Recursion Pharmaceuticals Inc
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Let's analyse Recursion

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Company's Financial Health
A deep dive into the books. How are the numbers doing? Is Recursion Pharmaceuticals Inc even making a profit? Is the company skyrocketing? Or is it sinking like the Titanic. The trend is your friend.
Market Valuation
Finally, you now have an insight of how Recursion Pharmaceuticals Inc is doing in the market. If the company is worth buying. The latest step is to find out how other investors value Recursion Pharmaceuticals Inc. The closing price on 2022-09-30 was $10.64 per share. Is the company over- or underpriced?
Key Performance Indicators
A total overlook on how the company is doing. Based on the (trends in) the key performance indicators.

Recursion Pharmaceuticals Inc Daily Candlestick Chart

Summary

Financial Health

Profitability Details

	Compared to previous year	Compared to industry
The company is making a huge loss.
Using its assets, the company is very inefficient in making profit.
Using its investors money, the company is very inefficient in making profit.

Operating Efficiency Details

	Compared to previous year	Compared to industry
The company is operating very inefficient.
The company is inefficient in keeping operating costs low.

Liquidity Details

	Compared to previous year	Compared to industry
The company is very able to pay all its short-term debts.
The company is very able to pay all its short-term debts with the most liquid assets.

Solvency Details

	Compared to previous year	Compared to industry
The company is very able to pay all its debts by selling its assets.
The company is very able to pay all its debts with equity.

1.1. Profitability of Recursion Pharmaceuticals Inc.

1.1. Profitability

An important factor of a company's health is the profitability.

1.1.1. Net Profit Margin

Measures how much net profit Recursion earns for each $1 of revenue.

Above 10% is considered healthy but always compare Recursion to the Biotechnology industry mean.
A Net Profit Margin of -309.0% means that $-3.09 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Recursion Pharmaceuticals Inc:

The MRQ is -854.3%. The company is making a huge loss. -2
The TTM is -309.0%. The company is making a huge loss. -2

Trends

Current period		Compared to		+/-
MRQ	-854.3%	TTM	-309.0%	-545.3%
TTM	-309.0%	YOY	-1,547.0%	+1,238.0%
TTM	-309.0%	5Y	-4,831.5%	+4,522.5%
5Y	-4,831.5%	10Y	-4,831.5%	0.0%

Compared to industry (Biotechnology)

Period	Company	Industry (mean)	+/-
MRQ	-854.3%	-242.4%	-611.9%
TTM	-309.0%	-275.9%	-33.1%
YOY	-1,547.0%	-342.1%	-1,204.9%
5Y	-4,831.5%	-475.7%	-4,355.8%
10Y	-4,831.5%	-561.7%	-4,269.8%

Measures how much net profit Recursion earns for each $1 of revenue.

Revenue is the amount of profit Recursion generates before taxes and all other costs. For example, when you buy a cup of coffee it will cost you $3. The company does not earn $3 in profit but also has to pay various costs and taxes to create that cup of coffee. Let's assume the cost of creating a cup of coffee is $1.5.

The $3 you pay for a cup of coffee is called revenue.
The $1.5 that’s left over when all costs to create that cup of coffee (including taxes) are deduced from the revenue is called net profit.

The net profit margin looks at how much net profit Recursion earns for each $1 in revenue.

How to use net profit margin

Higher profit margin is better (more profit).
Above 10% is considered healthy but always compare Recursion to the Biotechnology industry mean.
Can be used to compare companies within the Biotechnology industry.

You typically want a high profit margin. This means that for each $1 in sales, Recursion makes more profit. This shows the investor how efficiently Recursion is operating in general and compared to other companies in the same industry. Recursion operates in the Biotechnology industry.

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of Recursion. If profit margins remain low (compared to the Biotechnology industry mean) and there are no improvements to make in production costs or other areas that might be a warning sign. If profit margins are high that means the company has low overhead costs and is efficiently using its resources to generate profit.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Net Profit Margin of Recursion is -309.0%. This means that Recursion earned $-3.09 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Net Profit Margin of the Biotechnology industry is -242.4%.
What is the trend?
The trend is important because it shows you how Recursion is performing over time. The most recent quarter might be important if Recursion released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Recursion up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare Recursion with other companies in the same industry (Biotechnology).
Net profit margin should rise over the years.
Can be influenced when Recursion sells assets (profit will increase while costs remain the same).
It won’t show what part of Recursion is doing great or needs improvement (it only looks at total revenue and total net income).

How to calculate net profit margin

Net profit margin = net income / total revenue * 100%

Real example of Recursion

You need the following data to determine net profit margin:

Income statement from the period you want to calculate (for example, MRQ or TTM).

Net income MRQ Recursion = -65,560
Total revenue MRQ Recursion = 7,674
$-65,560 / $7,674 = -8.54 or -854.3%

Higher is better

The higher the net profit margin, the more efficient the company is generating income. This helps investors to determine how the company is managing money. The net profit margin is an important indicator when diving into the financial health of a company. Overall, you want to see the net profit margin rising over the years. That means the company improved their production and made it more efficient (if possible).

You can use the net profit margin to compare companies within the same industry. If there are two companies where one is much bigger but the smaller one has a higher net profit margin, that means the smaller company is more efficiently using operational costs.

Important: Profit margins can be very different between industries. Companies with assembly lines or transports are much more prone to see shifting in prices for fuel, ingredients and maintenance compared to companies that only provide services. You should never compare net profit margin between different industries.

1.1.2. Return on Assets

Shows how efficient Recursion is using its assets to generate profit.

Above 5% is considered healthy but always compare Recursion to the Biotechnology industry mean.
-8.8% Return on Assets means that Recursion generated $-0.09 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Recursion Pharmaceuticals Inc:

The MRQ is -9.7%. Using its assets, the company is very inefficient in making profit. -2
The TTM is -8.8%. Using its assets, the company is very inefficient in making profit. -2

Trends

Current period		Compared to		+/-
MRQ	-9.7%	TTM	-8.8%	-0.9%
TTM	-8.8%	YOY	-6.5%	-2.3%
TTM	-8.8%	5Y	-6.1%	-2.7%
5Y	-6.1%	10Y	-6.1%	0.0%

Compared to industry (Biotechnology)

Period	Company	Industry (mean)	+/-
MRQ	-9.7%	-9.7%	0.0%
TTM	-8.8%	-8.7%	-0.1%
YOY	-6.5%	-9.2%	+2.7%
5Y	-6.1%	-11.5%	+5.4%
10Y	-6.1%	-12.4%	+6.3%

Shows how efficient Recursion is using its assets to generate profit.

For a farm, a tractor is considered an asset. The tractor helps ploughing the land making it possible to plant and harvest crops. But the tractor might be old and needing maintenance all the time reducing its efficiency. Return on assets indicates how effectively the farm is using the tractor (and other assets that help the core business) to plough the land.

How to use return on assets

-8.8% return on assets means the company generated $-0.09 for each $1 in assets.

Higher is better
Above 5% is considered healthy but always compare Recursion to the Biotechnology industry mean.
Can be very different between industries
Can be used to compare companies

Why do investors use return on assets in their analysis

Shows the investor how effectively Recursion is using its resources to generate profit. If the return on assets (-8.8%) from Recursion are higher than the Biotechnology mean (-9.7%) that means Recursion is using its resources better than their competitors. If not, that means their competitors are more efficient in using their resources to generate profit.

