Recursion Pharmaceuticals (Nasdaq: RXRX) has completed a $200 million oversubscribed underwritten common stock offering, with investors including Janus Henderson Investors, Invus, Longaeva Partners, ARK Invest, and Driehaus Capital Management, according to a company statement.

The financing extends Recursion's expected cash runway into 2029. As of September 30, 2026, the company held approximately $561 million in cash, cash equivalents, and restricted cash, a figure described as preliminary and unaudited.

Recursion also released updated clinical data for two pipeline candidates. In its Phase 1b/2 TUPELO study of REC-4881 in Familial Adenomatous Polyposis (FAP), the drug showed a 47% median reduction in total polyp burden after 12 weeks of treatment in adult patients, with 85% of patients remaining below baseline after a 12-week off-treatment period. In the upper gastrointestinal tract, 92% of patients showed reductions, with a 55% median polyp burden reduction and two patients achieving reductions of 98% or more. The company said it is targeting initiation of a registrational trial in the second half of 2027, pending FDA discussions.

In its Phase 1 DAHLIA study, REC-1245, an RBM39 degrader, showed two confirmed partial responses in endometrial cancer and one unconfirmed response in liver cancer among heavily pretreated patients. The disease control rate was 91.7% at doses of 45 mg or higher. Recursion selected 45 mg once daily as the expansion dose, citing an acceptable safety profile.

Separately, Sanofi exercised an option on the first development candidate from its multi-program collaboration with Recursion, an oral small molecule targeting a dual target in inflammatory disease. The option triggered a $10 million milestone payment to Recursion, bringing total payments under the collaboration to $144 million. Recursion remains eligible for more than $300 million in additional milestones, plus low double-digit royalties on net sales if the candidate is approved. Sanofi plans to advance the candidate into Phase 1 trials in 2027.