Recursion Pharmaceuticals, Inc. · NASDAQ:RXRX
Recursion Pharmaceuticals — J.P. Morgan Healthcare Conference 2025
70 slides from Recursion Pharmaceuticals's conference presentation, Jan 13, 2025
Slide 1: Decoding Biology to Radically Improve Lives
Decoding Biology to Radically Improve Lives JANUARY 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: Full-stack Recursion OS is industrializing drug discovery
3 Full-stack Recursion OS is industrializing first-in-class & best-in- class drug discovery
Slide 4: Full-stack Recursion OS is industrializing drug discovery
4 Full-stack Recursion OS is industrializing first-in-class & best-in- class drug discovery
Slide 5: Full-stack Recursion OS is industrializing drug discovery
5 Full-stack Recursion OS is industrializing first-in-class & best-in- class drug discovery
Slide 6: Portfolio poised for value creation
6 4 Large pharma collaborations 10 Clinical and pre- clinical programs1 Oncology, rare diseases, and other high unmet need diseases ~10 Clinical program milestones over the next 18 months2 1 Unified Operating System (OS) with both first & best-in-class capabilities ~10 Additional advanced discovery
Slide 7: How the Platform Powers the Portfolio
VALUE CREATION How the Platform Powers the Portfolio
Slide 8: Pipeline overview by candidate and milestone
O T H E R R A R E O N C O L O G Y Candidate Target Indication Preclinical IND-Enabling Phase 1/2 Pivotal / Phase 3 Next Anticipated Milestone REC-617 CDK7 Advanced solid tumors1 • Combination study initiation – 1H25 REC-1245 RBM39 Biomarker-enriched solid tumors & lymphoma • Ph 1 dose-escalation upd
Slide 9: REC-1245 (RBM39 degrader)
9 REC-1245 (RBM39 degrader): A highly selective RBM39 degrader for biomarker-enriched solid tumors and lymphoma REC-1245: RBM39 • Novel approach: Modulation of DDR via RBM39 to potentially avoid on- target toxicities seen with cell cycle checkpoint inhibitors like WEE1, ATR, and CHK1/2 • Efficient R
Slide 10: REC-1245: Functional similarity between RBM39 and CDK12
Similar Opposite Recursion OS Novel Insight1 Gene: Gene Relationship: Genetic KO of RBM39 and CDK12 found to be phenotypically similar with neither genes demonstrating a relationship to CDK13 genetic KO Gene: Compound Relationship: REC-1245 demonstrates phenotypic similarity to RBM39 and CDK12 genet
Slide 11: REC-1245: Phase 1 dose-escalation with first patient dosed
Clinical Updates REC-1245 (RBM39 degrader): Potential first-in-class RBM39 degrader in Phase 1 dose-escalation with first patient dosed 4Q24 11 1. Data on File. 2. N=8 mice per group REC-1245 administered BID PO at doses noted. 3. PD evaluated after 5 days BID oral administration of REC-1245 at dose
Slide 12: REC-617 (CDK7 inhibitor): Precision design
12 REC-617 (CDK7 inhibitor): Precision design for optimizing therapeutic index with CDK7 ONCOLOGY Recursion OS: REC-617 Discovery Our Approach: Generative AI and active learning to optimize molecule design, including non-covalent binding and ADME/PK for rapid absorption REC-617: CDK7 • Recursion App
Slide 13: REC-617: first-in-human study design and population
REC-617 (CDK7 inhibitor): first-in-human study in solid tumors enrolled a heterogenous and heavily pretreated population 2 mg QD (n=3) • Unresectable, locally recurrent, or metastatic cancer • Progressed following, or intolerant to, available standard of care treatments • ECOG PS 0-1 5 mg QD (n=4) 1
Slide 14: REC-617: dose dependent PK/PD and target modulation
REC-617 (CDK7 inhibitor): REC-617 achieves dose dependent PK/PD and strong target modulation in the clinic 14 1. Papadopoulos KM, et al. ENA (2020) PK/PD Summary • Dose-Linear PK: REC-617 exceeds CDK7 IC80 with rapid absorption (Tmax 0.5–2h) and short t½ (5–6h) • Robust Target Engagement: Early POLR
Slide 15: REC-617: competitive and unique profile
REC-617 (CDK7 inhibitor): REC-617 offers a competitive and unique profile that potentially improves the therapeutic index 15 Key Differentiation • Data suggests superior target coverage for REC- 6171 compared to two clinical CDK7 inhibitors • REC-617 is more rapidly absorbed (earlier Tmax) compared
Slide 16: REC-617: Durable partial response in ovarian cancer
