Recursion Pharma climbs after 20% staff reduction
ReutersJun 10, 2025 10:50 AM
Shares of Nvidia-backed AI drug developer Recursion Pharmaceuticals RXRX.O rise 3% to $5.53 premarket
Co says it is laying off 20% of its workforce
RXRX is narrowing its focus to develop drugs for rare diseases and cancers
Recursion's employee count grew from 515 to about 800 in 2024 after merging with Exscientia, according to SEC filing
Co aims to reduce its cash burn to below $450 mln in 2025 and under $390 mln in 2026
Restructuring expected to extend co's cash reserves into late 2027
As of last close, stock down 20.5% YTD
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