RECURSION PHARMACEUTICALS, INC.
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 5, 2025
RXRX$3.52+0.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-05.
0001601830-25-000127
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-05.
0001601830-25-000166
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 130 previous paragraphs and 102 current paragraphs.
54 unchanged; 32 reworded; 15 added; 44 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 7 previous and 7 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (15)
Current report
•REC-617 (CDK7):
Current report
◦Recursion announced progress in its ELUCIDATE Phase 1/2 trial evaluating REC-617, a precision-designed oral CDK7 inhibitor. The monotherapy dose-escalation study established the maximum tolerated dose (MTD) at 10 mg once-daily, demonstrating a manageable safety profile and preliminary anti-tumor activity consistent with the December 2024 update.
Current report
◦As of September 29, 2025, 29 heavily pre-treated patients with advanced solid tumors had received REC-617 across six dose levels. Treatment was generally well tolerated, with the most common dose-limiting toxicities (DLTs) being nausea and thrombocytopenia. Grade ≥3 treatment-related adverse events (TRAEs) occurred in 27.6% of patients (n=8), with no Grade 4/5 TRAEs reported. Only 6.9% (n=2) discontinued due to a TRAE. Importantly, REC-617 demonstrated rates of GI-related toxicities consistent with best-in-class potential. Specifically, common GI toxicities with REC-617 treatment were diarrhea (69%), nausea (41%), and vomiting (28%). Toxicities reported for samuraciclib treatment also included diarrhea (82%), nausea (77%), and vomiting (80%) (Coombes et al, 2023).
Current report
◦REC-617 has shown early anti-tumor activity, including one confirmed partial response and five cases of stable disease. Pharmacokinetic data support dose-proportional exposure, rapid absorption, and a short half-life (~5 hours), in line with its design as a selective, reversible CDK7 inhibitor.
Current report
◦The ELUCIDATE study has now expanded into 2L+ platinum-resistant ovarian cancer (PROC), with a Phase 2 monotherapy cohort ongoing and a Phase 1 combination arm initiated. Combination regimens include bevacizumab plus paclitaxel or pegylated liposomal doxorubicin (PLD). Recursion is also leveraging Recursion OS insights to explore additional indications and dosing regimens for expansion cohorts.
Current report
•REC-7735 (PI3Kα H1047R):
Current report
◦Recursion announced progress on REC-7735, with nomination as a Development Candidate and IND-enabling studies now underway. REC-7735 is a precision-designed PI3K⍺ H1047R inhibitor generated using the Recursion OS. In preclinical studies, REC-7735 demonstrated significant tumor regressions at low doses, outperforming approved agents, while maintaining high selectivity (>100-fold) over wild-type PI3K⍺ to reduce the risk of dose-limiting hyperglycemia.
Current report
◦With a differentiated preclinical efficacy and tolerability profile, REC-7735 has the potential to be a best-in-class PI3K⍺ H1047R inhibitor for breast and other solid tumors harboring this mutation.
Current report
With the acceptance of the second neuro map and the $30 million milestone from Roche and Genentech, Recursion has now achieved more than $500 million in upfront and milestone payments from its partners. This milestone places Recursion among a small group of pre-commercial biotechnology companies to achieve such scale, underscoring the strength of its partnership strategy. These collaborations not only support the maintenance and expansion of the Recursion OS, but also provide access to insights from leading biopharma companies and the potential for future milestone payments exceeding $10 billion, as well as royalties across indications Recursion may not pursue independently.
Current report
•Roche and Genentech: Recursion announced that it has achieved a second $30 million milestone from its partner, Roche and Genentech. The payment follows the acceptance of a novel whole-genome phenotypic map ("phenomap") of microglial cells, which are critical for brain health and implicated in a wide range of neurodegenerative and neuroinflammatory diseases.
Current report
◦The milestone is part of a larger ongoing 10+ year collaboration to discover novel targets and develop potential therapeutic treatments for up to 40 programs in neuroscience and gastrointestinal oncology.
