Slide 1: Recursion August 2026
Recursion August 2026
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: Evolved from a platform company into a product company
Over the last 18 months, Recursion has evolved from a platform company into a product company, powered by a differentiated AI engine 3 PIONEERING, PLATFORM-CENTRIC DATA & AI ENGINE PRODUCT FOCUSED ENGINE Pioneered a data & AI engine... AI-native infrastructure - automated lab, 50PB of multimodal dat
Slide 4: AI-enabled product engine is delivering differentiated programs
1. Modeled total addressable market (not realized or forecasted sales): diagnosed prevalence (~50k) x rare-disease oral net price (benchmark GOMEKLI ~$22–30k/mo = ~$260–360k/yr; ATTR/PAH orals); sensitive to price & treated fraction Our AI-enabled product engine is delivering differentiated programs
Slide 5: Pipeline programs and next catalysts
Disease indication(s) Addressable patients1 Next catalyst AI enabled differentiation Late discovery Preclinical Phase 1/2 Pivotal Familial adenomatous polyposis (FAP) >50,000 2H26: FDA update Advanced solid tumors ~150,000 1H27: Combo – early safety and PK Solid tumors & lymphoma² >100,000 2H26: Add
Slide 6: Overview of select programs with partners
Overview of select programs with partners Generating oral small- molecule candidates against I&I targets long considered hard to drug Onc 1 3Q24 $4M I&I 3 2Q25 $7M I&I 1 3Q23 $4M I&I 2 3Q24 $11M Onc 2 1Q26 $4M $134M upfront and milestone payments to date; Potential for $343M in milestone payments pe
Slide 7: Delivered milestones and key near-term milestones
We have delivered on our milestones this year, with strong momentum and catalysts ahead 7 REC-4881 (MEK1/2) Additional Ph 2 clinical data at CGA-IGC Update on FDA engagement REC-1245 (RBM39 degrader) Additional Ph 1 dose escalation data Sanofi: Potential Development Candidate AI-driven drug design f
Slide 8: Why now: Near-term value inflection points
Why now: Near-term value inflection points Additional REC-1245 (RBM39) data in 2H26 Bio AI engine discovered novel MoA in “undruggable” space (CDK12) Additional REC-1245 Ph1 monotherapy dose escalation data expected in 2H 2026; exploits synthetic- lethal vulnerability in resistant, genomically unsta
Slide 9: AI-native product engine compounds advantage across every stage of R&D
1. Generated and aggregated >50 petabytes of high-quality, multimodal data 2. McGinnity et al, Drug Discovery Today, 2025 Our AI-native product engine compounds advantage across every stage of R&D Industry baseline Recursion’s AI product engine Recursion’s advantage • Majority of biology still unkno
Slide 10: Agents as early foundation for frontier AI
10 Today's agents are an early foundation. As frontier AI advances, the value of Recursion's proprietary data and infrastructure compounds Select examples of early agent implementations Frontier AI and agents amplifies the value of Recursion's proprietary data and product engine Pairs frontier reaso
Slide 11: Industrial-scale proprietary data factory
Industrial-scale proprietary data factory, generated by an automated lab in the loop 300M+ experiments, 2M+ samples sequenced, 340M real-world patient lives, 50+ petabytes of multimodal data — generated by automated labs. Pioneer and leader in closing the wet-lab loop at scale 10+ YEARS Of scaled, a
Slide 12: Building more value with less cost
Building more value with less cost 12 Expected cash runway into early 2028 without additional financing An outcomes-based, fit-for-purpose organization: • Prioritized capital towards operations with clear and measurable impact, focused on long-term pipeline and technology differentiation • Leadershi
Slide 13: REC-4881 MEK1/2
REC-4881 MEK1/2 Translating proof to products
Slide 14: FAP: a serious, lifelong chronic disease with zero approved therapies
FAP: a serious, lifelong chronic disease with zero approved therapies 1. Ferrandon et al, Fam Cancer. 2025; doi: 10.1007/s10689-025-00479-3, NCI BRCA1 and BRCA2: Cancer Risks and Management (PDQ®). 2. EMA/NORD and Orphanet based Epi estimate adjusted for colectomy rate (Syngal S, et al. Am J Gastroe
