RXRX

AI-driven drug discovery platform — phenomics imaging + foundation models trained on internal cellular data. NVIDIA collaboration ($50M strategic investment 2023) anchors the BioHive-2 supercomputer for in-silico pipeline scaling. Q1 2026 reported $665.2M cash and $81.1M operating burn; revenue $6.5M missed $16.1M consensus by ~60%, driving renewed dilution-risk concern despite stronger pipeline + lower R&D YoY.

• •2023-07 — NVIDIA strategic investment ($50M) + multi-year AI-drug-discovery collaboration; BioHive-2 supercomputer build announced May 2024
• •Ongoing — Bayer + Roche pipeline collaborations contributing milestone revenue
• •2026-Q1 — Revenue $6.5M (vs $16.1M consensus, -60% miss); net loss $117.5M ($0.22/sh); R&D $87.9M (down from $129.6M Y/Y); G&A $34.6M (down from $54.7M Y/Y); operating cash burn $81.1M (improved from $132.0M Y/Y)
• •Guidance — Cash opex under $390M for full-year 2026; cash $665.2M end Q1 vs $753.9M end of 2025 ($88.7M sequential drawdown)
• •Snapshot 2026-05-18: mcap ~$1.67B, cash $665.2M, runway ~7-8 quarters at current burn
• •Setup tension: Revenue miss flagged the gap between AI-platform narrative and actual pharma-collab monetization; ~2 years of runway acceptable but milestone-readout cadence drives whether the next raise dilutes 10% or 30%