10-Q Filing

RECURSION PHARMACEUTICALS, INC. CIK: 1601830 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001601830-23-000023`
Period End Date	20230331
Filing Date	20230508
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	rxrx-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 24 Cash Flow Statement 64 Stockholders Equity 21 Comprehensive Income 10

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$473.14M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$549.91M	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$1.28M	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$1.31M	USD	Point-in-time
Other receivables	`OtherReceivablesNetCurrent`	$2.06M	USD	Point-in-time
Other receivables	`OtherReceivablesNetCurrent`	$2.75M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$15.61M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$15.87M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Total current assets	`AssetsCurrent`	$492.12M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$569.81M	USD	Point-in-time
Restricted cash, non-current	`RestrictedCashNoncurrent`	$7.92M	USD	Point-in-time
Restricted cash, non-current	`RestrictedCashNoncurrent`	$7.92M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	2.00B	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	2.00B	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	192.23M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	191.02M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$90.00M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$88.19M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$35.12M	USD	Point-in-time
Common sock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	192.23M	shares	Point-in-time
Common sock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	191.02M	shares	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$33.26M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$1.31M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$1.32M	USD	Point-in-time
Goodwill	`Goodwill`	$801.00K	USD	Point-in-time
Goodwill	`Goodwill`	$801.00K	USD	Point-in-time
Other assets, non-current	`OtherAssetsNoncurrent`	-	USD	Point-in-time
Other assets, non-current	`OtherAssetsNoncurrent`	$82.00K	USD	Point-in-time
Total assets	`Assets`	$701.29M	USD	Point-in-time
Total assets	`Assets`	$627.37M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$4.25M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$4.59M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesCurrent`	$25.04M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesCurrent`	$32.90M	USD	Point-in-time
Unearned revenue	`ContractWithCustomerLiabilityCurrent`	$57.76M	USD	Point-in-time
Unearned revenue	`ContractWithCustomerLiabilityCurrent`	$56.73M	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$97.00K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$661.00K	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$5.95M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$4.44M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$92.15M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$100.27M	USD	Point-in-time
Unearned revenue, non-current	`ContractWithCustomerLiabilityNoncurrent`	$70.26M	USD	Point-in-time
Unearned revenue, non-current	`ContractWithCustomerLiabilityNoncurrent`	$57.09M	USD	Point-in-time
Notes payable, non-current	`LongTermNotesPayable`	$1.18M	USD	Point-in-time
Notes payable, non-current	`LongTermNotesPayable`	$536.00K	USD	Point-in-time
Operating lease liabilities, non-current	`OperatingLeaseLiabilityNoncurrent`	$44.42M	USD	Point-in-time
Operating lease liabilities, non-current	`OperatingLeaseLiabilityNoncurrent`	$46.77M	USD	Point-in-time
Total liabilities	`Liabilities`	$197.19M	USD	Point-in-time
Total liabilities	`Liabilities`	$215.48M	USD	Point-in-time
Commitments and contingencies (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.00001 par value; 2,000,000,000 shares (Class A 1,989,032,117 and Class B 10,967,883) authorized as of March 31, 2023 and December 31, 2022; 192,230,854 shares (Class A 184,514,645 and Class B 7,716,209) and 191,022,864 shares (Class A 183,209,655 and Class B 7,813,209) issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$2.00K	USD	Point-in-time
Common stock, $0.00001 par value; 2,000,000,000 shares (Class A 1,989,032,117 and Class B 10,967,883) authorized as of March 31, 2023 and December 31, 2022; 192,230,854 shares (Class A 184,514,645 and Class B 7,716,209) and 191,022,864 shares (Class A 183,209,655 and Class B 7,813,209) issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$2.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.13B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.14B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-704.88M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-639.56M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$430.18M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$485.81M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$493.57M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$542.94M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$627.37M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$701.29M	USD	Point-in-time

Income Statement 24 line items

Line Item	Tag	Value	Unit	Period
Total revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$12.13M	USD	1 Quarter
Total revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$5.33M	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$12.45M	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$7.80M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$32.44M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$46.68M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$21.07M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$22.87M	USD	1 Quarter
Total operating costs and expenses	`CostsAndExpenses`	$82.00M	USD	1 Quarter
Total operating costs and expenses	`CostsAndExpenses`	$61.31M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-55.98M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-69.86M	USD	1 Quarter
Other income, net	`NonoperatingIncomeExpense`	$2.00K	USD	1 Quarter
Other income, net	`NonoperatingIncomeExpense`	$4.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-65.33M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-55.98M	USD	1 Quarter
Net loss per share of Class A and B common stock, basic (in dollars per share)	`EarningsPerShareBasic`	$-0.34	USD	1 Quarter
Net loss per share of Class A and B common stock, basic (in dollars per share)	`EarningsPerShareBasic`	$-0.33	USD	1 Quarter
Net loss per share of Class A and B common stock, diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.33	USD	1 Quarter
Net loss per share of Class A and B common stock, diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.34	USD	1 Quarter
Weighted-average shares (Class A and B) outstanding, basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	170.69M	shares	1 Quarter
Weighted-average shares (Class A and B) outstanding, basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	191.62M	shares	1 Quarter
Weighted-average shares (Class A and B) outstanding, diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	170.69M	shares	1 Quarter
Weighted-average shares (Class A and B) outstanding, diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	191.62M	shares	1 Quarter

