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Recursion Pharmaceuticals Inc (NASDAQ:RXRX) shares are rising in Thursday’s after-hours session following the company’s first-quarter financial results.
Q1 Earnings: Recursion reported first-quarter revenue of $13.491 million, which beat analyst estimates of $12.65 million, according to Benzinga Pro. The company reported a quarterly loss of 39 cents per share, which beat estimates for a loss of 42 cents per share.
Net cash used in operating activities was $102.3 million in the first quarter. The company ended the quarter with $296.3 million in cash and cash equivalents.
Recursion said it’s on track to read out multiple Phase 2 clinical trials in the coming quarters, beginning in the third quarter.
“We are excited about the multiple upcoming value catalysts that could potentially occur in the near-term, including clinical trial readouts, partnership option exercises, new partnerships, and interest in Recursion’s data and technology solutions,” said Chris Gibson, co-founder and CEO of Recursion.
“It is great to see individuals from both the biopharma and technology industries demonstrating an understanding and appetite for the power of combining large-scale computing resources with the ability to generate a proprietary source of large-scale data.”
Recursion highlighted supercomputer expansion in the first quarter in partnership with Nvidia Corp (NASDAQ:NVDA). The company said it’s working with the chipmaker to design and build BioHive-2, its next-generation supercomputer with over 500 H100 GPUs.
“We have nearly completed the build-out of BioHive-2 and began performance benchmarking tests. We believe that the performance of our supercomputer may place BioHive-2 in the top 50 of the next TOP500 list, making it one of the most powerful supercomputers in the world across any industry and the most powerful supercomputer owned and operated by any biopharma company,” the company said.
Nvidia reported investments in multiple companies in a 13-F filing with the SEC earlier this year. Recursion Pharmaceuticals was among the names listed. According to the filing, the company is Nvidia’s second-largest investment after Arm Holdings.
RXRX Price Action: Recursion shares were up 0.58% at $8.64 after-hours Thursday, according to Benzinga Pro.
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