Current report
◦Together, Recursion, Roche and Genentech have identified a number of biological insights from the first neuroscience-focused phenomap, that could become novel targets of interest.
Current report
◦Roche and Genentech have already optioned an initial program in gastrointestinal oncology with additional potential targets/programs under exploration based off of 4 whole-genome GI oncology phenomaps accepted by the partner to date.
Current report
◦To date, Recursion has achieved $213 million in upfront and milestone payments through the collaboration.
Current report
◦Recursion and Sanofi are further advancing and expanding their joint pipeline across oncology and immunology.
Removed paragraphs (44)
Previous report
•REC-1245 (RBM39): Recursion provided updates on the biomarker strategy and patient population currently enrolling in the ongoing Phase 1/2 DAHLIA study.
Previous report
◦About REC-1245
Previous report
◦Potential first-in-class oral RBM39 degrader that selectively impairs alternative splicing to silence multiple DDR pathways, leading to high replication stress.
Previous report
◦Characterized to selectively mimic the phenotype associated with CDK12 loss of function using Recursion’s AI-powered maps of human biology.
Previous report
◦Update on target patient population
Previous report
◦Early preclinical data shows REC-1245 reduces viability in tumors characterized by replication stress and DNA repair vulnerabilities (DDR defects) across multiple solid tumor types, including MSI-H/dMMR, HRR altered cancers, and other tumors.
Previous report
◦Multi‑omic profiling underway to refine the molecular signature of sensitivity.
Previous report
◦Additional DAHLIA trial details
Previous report
◦Monotherapy dose-escalation of Phase 1/2 DAHLIA trial in patients with advanced solid tumors ongoing.
Previous report
◦Early safety and PK data from the Phase 1 dose-escalation portion on track for 1H26.
Previous report
•REC-617 (CDK7): Recursion initiated a combination dose escalation portion of the ELUCIDATE Phase 1/2 trial in 1H25.
Previous report
◦About REC-617
Previous report
◦Orally bioavailable, highly potent, and selective CDK7 inhibitor with best-in-class potential.
Previous report
◦Precision-designed using Recursion’s generative AI and active learning platform to optimize for non-covalent binding and ADME/PK, potentially delivering a broader therapeutic window, reduced off-target effects, and enhanced absorption.
Previous report
◦Early Phase 1/2 results demonstrated promising safety and efficacy signals, including a durable partial response in a late-stage metastatic ovarian cancer patient and stable disease across four other patients with solid tumors (e.g. CRC, NSCLC).
Previous report
◦Update on target patient population
Previous report
◦Based on early clinical, preclinical, and causal AI modeling data, Recursion selected ovarian cancer as the initial combination dose expansion cohort.
Previous report
◦Additional ELUCIDATE combination trial details
Previous report
◦REC-617 in combination with standards of care in 2L+ platinum-resistant ovarian cancer population. Enrollment activities have been initiated.
Previous report
◦Additional tumor types and therapies for single-arm expansion cohorts under evaluation.
Previous report
◦Additional data from monotherapy dose-escalation on-track for 2H25.
Previous report
◦REC-102 (ENPP1): Acquired full rights to REC-102, Recursion’s ENPP1 inhibitor for the treatment of hypophosphatasia (HPP), from its joint venture with Rallybio.
Previous report
▪REC-102 is the first potential oral disease-modifying treatment for HPP, a rare and debilitating genetic disorder with limited treatment options.
Previous report
▪Additional preclinical data from the REC-102 program will be presented at the 2025 American Society for Bone and Mineral Research (ASMBR), being held in Seattle, WA.
Previous report
•A poster titled Amelioration of osteomalacia in late-onset HPP mice via pharmacological inhibition of ENPP1 is scheduled for presentation on September 6, 2025 between 2:00 PM - 3:30 PM PT, during the Basic and Translational session.
Previous report
▪Phase 1 initiation remains on-track for 2H26.
Previous report
•REC-617 (CDK7): Additional monotherapy data expected in 2H25.
Previous report
•REC-7735 (PI3Kα H1047R): Preclinical studies ongoing with development candidate expected in 2H25.
