Slide 1: 2Q25 (L)earnings August 2025
2Q25 (L)earnings August 2025
Slide 2: Forward-looking statements
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,” “
Slide 3: Recursion OS 2.0
Recursion OS 2.0 © Recursion
Slide 4: Recursion's unbiased platform approach delivers a strong internal and partnered portfolio
Recursion’s unbiased platform approach delivers a strong internal and partnered portfolio 4 • Powered by proprietary and fit- for-purpose scaled data • End-to-end capabilities spanning novel target discovery, precision chemistry and optimized clinical trials • Built upon iterative cycles of dry- lab
Slide 5: Boltz-2: Open-source model commoditizing binding affinity prediction
Boltz-2: Open-source model with MIT commoditizing binding affinity prediction approaching FEP accuracy at 1000x speed 5 Over 171K downloads and 41.5K unique users in less than two months Designed for drug discovery and virtual screening Contact/pocket constraints — ensure output follows respects giv
Slide 6: ClinTech: Industrialize clinical development with an end-to-end platform
ClinTech: Industrialize clinical development by building an end-to- end platform to increase probability of success 6 • Patient-platform connectivity • Enables target validation and patient stratification • Supports expansion into new indications • More robust trial planning via clinical trial simul
Slide 7: Delivering Pipeline Advancements and Partnership Value
REC-4539 for Small-Cell Lung Cancer (target: LSD1) is on strategic pause. Delivering Pipeline Advancements and Partnership Value 7 Target Disease Indication Late Discovery Preclinical Phase 1/2 Pivotal/Phase 3 Oncology REC-617 CDK7 Advanced Solid Tumors REC-1245 RBM39 Biomarker-Enriched Solid Tumors
Slide 8: Recursion brings medicines to clinic faster and at lower cost
Recursion brings medicines to clinic faster and at lower cost 0 10 20 30 40 50 60 Industry Recursion T im e t o c a n d id a te I D ( m o n th s ) Go faster 0 5 10 15 20 25 30 Industry Recursion C o s t to I N D ( $ M ) Spend less 0 500 1,000 1,500 2,000 2,500 3,000 Industry Recursion Highly product
Slide 9: Building Momentum: Portfolio Advancement Fueled by Platform Insights
Building Momentum: Portfolio Advancement Fueled by Platform Insights
Slide 10: Delivering Pipeline Advancements and Partnership Value
REC-4539 for Small-Cell Lung Cancer (target: LSD1) is on strategic pause. Delivering Pipeline Advancements and Partnership Value 10 Target Disease Indication Late Discovery Preclinical Phase 1/2 Pivotal/Phase 3 Oncology REC-617 CDK7 Advanced Solid Tumors REC-1245 RBM39 Biomarker-Enriched Solid Tumor
Slide 11: Advancing programs with strong therapeutic rationale, powered by Recursion OS
Advancing programs with strong therapeutic rationale, powered by Recursion OS 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
Slide 12: Recursion OS 2.0: novel insights, precision design, optimized clinical trials
Recursion OS 2.0: Efficiently delivering novel insights, precision design, and optimized clinical trials 12 Nomination Workflow Scientific Agents Transcriptomics Assay & Models ML-based Patient Connectivity (RWD) LLMs & Graphs MOA Deconvolution Scaled Binding Affinity Predictions Phenomics Assay & M
Slide 13: REC-1245 (RBM39 degrader): Novel biological insight drives clinical program
REC-1245 (RBM39 degrader): Novel biological insight drives clinical program 13 Design Workflow Automated ADMET Automated Chemistry Automated Biology 3D Protein & Atomistic Models Molecular Property Prediction & Design Scientific Agents AI-enabled Precision Design Nomination Workflow Scientific Agent
Slide 14: Platform links RBM39 biology to CDK12
Platform links RBM39 biology to CDK12, a key regulator of DNA damage response genes (DDR) and replication stress (RS) Genetic-Chemical ConvergenceCDK12 Axis RecapitulatedAI-guided Multimodal Mapping Deep genome coverage across major DDR pathways in HUVEC PhenoMap1 • Whole Genome CRISPR knockouts; cl
Slide 15: Multi-Omics insights link RBM39 dependency to replication stress and DNA repair
Multi-Omics insights link RBM39 dependency to transcription- replication stress and DNA repair vulnerabilities Epigenetic Regulation Cell Cycle Control Transcription DNA Damage Repair RBM39 & REC-1245 Clusters across various mechanisms of replication stress and DNA repair vulnerabilities REC-1245 |
Slide 16: Selective degradation of RBM39 impairs splicing and DDR pathways
Selective degradation of RBM39 impairs splicing, compromising DDR pathways and transcriptional regulation 2 3 1 1. RBM39 Degradation • REC-1245 recruits RBM39 & DCAF15 for rapid proteasomal degradation • Loss of this splice adaptor destabilizes the spliceosome 2. DDR Gene Silencing • Long repair tra
