Recursion Pharmaceuticals, Inc.(NASDAQ:RXRX) 
Recursion Pharmaceuticals, Inc. operates as a clinical-stage biotechnology company decoding biology by integrating technological innovations across biology, chemistry, automation, data science, and engineering to industrialize drug discovery. It has four clinical-stage drug candidates focused on rar...
Website: http://www.recursion.com
Founded: 2013
CEO: Chris Gibson
Sector: Healthcare
Industry: Biotechnology
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At a glance:
- AI-Driven Drug Discovery Platform with High R&D Intensity: Recursion Pharmaceuticals applies machine learning to large-scale biological and chemical datasets to accelerate drug discovery, which results in substantial ongoing R&D spend relative to current revenues.
- Revenue Base is Limited; Progress Tied to Partnerships and Milestones: The company’s near-term revenue is typically driven by collaboration agreements, upfront payments, and milestone potential rather than broad commercial product sales.
- Pipeline Execution and Clinical Readouts Are Key Value Drivers: Share performance and fundamentals are highly sensitive to clinical trial progress, efficacy/safety data, and decisions to advance or discontinue internal programs.
- Cash Burn is a Core Focus; Runway Depends on Capital Strategy: As a pre-commercial/early-commercial biotech, Recursion commonly operates at a loss with meaningful cash usage, making liquidity, financing conditions, and potential non-dilutive funding important considerations.
- Model Performance and Data Moat Are Competitive Differentiators: Sustained advantage depends on the quality/scale of proprietary datasets, predictive model performance, and the ability to translate computational insights into validated therapeutics.
Bull Thesis:
- Proprietary AI-Driven Drug Discovery Platform: Recursion's integrated 'Recursion OS' platform, combining high-throughput wet-lab experimentation with advanced AI/ML, offers a potentially transformative approach to drug discovery, aiming to accelerate identification of novel targets and compounds with higher success rates than traditional methods.
- Exponential Data Generation and Platform Learning: The company's automated wet labs generate an unprecedented scale of biological and chemical data, which continuously feeds and improves their machine learning models. This creates a powerful data moat and network effect that enhances drug discovery capabilities and predictive power over time.
- Validation Through Strategic Partnerships: Collaborations with industry giants like Bayer, Roche/Genentech, and NVIDIA not only provide significant non-dilutive funding and external validation of Recursion's technology but also offer access to vast resources, expertise, and computing power, accelerating pipeline development and market reach.
- NVIDIA Investment and AI Integration: NVIDIA's significant investment and strategic partnership underscore the potential of Recursion's AI-first approach. This collaboration provides access to cutting-edge computing infrastructure and AI expertise crucial for scaling their machine learning models and accelerating drug discovery at an unprecedented pace.
Bear Thesis:
- Unproven AI-Driven Drug Discovery Efficacy: While promising, the long-term efficacy and superiority of Recursion's AI-driven platform in consistently delivering successful drug candidates to market at scale remain largely unproven. The technology still faces the same high failure rates and lengthy timelines inherent in traditional drug development, despite the AI acceleration.
- High Cash Burn and Future Funding Needs: Recursion operates with a substantial cash burn rate due to extensive R&D, platform development, and clinical trials. This necessitates significant future capital raises that could lead to substantial shareholder dilution or increased debt, especially if clinical milestones are delayed or missed.
- Intense Competition in AI Drug Discovery: The AI drug discovery space is becoming increasingly crowded with well-funded startups and established pharmaceutical companies developing their own AI capabilities. This intense competition could erode Recursion's competitive edge, make it harder to attract top talent, or secure future partnerships on favorable terms.
- Inherent Clinical Trial and Regulatory Risks: Despite an AI-accelerated discovery process, Recursion's drug candidates are still subject to the same high failure rates, lengthy timelines, and stringent regulatory hurdles of traditional clinical trials. Any setbacks in these phases can significantly impact timelines, commercial viability, and investor confidence.
Main Competitors:
- BenevolentAI ($BAI.L) (AI-driven drug discovery platform and pipeline), Competes directly by leveraging its own AI-driven drug discovery platform and extensive biomedical knowledge graph to identify novel drug targets and accelerate the development of new therapeutics, aiming for similar efficiencies and success rates as Recursion.
- Exscientia ($EXAI) (AI-driven precision medicine platform), Competes by employing its AI-driven precision medicine platform to design novel molecules and optimize drug candidates, aiming to bring drugs to clinical trials faster and with higher success rates, directly challenging Recursion's AI-first approach to drug discovery.