Previous report
◦In 2Q, achieved a $7 million milestone payment for an immunology program. Under the collaboration, this is the fourth partnered program reaching a significant discovery milestone in 18 months.
Previous report
•Roche and Genentech: Recursion continues to make meaningful progress on both building additional neuromaps and driving target validation and small molecule programs in a single GI oncology indication.
Previous report
◦Neuro: To date, the collaboration has built a whole-genome knockout phenomap derived from over one trillion iPSC-derived neural cells, alongside around 5,000 transcriptomes representing approximately 171 TB of data.
Previous report
▪Potential neuroscience targets have been identified for validation from the map, and today multiple novel target validation programs are advancing leveraging the RecursionOS and Genentech’s biological expertise.
Previous report
▪Building additional neuromaps, including multi-modal maps, combining Roche and Genentech's expertise in single cell screens with Recursion’s and Genentech’s multi-omic machine learning capabilities.
Previous report
◦GI-Oncology: To date, Recursion has generated all whole genome scale and small molecule GI-oncology specific phenomaps contemplated in the partnership, from which both novel target and small molecule programs can be surfaced.
Previous report
◦One optioned program continues to advance toward lead series.
Previous report
◦Focused on advancing multiple novel target and/or compound programs.
Previous report
•Bayer: Recursion and Bayer have nominated multiple early discovery precision oncology programs against previously “undruggable” targets. Work is underway to advance multiple programs to lead series milestone decisions.
Previous report
•Merck KgAa, Darmstadt, Germany: Collaboration ongoing to identify first-in-class and best-in-class targets.
Previous report
•Actively expanding the Virtual Cell to understand and predict cellular behavior across a wider range of biology.
Previous report
◦Boltz-2 open source model released with MIT and Nvidia to commoditize state of the art performance for binding affinity prediction approaching the accuracy of physics-based free energy perturbation (FEP) calculations while being over 1,000 times faster and less computationally expensive. The open source tool has been downloaded by over 40,000 unique users to date.
Showing the first 40 of 44 passages. Open the source sections for the rest.
Reworded paragraphs (32)
Previous wording
•Recursion has achieved a significant scale with respect to its scientific, technological and business endeavors. With over 5 high potential clinical and pre-clinical programs across oncology and rare disease indications, four of the largest discovery partnerships in the biopharma industry with Roche-Genentech, Sanofi, Bayer and Merck KGaAand over four technology and data-focused partnerships, Recursion is on the precipice of demonstrating the potential of technology-driven approaches to increase speed, quality and scalability of drug discovery.
Current wording
•Recursion has achieved a significant scale with respect to its scientific, technological and business endeavors. With 6 high potential clinical and pre-clinical programs across oncology and rare disease indications, four of the largest discovery partnerships in the biopharma industry with Roche and Genentech, Sanofi, Bayer and Merck KGaAand over four technology and data-focused partnerships, Recursion is on the precipice of demonstrating the potential of technology-driven approaches to increase speed, quality and scalability of drug discovery.
Previous wording
•REC-4881 (MEK1/2): Additional data in FAP from TUPELO expected in 2H25.
Current wording
•REC-4881 (MEK1/2): Additional data in FAP from the Phase 2 TUPELO study expected in December 2025
Previous wording
•REC-3565 (MALT1): Early Phase 1 safety and PK monotherapy data expected in 2H26.
Current wording
•REC-3565 (MALT1): Early Phase 1 safety and PK monotherapy data expected in 1H27
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•REC-102 (ENPP1): Phase 1 initiation expected in 2H26.
Current wording
•REC-102 (ENPP1): Potential Phase 1 initiation expected in 2H26
Previous wording
•Potential for over $100 million in partnership milestones by the end of 2026.
Current wording
•Recursion is well on track for over $100 million in milestone payments by end of 2026
Previous wording
◦Several programs are advancing towards potential development candidate designation over the next 12-15 months.
Current wording
◦Programs are advancing towards potential development candidate designation over the next 12 months
Previous wording
◦Multiple neuroscience target validation programs advancing by leveraging the RecursionOS.
