The successful clinical validation of REC-4881 and durable patient outcomes in FAP represent a major inflection point for Recursion's AI platform, potentially de-risking future programs. The extended cash runway into 2028 provides substantial optionality for clinical advancement without near-term dilution risk. Traders should monitor upcoming FDA engagement on REC-4881 in 1H26 and additional clinical data expected in 1H27.
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Executive Summary
Recursion reported strong financial results for Q4 and full year 2025, highlighted by a 689% year-over-year increase in revenue to $74.7 million, driven by collaboration milestones. The company achieved its first clinical validation with REC-4881 in FAP, demonstrated durable polyp reduction, and advanced its pipeline. Cash position grew to $754 million, with runway extended into early 2028 and 2026 operating cash expense expected to be under $390 million.
Key Financial Metrics
Key Facts
- Revenue increased 689% YoY to $74.7 million for FY2025, driven by $30 million Roche milestone and Sanofi collaboration growth
- First clinical validation achieved with REC-4881 in FAP: 75% of patients showed polyp reduction after 12 weeks, with durable 53% median reduction after 12 weeks off therapy
- Cash position reached $754 million, extending cash runway into early 2028 without additional financing
- Operating cash expense for 2025 was $399.2 million, 10% below guidance, with 2026 expense expected to be under $390 million
- Net loss widened to $644.8 million for FY2025 from $463.7 million in FY2024, primarily due to inclusion of Exscientia results
- Achieved fifth milestone with Sanofi, totaling $134 million in payments to date, and received $30 million milestone from Roche for microglia map
Financial Impact
Revenue increased from $58.8M to $74.7M year-over-year, driven by collaboration milestones. Cash position increased from $603M to $754M. Operating cash expense guidance improved to <$390M for 2026.
Segment Breakdown
| Segment | Revenue |
|---|---|
| Collaboration Revenue | $74.3M |
| Grant Revenue | $425.0K |
Risk Factors
- Net loss widened significantly year-over-year, reflecting ongoing R&D investments
- Revenue is heavily dependent on collaboration milestones which may be lumpy
- REC-4881 is still in early stages with limited patient data (n=12)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001601830-26-000038 |
| Document: ye25earningsdeck_final.htm | 0001601830-26-000038 |
| Document: 0001601830-26-000038-index-headers.html | 0001601830-26-000038 |
| Document: 0001601830-26-000038-index.html | 0001601830-26-000038 |
| Document: 0001601830-26-000038.txt | 0001601830-26-000038 |
| CONTEXT: Previous Earnings (2026-02-25) | 0001601830-26-000038 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 10d ago | 424B5 | $3.47 $3.58 | ▼ −3.32% | ▼ −3.23% | $3.80 (−9.67%) |
Oct 15, 2026 11d ago | 8-K | $4.16 $3.58 | ▼ −13.94% | ▼ −12.93% | $3.80 (−8.65%) |
Oct 15, 2026 11d ago | Press Release | $4.16 $3.58 | ▼ −13.94% | ▼ −12.93% | $3.80 (−8.65%) |
Oct 15, 2026 11d ago | Press Release | $4.16 $3.58 | ▲ +13.94% | ▲ +12.93% | $3.80 (+8.65%) |
Oct 15, 2026 11d ago | Press Release | $4.16 $3.58 | ▼ −13.94% | ▼ −12.93% | $3.80 (−8.65%) |
Oct 15, 2026 11d ago | 424B5 | $4.16 $3.58 | ▲ +13.94% | ▲ +12.93% | $3.80 (+8.65%) |
Oct 6, 2026 20d ago | 144 | $4.63 $3.84 | ▼ −17.17% | ▼ −17.03% | $3.80 (−17.93%) |
Oct 6, 2026 20d ago | 144 | $4.63 $3.84 | ▼ −17.17% | ▼ −17.03% | $3.80 (−17.93%) |
Sep 21, 2026 5w ago | 8-K | $3.97 $3.70 | ▼ −6.80% | ▼ −5.78% | $3.80 (−4.28%) |
Sep 10, 2026 6w ago | Insider Cluster | $3.20 $3.83 | ▲ +19.69% | ▲ +20.03% | $3.80 (+18.75%) |
US Market Status
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