase was primarily driven by the increase in acquired IPR&D purchases related to
the acquisition of full rights to REC-102, Recursion’s ENPP1 inhibitor, as well as the Company’s business combination with Exscientia in November 2024.
•General and Administrative Expenses: General and administrative expenses were $41.6 million for the third quarter of 2025 compared to $37.8 million for the third quarter of 2024. The increase compared to the prior period was primarily due to the inclusion of G&A expenses from the business combination with Exscientia.
•Net Loss: Net loss was $162.3 million for the third quarter of 2025, compared to a net loss of $95.8 million for the third quarter of 2024.
•Operational cash flows: Net cash used in operating activities was $325.7 million for the nine months ended September 30, 2025, compared to net cash used in operating activities of $243.7 million for the nine months ended September 30, 2024. The increase in cash used in operating activities was primarily driven by the inclusion of Exscientia’s operations, for which the business combination with Recursion closed in November 2024. This also included severance payments of $7.7 million in association with the restructuring activities announced in June 2025.
About Recursion
Recursion (NASDAQ: RXRX) is a clinical stage TechBio company leading the space by decoding biology to radically improve lives. Enabling its mission is the Recursion OS, a platform built across diverse technologies that continuously generate one of the world’s largest proprietary biological and chemical datasets. Recursion leverages sophisticated machine-learning algorithms to distill from its dataset a collection of trillions of searchable relationships across biology and chemistry unconstrained by human bias. By commanding massive experimental scale — up to millions of wet lab experiments weekly — and massive computational scale — owning and operating one of the most powerful supercomputers in the world, Recursion is uniting technology, biology and chemistry to advance the future of medicine.
Recursion is headquartered in Salt Lake City, where it is a founding member of BioHive, the Utah life sciences industry collective. Recursion also has offices in Montréal, New York, London, and the Oxford area. Learn more at www.recursion.com, or connect on X and LinkedIn.
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Investor Contact
Recursion Pharmaceuticals, Inc.
Condensed Consolidated Statements of Operations (unaudited)
(in thousands, except share and per share amounts)
| | | | | | | | | | | | | | | | | | | | |
| | Three months ended September 30, | | Nine months ended
September 30, |
| | 2025 | 2024 | | 2025 | 2024 |
| Revenue | | | | | | |
| Operating revenue | | $ | 4,983 | | $ | 26,082 | | | $ | 38,905 | | $ | 53,977 | |
| Grant revenue | | 192 | | — | | | 238 | | 316 | |
| Total revenue | | 5,175 | | 26,082 | | | 39,143 | | 54,293 | |
| | | | | | |
| Operating costs and expenses | | | | | | |
| Cost of revenue | | 14,687 | | 12,079 | | | 56,678 | | 32,444 | |
| Research and development | | 121,062 | | 74,600 | | | 379,331 | | 216,087 | |
| General and administrative | | 41,628 | | 37,757 | | | 142,932 | | 100,998 | |
| Total operating costs and expenses | | 177,377 | | 124,436 | | | 578,941 | | 349,529 | |
| | | | | | |
| Loss from operations | | (172,202) | | (98,354) | | | (539,798) | | (295,236) | |
| Other income, net | | 9,952 | | 2,679 | | | 3,005 | | 9,347 | |
| Loss before income tax benefit | | (162,250) | | (95,675) | | | (536,793) | | (285,889) | |
| Income tax benefit (expense) | | (3) | | (167) | | | 156 | | 1,134 | |
| Net loss | | $ | (162,253) | | $ | (95,842) | | | $ | (536,637) | | $ | (284,755) | |
| | | | | | |
| Per share data | | | | | | |
| Net loss per share of Class A, B and Exchangeable common stock, basic and diluted | | $ | (0.36) | | $ | (0.34) | | | $ | (1.27) | | $ | (1.12) | |
| Weighted-average shares (Class A, B and Exchangeable) outstanding, basic and diluted | | 446,988,046 | | 282,583,048 | | | 422,642,653 | | 253,447,099 | |
Recursion Pharmaceuticals, Inc.
