Recursion prices $200M equity offering, reports Sanofi option milestone and early clinical data

RECURSION PHARMACEUTICALS, INC.

Recursion priced 61,540,000 Class A shares at $3.25/share for ~$200M gross proceeds; offering expected to close Oct 16, 2026.
Preliminary Sept 30, 2026 cash, equivalents and restricted cash ~$561M, including ~$86M net ATM proceeds from 23,696,330 shares; runway into 2029.
Sanofi optioned first collaboration development candidate; triggered $10M milestone, bringing total payments to $144M; Recursion eligible for >$300M more and low double-digit royalties.
REC-4881 TUPELO Phase 1b/2: 87% of 16 efficacy-evaluable FAP patients had polyp burden reductions, 47% median reduction at week 13; no Grade 4/5 TRAEs.
REC-1245 DAHLIA Phase 1: 91.7% (11/12) at 45/65 mg achieved disease control at 8 weeks; 45 mg selected for expansion after 65 mg exceeded MTD.

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