Slide 15: FAP patient journey
“Adhesions cause pain from my surgeries. It causes obstructions. I have to be careful with what I eat. When I do get an intestinal obstruction, I try to manage that at home. I [have] something always on the mind. Mentally, it affects me every day because I have medical PTSD from my surgeries.” “My b
Slide 16: REC-4881 addresses both drivers of FAP polyp growth
REC-4881 addresses both drivers of FAP polyp growth with a single target Overview of REC-4881 mechanism of action Suppressing both pathways may limit polyp growth and progression to cancer Initiation pathway APC mutation β-catenin stabilization β-catenin → TCF/LEF txn. Evolution pathway Additional m
Slide 17: Rapid reductions in polyp burden persist off drug
Rapid reductions in polyp burden across the GI tract persist 12 weeks after stopping drug 17 Baseline endoscopy Week 13 endoscopy Week 25 endoscopy 12 weeks ON drug (4mg QD) 12 weeks OFF drug (4mg QD) 33% 32%1 -11% -20%2 -37% -48% -50% -59% -69% -70% -82% -100% -50% 0% 50% 36% -11% -38% -39% -53% -5
Slide 18: REC-4881 reduces polyp burden across entire GI tract
REC-4881 reduces polyp burden across entire GI tract, potentially addressing a major unmet need in upper GI • Highest risk interventions – thin-walled upper GI makes endoscopy resection risky (perforation & bleeding); severe cases need duodenectomy / Whipple, among the most morbid GI surgeries • Hig
Slide 19: Deepening reductions in polyp burden through Week 25
19 3 months on and 3 months off-treatment: REC-4881 produces deepening reductions in polyp burden through Week 25 % change from baseline in total polyp burden in post-colectomy patients at Wk. 13 and Wk. 251 REC-4881 4mg dose level % c h a n g e f ro m b a s e li n e Week 0 Week 13 Week 25 Data Cuto
Slide 20: Manageable safety profile consistent with MEK inhibitors
Manageable safety profile consistent with non-oncology MEK inhibitor profiles approved in rare disease 20 Note: For 8 mg (N=2, only 1 efficacy evaluable), N=1 (50%) exhibited Grade 2 TRAEs (rash), no Grade 3 TRAEs 1. For 4 mg, N=5 patients in Phase 1b and N=14 patients in Phase 2 were dosed; safety
Slide 21: Tolerable safety, rapid durable efficacy, oral chronic dosing
Tolerable safety, with oral, chronic dosing potential • 1st-in-class potential oral, chronically dosed therapy • Safety consistent with MEK1/2 inhibition1: No Grade ≥4 TRAEs; Grade 3 in 15.8% of patients “This initial trial data could position [REC-4881] as something that's taken daily, or perhaps w
Slide 22: Near term value inflection: CGA-IGC presentation
Presidential Plenary I Mon. November 2, 2026 @ 13:30 - 15:00 Near term value inflection across REC-4881: Regulatory update and key congress presentation 30th CGA-IGC Annual Meeting, Denver • Leading annual meeting dedicated specifically to hereditary GI cancer syndromes including FAP • Highly target
Slide 23: REC-1245 RBM39
REC-1245 RBM39 Translating proof to products
Slide 24: RBM39: A broad opportunity in hard-to-treat cancers
24 RBM39: A broad opportunity in hard-to-treat cancers Genomically unstable tumors are hard-to-drug, but depend on stress pathways to survive • Genomic instability promotes tumor growth through multiple cellular pathways • Often driven by transcription factors (e.g., MYCN) that lack a binding site f
Slide 25: REC-1245: First-in-class RBM39 molecular glue degrader
25 REC-1245 key attributes • First-in-class molecular glue degrader • Oral, highly bioavailable, and highly selective • Hits multiple oncogenic drivers achieving synthetic lethal cancer cell killing • Platform-derived biological insight and with candidate in 18 months after screening only 204 compou
Slide 26: Platform derived insight unlocking genomic instability vulnerabilities
26 1. Data not shown. 2. Cell lines were assigned to broad pathway dysregulation contexts based on 1 or more documented alteration from CCLE/GSDC databases Preclinical InsightRecursion OS Insight Platform-derived novel target and degrader • RBM39 loss phenocopies CDK12 deficiency • RBM39 degrader: a