Condensed Consolidated Balance Sheets (unaudited)
(in thousands)
| | | | | | | | |
| | September 30, | December 31, |
| | 2025 | 2024 |
| Assets | | |
| Current assets | | |
| Cash and cash equivalents | $ | 659,836 | | $ | 594,350 | |
| Restricted cash | 3,136 | | 3,045 | |
| Other receivables | 21,910 | | 49,166 | |
| Prepaid data assets | — | | 29,601 | |
| Other current assets | 29,223 | | 38,107 | |
| Total current assets | 714,105 | | 714,269 | |
| | |
| Restricted cash, non-current | 4,173 | | 5,629 | |
| Property and equipment, net | 111,706 | | 141,063 | |
| Operating lease right-of-use assets | 47,812 | | 65,877 | |
| Financing lease right-of-use assets | 21,726 | | 26,273 | |
| Intangible assets, net | 322,344 | | 335,855 | |
| Goodwill | 162,042 | | 148,873 | |
| Deferred tax assets | 957 | | 1,934 | |
| Other assets, non-current | 14,661 | | 8,825 | |
| Total assets | $ | 1,399,526 | | $ | 1,448,598 | |
| | |
| Liabilities and stockholders’ equity | | |
| Current liabilities | | |
| Accounts payable | $ | 13,935 | | $ | 21,613 | |
| Accrued expenses and other liabilities | 53,102 | | 81,872 | |
| Accrued data liability | 20,258 | | — | |
| Unearned revenue | 47,364 | | 61,767 | |
| Operating lease liabilities | 11,525 | | 13,795 | |
| Notes payable and financing lease liabilities | 8,919 | | 8,425 | |
| Total current liabilities | 155,103 | | 187,472 | |
| | |
| Unearned revenue, non-current | 111,204 | | 118,765 | |
| Operating lease liabilities, non-current | 50,028 | | 67,250 | |
| Notes payable and financing lease liabilities, non-current | 11,902 | | 19,022 | |
| Deferred tax liabilities | 23,312 | | 16,575 | |
| Other liabilities, non-current | 1,029 | | 4,732 | |
| Total liabilities | 352,578 | | 413,816 | |
| | |
| Commitments and contingencies | | |
| | |
| Stockholders’ equity | | |
Common stock (Class A, B and Exchangeable) | 5 | | 4 | |
| Additional paid-in capital | 2,980,729 | | 2,473,698 | |
| Accumulated deficit | (1,967,879) | | (1,431,283) | |
| Accumulated other comprehensive income (loss) | 34,093 | | (7,637) | |
| Total stockholders’ equity | 1,046,948 | | 1,034,782 | |
| | |
| Total liabilities and stockholders’ equity | $ | 1,399,526 | | $ | 1,448,598 | |
Forward-Looking Statements
This document contains information that includes or is based upon “forward-looking statements” within the meaning of the Securities Litigation Reform Act of 1995, including, without limitation, those regarding the impact of the acceptance of the second whole-genome neuro map of microglia immune cells on future developments and potential treatments; Recursion’s ability to discover and develop medicines and the occurrence or realization of near-term milestones; the timing of data readouts and other milestones; the impact of preclinical data on trial outcomes; Recursion's future as a leader in TechBio and ability to deliver better treatments to patients faster; expectations relating to early and late stage discovery, preclinical, and clinical programs, including timelines for commencement of and enrollment in studies, data readouts, and progression toward IND-enabling studies; expectations and developments with respect to licenses and collaborations, including option exercises by partners and the amount and timing of potential milestone payments, and the acceleration of progress across multiple partnered programs; prospective products and their potential future indications and market opportunities; developments with Recursion OS, including achieving future returns on investment in the platform and the ability to discover and develop new medicines and provide insights into patient populations; financial position and cash runway; and all other statements that are not historical facts. Forward-looking statements may or may not include identifying words such as “plan,” “will,” “expect,” “anticipate,” “intend,” “believe,” “potential,” “continue,” and similar terms. These statements are subject to known or unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements, including but not limited to: challenges inherent in pharmaceutical research and development, including the timing and results of preclinical and clinical programs, where the risk of failure is high and failure can occur at any stage prior to or after regulatory approval due to lack of sufficient efficacy, safety considerations, or other factors; our ability to leverage and enhance our drug discovery platform; our ability to obtain financing for development activities and other corporate purposes; the success of our collaboration activities; our ability to obtain regulatory approval of, and ultimately commercialize, drug candidates; our ability to obtain, maintain, and enforce intellectual property protections; cyberattacks or other disruptions to our technology systems; our ability to attract, motivate, and retain key employees and manage our growth; inflation and other macroeconomic issues; and other risks and uncertainties such as those described under the heading “Risk Factors” in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. All forward-looking statements are based on management’s current estimates, projections, and assumptions, and Recursion undertakes no obligation to correct or update any such statements, whether as a result of new information, future developments, or otherwise, except to the extent required by applicable law.
