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    Dennis Cho and Mani Foroohar

    Senior Equity Research Analyst at Jefferies and Leerink Partners

    Dennis Cho is a Senior Equity Research Analyst at Jefferies, specializing in biotechnology and healthcare sector analysis, while Mani Foroohar serves as a Senior Equity Research Analyst at Leerink Partners with a focus on biotech and pharmaceutical companies. Both analysts cover firms such as Recursion Pharmaceuticals and are recognized for their rigorous financial and operational analysis, as evidenced by detailed inquiries into company cash runway guidance and sector performance. Cho and Foroohar began their current roles in the early 2020s after gaining experience in other leading financial institutions, and both maintain active FINRA registrations and Series 7/63 securities licenses. Their research output is frequently cited in investor presentations, reflecting a strong reputation for thorough and insightful coverage within the life sciences investment community.

    Dennis Cho and Mani Foroohar's questions to RECURSION PHARMACEUTICALS (RXRX) leadership

    Dennis Cho and Mani Foroohar's questions to RECURSION PHARMACEUTICALS (RXRX) leadership • Q2 2025

    Question

    Dennis from Jefferies and Mani from Leerink asked for clarification on the company's cash runway guidance, specifically how Recursion calculates its runway through Q4 2027.

    Answer

    CFO and President Ben Taylor emphasized focusing on the cash flow statement, as operating expenses include non-cash items. He stated the guidance for cash-based operating expense and CapEx ($390M in 2026) does not include any partner inflows or new financing. Taylor explained that multiple scenarios, even just considering existing partnerships and efficient operations, provide confidence in reaching the Q4 2027 runway.

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