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    Gil Blum and Sean Lee

    Research Analyst at Needham & Company and Morgan Stanley

    Gil Blum serves as a Senior Equity Research Analyst at Needham & Company, specializing in the coverage of innovative biotech and healthcare firms such as Matador Resources and Absci Corp. Noted for sharp sector insights, he has consistently delivered strong investment returns, notably issuing a buy recommendation on Matador Resources in July 2025 that projected a 16.6% upside and regularly participating in key earnings call discussions with management teams. Blum began his analyst career prior to joining Needham, focusing on life sciences equity research, and holds multiple securities licenses registered with FINRA. Sean Lee is an Equity Analyst at Morgan Stanley, focusing on large-cap growth sectors and companies including Netflix, GE Vernova, and NVIDIA, where he has contributed to Morgan Stanley’s coverage updates and stock predictions; Lee’s success rates and returns are recognized in multiple financial analysis platforms. Lee started his analyst journey with a background in technology and media stock coverage and maintains active securities credentials necessary for U.S. sell-side research analysts.

    Gil Blum and Sean Lee's questions to RECURSION PHARMACEUTICALS (RXRX) leadership

    Gil Blum and Sean Lee's questions to RECURSION PHARMACEUTICALS (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.

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