An investor should always look at:

What is the current return on assets?
The current most recent quarter (MRQ) Return on Assets of Recursion is -8.8%. This means the company generated $-0.09 for each $1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the Biotechnology industry is -9.7%.
What is the trend?
The trend is important because it shows you how Recursion is performing over time. The most recent quarter might be important if Recursion released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Recursion up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
If a company has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

How to calculate return on assets

Return on assets = net income / total assets * 100%

Real example Recursion

You need the following data to determine return on assets (ROA):

Income statement
Balance sheet

Net income MRQ (income statement) from Recursion = -65,560
Total assets MRQ (balance sheet) from Recursion = 672,515
-65,560 / 672,515 = -0.10 or -9.7%

ROA is an important ratio as it will tell you how effectively Recursion is using its resources to generate profits. Example:

Bob and Kristin both sell ice cream in the summer. They both have an ice cream truck. The truck Bob owes cost him $20.000 and the truck Kristin owes cost her $1500. Over the summer, Bob earned $2000 and Kristin earned $200. To calculate the return on assets:

Bob: $2000 / $20.000 * 100% = 10%
Kristin: $200 / $1500 * 100% = 13.3%

This tells you Bob’s company is more valuable but Kristin's company is more efficient. Be aware that total assets can change over time. A transportation business will buy and sell trucks or planes all the time. Before using return on assets as a guideline, you have to know what the exact assets are. For a company that has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

1.1.3. Return on Equity

Shows how efficient Recursion is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare Recursion to the Biotechnology industry mean.
-15.0% Return on Equity means the company generated $-0.15 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Recursion Pharmaceuticals Inc:

The MRQ is -15.0%. Using its investors money, the company is very inefficient in making profit. -2
The TTM is -11.6%. Using its investors money, the company is very inefficient in making profit. -2

Trends

Current period		Compared to		+/-
MRQ	-15.0%	TTM	-11.6%	-3.4%
TTM	-11.6%	YOY	-1.7%	-9.9%
TTM	-11.6%	5Y	-5.3%	-6.3%
5Y	-5.3%	10Y	-5.3%	0.0%

Compared to industry (Biotechnology)

Period	Company	Industry (mean)	+/-
MRQ	-15.0%	-11.8%	-3.2%
TTM	-11.6%	-11.1%	-0.5%
YOY	-1.7%	-10.6%	+8.9%
5Y	-5.3%	-13.5%	+8.2%
10Y	-5.3%	-14.5%	+9.2%

Shows how efficient Recursion is using its investors money to generate profit.

A publicly traded company (any company that issues shares to the public) is owned by its shareholders. Return on equity calculates the amount of profit for every $1 the shareholders invested.

How to use return on equity

-11.6% return on equity means Recursion generated $-0.12 for each $1 the owners (shareholders) invested.

Higher is better
Above 15%-20% is considered healthy but always compare Recursion to the Biotechnology industry mean.
Can be very different between industries
Can be used to compare companies

Why do investors use return on equity in their analysis

To find out the owners/management's attitude toward their company. You typically want the owners/management to invest in the company and focus on generating profit. If not enough profit is generated (compared to the Biotechnology industry mean), the company might not be investing their money efficiently.

The three steps every investor should look at:

What is the current return on equity?
The current most recent quarter (MRQ) Return on Equity of Recursion is -11.6%. This means that Recursion earned $-0.12 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Return on Equity of the Biotechnology industry is -11.8%.
What is the trend?
The trend is important because it shows you how Recursion is performing over time. The most recent quarter might be important if Recursion released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Recursion up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Does not include intangible assets (non physical assets like licences, computer software, etc.).
Stockholders equity and shareholders equity refer to the same thing.
Liabilities should not be more than three times return on equity.

How to calculate return on equity

Return on equity = net profit / shareholders equity * 100%

Real example of Recursion

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Recursion = -65,560
Shareholders equity (balance sheet) MRQ Recursion = 437,579
-65,560 / 437,579 = -0.15 or -15.0%

A negative shareholder equity is a warning sign. It means the company has more liabilities than assets. It might also mean that the owners did not invest enough money or they are taking money out of the business.

1.2. Operating Efficiency of Recursion Pharmaceuticals Inc.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Recursion is operating .

Measures how much profit Recursion makes for each $1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
Above 15% is considered healthy but always compare Recursion to the Biotechnology industry mean.
An Operating Margin of -854.3% means the company generated $-8.54 for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Recursion Pharmaceuticals Inc:

The MRQ is -854.3%. The company is operating very inefficient. -2
The TTM is -306.8%. The company is operating very inefficient. -2

Trends

Current period		Compared to		+/-
MRQ	-854.3%	TTM	-306.8%	-547.6%
TTM	-306.8%	YOY	-1,270.9%	+964.2%
TTM	-306.8%	5Y	-4,666.4%	+4,359.6%
5Y	-4,666.4%	10Y	-4,666.4%	0.0%

Compared to industry (Biotechnology)

Period	Company	Industry (mean)	+/-
MRQ	-854.3%	-232.1%	-622.2%
TTM	-306.8%	-269.6%	-37.2%
YOY	-1,270.9%	-309.3%	-961.6%
5Y	-4,666.4%	-466.7%	-4,199.7%
10Y	-4,666.4%	-572.5%	-4,093.9%

1.2.2. Operating Ratio

Measures how efficient Recursion is keeping operating costs low.

Below 1 is considered healthy (always compare to Biotechnology industry mean).
An Operation Ratio of 962.5% means that the operating costs are $9.63for each $1 in net sales.

Let's take a look of the Operating Ratio trends of Recursion Pharmaceuticals Inc:

The MRQ is 9.625. The company is inefficient in keeping operating costs low. -1
The TTM is 3.508. The company is inefficient in keeping operating costs low. -1

Trends

Current period		Compared to		+/-
MRQ	9.625	TTM	3.508	+6.117
TTM	3.508	YOY	15.847	-12.338
TTM	3.508	5Y	48.308	-44.799
5Y	48.308	10Y	48.308	0.000

Compared to industry (Biotechnology)

Period	Company	Industry (mean)	+/-
MRQ	9.625	3.321	+6.304
TTM	3.508	3.542	-0.034
YOY	15.847	3.491	+12.356
5Y	48.308	5.744	+42.564
10Y	48.308	7.007	+41.301

Measures how efficient the company is creating its products or services while keeping operating costs low.

If the operating ratio is below 1 that means the company is making money. The lower the operating ratio, the more efficient the company.

How to use operating ratio

keypoint text= An operation ratio of 0.5 means that the operating costs are $0,5 for each $1 in net sales.

Lower is better
Below 1 is considered healthy (always use industry average)
Can be very different between industries
Can be used to compare companies

Why do investors use operating ratio in their analysis

Shows if costs of creating products and or services is increasing or decreasing. The lower the operating ratio, the more efficient the company is creating products and services.

Things to be aware of

Only compare with other companies in the same industry
You need COGS (Cost Of Goods Sold) to calculate operating ratio which is not always shown in the income statement
Does not consider debt

The three steps every investor should look at:

What is the current net operating ratio?
What is the long term trend?
How does it compare to the industry?

How to calculate operating ratio

Operating ratio = Operating expenses plus COGS \ Net sales

Real life example

You need the following data to determine operating ratio:

Income statement

COGS is not specified on the income statement so we use the following calculation:

(cost of revenue plus total operating expenses) / total revenue
($12,700,000 plus $1,628,000) / $16,934,000 = 0.84

The operating ratio measures the efficiency of a company at keeping low costs while generating profits from sales. It compares the total operating expenses to the net amount of sales. The total operating expenses exists of:

COGS (materials, labour, rent of facility, repairs)
Operating expenses (legal fees, marketing, wages, rent, maintenance/repairs)

Operating expenses are all the costs the company makes that are not directly tied to the production of the service or product. Where COGS are costs that are directly tied to the production of a product or service.

