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Important Information This presentation of Recursion Pharmaceuticals,
Inc. ("Recursion," "we," "us," or "our") and any accompanying discussion contain statements that are not historical facts may be considered forward-looking statements under federal securities laws and
may be identified by words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "potential," "predicts,"
"projects," "seeks," "should," "will," or words of similar meaning and include, but are not limited to, statements regarding Recursion's ability to demonstrate the potential of technology-driven
approaches to increase speed, quality and the scalability of drug discovery; the potential outlook for programs being prioritized and deprioritized; Recursion's future as a leader in TechBio and ability to deliver better treatments to patients
faster; Recursion's OS industrializing first- and best-in-class drug discovery; the occurrence or realization of potential milestones; current and future preclinical and clinical studies, including timelines for enrollment in studies, data
readouts, and progression toward IND-enabling and other potential studies; advancements of its pipeline, partnerships, and data strategies; the potential size of the market opportunity for our drug candidates; outcomes and benefits from licenses,
partnerships and collaborations, including option exercises by partners and the amount and timing of potential milestone payments; the initiation, timing, progress, results, and cost of our research and development programs; advancements of our
Recursion OS; the potential for additional partnerships; our ability to identify viable new drug candidates for clinical development and the accelerating rate at which we expect to identify such candidates including our ability to leverage the
datasets acquired through the license agreement into increased machine learning capabilities and accelerate clinical trial enrollment; Recursion's cash burn, cash position and cash runway; the completion of core integration plans and the
results of the business combination with Exscientia; and many others. Other important factors and information are contained in Recursion's most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and the Company's other
filings with the U.S. Securities and Exchange Commission (the "SEC"), which can be accessed at https://ir.recursion.com, or www.sec.gov. All forward-looking statements are qualified by these cautionary statements and apply only as of the
date they are made. Recursion does not undertake any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. Certain information contained in this presentation relates to or is based on
studies, publications, surveys and other data obtained from third-party sources and the company's own internal estimates and research. While the company believes these third-party sources to be reliable as of the date of this presentation, it
has not independently verified, and makes no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third- party sources. In addition, all of the market data included in this presentation involves a
number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions. Finally, while the company believes its own internal research is reliable, such research has not been verified by any
independent source. Information contained in, or that can be accessed through our website is not a part of and is not incorporated into this presentation. Cross-trial or cross-candidate comparisons against other clinical trials and other drug
candidates are not based on head-to-head studies and are presented for informational purposes; comparisons are based on publicly available information for other clinical trials and other drug candidates. Any non-Recursion logos or trademarks
included herein are the property of the owners thereof and are used for reference purposes only. 2
Full-stack Recursion OS is industrializing first-in-class & best-in-
class drug discovery 3
We harness value from the Recursion OS with a multi-pronged capital
efficient business strategy Pipeline strategy Oncology Rare disease Build internal pipeline in indications with Other areas of high potential for advance transformational unmet need medicines for patients Partnership strategy
Neuroscience Partner in complex therapeutic Oncology Immunology areas requiring large financial Other large, intractable commitment or competitive arbitrage areas of biology Leverage partner knowledge and clinical
development capabilities Recursion OS Data strategy Licensing License subsets of data and key tools Augment Recursion OS Direct generation of new data LOWE internally to maximize pipeline and partnership value-drivers 4 DATA
PARTNERSHIP PIPELINE
Pipeline: Advancing 5+ high-potential programs across oncology and rare
disease Candidate Target BIC/FIC Indication Preclinical IND-Enabling Phase 1 / 2 Phase 3 1 ELUCIDATE REC-617 CDK7 BIC Advanced solid tumors Biomarker-enriched solid FIC DAHLIA REC-1245 RBM39 tumors & lymphoma EXCELERIZE REC-3565 MALT1 BIC B-cell
malignancies PI3K BIC Breast cancer REC-7735 H1047R Familial adenomatous TUPELO REC-4881 MEK1/2 FIC polyposis (FAP) 2 FIC Hypophosphatasia (HPP) REV102 ENPP1 REC-4539 - ENLYGHT LSD1 BIC Solid tumors (e.g., SCLC) 3 strategic pause 1.
