Slide 1: Earnings Q4 & FY25
Earnings 40 & FY25 BRUARY 25, 2026
Slide 2: Important Information
Important Information This presentation of Recursion Pharmaceuticals, Inc. (“Recursion,” “we,” “us,” or “our”) and any accompanying discussion cont ain statements that are not historical facts may be considered forward-looking statements under federal securities laws and may be identified by words s
Slide 3: Translating full stack AI platform advantage into value
Recursion: Translating full stack AI platform advantage into value Proprietary, multimodal data at industrial scale The first AI-native end-to-end platform, from insight through the clinic Purpose-built Medicines models with Novel Biological Discoveries Precision Design Next-Gen Clinical Development
Slide 4: Recursion: Progress, by the numbers
Recursion: Progress, by the numbers CLINICAL DEVELOPMENT Wholly ✓ REC-4881: FIRST AI-enabled clinical proof-of- ~5 owned1 concept with potential for first-in-class for FAP ✓>$500M in upfront & milestones achieved Partnered • >$300M in potential milestones + tiered royalties DISCOVERY per program 2 ~
Slide 5: Recursion OS: An AI-native, full stack platform
Recursion OS: An AI-native, full stack platform for drug discovery and clinical development Biology to Insight Insight to Molecule Molecule to Patient Transcriptomics Data Physics-based Causal AI Patient Foundation Model Models Selection & RWD Patient Data & Phenomics Causal Models Data & ML Foundat
Slide 6: How we will create impact – with focus and discipline
How we will create impact – with focus and discipline 1 2 3 Translate insights ➔ proof Focused innovation, Pair bold ambition points ➔ new medicines grounded in clear impact with disciplined execution Empower exceptional, bilingual teams to deliver impact with humanity 6
Slide 7: Recursion – Momentum with discipline
Recursion – Momentum with discipline 1 Advancing clinical validation Where we’re going • REC-4881 – optimize dosing schedule & FDA-aligned registrational study plan • ~5 programs advancing with defined go/no-go gates Delivering differentiated programs with partners • Advance assets to late-discovery
Slide 8: Recursion – Momentum with discipline
Recursion – Momentum with discipline 2 Mature, actionable portfolio of high-quality targets • Integrate omics and patient data with purpose-built models Where we’re going Generative drug design at scale • Next-gen models and agentic systems for design AI-powered Clinical Development at scale • Incre
Slide 9: Recursion – Momentum with discipline
Recursion – Momentum with discipline 3 Relentless capital discipline Where we’re going • Portfolio decisions anchored in automated Target Product Profiles • Objective, data-driven go/no-go gates • Platform investment tied directly to measurable impact Operational leverage at scale • Deploy AI agents
Slide 10: Wholly Owned Clinical Pipeline
Translate insights ➔ proof points ➔ new medicines Wholly Owned Clinical Pipeline
Slide 11: Wholly owned pipeline: Translating insight into proof
Wholly owned pipeline: Translating insight into proof Differentiation powered by the Recursion OS — from biology to design to clinical development Target Disease Indication Late Discovery Preclinical Phase 1/2 Phase 3 Potential Milestone Familial adenomatous Initiate FDA engagement – REC-4881 MEK1/2
Slide 12: Platform value: Realized across portfolio
Platform value: Realized across portfolio Illustrative PI3K⍺ Late Early Partnered MEK1/2 RBM39 CDK7 ENPP1 MALT1 LSD1 H1047R Discovery Discovery Discovery Phenomics Novel Biological Discovery Transcriptomics Patient Connectivity & Other Molecular Design Precision Design 3D Protein & Atomistic Models
Slide 13: Platform value #1: Platform-derived novel biological insight
Platform value #1: Platform-derived novel biological insight Illustrative PI3K⍺ Late Early Partnered MEK1/2 RBM39 CDK7 ENPP1 MALT1 LSD1 H1047R Discovery Discovery Discovery Phenomics Novel Biological Discovery Transcriptomics Patient Connectivity & Other Molecular Design Precision Design 3D Protein
Slide 14: Platform value #1: Platform-derived novel biological insight
Platform value #1: Platform-derived novel biological insight REC-4881 | MEK1/2 REC-1245 | RBM39 Familial adenomatous polyposis (FAP) Solid tumors & lymphoma Why it • Significant unmet need, no approved • Synthetic-lethal vulnerability in genomically matters pharmacotherapies unstable cancers • >50,0
Slide 15: Platform value #2: Emerging biology, optimized programs
