Gil Blum and Sean Lee's questions to Recursion Pharmaceuticals Inc (RXRX) leadership • Q2 2025
Question
Gil from Needham and Sean from Morgan Stanley asked for details on the recent $7 million Sanofi milestone and for visibility into the projected $100 million in partnership milestones by 2026, including whether it's factored into the cash runway.
Answer
Chief R&D and Commercial Officer Najat Khan explained the Sanofi milestone was for achieving a lead series on a challenging immunology target. CFO and President Ben Taylor clarified that the $100 million milestone guidance is a probability-weighted figure based only on existing programs and does not include potential new business development. He confirmed these potential inflows are not included in the baseline cash burn calculations for runway guidance.