Includes non-small cell lung cancer (NSCLC), colorectal cancer, breast cancer, pancreatic cancer, ovarian cancer, head and neck cancer 2. Joint Venture with Rallybio 5 3. Strategic pause to ensure a competitive Target Product Profile RARE
1 Pharma partnerships with approximately $455M earned to date and
potential to receive more than $20B in additional milestones NEUROSCIENCE & ONCOLOGY $150M upfront | Up to $300M per program for 40 programs Identifying novel targets and small molecules, with the potential to advance up to 40
programs in neuroscience & a GI oncology indication ONCOLOGY & IMMUNOLOGY $100M upfront | >$5B total value Focusing on up to 15 novel small molecule candidates across oncology & immunology ONCOLOGY $80M upfront
+ investment | ~$1.5B total value Recursion OS Focusing on up to seven programs in oncology ONCOLOGY & IMMUNOLOGY $20M upfront | >$650M deal value Focused on three projects in oncology & immunology 1. Upfront and
milestone payments from these therapeutic partnerships 6 Note: Total deal value may include program milestones (for development, commercialization and net sales) and tiered royalties on net sales
Recursion OS moves medicines to clinic faster and at a lower cost
Quickly validate Highly productive hypotheses compound design Spend less Go faster 60 14 3,000 30 12 50 2,500 25 10 2,000 20 40 8 1,500 15 30 6 1,000 10 20 4 5 500 10 2 0 0 0 0 Industry Recursion Industry Recursion Industry Recursion Industry
Recursion (Far Left): Time from hypothesis screening to validated hit package for legacy Recursion programs. (Center Left): Legacy Exscientia compounds synthesized from hit to candidate ID. (Center Right): Total spend from hypothesis screening to
the completion of IND-enabling studies for legacy Recursion novel chemical entity (NCE) 7 programs that advanced to clinical trials. The cost to IND has been inflation-adjusted using the US Consumer Price Index (CPI) (Far Right). Time to validated
lead is the average of >280 legacy Recursion programs since late 2017 through 2024. Industry data adapted from Paul, et al., Nature Reviews Drug Discovery (2010) 9, 203-214 Time to hit package (months) # synthesized to candidate Cost to IND
($M) Time to candidate ID (months)
Full-stack Recursion OS is industrializing first-in-class & best-in-
class drug discovery 8
The race to accurately simulate biology at scale MACRO Real-world
patient data + AI Patient Models Largest, fit-for-purpose perturbative biology + foundation Pathway Model models make Recursion a leader Increasingly commoditized - Introducing Boltz-2 with MIT Protein Model and NVIDIA Compute Recipe for AI +
QM/MD + Compute = Atomistic Model leadership MICRO 9
Boltz-2: Towards accurate and efficient binding affinity prediction
Boltz-2: Next-generation biomolecular foundation model allowing for integration of protein model to achieve complete biological systems view Powered by Recursion's NVIDIA supercomputer for training and validation Extends
interaction modeling beyond structure prediction and achieves state-of-the-art performance in binding affinity prediction Approaching FEP accuracy at speeds up to 1,000x faster than currently available FEP atomistic simulations
Open-source to accelerate adoption and industry impact Accelerates the shift of value creation toward modular platforms, proprietary data and iterative dry/wet lab loops Developed by MIT (Regina Barzilay's lab) and Recursion 10 FEP =
free energy perturbations
Pipeline: Advancing 5+ high-potential programs across oncology and rare
disease Candidate Target BIC/FIC Indication Preclinical IND-Enabling Phase 1 / 2 Phase 3 1 ELUCIDATE REC-617 CDK7 BIC Advanced solid tumors Biomarker-enriched solid FIC DAHLIA REC-1245 RBM39 tumors & lymphoma EXCELERIZE REC-3565 MALT1 BIC B-cell
malignancies PI3K BIC Breast cancer REC-7735 H1047R Familial adenomatous TUPELO REC-4881 MEK1/2 FIC polyposis (FAP) 2 FIC Hypophosphatasia (HPP) REV102 ENPP1 REC-4539 - ENLYGHT LSD1 BIC Solid tumors (e.g., SCLC) 3 strategic pause 1.