Current wording
◦Multiple neuroscience target validation programs advancing by leveraging the Recursion OS
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◦Sanofi is now leveraging combined RecursionOS 2.0, including phenomics, to identify new program opportunities.
Current wording
◦Sanofi continues to leverage combined Recursion OS 2.0, including phenomics, to identify new program opportunities.
Previous wording
◦Several programs are advancing towards potential development candidate designation over the next 12-15 months.
Current wording
◦Several programs are continuing to advance towards potential lead series and development candidate designation over the next 12 months.
Previous wording
Recursion OS 2.0: The platform is continuing to drive program development with applications across biology, chemistry and clinical development.
Current wording
Recursion OS 2.0: The platform is continuing to drive program development by integrating AI across multimodal biology, precision design, and clinical development—enabling faster, more efficient, and more innovative drug discovery and development.
Previous wording
Since 2023, our financing and operations activities include the following: In July 2023, we issued an aggregate of 7.7 million shares of our Class A common stock at a purchase price of $6.49 per share in the 2023 Private Placement with NVIDIA Corporation for net proceeds of approximately $49.9 million. In August 2023, we entered into an Open Market Sales Agreement with Jefferies LLC to provide for the offering, issuance and sale of up to an aggregate amount of$300.0 million of its Class A common stock. The Company sold 26.8 million shares and received net proceeds of $199.1 million under the agreement. In June 2024, we issued an aggregate of 35.4 million shares of our Class A common stock at a purchase price of$6.50 per share and received net proceeds of $216.4 million, after deducting transaction costs of $13.6 million. See Note 8, “Common Stock” to the Condensed Consolidated Financial Statements for additional information on the public offering. In September 2024, we received a Phenomap acceptance fee of $30.0 million from our collaboration with Roche. In February 2025, the Company terminated the Sales Agreement with Jefferies LLC and entered into a Sales Agreement with Citigroup Capital Markets Inc., to provide for the offering, issuance and sale of up to an aggregate amount of 500.0 million of its Class A common stock. As of June 30, 2025, an amount of $395.9 million remained available for future sales under the Sales Agreement. For the six months ended June 30, 2025, the Company has sold 22.3 million shares and received net proceeds of $104.1 million under the agreement.
Current wording
Since 2023, our financing and operations activities include the following: In July 2023, we issued an aggregate of 7.7 million shares of our Class A common stock at a purchase price of $6.49 per share in the 2023 Private Placement with NVIDIA Corporation for net proceeds of approximately $49.9 million. In August 2023, we entered into an Open Market Sales Agreement with Jefferies LLC to provide for the offering, issuance and sale of up to an aggregate amount of$300.0 million of its Class A common stock. The Company sold 26.8 million shares and received net proceeds of $199.1 million under the agreement. In June 2024, we issued an aggregate of 35.4 million shares of our Class A common stock at a purchase price of$6.50 per share and received net proceeds of $216.4 million, after deducting transaction costs of $13.6 million. See Note 8, “Common Stock” to the Condensed Consolidated Financial Statements for additional information on the public offering. In September 2024, we received a Phenomap acceptance fee of $30.0 million from our collaboration with Roche. In February 2025, the Company terminated the Sales Agreement with Jefferies LLC and entered into a Sales Agreement with Citigroup Capital Markets Inc., to provide for the offering, issuance and sale of up to an aggregate amount of 500.0 million of its Class A common stock. As of September 30, 2025, an amount of $136.4 million remained available for future sales under the Sales Agreement all of which was sold in October 2025. For the nine months ended September 30, 2025, the Company has sold 74.6 million shares and received net proceeds of $358.2 million under the agreement.
Previous wording
We use the capital we have raised to fund operating and investing activities across platform research operations, drug discovery, clinical development, digital and other infrastructure, creation of our portfolio of intellectual property and administrative support. We do not have any products approved for commercial sale and have not generated any revenues from product sales. We had cash and cash equivalents of $525.1 million as of June 30, 2025. Based on our current operating plan, we believe that our cash and cash equivalents will be sufficient to fund our operations for at least the next twelve months.
