** Shares of Nvidia-backed AI drug developer Recursion Pharmaceuticals RXRX.O rise 3% to $5.53 premarket
** Co says it is laying off 20% of its workforce
** RXRX is narrowing its focus to develop drugs for rare diseases and cancers
** Recursion's employee count grew from 515 to about 800 in 2024 after merging with Exscientia, according to SEC filing
** Co aims to reduce its cash burn to below $450 mln in 2025 and under $390 mln in 2026
** Restructuring expected to extend co's cash reserves into late 2027
** As of last close, stock down 20.5% YTD
(Reporting by Kamal Choudhury in Bengaluru)
((Kamal.Choudhury@thomsonreuters.com;))
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