Do note that COGS is not always available in the income statement. Some companies include COGS in the operating expenses while others list COGS separately. To make it even more confusing, COGS is also known as “costs of sales” and costs of sales is the same as costs of revenue.

The operating ratio tells you how efficient the company is creating its products or services while keeping prices low. In this case, a lower ratio is better. Higher or rising operating ratios might tell you that costs are rising while sales are not improving or staying the same.

1.3. Liquidity of Recursion Pharmaceuticals Inc.

1.3. Liquidity

1.3.1. Current Ratio

Measures if Recursion is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to Biotechnology industry mean).
A Current Ratio of 564.9% means the company has $5.65 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of Recursion Pharmaceuticals Inc:

The MRQ is 5.649. The company is very able to pay all its short-term debts. +2
The TTM is 9.582. The company is very able to pay all its short-term debts. +2

Trends

Current period		Compared to		+/-
MRQ	5.649	TTM	9.582	-3.933
TTM	9.582	YOY	10.463	-0.880
TTM	9.582	5Y	8.018	+1.564
5Y	8.018	10Y	8.018	0.000

Compared to industry (Biotechnology)

Period	Company	Industry (mean)	+/-
MRQ	5.649	5.266	+0.383
TTM	9.582	6.060	+3.522
YOY	10.463	6.366	+4.097
5Y	8.018	6.692	+1.326
10Y	8.018	6.457	+1.561

1.3.2. Quick Ratio

Measures if Recursion is able to pay off Short-term Debt but only using the most liquid assets.

Above 1 is considered healthy (always compare to Biotechnology industry mean)
A Quick Ratio of 609.1% means the company can pay off $6.09 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Recursion Pharmaceuticals Inc:

The MRQ is 6.091. The company is very able to pay all its short-term debts with the most liquid assets. +2
The TTM is 12.035. The company is very able to pay all its short-term debts with the most liquid assets. +2

Trends

Current period		Compared to		+/-
MRQ	6.091	TTM	12.035	-5.945
TTM	12.035	YOY	7.351	+4.685
TTM	12.035	5Y	7.754	+4.281
5Y	7.754	10Y	7.754	0.000

Compared to industry (Biotechnology)

Period	Company	Industry (mean)	+/-
MRQ	6.091	4.055	+2.036
TTM	12.035	4.865	+7.170
YOY	7.351	5.192	+2.159
5Y	7.754	5.275	+2.479
10Y	7.754	4.997	+2.757

1.4. Solvency of Recursion Pharmaceuticals Inc.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of Recursion assets are financed with debt.

Below 1 (100%) is considered healthy (always compare to Biotechnology industry mean).
A Debt to Asset Ratio of 0.35 means that Recursion assets are financed with 34.9% credit (debt) and the remaining percentage (100% - 34.9%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of Recursion Pharmaceuticals Inc:

The MRQ is 0.349. The company is very able to pay all its debts by selling its assets. +2
The TTM is 0.220. The company is very able to pay all its debts by selling its assets. +2

Trends

Current period		Compared to		+/-
MRQ	0.349	TTM	0.220	+0.130
TTM	0.220	YOY	0.907	-0.687
TTM	0.220	5Y	0.451	-0.231
5Y	0.451	10Y	0.451	0.000

Compared to industry (Biotechnology)

Period	Company	Industry (mean)	+/-
MRQ	0.349	0.271	+0.078
TTM	0.220	0.269	-0.049
YOY	0.907	0.296	+0.611
5Y	0.451	0.361	+0.090
10Y	0.451	0.399	+0.052

1.4.2. Debt to Equity Ratio

Measures if Recursion is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy (always compare to Biotechnology industry mean).
A Debt to Equity ratio of 53.7% means that company has $0.54 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Recursion Pharmaceuticals Inc:

The MRQ is 0.537. The company is very able to pay all its debts with equity. +2
The TTM is 0.312. The company is very able to pay all its debts with equity. +2

Trends

Current period		Compared to		+/-
MRQ	0.537	TTM	0.312	+0.225
TTM	0.312	YOY	0.022	+0.290
TTM	0.312	5Y	0.134	+0.179
5Y	0.134	10Y	0.134	0.000

Compared to industry (Biotechnology)

Period	Company	Industry (mean)	+/-
MRQ	0.537	0.310	+0.227
TTM	0.312	0.311	+0.001
YOY	0.022	0.310	-0.288
5Y	0.134	0.382	-0.248
10Y	0.134	0.438	-0.304

2. Market Valuation of Recursion Pharmaceuticals Inc

2. Earnings

2.1. Price to Earnings Ratio

Measures how many years it takes to double your invested money in Recursion.

Above 15 is considered overpriced but is hard to determine (always use industry average).
A PE ratio of -5.93 means the investor is paying $-5.93 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Recursion Pharmaceuticals Inc:

The EOD is -7.747. Company is losing money. -2
The MRQ is -5.927. Company is losing money. -2
The TTM is -13.757. Company is losing money. -2

Trends

Current period		Compared to		+/-
EOD	-7.747	MRQ	-5.927	-1.820
MRQ	-5.927	TTM	-13.757	+7.831
TTM	-13.757	YOY	-12.622	-1.136
TTM	-13.757	5Y	-10.552	-3.206
5Y	-10.552	10Y	-10.552	0.000

Compared to industry (Biotechnology)

Period	Company	Industry (mean)	+/-
EOD	-7.747	-2.115	-5.632
MRQ	-5.927	-2.332	-3.595
TTM	-13.757	-3.889	-9.868
YOY	-12.622	-5.087	-7.535
5Y	-10.552	-3.697	-6.855
10Y	-10.552	-3.390	-7.162

Compares the company's stock price to its earnings.

Indicates if the company’s shares are under or overvalued. A very high PE ratio means that the price of the stock is much higher than the reported earnings.

How to use PE ratio

A PE ratio of 15 means the investor is paying $15 for every $1 in earnings

Above 15 is considered overpriced but is hard to determine (always use industry average)
Can be very different between industries
Can be used to compare companies

Why do investors use PE ratio in their analysis

The PE ratio tells investors the current sentiment in the market for that company. As with every stock, the stock price never shows the real valuation of a company but rather how the market thinks how much the stock is worth.

In other words, the current stock price also incorporates any future earnings or business opportunities in the future. The best example is the stock market crash in 2000. The PE ratio for any internet based company was going through the roof. Only based on the general assumption the internet and all associated businesses would thrive in the future. But this was based on nothing. A business still needs a good product or service to be able to survive. Instead, every investor bought any stock which did something related to the internet.

Many investors were willing to pay premium prices and that was causing the PE ratio to rise. A high PE ratio is a warning sign that investors might be overvaluing a stock based on future earnings.

Things to be aware of

Only compare with other companies in the same industry
Some industries might have very high or very low PE ratios in general
PE ratios can be high for several years, it does not mean a sudden collapse is imminent.
Earnings growth is not included in the PE ratio

How to calculate PE ratio

PE ratio = market value per share / earnings per share (The market value per share is simply the current stock price. )

The PE ratio is a very commonly used ratio to determine the value of a company by comparing the current stock price relative to its earnings per share (EPS). Before we can calculate the PE ratio we need to know the EPS. EPS is calculated as follows:

EPS = (net profit - preferred dividends) / end of period outstanding shares
Net profit = revenue - expenses
Outstanding shares can be found in the balance sheet

The PE value helps investors to determine if the current stock price is under or overvalued. It also projects future growth.

In general, a higher PE ratio means that investors predict higher future growth. If the PE ratio is too high, then investors expect way too much future growth the company can never fulfil. This is most likely to happen in faster moving companies like tech companies or automobile companies like Tesla. These are hot and booming markets where investors expect much future growth driven by new technology (electric cars). When looking at the current MRQ (most recent quarter) PE ratio of Tesla ( jan. 2021) it's about 247 while the average in the industry is only 6. That might be a clue that Tesla is trading for way too high prices compared to their current assets and is more based on future growth.