Recursion Announces CEO Transition Plan to Drive Next Phase of Growth
Co-Founder and CEO Chris Gibson to Transition to Chairman of the Board; Najat Khan, to be named Chief Executive Officer and President
SALT LAKE CITY, November 5, 2025 – Recursion (NASDAQ: RXRX), a leading clinical stage TechBio company decoding biology to radically improve lives, today announced that its Board of Directors has unanimously approved a leadership transition plan to become effective January 1, 2026:
●Najat Khan, Ph.D., currently Chief R&D and Commercial Officer and a Board Member, will succeed Co-Founder and CEO Chris Gibson, Ph.D., as Chief Executive Officer and President. Najat will also continue in her role as a member of the Board of Directors.
●Chris Gibson, Ph. D., current Co-Founder and CEO, will transition to Chairman of the Board of Directors and an interim Executive Advisor
●Rob Hershberg, MD/Ph.D., Recursion’s current Chairman, will transition to Vice-Chairman and Lead Independent Director
The planned appointments reflect our shared commitment to continuity, collaboration, and the next phase of Recursion’s journey evolving the OS platform, advancing its pipeline, and bringing transformational medicines to patients.
"The Board’s unanimous decision to appoint Najat Khan as Recursion’s next CEO is a clear reflection of our confidence in her strategic acumen and proven track record of converting new science into tangible value,” said Dr. Rob Hershberg, Recursion’s current Chairman. “This transition has been planned to ensure absolute continuity of Recursion’s mission and vision. Chris’s guidance as our new Chairman guarantees we retain his unparalleled expertise in the TechBio space. We thank Chris for his exceptional leadership for the past twelve years, during which he transformed Recursion from an ambitious idea to the pioneer of a new sector, and we are united behind and excited for Najat to lead this next, critical chapter of execution and value creation for the company."
"After partnering with Najat Khan for the past 18 months, I have absolute faith that she is the right leader for Recursion's next phase,” said Dr. Chris Gibson, Co-founder and CEO of Recursion. “Her unique and exceptional combination of strategic insight, scientific rigor, bold vision and commitment to leveraging technology to shift the way we discover treatments for patients through our platform is what’s needed for the company’s evolution. I am deeply honored to have built Recursion into the leading public TechBio company today and I look forward to continuing my unwavering dedication to our team and mission as Board Chairman."
“I’m deeply honored to step into the role of CEO and President and build on the remarkable foundation established by Chris Gibson and the visionary founders of Recursion,” said Dr. Najat Khan. “Powered by exceptional people and united by a bold mission to decode biology to radically improve patients’ lives, Recursion has built something differentiated — a platform that unites biology, chemistry, and AI at unprecedented scale, a pipeline with meaningful near-term readouts, and a culture defined by curiosity, courage, and conviction.”
“Throughout my career, I’ve always worked at the intersection of science, data, and business — building R&D portfolios, scaling AI organizations, and translating bold ideas into therapies that matter. Recursion brings all of that together: a company with immense potential at the forefront of technology and medicine. This is a pivotal chapter — one that will require bold and strategic focus, thoughtful navigation of complexity, and relentless determination to fully realize our vision. I’m excited to lead our next phase — turning platform insights into clinical proof, scaling where we have a true edge, and ultimately delivering transformational medicines for patients. I’m deeply grateful to Chris for his courageous vision and partnership, and I look forward to continuing to work with him and the Board as we build Recursion’s future together.”
