Slide 1: Recursion October 2026
Recursion October 2026
Slide 2: Legal Disclaimer
Legal Disclaimer This presentation does not constitute an offer to sell or a solicitation of an offer to buy securities Recursion Pharmaceuticals, Inc. (“Recursion,” “we,” “us,” or “our”) or an invitation or inducement to engage in investment activity, nor shall there be any sale of securities in an
Slide 3: Forward Looking Information
Forward Looking Information This presentation contains, and any accompanying discussion may contain, statements that are not historical facts may be considered forward-looking statements under federal securities laws. Such statements may be identified by words such as “anticipates,” “believes,” “est
Slide 4: Preliminary Financial Information
Preliminary Financial Information This presentation also includes financial information that is presented as of September 30, 2026, which information is preliminary, has not been audited, reviewed or compiled by our independent registered public accounting firm and is subject to change. Our actual r
Slide 5: Three critical capabilities define an AI-enabled therapeutics company
Three critical capabilities define an AI-enabled therapeutics company Proprietary maps Uncovering new biology • REC-1245, REC-4881: Identified novel biology • Roche Genentech: First-in-class program with novel MOA against a previously “undruggable” oncology pathway (featured at Roche’s Investor Day)
Slide 6: Proof points are stacking up: compelling medicines emerging from a repeatable engine
Proof points are stacking up: Compelling medicines emerging from a repeatable engine Uncovered novel, causal biology Discover Design Deliver Translated novel targets into differentiated molecules Emerging clinical evidence of meaningful patient impact 6 Selected from Recursion’s proprietary maps; jo
Slide 7: One connected AI engine continuously learning across biology, chemistry, and the clinic
One connected AI engine. Continuously learning across biology, chemistry, and the clinic 7 PROPRIETARY DATA FACTORY Industrial-scale experiments Disease-relevant maps Purpose-built datasets 50+ PB proprietary data1 CONNECTED AI PRODUCT ENGINE Models guide experiments; new data refine models DIFFEREN
Slide 8: REC-4881 MEK1/2: Translating proof to products
REC-4881 MEK1/2 Translating proof to products
Slide 9: REC-4881: Potential to transform FAP care
REC-4881: Potential to transform FAP care Deep upper GI reductions and durability off treatment support a potential new oral treatment approach 9 • Favorable safety profile4 with 15.4% Gr 3 TRAEs and no TRAEs above Gr3 • Durable benefit off therapy may allow for flexible dosing potential Oral therap
Slide 10: REC-4881: Expanded dataset reinforces favorable efficacy and durability
Improved data in the expanded population (N=4 additional efficacy evaluable patients, 16 total) DEC 2025 SEP 2026 Median total polyp burden reduction 43% → 47% Patients with ≥75% total burden reduction 9% → 20% Patients with Spigelman downstaging1 40% → 50% Patients with polyp burden below baseline
Slide 11: Epidemiology, unmet need and burden of care in FAP
EPIDEMIOLOGY UNMET NEED & BURDEN OF CARE >50K Diagnosed FAP patients US + EU55 Inherited APC-driven disease Characterized by precancerous polyps Real world data show persistent polyp growth over time 0 approved therapies No approved pharmacologic treatments for FAP-associated duodenal polyposis Life
Slide 12: Disease challenge: Upper GI is the greatest unmet need in FAP
“ Disease challenge: Upper GI is the greatest unmet need in FAP 1. Lim, C. H., & Cho, Y. S. (2016). Nonampullary duodenal adenoma: Current understanding of its diagnosis, pathogenesis, and clinical management. World journal of gastroenterology 2. Lee, J.H., Chung, W.C. (2018). Duodenal Tumors. In: C
Slide 13: Recursion's platform uncovered a novel therapeutic opportunity in FAP
Recursion’s platform uncovered a novel therapeutic opportunity in FAP 13 Sources: Fujishita T, et al. Cancer Sci. 2015;106(6):692–699; Blaj C, et al. Cancer Res. 2017;77(7):1763–1774; Guardavaccaro D, Clevers H. Sci Signal. 2012;5(219):pe15; Cheng YT, et al. Part Fibre Toxicol. 2026;23:4; Georgopoul
Slide 14: REC-4881 drives significant reductions in total polyp burden after 12 weeks
Week 13 polyp burden reduction | REC-4881 drives significant reductions in total polyp burden after 12 weeks of treatment 14 -11% -20% -37% -44% -47% -50% -59% -67% -70% -82% -89% -98% -100% -50% 0% 50% 100% -5% 59%2 33%3 Data Cutoff Date: 10-Sep-2026 87% Had a reduction in total polyp burden ≥65% R
Slide 15: Treatment effect persists after 12 weeks off treatment
Week 25 polyp burden reduction | Treatment effect persists after 12 weeks off treatment 15 12 weeks ON REC-4881 12 weeks OFF REC-4881 % change from baseline in total polyp burden in post- colectomy patients at Wk. 13 and Wk. 25 1. 15 of 16 efficacy-evaluable patients, 1 patient did not have a Week 1
