Recursion Pharmaceuticals, Inc. Stock Price, News & Analysis

Recursion (NASDAQ: RXRX) announced the establishment of a Therapeutics Advisory Board (TAB) led by Joseph Miletich, MD, PhD, former senior VP at Merck Research Laboratories. The TAB aims to guide the company in efficiently developing medicines at scale from its tech-enabled drug discovery pipeline. Miletich’s experience in advancing new medicines and his innovative perspective on technology-driven drug discovery is expected to benefit Recursion’s programs. The company leverages machine learning to explore biology and develop therapeutics while minimizing biases in research.

Recursion (NASDAQ: RXRX), a clinical-stage biotechnology company, announced the opening of a child care center near its Salt Lake City headquarters on July 12, 2021. The center, operated by Bright Horizons, will provide care for employees' children from infancy to age five. This initiative aims to support working parents, addressing the significant child care challenges in the U.S., especially post-pandemic. The move is part of Recursion's commitment to creating a diverse workforce and ensuring equity among employees, as only 4-6% of U.S. employers offer similar child care facilities.

Recursion (NASDAQ: RXRX) is expanding its headquarters at The Gateway in Salt Lake City by signing a new lease for an additional 100,000 square feet. This expansion, set to take place in Q2 2022, follows a 60% increase in workforce over the past year, reaching over 250 employees. The company's growth aligns with the formation of BioHive, a public-private initiative promoting Utah's healthcare innovation sector. Recursion aims to accelerate its drug discovery capabilities through expanded lab space and enhanced research capabilities.

Recursion (NASDAQ: RXRX) has announced a multi-year collaboration with Mila, Quebec's Artificial Intelligence Institute, aiming to enhance its machine learning capabilities in drug discovery. The company will establish an office within Mila and form a dedicated team for tech-enabled drug discovery, building on its recent expansion into Toronto. This partnership provides access to a network of AI experts, supporting Recursion's mission to decode biology and improve patient outcomes through innovative technologies.

Recursion (NASDAQ: RXRX) announced its expansion into Toronto, aiming to hire up to 50 professionals by the end of 2021 across various disciplines, including data science and computational biology. This marks their first major hub outside Utah, aligning with the company’s strategy to leverage Toronto's diverse talent pool. Currently, Recursion employs over 260 staff and has grown by over 60% in the past year. The Toronto hub will support the development of its extensive therapeutic pipeline and the Recursion Operating System, which facilitates advanced drug discovery.

Recursion Pharmaceuticals (Nasdaq: RXRX) announced the initiation of IND-enabling studies for REC-163964, a small molecule toxin inhibitor aimed at preventing recurrent C. difficile infections. This candidate is the first internally-discovered New Chemical Entity identified by the company’s ML-enabled Operating System. C. difficile infections cause significant morbidity in over 730,000 patients annually in the US and EU, with high recurrence rates. CEO Chris Gibson highlighted the importance of their growing data library for future drug developments.

Recursion Pharmaceuticals (RXRX) reported Q1 2021 financial results, showcasing significant progress in its clinical and research programs. The company ended the quarter with $214.1 million in cash, following a successful IPO in April, raising $462.6 million. Revenue surged to $2.6 million, driven by collaboration with Bayer, while R&D expenses increased to $24.1 million due to heightened activities. Net loss widened to $30.7 million. The company is advancing multiple clinical programs and expanding its inferential search platform, contributing to a robust pipeline of 37 development programs.

Recursion Pharmaceuticals closed its initial public offering on April 20, 2021, raising $501.8 million through the sale of 27,878,787 shares of Class A common stock at $18.00 per share. This includes the full exercise of the underwriters' option for an additional 3,636,363 shares. Trading commenced on the Nasdaq Global Select Market under the ticker RXRX on April 16, 2021. Goldman Sachs and J.P. Morgan were the lead book-running managers for the offering.

Recursion Pharmaceuticals has priced its initial public offering (IPO) of 24,242,424 shares of Class A common stock at $18.00 per share, aiming to raise $436.4 million in gross proceeds. The shares will start trading on the Nasdaq under the symbol RXRX on April 16, 2021, with the offering expected to close by April 20, 2021. The underwriters have a 30-day option to purchase an additional 3,636,363 shares. Goldman Sachs & Co. LLC and J.P. Morgan are leading the underwriting for this offering.