About Najat Khan, Ph.D.
Dr. Khan is an accomplished biopharma leader with a proven record of advancing a bold, AI-native approach to discovering, developing, and delivering novel medicines for patients with unmet needs. She brings a unique ability to integrate scientific discovery, data and technology, and business strategy — experience gained across both large pharma and TechBio — to drive meaningful innovation and impact.
Since joining Recursion in 2024 as the Chief R&D and Chief Commercial Officer, Dr. Khan has delivered bold vision with disciplined leadership to advance value and impact. She has prioritized and progressed multiple clinical programs and helped lead the company’s combination with Exscientia—2024’s largest TechBio M&A deal. Dr. Khan has also been instrumental in expanding the Recursion OS 2.0 platform into a true end-to-end engine for drug discovery, including deepening biological insights and patient connectivity and integrating precision chemistry and AI-enabled trial design.
Prior to Recursion, Dr. Khan was Chief Data Science Officer and Senior Vice President, Global Head of Strategy, Portfolio & Operations for R&D at Johnson & Johnson Innovative Medicine, where she helped to triple pipeline value and built an industry-leading data science organization — positioning J&J as one of the first major pharma companies to strategically scale AI across its R&D portfolio. She also co-chaired the enterprise-wide Data Science Council, helping to accelerate adoption of data science across the company in 3 sectors. Earlier in her career, Dr. Khan was a Senior Principal and Partner with The Boston Consulting Group (BCG), working with leading biopharma, biotech, payer, and provider organizations on strategy and operations.
Dr. Khan holds a Ph.D. in Organic Chemistry from the University of Pennsylvania, an AI/ML Certification from MIT’s Computer Science and Artificial Intelligence Laboratory (CSAIL), and a B.A. in Computational Chemistry from Colgate University.
About Recursion
Recursion (NASDAQ: RXRX) is a clinical stage TechBio company leading the space by decoding biology to radically improve lives. Enabling its mission is the Recursion OS, a platform built across diverse technologies that continuously generate one of the world’s largest proprietary biological and chemical datasets. Recursion leverages sophisticated machine-learning algorithms to distill from its dataset a collection of trillions of searchable relationships across biology and chemistry unconstrained by human bias. By commanding massive experimental scale — up to millions of wet lab experiments weekly — and massive computational scale — owning and operating one of the most powerful supercomputers in the world, Recursion is uniting technology, biology and chemistry to advance the future of medicine.
Recursion is headquartered in Salt Lake City, where it is a founding member of BioHive, the Utah life sciences industry collective. Recursion also has offices in Montréal, New York, London, and the Oxford area. Learn more at www.recursion.com, or connect on X and LinkedIn.
Forward-Looking Statements
This document contains information that includes or is based upon “forward-looking statements” within the meaning of the Securities Litigation Reform Act of 1995, including, without limitation, those regarding executive and Board transition plans and their impact on the mission and operations of the company, and all other statements that are not historical facts. Forward-looking statements may or may not include identifying words such as “plan,” “will,” “expect,” “anticipate,” “intend,” “believe,” “potential,” “continue,” and similar terms. These statements are subject to known or unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements, including but not limited to: challenges inherent in pharmaceutical research and development, including the timing and results of preclinical and clinical programs, where the risk of failure is high and failure can occur at any stage prior to or after regulatory approval due to lack of sufficient efficacy, safety considerations, or other factors; our ability to leverage and enhance our drug discovery platform; our ability to obtain financing for development activities and other corporate purposes; the success of our collaboration activities; our ability to obtain regulatory approval of, and ultimately commercialize, drug candidates; our ability to obtain, maintain, and enforce intellectual property protections; cyberattacks or other disruptions to our technology systems; our ability to attract, motivate, and retain key employees and manage our growth; inflation and other macroeconomic issues; and other risks and uncertainties such as those described under the heading “Risk Factors” in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. All forward-looking statements are based on management’s current estimates, projections, and assumptions, and Recursion
undertakes no obligation to correct or update any such statements, whether as a result of new information, future developments, or otherwise, except to the extent required by applicable law.