Current wording
We use the capital we have raised to fund operating and investing activities across platform research operations, drug discovery, clinical development, digital and other infrastructure, creation of our portfolio of intellectual property and administrative support. We do not have any products approved for commercial sale and have not generated any revenues from product sales. We had cash and cash equivalents of $659.8 million as of September 30, 2025. Based on our current operating plan, we believe that our cash and cash equivalents will be sufficient to fund our operations for at least the next twelve months.
Previous wording
Since inception, we have incurred significant operating losses. Our net losses were $171.9 million and $374.4 million during the three and six months ended June 30, 2025, respectively. Our net losses were $97.5 million and $188.9 million during the three and six months ended June 30, 2024, respectively. As of June 30, 2025, our accumulated deficit was $1.8 billion.
Current wording
Since inception, we have incurred significant operating losses. Our net losses were $162.3 million and $536.6 million during the three and nine months ended September 30, 2025, respectively. Our net losses were $95.8 million and $284.8 million during the three and nine months ended September 30, 2024, respectively. As of September 30, 2025, our accumulated deficit was $2.0 billion.
Previous wording
We anticipate that we will need to raise additional financing in the future to fund our operations, including the potential commercialization of any approved product candidates. Until such time, if ever, as we can generate significant product revenue, we expect to finance our operations with our existing cash and cash equivalents, any future equity or debt financings and upfront, milestone and royalty payments, if any, received under current or future license or collaboration agreements. We may not be able to raise additional capital on terms acceptable to us or at all. If we are unable to raise additional capital when desired, our business, results of operations and financial condition may be adversely affected.
Current wording
As of September 30, 2025, we did not have any unconditional outstanding commitments for additional funding. We anticipate that we will need to raise additional financing in the future to fund our operations, including the potential commercialization of any approved product candidates. Until such time, if ever, as we can generate significant product revenue, we expect to finance our operations with our existing cash and cash equivalents, any future equity or debt financings and upfront, milestone and royalty payments, if any, received under current or future license or collaboration agreements. We may not be able to raise additional capital on terms acceptable to us or at all. If we are unable to raise additional capital when desired, our business, results of operations and financial condition may be adversely affected.
Previous wording
For the three and six months ended June 30, 2025, the increase in revenue compared to prior period was due to the timing of projects from the Company’s Sanofi, Roche and Merck KGaA, Darmstadt, Germany collaborations.
Current wording
For the three and nine months ended September 30, 2025, the decrease in revenue compared to prior period was due to the timing of projects from the Company’s Sanofi, Roche and Merck KGaA, Darmstadt, Germany collaborations. For the three months ended September 30, 2024, we recognized revenue related to the acceptance fee for the completion of a Phenomap for one of our neuroscience performance obligations for the Roche agreement. Prior to the three months ended September 30, 2024, we had fully constrained the $30.0 million acceptance fee.
Previous wording
For the three and six months ended June 30, 2025, the change in cost of revenue compared to prior period was due to our Exscientia acquisition for which our results now also include additional customers.
Current wording
For the three and nine months ended September 30, 2025, the change in cost of revenue compared to prior period was due to our Exscientia acquisition for which our results now also include additional customers.
Previous wording
For the three months ended June 30, 2025, the increase in research and development expenses compared to the prior period was primarily driven by Tempus record purchases of $22.7 million, the inclusion of Exscientia’s results of $29.6 million and increased personnel costs.
Current wording
For the three months ended September 30, 2025, the increase in research and development expenses compared to the prior period was primarily driven by acquired IPR&D purchases of $22.8 million and the inclusion of Exscientia’s results of $29.6 million.
Previous wording
For the six months ended June 30, 2025, the increase in research and development expenses compared to the prior period was primarily driven by Tempus record purchases of $46.9 million, the inclusion of Exscientia’s results of $55.5 million and increased personnel costs.