- Insilico Medicine (End-to-end AI-driven drug discovery and development platform (Pharma.AI)), Competes by utilizing its end-to-end AI-driven drug discovery platform to discover novel targets and generate new molecules, demonstrating rapid pipeline progression and aiming to industrialize drug discovery through AI, similar to Recursion's vision.
- Schrödinger ($SDGR) (Physics-based computational platform for drug discovery and materials science), Competes by offering a leading physics-based computational platform that significantly accelerates drug discovery and optimization. While different in its core computational approach (physics-based vs. Recursion's image-based/phenotypic AI), it provides powerful tools that reduce the need for extensive wet-lab experimentation, and they also have their own drug discovery pipeline, thus vying for similar efficiencies and breakthroughs in drug development.
- Novartis ($NVS) (Internal R&D pipelines, various therapeutic drugs), Competes as a large, established pharmaceutical company that is aggressively investing in and integrating AI and machine learning into its internal R&D processes. While not an 'AI-first' startup, Novartis's internal AI initiatives and partnerships aim to achieve similar efficiencies in drug discovery and development, potentially identifying novel targets and compounds faster, thus competing for market share, talent, and scientific breakthroughs in the broader drug development landscape.
Moat:
Recursion Pharmaceuticals' core competitive advantage lies in its proprietary 'Recursion OS,' which integrates high-throughput experimental biology with an AI-driven platform to generate and analyze a massive, high-dimensional biological dataset for industrial-scale drug discovery. Competition is fierce and comes from several angles: direct AI-first drug discovery companies (like BenevolentAI, Exscientia, Insilico Medicine) that are building similar proprietary platforms and pipelines; computational chemistry/biology platforms (like Schrödinger) that offer powerful tools to accelerate drug design; and large, established pharmaceutical companies (like Novartis) that possess vast resources and are aggressively investing in and integrating AI/ML into their internal R&D. Recursion's success hinges on its ability to consistently translate its AI-driven insights into successful clinical candidates, demonstrate superior speed and cost-effectiveness, and protect its proprietary data and algorithms in a rapidly evolving landscape where data, computational power, and biological insights are key battlegrounds.
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | |||||||||||||||||
yoy | |||||||||||||||||
qoq | |||||||||||||||||
operating revenue | 6,301,000 | 4,983,000 | 19,103,000 | 14,818,000 | 26,082,000 | 14,404,000 | 13,491,000 | 10,102,000 | 11,016,000 | 12,134,000 | 13,676,000 | 13,053,000 | 7,653,000 | 5,299,000 | 2,500,000 | 2,500,000 | 2,500,000 |
grant revenue | 171,000 | 192,000 | 120,000 | -73,000 | 13,000 | 303,000 | 431,000 | 1,000 | 107,000 | 21,000 | 34,000 | 34,000 | 49,000 | 62,000 | |||
total revenue | 6,472,000 | 5,175,000 | 19,223,000 | 14,745,000 | 26,082,000 | 14,417,000 | 13,794,000 | 10,533,000 | 11,017,000 | 12,134,000 | 13,676,000 | 13,160,000 | 7,674,000 | 5,333,000 | 2,534,000 | 2,549,000 | 2,562,000 |
operating costs and expenses | |||||||||||||||||
cost of revenue | 12,490,000 | 14,687,000 | 20,161,000 | 21,829,000 | 12,079,000 | 9,199,000 | 11,166,000 | 10,877,000 | 9,382,000 | 12,448,000 | 10,840,000 | 15,409,000 | 14,227,000 | 7,799,000 | |||