Slide 16: Nearly 1 in 2 patients achieved ≥65% reductions in upper GI polyp burden
Week 13 - upper GI | Nearly 1 in 2 (46%) patients achieved ≥65% reductions in upper GI polyp burden 16 9% -11% -25% -34% -47% -55% -68% -75% -87% -88% -98% -100% -80% -60% -40% -20% 0% 20% -2% -100% Data Cutoff Date: 10-Sep-2026 Week 13 upper GI polyp burden reduction (n=131) “REC-4881’s upper GI ef
Slide 17: Upper GI polyp burden reductions persist after 12 weeks off treatment
17 Week 25 – upper GI | Polyp burden reductions persist after 12 weeks off treatment -100% -80% -60% -40% -20% 0% 20% 40% Baseline Week 13 (N=131) Week 25 (N=122) 11 of 12 patients remained below baseline at Week 25 11 of 12 patients remained below baseline after 12 weeks off treatment • Sustained a
Slide 18: Additional detail on highest Week 13 responder
Total polyp burden (mm) 18 Additional detail on highest Week 13 responder 1,344 mm 32 mm ← 32 mm (2.4% of baseline) Baseline Week 13 96 1 at baseline at Week 13 Upper GI polyps > 5 mm 95 fewer polyps Note: Patient remains on study; Week 25 results were not available at the data cutoff (10-Sep-2026)
Slide 19: Spigelman staging classifies disease severity and informs need for interventions
Spigelman staging is used by clinicians to classify disease severity and inform need for interventions, including surgery 19 “Really what you're looking for is a drug … that can manage duodenal adenomas to the point where it decreases the need for surgical intervention—that's ideal.” - Practicing Ga
Slide 20: 50% achieved Spigelman downstaging at Week 13
Week 13 Spigelman stage: 50% achieved Spigelman downstaging at Week 13, reflecting UGI disease improvement 20 1. Spigelman assessment not provided 2. Natural History Analysis evaluated data from ~200 FAP patients Note: N=14 efficacy evaluable for Spigelman staging; two patients did not have upper GI
Slide 21: Favorable safety profile supports potential for chronic dosing
Favorable safety profile supports potential for chronic dosing 21 1. For 4 mg, N=5 patients in Phase 1b and N=21 patients in Phase 2 were dosed; safety data cutoff date of 2026-09-10 2. Patients were asymptomatic and decrease was reversible, 1 patient was lost to follow-up 3. Dermatitis acneiform/ra
Slide 22: US + EU5 FAP addressable market and potential lifetime impact of REC-4881
US + EU5 FAP ADDRESSABLE MARKET1 POTENTIAL LIFETIME IMPACT OF REC-4881 Reduce repeated interventions Potential to reduce surveillance frequency and repeated endoscopic procedures Patient benefit Less treatment burden, travel and time away from work Avoid high-morbidity complications Potential to red
Slide 23: REC-1245: First-in-class RBM39 degrader
REC-1245 First-in-class RBM39 degrader Translating proof to products
Slide 24: REC-1245: Novel biology with early clinical activity
REC-1245: Novel biology with early clinical activity Phase 1 monotherapy results support expansion at 45 mg once daily 24 Oral RBM39 degrader targeting vulnerabilities in hard-to-treat cancers Disrupts splicing of transcripts associated with stress-response and DNA-repair 3 partial responses1 2 endo
Slide 25: RBM39: Oncology target with broad potential
• Potential first-in-class molecular glue degrader • Oral, highly bioavailable, and highly selective • Hits multiple oncogenic drivers achieving synthetic lethal cancer cell killing • Drives rapid and potent RBM39 degradation in human PBMCs within 24 hours and induces significant tumor regressions i
Slide 26: RBM39: A broad opportunity in hard-to-treat cancers
Monotherapy Opportunity Combination Opportunity RBM39: A broad opportunity in hard-to-treat cancers Targeting RBM39 is relevant across multiple indications Hard to treat tumors Including endometrial, hepatocellular (HCC) and ovarian cancers Transcriptionally driven cancers Including pediatric tumors
Slide 27: REC-1245 Phase 1 dose escalation update
Phase 1A monotherapy Continuous once-daily dosing Key inclusion criteria Unresectable, locally recurrent or metastatic select solid tumors, or select relapsed/refractory lymphoma Progressed following, or intolerant to, available standard-of-care treatments Primary objective PK and safety Secondary o
Slide 28: REC-1245: Confirmed partial response in endometrial cancer
REC-1245: Confirmed partial response in endometrial cancer 28 1. Prior medical history includes cataracts, neuropathy, compression fracture, and pulmonary embolism Response summary • Week 9 Radiographic Assessment: Achieved a partial response, 32.3% overall decrease. • Week 17 Radiographic Assessmen
Slide 29: REC-1245: Confirmed partial response in endometrial cancer
REC-1245: Confirmed1 partial response in endometrial cancer 29 1. Confirmatory scan reported by the site and entered into the EDC after the 21 August 2026 data cutoff; source data verification by the CRO is pending 2. Prior medical history includes Fatigue, Anorexia, Ascites, Pleural Effusions, Depr
