Recursion Prices $200M Underwritten Stock Offering at $3.74 Reference
RXRX sits 31% above its 52-week low of $2.77.
Summary
Recursion launched a $200 million underwritten common stock offering, dilutive at roughly 10% of shares outstanding, to fund a REC-4881 registrational trial and REC-1245 expansion while extending cash runway into 2029. The same filing discloses a $10M Sanofi milestone and positive REC-4881 and REC-1245 data.
Updates
· SEC 8-K — Recursion priced its offering at $3.25 per share for 61,540,000 shares, expecting $200 million gross proceeds and a close on October 16, 2026.
Key Events · Financing and Capital Events · RXRX
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$200M Underwritten Stock Offering
Firm-commitment offering of Class A common stock led by Leerink Partners, Goldman Sachs, Morgan Stanley, Evercore ISI and Needham, priced against a $3.74 last reported sale on October 14, 2026.
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Roughly 10% Dilution to Existing Holders
At ~$3.74, $200M implies about 53.5 million new shares versus 533,191,318 shares outstanding as of June 30, 2026 — roughly a 10% increase in the share count.
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Proceeds Fund Two Lead Programs
Net proceeds fund a registrational REC-4881 trial in FAP and REC-1245 dose expansion in solid tumors, plus platform work and general corporate purposes; cash of ~$561M at September 30, 2026 extends runway into 2029.
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Sanofi Options First Collaboration Candidate
Sanofi optioned the first development candidate from the multi-program collaboration, triggering a $10M milestone and bringing total upfront and milestone payments to $144M, with more than $300M in additional milestones remaining.
Analysis · RXRX · Life Sciences
Recursion is raising $200 million in a firm-commitment underwritten offering of Class A common stock, priced against a $3.74 last reported sale on October 14, 2026 — a deal that funds a registrational REC-4881 trial in FAP and REC-1245 dose expansion while extending runway into 2029. The raise is dilutive: against 533,191,318 shares outstanding as of June 30, 2026, $200M at roughly $3.74 implies about 53.5 million new shares, or roughly 10% of the current share count. It lands alongside genuinely positive news — Sanofi optioned the first collaboration candidate for a $10M milestone ($144M total to date, >$300M remaining), REC-4881 showed a 47% median polyp burden reduction at week 13, and REC-1245 selected 45 mg as its expansion dose. The offering is the reason the stock trades where it does; the clinical and partnership updates are the reason the raise is possible.
How filings like this one have moved
In the 30 days to Nov 2, 2026, 40.4% of the 1069 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.35%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, RXRX was trading at $3.63 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $2B. The 52-week trading range was $2.77 to $7.18. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.