Includes non-small cell lung cancer (NSCLC), colorectal cancer, breast cancer, pancreatic cancer, ovarian cancer, head and neck cancer 2. Joint Venture with Rallybio 12 3. Strategic pause to ensure a competitive Target Product Profile RARE
Targeted, differentiated portfolio strategy Powered by the Recursion OS
2.0 platform Double down on areas of expertise and efficiency Oncology I&I Neuroscience Rare Explore the uncharted by going after novel targets to develop differentiated medicines First-in-class molecules Differentiated,
product first mindset, powered by Develop innovative molecules Recursion OS 2.0 in-house, powered by our Integrated, end-to-end tech stack platform Multimodal Biology Design ClinTech Provide significantly meaningful advancements with
differentiated medicines Best-in-class molecules Focus on quick and clear go/no-go, differentiated TPP that enable rapid POC Note: Leverage platform insights to strategically in-license 13
Sharpening our focus: Pipeline programs powered by Recursion OS REC-617
| CDK7 REC-1245 | RBM39 REC-4881 | MEK1/2 Ph 1/2 Mono; Ph 1 Combo 1H25 Ph 1 Ph 1b/2 1 2 Familial adenomatous polyposis (FAP) Solid tumors Solid tumors , Lymphoma Phenotypic insight to identify novel MOA Phenotypic insight on MEK1/2 inhibition
Optimized PK/PD with potential for to modulate DDR biology for APC-mutant FAP improved efficacy and safety via a wider therapeutic index ~185,000 addressable patients ~100,000 addressable patients ~50,000 addressable patients 3 REC-7735 | PI3K
H1047R REC-3565 | MALT1 REV102 | ENPP1i IND-enabling 2H25 Ph 1 IND-enabling Breast Cancer B cell malignancies Hypophosphatasia (HPP) Highly selective with potential for Potential for less UGT1A1 inhibition Oral, highly selective & potent,
improved efficacy and safety via a and off-target AEs suitable for lifetime dosing wider therapeutic index 4 ~7,800 addressable patients ~41,000 addressable patients ~11,000 addressable patients REC-4539 | LSD1: Precision designed for reversibility
and CNS penetration Strategic pause to ensure a competitive Target Product Profile Note: Addressable patient populations estimate based on annual US+EU5 and currently identified indications 1. Includes ovarian cancer, breast cancer, non-small cell
lung cancer (NSCLC), colorectal cancer, pancreatic cancer, head and neck cancer 2. Biomarker-enriched 14 3. Joint Venture with Rallybio 4. Diagnosed patients
REC-617 (CDK7 inhibitor): Summary & next steps Monotherapy dose
escalation ongoing with update 2H25; Combination study to initiate 1H25 Recursion OS Insight Preclinical Validation Clinical Development 1 CDX Model: OVCAR CDKC IC (nM) 50 Target affinity and selectivity CDK family selectivity HCC70 (breast cancer)
IC50 (nM) Cell potency OVCAR-3 (ovarian cancer) IC (nM) 50 hERG IC ( M) 50 Safety and Human microsome Clint L/min/mg metabolism 6 Human hep Clint L/min/10 cells 6 Caco-2 A2B (efflux) 10 cm/s ADME pH 7.4 g/mL F % (p.o.) 136
novel compounds to Candidate ID in <12 months Designed to optimize PK/PD and Potent tumor regression with REC-617 Human genetics data and cell line maximize potential therapeutic index treatment screens to validate new indications Causal
AI approach to determine 2D ML to optimize ADME for high <10 hours of exposure above IC80 to permeability and low efflux optimize benefit-risk impact of CDK7 inhibition on survival 2 new potential indications identified
3D ML maximized key pocket interactions No body weight loss & selectivity against related kinases 1. Besnard et al, AACR (2022) 15
REC-1245 (RBM39 degrader): Summary & next steps Monotherapy dose
escalation ongoing with preliminary update 1H26 Recursion OS Insight Preclinical Validation Clinical Development REC-1245 1 CDX Model: OVK18 Illustrative example Opposite Similar Identified through phenotypic Compelling efficacy and PK/PD with
Ongoing ClinTech work to accelerate discovery platform REC-1245 treatment enrollment and identify new indications Using RWD to identify quality sites for Novel target mimicking CDK12 loss REC-1245 shows significant
monotherapy regressions faster enrollment Hypothesized to modulate DDR Ongoing causal AI modeling to explore Dose-dependent antitumor activity potential additional indications correlates with PD 1. N=8 mice per group in TV
portion. REC-1245 administered BID PO. PD evaluated after 5 days BID oral of REC-1245 at doses noted; N=3 mice per group in PD 16 portion.
