The revenue beat was driven by a milestone payment, not recurring operations. Focus on the registrational trial start for REC-4881 in H2 2027 and REC-1245 expansion data in H2 2027 as key catalysts. Cash runway into 2029 reduces near-term financing risk.
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Executive Summary
Recursion Pharmaceuticals reported Q3 2026 revenue of $18.6M, well above the $14.8M consensus, driven by a $10M Sanofi milestone. Net loss per share was -$0.22, narrower than the -$0.23 consensus estimate. Key clinical updates include positive Phase 2 REC-4881 data in FAP and early Phase 1 REC-1245 responses, plus Sanofi optioning a development candidate for a $10M milestone. Cash runway extended into 2029 after a $187.2M follow-on offering.
Key Financial Metrics
Key Facts
- Q3 2026 total revenue $18.6M vs $5.2M a year ago; consensus was $14.8M.
- Net loss per share -$0.22 (basic/diluted) vs consensus -$0.23; prior year -$0.36.
- Net loss $119.0M vs $162.3M a year ago; operating cash burn $77.4M vs $117.4M.
- Cash, equivalents and restricted cash $561.5M at Sep 30; pro forma $748.7M after Oct 2026 offering.
- Sanofi optioned first development candidate from collaboration, triggering $10M milestone; total milestones from Sanofi now $144M.
- REC-4881 Phase 2 TUPELO data showed 87% of patients with polyp burden reduction, 47% median reduction, durable off-treatment.
- REC-1245 Phase 1 showed 2 confirmed partial responses in endometrial cancer, 91.7% disease control rate at >=45 mg.
- 2026 cash operating expense guidance reiterated at <$375M; 2027 guidance <$360M.
- Fred Hassan appointed Chair of the Board effective Oct 31, 2026.
Financial Impact
Revenue beat consensus by $3.8M (25.7%); net loss per share beat by $0.01 (4.3%); cash runway extended into 2029.
Risk Factors
- Revenue beat was non-recurring milestone-driven; core collaboration revenue ex-milestones was $8.6M.
- Clinical-stage biotech with no approved products; all programs in Phase 1/2 with high failure risk.
- Significant dilution from Oct 2026 offering (shares outstanding rose from ~447M to ~543M YoY).
- document contains text addressed to automated readers
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3393771 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Nov 4, 2026 today | Institutional Cluster | $3.78 | awaiting T+5 | awaiting T+5 | $3.91 (+3.44%) |
Nov 3, 2026 1d ago | 144 | $3.86 | awaiting T+5 | awaiting T+5 | $3.91 (+1.43%) |
Nov 2, 2026 1d ago | 8-K | No price | awaiting T+5 | awaiting T+5 | No price |
Nov 2, 2026 1d ago | Press Release | $3.81 | awaiting T+5 | awaiting T+5 | $3.91 (+2.62%) |
Nov 2, 2026 1d ago | Press Release | $3.83 | awaiting T+5 | awaiting T+5 | $3.91 (+2.17%) |
Nov 2, 2026 1d ago | Press Release | $3.81 | awaiting T+5 | awaiting T+5 | $3.91 (+2.62%) |
Oct 15, 2026 19d ago | 424B5 | $3.47 $3.58 | ▼ −3.32% | ▼ −3.23% | $3.91 (−12.84%) |
Oct 15, 2026 20d ago | 8-K | $4.16 $3.58 | ▼ −13.94% | ▼ −12.93% | $3.91 (−6.01%) |
Oct 15, 2026 20d ago | Press Release | $4.16 $3.58 | ▼ −13.94% | ▼ −12.93% | $3.91 (−6.01%) |
Oct 15, 2026 20d ago | Press Release | $4.16 $3.58 | ▲ +13.94% | ▲ +12.93% | $3.91 (+6.01%) |
US Market Status
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