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SALT LAKE CITY - Recursion Pharmaceuticals , Inc. (NASDAQ:RXRX) reported fourth quarter results that fell short of analyst expectations, sending shares down 1.8% in after-hours trading.
The clinical-stage TechBio company posted a loss of $0.53 per share for Q4, wider than the $0.41 loss analysts had forecast. Revenue came in at $4.55 million, significantly below the consensus estimate of $13.4 million.
For the full year 2024, Recursion generated revenue of $58.8 million, up from $44.6 million in 2023. The increase was primarily driven by a $30 million payment from Roche and Genentech related to the completion of Recursion’s first neuroscience phenomap.
"In 2024, Recursion made a transformative leap with the largest TechBio merger in history, combining our pipeline, partnerships, people and platform to further accelerate the Recursion OS as the leading full-stack TechBio platform," said Chris Gibson, Ph.D., Co-Founder and CEO of Recursion.
The company highlighted promising early efficacy data for two clinical programs - REC-617 for solid tumors and REC-994 for cerebral cavernous malformations. It also initiated three new clinical studies across oncology, rare disease, and recurrent C. difficile infection.
Recursion ended the year with $603 million in cash and equivalents, compared to $401.4 million at the end of 2023. The company expects its cash runway to extend into 2027.
While the quarterly results missed expectations, Recursion emphasized its progress in advancing its AI-powered drug discovery platform and clinical pipeline. The modest stock decline suggests investors are taking a measured view of the company’s long-term potential despite the near-term earnings miss.
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