2.2. Price Earnings to Growth Ratio

Measures the predicted future growth of Recursion.

Lower is better
A PEG ratio of 1 means the investor is paying a fair price for the stock

Let's take a look of the Price Earnings to Growth Ratio trends of Recursion Pharmaceuticals Inc:

The MRQ is -0.066. Very Bad. -2
The TTM is -0.078. Very Bad. -2

Trends

Current period		Compared to		+/-
MRQ	-0.066	TTM	-0.078	+0.012
TTM	-0.078	5Y	-0.078	0.000
5Y	-0.078	10Y	-0.078	0.000

Compared to industry (Biotechnology)

Period	Company	Industry (mean)	+/-
MRQ	-0.066	0.003	-0.069
TTM	-0.078	0.019	-0.097
5Y	-0.078	0.020	-0.098
10Y	-0.078	0.017	-0.095

PEG Ratio	Meaning
0.5	You can buy the stock cheap
1	You pay a fair price
2.5	The stock is overpriced

2. Books

2.3. Price to Book Ratio

Measures if the stock price of Recursion is to cheap or to expensive compared to its book value.

At or below 1 is considered healthy (always compare to Biotechnology industry mean).
A PB ratio of 3.20 means the investor is paying $3.20 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of Recursion Pharmaceuticals Inc:

The EOD is 4.187. Neutral. Compare to industry.
The MRQ is 3.204. Neutral. Compare to industry.
The TTM is 4.374. Neutral. Compare to industry.

Trends

Current period		Compared to		+/-
EOD	4.187	MRQ	3.204	+0.984
MRQ	3.204	TTM	4.374	-1.171
TTM	4.374	YOY	1.964	+2.410
TTM	4.374	5Y	2.535	+1.839
5Y	2.535	10Y	2.535	0.000

Compared to industry (Biotechnology)

Period	Company	Industry (mean)	+/-
EOD	4.187	1.843	+2.344
MRQ	3.204	1.961	+1.243
TTM	4.374	2.789	+1.585
YOY	1.964	3.538	-1.574
5Y	2.535	2.782	-0.247
10Y	2.535	2.419	+0.116

Measures if the stock price of Recursion is to cheap or to expensive compared to its [abbr name=book value&text=What the company is worth when you subtract total liabilities from total assets).

The book value of a company is what remains when you subtract total liabilities from total assets. This can also become negative which means the company has more debts than assets.

The price to book ratio shows the investor if the stock is under or overvalued. A high price to book ratio means that the investor is paying more for a share than the company has in total assets.

How to use PB ratio

A PB ratio of 3 means the investor is paying $3 for each $1 in book value.

Lower is better
At or below 1 is considered healthy
Can be very different between industries
Can be used to compare companies

Why do investors use PB ratio in their analysis

Helps investors to determine if the current stock price is under or overvalued. A low PB ratio means the company’s stock is trading for less than the leftover of total assets - total liabilities. PB ratios can also turn negative which means the company might be in serious financial trouble. In other words, the company has more liabilities than assets.

Things to be aware of

Only compare with other companies in the same industry
Negative PB ratio means that the company might be in serious financial trouble
A higher PB ratio than 1 also means that you are last in line (shareholders get paid last when a company defaults) when the company goes bankrupt for whatever reason.

How to calculate price to book ratio

Calculate the book value: total assets - total liabilities
Calculate book value per share: book value / total outstanding shares
Price to book ratio = share price / book value per share

Real life example

You need the following data to determine Price to book ratio:

Balance sheet
Current stock price
Key performance indicators

1. Calculate the book value: total assets - total liabilities:

Book value = $68,513,000 - $30,855,000 = $37,658,000

2. Calculate book value per share:

Book value per share = $37,658,000 / total outstanding shares (can be found in the latest balance sheet):

Book value per share = $37,658,000 / 3,465,000 = $10.868

3. Price to book ratio = share price / $10.868:

MRQ (most recent quarter) PB ratio = $673.420 / $10.868 = $61,96

The price to book ratio is another way to determine if a stock is under or overvalued. The PB ratio is used to compare the current stock price to its book value. In other words, the PB ratio is used to compare all the assets minus liabilities in relation to the stock price.

If the PB ratio is greater than 1 that means the stock is trading for a higher price than the intrinsic value of the company. Meaning, you pay more than what the company is worth. Although future growth is hard to measure. A higher PB ratio than 1 also means that you are last in line (shareholders get paid last when a company defaults) when the company goes bankrupt for whatever reason.

Book value is limited for companies that offer services because there are not many tangible assets on the balance sheet compared to large manufacturing companies. It also does not take brand names, patents and other things in consideration.

3. Holders & Insider Transactions

Let's take a look at which institutions, funds and insiders are holding shares of Recursion Pharmaceuticals Inc.

3.1. Institutions holding Recursion Pharmaceuticals Inc

Institutions are holding 81.65% of the shares of Recursion Pharmaceuticals Inc.

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2022-03-31	Baillie Gifford & Co Limited.	12.7005	0.1103	21981604	-141551	-0.6398
2022-03-31	Vanguard Group Inc	3.8199	0.0011	6611377	497504	8.1373
2022-06-30	Obvious Management Services, L.L.C.	3.4537	100	5977631	0	0
2022-03-31	LAURION CAPITAL MANAGEMENT LP	2.6504	0.4018	4587274	663561	16.9116
2022-03-31	AllianceBernstein L.P.	1.9533	0.0093	3380718	504899	17.5567
2022-03-31	ARK Investment Management LLC	1.6335	0.0845	2827163	595150	26.6643
2022-03-31	FMR Inc	1.2397	0.0012	2145639	615413	40.2171
2022-03-31	Junked Platinum Investment Management Ltd	1.2345	0.4696	2136604	692741	47.9783
2022-06-30	MV Management XI, L.L.C.	1.1393	14.5859	1971908	0	0
2022-03-31	State Street Corporation	1.1086	0.0007	1918734	-2737993	-58.7965
2022-03-31	Credit Suisse First Boston (CSFB)	0.904	0.0096	1564602	4984	0.3196
2022-06-30	Harvard Management Co Inc	0.872	1.4223	1509254	0	0
2022-03-31	MIC Capital Management UK LLP	0.8025	1.935	1388889	0	0
2022-03-31	Massachusetts Financial Services Company	0.7723	0.0028	1336750	36709	2.8237
2022-03-31	Geode Capital Management, LLC	0.7475	0.0012	1293756	-1201	-0.0927
2022-06-30	Botty Investors LLC	0.7323	4.0882	1267430	0	0
2022-06-30	Comprehensive Financial Management LLC	0.641	0.2532	1109395	0	0
2022-03-31	Citadel Advisors Llc	0.5258	0.0013	909970	710363	355.8808
2022-03-31	Northern Trust Corp	0.4966	0.0011	859544	-26417	-2.9817
2022-03-31	T. Rowe Price Associates, Inc.	0.3248	0.0004	562190	-295383	-34.4441
Total		37.7522	123.3795	65340432

