Recursion Pharmaceuticals, Inc. · NASDAQ:RXRX
Recursion Pharmaceuticals — Q3 2026 Earnings Presentation
52 slides from Recursion Pharmaceuticals's earnings presentation, Nov 2, 2026
Slide 1: Earnings 3Q26 November 3, 2026
Earnings 3Q26 November 3, 2026 1
Slide 2: Forward-looking statements disclaimer
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: From innovation to impact: How we develop differentiated medicines
3 Uncover novel, causal biology Discover Design Deliver Translate novel targets into differentiated molecules Generate clinical evidence and advance toward patient impact Connecting discovery, molecular design and clinical development From innovation to impact: How we develop differentiated medicine
Slide 4: From innovation to impact: Proof points are stacking up
From innovation to impact: Proof points are stacking up Compelling medicines emerging from one repeatable engine 4 1. Confirmed (n=2), unconfirmed (n=1); note that for one of 2 confirmed PRs, confirmatory scan has been reported by the site and entered into the EDC after the 21-Aug-2026 data cutoff.
Slide 5: One connected AI engine. Continuously learning across biology, chemistry, and the clinic
One connected AI engine. Continuously learning across biology, chemistry, and the clinic 5 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 6: Clinical proof points emerging from two first-in-class programs
Clinical proof points emerging from two first-in-class programs Early evidence across FAP and solid tumors 6 REC-4881 data as of 10-Sep-2026; REC-1245 as of 21-Aug-2026 1. PRs at doses ≥45 mg: Confirmed (n=2), unconfirmed (n=1); note that for one of 2 confirmed PRs, confirmatory scan has been report
Slide 7: Progress across partnerships, platform and financial strength
Progress across partnerships, platform and financial strength PARTNER DELIVERY $535M+ total partner inflows to date $100M+ from 9 progress-based milestones in ~2 years SANOFI First-in-class immunology development candidate optioned; potential Phase 1 in 2027 Potential for $343M in milestone payments
Slide 8: Sanofi options potential first-in-class immunology development candidate
Recursion announces Sanofi options potential first-in-class immunology development candidate from our collaboration 1. 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 candidate, with all futur
Slide 9: Roche highlights our Biology Engine's role in an undruggable cancer pathway
Roche highlights our Biology Engine's role in finding a unique mechanism for an "undruggable" cancer pathway Presented at Roche Pharma Day on September 28th, 2026 9
Slide 10: Roche and Genentech: Collaborative process for neuroscience targets
Roche and Genentech: Collaborative process to generate and validate neuroscience targets 10 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 ea
Slide 11: Recursion appoints Fred Hassan as Chair of the Board
Recursion appoints Fred Hassan as Chair of the Board Fred Hassan Chair of the Board effective October 31, 2026 Four decades in pharma leadership Proven track record of company transformations Experience with innovative business models Board, data and investing insights 11
Slide 12: Internal Pipeline
Internal Pipeline Today’s news
Slide 13: Advancing a focused pipeline of AI-enabled, differentiated programs
Advancing a focused pipeline of AI-enabled, differentiated programs 13 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 14: REC-4881 MEK1/2 Translating proof to products
REC-4881 MEK1/2 Translating proof to products
Slide 15: A registrational study of REC-4881 in FAP is expected to begin in 2H 2027
15 A registrational study of REC-4881 in FAP is expected to begin in 2H 2027 Note: Registrational study initiation pending outcome of ongoing FDA discussions 30th CGA-IGC Annual Meeting, Denver • Leading annual meeting dedicated specifically to hereditary GI cancer syndromes including FAP • Highly t
Slide 16: REC-4881: Potential to transform FAP care
REC-4881: Potential to transform FAP care Study eligibility expanded to adults 18 years and older 16 • Favorable safety profile5 with 15.4% Gr3 TRAEs and no TRAEs above Gr3 • Durable benefit off therapy may allow for flexible dosing potential Oral therapy with a favorable safety profile • 87%1 with
Slide 17: FAP epidemiology, unmet need and burden of care
EPIDEMIOLOGY UNMET NEED & BURDEN OF CARE >50K Diagnosed FAP patients US + EU51 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 18: 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 19: 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 20: Recursion's platform uncovered a novel therapeutic opportunity in FAP
Recursion’s platform uncovered a novel therapeutic opportunity in FAP 20 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 21: 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 21 -11% -20% -37% -44% -47% -50% -59% -67% -70% -82% -89% -98% -100% -50% 0% 50% 100% -5% 59%2 33%3 87% Had a reduction in total polyp burden ≥65% Polyp burden reduction in 1 in
Slide 22: Treatment effect persists after 12 weeks off treatment
Week 25 polyp burden reduction | Treatment effect persists after 12 weeks off treatment 22 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 23: REC-4881 reduced number of >5 mm polyps in 6 of 8 patients
75% 100% 50% 100% 25% 100% 100% 40% REC-4881 reduced number of >5 mm polyps in 6 of 8 patients 23 Data Cutoff Date: 10-Sep-2026 75% -50% -58% -80% -99% -99% -100% -100% -75% -50% -25% 0% 25% 50% 75% 4 → 7 → 3 2 → 1 → 4 12 → 5 → 5 5 → 1 → 2 92 → 1 → 1 96 → 1 → 1 5 → 0 → 0 % change from baseline to We
Slide 24: Upper GI: nearly 1 in 2 patients achieved ≥65% reductions
