Recursion (RXRX) acquires full rights to oral HPP treatment REV102

Recursion (NASDAQ: RXRX) announced Monday it acquired full rights to REV102, an oral ENPP1 inhibitor for treating hypophosphatasia, from Rallybio (NASDAQ: RLYB). The acquisition includes an associated backup molecule for the rare genetic disorder treatment program.

Under the agreement terms, Rallybio will receive $7.5 million in upfront equity, a potential $12.5 million contingent equity payment upon initiation of additional preclinical studies, and a $5 million milestone payment when Phase 1 clinical dosing begins. Rallybio is also eligible for low single-digit royalties on future net sales and potential payments if Recursion sells the program.

REV102 targets ectonucleotide pyrophosphatase/phosphodiesterase 1 (ENPP1), an enzyme involved in hypophosphatasia pathogenesis. The treatment aims to restore inorganic pyrophosphate balance necessary for proper bone mineralization. Hypophosphatasia affects over 7,800 diagnosed patients across the US and EU5, with many having limited access to current enzyme replacement therapies.

The compound is designed as a potential first oral disease-modifying therapy for the condition, which could offer advantages over injectable treatments. Early preclinical data demonstrated a favorable safety profile in animal models and validated ENPP1 as a druggable target in later-onset hypophosphatasia.

REV102 is currently in IND-enabling studies, with Phase 1 clinical trials expected to begin in the second half of 2026. Recursion developed the program using its AI/experimental platform to optimize for potency, selectivity, and pharmacokinetic properties suitable for chronic dosing.

The information is based on a company press release statement.

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