When you search rxrx stock, you mean Recursion Pharmaceuticals, Inc. (Nasdaq: RXRX), a clinical-stage drug developer from Salt Lake City that uses AI models trained on its own lab data to pick drug targets and molecules.
It has no approved product, so the stock is a bet on its pipeline and its pharma partners, funded by cash it keeps raising.
Every figure below comes from the company’s 10-Q for the quarter ended September 30, 2026 and its 8-K filings from September to November 2026. This is general information, not investment advice.
What Recursion’s AI platform actually does
The 10-Q describes the Recursion OS as a platform built on proprietary multimodal data and purpose-built AI models. In the Roche deal, for example, Recursion uses its imaging technology and machine-learning algorithms to map how cells respond to genetic and chemical changes.
The company credits that approach for its lead drug. Per the 10-Q, unbiased phenotypic screening found that blocking MEK1/2 could reverse cell changes linked to APC loss, and that finding became REC-4881 for familial adenomatous polyposis (FAP).
Video: Recursion
Named pharma partners and what they paid
Most of Recursion’s revenue is partner money, not drug sales. The filings describe four live relationships.
| Partner | Signed | Upfront | Disclosed since |
|---|---|---|---|
| Roche and Genentech | Dec 2021 | $150.0M | Two $30.0M fees for accepted neuroscience maps (Sep 2024, Oct 2025) |
| Sanofi | Jan 2022 | $100.0M | First development candidate optioned in Oct 2026; $144M upfront and milestones to date |
| Merck KGaA | Sep 2023 | $20.1M | Up to $73.0M in milestones per project |
| Tempus AI | Nov 2023 | None (Recursion pays Tempus for data) | Sep 2026: fee reset to $14.0M on each of the 3rd to 5th anniversaries (at least $4.0M in cash); Tempus pays $12M to license Recursion’s RNA model |
Source: Recursion Pharmaceuticals SEC filings, opened November 9, 2026.
Of these, the Sanofi option is the most concrete step so far: Sanofi will fund and run the candidate, an oral immunology molecule expected to enter Phase 1 in 2027, and Recursion stays eligible for more than $300 million in further milestones on it.
Where the pipeline stands
REC-4881, the MEK1/2 inhibitor for FAP, is the lead. In the Phase 1b/2 TUPELO trial, 13 of 15 adults (87%) had less total polyp burden after 12 weeks, with a 47% median reduction. Recursion expects a registrational trial in the second half of 2027, pending FDA talks.
REC-1245, which degrades a protein called RBM39, showed three partial responses (two confirmed) in endometrial and liver cancer patients during Phase 1 dose escalation.
At the 45 mg dose (10 patients), the most frequent treatment-related side effects were Grade 1 or 2 fatigue and anemia, 30% each. Endometrial expansion data are expected in the second half of 2027.
Recursion plans to partner out REC-617 and REC-3565 rather than fund them itself.
Cash, losses and dilution
Total revenue for the quarter was $18.6 million, against a net loss of $119.0 million. Over nine months revenue fell 16% to $32.7 million, and operations used $264.5 million of cash. Cash, cash equivalents and restricted cash fell to $561.5 million on September 30, 2026, from $753.9 million at the end of 2025.
On October 15, 2026, Recursion sold 61,540,000 new shares at $3.25, about $200 million gross. The 8-K says that should fund operations into 2029, while the 10-Q itself only commits to the next twelve months.
You pay for that runway in dilution: weighted-average shares rose from about 447 million in Q3 2025 to 543 million in Q3 2026, before the October sale. Since 2024, stock issuance has brought in $914.5 million, against $78.0 million from partnerships.
What to watch next
The REC-4881 registrational trial design and the REC-1245 endometrial data are the two pipeline dates to track. The 10-Q also says disclosure controls were ineffective on September 30, 2026, because of material weaknesses still being remediated, so read each filing for that status.
If you are comparing Recursion with other names, our list of AI healthcare stocks covers the wider group. For valuation framing, see undervalued AI stocks, and for filings as they land, follow AI stocks news.
RXRX stock FAQ
Does Recursion sell any drugs yet?
No. The Q3 2026 10-Q says Recursion has not commercialized any product and does not expect revenue from product sales for at least several years. Its revenue comes from partners: $18.6 million in the third quarter of 2026, almost all of it operating revenue under collaboration deals.
Who are Recursion’s main partners?
Roche and Genentech ($150.0 million upfront), Sanofi ($100.0 million upfront) and Merck KGaA ($20.1 million upfront) run discovery deals with Recursion. Tempus AI supplies de-identified patient data and pays a $12.0 million license fee, in two installments, to use Recursion’s RNA model in oncology.
Why does the share count keep rising?
Recursion reported a net loss of $367.5 million in the first nine months of 2026 and funds itself mainly by selling stock. It raised about $86 million through its at-the-market program in Q3 2026 and about $200 million gross in the October offering at $3.25 a share.