REC-617 (CDK7 inhibitor): Durable monotherapy PR observed in a metastatic ovarian cancer patient after 4 prior lines of therapy 16 1. By RECIST 1.1. Response evaluation criteria in solid tumors, PR: decrease of more than 30% in the sum of the longest diameters of target lesions + no new lesions + no
Slide 17: REC-994 (superoxide scavenger) for CCM
REC-994 (superoxide scavenger): A safe and well tolerated superoxide scavenger for the treatment of Cerebral Cavernous Malformation (CCM) 17 RARE DISEASE Recursion OS: REC-994 Discovery • Met primary endpoint of safety/tolerability in Phase 2 study • Time- and dose- dependent trends in reduced lesio
Slide 18: REC-4881 (MEK1/2 inhibitor) for FAP
REC-4881 (MEK1/2 inhibitor): Modeling FAP-relevant biology to discover REC-4881, a potential best-in-class MEK1/2 inhibitor 18 RARE DISEASE • 4 mg QD dose is pharmacologically active and well-tolerated • Differentiated ADME profile may enhance exposures at the site of GI adenomas • FTD (US) and ODD
Slide 19: REV102 (ENPP1 inhibitor) for HPP
REV102 (ENPP1 inhibitor): Identified novel chemical space to enable the design of a potential first-in-class and best-in-class therapy for HPP 19 RARE DISEASE Our Approach: Generative AI-powered fragment-based screen to achieve selectivity and improve physiochemical properties compared to prior mole
Slide 20: REC-3964 (CDI TcdB inhibitor)
OTHER REC-3964 (CDI TcdB inhibitor): A safe and well tolerated C. difficile toxin B selective inhibitor for the prevention of recurrent C. difficile (rCDI) Our Approach: Unbiased ML-aided conditional phenotypic drug screen in human cells to identify novel mechanisms that rescue the effect of C. diff
Slide 21: Partnership Pipeline
Partnership Pipeline Pipeline
Slide 22: Pharma partnerships with approximately $450M earned to date
• $20M upfront | >$650M deal value • Focused on three projects in oncology & immunology ONCOLOGY & IMMUNOLOGY • $80M upfront + investment | ~$1.5B total value • Focusing on up to seven programs in oncology ONCOLOGY • $100M upfront | >$5B total value • Focusing on up to 15 novel small molecule candid
Slide 23: Partnerships: GI oncology and neuroscience phenomaps
23 PARTNERSHIPS Multiple whole-genome phenomaps with chemical perturbations completed in disease relevant cell types First validated hit series now in hit-to-lead Additional near-term program options World's first neuro-specific whole- genome arrayed CRISPR KO phenomap optioned for $30M Ta
Slide 24: Partnerships: Oncology and Inflammation
PARTNERSHIPS 24 Oncology and Inflammation Three programs have advanced through initial milestones; aggregate 2024 milestones of $15m for two programs Expansion of collaboration with internally-discovered program Identification of new targets and initiation of multiple new programs Advance ad
Slide 25: Full-stack Recursion OS is industrializing drug discovery
25 Full-stack Recursion OS is industrializing first-in-class & best-in- class drug discovery
Slide 26: Recursion OS models and leadership
MICRO Pathway Model MESO Largest fit-for-purpose dataset of perturbative biology and multiple FMs make Recursion a leader Protein Model Increasingly commoditized – We partner with builders of frontier models for early access Atomistic Model Recursion AI + Compute + Exscientia QM/MD = Recipe for lead
Slide 27: Business Updates
Business Updates
Slide 28: 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 Rob Hershberg, MD PHD Co-Founder, CEO, & Chair of HilleVax; Former EVP, CSO, & CBO of Celgene Zachary Bogue Co-Founder & Partner of Data Collective Najat Khan, PHD Chi
Slide 29: Maximizing return post business-combination
Deeply focused on maximizing return post business-combination 29 1. As of September 30, 2024, pro forma for the combined entity, cash and cash equivalents includes short-term bank deposits Status • Hosted successful in-person multi-day onboarding event in London • Low post-close regrettable turnover
Slide 30: Positioned for a catalyst-rich 2025
Positioned for a catalyst-rich 2025 30 Pipelines REC-994 (Superoxide Scavenger) in CCM Late breaker oral presentation (Phase 2) at International Stroke Conference Feb 5th, 2025 REC-3565 (MALT-1i) in B-cell malignancies Phase 1 first patient dosed 1Q25 REC-617 (CDK7i) in advanced solid tumors I
