$RXRX
RECURSION PHARMACEUTICALS, INC.

2024 Q3 Form 10-Q Financial Statement

#000160183024000196 Filed on November 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q3
Revenue $26.08M
YoY Change 147.62%
Cost Of Revenue $12.08M
YoY Change 11.05%
Gross Profit $14.00M
YoY Change -4170.64%
Gross Profit Margin 53.69%
Selling, General & Admin $37.76M
YoY Change 29.3%
% of Gross Profit 269.64%
Research & Development $74.60M
YoY Change 6.56%
% of Gross Profit 532.74%
Depreciation & Amortization $4.000M
YoY Change -4.76%
% of Gross Profit 28.57%
Operating Expenses $74.60M
YoY Change 6.56%
Operating Profit -$98.35M
YoY Change -1.2%
Interest Expense $3.273M
YoY Change 12992.0%
% of Operating Profit
Other Income/Expense, Net $2.679M
YoY Change -58.99%
Pretax Income -$95.68M
YoY Change 2.85%
Income Tax $167.0K
% Of Pretax Income
Net Earnings -$95.84M
YoY Change 3.04%
Net Earnings / Revenue -367.46%
Basic Earnings Per Share -$0.34
Diluted Earnings Per Share -$0.34
COMMON SHARES
Basic Shares Outstanding 282.6M shares
Diluted Shares Outstanding 282.6M shares

Balance Sheet

Concept 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $427.6M
YoY Change 10.42%
Cash & Equivalents $427.6M
Short-Term Investments
Other Short-Term Assets $42.72M
YoY Change 140.24%
Inventory
Prepaid Expenses
Receivables
Other Receivables $2.255M
Total Short-Term Assets $474.2M
YoY Change 15.5%
LONG-TERM ASSETS
Property, Plant & Equipment $84.41M
YoY Change -2.13%
Goodwill $52.06M
YoY Change -1.32%
Intangibles $34.09M
YoY Change -13.6%
Long-Term Investments
YoY Change
Other Assets $360.0K
YoY Change 132.26%
Total Long-Term Assets $252.3M
YoY Change 14.54%
TOTAL ASSETS
Total Short-Term Assets $474.2M
Total Long-Term Assets $252.3M
Total Assets $726.5M
YoY Change 15.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.260M
YoY Change -47.01%
Accrued Expenses $40.60M
YoY Change 1.99%
Deferred Revenue $49.58M
YoY Change 12.69%
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $8.219M
YoY Change 1074.14%
Total Short-Term Liabilities $108.9M
YoY Change 15.69%
LONG-TERM LIABILITIES
Long-Term Debt $20.51M
YoY Change 1764.55%
Other Long-Term Liabilities $2.999M
YoY Change -96.87%
Total Long-Term Liabilities $2.999M
YoY Change -96.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $108.9M
Total Long-Term Liabilities $2.999M
Total Liabilities $201.9M
YoY Change 4.71%
SHAREHOLDERS EQUITY
Retained Earnings -$1.300B
YoY Change 48.64%
Common Stock $3.000K
YoY Change 50.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $524.6M
YoY Change
Total Liabilities & Shareholders Equity $726.5M
YoY Change 15.17%

Cashflow Statement

Concept 2024 Q3
OPERATING ACTIVITIES
Net Income -$95.84M
YoY Change 3.04%
Depreciation, Depletion And Amortization $4.000M
YoY Change -4.76%
Cash From Operating Activities -$59.22M
YoY Change -18.78%
INVESTING ACTIVITIES
Capital Expenditures $4.562M
YoY Change 508.27%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$4.562M
YoY Change 1203.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 16.46M
YoY Change -69.38%
NET CHANGE
Cash From Operating Activities -59.22M
Cash From Investing Activities -4.562M
Cash From Financing Activities 16.46M
Net Change In Cash -47.33M
YoY Change 142.57%
FREE CASH FLOW
Cash From Operating Activities -$59.22M
Capital Expenditures $4.562M
Free Cash Flow -$63.79M
YoY Change -13.42%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Document Quarterly Report
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dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
dei Document Transition Report
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dei Entity Registrant Name
EntityRegistrantName
RECURSION PHARMACEUTICALS, INC.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
46-4099738
dei Entity Address Address Line1
EntityAddressAddressLine1
41 S Rio Grande Street
dei Entity Address City Or Town
EntityAddressCityOrTown
Salt Lake City,
dei Entity Address State Or Province
EntityAddressStateOrProvince
UT
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
84101
dei City Area Code
CityAreaCode
385
dei Local Phone Number
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269 - 0203
dei Trading Symbol
TradingSymbol
RXRX
dei Entity Current Reporting Status
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dei Entity Interactive Data Current
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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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 September 30, 2024, the Company had an accumulated deficit of $1.3 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 September 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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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
11.91
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
2542832 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.53
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
18537000 usd
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
15558993 shares
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.33
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y1M6D
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
27862000 usd
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
9409685 shares
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
6.28
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y1M6D
CY2024Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
26068000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.88
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.64
CY2024Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
38200000 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
CY2024Q3 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
0 usd
CY2023Q3 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
0 usd
us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
0 usd
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
-95842000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-93017000 usd
us-gaap Net Income Loss
NetIncomeLoss
-284755000 usd
us-gaap Net Income Loss
NetIncomeLoss
-235070000 usd
CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
282583048 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
214327186 shares
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
214327186 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
253447099 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
253447099 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
203090637 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
203090637 shares
CY2024Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.34
CY2024Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.34
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.43
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.43
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.12
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.12
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.16
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.16
CY2024Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12564729 shares
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12162449 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14793913 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9022502 shares

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