3.2. Funds holding Recursion Pharmaceuticals Inc

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2022-05-31	Scottish Mortgage Ord	8.0701	0.4715	13967496	0	0
2022-07-31	ARK Genomic Revolution ETF	1.9876	1.0455	3440074	3484	0.1014
2022-07-31	Baillie Gifford US Equity Growth	1.827	0.3966	3162093	0	0
2022-06-30	Vanguard US Growth Investor	1.827	0.0799	3162093	0	0
2022-07-29	iShares Russell 2000 ETF	1.681	0.0459	2909431	2540	0.0874
2022-06-30	ARK Genomic Revolution	1.5368	0.9181	2659761	-145575	-5.1892
2022-07-31	Vanguard Total Stock Mkt Idx Inv	1.3936	0.0017	2412021	0	0
2022-07-31	Vanguard Small Cap Index	1.1996	0.0145	2076186	19567	0.9514
2022-06-30	AB Small Cap Growth A	1.1454	0.4056	1982478	47630	2.4617
2022-06-30	Baillie Gifford American B Inc	1.1202	0.4555	1938806	1888	0.0975
2022-06-30	CS (Lux) Digital Health Equity SB USD	0.8667	0.4902	1500000	0	0
2022-07-31	Vanguard Small Cap Growth Index Inv	0.7044	0.0351	1219099	-11942	-0.9701
2022-07-29	iShares Russell 2000 Value ETF	0.7023	0.0835	1215471	0	0
2022-06-30	Fidelity Growth Compy Commingled Pl 3	0.6387	0.0187	1105517	278085	33.6082
2022-06-30	MFS New Discovery I	0.5314	0.3396	919677	0	0
2022-05-31	Fidelity® Small Cap Index	0.5222	0.0294	903855	0	0
2022-06-30	Fidelity® Growth Company	0.4695	0.0161	812575	198388	32.3009
2022-07-31	State St Russell Sm/Mid Cp® Indx NL Cl C	0.3975	0.0175	688030	1900	0.2769
2022-07-29	iShares Biotechnology ETF	0.3754	0.0686	649779	-1006	-0.1546
2022-06-30	Baillie Gifford Managed B Acc	0.3433	0.0633	594090	-4140	-0.692
Total		27.3397	4.9968	47318532

3.3. Insider Transactions

Insiders are holding 7.787% of the shares of Recursion Pharmaceuticals Inc.

Date	Owner	Type	Amount	Price	Post Transaction Amount
2022-08-16	Tina Marriott Larson	SELL	16000	12.6	295107
2022-08-16	Shafique Virani	SELL	30000	12.61	98773
2022-08-04	Christopher Gibson	SELL	36825	9.49	541829
2022-07-07	Christopher Gibson	SELL	37114	9.05	528904
2022-06-02	Christopher Gibson	SELL	39690	6.09	516268
2022-05-04	Christopher Gibson	SELL	31830	6.49	511972
2022-04-28	Christopher Gibson	SELL	37605	6.09	469608
2022-04-21	Christopher Gibson	SELL	37155	6.31	420146
2022-04-18	Christopher Gibson	SELL	35836	6.84	394791
2022-04-14	Christopher Gibson	SELL	34517	7.56	368117
2022-04-07	Christopher Gibson	SELL	36718	6.54	314534
2022-04-05	Christopher Gibson	SELL	34472	7.43	288742
2022-03-14	Christopher Gibson	SELL	230000	6.28
2022-03-11	Christopher Gibson	SELL	100000	6.95
2022-03-07	Christopher Gibson	SELL	300000	7.3
2022-02-22	Christopher Gibson	SELL	100000	10.22
2022-01-31	Christopher Gibson	SELL	19858	11.73
2022-01-13	Christopher Gibson	SELL	87000	14.33
2022-01-04	Blake Borgeson	SELL	9625	18.03
2021-12-21	Blake Borgeson	SELL	9625	18.75

4. Summary

4.1. Key Performance Indicators

The key performance indicators of Recursion Pharmaceuticals Inc compared to the Most Recent Quarter (MRQ).

	End of day	+/-	Most Recent Quarter	Trailing 12 Months	+/-	Year-Over-Year	+/-	5 Year	+/-	10 Year	+/-
Book Value Per Share	-	-	2.541	3.048	-17%	0.457	+456%	1.402	+81%	1.402	+81%
Book Value Per Share Growth	-	-	-0.351	-0.526	+50%	1.161	-130%	0.254	-238%	0.254	-238%
Current Ratio	-	-	5.649	9.582	-41%	10.463	-46%	8.018	-30%	8.018	-30%
Debt To Asset Ratio	-	-	0.349	0.220	+59%	0.907	-61%	0.451	-22%	0.451	-22%
Debt To Equity Ratio	-	-	0.537	0.312	+72%	0.022	+2370%	0.134	+302%	0.134	+302%
Dividend Per Share	-	-	-	-	0%	-	0%	-	0%	-	0%
Eps	-	-	-0.381	-0.343	-10%	-0.181	-53%	-0.243	-36%	-0.243	-36%
Eps Growth	-	-	89.975	110.663	-19%	-	-	110.663	-19%	110.663	-19%
Gains Per Share	-	-	-0.351	-0.526	+50%	1.161	-130%	0.254	-238%	0.254	-238%
Gross Profit Margin	-	-	1.000	1.000	0%	1.000	0%	1.000	0%	1.000	0%
Net Profit Margin	-	-	-8.543	-3.090	-64%	-15.470	+81%	-48.315	+466%	-48.315	+466%
Operating Margin	-	-	-8.543	-3.068	-64%	-12.709	+49%	-46.664	+446%	-46.664	+446%
Operating Ratio	-	-	9.625	3.508	+174%	15.847	-39%	48.308	-80%	48.308	-80%
Pb Ratio	4.187	+23%	3.204	4.374	-27%	1.964	+63%	2.535	+26%	2.535	+26%
Pe Ratio	-7.747	-31%	-5.927	-13.757	+132%	-12.622	+113%	-10.552	+78%	-10.552	+78%
Peg Ratio	-	-	-0.066	-0.078	+19%	-	-	-0.078	+19%	-0.078	+19%
Price Per Share	10.640	+23%	8.140	13.860	-41%	9.125	-11%	9.194	-11%	9.194	-11%
Quick Ratio	-	-	6.091	12.035	-49%	7.351	-17%	7.754	-21%	7.754	-21%
Return On Assets	-	-	-0.097	-0.088	-10%	-0.065	-33%	-0.061	-37%	-0.061	-37%
Return On Equity	-	-	-0.150	-0.116	-23%	-0.017	-89%	-0.053	-65%	-0.053	-65%
	EOD	+1 -2	MRQ	TTM	+4 -14	YOY	+6 -10	5Y	+6 -12	10Y	+6 -12

4.2. Fundamental Score

Let's check the fundamental score of Recursion Pharmaceuticals Inc based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	-7.747
Price to Book Ratio (EOD)	Between	0-1	4.187
Net Profit Margin (MRQ)	Greater than	0	-8.543
Operating Margin (MRQ)	Greater than	0	-8.543
Quick Ratio (MRQ)	Greater than	1	6.091
Current Ratio (MRQ)	Greater than	1	5.649
Debt to Asset Ratio (MRQ)	Less than	1	0.349
Debt to Equity Ratio (MRQ)	Less than	1	0.537
Return on Equity (MRQ)	Greater than	0.15	-0.150
Return on Assets (MRQ)	Greater than	0.05	-0.097
Total			4/10 (40.0%)

Create your own Stock Scanner

Investing is personal. The best investors buy stocks based on their own analysis. Create your personal Stock Scanner with the key performance indicators that are important to you.
Create your own Stock Scanner

4.3. Technical Score

Let's check the technical score of Recursion Pharmaceuticals Inc based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	47.175
Ma 20	Greater than	Ma 50	11.563
Ma 50	Greater than	Ma 100	10.571
Ma 100	Greater than	Ma 200	8.897
Open	Greater than	Close	10.700
Total			3/5 (60.0%)

Create your own Symbol Scanner

Trading is personal. The best traders buy and sell based on their own technical analysis. Create your personal Symbol Scanner with the technical indicators that are important to you.
Create your own Symbol Scanner

Latest Balance Sheet

Balance Sheet of 2022-06-30. Currency in USD. All numbers in thousands.

