Recursion Announces $200 Million Oversubscribed Follow-On Offering, Clinical Data Updates, and Partnership Milestone

Sanofi will fund and lead development of the optioned candidate, which is expected to enter Phase 1 trials in 2027.

Rhea-AI Summary

Recursion (RXRX) announced a $200 million underwritten common-stock offering alongside updated clinical results and a development milestone with Sanofi.

REC-4881 produced a 47% median reduction in total gastrointestinal polyp burden after 12 weeks in adults with familial adenomatous polyposis; 85% remained below baseline after 12 weeks off treatment. Upper gastrointestinal median reduction was 55%. REC-1245 showed two confirmed endometrial cancer responses and one unconfirmed liver cancer response, with 91.7% disease control at doses of at least 45 mg. Sanofi optioned a development candidate, triggering a $10 million milestone, and will fund and lead further development. Recursion expects cash runway into 2029 including net offering proceeds. A REC-4881 registrational trial is targeted for the second half of 2027, pending FDA discussions; four patients discontinued due to adverse events.

25 points · 0 major

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0 major · 6 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate point. Forward-looking: it has not happened yet and may not happen.Common-stock offering is expected to raise approximately $200 million in gross proceeds. 10% of market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.Cash runway is expected to extend into 2029, including net offering proceeds.
• Moderate pointREC-4881 total polyp burden fell a median 47% after 12 weeks; 87% of patients had reductions.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Sanofi will fund and lead further development and commercialization; Phase 1 entry is expected in 2027.
• Minor pointCash, cash equivalents and restricted cash were approximately $561 million at September 30, 2026; preliminary and unaudited.

20 minor points

• Minor pointREC-4881 total polyp reductions reached 65% or more in one in three patients after 12 weeks.
• Minor pointREC-4881 total polyp burden remained below baseline in 85% after 12 weeks off treatment.
• Minor pointREC-4881 upper gastrointestinal polyp burden fell a median 55%; 92% of patients had reductions after 12 weeks.
• Minor pointREC-4881 upper gastrointestinal reductions reached 65% or more in nearly half; two patients achieved at least 98%.
• Minor pointREC-4881 improved upper gastrointestinal disease severity by at least one Spigelman stage in 50% (6 of 12) at Week 13.
• Minor pointREC-4881 upper gastrointestinal polyp burden remained below baseline in 92% after 12 weeks off treatment.
• Minor pointREC-4881 had no treatment-related adverse events above Grade 3.
• Minor pointREC-1245 produced two confirmed partial responses in endometrial cancer at doses of at least 45 mg daily.
• Minor pointREC-1245 disease control reached 91.7% (11/12) at doses of at least 45 mg daily.
• Minor pointREC-1245 at 45 mg daily (n=10) showed no dose-limiting toxicities or treatment-related serious adverse events.
• Minor point. Forward-looking: it has not happened yet and may not happen.REC-1245 expansion cohorts will use 45 mg daily, including endometrial cancer.
• Minor point. Forward-looking: it has not happened yet and may not happen.REC-1245 additional monotherapy data are expected in the second half of 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.REC-1245 preliminary endometrial cancer expansion data are expected in the second half of 2027.
• Minor point. Forward-looking: it has not happened yet and may not happen.REC-1245 dose escalation will continue in other solid tumors.
• Minor pointSanofi optioned the collaboration's first development candidate, triggering a $10 million milestone payment.
• Minor point. Forward-looking: it has not happened yet and may not happen.Sanofi program offers eligibility for more than $300 million in additional milestones and average low double-digit royalties if approved.
• Minor pointSanofi collaboration has achieved six progress-based milestones across five programs.
• Minor point. Forward-looking: it has not happened yet and may not happen.Other Sanofi collaboration programs could reach development-candidate and progress-based milestones in 2027.
• Minor point. Forward-looking: it has not happened yet and may not happen.Recursion plans resource focus on partnerships and REC-4881, REC-1245, REC-4539, REC-7735 and REC-102.
• Minor point. Forward-looking: it has not happened yet and may not happen.Recursion intends to pursue partnership opportunities for REC-617 and REC-3565.

