Yahoo Finance Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX) Q1 2024 Earnings Call Transcript
Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX) Q1 2024 Earnings Call Transcript May 9, 2024
Recursion Pharmaceuticals, Inc. isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Chris Gibson: Hi, everybody. I’m Chris Gibson, Co-Founder and CEO of Recursion, and I'm so delighted you've joined us today for our Q1 2024 Earnings Call -- L(earnings) Call, as we call it. And I want to run through some of the exciting updates from the company over the last quarter as we move forward to achieve our mission of decoding biology to radically improve lives. And so with that, of course, some disclaimers. And Recursion, I think, is uniquely positioned to hit the TechBio escape velocity. And what I mean by that is I think we have pretty uniquely put together the pipeline, the platform, and the people that are giving us the opportunity over the coming quarters and years to really start to demonstrate a shift in the pace, the scale and hopefully, also the probability of success of drug discovery and development.
And we're just delighted to be in this position to be helping to lead TechBio because we feel so confident about what the future looks like. We feel that the future of TechBio is the inevitable future of biotech. And we are delighted to be leading that and so thankful that all of you are supporting us. So, with that, I'm going to go ahead and dive in to a little bit of what we're working on, and I'm going to start with the pipeline. And the pipeline, in particular, I think, is very exciting because we have an opportunity to start to demonstrate catalysts on a roughly quarterly cadence. These catalysts are going to start in Q3 with our first Phase 2 readout and then again, we're going to start to be able to demonstrate Phase 2 POC readouts on a quarterly cadence.
We'll kick off with REC-994, the SYCAMORE trial and cerebral cavernous malformation. This is a first-in-disease opportunity where we're really leading out. As the first institutional sponsored program that's gone through the FDA, we are nearly complete not only with the study, but enrolling almost all of the patients into a long-term extension. And what we'll be looking for in the context of this trial is that looking across all the evidence from all of these exploratory end points, not only at safety and tolerability, where we believe we've got a really strong opportunity, but certainly at a variety of different potential efficacy readouts that we could work with the FDA to move forward with to try and get this medicine to patients as quickly as we can.
We'll follow that up with another program, REC-2282 and neurofibromatosis type 2, where we've given guidance that we think we'll be reading out the preliminary safety and efficacy in Q4. We've got then REC-4881 with a preliminary safety and efficacy readout in the first half of 2025. We've got another REC-4881 program, again with another preliminary safety and efficacy readout in the first half of 2025. And then a number of other programs coming behind that, either initiating Phase 2 studies or moving into IND submission in the near-term. So, really excited about this pipeline. I think it gives Recursion a unique opportunity to start to demonstrate in a really robust way, shots on goal. And of course, we know all of these programs won't be successful, but we believe some may be -- and ultimately, what's exciting to us is not only the opportunity to bring medicines to patients in many cases, first-in-disease, but the opportunity to begin to learn, the opportunity to begin to take the data from these trials, feed it back into the platform, and whether it's a success or a failure to be able to improve the platform because we really are in a multi-decade journey to build what we think will be the TechBio company that defines the future.
And it's not only our pipeline that we're excited about, it's our platform, and we're delighted to share with today's earnings a lot like the deal we did with Tempus back in December, a deal here with Helix. Helix is a fantastic company. We've been getting to know them for a while. They've partnered with health care systems all across the country to bring really significant scale of exome, genomics and longitudinal health data into a robust software environment where like we did with the Tempus data, we've now signed a collaboration with Helix. That's going to give us access to hundreds of thousands of de-identified records along with omics data that we can put together with all of the rest of the data we generated at Recursion and start to continue to train these causal AI models to help understand the gene networks that are underlying now, not only oncology diseases but also non-oncology diseases.
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