Slide 27: Key preclinical data
Key Preclinical Data REC-1245 is highly selective and potent1 Assay DC Criteria REC-1245 RBM39 Degradation DC50 <100 nM CDK12 Kinase No sig. activity CEREP Safety Panel No sig. activity hERG IC50 (µM) >30 Oral Bioavailability (%F) >30 REC-1245 has compelling efficacy and PK/PD in preclinical models
Slide 28: Phase 1 dose escalation update
Note: Data-cut off date 2026-03-31 Phase 1 Dose Escalation Update: Early data from monotherapy dose escalation with REC-1245 28 Ph 1A Monotherapy Dose-Escalation Continuous once-daily dosing summary Dose 1 QD Dose 2 QD Dose 3 QD Dose 4 QD Additional dose levels enrolling Primary objective • PK and s
Slide 29: REC-1245 preliminary safety data
29 Note: Data-cut off date 2026-03-31; All data summaries are reported for Safety Evaluable Population Treatment-Related Adverse Event (TRAE) Patients (n=16) Patients with Any TRAE 10 (62.5%) Grade 1-2 9 (56.3%) Grade 3 1 (6.2%) Grade 4-5 0 (0.0%) • REC-1245 was well-tolerated • No DLTs reported acr
Slide 30: REC-1245 preliminary PK/PD summary
REC-1245: Preliminary PK/PD summary • Predictable, dose-dependent exposure across evaluated patients to date • PK is supportive of QD dosing and exposures continue to increase with dose • Expect to achieve exposures consistent with tumor regression in mice within the next two dose levels • Pharmacod
Slide 31: Phase 1 study ongoing, additional data expected 2H26
Phase 1 study ongoing, additional data expected 2H ‘26 • Encouraging PK / PD, with predictable dose-dependent exposure, QD-supportive pharmacokinetics, and evidence of target engagement • Additional dose levels enrolling, with additional data expected in 2H26 First-in-class mechanism of action • Fir
Slide 32: REC-7735
REC-7735 Translating proof to products
Slide 33: Pan-mutant PI3Kα inhibitors still have suboptimal therapeutic index
Recent pan-mutant PI3Kα inhibitors still have suboptimal therapeutic index PI3Kα is a validated target but wildtype inhibition drives hyperglycemia and tolerability issues that limit efficacy A validated oncology target1 PI3Kα-H1047R mutation is a validated driver across multiple cancers; H1047R mut
Slide 34: REC-7735 mutant-selective PI3Kα H1047R inhibitor
REC-7735 Our platform designed a mutant-selective PI3Kα H1047R inhibitor built to improve therapeutic index >100x selectivity for H1047R over wildtype Precision for the mutation that matters most: H1047R is PI3Kα's single most frequent activating mutation Platform identified a previously unpublished
Slide 35: Tumor regression without hyperglycemia in preclinical models
REC-7735: Potent tumor regression without hyperglycemia in preclinical models 35 Efficacy superior or comparable to Alpelisib & STX-4781 P la s m a i n s u li n [ n g / m L ] T u m o r re g re s s io n T u m o r g ro w th 1 Lowest increase in hyperglycemia markers among comparators22 1. Results gene
Slide 36: Mutant-selective PI3K inhibitors could benefit expanded patient population
Highly mutant-selective PI3K inhibitors with an improved TI have potential to benefit a greatly expanded patient population 36 Ability to treat additional indications not reached by current therapies due to insufficient depth of inhibition, hyperglycemia, and tolerability H1047R HR+ / HER2- breast c
Slide 37: ZINNIA Phase 1/2 dose finding trial
Phase 1 Dose Finding Clinical Trial: ZINNIA Phase 1/2 trial in patients with PIK3CA H1047R-mutant select solid tumors • Combination expansion will be based on clinical safety profile and target engagement • Leveraging RWD to optimize protocol and expand eligible patient population 37 Phase 1 Monothe
Slide 38: Partnered portfolio
Partnered portfolio Translating proof to products
Slide 39: Advancing a joint portfolio with Sanofi
Challenging targets Differentiated, potentially best-in- class and first-in-class molecules Programs aim to address specific unmet clinical needs not served by current SoC 5 advanced lead packages delivered by Recursion accepted by Sanofi to date $34M in milestones to date, in addition to $100M upfr