Negative

• Moderate point. Forward-looking: it has not happened yet and may not happen.Common-stock issuance in the $200 million offering dilutes existing holders. 10% of market cap
• Moderate pointREC-4881 treatment-related adverse events reached Grade 3 in four patients; four discontinued due to adverse events.
• Minor point. Forward-looking: it has not happened yet and may not happen.REC-4881 registrational trial targeted for the second half of 2027 remains dependent on FDA discussions.
• Minor pointREC-4881 treatment-related events included rash, acne-like dermatitis, muscle-enzyme increases, diarrhea and asymptomatic reduced heart pumping function.
• Minor pointREC-1245 liver cancer partial response at doses of at least 45 mg daily remains unconfirmed.
• Minor pointREC-1245 at 45 mg daily caused Grade 1 or 2 fatigue and anemia in 30% each.

News Explained

The release does not quantify the ownership dilution: it gives no offering share count or offering price.

Although the headline says investors “invest” $200 million, the body describes an announced underwritten common-stock offering and says Recursion expects gross proceeds, without reporting a closing. If completed, issuing the offering shares would increase the share count and reduce existing holders’ percentage ownership.

The expected $200 million gross proceeds equal 171.8 days of the last reported quarterly operating cash use at that rate.

Sources and calculations

• Recursion Announces $200 Million Oversubscribed Follow-On Offering, Clinical Data Updates, and Partnership Milestone (2026-10-15)
• Dilution (undated)
• Recursion 2026 second-quarter fundamentals (2026Q2)

• Offering gross against the last reported quarterly operating outflow, in days at that rate $200,000,000 / ($105,947,000 / 91) = 171.8 days

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$3.06 – $3.74 Day Range

$1.93B Market Cap

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Key Figures

Underwritten offering: $200 million Median total polyp burden reduction: 47% Patients below baseline after treatment pause: 85% +5 more

Underwritten offering

$200 million

October 2026 common-stock offering

Median total polyp burden reduction

47%

REC-4881; after 12 weeks of treatment

Patients below baseline after treatment pause

85%

REC-4881 total GI tract; after 12 weeks off treatment

Median upper GI polyp burden reduction

55%

REC-4881 upper GI data

Disease control rate

91.7% (11/12)

REC-1245 at doses of 45 mg or higher

Sanofi milestone payment

$10 million

Triggered by Sanofi optioning a development candidate

Additional program milestones

More than $300 million

Further milestones for the Sanofi program remain possible

Expected cash runway

Into 2029

Includes proceeds from the October 2026 offering

Historical Context

1 past event · Latest: Aug 05

1 event

1. Aug 05

   Q2 earnings

   24h Move

   -4.2%

   Reported cash runway into early 2028, providing the prior baseline to the current 2029 outlook.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

orphan drug, fast track, lvef, recist 1.1, +2 more

6 terms

orphan drug regulatory

"granted FDA Orphan Drug and Fast Track designations"

A drug designated for an orphan disease is a medicine developed to treat a rare condition that affects only a small number of people. Regulators often give these drugs special incentives—such as reduced costs, faster review, and temporary exclusive selling rights—to encourage development, which matters to investors because those incentives can make a small market financially viable and reduce competition, much like a temporary patent on a niche product.

fast track regulatory

"granted FDA Orphan Drug and Fast Track designations"

A fast track designation is a regulatory label that speeds up the review and communication between a drug developer and regulators for treatments addressing serious illnesses or unmet medical needs. For investors, it matters because it can shorten development time and reduce regulatory delays—like getting a VIP lane at the airport—raising the chance of earlier market access and potential revenue, though it does not guarantee approval.

lvef medical

"including dermatitis acneiform, rash, CPK increase, diarrhea, and asymptomatic LVEF decrease"

Left ventricular ejection fraction (LVEF) is a percentage that measures how much blood the heart’s main pumping chamber pushes out with each beat, like the share of water a pump empties from a bucket each cycle. Investors watch LVEF because it’s a key medical yardstick used to diagnose and track heart function, shaping demand for drugs, devices, clinical trials, insurance costs and the financial outlook of healthcare-related businesses.

recist 1.1 medical

"Three partial responses per RECIST 1.1 criteria"

