Revenue: As of FY2026 Q1, the actual value is USD 6.472 M, missing the estimate of USD 15.78 M.EPS: As of FY2026 Q1, the actual value is USD -0.22, beating the estimate of USD -0.255.<h4>Revenue</h4>Total revenue for Recursion Pharmaceuticals, Inc. was $6.5 million for the first quarter of 2026, a decrease compared to $14.7 million for the first quarter of 2025. Operating revenue was $6.3 million in Q1 2026, down from $14.8 million in Q1 2025. Grant revenue was $0.2 million in Q1 2026, compared to -$0.1 million in Q1 2025.<h4>Operating Costs and Expenses</h4>Total operating costs and expenses decreased to $135.0 million in Q1 2026 from $206.1 million in Q1 2025. Research and development expenses decreased to $87.9 million for the first quarter of 2026, from $129.6 million for the first quarter of 2025, which included $27.1 million in non-cash expenses in Q1 2025. General and administrative expenses were $34.6 million for the first quarter of 2026, a decrease from $54.7 million for the first quarter of 2025. Cost of revenue was $12.5 million in Q1 2026, down from $21.8 million in Q1 2025.<h4>Profitability</h4>Loss from operations was -$128.5 million in Q1 2026, an improvement from -$191.4 million in Q1 2025. Other income, net was $6.4 million in Q1 2026, compared to -$11.3 million in Q1 2025. Loss before income tax benefit was -$122.1 million in Q1 2026, compared to -$202.6 million in Q1 2025. Income tax benefit was $4.6 million in Q1 2026, up from $0.2 million in Q1 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.<h4>Cash Flow</h4>Net cash used in operating activities was -$81.1 million for the three months ended March 31, 2026, an improvement from -$132.0 million for the three months ended March 31, 2025. Net cash used in investing activities was -$0.3 million in Q1 2026, compared to -$7.3 million in Q1 2025. Net cash provided by (used in) financing activities was -$3.5 million in Q1 2026, compared to $40.5 million in Q1 2025.<h4>Cash Position</h4>Cash, cash equivalents and restricted cash for Recursion Pharmaceuticals, Inc. were $665.2 million as of March 31, 2026, compared to $753.9 million as of December 31, 2025.<h4>Unique Metrics</h4>Cash operating expense (non-GAAP), excluding partnership inflows and transaction costs, was $85.1 million for the three months ended March 31, 2026, compared to $120.2 million for the three months ended March 31, 2025. Recursion Pharmaceuticals, Inc. achieved a 30% reduction in year-over-year cash operating expenses, amounting to $85 million in Q1 2026. The company has generated over $500 million in partner inflows and delivered more than 10 milestones. A specific partnership highlight includes the acceptance of the 5th Sanofi milestone, resulting in $4 million for a lead series in a potential first-in-class oncology program.<h4>Outlook / Guidance</h4>Recursion Pharmaceuticals, Inc. reiterates its 2026 guidance of less than $390 million in operational cash burn, supporting a cash runway into early 2028 without additional financing. The company anticipates a regulatory update and additional clinical data for REC-4881 in the second half of 2026, along with additional Phase 1 dose escalation data for REC-1245 in the same period. Furthermore, data-driven go/no-go decisions on Phase 1 initiation for REC-7735 and REC-102 are expected in the second half of 2026, with early safety and PK data for REC-4539, REC-617, and REC-3565 anticipated in 2027.

Recursion Pharmaceuticals | 8-K: FY2026 Q1 Revenue Misses Estimate at USD 6.472 M