$RXRX
Recursion Pharmaceuticals Inc

2024 Q2 Form 10-Q Financial Statement

#000160183024000115 Filed on August 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q2
Revenue $14.42M
YoY Change 30.86%
Cost Of Revenue $9.199M
YoY Change -1.95%
Gross Profit $5.218M
YoY Change 219.14%
Gross Profit Margin 36.19%
Selling, General & Admin $31.83M
YoY Change 12.52%
% of Gross Profit 610.06%
Research & Development $73.93M
YoY Change 34.27%
% of Gross Profit 1416.79%
Depreciation & Amortization $4.100M
YoY Change 2.5%
% of Gross Profit 78.57%
Operating Expenses $73.93M
YoY Change 34.27%
Operating Profit -$100.5M
YoY Change 23.04%
Interest Expense $2.872M
YoY Change 10946.15%
% of Operating Profit
Other Income/Expense, Net $2.480M
YoY Change -50.29%
Pretax Income -$98.06M
YoY Change 27.81%
Income Tax -$523.0K
% Of Pretax Income
Net Earnings -$97.54M
YoY Change 27.13%
Net Earnings / Revenue -676.56%
Basic Earnings Per Share -$0.40
Diluted Earnings Per Share -$0.40
COMMON SHARES
Basic Shares Outstanding 242.2M shares
Diluted Shares Outstanding 242.2M shares

Balance Sheet

Concept 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $474.3M
YoY Change 16.87%
Cash & Equivalents $474.3M
Short-Term Investments
Other Short-Term Assets $43.73M
YoY Change 132.9%
Inventory
Prepaid Expenses
Receivables
Other Receivables $2.526M
Total Short-Term Assets $522.4M
YoY Change 21.2%
LONG-TERM ASSETS
Property, Plant & Equipment $83.63M
YoY Change -6.83%
Goodwill $52.06M
YoY Change -13.98%
Intangibles $38.21M
YoY Change -10.63%
Long-Term Investments
YoY Change
Other Assets $308.0K
YoY Change 180.0%
Total Long-Term Assets $253.5M
YoY Change 7.56%
TOTAL ASSETS
Total Short-Term Assets $522.4M
Total Long-Term Assets $253.5M
Total Assets $775.9M
YoY Change 16.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.762M
YoY Change 80.35%
Accrued Expenses $33.40M
YoY Change 1.61%
Deferred Revenue $32.20M
YoY Change -55.95%
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $8.109M
YoY Change 1099.56%
Total Short-Term Liabilities $86.08M
YoY Change -24.46%
LONG-TERM LIABILITIES
Long-Term Debt $22.92M
YoY Change 1884.5%
Other Long-Term Liabilities $3.000M
YoY Change -96.17%
Total Long-Term Liabilities $3.000M
YoY Change -96.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $86.08M
Total Long-Term Liabilities $3.000M
Total Liabilities $191.4M
YoY Change -3.2%
SHAREHOLDERS EQUITY
Retained Earnings -$1.200B
YoY Change 53.53%
Common Stock $3.000K
YoY Change 50.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $584.4M
YoY Change
Total Liabilities & Shareholders Equity $775.9M
YoY Change 16.37%

Cashflow Statement

Concept 2024 Q2
OPERATING ACTIVITIES
Net Income -$97.54M
YoY Change 27.13%
Depreciation, Depletion And Amortization $4.100M
YoY Change 2.5%
Cash From Operating Activities -$82.22M
YoY Change 21.87%
INVESTING ACTIVITIES
Capital Expenditures $1.182M
YoY Change -70.21%
Acquisitions
YoY Change
Other Investing Activities -$3.000M
YoY Change -256.66%
Cash From Investing Activities -$4.182M
YoY Change 103.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 263.1M
YoY Change 6848.03%
NET CHANGE
Cash From Operating Activities -82.22M
Cash From Investing Activities -4.182M
Cash From Financing Activities 263.1M
Net Change In Cash 176.7M
YoY Change -368.85%
FREE CASH FLOW
Cash From Operating Activities -$82.22M
Capital Expenditures $1.182M
Free Cash Flow -$83.40M
YoY Change 16.75%

Facts In Submission

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dei Entity Registrant Name
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RECURSION PHARMACEUTICALS, INC.
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dei Entity Tax Identification Number
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Description of the Business <div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Recursion is a clinical stage TechBio company decoding biology to industrialize drug discovery. The Recursion Operating System (OS), a platform built across diverse technologies, enables the Company to map and navigate trillions of biological and chemical relationships within the Recursion Data Universe, one of the world’s largest proprietary biological and chemical datasets. The Company integrates physical and digital components as iterative loops of atoms and bits scaling wet lab biology and chemistry data organized into virtuous cycles with computational tools to rapidly translate </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">in silico </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">hypotheses into validated insights and novel chemistry.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of June 30, 2024, the Company had an accumulated deficit of $1.2 billion. The Company expects to incur substantial operating losses in future periods and will require additional capital to advance its drug candidates. The Company does not expect to generate significant revenue until the Company successfully completes significant drug development milestones with its subsidiaries or in collaboration with third parties, which the Company expects will take a number of years. In order to commercialize its drug candidates, the Company or its partners need to complete clinical development and comply with comprehensive regulatory requirements. The Company is subject to a number of risks and uncertainties similar to those of other companies of the same size within the biotechnology industry, such as the uncertainty of clinical trial outcomes, uncertainty of additional funding and a history of operating losses. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has funded its operations to date primarily through the issuance of Class A common stock (see Note 8, “Common Stock” for additional details). Additionally, the Company has received payments from its strategic partnerships (see Note 9, “Collaborative Development Contracts” for additional details). Recursion will likely be required to raise additional capital. As of June 30, 2024, the Company did not have any unconditional outstanding commitments for additional funding. If the Company is unable to access additional funds when needed, it may not be able to continue the development of its products or the Company could be required to delay, scale back or abandon some or all of its development programs and other operations. The Company’s ability to access capital when needed is not assured and, if not achieved on a timely basis, could materially harm its business, financial condition and results of operations. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Recursion believes that the Company’s existing cash and cash equivalents will be sufficient to fund the Company’s operating expenses and capital expenditures for at least the next 12 months.</span></div>
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.71
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
15114000 usd
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
15416266 shares
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.13
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y1M6D
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
37638000 usd
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
9505438 shares
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
5.87
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y2M12D
CY2024Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
34178000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.35
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.55
CY2024Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
38800000 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y
us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
0 usd
CY2024Q2 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
0 usd
us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
0 usd
CY2023Q2 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
0 usd
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
-97540000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-76726000 usd
us-gaap Net Income Loss
NetIncomeLoss
-188913000 usd
us-gaap Net Income Loss
NetIncomeLoss
-142053000 usd
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
242196409 shares
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
242196409 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
201415475 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
201415475 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
239107879 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
239107879 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
198957804 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
198957804 shares
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.40
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.40
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.38
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.38
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.79
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.79
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.71
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.71
CY2024Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14535057 shares
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7719063 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
15925451 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7996333 shares

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