Recursion

What Recursion does

Recursion Pharmaceuticals, Inc. is a drug developer based in Salt Lake City, Utah. It dates its inception to November 2013, according to its 2025 annual report. Its Class A shares have traded on the Nasdaq Global Select Market as RXRX since April 16, 2021. The report says the company had no products approved for sale.

Recursion calls its platform the Recursion OS. It describes it as an AI-native system that joins biology, chemistry and clinical development. Automated labs in Salt Lake City and in Milton Park, Oxfordshire, generate the company's own data. It also has offices in New York, Montreal and London.

Najat Khan, Ph.D., has led the company as president and chief executive since January 1, 2026. The board named her in November 2025, an SEC filing shows. She had been chief R&D officer and chief commercial officer. Co-founder Chris Gibson, the previous CEO, became board chair.

How AI pointed to REC-4881

REC-4881 is an experimental pill for familial adenomatous polyposis (FAP). FAP is an inherited condition that causes many precancerous polyps in the gut. Recursion says an early version of its platform screened thousands of compounds on cells without a working APC gene. REC-4881 was among the strongest at moving those cells toward a healthy state. Recursion then licensed the molecule from Takeda, which had tested it in solid tumors, the company said in December 2025.

On October 15, 2026, Recursion reported that 13 of 15 adults in its TUPELO trial had less total polyp burden after 12 weeks. It put the median reduction at 47%. The data come from a small study with no comparison group. Recursion says it anticipates starting a registrational trial in the second half of 2027. It says that is pending the outcome of ongoing FDA discussions. The drug has FDA Orphan Drug and Fast Track designations, which are not approvals.

Pipeline, partners and money

As of October 2026, Recursion said it would keep focusing resources on partnerships and on internal programs including REC-4881, REC-1245, REC-4539, REC-7735 and REC-102. It intends to seek partners for REC-617 and REC-3565. REC-1245 is an experimental cancer drug designed to break down a protein called RBM39.

Partnerships also bring in money. Roche and Genentech had paid $216 million in upfront and milestone payments by August 2026, the company said. On October 15, 2026, Recursion said Sanofi had optioned the first development candidate from their collaboration. That triggered a $10 million milestone payment, bringing Sanofi's upfront and milestone payments to $144 million.

The same day, Recursion priced 61,540,000 shares at $3.25 each. Gross proceeds were expected to be about $200 million before fees. It estimated its cash at about $561 million on September 30, 2026, a preliminary figure. With the offering, it expects its cash to last into 2029, its filing says.

Setbacks along the way

Recursion combined with Exscientia, another AI drug discovery company, on November 20, 2024. In May 2025 it said it would stop developing drugs for cerebral cavernous malformation and neurofibromatosis type 2 after weak results, BioPharma Dive reported. A restructuring the next month cut 20% of the workforce, about 160 jobs, GEN reported.

Recursion's own October 2026 release carries a warning. It says early data from a small number of patients in a single-arm study may not predict final results.