Summary

Total Assets	672,515
Total Liabilities	234,936
Total Stockholder Equity	437,579

	As reported
Total Liabilities	234,936
Total Stockholder Equity	+ 437,579
Total Assets	= 672,515

Assets

Total Assets	672,515
Total Current Assets	545,996
Long-term Assets	545,996

Total Current Assets

Total Current Assets (as reported)	545,996
Cash And Cash Equivalents	453,875
Short-term Investments	61,561
Net Receivables	11,680
Other Current Assets	18,880
Total Current Assets (calculated)	545,996
+/-	0

Long-term Assets

Long-term Assets (as reported)	126,519
Property Plant Equipment	116,151
Goodwill	801
Intangible Assets	1,233
Other Assets	8,334
Long-term Assets (calculated)	126,519
+/-	0

Liabilities & Shareholders' Equity

Total Current Liabilities	96,653
Long-term Liabilities	138,283
Total Stockholder Equity	437,579

Total Current Liabilities

Total Current Liabilities (as reported)	96,653
Short-term Debt	5,335
Short Long Term Debt	93
Accounts payable	3,176
Other Current Liabilities	24,361
Total Current Liabilities (calculated)	32,965
+/-	63,688

Long-term Liabilities

Long-term Liabilities (as reported)	138,283
Long term Debt Total	586
Capital Lease Obligations Min Short Term Debt	47,670
Other Liabilities	89,934
Long-term Liabilities (calculated)	138,190
+/-	93

Total Stockholder Equity

Total Stockholder Equity (as reported)	437,579
Common Stock	2
Retained Earnings	-521,619
Accumulated Other Comprehensive Income	-197
Capital Surplus	959,393
Total Stockholder Equity (calculated)	437,579
+/-	0

Other

Capital Stock	2
Cash and Short Term Investments	515,436
Common Stock Shares Outstanding	172,212
Common Stock Total Equity	2
Current Deferred Revenue	63,781
Liabilities and Stockholders Equity	672,515
Net Debt	-400,191
Net Invested Capital	438,258
Net Tangible Assets	435,545
Net Working Capital	449,343
Short Long Term Debt Total	53,684

Balance Sheet

Currency in USD. All numbers in thousands.

Trend

2022-06-30

2022-03-31

2021-12-31

2021-09-30

2021-06-30

2021-03-31

2020-12-31

2020-09-30

2020-06-30

2020-03-31

> Total Assets

0
0
0
298,585
271,943
698,590
658,606
610,345
734,319
672,515

672,515

734,319

610,345

658,606

698,590

271,943

298,585

> Total Current Assets

0
0
0
269,478
221,822
647,635
600,870
534,718
619,455
545,996

545,996

619,455

534,718

600,870

647,635

221,822

269,478

Cash And Cash Equivalents

0
0
0
262,126
214,088
632,738
394,721
285,116
507,891
453,875

453,875

507,891

285,116

394,721

632,738

214,088

262,126

Short-term Investments

0
0
0
0
0
0
184,189
231,446
83,214
61,561

61,561

83,214

231,446

184,189

Net Receivables

0
0
0
156
71
49
2,282
9,090
11,397
11,680

11,680

11,397

9,090

2,282

156

Other Current Assets

0
0
0
2,155
7,663
14,848
19,678
9,066
16,953
18,880

18,880

16,953

9,066

19,678

14,848

7,663

2,155

> Long-term Assets

0
0
0
29,107
50,121
50,955
57,736
75,627
114,864
126,519

126,519

114,864

75,627

57,736

50,955

50,121

29,107

Property Plant Equipment

0
0
0
0
44,642
48,549
55,439
64,725
104,005
116,151

116,151

104,005

64,725

55,439

48,549

44,642

Goodwill

0
0
0
0
0
0
801
801
801
801

801

Intangible Assets

0
0
0
2,490
2,414
2,338
1,461
1,385
1,309
1,233

1,233

1,309

1,385

1,461

2,338

2,414

2,490

Other Assets

0
0
0
0
3,065
68
35
8,716
8,749
8,334

8,334

8,749

8,716

3,065

> Total Liabilities

0
0
0
504,874
504,974
55,876
59,574
67,407
240,753
234,936

234,936

240,753

67,407

59,574

55,876

504,974

504,874

> Total Current Liabilities

0
0
0
23,099
26,854
29,540
42,943
46,658
85,705
96,653

96,653

85,705

46,658

42,943

29,540

26,854

23,099

Short-term Debt

0
0
0
0
2,644
3,634
1,504
90
4,178
5,335

5,335

4,178

1,504

3,634

2,644

Short Long Term Debt

0
0
0
1,073
2,145
3,135
88
90
92
93

3,135

2,145

1,073

Accounts payable

0
0
0
1,074
3,125
3,196
6,326
2,819
4,162
3,176

3,176

4,162

2,819

6,326

3,196

3,125

1,074

Other Current Liabilities

0
0
0
0
11,085
12,710
25,113
33,749
23,118
24,361

24,361

23,118

33,749

25,113

12,710

11,085

> Long-term Liabilities

0
0
0
481,775
478,120
26,336
16,631
20,749
155,048
138,283

138,283

155,048

20,749

16,631

26,336

478,120

481,775

Long term Debt Total

0
0
0
0
0
0
656
633
610
586

586

610

633

656

Warrants

0
0
0
0
448,312
0
0
0
0
0

448,312

Other Liabilities

0
0
0
0
16,917
14,486
12,515
20,116
107,121
89,934

89,934

107,121

20,116

12,515

14,486

16,917

Deferred Long Term Liability

0
0
0
0
2,750
2,819
3,348
4,110
0
0

4,110

3,348

2,819

2,750

> Total Stockholder Equity

0
0
0
-206,289
-233,031
642,714
599,032
542,938
493,566
437,579

437,579

493,566

542,938

599,032

642,714

-233,031

-206,289

Common Stock

0
0
0
0
0
2
2
2
2
2

Retained Earnings Total Equity

-521,619

-456,059

-400,080

-335,147

-287,719

-244,318

Accumulated Other Comprehensive Income

0
0
0
0
0
0
2
-126
-309
-197

-197

-309

-126

Capital Surplus

0
0
0
0
11,287
930,431
934,175
943,142
949,932
959,393

959,393

949,932

943,142

934,175

930,431

11,287

Treasury Stock

Other Stockholders Equity

0
0
0
0
0
930,431
934,175
943,142
949,932
959,393

959,393

949,932

943,142

934,175

930,431

Balance Sheet

Currency in USD. All numbers in thousands.