Platform value #2: Emerging biology, optimized programs Illustrative PI3K⍺ Late Early Partnered MEK1/2 RBM39 CDK7 ENPP1 MALT1 LSD1 H1047R Discovery Discovery Discovery Phenomics Novel Biological Discovery Transcriptomics Patient Connectivity & Other Molecular Design Precision Design 3D Protein & Ato
Slide 16: Platform value #2: Emerging biology, optimized programs
Platform value #2: Emerging biology, optimized programs Preclinical Clinical REC-617 | CDK7 REC-102 | ENPP1 Solid tumors Hypophosphatasia (HPP) Why it • Central master regulator of transcription and • Severe lifelong disease; need for oral disease- matters tumor cell cycle control modifying therapy
Slide 17: Platform value #3: Validated biology, optimized programs
Platform value #3: Validated biology, optimized programs Illustrative PI3K⍺ Late Early Partnered MEK1/2 RBM39 CDK7 ENPP1 MALT1 LSD1 H1047R Discovery Discovery Discovery Phenomics Novel Biological Discovery Transcriptomics Patient Connectivity & Other Molecular Design Precision Design 3D Protein & At
Slide 18: Platform value #3: Validated biology, optimized programs
Platform value #3: Validated biology, optimized programs Preclinical Clinical REC-3565 | MALT1 REC-4539 | LSD1 REC-7735 | PI3K⍺ H1047R B-cell malignancies Solid tumors and heme oncology Solid tumors Why it • Validated B-cell driver; • Epigenetic regulator across • Common oncogenic mutation matters c
Slide 19: REC-4881
Translate insights ➔ proof points ➔ new medicines REC-4881
Slide 20: Safety & efficacy: Rapid reductions in polyp burden with 4mg dose
Data Cutoff Date: 2025-11-25 Safety & efficacy: Rapid reductions in polyp burden with 4mg dose of REC-4881 and safety profile consistent with class effects On Treatment Phase | Week 13 % change from baseline in total polyp burden at Week 13/EOT 75% evaluable patients responded (12 weeks on therapy)
Slide 21: Durability: Durable reductions in polyp burden maintained
Data Cutoff Date: 2025-11-25 Durability: Durable reductions in polyp burden maintained with 4mg dose of REC-4881 % change from baseline in total polyp burden at Week 25 (12 weeks off therapy) 1 REC-4881 4mg dose level Off Treatment Phase | Week 25 % change from baseline • 82% of evaluable patients r
Slide 22: REC-4881 (MEK1/2): First clinical validation of Recursion's platform
REC-4881 (MEK1/2): First clinical validation of Recursion’s platform – disease with no approved pharmacotherapies Proof points Insight New medicines Clinical proof: Rapid and Biological insight: durable polyp burden What’s next: Initiate FDA MEK1/2 inhibition reduction with adverse engagement in 1H2
Slide 23: REC-7735
Translate insights ➔ proof points ➔ new medicines REC-7735
Slide 24: REC-7735: PI3Kα H1047R mutant selective inhibitor
REC-7735: PI3K⍺ H1047R mutant selective inhibitor designed to improve therapeutic index Unmet need Recursion approach • >21,000 1 patients with H1047R-mutant solid tumors • AI-powered precision design to • Current PI3K⍺ inhibitors are constrained by: optimize selectivity and limit metabolic liabilit
Slide 25: AI-enabled structure-guided design in a novel binding pocket
AI-enabled structure-guided design in a novel binding pocket Proprietary structural insight AI-enabled design Novel, tractable space LogD Molecular Weight • Pocket was unknown • Generative 3D evolution targeting novel • Rapid design cycles exploring interactions and synthetic feasibility potency and
Slide 26: Demonstrates activity in preclinical model and potential combination approach
Demonstrates activity in preclinical model and potential combination approach with SoC1 Outperforms & synergizes SoC 1,4 Dose-dependent tumor regression2 Fulvestrant (SERD) ± abemaciclib (CDK4/6i) combo % tumor growth % tumor growth % tumor regression % tumor regression • A separate preclinical stud
Slide 27: Limited/no impact on hyperglycemia markers in animal models
Limited/no impact on hyperglycemia markers in naïve or obese, diabetic animal models No increase in hyperglycemia Avoids hyperglycemia and metabolic liability at markers in naive WT mice 1 efficacious exposure in obese, diabetic rats 2 Vehicle Alpelisib 3 STX-4783 REC-77353 8.25 25 33.3 100 100 300
Slide 28: Potential to expand the treatable population through improved therapeutic index
Potential to expand the treatable population through improved therapeutic index REC-7735 expansion opportunity through Current PI3K⍺ inhibitors (SoC) improved therapeutic index ~11,000 >21,000 of HR+, HER2- BC population Across HER2+ BC, TNBC, colorectal, endometrial & uterine, and ovarian Tolerabil