Slide 30: REC-1245: Unconfirmed partial response in Stage IV liver cancer
REC-1245: Unconfirmed partial response in Stage IV liver cancer 30 1. Prior medical history includes osteoporosis, anxiety, mouth sores, HTN, arthritis, paroxysmal atrial tachycardia, hyperlipidemia, hyperparathyroidism Response summary • Week 9 Radiographic Assessment: Achieved a partial response,
Slide 31: REC-1245: Three partial responses in endometrial and liver cancer
Best overall response2 SD PD SD SD SD SD SD SD SD PR3 PR PR4 REC-1245: Three partial responses in endometrial and liver cancer 31 -60% -40% -20% 0% 20% 16.0% (BRCA) 8.9% (EC) 3.0% (LC) (EC) 1.5% 0.0% (EC) -3.6% (EC) -11.2% (HGSC) -24.6% (EC) -25.7% (EC) -38.2% (EC) -48.9% (EC) -55.9% (HCC) 45mg 65mg
Slide 32: REC-1245: Three partial responses in endometrial and liver cancer
Dose reduced (Y/N)? N Y Y N N Y Y N N N Y N Dosing days at 45 mg (%)1 100% 43% 34% 100% 100% 54% 29% 100% 100% 100% 94% 0% REC-1245: Three partial responses in endometrial and liver cancer 32 -60% -40% -20% 0% 20% 16.0% (BRCA) 8.9% (EC) 3.0% (LC) (EC) 1.5% 0.0% (EC) -3.6% (EC) -11.2% (HGSC) -24.6% (
Slide 33: REC-1245: Safety and treatment-related adverse events
All doses (N=30) TRAE Any grade Grade ≥3 Any TRAE 22 (73.3%) 8 (26.7%) Fatigue 9 (30%) 0 Anemia 9 (30%) 3 (10%) Nausea 6 (20%) 1 (3.3%) Thrombocytopenia 6 (20%) 3 (10%) Stomatitis 5 (16.7%) 3 (10%) 45 mg QD / DL4 (N=10) TRAE Any grade Grade ≥3 Any TRAE 7 (70%) 2 (20%) Fatigue 3 (30%) 0 Anemia 3 (30%
Slide 34: REC-1245: Differentiated biology and development rationale
most common cancer in US women REC-1245: differentiated biology and development rationale: Disrupts DNA damage repair⁴ Potential immune priming⁵ Distinct mechanism from ADCs⁶ RBM39 degradation downregulates DNA-damage- response networks and cell- cycle checkpoints Missplicing-derived neoantigens pro
Slide 35: Partnerships: Novel targets and programs
Partnerships Novel targets and programs Translating proof to products
Slide 36: Recursion announces Sanofi options potential first-in-class immunology candidate
Recursion Announces Sanofi Options Potential First-in-Class Immunology Development Candidate from Their Collaboration 1. The majority of the $10 million milestone payment will be recognized as revenue in the third quarter of 2026, and ends Recursion’s operational requirements related to this candida
Slide 37: Roche highlights Biology Engine's role in finding novel mechanism for undruggable pathway
Roche highlights our Biology Engine's role in finding a novel mechanism for an "undruggable" cancer pathway Presented at Roche Investor day on September 28th, 2026 37
Slide 38: Unexplored neuroscience target optioned by Genentech
Unexplored neuroscience target optioned by Genentech from the Recursion, Roche and Genentech partnership 38 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 39: Collaborative process to generate and validate neuroscience targets
Collaborative process to generate and validate neuroscience targets 39 1. Builds disease-relevant human models with high- dimensional data Output: Disease-relevant biology at unprecedented scale 4. Validates through experiments with Genentech Output: A target advanced into an early discovery program
Slide 40: Advancing a Focused Pipeline of AI-Enabled, Differentiated Programs
Advancing a Focused Pipeline of AI-Enabled, Differentiated Programs 40 Platform capability utilized Platform capability not utilized Platform capability to be utilized further in development Disease indication(s) Addressable patients Next catalyst AI enabled differentiation Late discovery Preclinica
Slide 41: Continued momentum with upcoming catalysts
Sanofi: Planned Phase 1 start Continued momentum with upcoming catalysts 1. Registrational study initiation remains subject to regulatory alignment UP NEXT UP NEXT UP NEXT 2027 2027 2027 Potential additional candidate and program milestones 2H 2026 REC-4881: FDA update 2H 2027 REC-4881: Additional P
Slide 42: Financial strength and operating discipline
FINANCIAL STRENGTH & OPERATING DISCIPLINE $561M Cash as of September 30, 2026¹ ~40% Lower cash OpEx vs 2024² Cash runway into mid-2028³ WHERE WE ARE CONCENTRATING INVESTMENT Differentiated pipeline Prioritize clearly differentiated, wholly owned programs Value-creating partnerships Drive NPV growth
Slide 43: Recursion
oO Recursion
Slide 44: Appendix: Non-GAAP Financial Measure
Appendix Non-GAAP Financial Measure To supplement our financial statements prepared in accordance with U.S. GAAP, we monitor and consider operating cash expense, which is a non-GAAP financial measure. We define operating cash expense as the net cash used in operating activities, excluding non-ordina