Slide 40: Recursion-Sanofi: differentiated molecules in I&I and Oncology
Recursion-Sanofi: Advancing differentiated, potential best-in-class molecules in I&I and Oncology Molecular Design 3D Protein & Atomistic Models Automated Chem, Bio, & ADMET I n s ig h t to M o le c u le 5 Program milestones achieved to date Next steps: Advance programs to lead optimization and deve
Slide 41: Roche Genentech
Roche Genentech Translating proof to products
Slide 42: Atlas of pheno- and transcript-maps at scale
We are building an atlas of increasingly complex and disease-relevant pheno- and transcript-maps at scale 42 Pre-2023 2023 2024 2025 + over 40 additional cell types on-boarded for limited screens HUVEC (WT) In c re a si n g B io lo g ic a l C o m p le x it y RPTEC Fibrocyte HUVEC + TNFa ARPE19 First
Slide 43: Neuroscience target optioned by Genentech
Unexplored neuroscience target optioned by Genentech from the Recursion, Roche and Genentech partnership 43 Roche and Genentech Neuron AI biological map 3Q24 - $30M Roche and Genentech Microglia AI biological map 4Q25 - $30M ACCEPTED ACCEPTED More than $300M in development, commercialization, and ne
Slide 44: Neuroscience: growing disease burden, limited target landscape
44 Neuroscience: A growing disease burden, constrained by a limited target landscape Vast unmet need persists as the industry repeatedly targets the same biology and limited success. 3B+ people affected Neurological conditions are the world’s leading cause of illness and disability. Less than half t
Slide 45: Recursion's moat is an atlas of disease-relevant datasets
45 In biology, context matters. Recursion’s moat is an atlas of disease-relevant datasets 1T+/~12 brains hiPSC-derived neurons produced for the Neuromap Scaled, high-dimensional data set with the potential to contain multiple novel targets 46M images across the genome — 2 first- of-its-kind whole-ge
Slide 46: Grounding research in known disease biology
QUESTION WHY IT MATTERS What does it take to build confidence and deliver a target? 46 Are you grounding your research in known disease biology? • Hundreds of known-disease causing perturbations were added to experimental plates in the Map (e.g. disease-causing reagents and genetic mutations) • All
Slide 47: Finding valuable insights others have missed
QUESTION HOW RECURSION & ROCHE AND GENENTECH PARTNERED TOGETHER What does it take to build confidence and deliver a target? 47 Can you find valuable insights others have missed? • Whole-genome screens allow us to apply biological expertise to interpret correlations across over 17,000+ genes for nove
Slide 48: Establishing confidence that a target is disease-relevant
QUESTION HOW RECURSION & ROCHE AND GENENTECH PARTNERED TOGETHER WHY IT MATTERS What does it take to build confidence and deliver a target? 48 How do you establish confidence that your target is disease-relevant? No single experiment tells the whole story - need to create a body of evidence Validated
Slide 49: Collaborative process to generate and validate neuroscience targets
Collaborative process to generate and validate neuroscience targets 49 1. Builds disease-relevant human models with high- dimensional data Output: Disease-relevant biology at unprecedented scale 4. Validation experiments with Genentech Output: A target advanced into an early discovery program 2. Exp
Slide 50: Chemistry AI
Chemistry AI
Slide 51: Recursion OS: precision molecular design
Recursion OS: Precision molecular design to deliver higher-quality drug candidates to the clinic • 100 million+ molecules generated using synthetically aware design per year • ~90% of synthesized molecules are AI-generated, scored, and prioritized – all patentable • ~330 compounds synthesized to an
Slide 52: Lab-in-a-loop
Lab-in-a-loop: In silico models and automated technology closely integrated to maximize compound optimization speed and loop improvement 52 Design Synthesis- aware models to plan efficient synthesis and predictive models to select the best compounds Learn ML-driven multiparameter optimization of com