Slide 31: Recursion
9 Recursion.
Slide 32: Appendix
Appendix
Slide 33: Culture and Team
Culture and Team
Slide 34: Our people are the most important ingredient for our mission
Parity Pledge Signer: Gender parity and people of color parity Technology – data science, software engineering, automation, etc. Life Sciences – biology, chemistry, development, etc. Strategic Operations ~800 employees Community Impact Founding Partner, Life Science Accelerator Founding Member, Life
Slide 35: Pipeline Details
Pipeline Details APPENDIX
Slide 36: Oncology Pipeline
Oncology PIPELINE
Slide 37: REC-617 program status
Program Status • Potential Best-in-Class and First-in-Class CDK7 inhibitor • Phase 1/2 study in advanced solid tumors ongoing • Initial Phase 1 monotherapy safety, PK/PD update presented at AACR Special Conference in Cancer Research held on December 9, 2024 Mechanism of Action • Reversible CDK7 inhi
Slide 38: REC-617 key preclinical data
Assay DC Criteria Ph 1 Competitor Ph 1/2 Competitor REC-617 CDK7 IC50 (nM) <10 CDK family selectivity >100-fold HCC70 (breast cancer) IC50 (nM) <100 Caco-2 A2B (efflux) 10⁻⁶ cm/s >5 (<3) Predicted human half-life (hr) <15 Potent tumor regression with minimal IC80 exposureREC-617 has Best-in-Class po
Slide 39: REC-617: Study Design and Next Steps
Development Strategy Part A • Monotherapy Part B • Initial combination with SERD in HR+/HER2- post CDK4/6 inhibitor population • N = 30-60 patients in combination • N will depend on number of disease specific cohorts Primary Endpoint: • Safety and Tolerability • Recommended Dose RP2D Phase 1 Dose Es
Slide 40: REC-1245 program status
Program Status • Potential First-in-Class RBM39 degrader in solid tumors • First patient dosed in 4Q24 • Phase 1 monotherapy update on dose-escalation expected in 1H26 Mechanism of Action • Molecular glue that degrades RBM39 via E3 ligase adaptor DCAF15 • Disrupts RNA splicing to downregulate cell c
Slide 41: REC-1245: Platform inferred functional similarity to CDK12
Similar Opposite Recursion OS Novel Insight Gene: Gene Relationship: Genetic KO of RBM39 and CDK12 found to be phenotypic similar with neither genes demonstrating a relationship to CDK13 genetic KO Gene: Compound Relationship: REC-1245 demonstrates phenotypic similarity to RBM39 and CDK12 genetic KO
Slide 42: REC-1245: Robust efficacy/PK/PD in preclinical models
Key Preclinical Data1 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 43: REC-1245: Study Design and Next Steps
Development Strategy Part A • Monotherapy dose-finding Part B • Monotherapy dose- confirmation RP2D Phase 1 Dose Escalation (N~55) Phase 1/2 study design CURRENT STUDY Key Study Characteristics Study objectives: • Safety/Tolerability • RP2D • ORR Eligibility: • Select histologies including a biomark
Slide 44: REC-3565 program status
Program Status • Potential Best-in-Class MALT1 inhibitor • Phase 1 initiation in B-Cell Malignancies (e.g., chronic lymphocytic leukemia), expected 1Q25 Mechanism of Action • Reversible allosteric MALT1 inhibitor that can dampen NF-κB signaling • Selectively inhibits CLL proliferation with limited i
Slide 45: REC-3565 key preclinical data
Key Preclinical Data Assay DC Criteria Ph 1 large pharma Ph1 biotech REC-3565 MALT1 IC50 (nM) <100 OCI-Ly3 proliferation IC50 (nM) <400 UGT1A1 IC50 (µM) >10 Caco-2 A2B (efflux) 10⁻⁶ cm/s >5 (<3) REC-3565 has Best-in-Class potential1 Single-agent and synergistic activity in vivo2 • OCI-Ly10 and Rec-1
Slide 46: REC-3565 (MALT1 inhibitor): Study Design and Next Steps
Development Strategy • N ~30 • R/R B-Cell Malignancies • REC-3565 PO QD or BID RD Part A Monotherapy Phase 1 study design Q1 2025 Primary Endpoint: • Safety / tolerability • RD for combination Phase 1 Dose Escalation 46 Trial Update • Trial initiation expected 1Q25 REC-3565 Competitive Profile • Low