Slide 17: Target tumors characterized by drivers of genomic instability
Target tumors characterized by drivers of genomic instability arising from replication stress potentially linked to RBM39 dependency 17 1. da Costa 2022, NRDD 2. Internal company estimates. Assumes US+EU5 addressable incidence with biomarker-enriched solid tumors and other select histologies. 3. Cel
Slide 18: Preclinical sensitivity with REC-1245 in high replication stress tumors
Emerging preclinical data suggests greater sensitivity with REC- 1245 in high replication stress and DDR vulnerable tumors 18 1. N=4 mice per group. REC-1245 demonstrates reduction in tumor volume across different tumors with high-RS signatures and DNA repair vulnerability1 Vehicle BID REC-1245 10 m
Slide 19: Platform derived insight to unlocking genomic instability vulnerabilities
Mechanistic Validation RBM39 Degradation % R B M 3 9 D e g r a d a t io n (N o rm a li ze d -V e h ic le ) Concentration (nM) Recursion OS Insight Platform derived insight to unlocking comprehensive genomic instability vulnerabilities 19 Preclinical Data Days post treatment T u m o r V o lu m e ( m
Slide 20: Phase 1/2 monotherapy dose escalation ongoing
Phase 1/2 monotherapy dose escalation ongoing with early safety/PK data anticipated 1H26 20 Clinical Updates • First patient dosed in 4Q24 • Early safety and PK from monotherapy trial in 1H26 Monotherapy data update expected in 1H26 REC-1245 monotherapy dose escalation Minimum efficacious dose REC-1
Slide 21: REC-617 (CDK7 inhibitor): Precision design and causal AI
REC-617 (CDK7 inhibitor): Precision design for optimal therapeutic index and causal AI for indication validation 21 Design Workflow Automated ADMET Automated Chemistry Automated Biology 3D Protein & Atomistic Models Molecular Property Prediction & Design Scientific Agents Nomination Workflow Scienti
Slide 22: AI-guided precision design for optimized therapeutic index
22 AI-guided precision design for optimized therapeutic index High permeability, rapid absorption, low efflux Target affinity and selectivity CDKC IC50 (nM) CDK family selectivity Cell potency HCC70 (breast cancer) IC50 (nM) OVCAR-3 (ovarian cancer) IC50 (nM) Safety and metabolism hERG IC50 (μM) Hum
Slide 23: AI-enabled causal inference for ovarian cancer indication selection
AI-enabled causal inference strengthens preclinical data for indication selection of ovarian cancer for ELUCIDATE 23 1. Besnard et al, AACR (2022) 2. Causal inference framework based on a network-informed directed acyclic graph (DAG) to assess CDK7’s impact on clinical outcomes. Patients were indexe
Slide 24: Phase 1/2 single-arm combination in ovarian cancer initiated 1H25
Phase 1/2 single-arm combination in ovarian cancer initiated 1H25 24 ELUCIDATE: Study to Assess GTAEXS617 in Patients With Advanced Solid Tumors; NCT05985655 1. SOC includes single-agent chemotherapy, bevacizumab ± chemotherapy, PARP inhibitors in select patients Clinical Updates • Early data indica
Slide 25: Partnered Discovery
Partnered Discovery Delivering on differentiated programs
Slide 26: Advancing partnership discovery by leveraging Recursion 2.0
Advancing partnership discovery by leveraging Recursion 2.0 26 4 Program milestone payments achieved in last 18 months Several programs advancing towards development candidate over next 12-15 months Continued program advancement in a GI oncology indication and multiple neuroscience programs into tar
Slide 27: Financial Update
Financial Update ® Recursion,
Slide 28: Well positioned to deliver on upcoming milestones
Well positioned to deliver on upcoming milestones 1. Cash, cash equivalents and restricted cash 2. YE2024 reported OpEx for Recursion and Exscientia combined, excluding non-cash GAAP items (e.g. share-based compensation). 2026 estimate of <$390 million cash burn 3. Risk-adjusted cash inflows from pa
Slide 29: Looking ahead
Looking ahead ® Recursion,
Slide 30: Continuing our evolution to deliver differentiated, high-confidence programs
Continuing our evolution to deliver differentiated, high-confidence programs 30 Differentiated, high quality programs with novel pathway biology, chemistry design, and competitive positioning emerging from evolving Recursion 2.0 platform Unique biologic insights identified from maps with different c
Slide 31: Internal and external pipeline momentum
Internal and external pipeline momentum FY 2025 and 2026 upcoming pipeline catalysts Partnership Catalysts Potential for additional phenomap options Potential for multiple new project initiations Potential for multiple programs optioned by partners 2025 2026 H1 REC-617 (CDK7i) in advanced solid tumo
Slide 32: Q&A