SALT LAKE CITY, May 6, 2026 — Recursion (Nasdaq: RXRX), a clinical-stage TechBio company, has announced business updates highlighting pipeline execution, clinical progress, platform advancement and financial results for the first quarter ended March 31, 2026.
The company is on track to achieve multiple milestones across its wholly-owned and partnered programs. Recursion is maintaining its 2026 guidance of less than $390 million in operational cash burn, which is expected to support operations into early 2028 without additional financing.
According to Najat Khan, Ph.D., Chief Executive Officer and President of Recursion, the company is seeing strong momentum across its portfolio, with increasing evidence that its platform can translate biological and chemical insights into clinical programs. Recent progress includes encouraging initial safety and PK data in REC-1245 and the first patient dosed in REC-4539. These represent a growing set of proof points that demonstrate the company’s ability to translate platform insights into clinical programs, reflecting the strength of its end-to-end AI platform, with multiple differentiated internal and partnered programs advancing into and through the clinic.
Wholly Owned Pipeline Updates
Preliminary safety and pharmacokinetic (PK) data from REC-1245, a potential first-in-class RBM39 degrader, show early clinical progress for a novel approach to targeting cancer vulnerabilities linked to replication stress and DNA repair. Early data from the ongoing Phase 1/2 DAHLIA study show that REC-1245 was well-tolerated across select solid tumors (n=16) with no dose-limiting toxicities (DLTs) observed to date, and the maximum tolerated dose has not yet been reached. The majority of Treatment-Related Adverse Events (TRAEs) were Grade 1 or 2, most common GI-related events were constipation, nausea, and vomiting. Pharmacokinetic analysis demonstrates predictable, dose-dependent exposure across evaluated patients. Pharmacodynamic assessments demonstrate target engagement, and dose escalation is ongoing to determine the recommended Phase 2 dose for monotherapy expansion cohorts.
REC-1245 advanced from biological discovery to development candidate in 18 months, more than twice as fast as the industry average, demonstrating Recursion’s ability to identify novel targets and design differentiated molecules using its integrated AI-enabled platform.
REC-4881 is an allosteric MEK1/2 inhibitor being developed for familial adenomatous polyposis (FAP), a genetically defined disease driven by APC loss. Phase 2 positive proof-of-concept clinical data showed a median 43% reduction in polyp burden at Week 13, deepening to 53% at Week 25 following a treatment break, with 40% of patients demonstrating improvement in Spigelman stage, supporting a differentiated and durable profile in FAP. Safety was consistent with MEK1/2 inhibition, with mostly Grade 1-2 TRAEs, Grade 3 events in 15.8% of patients, no Grade ≥4 TRAEs, and commonly including dermatitis acneiform/rash and increased CPK. Recursion has initiated FDA engagement to align on a potential registrational study design, with an update expected in the second half of 2026. Expansion of TUPELO to include patients aged 18+ to support a broader development strategy is also ongoing.
In April, the first patient was dosed in the ENLYGHT Phase 1 clinical study for solid tumors, including small cell lung cancer (SCLC) with REC-4539, an AI-designed, LSD1 inhibitor. REC-4539 was precision designed to have a reversible mechanism and shorter predicted human half-life to address treatment-limiting platelet toxicity observed with other LSD1 inhibitors, enabling a potentially differentiated profile across solid tumors and hematologic malignancies. The differentiated, CNS-penetrant development candidate was delivered in approximately 20 months through Recursion’s AI-native design platform.
Programs continue to progress as planned.
Expected upcoming milestones across Recursion’s wholly-owned pipeline:
REC-4881 (MEK1/2): Regulatory update expected in 2H26. Additional Phase 1b/2 clinical data expected in 1H27.
REC-1245 (RBM39): Additional Phase 1 dose escalation data expected in 2H26.
REC-7735 (PI3Kα H1047R) and REC-102 (ENPP1): IND-enabling studies ongoing; data-driven go/no-go decision on Phase 1 initiation expected in 2H26.
REC-617 (CDK7): Early Phase 1 safety and PK combination data expected in 1H27.
REC-3565 (MALT1): Early Phase 1 safety and PK monotherapy data expected in 1H27.
REC-4539 (LSD1): Early Phase 1 safety and PK monotherapy data expected in 2H27.
Advancing Partnered Discovery
Recursion continues to advance partnered programs that leverage complementary strengths of the Recursion OS. The company has achieved over $500 million in milestone and upfront payments to date. In AI-enabled chemistry, Sanofi and Recursion joint programs continue progressing toward development candidate designation and earlier-stage milestones over the next 12 months, including programs designed against challenging targets in immunology and oncology. In AI-enabled biology, Recursion expects to continue jointly translating insights from its large-scale maps of biology delivered to Roche and Genentech into potential target validation milestones over the next 12 months.
The maps, jointly built by Recursion, Roche and Genentech are disease-relevant high-content maps built at large scale, including a Neuron map generated from a subset of 1 trillion internally manufactured iPSC-derived neuronal cells and a Microglia map generated from more than 100 billion internally manufactured iPSC-derived microglial cells. Additionally, they are combining their phenomics dataset with Roche and Genentech’s proprietary transcriptomics data to build multi-modal maps designed to explore potential novel targets and pathways by systematically linking gene perturbations to cellular phenotypes.
Recursion OS Advances
The Recursion Operating System (OS) is driving program development by integrating AI across multimodal biology, precision design, and next-generation clinical development—enabling faster, more efficient, and more innovative drug discovery and development from biology to insight, insight to molecule, and molecule to patient.
The integration of state of the art transcriptomics models help bridge the translation gap between what is seen in the lab and what matters in disease:
TxPert, recently featured in Nature Biotechnology, is a proof-of-principle model for predicting transcriptomic responses to perturbations. TxFM, presented at the ICLR Workshop on Foundation Models for Science, is a transcriptomics foundation model designed to connect lab perturbations with patient biology within the Recursion OS.
First Quarter 2026 Financial Results
Cash Position: Cash, cash equivalents and restricted cash were $665.2 million as of March 31, 2026 compared to $753.9 million as of December 31, 2025. Revenue: Total revenue, consisting primarily of revenue from collaboration agreements, was $6.5 million for the first quarter of 2026, compared to $14.7 million for the first quarter of 2025. Net loss was $117.5 million for the first quarter of 2026, compared to a net loss of $202.5 million for the first quarter of 2025.
Net cash used in operating activities was $81.1 million for the three months ended March 31, 2026, compared to net cash used in operating activities of $132.0 million for the three months ended March 31, 2025. Cash operating expense, excluding partnership inflows and transaction costs, for the three months ended March 31, 2026 was $85.1 million compared to $120.2 million for the three months ended March 31, 2025.
Recursion will host an Earnings Call on May 6, 2026 at 8:00 am ET / 6:00 am MT / 1:00 pm BST from Recursion’s X, LinkedIn, and YouTube accounts.
Source: Recursion
