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Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 9, 2026

Recursion Pharmaceuticals, Inc. (RXRX)

A forensic read on Recursion Pharmaceuticals, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective
Forensic grade
Distress
Financial health
-1.1
Distress distance
2
Forensic signals
-59.5%
ROE
26.9%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Recursion Pharmaceuticals, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads -1.1, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by share-count dilution.

What the filings flag

+46.7%/yr
FY2023–FY2025
Share-count dilution. Diluted share count changed +115% over the last 2 years to FY2025 (+46.7%/yr). The count is growing — 207.9M shares in FY2023, 447.4M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~46.7% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~54%.
149% of rev
FY2025
Stock-based comp load. Stock-based compensation ran 149% of revenue in FY2025 — about $0.25 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 46.7% a year across FY2023–FY2025 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.

Key fundamentals

Latest Revenue$74.7M
Revenue Growth YoY+26.9%
Revenue CAGR (2yr)+29.4%
Net Margin-863.4%
Free Cash Flow-$378.3M
Return on Equity-59.5%
Debt / Equity0.02x

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

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