Slide 1: Decoding Biology To Radically Improve Lives
Decoding Biology To Radically Improve Lives Management Presentation Exhibit 99.2
Slide 2: Forward-looking statements
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
Slide 3: What's New at Recursion
Expanded Bayer collaboration to use mapping and navigating techniques to explore fibrotic diseases Announced transformational collaboration with Roche-Genentech focused in neuroscience Initiated 4 clinical trials in 3 quarters Phase 2 clinical trial evaluating REC-994 for the potential treatment of
Slide 4: Biopharma faces declining drug discovery efficiency
The multi-trillion dollar biopharma industry faces pressure amidst declining efficiency in drug discovery… … while technology expands value creation across virtually every industry, creating an arbitrage Recursion is designed to exploit. Opportunity 50B 100M 500K 1K 100 Compute Power (Transistors pe
Slide 5: Iterative loop of data collection and algorithms
Real (atoms) Digital (bits) 1 Profile Systems Capture high-dimensional data to create a digital record of reality (things, places, preferences, etc.) Data Aggregate and organize data to create digital maps of reality Algorithms Navigate digital maps to predict novel relationships, then try them in r
Slide 6: How we build maps of biology and chemistry to drive value
How we build maps of biology and chemistry to drive value
Slide 7: Recursion OS: novel insights at scale
Enables quality, reliability, repeatability and scale Novel Insights at Scale 44 different human cell types small molecule library, we believe this scale is on par with some large pharma companies arrayed CRISPR guides cytokines and soluble factors ~1.5 Million 130K 1K Diverse Biological and Chemica
Slide 8: Traditional approach vs Recursion's approach to biology
Well-known primary relationships between key members of five pathways: JAK/STAT | SWI/SNF | TGFβ | RAS | Proteasome All primary relationships found by the Recursion OS between key members of five pathways: JAK/STAT | SWI/SNF | TGFβ | RAS | Proteasome Traditional Approach to Biology Recursion’s Appro
Slide 9: Leading indicators of efficiency
Data shown are the averages of all our programs from 2017 through 2021. All industry data adapted from Paul, et al. Nature Reviews Drug Discovery. (2010) 9, 203–214 Screen — Hit ID — Validated Lead — Advanced Candidate — Development Candidate — Industry Recursion Failing faster and earlier to › › sp
Slide 10: Pipeline
Preclinical Late Discovery Oncology Rare & Other Please note that due to the advancement of our AXIN1/APC mutant cancers with an initial focus in HCC and Ovarian program towards a Phase 2 clinical trial, we have decided to deprioritize our GM2 program and redirect resources. Recursion will make effo
Slide 11: Internal pipeline and partnership strategy
Internal Pipeline - Rare Genetic Diseases Partnership strategy Internal Pipeline Discovery Partnerships Build wholly-owned pipeline in indications with potential for accelerated path to approval We harness the value and scale of our maps of biology and chemistry using a capital efficient business st
Slide 12: Partnerships with Bayer and Roche-Genentech
Fibrosis Neuroscience *and a single oncology indication $30M upfront and $50M equity investment Up to or exceeding $1.2B in milestones for up to or exceeding 12 programs Mid single-digit royalties on net sales Recursion owns all algorithmic improvements $150M upfront and up to or exceeding $500M in
Slide 13: The roadmap: multiple cycles of learning and iteration
Novel efficacy and insights at scale Near-Term Today Intermediate-Term Automated molecular microsynthesis at scale Recursion OS enables quality, reliability, repeatability and scale Continued digital chemistry, SAR and predictive ADMET OS build Leverage new datasets and technology to improve transla
Slide 14: A new kind of team and culture; ESG highlights
Advanced degrees Employees Team Members ~500 What it takes to make this happen – a new kind of team and culture 42% ESG Highlights Data shown reflective of Q2 2022 and Recursion’s 2022 ESG report Inaugural ESG report in 2022 – reporting on Healthcare and Technology Metrics 100% of electricity poweri
Slide 15: Executive team and Board of Directors
Board of Directors TINA LARSON President & COO Executive Team DEAN LI, MD/PHD RXRX Co-Founder, President of Merck Research Labs ROB HERSHBERG, MD/PHD Co-Founder/CEO/Chair of HilleVax, Former EVP, CSO & CBO at Celgene BLAKE BORGESON, PHD RXRX Co-Founder, Board Member Machine Intelligence Research Ins
Slide 16: Impact
Impact
Slide 17: How we navigate maps to turn drug discovery into a search problem
How we navigate maps of biology and chemistry to turn drug discovery into a search problem
Slide 18: Genome-scale mapping
This is a whole-genome arrayed CRISPR knock-out Map generated in primary human endothelial cells Every gene is represented in a pairwise way (each is present in columns and rows) Dark Red indicates phenotypic similarity according to our neural networks while Dark Blue indicates phenotypic anti-simil
Slide 19: Mitochondrial-related genes cluster together
Many known mitochondrial-related genes cluster together along with a few less well-known genes
Slide 20: JAK/STAT pathway clustered by interaction strength
JAK1 JAK1 The JAK / STAT pathway clustered by strength of interaction, including both similar genes (red) and ‘opposite’ genes (blue) – note that both expected and less well-known genes can serve as novel hypotheses
Slide 21: 20S and 26S proteasome clusters
20S Subunit 26S Subunit The 20S and 26S proteosomes form 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