Week 13 - upper GI | Nearly 1 in 2 (46%) patients achieved ≥65% reductions in upper GI polyp burden 24 9% -11% -25% -34% -47% -55% -68% -75% -87% -88% -98% -100% -80% -60% -40% -20% 0% 20% -2% -100% Week 13 upper GI polyp burden reduction (n=131) “REC-4881’s upper GI efficacy has the potential to li
Slide 25: Upper GI: Polyp burden reductions persist after 12 weeks off treatment
25 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 26: Additional detail on highest Week 13 responder
Additional detail on highest Week 13 responder Data Cutoff Date: 10-Sep-2026 26 The result presented here is only for one out of the 16 total efficacy evaluable patient population; this result is not representative of the overall efficacy of the evaluable patient population to date Images taken from
Slide 27: Spigelman staging is used by clinicians to classify disease severity
Spigelman staging is used by clinicians to classify disease severity and inform need for interventions, including surgery 27 “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 28: Spigelman stage: 50% achieved downstaging at Week 13
Week 13 Spigelman stage: 50% achieved Spigelman downstaging at Week 13, reflecting upper GI disease improvement 28 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 upp
Slide 29: Lower GI: 82% of patients had reductions in polyp burden after 12 weeks
Lower GI | 82% of patients had reductions in polyp burden from baseline after 12 weeks of treatment 29 33% -15% -20% -50% -50% -57% -75% -76% -88% -100% -100% -75% -50% -25% 0% 25% 150% 141% *Additional patients since previously reported data cutoff (November 25, 2025) * ** 1. 4 of 11 (36%) patients
Slide 30: Lower GI: Polyp burden remained below baseline in 70% of patients off treatment
Lower GI | Polyp burden in the lower GI remained below baseline in 70% of patients 12 weeks after stopping REC-4881 30 12 weeks ON REC-4881 12 weeks OFF REC-4881 % c h a n g e f ro m b a s e li n e i n p o ly p b u rd e n Data Cutoff Date: 10-Sep-2026 65% polyp burden reduction 1. Lower GI evaluable
Slide 31: Favorable safety profile supports potential for chronic dosing
Favorable safety profile supports potential for chronic dosing 31 80.8% patients had TRAEs ≤ Grade 2 consistent with mechanism of MEK1/2 inhibition Most common TRAEs Grade 1/2 • Dermatitis acneiform (57.7%) • Blood CPK increase (26.9%) • Rash (23.1%) • Diarrhea (19.2%) • LVEF decrease (11.5%)2 Low r
Slide 32: Conclusions
Conclusions 32 REC-4881 safety • Favorable safety profile; AEs consistent with the MEK1/2 inhibitor class • Treatment-related AEs mostly Grade 1/2; Grade 3 (15%) and no Grade 4/5 REC-4881 polyp burden reduction • Polyp burden reduction observed across both upper and lower GI, in 92% and 82% of evalu
Slide 33: FAP Deep Dive
FAP Deep Dive Today’s news
Slide 34: KOL Panel: Today's speakers
KOL Panel: Today’s speakers Evelien Dekker, MD, PhD Head of Expert Clinic for Familial and Hereditary Polyposis and Colorectal Cancer, and Professor of Gastrointestinal Oncology, Amsterdam University Medical Center Bryson Katona, MD, PhD Director of GI Cancer Genetics Program, University of Pennsylv
Slide 35: Patient Panel: Today's speakers
Patient Panel: Today’s speakers Laura and Jesse Laster Lindsay Huff • Inherited FAP from her father, alongside her sister, who is facing an upcoming Whipple procedure for a high upper GI polyp burden. • Diagnosed early, undergoing her first colonoscopy at age 10 and a colectomy at age 14 to create a
Slide 36: REC-1245 First-in-class RBM39 degrader
REC-1245 First-in-class RBM39 degrader Translating proof to products
Slide 37: 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 37 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 38: 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 39: 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 40: 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 41: 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 42: 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 42 -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) 45 mg 65
Slide 43: REC-1245: Confirmed partial response in endometrial cancer
REC-1245: Confirmed partial response in endometrial cancer 43 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 44: REC-1245: Confirmed partial response in endometrial cancer
REC-1245: Confirmed1 partial response in endometrial cancer 44 1. Confirmatory scan reported by the site and entered into the EDC after the 21-Aug-2026 data cutoff. 2. Prior medical history includes Fatigue, Anorexia, Ascites, Pleural Effusions, Depression, Neuropathy, GERD Note: Images not at consi
Slide 45: 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 provi
Slide 46: Financials & Looking ahead
Financials & Looking ahead we
Slide 47: Financial strength and operating discipline
FINANCIAL STRENGTH & OPERATING DISCIPLINE $749M Pro forma cash and cash equivalents¹ <$375M 2026 OpEx guidance, 40% lower cash OpEx vs. 2024² Following oversubscribed financing, cash runway extended into 20293 WHERE WE ARE CONCENTRATING INVESTMENT Differentiated pipeline Prioritize clearly different
Slide 48: Continued momentum with upcoming catalysts
Sanofi: Expected Phase 1 start Continued momentum with upcoming catalysts 1. Registrational study initiation pending outcome of ongoing FDA discussions 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: Addition
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Slide 50: Thank you
50 THANK YOU
Slide 51: © Recursion.
© Recursion.
Slide 52: Non-GAAP Financial Measures
Non-GAAP Financial Measures 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-ordinary cours
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