Recursion announced a leadership transition and mixed Q3 results: co‑founder Chris Gibson will become chairman while Najat Khan is set to take over as CEO. The company reported a larger net loss driven by R&D spend but an improved pro forma cash position of about $785 million after an ATM financing, extending runway toward 2027. Management framed the change as part of a strategic pivot to sharpen focus on the platform and pipeline as Recursion prepares for 2026 program milestones. Investors will watch how the new CEO balances platform investment with near‑term pipeline readouts.