Slide 47: REC-4539 program status
Program Status • Potential Best-in-Class LSD1 inhibitor • Phase 1 initiation in SCLC expected 1H25 Mechanism of Action • Reversible LSD1 inhibitor that can selectively upregulate NOTCH signaling • Promotes differentiation of neuroendocrine cancer cells • Impairs DNA repair pathways sensitizing SCLC
Slide 48: REC-4539 (LSD1 inhibitor): CNS exposure and dose-response
Assay DC Criteria Competitor 1 Competitor 2 REC-4539 Brain: Plasma Ratio >0.5 MDCK-MDR1 Efflux Ratio (Pgp) <2 Predicted Human Half-life QD dosing Key Preclinical Data REC-4539 has Best-in-Class potential1 REC-4539 highly efficacious in SCLC xenograft model2 Development Candidate (DC) Criteria: • Bra
Slide 49: Rare disease Pipeline
PIPELINE Rare disease ® Recursion
Slide 50: REC-994 program status
Program Status • First therapeutic candidate advanced to an industry-sponsored Phase 2 trial • Phase 2 primary endpoint of safety met with similar AE profile across arms • Meeting with FDA anticipated in 2H25 to discuss plans for additional clinical study Mechanism of Action • Selective, orally bioa
Slide 51: REC-994: Preclinical reduction of lesion burden
Lesion size (mm2) Key Preclinical Data1 Reduces lesion number & size in Ccm1 and Ccm22 loss of function (LOF) mouse models Identified REC-994 as potential rescue molecule in phenotype associated with CCM2 loss of function Recursion OS Insight 51 1. Gibson et al, Circulation (2015) and Data on File.
Slide 52: REC-994 Phase 2 trial update
52 Trial Update • Randomized, double-blind, placebo-controlled Phase 2 study • Primary endpoint of safety and tolerability met September 2024 • Encouraging trends observed in objective MRI-based exploratory efficacy measures observed • Time- and dose-dependent trends in reduced lesion volume and hem
Slide 53: REC-4881 program status
Program Status • First-in-Disease and best-in-class potential for the treatment of FAP • Phase 1b safety and futility analysis (polyp burden) anticipated in 1H25 Mechanism of Action • Loss of APC drives FAP disease progression through aberrant MAPK signaling • REC-4881 is a highly potent, non-compet
Slide 54: REC-4881 key preclinical data
Key Preclinical Data1 REC-4881 decreases polyp count and pre-cancerous adenomas • Significantly reduces polyp count at all dose levels, outperforming celecoxib in APCmin/- mouse • Unlike celecoxib, REC-4881 reduces both polyp numbers and % of adenomas • Meaningful efficacy seen at lowest dose tested
Slide 55: REC-4881: Study Design and Next Steps
Phase 2 Dose Expansion (N=30) REC-4881 Phase 1b Dose Escalation (N≤18) RP2D • Confirmed APC mutation • ≥ 55 years old • Post-colectomy/proctocolectomy • No cancer present • Polyps in upper and lower GI 4mg 8mg 12mg Study Objectives: • Identify RP2D • Safety/tolerability • Reduction in polyp burden a
Slide 56: REV102 program status
Program Status • Potential first-in-class and best-in-class ENPP1 inhibitor for the treatment of patients with HPP • IND enabling studies expected to initiate in 2025 Mechanism of Action • Potent ENPP1 inhibitor is a non-immunogenic small molecule that restores PPi balance • Highly selective ENPP1 i
Slide 57: REV102 addressable patient opportunity
57 Data is for REV101 (1st gen tool compound); compound being developed is REV102 L3 Vertebrate (n=5, females) Distal Femur (n=5, males) Significant market opportunity addressing the unmet need across patient subtypes T o d a y Severe form Moderate- and mild form Potential for REV102 ENPP1i to becom
Slide 58: REC-2282 program status
