RXRXRECURSION PHARMACEUTICALS, INC.

Biological Products, (no Diagnostic Substances)

Revenue: $75M; 27% YoY
Operating margin: -867.9%; 6.6% YoY
EBITDA: −$564M; 28% YoY
Market cap: $2.2B
Employees: 600; $124K revenue each
Net debt / EBITDA: —; −$550M net debt
AI in 10-K: 17.0; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$8M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
149% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
13% of assets
Over 40% of assets
Shareholder dissentNo
87% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$124K · 34th pct
Bottom quartile of its SIC industry
Quiet on AINo
17.0 per 10K words · 97th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$8M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$10M	$40M	$45M	$59M	$75M	27%
Operating income	−$183M	−$246M	−$350M	−$479M	−$648M	35%
Net income	−$186M	−$239M	−$328M	−$464M	−$645M	39%
Operating cash flow	−$159M	−$84M	−$288M	−$359M	−$372M	3.5%
Capex	$40M	$37M	$12M	$14M	$6M	53%
Stock-based comp	$15M	$28M	$54M	$82M	$111M	36%

Deal filings

Filed	Form	Acquirer	Price	Premium
Oct 10, 2024	DEFM14A	—	$39.48	25%
Sep 17, 2024	PREM14A	—	$43.54	25%

13D filers

Filed	Filer	Form	Stake	Intent
Dec 23, 2025	Mubadala Investment Co PJSC	SCHEDULE 13D/A	0.0%	Passive
Oct 31, 2022	Mubadala Investment Co PJSC	SC 13D/A	6.3%	Passive
Nov 4, 2021	Mubadala Investment Co PJSC	SC 13D/A	5.5%	Passive
Apr 26, 2021	Mubadala Investment Co PJSC	SC 13D	5.7%	Active

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $8M · 35
Net: −$8M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$10M	$3M	13	123
FY2024	$8M	$2M	22	92
FY2023	$9M	$11M	32	93
FY2022	$6M	−$6M	25	89
FY2021	$674K	$22M	55	99