Current wording
For the nine months ended September 30, 2025, the increase in research and development expenses compared to the prior period was primarily driven by Tempus record purchases of $46.9 million, the inclusion of Exscientia’s results of $85.1 million and acquired IPR&D purchases of $22.8 million.
Previous wording
For the six months ended June 30, 2025, the increase in general and administrative expense compared to prior period was primarily driven by the inclusion of Exscientia’s results of $12.4 million, an increase in salaries and wages of $12.9 million and severance expenses related to the June 2025 program of $8.4 million.
Current wording
For the three months ended September 30, 2025, the increase in general and administrative expense compared to prior period was primarily driven by the inclusion of Exscientia’s results.
Previous wording
For the three months ended June 30, 2025, the increase in general and administrative expense compared to prior period was primarily driven by the inclusion of Exscientia’s results of $4.6 million, an increase in salaries and wages of $2.8 million and severance expenses related to the June 2025 program of $8.4 million.
Current wording
For the nine months ended September 30, 2025, the increase in general and administrative expense compared to prior period was primarily driven by the inclusion of Exscientia’s results of $23.9 million and an increase in salaries and wages of $15.0 million.
Previous wording
For thethree months ended June 30, 2025, the increase in other income (loss), net compared to prior period related to an increase in interest income driven by our increase in earnings on cash and cash equivalents in money market funds.
Current wording
For thethree months ended September 30, 2025, the increase in other income (loss), net compared to prior period related to an increase in other income driven primarily by foreign currency gains and investing activities.
Previous wording
For thesix months ended June 30, 2025, the decrease in other income (loss), net compared to prior period related to our loss on disposal of Exscientia GmbH of $4.5 million and our Vienna lease termination fee of $5.2 million.
Current wording
For thenine months ended September 30, 2025, the increase in other income (loss), net compared to prior period related to our loss on disposal of Exscientia GmbH of $4.5 million and our Vienna lease termination fee of $5.2 million. This decrease is partially offset by an increase in interest income driven by our increase in earnings on cash and cash equivalents.
Previous wording
We have not yet commercialized any products and do not expect to generate revenue from the sales of any product candidates for at least several years. Cash and cash equivalents totaled $525.1 million and $594.3 million as of June 30, 2025 and December 31, 2024, respectively.
Current wording
We have not yet commercialized any products and do not expect to generate revenue from the sales of any product candidates for at least several years. Cash and cash equivalents totaled $659.8 million and $594.3 million as of September 30, 2025 and December 31, 2024, respectively.
Previous wording
We have incurred operating losses and experienced negative operating cash flows and we anticipate that the Company will continue to incur losses for at least the foreseeable future. Our net loss was $171.9 million and $374.4 million during the three and six months ended June 30, 2025, respectively. Our net loss was$97.5 million and$188.9 million during thethree and six months ended June 30, 2024, respectively. As of June 30, 2025, we had an accumulated deficit of $1.8 billion.
Current wording
We have incurred operating losses and experienced negative operating cash flows and we anticipate that the Company will continue to incur losses for at least the foreseeable future. Our net loss was $162.3 million and $536.6 million during the three and nine months ended September 30, 2025, respectively. Our net loss was$95.8 million and$284.8 million during thethree and nine months ended September 30, 2024, respectively. As of September 30, 2025, we had an accumulated deficit of $2.0 billion.
Previous wording
Since 2023, we have financed our operations primarily through Class A common stock issuances. As of June 30, 2025, we have received net proceeds of $569.5 million from Class A common stock issuances. See Note 8, “Common Stock” to the Condensed Consolidated Financial Statements for additional details on Class A common stock issuances. Additionally, as of June 30, 2025, we have received proceeds of $44.0 million from our strategic partnerships. See Note 9, “Collaborative Development Contracts” to the Condensed Consolidated Financial Statements for additional details on the strategic partnerships.