research and development | 87,896,000 | 121,062,000 | 128,636,000 | 129,634,000 | 74,600,000 | 73,928,000 | 67,560,000 | 70,007,000 | 55,060,000 | 46,677,000 | 43,980,000 | 40,836,000 | 38,439,000 | 32,441,000 | 33,246,000 | 29,624,000 | 24,109,000 |
general and administrative | 34,591,000 | 41,628,000 | 46,653,000 | 54,650,000 | 37,757,000 | 31,833,000 | 31,408,000 | 29,199,000 | 28,290,000 | 22,874,000 | 19,838,000 | 19,488,000 | 21,199,000 | 21,074,000 | 15,690,000 | 13,854,000 | 8,937,000 |
total operating costs and expenses | 134,977,000 | 177,377,000 | 195,450,000 | 206,113,000 | 124,436,000 | 114,960,000 | 110,134,000 | 110,083,000 | 92,732,000 | 81,999,000 | 74,658,000 | 75,733,000 | |||||
income from operations | -128,505,000 | -172,202,000 | -176,227,000 | -191,368,000 | -98,354,000 | -100,543,000 | -96,340,000 | -99,550,000 | -81,715,000 | -69,865,000 | -60,982,000 | -62,573,000 | -66,191,000 | -55,981,000 | -46,402,000 | -40,929,000 | -30,484,000 |
yoy | 30.66% | 71.27% | 82.92% | 92.23% | 20.36% | 43.91% | 57.98% | 59.09% | 23.45% | 24.80% | 31.42% | 52.88% | 117.13% | ||||
qoq | -25.38% | -2.28% | -7.91% | 94.57% | -2.18% | 4.36% | -3.22% | 21.83% | 16.96% | 14.57% | -2.54% | -5.47% | 18.24% | 20.64% | 13.37% | 34.26% | |
operating margin % | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% |
other income | 6,397,000 | 9,952,000 | 4,330,000 | -11,277,000 | 2,679,000 | 2,480,000 | 4,188,000 | 6,533,000 | 4,989,000 | 4,538,000 | 3,490,000 | 2,128,000 | 631,000 | 2,000 | |||
loss before income tax benefit | -122,108,000 | -162,250,000 | -171,897,000 | -202,645,000 | -95,675,000 | -98,063,000 | -92,152,000 | ||||||||||
income tax benefit | 4,604,000 | -3,000 | 158,000 | -167,000 | 523,000 | 779,000 | |||||||||||
net income | -117,504,000 | -162,253,000 | -171,897,000 | -202,487,000 | -93,017,000 | -76,726,000 | -65,327,000 | -57,492,000 | -60,445,000 | -65,560,000 | -55,979,000 | -47,428,000 | |||||
yoy | 117.69% | 53.89% | 17.03% | 16.70% | 21.22% | ||||||||||||
qoq | -27.58% | -5.61% | -15.11% | 21.23% | 17.45% | 13.63% | -4.89% | -7.80% | 17.12% | 18.03% | |||||||
net income margin % | -Infinity% | -Infinity% | -Infinity% | -Infinity% | NaN% | NaN% | NaN% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | NaN% | NaN% |
per share data | |||||||||||||||||
net income per share | -0.22 | -0.36 | -0.41 | -0.5 | -0.34 | -0.4 | -0.39 | -0.43 | -0.38 | -0.34 | -0.3 | -0.35 | -0.38 | -0.33 | -0.28 | -0.31 | -1.33 |
weighted-average shares (class a, b and exchangeable) outstanding, basic and diluted | 529,303,984 | 446,988,046 | 417,361,147 | 402,771,972 | 282,583,048 | 242,196,409 | 236,019,349 | 214,327,186 | 201,415,475 | ||||||||
net loss and comprehensive loss | -95,842,000 | -97,540,000 | -91,373,000 | -30,717,000 | |||||||||||||
weighted-average shares (class a and b) outstanding, basic and diluted | 191,618,238 | 175,537,487 | 173,435,970 | 172,212,390 | 170,690,392 | 168,533,550 | 138,360,646 | ||||||||||
total costs and operating expenses | 73,865,000 | 61,314,000 | |||||||||||||||
operating expenses | |||||||||||||||||
total operating expenses | 48,936,000 | 43,478,000 | 33,046,000 | ||||||||||||||
other loss | -1,026,000 | -2,472,000 | -233,000 | ||||||||||||||
net income and comprehensive loss | -43,401,000 | ||||||||||||||||
weighted-average shares of common stock, basic and diluted | 23,035,623 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||
current assets | |||||||||||||||||
cash and cash equivalents | 654,473,000 | 659,836,000 | 525,110,000 | 500,453,000 | 427,647,000 | 474,341,000 | 296,326,000 | 387,322,000 | 405,870,000 | 473,145,000 | 549,912,000 | 454,646,000 | 453,875,000 | 507,891,000 | 394,721,000 | 632,738,000 | 214,088,000 |