RECIST 1.1 is a standardized set of rules used in cancer clinical trials to measure how solid tumors respond to treatment by tracking changes in size on medical scans. Think of it as a consistent ruler and scorecard that tells doctors and regulators whether a drug is shrinking tumors, keeping them stable, or allowing them to grow. Investors care because RECIST-based results are common primary endpoints that influence regulatory decisions, trial success, and a therapy’s commercial prospects.

dose-limiting toxicities medical

"no dose-limiting toxicities or treatment-related serious adverse events were observed"

Dose-limiting toxicities are the harmful side effects seen in early clinical trials that are severe enough to stop researchers from raising a drug’s dose. Like a car’s speed limiter marking the safe top speed, DLTs define the maximum tolerable dose, and they matter to investors because they determine whether a medicine can reach effective levels, influence development timelines, costs, and regulatory chances, and thus affect a drug’s commercial prospects.

molecular glue technical

"a potential first-in-class oral molecular glue"

A molecular glue is a small synthetic molecule that sticks two proteins together inside a cell so one will be tagged and removed by the cell’s waste-disposal machinery; think of it as a tiny adapter that forces a faulty part onto a conveyor belt for removal. Investors care because this approach can turn previously untreatable disease targets into drug opportunities, creating potential high-value therapies but with scientific and regulatory risk.

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• Leading Healthcare Investors, including Janus Henderson Investors, Invus, Longaeva Partners, ARK Invest, Driehaus Capital Management and other prominent healthcare specialists and mutual funds invest $200 million in Recursion
• REC-4881 (MEK1/2 inhibitor) Phase 1b/2 Data Update: Deep, durable polyp burden reductions reproduced in the expanded adult FAP population (18+), with a 47% median reduction after 12 weeks of treatment and 85% of patients maintaining reductions below baseline after 12 weeks off treatment. New upper GI data, addressing the area of greatest unmet medical need in FAP, show a 55% median polyp burden reduction, including two patients with ≥98% polyp burden reduction, and 92% of patients maintaining reductions below baseline after 12 weeks off treatment. Registrational trial initiation targeted for 2H 2027, pending outcome of FDA discussions
• REC-1245 (RBM39 degrader) Phase 1 Data Update: Encouraging monotherapy activity with 2 confirmed partial responses in endometrial cancer, 1 unconfirmed response in liver cancer, and a 91.7% disease control rate (11/12) at doses ≥45 mg; 45 mg selected for expansion based on acceptable safety profile
• Partnership Update: Recursion announces Sanofi options potential first-in-class oral small molecule development candidate from their collaboration, designed to achieve a differentiated profile against a challenging dual target implicated in inflammatory disease
• Expected Cash Runway Extended into 2029, including proceeds from the concurrently announced offering
  

SALT LAKE CITY, Oct. 15, 2026 (GLOBE NEWSWIRE) -- Recursion (Nasdaq: RXRX), a leading clinical-stage company pioneering AI-enabled drug discovery and development decoding biology to radically improve lives, today announced a $200 million underwritten offering of common stock with leading healthcare and institutional investors, including Janus Henderson Investors, Invus, Longaeva Partners, ARK Invest, Driehaus Capital Management and other prominent healthcare specialists and mutual funds, as well as business and clinical updates across its pipeline, including updated Phase 1b/2 data for REC-4881 in Familial Adenomatous Polyposis (FAP), promising early data in the Phase 1 DAHLIA trial for REC-1245, and a key milestone with Sanofi optioning a potential first-in-class immunology development candidate from their collaboration.

“Over the past 18 months, we've fundamentally transformed Recursion with a clear ambition: to repeatedly translate AI-driven discoveries into differentiated medicines for patients. And we're delivering. The proof points are stacking up — with REC-4881, we've demonstrated deep, durable reductions in precancerous polyps, particularly in the upper GI, where the unmet medical need is greatest, in a lifelong disease with no approved pharmacologic therapies. We're also seeing encouraging responses in heavily pretreated cancer patients with REC-1245, alongside continued validation of our platform through global pharma partnerships,” said Najat Khan, Ph.D., President and Chief Executive Officer of Recursion. “Importantly, these are independent proof points emerging from the same integrated engine. This financing strengthens our ability to build on that momentum, advance our highest-conviction programs, deliver on upcoming clinical milestones, and build long-term value with focus and discipline.”