Program Status • Potential first-in-disease and best-in-class therapy for NF2 mutant meningioma • Data maturing with PFS6 results expected 1H25 Mechanism of Action • Orally bioavailable, CNS penetrant, and potent pan-HDAC inhibitor • Loss of Merlin (NF2) leads to PI3K signaling and meningioma prolif
Slide 59: REC-2282: Unique HDAC inhibitor in unbiased screen
REC-2282 S id e E ff e c t S c o r e Disease Score 0 1.0 30 25 35 20 15 10 5 Disease State Healthy Cells + REC-2282 (months) + Normal diet (months) Recursion OS Insight Key Preclinical Data1 59 1. Data on File Prevents growth & regrowth of NF2-deficient meningioma model in mice REC-2282 demonstrates
Slide 60: REC-2282: Study Design and Next Steps
Primary Endpoint: • PFS6 Secondary Endpoint: • Safety, ORR REC-2282 Phase 2 Portion Open-label, 2-arm study 24 Patients Allocated 1:1 40 mg 60 mg • MRI-confirmed progressive meningioma • Sporadic meningioma with confirmed NF2 mutation • Familial NF2 meningioma • Have documented progression with past
Slide 61: Other areas of high unmet need
Other areas of high unmet need PIPELINE
Slide 62: REC-3964 program status
Program Status • First-in-class therapy for prevention rCDI • First patient dosed in the Phase 2 ALDER trial in 4Q24 • Phase 2 update expected in 1Q26 Mechanism of Action • Highly potent, orally bioavailable C. diff toxin B (TcdB) selective inhibitor • Selectively inhibits catalytic activity of bact
Slide 63: REC-3964: Superior inhibitor vs SOC in preclinical studies
Recursion OS Insight Key Preclinical Data1 63 1. N=10 hamsters per group. C. difficile strain 630, Data on File REC-3964 significantly extended survival vs. bezlotoxumab alone at the end of treatment (p<0.001, log rank test) REC-3964 potently inhibits Toxin B with some activity against Toxin A, whil
Slide 64: REC-3964: Study Design and Next Steps
Primary Endpoint: • Rate of recurrence Secondary Endpoint: • Additional efficacy measures • Safety / tolerability • PK REC-3964 Phase 2 Open-label, 2-arm study • High-risk of CDI • ≥3 bowel movements in 24 hours • Confirm CDI using EIA (toxin) • No fulminant CDI • No history of chronic diarrheal ill
Slide 65: REC-4209 program status
Program Status • First-in-class therapeutic for treatment of IPF • IND enabling studies ongoing Mechanism of Action • Reversible, orally bioavailable, and potent Target Epsilon inhibitor • Promotes tissue repair and reverses fibrosis by potentially modulating TGF-ß Thesis & Differentiation • Develop
Slide 66: REC-4209 (Target Epsilon): Bleomycin lung fibrosis model
Recursion OS Insights1 • REC-4209 at low doses reduces total lung collagen by 45% to 60% versus vehicle mice Control Vehicle 0.03 0.1 0.3 0 1,000 2,000 3,000 4,000 5,000 Total Lung Collagen Lu n g O H P ( u g/ lu n g)Disease State (Fibrocytes) Control State (Pentraxin-2) Normal Lung + REC-4209 Fibro
Slide 67: Partnerships & Data Strategy Details
Partnerships & Data Strategy Details APPENDIX
Slide 68: Partnership terms and milestones
68 Trademarks are the property of their respective owners and used for informational purposes only. • Up to or exceeding $300M in possible program milestones for up to 40 programs • One program and one map already optioned • Mid- to high-single digit tiered royalties on net sales • $30M upfront and
Slide 69: Computation, ML/AI and real-world data partnerships
Computation and ML/AI Real-world data access 69 Trademarks are the property of their respective owners and used for informational purposes only. • $50M equity investment • Partnership on advanced computation (e.g., foundation model development) • Priority access to compute hardware or DGXCloud Resou
Slide 70: Recursion
9 Recursion.
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