restricted cash | 5,511,000 | 3,136,000 | 3,106,000 | 3,075,000 | 1,555,000 | 1,783,000 | 3,195,000 | 2,256,000 | 3,325,000 | 1,311,000 | 1,280,000 | 2,090,000 | 1,901,000 | 1,521,000 | 10,233,000 | 10,232,000 | 5,042,000 |
other receivables | 13,585,000 | 21,910,000 | 21,606,000 | 46,124,000 | 2,255,000 | 2,526,000 | 2,599,000 | 3,164,000 | 3,051,000 | 2,057,000 | 2,753,000 | 11,635,000 | 11,659,000 | 11,363,000 | 2,248,000 | ||
prepaid data assets | 11,742,000 | 2,470,000 | |||||||||||||||
other current assets | 24,246,000 | 29,223,000 | 37,338,000 | 32,023,000 | 42,715,000 | 43,725,000 | 41,495,000 | 17,780,000 | 18,774,000 | 15,612,000 | 15,869,000 | 13,247,000 | 16,979,000 | 15,432,000 | 9,445,000 | 4,616,000 | 2,621,000 |
total current assets | 709,557,000 | 714,105,000 | 587,160,000 | 584,145,000 | 474,172,000 | 522,375,000 | 343,615,000 | 410,522,000 | 431,020,000 | 492,125,000 | 569,814,000 | 481,618,000 | 545,996,000 | 619,455,000 | 600,870,000 | 647,635,000 | 221,822,000 |
restricted cash, non-current | 5,196,000 | 4,173,000 | 5,629,000 | 5,629,000 | 6,629,000 | 6,629,000 | 6,629,000 | 7,629,000 | 7,629,000 | 7,920,000 | 7,920,000 | 8,154,000 | 8,334,000 | 8,713,000 | |||
property and equipment | 95,811,000 | 111,706,000 | 120,038,000 | 126,834,000 | 84,410,000 | 83,633,000 | 86,716,000 | 86,248,000 | 89,768,000 | 90,004,000 | 88,192,000 | 85,777,000 | 81,508,000 | 70,704,000 | 55,439,000 | 48,549,000 | 44,642,000 |
operating lease right-of-use assets | 42,816,000 | 47,812,000 | 50,324,000 | 53,186,000 | 47,882,000 | 44,088,000 | 35,501,000 | 34,062,000 | 34,899,000 | 35,116,000 | 33,255,000 | 33,726,000 | 34,643,000 | 33,301,000 | |||
financing lease right-of-use assets | 18,694,000 | 21,726,000 | 23,242,000 | 24,757,000 | 26,897,000 | 28,562,000 | |||||||||||
intangible assets | 294,073,000 | 322,344,000 | 341,319,000 | 335,790,000 | 34,093,000 | 38,210,000 | 33,076,000 | 39,459,000 | 42,757,000 | 1,318,000 | 1,306,000 | 1,457,000 | 1,233,000 | 1,309,000 | 2,262,000 | 2,338,000 | 2,414,000 |
goodwill | 160,170,000 | 162,042,000 | 164,270,000 | 158,112,000 | 52,056,000 | 52,056,000 | 52,056,000 | 52,750,000 | 60,516,000 | 801,000 | 801,000 | 801,000 | 801,000 | 801,000 | |||
deferred tax assets | 957,000 | 957,000 | 957,000 | 2,003,000 | |||||||||||||
other assets, non-current | 12,248,000 | 14,661,000 | 9,416,000 | 14,778,000 | 360,000 | 308,000 | 254,000 | 155,000 | 110,000 | 82,000 | |||||||
total assets | 1,339,522,000 | 1,399,526,000 | 1,302,355,000 | 1,305,234,000 | 726,499,000 | 775,861,000 | 557,847,000 | 630,825,000 | 666,699,000 | 627,366,000 | 701,288,000 | 611,533,000 | 672,515,000 | 734,319,000 | 658,606,000 | 698,590,000 | 271,943,000 |
liabilities and stockholders’ equity | |||||||||||||||||
current liabilities | |||||||||||||||||
accounts payable | 20,348,000 | 13,935,000 | 19,314,000 | 25,086,000 | 2,260,000 | 3,762,000 | 5,115,000 | 4,265,000 | 2,086,000 | 4,247,000 | 4,586,000 | 3,890,000 | 3,176,000 | 4,162,000 | 6,326,000 | 3,196,000 | 3,125,000 |
accrued expenses and other liabilities | 54,205,000 | 53,102,000 | 64,280,000 | 56,804,000 | 40,597,000 | 33,401,000 | 26,070,000 | 39,806,000 | 32,873,000 | 25,041,000 | 32,904,000 | 26,757,000 | 24,361,000 | 23,118,000 | 25,113,000 | 12,710,000 | 11,085,000 |
unearned revenue | 32,794,000 | 47,364,000 | 39,690,000 | 39,651,000 | 49,579,000 | 32,204,000 | 36,618,000 | 43,997,000 | 73,105,000 | 57,761,000 | 56,726,000 | 46,753,000 | 63,781,000 | 54,247,000 | |||
