Recursion Pharmaceuticals, Inc. (RXRX) · Nov 2, 2026 · Earnings

Recursion earnings beat revenue estimates as clinical data bolster its AI drug pipeline

Beat — Revenue $18.6M vs ~$14.8M consensus; EPS $(0.22) vs $(0.219) consensus

Recursion earnings beat revenue expectations, while REC-4881 and REC-1245 data add clinical evidence to its AI drug-discovery story.

Recursion is a clinical-stage AI drug-discovery company trying to prove that its platform can repeatedly produce viable medicines, with REC-4881 in familial adenomatous polyposis and REC-1245 in solid tumors serving as its main near-term clinical proof points. Its prior setup already included positive October data, an announced Sanofi option, a fresh equity raise, and a longer cash runway, so this filing is mainly an execution update rather than a wholly new narrative.

The quarter beat on revenue, but not on every earnings measure. Total revenue reached $18.6 million versus roughly $14.8 million expected, driven largely by collaboration economics; per-share loss of $0.22 was effectively in line with the approximately $0.219 consensus. The clean read is therefore a revenue beat with no meaningful EPS upside, not a broad earnings surprise.

	Q3 2026	Q3 2025	Consensus
Total revenue (Financial Highlights)	$18.6M (+258%)	$5.2M	~$14.8M
Net loss per share (Financial Highlights)	$(0.22)	$(0.36)	$(0.219)
Operating cash burn (Cash Flow statement)	$77.4M	$117.4M
Cash operating expense (Cash Operating Expense reconciliation)	$271.5M	$323.1M

Cost control is improving the funding story. Quarterly operating cash use fell to $77.4 million from $117.4 million, while nine-month cash operating expense declined to $271.5 million from $323.1 million. That supports the company’s claim that its October financing extends runway into 2029, although the runway improvement depends on the recently completed offering rather than internally generated cash.

REC-4881 now has broader clinical evidence, but it remains an early-stage proof point. The new lower-GI and larger-polyp analyses add useful breadth to the previously reported upper-GI results: activity was seen across the gastrointestinal tract, including substantial reductions in higher-risk polyps and persistence after treatment stopped. That strengthens the case for a differentiated FAP profile, but these are still small, uncontrolled clinical datasets and do not yet establish a registrational path or approval probability. 〔0〕

REC-1245 provides a second, earlier validation signal for the platform. Two confirmed partial responses, one unconfirmed response, and a 91.7% disease-control rate at doses of at least 45 mg are encouraging in heavily pretreated patients, while the selection of 45 mg for expansion gives the program a defined next step. Still, the sample is only 12 patients for the disease-control calculation, so this advances the program without materially reducing clinical risk.

The Sanofi option validates partnering activity more than it changes near-term economics. Sanofi’s option exercise and $10 million milestone are constructive evidence that a partner sees enough value to take a program forward, but the event was already disclosed on October 15 and the candidate is only expected to enter Phase 1 in 2027. The appointment of Fred Hassan adds experienced pharmaceutical leadership, yet it is a governance enhancement rather than a change to the pipeline’s clinical standing. 〔1〕〔2〕

Bottom line: This is a modestly better quarter for Recursion: revenue beat, spending improved, and its two lead programs generated more supportive clinical detail. The business story strengthens, but most of the major positives were already previewed, keeping the impact incremental rather than transformative.

What to watch next

REC-4881 FDA registrational-path update, expected by year-end

Original filing on SEC EDGAR

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the raw filing — read the original on SEC.gov↗

decoded▸

AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

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Recursion earnings beat revenue estimates as clinical data bolster its AI drug pipeline

What to watch next

More Recursion Pharmaceuticals, Inc. news

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