Full Press Release Details
2 This presentation and any accompanying discussion or documents may
contain information that includes or is based upon forward looking statements within the meaning of the Securities Litigation Reform Act of 1995. These forward looking statements are based on our current expectations, estimates and
projections about our industry, management's beliefs and certain assumptions we have made. They are neither historical facts nor assurances of future performance, are subject to significant risks and uncertainties, and may turn out to be wrong. For
a discussion of factors that could affect our business, please refer to the Risk Factors sections in our Prospectus filed with the SEC on April 16, 2021 and in our periodic filings with the SEC. This presentation does not purport to contain all the
information that may be required to make a full analysis of the subject matter. We undertake no obligation to correct or update any forward looking statements.
3 3 Recursion is a clinical stage Pharmatech company Mapping and
Navigating biology designed to bring better medicines to patients faster and at lower cost via an Internal Pipeline and Partnerships The Leading Pharmatech Mapping & Navigating Internal Pipeline Partnerships 13 Petabytes of proprietary
biological 4 Programs entering Ph2 or >$230M in upfront payments and >150+ Biologists, chemists and and chemical data generated in house Ph2/3 in 1H 2022 and 1 investment to date from partners drug developers program entering Ph1 in 2H
2022 >$500M in performance/data sharing >200B inferred biological relationships >150+ Data scientists, software to mine using our maps of biology milestones possible in intermediate term programmers, and engineers >10 programs in
late discovery or preclinical >$13B in project milestones across up to 50+ programs possible Dozens of programs in early discovery Royalties on all partnered programs
4 Political sentiment the world over, The number of new drug approvals
is up and increasingly in the U.S., against only 47% over the last 25 years and first in high drug prices will create class drug approvals have fallen 17% over 2 additional pressure the past decade 60% of sales growth of the top selling $2.4B of
R&D per new drug is 3 drugs is accounted for by price increases 2.1 times more than a decade 1 ago 1 Deloitte, Measuring the Return from Pharmaceutical innovation (2020 and 2015 editions). 2 3 Mullard, A. Nature Reviews Drug Discovery 2021.
Biopharma Dive, 2018 (leerink) and Brown, D and Wobst H J Med Chem 2021 (FIC)
5 All primary relationships found by the Recursion Well known
primary relationships found by the OS between key members of five pathways: Recursion OS between key members of five pathways: JAK/STAT | SWI/SNF | TGF | RAS | Proteasome JAK/STAT | SWI/SNF | TGF | RAS | Proteasome
7 1 Profile real systems 1 2 Aggregate and analyze Capture
high dimensional Aggregate data to create data to create a digital record Real (atoms) digital maps of reality of reality (things, places, behaviors, preferences, etc) Digital (bits) 3 2 Algorithmic Inference 3 Navigate digital maps to predict
or suggest novel relationships and routes then try them in reality
How we build maps of biology 9 Digitization of Complex Biology Automated
Execution at Scale Up to Proprietary High Dimensional Biological Data Experiments per week Biological and Chemical Diversity ML/AI Based Analysis Human cell types Small Molecules Supercomputer on Earth Arrayed Cytokines CRISPR guides
& soluble factors Enables quality, reliability, repeatability and scale Novel Efficacy and Insights At Scale High Dimensional Validation ML/AI Based Exploration Up to Near whole exomes per week ML enabled hypotheses Proteomics
Recursion visualizes its Maps in different ways. Below is a Map of
thousands of new chemical entities, clustered by chemical similarity and colored by potency, which demonstrated a strong anti inflammatory response on the Recursion OS To the left, shared for the first time ever, is whole genome arrayed
CRISPR KO Map generated in 11 primary human endothelial cells