operating lease liabilities | 13,087,000 | 11,525,000 | 11,732,000 | 11,853,000 | 8,233,000 | 8,607,000 | 6,062,000 | 5,355,000 | 5,219,000 | 4,440,000 | 5,952,000 | 5,541,000 | 5,242,000 | 4,086,000 | |||
notes payable and financing lease liabilities | 9,265,000 | 8,919,000 | 8,752,000 | 8,587,000 | 8,219,000 | 8,109,000 | |||||||||||
total current liabilities | 129,699,000 | 155,103,000 | 164,026,000 | 141,981,000 | 108,888,000 | 86,083,000 | 73,920,000 | 94,118,000 | 113,959,000 | 92,150,000 | 100,265,000 | 83,036,000 | 96,653,000 | 85,705,000 | 42,943,000 | 29,540,000 | 26,854,000 |
unearned revenue, non-current | 114,723,000 | 111,204,000 | 126,243,000 | 129,609,000 | 15,712,000 | 29,169,000 | 37,391,000 | 51,383,000 | 32,436,000 | 57,091,000 | 70,261,000 | 93,909,000 | 89,934,000 | 107,121,000 | |||
operating lease liabilities, non-current | 42,842,000 | 50,028,000 | 53,395,000 | 56,024,000 | 53,663,000 | 50,239,000 | 43,786,000 | 44,300,000 | 45,850,000 | 46,771,000 | 44,420,000 | 45,993,000 | 47,763,000 | 47,317,000 | |||
notes payable and financing lease liabilities, non-current | 7,181,000 | 11,902,000 | 14,196,000 | 16,446,000 | 20,510,000 | 22,921,000 | |||||||||||
deferred tax liabilities | 18,283,000 | 23,312,000 | 23,784,000 | 22,437,000 | 168,000 | 528,000 | 1,931,000 | 4,336,000 | |||||||||
other liabilities, non-current | 2,025,000 | 1,029,000 | 1,565,000 | 4,790,000 | 2,999,000 | 3,000,000 | |||||||||||
total liabilities | 314,753,000 | 352,578,000 | 383,209,000 | 371,287,000 | 201,940,000 | 191,412,000 | 156,696,000 | 192,858,000 | 197,736,000 | 197,191,000 | 215,482,000 | 223,499,000 | 234,936,000 | 240,753,000 | 59,574,000 | 55,876,000 | 56,662,000 |
commitments and contingencies | |||||||||||||||||
stockholders’ equity | |||||||||||||||||
common stock, 0.00001 par value... | 5,000 | 5,000 | 4,000 | 4,000 | 3,000 | 3,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | |||
additional paid-in capital | 3,191,608,000 | 2,980,729,000 | 2,681,111,000 | 2,553,492,000 | 1,776,933,000 | 1,740,981,000 | 1,460,144,000 | 1,312,591,000 | 1,250,570,000 | 1,135,056,000 | 1,125,360,000 | 970,096,000 | 959,393,000 | 949,932,000 | 934,175,000 | 930,431,000 | 11,287,000 |
accumulated deficit | -2,193,506,000 | -1,967,879,000 | -1,805,589,000 | -1,633,694,000 | -1,252,377,000 | -1,156,535,000 | -1,058,995,000 | -874,626,000 | -781,609,000 | -704,883,000 | -639,556,000 | -582,064,000 | -521,619,000 | -456,059,000 | -335,147,000 | -287,719,000 | -244,318,000 |
accumulated other comprehensive income | 26,662,000 | 34,093,000 | 43,620,000 | 14,145,000 | 2,000 | ||||||||||||
total stockholders’ equity | 1,024,769,000 | 1,046,948,000 | 919,146,000 | 933,947,000 | 524,559,000 | 584,449,000 | 401,151,000 | 437,967,000 | 468,963,000 | 430,175,000 | 485,806,000 | 388,034,000 | 437,579,000 | 493,566,000 | 599,032,000 | 642,714,000 | |
total liabilities and stockholders’ equity | 1,339,522,000 | 1,399,526,000 | 1,302,355,000 | 1,305,234,000 | 726,499,000 | 775,861,000 | 557,847,000 | 630,825,000 | 666,699,000 | 627,366,000 | 701,288,000 | 611,533,000 | 672,515,000 | 734,319,000 | |||
accrued data liability | 20,258,000 | 20,258,000 | |||||||||||||||
notes payable | 55,000 | 695,000 | 676,000 | 661,000 | 97,000 | 95,000 | 93,000 | 92,000 | |||||||||
notes payable, non-current | 1,071,000 | 1,126,000 | 1,155,000 | 1,179,000 | 536,000 | 561,000 | 586,000 | 610,000 | |||||||||
accounts receivable | 21,000 | 34,000 | 34,000 | 49,000 | 71,000 | ||||||||||||
investments | 61,561,000 | 83,214,000 | 184,189,000 | ||||||||||||||
