RECURSION PHARMACEUTICALS, INC. (RXRX)

Nasdaq · Common Stock · Biological Products, (No Diagnostic Substances)

One email a week from me: what it filed, which 13F holders added or cut, where its scores stand. Free.

Corporate structure

18 entities across 4 jurisdictions. Read directly from the company’s own 10-K EX-21 filed 2026-02-25 — see the exhibit.

Which other public companies file entities in the same places:

Delaware9 Canada4 United Kingdom3 Scotland2

Subsidiaries of RECURSION PHARMACEUTICALS, INC. as disclosed in its SEC filing
Entity	Jurisdiction	Note
Exscientia Limited	United Kingdom
Exscientia (UK) Holdings Ltd.	United Kingdom
Exscientia AI Ltd.	Scotland
Kinetic Discovery Ltd	Scotland
Exscientia Inc.	Delaware
Exscientia Ventures I Inc.	Delaware
RE Ventures I LLC	Delaware
Exscientia Ventures II Inc.	Delaware
RE Ventures II LLC	Delaware
Recursion London Ltd.	United Kingdom
Recursion Canada, Inc.	Canada
Valence Discovery Inc.	Canada
Valence Discovery USA, Inc.	Delaware
Cyclica Therapeutics Inc.	Canada
Cyclica Inc.	Delaware
Giro Health Inc.	Delaware
B.C. Unlimited Liability Company	Canada
CereXis, Inc.	Delaware

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

3 / 7

FAILReturn on assets positiveROA -43.7%
FAILOperating cash flow positiveOCF -372M
FAILReturn on assets improving-32.0% → -43.7%
PASSCash flow exceeds earningsOCF -372M vs NI -645M
FAILLong-term debt ratio fallingno debt reported
PASSCurrent ratio improving3.81 → 5.50
FAILNo share dilution274M → 447M shares
FAILGross margin improvingno gross profit reported
PASSAsset turnover improving0.04× → 0.05×

Six-year record

Year	Revenue	Net income	Free cash flow	Gross margin	Shares
FY2020	$4.0M	−$87.0M	−$51.2M	—	21,781,386
FY2021	$10.2M	−$186.5M	−$198.4M	—	125,348,110
FY2022	$39.8M	−$239.5M	−$120.6M	—	175,537,487
FY2023	$44.6M	−$328.1M	−$299.7M	—	207,853,702
FY2024	$58.8M	−$463.7M	−$372.9M	—	274,207,146
FY2025	$74.7M	−$644.8M	−$378.3M	—	447,446,109

Ownership flow

3 institutions tracked — 2 added, 1 reduced.

Institutional holders of RECURSION PHARMACEUTICALS, INC. and their share-count change
Manager	Kind	Shares	Change	Value
GEODE CAPITAL MANAGEMENT, LLC	Index	13,819,135	+1,544,051	$50.7M
ARK Investment Management LLC	Active fund	41,337,632	+1,124,863	$151.7M
BAILLIE GIFFORD & CO	Value	23,487,907	−187,500	$86.2M

From 13F filings, which cover institutions managing over $100m and are filed up to 45 days after the quarter ends — so this is a considered position, not a live one, and it is not the whole shareholder register.

Identity

CIK: 0001601830
LEI: 549300I1AHR8KMMFIS52
FIGI: BBG00PQ4XJ45
SIC: 2836 · Biological Products, (No Diagnostic Substances)
Incorporated: DE
Headquarters: SALT LAKE CITY, UT

Ownership

Institutional: 71.6%
Institutions: 449
Insiders: 2.0%

Ownership percentages are a vendor aggregate, not a filing — unlike everything else on this page.

Other biological products, (no diagnostic substances) companies

RECURSION PHARMACEUTICALS, INC. files under SIC 2836 — all 11 biological products, (no diagnostic substances) companies compared on assets and F-score.

AMGEN INCAMGN GILEAD SCIENCES, INC.GILD BIOGEN INC.BIIB Moderna, Inc.MRNA REPLIGEN CORPRGEN BIO-TECHNE CorpTECH

Questions about RECURSION PHARMACEUTICALS, INC.

