SALT LAKE CITY, Nov. 06, 2024 — Recursion Pharmaceuticals (Nasdaq: RXRX) announced significant advancements in its clinical trials and financial performance for the third quarter ending September 30, 2024.
The company achieved key milestones, including positive topline data from a Phase 2 trial for Cerebral Cavernous Malformation (CCM) and dosing of the first patient in a Phase 2 trial for recurrent Clostridioides difficile infection. Additionally, Recursion received IND clearance for a Phase 1/2 trial targeting biomarker-enriched solid tumors and lymphoma.
Recursion's collaboration with Roche-Genentech has progressed, with the optioning of a neuroscience phenomap for $30 million, potentially exceeding $500 million in total fees. The company also expanded its partnership with Google Cloud to enhance its drug discovery platform.
Looking ahead, a special shareholder meeting is scheduled for November 12, 2024, to vote on the proposed business combination with Exscientia, with an expected scheme of arrangement date on November 20, 2024.
Financially, Recursion reported total revenue of $26.1 million for Q3 2024, a significant increase from $10.5 million in Q3 2023, attributed to its collaboration with Roche-Genentech. However, the company recorded a net loss of $95.8 million, slightly higher than the $93.0 million loss from the previous year.
As of September 30, 2024, Recursion's cash and cash equivalents stood at $427.6 million, with net cash used in operating activities decreasing to $59.2 million compared to $72.9 million in the same quarter last year.