	2021-12-31	2020-12-31	2019-12-31
Accounts Payable	2,819	1,074	1,261
Accumulated Other Comprehensive Income	-126	-9,962	-5,715
Capital Lease Obligations	10,755	3,175	3,674
Capital Stock	2	0	0
Capital Surpluse	943,142	-	-
Cash	285,116	262,126	69,883
Cash And Short Term Investments	516,562	262,126	69,883
Common Stock	2	-	-
Common Stock Shares Outstanding	112,466	112,466	112,466
Common Stock Total Equity	2	-	-
Current Deferred Revenue	10,000	10,000	-
Deferred Long Term Liab	4,110	-	-
Good Will	801	-	-
Intangible Assets	1,385	2,490	-
Liabilities And Stockholders Equity	610,345	298,585	101,431
Long Term Debt	633	11,414	12,418
Long Term Debt Total	633	-	-
Net Debt	-285,026	-249,639	-57,388
Net Invested Capital	543,661	-193,802	-111,770
Net Receivables	9,090	156	151
Net Tangible Assets	540,752	-208,779	-124,265
Net Working Capital	488,060	246,379	69,714
Non Current Assets Total	75,627	29,107	25,033
Non Current Liabilities Other	16,006	-	-
Non Current Liabilities Total	20,749	481,775	219,012
Non Currrent Assets Other	8,716	3,140	663
Other Assets	8,716	650	663
Other Current Assets	9,066	7,196	6,364
Other Current Liab	33,749	10,952	5,346
Other Liab	10,777	19,341	2,278
Other Stockholder Equity	943,142	17,274	8,045
Property Plant And Equipment Gross	-	25,967	24,370
Property Plant And Equipment Net	64,725	25,967	24,370
Property Plant Equipment	64,725	25,967	24,370
Retained Earnings	-400,080	-213,601	-126,595
Retained Earnings Total Equity	-400,080	-	-
Short Long Term Debt	90	1,073	77
Short Long Term Debt Total	90	12,487	12,495
Short Term Debt	90	1,073	77
Short Term Investments	231,446	-	-
Total Assets	610,345	298,585	101,431
Total Current Assets	534,718	269,478	76,398
Total Current Liabilities	46,658	23,099	6,684
Total Liab	67,407	504,874	225,696
Total Stockholder Equity	542,938	-206,289	-124,265

	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31
Accounts Payable	3,176	4,162	2,819	6,326	3,196	3,125	1,074	-	-	-
Accumulated Other Comprehensive Income	-197	-309	-126	2	-	-	-	-	-	-
Capital Lease Obligations	53,005	51,403	10,755	4,876	2,926	3,051	3,175	-	-	-
Capital Stock	2	2	2	2	2	-	-	-	-	-
Capital Surpluse	959,393	949,932	943,142	934,175	930,431	11,287	-	-	-	-
Cash	453,875	507,891	285,116	394,721	632,738	214,088	262,126	-	-	-
Cash And Short Term Investments	515,436	591,105	516,562	578,910	632,738	214,088	-	-	-	-
Common Stock	2	2	2	2	2	-	-	-	-	-
Common Stock Shares Outstanding	172,212	170,690	169,369	168,534	138,361	155,913	155,913	112,466	112,466	112,466
Common Stock Total Equity	2	2	2	2	2	-	-	-	-	-
Current Deferred Revenue	63,781	54,247	10,000	10,000	10,000	-	-	-	-	-
Deferred Long Term Liab	-	-	4,110	3,348	2,819	2,750	-	-	-	-
Good Will	801	801	801	801	-	-	-	-	-	-
Intangible Assets	1,233	1,309	1,385	1,461	2,338	2,414	2,490	-	-	-
Liabilities And Stockholders Equity	672,515	734,319	610,345	658,606	698,590	271,943	-	-	-	-
Long Term Debt	586	610	633	656	9,423	10,339	11,414	-	-	-
Long Term Debt Total	586	610	633	656	-	-	-	-	-	-
Net Debt	-400,191	-455,786	-285,026	-389,101	-617,254	-198,553	-	-	-	-
Net Invested Capital	438,258	494,268	543,661	599,776	655,272	-220,547	-193,802	-	-	-
Net Receivables	11,680	11,397	9,090	2,282	49	71	156	-	-	-
Net Tangible Assets	435,545	491,456	540,752	596,770	640,376	-235,445	-	-	-	-124,265
Net Working Capital	449,343	533,750	488,060	557,927	618,095	194,968	246,379	-	-	-
Non Current Assets Total	126,519	114,864	75,627	57,736	50,955	50,121	29,107	-	-	-
Non Current Liabilities Other	137,697	154,438	16,006	12,627	-	-	-	-	-	-
Non Current Liabilities Total	138,283	155,048	20,749	16,631	26,336	478,120	481,775	-	-	-
Non Currrent Assets Other	8,334	8,749	8,716	35	68	3,065	650	-	-	-
Other Assets	8,334	8,749	8,716	35	68	3,065	-	-	-	-
Other Current Assets	18,880	16,953	9,066	19,678	14,848	7,663	2,155	-	-	-
Other Current Liab	24,361	23,118	33,749	25,113	12,710	11,085	-	-	-	-
Other Liab	89,934	107,121	20,116	12,515	14,486	16,917	-	-	-	-
Other Stockholder Equity	959,393	949,932	943,142	934,175	930,431	-	-	-	-	-
Property Plant And Equipment Gross	-	-	-	-	48,549	44,642	-	-	-	-
Property Plant And Equipment Net	116,151	104,005	64,725	55,439	48,549	44,642	-	-	-	-
Property Plant Equipment	81,508	70,704	64,725	55,439	48,549	44,642	-	-	-	-
Retained Earnings	-521,619	-456,059	-400,080	-335,147	-287,719	-244,318	-213,601	-	-	-
Retained Earnings Total Equity	-521,619	-456,059	-400,080	-335,147	-287,719	-244,318	-	-	-	-
Short Long Term Debt	93	92	90	88	3,135	2,145	1,073	-	-	-
Short Long Term Debt Total	53,684	52,105	90	5,620	15,484	15,535	-	-	-	-
Short Term Debt	5,335	4,178	90	1,504	3,634	2,644	-	-	-	-
Short Term Investments	61,561	83,214	231,446	184,189	-	-	-	-	-	-
Total Assets	672,515	734,319	610,345	658,606	698,590	271,943	298,585	-	-	-
Total Current Assets	545,996	619,455	534,718	600,870	647,635	221,822	269,478	-	-	-
Total Current Liabilities	96,653	85,705	46,658	42,943	29,540	26,854	23,099	-	-	-
Total Liab	234,936	240,753	67,407	59,574	55,876	504,974	504,874	-	-	-
Total Stockholder Equity	437,579	493,566	542,938	599,032	642,714	-233,031	-206,289	-	-	-
Warrants	-	-	-	-	-	448,312	-	-	-	-

Cash Flow

Currency in USD. All numbers in thousands.

	2021-12-31	2020-12-31	2019-12-31
Begin Period Cash Flow	267,167	75,171	15,713
Capital Expenditures	39,798	6,735	3,910
Cash And Cash Equivalents Changes	28,182	-	-
Cash Flows Other Operating	-14,929	-	-
Change In Cash	28,182	191,996	59,458
Change In Working Capital	-306	30,834	408
Change Receivables	114	-	-
Change To Account Receivables	114	-5	-27
Change To Liabilities	14,509	26,482	-340
Change To Netincome	19,766	6,830	1,385
Change To Operating Activities	7,835	4,357	775
Depreciation	8,405	4,442	3,543
End Period Cash Flow	295,349	267,167	75,171
Free Cash Flow	-198,412	-52,134	-60,952
Investments	-231,946	-8,740	-3,910
Issuance Of Capital Stock	462,901	239,131	119,915
Net Borrowings	-12,798	6,323	705
Net Income	-186,479	-87,006	-61,879
Other Cashflows From Financing Activities	8,437	246,212	131,593
Other Cashflows From Investing Activities	-	595	595
Other Non Cash Items	4,924	2,039	-499
Sale Purchase Of Stock	471,338	-	-
Total Cash From Financing Activities	458,540	246,135	120,410
Total Cash From Operating Activities	-158,614	-45,399	-57,042
Total Cashflows From Investing Activities	-271,744	-8,740	-3,910