Slide 22: REC-65029 in HRD-negative ovarian cancer
CDK12 Gene A CDK12 2.5μM Gene A 1.0μM 2.5μM 0.1μM 0.25μM 1.0μM 0.1μM 0.25μM REC-65029 Goal: Identify potential first-in-class tumor-targeted precision therapeutic NCE with novel MOA capable of potentially treating HRD-negative ovarian cancer Phenomap insight: Inhibition of target Gene A (for example
Slide 23: Recursion's Clinical Programs
Recursion’s Clinical Programs
Slide 24: REC-994 for Cerebral Cavernous Malformation
US + EU5 PREVALENCE CAUSE LOF mutations in genes CCM1, CCM2 & CCM3, key for maintaining the structural integrity of the vasculature due to unknown mechanisms PATHOPHYSIOLOGY Vascular malformations of the CNS leading to focal neurological deficits, hemorrhage and other symptoms OUR REASON TO BELIEVE
Slide 25: REC-2282 for NF2-Mutated Progressive Meningioma
US + EU5 PREVALENCE CAUSE LOF mutations in NF2 tumor suppressor gene PATHOPHYSIOLOGY Inherited rare CNS tumor syndrome leading to loss of hearing and mobility, other focal neurologic deficits OUR REASON TO BELIEVE Efficacy in Recursion OS, cellular, and animal models; suppression of aberrant ERK, AK
Slide 26: REC-4881 for Familial Adenomatous Polyposis
US + EU5 PREVALENCE CAUSE Inactivating mutations in the tumor suppressor gene APC PATHOPHYSIOLOGY Polyps throughout the GI tract with extremely high risk of malignant transformation OUR REASON TO BELIEVE Efficacy in the Recursion OS shows that specific MEK 1/2 inhibitors had an effect in context of
Slide 27: REC-3964 for Clostridium difficile Colitis
US + EU5 PREVALENCE CAUSE Release of C. difficile toxins by colonizing bacterium causes degradation of colon cell junction, toxin transit to bloodstream, and morbidity to host PATHOPHYSIOLOGY Highly recurrent infectious disease with severe diarrhea, colitis, and risk of toxic megacolon, sepsis, and
Slide 28: REC-4881 for AXIN1/APC mutant cancers
PREVALENCE CAUSE LOF mutations in AXIN1/APC tumor suppressor genes PATHOPHYSIOLOGY Alterations in the WNT pathway are found in a wide variety of tumors, in particular HCC and Ovarian cancers, and confer poor prognosis and resistance to standard of care OUR REASON TO BELIEVE Efficacy in the Recursion
Slide 29: Recursion's Notable Preclinical Oncology Programs
Recursion’s Notable Preclinical Oncology Programs
Slide 30: REC-648918 immunotherapy resistance program
Immunotherapy-induced markers of inflammation are reduced in the periphery IFN-ɣ increased in plasma under immunotherapy but was suppressed in combination with REC-648918 Higher relative levels of IFN-ɣ were maintained under combination treatment Gene B Gene B REC-648918 REC-648918 BIRC2 Gene A Gene
Slide 31: REC-64151 KRAS/STK11 program
Goal: Identify novel compounds capable of re-sensitizing tumors to checkpoint therapy in STK11 mutant cancers Phenomap insight: Novel class of compounds (REC-64151) inferred to rescue loss of STK11 Result: REC-64151 restores anti-PD1 (aPD1) response of STK11 mutant CT26 tumors (Fig. A, B) and demons
Slide 32: MYC: platform to identify small molecule inhibitors
MYC: Platform to identify small molecule inhibitors of MYC Goal: Use the map-based inference platform to: Identify novel small molecules that inhibit MYC activity for the treatment of diverse cancers characterized by aberrant activation of MYC pathway Identify multiple hit series that mimic the func
Slide 33: Additional Context
Additional Context
Slide 34: Recursion is a clinical stage TechBio company
Recursion is a clinical stage TechBio company Mapping and Navigating biology and chemistry with the goal of bringing better medicines to patients faster and at lower cost via an Internal Pipeline and Partnerships The Leading TechBio Mission is to decode biology to radically improve lives >150 biolog
Slide 35: Biopharma faces declining efficiency in drug discovery
Images adapted from Jayatunga, M., et al. Nature Reviews Drug Discovery 2022. The biopharmaceutical industry faces pressure amidst declining efficiency in drug discovery Top-20 Pharma Companies AI-Native Drug Discovery Companies AI-enabled drug discovery efforts have proliferated alongside the decli
Slide 36: Map-based approach vs traditional hypothesis generation
World’s literature reviewed People generate hypotheses Hypotheses validated in low dimensional assays Millions of disparate journal articles and publications Many data cannot be independently replicated Human-selected low dimensional assays prone to confirmation bias Humans prone to confirmation bia
Slide 37: Transformational collaborations provide multiple value inflection points
Program 1 Program 1 Program 1 Program 1 Program 1 Program 1 Program 1 Transformational collaborations provide multiple potential value inflection points Illustrative example of potential value inflection points Clinical and Approval Milestones Pre-Clinical Milestones Upfront Fee Programs 2 through N
Slide 38: COVID-19 Research
Drug Prediction Correct? Hydroxychloroquine x ✓ Lopinavir x ✓ Ritonavir x ✓ Remdesivir ✓ ✓ Baricitinib ✓ ✓ Tofacitinib ✓ ✓ Ivermectin x ✓ Fluvoxamine x ✓ Dexamethasone x x Recursion conducted several AI-enabled experiments in April 2020 to investigate therapeutic potential for COVID-19 Drugs investi
Slide 39: Recursion is a leading TechBio company
Recursion is a leading TechBio company
Slide 40: A biotechnology company scaling more like a technology company
Growth in capabilities, proprietary data, programs, and partnerships Increasing business opportunities Reducing binary risks We are a biotechnology company scaling more like a technology company, as demonstrated by our growth in inputs (experiments) and growth in outputs (data, biological and chemic