Many known mitochondrial related genes cluster together along
with a few less well known genes 12
JAK1 Many known JAK/STAT genes cluster together along with a few less
JAK1 JAK1 JAK1 The JAK/STAT pathway now clustered by strength of
interaction, including both similar genes (red) and opposite' genes (blue) - note both expected and less well known genes that could serve as novel hypotheses 14
20S Subunit 26S Subunit The 20S and 26S proteosomes are another of
hundreds of expected clusters that give confidence in this Map, one of many we have built - however the most exciting elements of each map are the tens of thousands of unknown and unexplored high confidence relationships 15
16 Traditional Approach Recursion Approach MAP OF BIOLOGY LIMITATIONS
BENEFITS World's literature reviewed >200B predicted relationships from 1. Millions of disparate journal 1. Massive, relatable >100M highly reproducible experiments articles and publications proprietary map of searchable biology 2. Many
data cannot be People navigate machine generated independently replicated 2. Data highly replicable People generate hypotheses with unmet need and and scalable hypotheses scientific intuition in mind 3. Human selected low dimensional
assays prone to 3. High dimensional confirmation bias orthogonal validation minimizes leak' of poor Chosen hypotheses automatically Hypotheses validated in 4. Humans prone to hypotheses to later validated using orthogonal
high low dimensional assays confirmation bias stages dimensional assays 4. Minimization of human bias Increased efficiency of translation: Translation 5. Maximization of more scale, more speed, less cost biological systems relevance This
approach is designed to achieve <10% higher clinical success rates clinical success rate
17 Preliminary data shown is the average of all our programs since late
2017. All industry data adapted from Paul, et al. Nature Reviews Drug Discovery. (2010) 9, 203-214
19 Pipeline strategy Advance programs where we Oncology have a
data arbitrage Focus on capital efficient Asset Sales / therapeutic areas Internal Pipeline Commercialization, Inflammation & Licenses / licensing and asset Immunology Commercialization Internal Pipeline Rare Genetic sales
Diseases Rare Diseases Exclusive multi year discovery deal signed in 20 and expanded in 21 $30M upfront and $50M equity investment Fibrosis Up to or exceeding $1.2B in milestones for up to or exceeding 12
programs Mid single digit royalties on net sales Other large, intractable areas of Discovery Partnership strategy Exclusive multi year discovery deal signed in biology Partnerships Partner in large, difficult
and/or 21 competitive therapeutic areas $150M upfront and up to or exceeding $500M Add knowledge to and improve in performance based research milestones and Neuroscience our growing atlas of biology data usage options
*and a single oncology indication Up to or exceeding $300M in milestones possible for up to 40 programs Mid to high single digit tiered royalties on net sales
20 PREVALENCE CAUSE LOF mutations in genes CCM1, CCM2 & CCM3, key
for maintaining the structural integrity of the vasculature due to US + EU5 unknown mechanisms PATHOPHYSIOLOGY OUR REASON TO BELIEVE Vascular malformations of the CNS leading Efficacy in Recursion OS as well as functional to focal neurological
deficits, hemorrhage validation via scavenging of massive superoxide and other symptoms accumulation in cellular models; reduction in lesion number with chronic administration in mice KEY ELEMENTS Targeting both sporadic and familial
symptomatic Once daily oral dosing CCM Patients with CCM1, CCM2, and CCM3 mutations US and EU Orphan Drug Designation granted High Dose 1 - Safety and Tolerability CCM Confirmed 52 Week Open Label 1:1:1 Low Dose
2 - Imaging, assessments with MRI Treatment Extension Julia - living with CCM Placebo and PROs
21 INCIDENCE CAUSE LOF mutations in NF2 tumor suppressor gene US + EU5
PATHOPHYSIOLOGY OUR REASON TO BELIEVE Efficacy in Recursion OS, cellular, & animal Inherited rare CNS tumor syndrome leading models; suppression of aberrant ERK, AKT, and to loss of hearing and mobility, other focal S6 pathway activation in a