Updates on our clinical programs are summarized below.

REC-4881 (in FAP) Phase 1b/2: Rapid and Durable Treatment Effect Across GI Tract, Polyp Reduction in Upper GI

FAP is a genetically defined driver of GI cancer, affecting >50,000 patients in the US and EU5 who face major surgeries and life-long surveillance with no approved therapies, representing a potential $15 billion opportunity, based on Company estimates. Among the approximately 35,000 post-colectomy patients, upper GI disease represents the highest unmet need in FAP, due to risks of bleeding and perforation from polyp removal, high complication rates from surgery, and higher cancer risk.

REC-4881, a potential first-in-class oral therapy granted FDA Orphan Drug and Fast Track designations, is designed to address both Wnt/β-catenin initiation and MAPK evolution pathways. The opportunity was identified through unbiased phenotypic screening using Recursion’s AI foundation models, which showed that MEK1/2 inhibition could potentially reverse the cellular effects of APC loss.

Topline data from the Phase 1b/2 TUPELO study of REC-4881 4 mg once daily, including the expanded adult (18+) FAP population (data cutoff: September 10, 2026):

• Total GI tract: After 12 weeks of treatment, 87% of patients had reductions in total polyp burden, with a 47% median reduction
  • 1 in 3 patients achieved a reduction of 65% or more
  • At Week 25, after a 12-week off-treatment follow-up, 85% were still below baseline
• Upper GI tract: After 12 weeks of treatment, 92% of patients had reductions in upper GI polyp burden
  • Nearly half achieved a reduction of 65% or more
  • Two patients achieved a ≥98% polyp burden reduction in the upper GI
  • 50% (6 of 12) improved by at least one Spigelman stage at Week 13
  • At Week 25, after a 12-week off-treatment follow-up period, 92% of patients were still below baseline
• Favorable safety profile supports potential for chronic dosing: No TRAEs above Grade 3 were observed. Most patients (21 of 26; 80.8%) had TRAEs of Grade 2 or lower, consistent with MEK1/2 inhibition, including dermatitis acneiform, rash, CPK increase, diarrhea, and asymptomatic LVEF decrease. Grade 3 TRAEs occurred in 4 patients. Four patients discontinued due to AEs, none because of a Grade 3 TRAE.
  

The Company anticipates initiating a registrational trial in the second half of 2027, pending the outcome of ongoing FDA discussions, and will provide additional details later this year.

Additional REC-4881 Phase 1b/2 data as of September 10, 2026 will be presented at the Collaborative Group of the Americas on Inherited Gastrointestinal Cancer (CGA-IGC) Annual Meeting on Monday, November 2.

REC-1245 Phase 1 Update: Partial responses observed with monotherapy; dose selected for expansion cohorts, including endometrial cancer

REC-1245 is a potential first-in-class oral molecular glue designed to exploit a synthetic-lethal vulnerability in cancers by degrading RBM39, a splicing factor that regulates genes involved in DNA repair and stress response. The target emerged from Recursion’s platform, which found that degrading RBM39 mimics the loss of CDK12, while sparing CDK13-associated liabilities. REC-1245 was identified within 18 months after screening only 204 compounds using Recursion’s design platform. Additional Phase 1 monotherapy data are expected in the second half of 2026, and preliminary dose expansion data in endometrial cancer are expected in the second half of 2027. Dose escalation will also continue in other solid tumor indications.

Early data from the Phase 1 dose-escalation portion of DAHLIA, our ongoing open-label Phase 1/2 study of REC-1245, show the following (data cutoff: August 21, 2026):

• Three partial responses per RECIST 1.1 criteria (2 confirmed, 1 unconfirmed) in heavily pretreated patients with endometrial cancer and hepatocellular carcinoma, all at doses of 45 mg once daily (QD) or higher, with a disease control rate of 91.7% at those doses (n=12).
• Recursion has selected 45 mg QD for expansion cohorts, including endometrial cancer, where limited second-line treatments are approved; at the 45 mg QD dose (n=10), no dose-limiting toxicities or treatment-related serious adverse events were observed, and treatment-related adverse events were predominantly Grade 1 or 2. Most frequent TRAEs were Grade 1 or Grade 2 fatigue and anemia (30% each).