Slide 29: REC-7735 (PI3Kα H1047Ri): Precision designed molecule
REC-7735 (PI3K⍺ H1047Ri): Precision designed molecule aimed at achieving better outcomes Proof points Insight New medicines Preclinical proof: Biological insight: High Significant tumor selectivity for H1047R regressions with no What’s next: Go/no-go mutant PI3K⍺ over WT to hyperglycemia compared de
Slide 30: Partnered Discovery
Translate insights ➔ proof points ➔ new medicines Partnered Discovery
Slide 31: Power of Recursion OS in advancing partnered drug discovery
Power of Recursion OS in advancing partnered drug discovery Illustrative Partnered Discovery Phenomics Biology to Insight Transcriptomics Discovering Novel >$500 Patient Connectivity Biology million & Other in total cash inflows achieved across all our Molecular Design partnerships and collaboration
Slide 32: Fifth milestone with Sanofi: Advancing a joint portfolio
Fifth milestone with Sanofi: Advancing a joint portfolio of differentiated molecules for challenging targets in I&I and oncology Most Recent Advanced Development Indication Lead Candidate Partnership Milestone Achieved Highlights I&I 1 $4M – 3Q 23 Challenging targets Differentiated, potentially best
Slide 33: Sanofi: Advancing differentiated, potential best-in-class molecules
Sanofi: Advancing differentiated, potential best-in-class molecules in oncology and I&I Phenomics Biology to Insight Transcriptomics Patient Connectivity & Other 5 Program milestones achieved to date Molecular Design Insight to Molecule 3D Protein & Atomistic Models Next steps: Advance programs to A
Slide 34: Recursion OS Platform
Focused innovation, grounded in clear impact Recursion OS Platform
Slide 35: Translating complex biological signals into actionable insights
Recursion OS: Translating complex biological signals into actionable insights Biology to Insight Transcriptomics Data Foundation Model • >50 petabytes of high-quality multimodal data - Patient Data & proprietary and publicly available data (wet and dry lab) Phenomics Causal Models Data & Foundation
Slide 36: Precision molecular design to deliver higher-quality drug candidates
Recursion OS: Precision molecular design to deliver higher-quality drug candidates to the clinic Insight to Molecule Physics-based • 100 million+ molecules generated using synthetically Models aware design per year ML Property Generative • ~90% AI-generated, scored, and prioritized – all Prediction
Slide 37: Designed to improve trial efficiency, patient access, and probability of success
Recursion OS: Designed to improve trial efficiency, patient access, and probability of clinical success Molecule to Patient Real-World Scale: • ~300M real-world lives accessible through integrated data partnerships Causal AI Patient Selection & RWD Clinical Execution Improvements (Early Results): •
Slide 38: Leveraging real-time data and analytics to select high quality sites
Leveraging real-time data and advanced analytics to select high quality sites for programs Site-level intelligence 10 1 Patients prior ovarian competing diagnosed cancer trials trial with ovarian cancer Ovarian cancer patients post platinum 1000s of patients at site chemotherapy failure 1,083 patien
Slide 39: Financials
. Financials — | se
Slide 40: Extended cash runway to deliver on upcoming milestones
Extended cash runway to deliver on upcoming milestones 2025 cash1 and expense update Reiterating cash • $754 million in cash 1 as of December 31, 2025 operating • 2025 cash operating expense 2 of $399 million: 10% below expense guidance guidance and a ~35% reduction year-over-year • Expected 2026 ca
Slide 41: Looking ahead
Looking ahead
Slide 42: Expected upcoming milestones
Expected upcoming milestones 2026 and 2027 pipeline and partnership catalysts Focused innovation, Translate insights ➔ proof points ➔ new medicines grounded in clear impact 1H 2026 1H 2027 • Biology foundation models and patient data enabling scalable, high-quality target REC-4881 (MEK1/2i) REC-4881
Slide 43: Thank you
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Slide 44: Appendix: Non-GAAP Financial Measures
Appendix Non-GAAP Financial Measures To supplement our financial statements prepared in accordance with U.S. GAAP, we monitor and consider operating cash burn, which is a non-GAAP financial measure. We define operating cash expense as the net cash used in operating activities, excluding non-ordinary