other non-current assets | 36,000 | 35,000 | 68,000 | 3,065,000 | |||||||||||||
lease incentive obligation | |||||||||||||||||
deferred rent | 3,348,000 | 2,819,000 | 2,750,000 | ||||||||||||||
lease incentive obligation, non-current | |||||||||||||||||
accumulated other comprehensive loss | -197,000 | -309,000 | |||||||||||||||
liabilities, convertible preferred stock and stockholders’ equity | |||||||||||||||||
current portion of unearned revenue | 10,000,000 | 10,000,000 | 10,000,000 | ||||||||||||||
current portion of notes payable | 88,000 | 3,135,000 | 2,145,000 | ||||||||||||||
current portion of lease incentive obligation | 1,416,000 | 499,000 | 499,000 | ||||||||||||||
unearned revenue, net of current portion | 9,167,000 | 11,667,000 | 14,167,000 | ||||||||||||||
notes payable, net of current portion | 656,000 | 9,423,000 | 10,339,000 | ||||||||||||||
lease incentive obligation, net of current portion | 3,460,000 | 2,427,000 | 2,552,000 | ||||||||||||||
convertible preferred stock (series a, a-1, b, c and d), 0.00001 par value... | |||||||||||||||||
common stock (class a and b), 0.00001 par value... | 2,000 | 2,000 | |||||||||||||||
total liabilities, convertible preferred stock and stockholders’ equity | 658,606,000 | 698,590,000 | |||||||||||||||
convertible preferred stock (series a, a-1, b, c, and d), 0.00001 par value... | 448,312,000 | ||||||||||||||||
liabilities, convertible preferred stock and stockholders’ deficit | |||||||||||||||||
stockholders’ deficit | |||||||||||||||||
total stockholders’ deficit | -233,031,000 | ||||||||||||||||
total liabilities, convertible preferred stock and stockholders’ deficit | 271,943,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities | |||||||||||||||||
net loss | -117,504,000 | -162,253,000 | -171,897,000 | -202,487,000 | -95,842,000 | -97,540,000 | -91,373,000 | -93,017,000 | -76,726,000 | -65,327,000 | -55,979,000 | -30,717,000 | |||||
adjustments to reconcile net loss to net cash from operating activities: | |||||||||||||||||
depreciation and amortization | 19,673,000 | 21,043,000 | 23,849,000 | 19,331,000 | 7,198,000 | 8,968,000 | 7,377,000 | 7,578,000 | 5,543,000 | 3,728,000 | 2,989,000 | 2,786,000 | 2,767,000 | 2,436,000 | 2,331,000 | 1,402,000 | |
stock-based compensation | 22,215,000 | 25,243,000 | 26,159,000 | 36,058,000 | 18,253,000 | 16,524,000 | 16,127,000 | 16,792,000 | 11,811,000 | 8,814,000 | 8,907,000 | 5,675,000 | 5,632,000 | 3,363,000 | 5,317,000 | 1,821,000 | |
asset impairment | 0 | 0 | 5,956,000 | 0 | 0 | 108,000 | |||||||||||
lease expense | 5,243,000 | 5,264,000 | 5,625,000 | 6,130,000 | 5,580,000 | 3,103,000 | 2,472,000 | 2,023,000 | 2,003,000 | 1,988,000 | 1,990,000 | 2,015,000 | 1,742,000 | ||||
loss on disposal of a business | 0 | 0 | 4,502,000 | ||||||||||||||
deferred income taxes | -4,597,000 | ||||||||||||||||
other | 1,674,000 | -2,443,000 | 4,693,000 | 4,405,000 | 2,920,000 | -3,010,000 | -560,000 | -1,853,000 | 23,000 | 716,000 | -217,000 | 192,000 | 402,000 | 464,000 | 2,375,000 | 101,000 | |
changes in operating assets and liabilities: | |||||||||||||||||
other receivables and assets | 14,746,000 | 3,529,000 | 25,407,000 | 4,839,000 | -939,000 | 736,000 | -1,040,000 | -203,000 | -814,000 | -317,000 | 3,777,000 | -1,800,000 | -7,551,000 | ||||
prepaid data assets | 0 | 2,470,000 | 27,131,000 | ||||||||||||||
unearned revenue | -2,248,000 | -6,631,000 | -13,621,000 | -9,762,000 | 3,917,000 | -12,636,000 | -13,655,000 | -10,160,000 | -11,066,000 | -12,134,000 | -13,053,000 | -7,653,000 | 144,701,000 | -2,500,000 | -2,500,000 | -2,500,000 | |