Recursion Announces Sanofi Options Potential First-in-Class Immunology Development Candidate

On October 15, 2026, Recursion announced that Sanofi has optioned the first development candidate from the two companies’ multi-program research collaboration. The potential first-in-class oral small molecule was designed to achieve a differentiated profile against a challenging dual target implicated in inflammatory disease and was delivered by the combination of Recursion’s integrated AI-enabled drug design platform and small-molecule chemistry capabilities with Sanofi’s deep expertise in drug discovery and immunology.

The candidate has now been added to Sanofi’s development pipeline and is expected to enter phase 1 clinical trials in 2027, with Sanofi funding and leading further development and commercialization. The option triggered a $10 million milestone payment to Recursion, bringing total upfront and milestone payments under the collaboration to $144 million to date. Recursion remains eligible for more than $300 million in additional milestones under the program, with an average of low double-digit royalties on net product sales if approved. With the first development candidate optioned, the collaboration has now achieved six progress-based milestones across five programs.

Additional programs across the collaboration continue to advance. In 2027, other programs in the joint portfolio have the potential to reach development candidate and other progress-based milestones.

Other Portfolio Updates

Given the promising data in REC-4881 and REC-1245, Recursion plans to continue to focus resources on its high-impact partnerships and internal pipeline including REC-4881, REC-1245 (RBM39 - endometrial cancer and other solid tumors), REC-4539 (LSD1 - solid tumors and hematology), REC-7735 (PI3Kα H1047R - solid tumors) and REC-102 (ENPP1 - Hypophosphatasia). Recursion intends to pursue partnership opportunities to advance REC-617 (CDK7) and REC-3565 (MALT1).

Financial Update

• Cash position: As of September 30, 2026, we had cash, cash equivalents, and restricted cash of approximately $561 million, which figure is preliminary, unaudited and is subject to completion of the Company’s quarter-end financial close procedures. We expect to receive total gross proceeds of approximately $200 million from our October 2026 underwritten offering.
• Cash runway: Recursion expects its cash, including the net proceeds from today’s concurrently announced offering, to meet the Company’s operational needs into 2029.

This press release is not an offer to sell, nor is it a solicitation of an offer to buy, any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state or any jurisdiction.

About Recursion

Recursion (NASDAQ: RXRX) is a leading clinical-stage company pioneering AI-enabled drug discovery and development decoding biology to radically improve lives. Recursion is advancing a portfolio of differentiated investigational medicines across its wholly owned and partnered pipeline in oncology, rare disease, neuroscience, immunology, and other therapeutic areas with significant unmet need. Enabling its mission is the Recursion OS, an AI-native, end-to-end drug discovery and development platform integrating biology, chemistry, and clinical development into a unified intelligence system. Powered by proprietary multimodal data, purpose-built AI models, and bilingual teams fluent in both science and AI, the Recursion OS is designed to translate complex science into medicines that matter — faster, better, and at scale — for patients who are waiting.

Recursion's platform infrastructure is anchored in Salt Lake City, Utah and Milton Park, Oxfordshire, where its automated biology and chemistry laboratories generate proprietary data at industrial scale. Recursion also maintains offices in New York, Montréal, and London, three global hubs for talent and leadership at the intersection of AI and scientific innovation.