Slide 53: Nesso-1: open source affinity prediction
Nesso-1: Open source – Affinity prediction that keeps pace with rapid design cycles 53 Nesso-1: Accelerating Open-Source Binding Affinity Predictions, Recursion, July 2026. https://www.valencelabs.com/wp-content/uploads/2026/07/nesso1.pdf) New: Nesso-1 applied for live programs on platform supported
Slide 54: ClinTech AI
ClinTtech AI
Slide 55: Early evidence we are moving the needle
Early evidence we are moving the needle ~300M+ real-world lives accessible through integrated data partnerships 10-40% Real-world evidence backed increase in eligible patient population, improving probability of success 30-60% improvement in enrollment rates with all studies either on track or ahead
Slide 56: Cardinal: CTG mapped onto patient neighborhoods
CTG mapped on to patient neighborhoods – target mutations are enriched in the neighborhoods of sensitive cell lines 56 Cardinal gives clinical context to in vitro experiments that nominate candidate biomarkers improving translational relevance Biomarker X Biologically Transparent: Results are ground
Slide 57: Real-time data and analytics to select high quality sites
57 Leveraging real-time data and advanced analytics to select high quality sites for programs 300+ million global patient lives Ovarian cancer patients post platinum chemotherapy failure 1,083 patients diagnosed with ovarian cancer at site Patients diagnosed with ovarian cancer 33 patients within si
Slide 58: Benchmarking process: actual enrollment beats baseline
01 We built our own benchmarking process • Builds directly on the feasibility engine, which verifies site quality using integrated RWD and site performance before a single patient is screened • Site-level actual performance refresh weekly against real-time enrollment data, independent of the CRO's c
Slide 59: Board of Directors and Executive Team
Board of Directors Dean Li, MD PHD Co-Founder of RXRX, President of Merck Research Labs Zavain Dar Co-Founder & Partner of Dimension Executive Team Najat Khan, PHD Chief Executive Officer & President Erica Fox Chief People & Impact Officer David Hallett, PHD Chief Scientific Officer Our leadership b
Slide 60: Why now: Near-term value inflection points
Why now: Near-term value inflection points Additional REC-1245 (RBM39) data in 2H26 Bio AI engine discovered novel MOA in “undruggable” space (CDK12) Additional REC-1245 Ph1 monotherapy dose escalation data expected in 2H 2026; exploits synthetic- lethal vulnerability in resistant, genomically unsta
Slide 61: 2026 and 2027 catalysts
Internal portfolio catalysts 1H 2026 1H 2027 REC-4881 (MEK1/2) Add’l Phase 2 data REC-617 (CDK7) Combo – early safety and PK REC-3565 (MALT1) Mono – early safety and PK 2H 2026 REC-4881 (MEK1/2) Add’l Ph 2 data at CGA-IGC Update on FDA engagement REC-1245 (RBM39 degrader) Add’l Ph 1 dose escalation
Slide 62: Recursion
oO Recursion
Slide 63: How we design our drugs matters as much as the drugs themselves
How we design our drugs matters as much as the drugs themselves.
Slide 64: Microglia Phenomap whole-genome view
First-of-its-kind Microglia Phenomap provides a whole-genome view of the brain’s resident immune cells 64
Slide 65: Patient-centric approach to data generation and target identification
Transcriptomics Data Foundation Model Phenomics Data & Foundation Model Target identification in disease relevant context Target validation in high fidelity systems Experimental validation Translation in high- fidelity systems Patient Data & Causal Models Virtual Cell Target Validation Our patient-c
Slide 66: Building a multimodal disease atlas designed for translation
We are building a multimodal disease atlas designed for translation The Foundation: Industrial Phenomics • High-content imaging + genetic & small-molecule perturbations • Millions of experiments across cell states • AI pipelines convert raw images into quantitative biological maps 66 The Disease Atl