$Recursion Pharmaceuticals(RXRX.US)

[RXRX's Major Collaboration Project Update]

Recursion collaborates with major partners such as Roche Genentech, Sanofi, Bayer, and Merck KGA.

The value creation from collaboration mainly comes from two aspects: first, jointly developing proprietary, purpose-fit datasets (such as phenotypic maps), and second, using AI modules to design challenging 'first-in-class' or 'best-in-class' projects.

Sanofi: The collaboration with Sanofi has recently reached the fourth milestone. This is a challenging target in the field of immunology, and this milestone marks the successful completion of lead series development. It is expected that multiple projects will advance to the development candidate stage in the next 12-15 months.

Roche Genentech: Five phenotypic maps have been constructed, including the neuroscience map delivered last year (based on over a trillion iPSC-derived cells, using whole-genome CRISPR knockout and other perturbation technologies) and four maps in the gastrointestinal/tumor field (one of which has been licensed).

Bayer and Merck KGA: Through Recursion's chemical platform, they are committed to developing molecules targeting challenging targets or identifying new or 'undruggable' targets from their biological maps.

Overall, the company expects that by the end of 2026, partnerships will bring over $100 million in milestone revenue.