Media Contact
media@recursion.com

Investor Contact
investor@recursion.com

Forward-Looking Statements

This document contains information that includes or is based upon "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, those regarding the follow-on offering, including the expected gross proceeds, the anticipated closing and the intended use of proceeds; the timing and outcome of anticipated engagement with the FDA, including the definition of a registrational path for REC-4881, the timing of initiation of a registrational trial of REC-4881 in FAP, and the timing of additional details regarding such trial; the timing and content of data presentations, including at the CGA-IGC Annual Meeting; the potential of REC-4881 to address both drivers of FAP polyp growth and the durability, safety and efficacy of REC-4881; the planned expansion of REC-1245 into indication-specific cohorts, including endometrial cancer, at the selected expansion dose and the timing of additional REC-1245 data; expectations and developments with respect to licenses and collaborations, including Sanofi's development plans for the optioned candidate, the timing of any Phase 1 study, and the amount and timing of potential milestone payments and royalties; the occurrence or realization of potential milestones; plans to pursue partnership opportunities for REC-617 and REC-3565; financial position, including preliminary estimates of cash, cash equivalents and restricted cash as of September 30, 2026, and cash runway, including the expected impact of the offering; prospective products and their potential future indications, differentiated profiles and market opportunities, including estimates of diagnosed patient populations; expectations relating to early and late stage discovery, preclinical, and clinical programs, including timelines for commencement of and enrollment in studies and data readouts; developments with Recursion OS, including the ability to discover and develop new medicines; and all other statements that are not historical facts. Forward-looking statements may or may not include identifying words such as "plan," "will," "may," "could," "should," "expect," "anticipate," "intend," "believe," "estimate," "project," "designed to," "potential," "continue," and similar terms. These statements are subject to known or unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements, including but not limited to: challenges inherent in pharmaceutical research and development, including the timing and results of preclinical and clinical programs, where the risk of failure is high and failure can occur at any stage prior to or after regulatory approval due to lack of sufficient efficacy, safety considerations, or other factors; the fact that interim and preliminary clinical data, including data from a small number of patients in a single-arm study, may not be predictive of final results; our ability to leverage and enhance our drug discovery platform; the performance and limitations of our artificial intelligence and machine learning models and the data on which they are trained; our reliance on third parties, including collaborators, contract research organizations, and manufacturers; our ability to initiate clinical trials and enroll patients on expected timelines; the outcome of our discussions with the FDA, which may result in changes to the design or timing of, or delays in, our planned registrational trial of REC-4881; competition from other therapies and platforms; our ability to obtain financing for development activities and other corporate purposes; the satisfaction of customary closing conditions for the offering; the possibility that our preliminary estimate of cash, cash equivalents and restricted cash may change upon completion of our quarter-end financial close procedures; the success of our collaboration activities and our collaborators' discretion over option exercises, program advancement, and funding; our ability to obtain regulatory approval of, and ultimately commercialize, drug candidates; our ability to obtain, maintain, and enforce intellectual property protections; cyberattacks or other disruptions to our technology systems; our ability to attract, motivate, and retain key employees and manage our growth; inflation and other macroeconomic issues; and other risks and uncertainties such as those described under the heading "Risk Factors" in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K and our subsequent Quarterly Reports on Form 10-Q. All forward-looking statements speak only as of the date of this document and are based on management's current estimates, projections, and assumptions, and Recursion undertakes no obligation to correct or update any such statements, whether as a result of new information, future developments, or otherwise, except to the extent required by applicable law.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much is Recursion raising in its RXRX common-stock offering?

Recursion expects approximately $200 million in gross proceeds from its October 2026 underwritten common-stock offering. Participating investors include Janus Henderson Investors, Invus, Longaeva Partners, ARK Invest and Driehaus Capital Management.

What did Recursion's REC-4881 trial show in familial adenomatous polyposis?

REC-4881 produced a 47% median reduction in total gastrointestinal polyp burden after 12 weeks of treatment in the expanded adult population. After 12 weeks off treatment, 85% remained below baseline. The upper gastrointestinal median reduction was 55%, with 92% remaining below baseline after the off-treatment period.

What safety findings did Recursion report for REC-4881?

REC-4881 had Grade 3 treatment-related adverse events in four patients and no treatment-related events above Grade 3. Most patients, 21 of 26 (80.8%), had treatment-related events of Grade 2 or lower. Four patients discontinued due to adverse events, none because of a Grade 3 treatment-related event.

What additional payments could Recursion receive from the Sanofi candidate?

Recursion remains eligible for more than $300 million in additional program milestones, with an average of low double-digit royalties on net product sales if approved. The option-triggered $10 million milestone brings total upfront and milestone payments under the collaboration to $144 million to date.