Phase 1 PD Study in neurologic deficits NF2 patient tumors KEY ELEMENTS Targeting familial and sporadic NF2 meningioma Oral bioavailability and CNS exposure together are patients unique among clinical stage HDAC inhibitors
Adult and adolescent patient populations Potentially reduced cardiac toxicity compared to class Phase 2 Interim 20 x 1 Month 6 x 1 Month Progressive REC 2282 40mg 1:1 Analysis Cycles Cycles NF2 mutated meningioma
REC 2282 60mg Ricki - living with NF2 Progressive REC 2282 26 x 1M 1 - PFS 2:1 NF2 mutated meningioma Placebo Cycles 2 - TTR, DOR & ORR Phase 3
22 PREVALENCE CAUSE Inactivating mutations in the tumor suppressor gene
APC US + EU5 PATHOPHYSIOLOGY OUR REASON TO BELIEVE Efficacy in the Recursion OS shows that Polyps throughout the GI tract with specific MEK 1/2 inhibitors had a specific extremely high risk of malignant effect in context of APC LOF. Subsequent
transformation min mouse model APC showed potent reduction in polyps and dysplastic adenomas KEY ELEMENTS Targeting Classical FAP patients (w/ APC mutation) Oral Dosing & Gut Biased Benign polyps and dysplastic
adenomas US Orphan Drug Designation granted FAP with APC High Dose 1 - Polyp burden at 12M 2:2:1 Food 48 Week Open Label mutation Low Dose 2 - PL, Safety, polyp # Effect Treatment Extension Placebo confirmed and
23 PREVALENCE CAUSE LOF mutations in lysosomal
beta hexosaminidase subunit genes leading to neuronal GM2 US + EU5 accumulation PATHOPHYSIOLOGY OUR REASON TO BELIEVE Efficacy on the Recursion OS of a unique GM2 + lipofuscin accumulation leads PKC /GSK3 dual inhibitor stimulating
cellular to complete neurological disability autophagy and modulating lysosomal and death in the first few years of life biogenesis. Reduction of disease specific activity in patient derived cells KEY ELEMENTS Tay Sachs Disease
(HEXA), Sandhoff Disease Complementary MOA for potential combination (HEXB), and GM2 Activator Deficiency Patients with genetic therapies Human safety database with established chronic dosing Liquid formulation suitable for
G tube dosing 1 -Survival Infants with Dose Up to 34 Open Label 2 - Safety, GM2 CSF GM2 Diagnosis Escalation Months TX Extension Amelie - lived with GM2 ganglioside, neuro development
24 INCIDENCE CAUSE Release of C. Difficile toxins by colonizing
bacterium causes degradation of colon cell junction, toxin transit to bloodstream, and morbidity to host US + EU5 PATHOPHYSIOLOGY OUR REASON TO BELIEVE Highly recurrent infectious disease Efficacy on the Recursion OS identified a new with severe
diarrhea, colitis, and risk of chemical entity for prophylaxis and recurrent C. toxic megacolon, sepsis, and death difficile infection via glycosyl transferase inhibition with potential to be both orally active and gut biased KEY TPP ELEMENTS
Orally active small molecule toxin inhibitor Designed for gut biased pharmacology to target infection in the GI tract while reducing systemic exposure and potential Non antibiotic approach with potential for
combination systemic effects with SOC and other therapies for recurrent disease Not expected to negatively impact the gut microbiome Colleen - overcame recurrent C diff.
Tumor intrinsic immune resistance STK11 Target Alpha Target Beta
More... REC Gene B 648918 BIRC2 Gene A Goal: Identify novel compounds capable of re sensitizing tumors with tumor intrinsic resistance factors to checkpoint therapy Gene A Similar Phenomap insight: Novel compound
(REC 648918) identified with similarity to BIRC2 knockout of potential immunotherapy resistance gene targets (Gene A, Gene B) REC 648918 Result: Reduction in tumor growth vs. anti PD 1 alone in both CT26 checkpoint
Opposite resistance and EMT6 models (including 40% and 80% complete response in combination in each model respectively) Gene B Efficacy demonstrated in CT26 checkpoint resistance (left) mouse model; complete response (CR) mice show minimal tumor
growth when rechallenged (right) Efficacy demonstrated in EMT6 mouse model CT26 CT26 CT26 rechallenge rechallenge EMT6 Vehicle Vehicle Na ve mice Anti PD 1 Anti PD 1 CR mice from previous study REC 648918