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-65.33M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-55.98M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$3.73M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.77M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$5.63M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$8.81M	USD	1 Quarter
Fixed asset impairment	`TangibleAssetImpairmentCharges`	$1.17M	USD	1 Quarter
Fixed asset impairment	`TangibleAssetImpairmentCharges`	-	USD	1 Quarter
Lease expense	`OperatingLeaseExpense`	$1.74M	USD	1 Quarter
Lease expense	`OperatingLeaseExpense`	$1.99M	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$-402.00K	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$-716.00K	USD	1 Quarter
Other receivables and assets	`IncreaseDecreaseInOtherOperatingAssets`	$7.55M	USD	1 Quarter
Other receivables and assets	`IncreaseDecreaseInOtherOperatingAssets`	$317.00K	USD	1 Quarter
Unearned revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$144.70M	USD	1 Quarter
Unearned revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-12.13M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.34M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-339.00K	USD	1 Quarter
Accrued development expense	`IncreaseDecreaseInAccruedDevelopmentExpense`	$676.00K	USD	1 Quarter
Accrued development expense	`IncreaseDecreaseInAccruedDevelopmentExpense`	$1.41M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$-15.90M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$-9.85M	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-2.44M	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-1.26M	USD	1 Quarter
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	-	USD	1 Quarter
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-85.00K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$77.39M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-73.32M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.34M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.17M	USD	1 Quarter
Purchase of an intangible asset	`PaymentsToAcquireIntangibleAssets`	$165.00K	USD	1 Quarter
Purchase of an intangible asset	`PaymentsToAcquireIntangibleAssets`	-	USD	1 Quarter
Sales and maturities of investments	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	-	USD	1 Quarter
Sales and maturities of investments	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$147.65M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.34M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$143.30M	USD	1 Quarter
Proceeds from equity incentive plans	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$2.11M	USD	1 Quarter
Proceeds from equity incentive plans	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$1.95M	USD	1 Quarter
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	$24.00K	USD	1 Quarter
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	$22.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.08M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.92M	USD	1 Quarter
Effect of exchange rate changes on cash, cash equivalents and restricted cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	1 Quarter
Effect of exchange rate changes on cash, cash equivalents and restricted cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-2.00K	USD	1 Quarter
Net change in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-76.74M	USD	1 Quarter
Net change in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$222.78M	USD	1 Quarter
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$559.11M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$518.12M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$482.38M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$295.35M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$559.11M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$518.12M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$482.38M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$295.35M	USD	Point-in-time
Accrued property and equipment	`CapitalExpendituresIncurredButNotYetPaid`	$4.33M	USD	1 Quarter
Accrued property and equipment	`CapitalExpendituresIncurredButNotYetPaid`	$244.00K	USD	1 Quarter
Right-of-use asset additions and modifications	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$3.52M	USD	1 Quarter
Right-of-use asset additions and modifications	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$1.55M	USD	1 Quarter
Financed equipment purchase	`FinancedEquipmentPurchase`	$1.21M	USD	1 Quarter
Financed equipment purchase	`FinancedEquipmentPurchase`	-	USD	1 Quarter
Cash paid for operating leases	`OperatingLeasePaymentsUse`	$1.26M	USD	1 Quarter
Cash paid for operating leases	`OperatingLeasePaymentsUse`	$2.44M	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$13.00K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$14.00K	USD	1 Quarter

Stockholders Equity 21 line items

Line Item	Tag	Value	Unit	Period
Common stock, shares outstanding at beginning period (in shares)	`CommonStockSharesOutstanding`	192.23M	shares	Point-in-time
Common stock, shares outstanding at beginning period (in shares)	`CommonStockSharesOutstanding`	191.02M	shares	Point-in-time
Total stockholders equity (deficit) at beginning of period	`StockholdersEquity`	$430.18M	USD	Point-in-time
Total stockholders equity (deficit) at beginning of period	`StockholdersEquity`	$485.81M	USD	Point-in-time
Total stockholders equity (deficit) at beginning of period	`StockholdersEquity`	$493.57M	USD	Point-in-time
Total stockholders equity (deficit) at beginning of period	`StockholdersEquity`	$542.94M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-65.33M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-55.98M	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	-	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-183.00K	USD	1 Quarter
Stock option exercises and other (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	582,395.00	shares	1 Quarter
Stock option exercises and other	`StockIssuedDuringPeriodValueStockOptionsExercised`	$882.00K	USD	1 Quarter
Stock option exercises and other	`StockIssuedDuringPeriodValueStockOptionsExercised`	$1.16M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$8.81M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$5.63M	USD	1 Quarter
Common stock, shares outstanding at end period (in shares)	`CommonStockSharesOutstanding`	192.23M	shares	Point-in-time
Common stock, shares outstanding at end period (in shares)	`CommonStockSharesOutstanding`	191.02M	shares	Point-in-time
Total stockholders equity (deficit) at end of period	`StockholdersEquity`	$430.18M	USD	Point-in-time
Total stockholders equity (deficit) at end of period	`StockholdersEquity`	$485.81M	USD	Point-in-time
Total stockholders equity (deficit) at end of period	`StockholdersEquity`	$493.57M	USD	Point-in-time
Total stockholders equity (deficit) at end of period	`StockholdersEquity`	$542.94M	USD	Point-in-time

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-65.33M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-55.98M	USD	1 Quarter
Unrealized loss on investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-222.00K	USD	1 Quarter
Unrealized loss on investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	-	USD	1 Quarter
Net realized loss on investments reclassified into net loss	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax`	$-39.00K	USD	1 Quarter
Net realized loss on investments reclassified into net loss	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax`	-	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	-	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-183.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-56.16M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-65.33M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.