How many subsidiaries does RECURSION PHARMACEUTICALS, INC. file with the SEC?: 18, listed in its most recent exhibit 21. They are incorporated across 4 jurisdictions (United Kingdom, Scotland, Delaware, Canada). That exhibit is filed with the company's annual report and is the company's own list, not an estimate.
Is RECURSION PHARMACEUTICALS, INC. financially healthy?: RECURSION PHARMACEUTICALS, INC. scores 3 out of 7 on the Piotroski F-score. Only 7 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.
Who are the largest institutional holders of RECURSION PHARMACEUTICALS, INC.?: Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are ARK Investment Management LLC (adding), BAILLIE GIFFORD & CO (trimming), GEODE CAPITAL MANAGEMENT, LLC (adding). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.

This page is one panel of the terminal

The structure map above is the Corporate Blueprint, and in the desktop it is interactive — click any entity to re-centre the map on it and walk the ownership chain. It sits alongside the screener, the scorecard and the filings lab on one desk, on your machine.

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Sourced from SEC EDGAR primary filings. Figures are as reported by the company and are not investment advice. Scores are standard published screens computed from those filings; every input is shown above so you can check the arithmetic.

Corporate structure

18 entities across 4 jurisdictions. Read directly from the company’s own 10-K EX-21 filed 2026-02-25 — see the exhibit.

Which other public companies file entities in the same places:

Delaware9 Canada4 United Kingdom3 Scotland2

Entity

Jurisdiction

Note

Exscientia Limited

United Kingdom

Exscientia (UK) Holdings Ltd.

United Kingdom

Exscientia AI Ltd.

Scotland

Kinetic Discovery Ltd

Scotland

Exscientia Inc.

Delaware

Exscientia Ventures I Inc.

Delaware

RE Ventures I LLC

Delaware

Exscientia Ventures II Inc.

Delaware

RE Ventures II LLC

Delaware

Recursion London Ltd.

United Kingdom

Recursion Canada, Inc.

Canada

Valence Discovery Inc.

Canada

Valence Discovery USA, Inc.

Delaware

Cyclica Therapeutics Inc.

Canada

Cyclica Inc.

Delaware

Giro Health Inc.

Delaware

B.C. Unlimited Liability Company

Canada

CereXis, Inc.

Delaware

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

3 / 7

FAILReturn on assets positiveROA -43.7%
FAILOperating cash flow positiveOCF -372M
FAILReturn on assets improving-32.0% → -43.7%
PASSCash flow exceeds earningsOCF -372M vs NI -645M
FAILLong-term debt ratio fallingno debt reported
PASSCurrent ratio improving3.81 → 5.50
FAILNo share dilution274M → 447M shares
FAILGross margin improvingno gross profit reported
PASSAsset turnover improving0.04× → 0.05×

Six-year record

Year	Revenue	Net income	Free cash flow	Gross margin	Shares
FY2020	$4.0M	−$87.0M	−$51.2M	—	21,781,386
FY2021	$10.2M	−$186.5M	−$198.4M	—	125,348,110
FY2022	$39.8M	−$239.5M	−$120.6M	—	175,537,487
FY2023	$44.6M	−$328.1M	−$299.7M	—	207,853,702
FY2024	$58.8M	−$463.7M	−$372.9M	—	274,207,146
FY2025	$74.7M	−$644.8M	−$378.3M	—	447,446,109

Ownership flow

3 institutions tracked — 2 added, 1 reduced.

Institutional holders of RECURSION PHARMACEUTICALS, INC. and their share-count change
Manager	Kind	Shares	Change	Value
GEODE CAPITAL MANAGEMENT, LLC	Index	13,819,135	+1,544,051	$50.7M
ARK Investment Management LLC	Active fund	41,337,632	+1,124,863	$151.7M
BAILLIE GIFFORD & CO	Value	23,487,907	−187,500	$86.2M

Questions about RECURSION PHARMACEUTICALS, INC.

How many subsidiaries does RECURSION PHARMACEUTICALS, INC. file with the SEC?

18, listed in its most recent exhibit 21. They are incorporated across 4 jurisdictions (United Kingdom, Scotland, Delaware, Canada). That exhibit is filed with the company's annual report and is the company's own list, not an estimate.

Is RECURSION PHARMACEUTICALS, INC. financially healthy?

RECURSION PHARMACEUTICALS, INC. scores 3 out of 7 on the Piotroski F-score. Only 7 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.

Who are the largest institutional holders of RECURSION PHARMACEUTICALS, INC.?

Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are ARK Investment Management LLC (adding), BAILLIE GIFFORD & CO (trimming), GEODE CAPITAL MANAGEMENT, LLC (adding). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.