accounts payable | 2,070,000 | -5,890,000 | -4,837,000 | 3,692,000 | -1,513,000 | -1,342,000 | 1,168,000 | 2,186,000 | -2,517,000 | -339,000 | 714,000 | -986,000 | 1,344,000 | 3,130,000 | 71,000 | 2,051,000 | |
accrued development expense | 730,000 | -4,055,000 | -754,000 | 599,000 | -445,000 | -1,905,000 | -273,000 | -1,356,000 | 1,071,000 | 676,000 | 819,000 | 1,464,000 | 1,413,000 | 918,000 | 1,822,000 | -1,216,000 | |
accrued expenses and other current liabilities | -18,451,000 | -8,033,000 | 11,378,000 | -26,591,000 | 6,349,000 | 7,507,000 | -18,857,000 | 7,579,000 | 6,203,000 | -9,846,000 | |||||||
lease liabilities | -4,652,000 | -5,216,000 | -5,148,000 | -5,760,000 | |||||||||||||
net cash from operating activities | -81,101,000 | -117,360,000 | -76,418,000 | -131,957,000 | -59,225,000 | -82,219,000 | -102,300,000 | -72,920,000 | -67,467,000 | -73,316,000 | -54,541,000 | -61,623,000 | 77,388,000 | -33,048,000 | -33,653,000 | -30,755,000 | |
capital expenditures | -258,000 | -243,000 | -3,150,000 | -1,832,000 | -4,562,000 | -1,182,000 | -6,653,000 | -745,000 | -3,968,000 | -5,175,000 | -8,263,000 | -16,475,000 | -4,342,000 | -9,706,000 | -6,212,000 | -19,416,000 | |
free cash flows | -81,359,000 | -117,603,000 | -79,568,000 | -133,789,000 | -63,787,000 | -83,401,000 | -108,953,000 | -73,665,000 | -71,435,000 | -78,491,000 | -62,804,000 | -78,098,000 | 73,046,000 | -42,754,000 | -39,865,000 | -50,171,000 | |
cash flows from investing activities | |||||||||||||||||
purchases of property and equipment | -258,000 | -243,000 | -3,150,000 | -1,832,000 | -4,562,000 | -1,182,000 | -6,653,000 | -745,000 | -3,968,000 | -5,175,000 | -8,263,000 | -16,475,000 | -4,342,000 | -9,706,000 | -6,212,000 | -19,416,000 | |
purchase of an intangible asset | -80,000 | 0 | 0 | -82,000 | 0 | -165,000 | |||||||||||
decrease in cash related to disposal of a business | 0 | 0 | -4,438,000 | ||||||||||||||
purchases of investments | -2,306,000 | -500,000 | -1,000,000 | ||||||||||||||
net cash from investing activities | -338,000 | -2,549,000 | -5,808,000 | -7,270,000 | -4,562,000 | -4,182,000 | -6,653,000 | -347,000 | -2,053,000 | -5,340,000 | 52,984,000 | 4,940,000 | 143,304,000 | -193,873,000 | -6,212,000 | -19,416,000 | |
cash flows from financing activities | |||||||||||||||||
proceeds from issuance of common shares, net of issuance costs | 254,460,000 | 100,000,000 | 41,024,000 | 16,968,000 | 261,546,000 | 10,873,000 | |||||||||||
equity incentive plans | -1,262,000 | ||||||||||||||||
repayment of long-term debt and finance lease liabilities | -2,208,000 | -2,127,000 | -2,084,000 | -2,047,000 | |||||||||||||
net cash from financing activities | -3,470,000 | 251,340,000 | 97,659,000 | 40,527,000 | 16,462,000 | 263,122,000 | 13,897,000 | 53,765,000 | 3,787,000 | 1,922,000 | 2,337,000 | 2,668,000 | 2,084,000 | -11,095,000 | 463,705,000 | 2,134,000 | |
effect of exchange rate changes on cash, cash equivalents and restricted cash | -3,832,000 | 1,869,000 | 9,255,000 | 4,833,000 | 403,000 | -118,000 | -219,000 | -115,000 | 181,000 | -2,000 | |||||||
net change in cash, cash equivalents and restricted cash | -88,741,000 | 133,300,000 | 24,688,000 | -93,867,000 | -46,922,000 | 176,603,000 | -95,275,000 | -19,617,000 | -65,552,000 | -76,736,000 | 780,000 | -54,015,000 | 222,776,000 | -238,016,000 | 423,840,000 | -48,037,000 | |
cash, cash equivalents and restricted cash, beginning of period | 753,921,000 | 0 | 0 | 603,024,000 | 0 | 0 | 401,425,000 | 0 | 0 | 559,112,000 | 0 | 0 | 295,349,000 | 0 | 0 | 267,167,000 | |