REC-3565 (MALT1 inhibitor): Summary & next steps Monotherapy dose
escalation ongoing with preliminary update 2H26 Recursion OS Insight Preclinical Validation Clinical Development 1 CDX Model: OCI-Ly10 Illustrative example 344 novel compounds to Candidate ID Designed to deliver balanced Single-agent and synergistic
activity RWD to combat competition for trial compound with improved safety enrollment Single agent showed tumor growth (UGT1A1) and efficacy Advanced analytics for strategic site regression Leveraged molecular dynamics &
recommendations and patient targeting 70% of mice in combo arm had no hotspot analysis >50 new potential sites identified in UK palpable tumors 10-days after last dose and Spain 1. Payne et al. ENA, (2024). 17
REC-4881 (MEK1/2 inhibitor): Summary & next steps Phase 2 dose
expansion ongoing with update 2H25 Recursion OS Insight Preclinical Validation Clinical Development min/+ 1 In Vivo Model: APC REC-4881 suppresses disease-inducing effects of APC mutations Identified through phenotypic Significant reduction in polyp
count, RWE to benchmark clinical trial efficacy discovery platform outperforming celecoxib Evaluating natural history data for FAP patients undergoing routine care Novel therapeutic mechanism for FAP Decreases both polyp
number and pre-cancerous adenoma percentage, Providing frame of reference for polyp Targeted strategy selectively blocking 2 unlike celecoxib burden compared with open label ERK activation (MAPK pathway) to REC-4881 trial suppress
disease progression 1. N=15 across arms, REC-4881 and celecoxib administered orally for 8 weeks. 18 2. Pre-cancerous adenoma percentage data on file.
REC-7735: PI3K H1047R - Summary & next steps
Biological Insight High selectivity for H1047R mutant PI3K over WT to reduce dose-limiting hyperglycemia REC-7735 Target Profile Potential best-in-class PI3K H1047R inhibitor Design >100-fold selective against WT
PI3K AI-driven generative design via hotspot molecular dynamics to discover a unique chemical series No significant in-vitro safety concerns, superior BSEP, off-target & liver spheroid profile versus competitors In Vivo Data
Highly CNS penetrant with low-risk of Significant tumor regressions at low doses outperforms dose-limiting AEs clinically approved agents What's Next Development candidate nomination 2H25 Clinical Data supports targeting H1047R
mutant breast cancer as a monotherapy or in combination with standard of care treatments 19
REV102: ENPP1 - Next steps Biological Insight Reduction of PPi
production via controlled ENPP1 inhibition REV102 Target Profile to restore bone hypomineralization Potential first-in-class ENPP1 inhibitor High oral bioavailability supports QD or Design BID dosing AI-driven generative design via
fragment screening to enhance metalloenzyme selectivity No kinases inhibited >70% at 10 M No significant in vitro safety liabilities identified In Vivo Data Significant survival benefit in HPP mice through transient PPi
reduction validates mechanistic rationale What's Next IND-enabling studies ongoing Phase 1 initiation 2H26 Clinical Opportunity to address significant unmet needs in juvenile and adult-onset HPP patients 20
Sanofi collaboration advancing novel targets in I&I and oncology
- 4 milestones achieved, multiple additional expected Program milestones Biology Design Optimize achieved 4 to date 1 Leveraging suite of tools tailored for each program to collaboratively identify and drive up to Development Candidate
What's next State of the art Applying Recursion OS QM/MD simulations Active learning to Complete first in vivo facilities & cutting-edge generative to explore protein and maximize optimization development biology labs design
platform ligand flexibility and exploration candidates and advance programs into InVivomics Gambit ABFE GP Learning the clinic Digital toxicology MMPA RBFE Coverage Score Bespoke
biological Retrosynthesis Co-folding Continue to advance validation ML based MPO filter QM based broad pipeline of first- options confirmational analysis in-class and best-in- class medicines with Recursion OS