REC 648918 REC 648918 REC 648918 + aPD1 + aPD1 80% CR in combo 40% CR in combo 25 days days days 25 CT26: mouse colon carcinoma. REC 648918 was dosed PO, QD for 5 weeks at 100mg/kg. Anti PD 1 was dosed IP, BIW for
5 weeks at 10mg/kg. 10 mice per group, dosing initiated when tumors reached ~ 80 mm3; * p<0.05 ** p<0.01 **** p<0.0001; ^ Combination treatment in EMT6 resulted in 8 CR and 8 rejections on re challenge
Tumor targeted precision therapeutics Hepatocellular Carcinoma
MYC CDK12 More... REC 65029 Goal: Identify novel compounds capable of sensitizing HRD negative ovarian and 2.5 M other tumors to PARP inhibition Similar 1.0 M Phenomap insight: Inhibition of target Gene A (for
example, with REC 65029) REC 65029 may mimic inhibition of CDK12 while mitigating toxicity due to CDK13 inhibition 0.25 M 0.1 M Result: Single agent and combo activity with olaparib in an HRD negative ovarian
Opposite cancer CDX and PDX models with durable response Gene A CDK12 Single agent activity in olaparib resistant CDX mouse model Single agent and combination (with olaparib) in an HRD negative ovarian cancer PDX model with durable
response OVCAR 3 CDX OV0273 PDX OV0273 PDX (Survival) Vehicle Vehicle Olaparib Olaparib REC 65029 REC 65029 REC 65029 REC 65029 +olaparib +olaparib 80% CR by day 14 in combo Treatment stopped on Day 28 100% CR 26 days
days days 26 OVCAR 3 CDX - animals dosed with REC 65029 for 5 days at 100 mg/kg BID, a holiday from days 6 9 (due to body weight loss) and dosing resumed at 85 mg/kg BID; OV0273 PDX - REC 65029 dosed at 85 mg/kg
PO, BID, olalparib dosed at 90mg/kg PO QD; ** p<0.01 **** p<0.0001
Team Credentials Gender: % Women 45% 400+ Employees today Below VP VP
and above 41% Advanced degrees 45% Life Sciences biology, chemistry, development, etc. Tech Data science, software engineering, automation, etc. Strategic Operations 27
28 Today Intermediate Term Near Term Recursion OS Continued
digital chemistry and Clinical Predictions Enables quality, reliability, repeatability predictive ADMET OS build and scale
29 Near Term Milestones Medium term milestones
Rec 994 for CCM Ph2a clinical start in Q1 Multiple POC readout(s) for AI discovered programs Rec 2882 for NF2 Ph2/3 clinical start in Q1 Potential additional partnership in large, intractable area of biology
Rec 4881 for FAP Ph2 clinical start in Q2 Additional option exercises for partnership programs Rec 3599 for GM2 clinical start in Q2 Recursion OS Begins to move to Autonomous Map Building and Navigation with
Automated Chemical Synthesis, Digital Chemistry Rec 3964 for C diff. IND and Phase 1 start in 2H and Predictive ADMET Tools Additional INDs and Clinical Starts In House Small Molecule Manufacturing Capabilities
come On Line Option Exercises for Partnership Programs Strong Financials $579M in cash, equivalents & investments with no substantial debt at end Q3, 2021 Does not include $150M upfront from Roche/Genentech deal
Recognition of partnership upfronts over 2 3 years suggests possible annual revenue of $60 $80M Clinical Programs
Board of Directors DEAN LI, MD/PHD CHRIS GIBSON, PHD BLAKE BORGESON,
PHD ZAVAIN DAR Recursion Co founder, Co founder & CEO Recursion Co founder, Board Partner, Lux Capital President of Merck Research member Machine Intelligence Labs Research Institute ZACHARY BOGUE, JD ROBERT HERSHBERG,
TERRY ANN BURRELL, MBA R. MARTIN CHAVEZ th Partner, Data Collective CFO & Treasurer Vice Chair of 6 Street MD/PHD Beam Therapeutics Financial. Former CFO/CIO Former EVP CSO & at GS BD, Celgene Executive Team RAMONA DOYLE, MD TINA
LARSON SHAFIQUE VIRANI, MD FRCS MASON VICTORS CHRIS GIBSON, PHD Chief Medical Officer President & COO Chief Corp Dev Officer Chief Product Officer Co Founder & CEO MICHAEL SECORA, PHD BEN MABEY RON ALFA, MD/PHD LOUISA DANIELS, JD
HEATHER KIRKBY Chief Financial Officer Chief Legal Officer & General Chief Technology Officer SVP of Research Chief People Officer Counsel Trademarks are the property of their respective owners and used for informational purposes
Forward program growth Significant program growth Growing