Current wording
Since 2023, we have financed our operations primarily through Class A common stock issuances. As of September 30, 2025, we have received net proceeds of $823.6 million from Class A common stock issuances. See Note 8, “Common Stock” to the Condensed Consolidated Financial Statements for additional details on Class A common stock issuances. Additionally, as of September 30, 2025, we have received proceeds of $44.0 million from our strategic partnerships. See Note 9, “Collaborative Development Contracts” to the Condensed Consolidated Financial Statements for additional details on the strategic partnerships.
Previous wording
Cash used by operating activities increased during the six months ended June 30, 2025 as a result of higher costs incurred for research and development and general and administrative due to the Company’s acquisition of Exscientia. This included Exscientia GmbH disposal related payments of $9.7 million and severance payments of $10.4 million. See Note 4,“Acquisitions” to the Consolidated Financial Statements for additional details related to the Exscientia acquisition and Exscientia GmbH disposal.
Current wording
Cash used by operating activities increased during the nine months ended September 30, 2025 as a result of higher costs incurred for research and development and general and administrative primarily due to the Company’s acquisition of Exscientia. This included Exscientia GmbH disposal related payments of $9.7 million and severance payments of $14.3 million. See Note 4,“Acquisitions” to the Consolidated Financial Statements for additional details related to the Exscientia acquisition and Exscientia GmbH disposal.
Previous wording
Cash used by operating activities increased during the six months ended June 30, 2024 as a result of higher costs incurred for research and development and general and administrative due to the Company’s expansion and upgraded capabilities.
Current wording
Cash used by operating activities increased during the nine months ended September 30, 2024 as a result of higher costs incurred for research and development and general and administrative due to the Company’s expansion and upgraded capabilities.
Previous wording
Cash used by investing activities during the six months ended June 30, 2025 consisted of the disposal of Exscientia GmbH of $4.4 million and property and equipment purchases of $5.0 million.
Current wording
Cash used by investing activities during the nine months ended September 30, 2025 primarily consisted of the disposal of Exscientia GmbH of $4.4 million and property and equipment purchases of $5.2 million.
Previous wording
Cash used by investing activities during the six months ended June 30, 2024 consisted primarily of purchases of property and equipment of $7.8 million, which included $2.9 million for a project to upgrade the BioHive -2 supercomputer and $2.7 million for lab equipment purchases. Additionally, investing activities included the purchase of an intangible asset of$3.0 million from Helix.
Current wording
Cash used by investing activities during the nine months ended September 30, 2024 consisted primarily of purchases of property and equipment of $12.4 million, which included $2.9 million for a project to upgrade the BioHive -2 supercomputer and $2.7 million for lab equipment purchases. Additionally, investing activities included the purchase of an intangible asset of$3.0 million from Helix.
Previous wording
Cash provided by financing activities during the six months ended June 30, 2025 primarily included proceeds of $141.0 million from common stock issuances. Financing outflows included a $3.0 million payment for the purchase of an intangible asset that was not soon after the purchase.
Current wording
Cash provided by financing activities during the nine months ended September 30, 2025 primarily included proceeds of $395.5 million from common stock issuances. Financing outflows included a $3.0 million payment for the purchase of an intangible asset that was not soon after the purchase.
Previous wording
Cash provided by financing activities during the six months ended June 30, 2024 primarily included proceeds of $272.4 million from common stock issuances. Financing cash inflows also included proceeds from equity incentive plans of $4.7 million.
Current wording
Cash provided by financing activities during the nine months ended September 30, 2024 primarily included proceeds of $289.4 million from common stock issuances. Financing cash inflows also included proceeds from equity incentive plans of $6.4 million.
Previous wording
A summary of the Company’s significant accounting estimates and policies is included in Note 2, “Summary of Significant Accounting Policies” in our 2024 Annual Report. There were no significant changes in the Company’s application of its critical accounting policies during the six months ended June 30, 2025.
Current wording
A summary of the Company’s significant accounting estimates and policies is included in Note 2, “Summary of Significant Accounting Policies” in our 2024 Annual Report. There were no significant changes in the Company’s application of its critical accounting policies during the nine months ended September 30, 2025.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
•REC-7735 (PI3Kα H1047R): Potential Phase 1 initiation expected in 2H26