	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31
Begin Period Cash Flow	518,125	295,349	404,954	642,970	219,130	267,167	253,150	46,311	62,667	75,171
Capital Expenditures	16,475	4,342	4,464	9,706	6,212	19,416	4,591	826	634	684
Cash And Cash Equivalents Changes	-54,015	222,776	-109,605	-238,016	423,840	-48,037	-	-	-	-
Cash Flows Other Operating	-7,606	139,125	-2,093	-5,982	-223	-6,631	-	-	-	-
Change In Cash	-54,015	222,776	-109,605	-238,016	423,840	-48,037	14,017	206,839	-16,356	-12,504
Change In Working Capital	-4,524	122,824	-3,959	7,290	-275	-3,362	31,554	280	617	-1,617
Change Receivables	-	-	-	16	13	85	-	-	-	-
Change To Account Receivables	-	-	0	16	13	85	30,043	-30,190	60	82
Change To Liabilities	84	-14,559	-1,866	13,256	-2,429	-449	-	29,112	-533	625
Change To Netincome	8,673	6,034	5,498	4,654	7,692	1,922	-	3,280	603	1,287
Change To Operating Activities	-898	-23,221	2,048	6,644	2,141	-2,998	-	1,358	1,090	-2,324
Depreciation	2,786	2,767	2,236	2,436	2,331	1,402	1,624	857	1,024	937
End Period Cash Flow	464,110	518,125	295,349	404,954	642,970	219,130	267,167	253,150	46,311	62,667
Free Cash Flow	-78,098	73,046	-65,622	-42,754	-39,865	-50,171	3,982	-20,282	-17,333	-18,501
Investments	21,415	147,646	-47,779	-184,167	-6,212	-19,416	-4,591	-184,167	-39	-684
Issuance Of Capital Stock	-	-	0	0	-	-	-	-	-	-
Net Borrowings	-22	-22	-21	-12,737	-20	-20	-	-20	382	5,981
Net Income	-65,560	-55,979	-64,933	-47,428	-43,401	-30,717	-25,766	-23,873	-18,943	-18,424
Other Cashflows From Financing Activities	2,690	2,106	-459,084	1,642	463,725	2,154	-	229,741	400	6,016
Other Cashflows From Investing Activities	-	-	-	-	-	-	-	-	595	595
Other Non Cash Items	2,207	2,144	1,157	1,291	2,375	101	-27	2,210	451	22
Sale Purchase Of Stock	2,690	2,106	3,817	1,642	463,725	2,154	-	-	-	-
Total Cash From Financing Activities	2,668	2,084	3,796	-11,095	463,705	2,134	10,035	229,721	382	5,997
Total Cash From Operating Activities	-61,623	77,388	-61,158	-33,048	-33,653	-30,755	8,573	-19,456	-16,699	-17,817
Total Cashflows From Investing Activities	4,940	143,304	-52,243	-193,873	-6,212	-19,416	-	-3,426	-39	-684

Income Statement

Currency in USD. All numbers in thousands.

	2021-12-31	2020-12-31	2019-12-31
Depreciation And Amortization	8,405	4,442	3,543
Ebit	-186,479	-85,646	-61,244
Ebitda	-178,074	-81,204	-57,701
Gross Profit	10,178	-	-
Income Before Tax	-186,479	-87,006	-61,879
Interest Expense	2,952	1,360	635
Interest Income	73	336	1,741
Net Income	-186,479	-87,006	-61,879
Net Income Applicable To Common Shares	-186,479	-87,006	-61,879
Net Income From Continuing Ops	-186,479	-87,006	-61,879
Net Interest Income	-2,879	-1,024	1,106
Non Operating Income Net Other	-3,704	-	-
Operating Income	-182,775	-84,615	-62,441
Other Operating Expenses	-	88,577	64,760
Reconciled Depreciation	8,405	4,442	3,543
Research Development	135,271	63,319	45,809
Selling General Administrative	57,682	25,258	18,951
Total Operating Expenses	192,953	88,577	64,760
Total Other Income Expense Net	-3,704	-2,391	562
Total Revenue	10,178	3,962	2,319

	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31
Cost Of Revenue	14,227	7,799	-	-	-	-	-	-	-	-
Depreciation And Amortization	2,786	2,767	2,236	2,436	2,331	1,402	-	857	1,024	937
Ebit	-65,560	-55,965	-64,933	-47,208	-40,900	-30,468	-	-23,472	-18,193	-18,343
Ebitda	-62,774	-53,198	-62,697	-44,772	-38,569	-29,066	-23,911	-22,615	-17,169	-17,406
Gross Profit	-6,553	-2,500	7,644	2,534	-	2,562	-	-	-	-
Income Before Tax	-65,560	-55,979	-64,933	-47,428	-43,401	-30,717	-25,766	-23,873	-18,943	-18,424
Income Tax Expense	-	-	-	-	-43,401	30,717	-	-	-	-
Interest Expense	14	14	-19	220	2,501	249	231	401	426	301
Interest Income	652	87	-21	50	29	16	46	46	24	220
Net Income	-65,560	-55,979	-64,933	-47,428	-43,401	-30,717	-25,766	-23,873	-18,943	-18,424
Net Income Applicable To Common Shares	-65,560	-55,979	-64,933	-47,428	-43,401	-30,717	-	-23,873	-18,943	-18,424
Net Income From Continuing Ops	-65,560	-55,979	-151,735	-47,428	-43,401	-30,717	-25,766	-23,873	-18,943	-18,424
Net Interest Income	638	73	-2	-170	-2,472	-233	-185	-355	-402	-81
Non Operating Income Net Other	631	2	-2,678	-1,026	-	-	-	-	-	-
Operating Income	-66,191	-55,981	-64,960	-46,402	-40,929	-30,484	-25,581	-22,474	-18,217	-18,343
Other Operating Expenses	73,865	61,280	-	48,936	43,478	33,046	-	23,499	18,403	18,403
Reconciled Depreciation	2,786	2,767	2,236	2,436	2,331	1,402	1,624	857	1,024	937
Research Development	38,439	32,441	48,292	33,246	29,624	24,109	20,698	16,535	13,244	12,842
Selling General Administrative	21,199	21,074	19,201	15,690	13,854	8,937	7,574	6,964	5,159	5,561
Total Operating Expenses	59,638	53,481	67,493	48,936	43,478	33,046	28,272	23,499	18,403	18,403
Total Other Income Expense Net	631	2	27	-1,026	-2,472	-233	0	-1,399	726	81
Total Revenue	7,674	5,299	-2,550	2,534	2,549	2,562	2,691	1,025	186	60

Latest Income Statement (annual, 2021-12-31)

Gross Profit (+$)
totalRevenue	10,178
Cost of Revenue	--
Gross Profit	10,178	10,178

Operating Income (+$)
Gross Profit	10,178
Operating Expense	-192,953
Operating Income	-182,775	-182,775

Operating Expense (+$)
Research Development	135,271
Selling General Administrative	57,682
Selling And Marketing Expenses	-
Operating Expense	192,953	192,953

Net Interest Income (+$)
Interest Income	73
Interest Expense	-2,952
Net Interest Income	-2,879	-2,879

Pretax Income (+$)
Operating Income	-182,775
Net Interest Income	-2,879
Other Non-Operating Income Expenses	-3,704
Income Before Tax (EBT)	-186,479	-179,071 EBIT - interestExpense = -189,431 -186,479 -183,527
Interest Expense	2,952
Earnings Before Interest and Taxes (ebit)	-186,479	-183,527
Earnings Before Interest and Taxes (ebitda)	-178,074

After tax Income (+$)
Income Before Tax	-186,479
Tax Provision	--
Net Income From Continuing Ops	-186,479	-186,479
Net Income	-186,479
Net Income Applicable To Common Shares	-186,479

Non-recurring Events
Discontinued Operations	-
Extraordinary Items	-
Effect of Accounting Charges	-
Other Items	-
Non Recurring	-
Other Operating Expenses	-
Total Other Income/Expenses Net	-3,704	6,583