cash, cash equivalents and restricted cash, end of period | 665,180,000 | 133,300,000 | 24,688,000 | 509,157,000 | -46,922,000 | 176,603,000 | 306,150,000 | -19,617,000 | -65,552,000 | 482,376,000 | 780,000 | -54,015,000 | 518,125,000 | -238,016,000 | 423,840,000 | 219,130,000 | |
supplemental schedule of non-cash investing and financing activities | |||||||||||||||||
accrued property and equipment | -234,000 | -883,000 | 1,146,000 | -313,000 | 469,000 | 80,000 | -238,000 | 244,000 | -1,081,000 | -154,000 | 4,328,000 | -350,000 | 58,000 | 705,000 | |||
purchase of an equity investment | 0 | 0 | 4,438,000 | ||||||||||||||
acquired ipr&d | |||||||||||||||||
accrued data liability | 0 | ||||||||||||||||
proceeds from equity incentive plans | -993,000 | 2,743,000 | 1,550,000 | 1,781,000 | 1,602,000 | 3,050,000 | 3,789,000 | 3,811,000 | 1,946,000 | 2,360,000 | 2,690,000 | 2,106,000 | |||||
issuance of shares for the acquisition of an asset | |||||||||||||||||
net cash and restricted cash acquired in the acquisition of a business | 0 | ||||||||||||||||
sales and maturities of investments | 61,547,000 | 21,415,000 | 147,646,000 | ||||||||||||||
issuance of shares for the acquisitions of businesses | -7,766,000 | ||||||||||||||||
financed equipment purchase | 0 | 0 | 1,214,000 | ||||||||||||||
operating lease liabilities | -2,624,000 | -3,794,000 | -2,508,000 | -2,998,000 | -2,444,000 | -2,115,000 | -1,547,000 | -1,265,000 | |||||||||
repayment of long-term debt | -26,000 | -26,000 | -24,000 | -24,000 | -24,000 | -23,000 | -22,000 | -22,000 | -12,737,000 | -20,000 | -20,000 | ||||||
right-of-use asset additions and modifications | 3,266,000 | 164,000 | 640,000 | 3,520,000 | -40,000 | ||||||||||||
supplemental schedule of cash flow information | |||||||||||||||||
cash paid for operating leases | 3,955,000 | 2,508,000 | 2,998,000 | 2,444,000 | 2,115,000 | 1,547,000 | 1,265,000 | ||||||||||
fixed asset impairment | 19,000 | 0 | 1,169,000 | 0 | |||||||||||||
proceeds from private placement of stock | |||||||||||||||||
cash paid for interest | 11,000 | 12,000 | 13,000 | 14,000 | 14,000 | 14,000 | 125,000 | 286,000 | 254,000 | ||||||||
cash from operating activities | |||||||||||||||||
cash from investing activities | |||||||||||||||||
cash from financing activities | |||||||||||||||||
description of the matter | |||||||||||||||||
how we addressed the matter in our audit | |||||||||||||||||
loss on debt extinguishment | |||||||||||||||||
accrued expenses, deferred rent and other current liabilities | 2,093,000 | 1,070,000 | -15,903,000 | 10,126,000 | -136,000 | 1,133,000 | |||||||||||
proceeds from initial public offering of common stock, net of issuance costs | 0 | ||||||||||||||||
conversion of preferred stock to common stock | 0 | ||||||||||||||||
deferred issuance costs recorded in equity | 0 | ||||||||||||||||
net income | |||||||||||||||||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||
right-of-use asset additions | 1,548,000 | ||||||||||||||||
accounts receivable | 16,000 | 13,000 | 85,000 | ||||||||||||||
acquisition of a business | |||||||||||||||||
proceeds from note receivable | |||||||||||||||||
proceeds from sale of preferred stock, net of issuance costs | |||||||||||||||||
proceeds from convertible notes | |||||||||||||||||
supplemental disclosure of non—cash investing and financing information | |||||||||||||||||
conversion of convertible notes to equity | |||||||||||||||||
supplemental disclosure of cash flow information | |||||||||||||||||
other assets | 455,000 | -2,915,000 | |||||||||||||||
proceeds from exercise of stock options | 824,000 | 2,154,000 | |||||||||||||||
deferred issuance costs | 2,997,000 |