Recursion posts Q1 net loss $91.4M; replaces EY with PwC after material weakness

RECURSION PHARMACEUTICALS, INC.

Net loss of $91.4M, up from $65.3M YoY; revenue $13.8M, up from $12.1M.
Cash $296.3M; operating cash burn $102.3M; annual bonuses and accrual payments drove increase.
Auditor change: EY dismissed, PwC appointed; material weakness in revenue estimation control identified for FY2023.
Phase 2 readouts expected: CCM (REC-994) Q3 2024, NF2 (REC-2282) Q4 2024, FAP (REC-4881) H1 2025.
Multi-year Helix agreement to access de-identified genomic and health records for AI model training.

item 2.02 item 4.01 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

RECURSION PHARMACEUTICALS, INC. dismissed Ernst & Young LLP as its auditor.

Action: dismissal
Auditor: Ernst & Young LLP
Successor: PricewaterhouseCoopers LLP

Exact text from the filing

On May 7, 2024, the Audit Committee also dismissed Ernst & Young LLP ("EY") as our independent registered public accounting firm, beginning in the second fiscal quarter.

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Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

RECURSION PHARMACEUTICALS, INC. engaged PricewaterhouseCoopers LLP as its auditor.

Action: engagement
Auditor: PricewaterhouseCoopers LLP

Exact text from the filing

on May 7, 2024, the Audit Committee approved the appointment of PricewaterhouseCoopers LLP ("PwC") as our independent registered public accounting firm, effective upon completion of PwC’s standard client acceptance process.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

RECURSION PHARMACEUTICALS, INC. reported financial results for first quarter ending March 31, 2024.

Period: first quarter ending March 31, 2024
Result: reported results

Exact text from the filing

On May 9, 2024, the Company issued a press release announcing its results of operations and financial condition for the first quarter March 31, 2024.

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47 auditor changes filed in the last 30 days. Browse all auditor changes →

RECURSION PHARMACEUTICALS, INC. filing history →

Source: SEC EDGAR

accession 0001601830-24-000051

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