# RXRX earnings call intelligence LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/RXRX) · [Earnings tab](https://www.lopjlb.com/stock/RXRX?tab=earnings) Updated: 2026-11-02T08:44:56 Quarters analyzed: 8 ## Cross-quarter narrative Across 8 calls for RXRX, management tone moved from +0.00 (2024 Q2) to +0.70 (2026 Q2). Latest guidance stance: lowered. Latest desk line: n/a ## Latest CallCard · Q2 **Guidance:** lowered — Lowered 2026 full year cash operating expense guidance to $375 million, nearly 40% reduction from comparable 2024 pro forma expenses; ended quarter with approximately $557 million cash and equivalents, providing operating runway through early 2028. **Tone:** mgmt 0.7 · Q&A pressure 0.5 · divergence 0.2 Management highlights inflection point, promising clinical data (43% polyp burden reduction), partnership milestones (Roche-Genentech neuroscience target, Sanofi), AI engine efficiency gains (330 compounds vs 2,500 industry, 1.5 vs 4 years), and significant OpEx reduction (40% vs 2024 pro forma). Language conveys confidence in platform validation and execution discipline. ### Demand visibility Pre-commercial stage; no approved therapies; patient/physician interest in FAP therapy noted. Management highlights unmet need in FAP with no approved systemic therapies, over 50,000 post-colectomy patients in US/EU5, $10B TAM; patient story illustrates demand for pharmaceutical intervention to reduce surgeries and endoscopic surveillance; REC-4881 Phase II data shows 43% median polyp burden reduction, durable off treatment, generating interest from treating physicians. ### Margins / costs Significant OpEx reduction via AI-driven efficiency; 2026 cash OpEx guidance lowered to $375M. Nearly 40% reduction from 2024 pro forma; achieved through Lab-in-the-Loop, AI agents compressing design cycles (4 hours to 30 minutes), fewer compounds synthesized (330 vs 2,500 industry), faster target-to-candidate (1.5 vs 4 years), improved enrollment (1.3-1.6x historical benchmarks), outcomes-based budgeting, G&A discipline; partnerships designed breakeven or profitable on direct cost basis. ### Capital allocation Cash runway through early 2028; disciplined spending on internal pipeline and partnerships; partnerships breakeven or profitable on direct cost basis. Ended quarter with ~$557M cash; partnerships generated >$500M realized inflows including >$260M from Roche-Genentech upfront/milestones with potential >$300M additional per program; Sanofi partnership progressing; outcomes-based budgeting ensures fully loaded cost visibility; focus on maximizing scientific ROI per dollar; G&A kept at low percentage of total cost. ### Milestones - **REC-4881 (FAP)** [on_track]: Phase II TUPELO data: 43% median polyp burden reduction at 3 months, durable off treatment; additional Phase II data at CGA-IGC Nov 2026; FDA engagement ongoing for registrational pathway; no approved therapies in FAP. - **REC-1245 (RBM39 degrader)** [on_track]: Early clinical safety and PK data generated; dose escalation ongoing; more comprehensive update expected later 2026; first-in-class target with limited clinical competition. - **REC-7735 (PI3Kα H1047R inhibitor)** [on_track]: IND cleared; Phase I initiation H2 2026; designed in 10 months with 242 compounds synthesized; >100x selectivity over wild-type; biomarker-selected population (H1047R mutation); initial monotherapy data expected H1 2028. - **Roche-Genentech neuroscience target** [delivered]: First unexplored neuroscience target advanced to joint early discovery program; >$260M upfront/milestones received; potential >$300M additional per program; validated via proprietary iPSC-derived neuronal atlas (1T neurons), foundation models, rigorous experimental cascade. - **Sanofi partnership** [on_track]: Fifth milestone achieved (novel lead series for first-in-class oncology target); potential nomination of oral I&I development candidate expected; validates ability to design differentiated small molecules against challenging targets. - **AI engine advancements** [on_track]: AI agents deployed across biology (target discovery connector), chemistry (design agent compressing cycles 4h to ## Quarter one-liners - **2026 Q2:** — - **2026 Q1:** Recursion reports clinical proof-of-concept for REC-4881 in FAP, early REC-1245 safety data, 30% OpEx cut, $665M cash (runway to early 2028), and 10 partnered milestones delivered. - **2025 Q4:** Recursion reports positive FAP Phase 2 POC, 5th Sanofi milestone, 35% OpEx cut, cash runway extended to early 2028, platform synthesizing 90% fewer compounds 2x faster.','tone': {'mgmt': 0.8, 'mgmt_rationale': 'Prepared remarks emphasize strong clinical progress (FAP POC), partnership momentum (Sano - **2025 Q3:** Recursion announced a CEO transition to Najat Khan, highlighted $800M cash runway to 2027, $30M partnership milestone, and ongoing program updates while emphasizing disciplined capital use. - **2025 Q2:** Recursion advances Recursion OS 2.0 post-Exscientia merger with Boltz-2 protein folding breakthrough, ClinTech platform deployed across pipeline, 6 internal programs at inflection points, $533M cash, runway to Q4 2027.','tone': {'mgmt': 0.8, 'mgmt_rationale': 'Management emphasizes platform integrat - **2025 Q1:** Recursion sharpens pipeline focus post-Exscientia combination, advancing 5+ clinical/preclinical programs (CDK7, RBM39, MALT1, PI3K, FAP, ENPP1) while discontinuing NF2, CCM, C. diff and pausing LSD1; highlights $450M partnership revenue and Recursion OS 2.0 platform progress with 2025-2026 catalyst - **2024 Q4:** Recursion highlights early efficacy signals, robust safety data and platform scale while noting revenue recognition complexity and ongoing partnership milestones. - **2024 Q2:** — ## Theme arcs - **Management tone** (improving): Δ mgmt=+0.70 ## Fear persistence - **compute moat** [resolved]: 2024 Q4 - **revenue recognition** [resolved]: 2024 Q4 - **efficacy uncertainty** [resolved]: 2024 Q4 - **nih funding cuts** [resolved]: 2024 Q4 - **cash burn** [resolved]: 2024 Q4 - **virtual cell timeline** [resolved]: 2024 Q4 - **partnership milestone timing** [resolved]: 2024 Q4 - **regulatory risk** [resolved]: 2024 Q4 - **leadership transition risk** [resolved]: 2025 Q3 - **drug development failure risk** [resolved]: 2025 Q3 ## Guidance path 2024 Q2:vague → 2024 Q4:maintained → 2025 Q1:vague → 2025 Q2:vague → 2025 Q3:maintained → 2025 Q4:vague → 2026 Q1:maintained → 2026 Q2:lowered --- Research context only. Not personalized investment advice. API: `GET /bff/api/bigfive/earnings-intel/RXRX`