Recursion Pharmaceuticals, Inc. · NASDAQ:RXRX
Recursion Pharmaceuticals — J.P. Morgan Healthcare Conference 2026
34 slides from Recursion Pharmaceuticals's conference presentation, Jan 12, 2026
Slide 1: Recursion JP Morgan Presentation
JANUARY 2026 NAJAT KHAN, PHD CEO & PRESIDENT, RECURSION Recursion JP Morgan Presentation NK 25-Dec-25: Would move supercomputer image here NK 25-Dec-25: And a patient image – lets redo the design to make it fresh! Maintaining ambition while raising the bar NK 29-Dec-25: NEW – NK COMMENTS
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: Our Mission: Decoding biology to radically improve lives
OUR MISSION: Decoding biology to radically improve lives
Slide 4: What we built: A unified, AI-native intelligence platform
WHAT WE BUILT: A unified, AI-native intelligence platform that translates complex science into medicines that matter — faster, better, and at scale for the patients who are waiting
Slide 5: Leading the evolution of how medicines are discovered and delivered
LEADING THE EVOLUTION OF HOW MEDICINES ARE DISCOVERED AND DELIVERED Novel medicines that matter The first AI-native end-to-end platform, from idea through the clinic Precision Design Novel Biological Discoveries Next-Gen Clinical Development Bilingual teams & culture: fluent in science and tech Purp
Slide 6: Recursion: Progress, by the numbers
1. Includes preclinical programs that are expected to enter the clinic within the next 18 months 2. Potential Roche and Genentech and Sanofi milestones per small molecule program 3. Cash, cash equivalents and restricted cash (unaudited) as of December 31, 2025 4. Year-end 2027 runway guidance includ
Slide 7: How we will create impact – with focus and discipline
How we will create impact – with focus and discipline 7 Translate insights ➔ proof points ➔ new medicines Focused innovation, grounded in clear impact Empower exceptional, bilingual teams to deliver impact and humanity Pair bold ambition with disciplined execution 1 2 3
Slide 8: Translate insights to proof points – ongoing momentum
8 Ongoing momentum Where we’re going First clinical POC for Recursion’s platform • REC-4881 – meaningful & durable polyp reduction with safety profile consistent with class Advance clinical validation • REC-4881 – optimize dosing schedule & FDA-aligned registrational study plan • ~5 programs enterin
Slide 9: Focused innovation, grounded in clear impact
9 Ongoing momentum Where we’re going Unprecedented scale in phenomics • At-scale cellular imaging uncovering novel biology Mature, actionable portfolio of high-quality targets • Integrate omics and patient data with purpose-built models (e.g. transcriptional Foundational Models) 2. Focused innovatio
Slide 10: Pair bold ambition with disciplined execution
10 Ongoing momentum Where we’re going Disciplined prioritization of work and spend • Portfolio focused to ~5 clinical programs (May 2025) • Streamlined operations by 35% Rapid decisions to ensure strategic capital allocation • Portfolio decisions anchored in automated Target Product Profiles • Tooli
Slide 11: Wholly owned clinical pipeline
Wholly owned clinical pipeline Translate insights ➔ proof points ➔ new medicines
Slide 12: 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 12 Target Disease Indication Late Discovery Preclinical Phase 1/2 Phase 3 Potential Milestone REC-4881 MEK1/2 Familial adenomatous polyposis (FAP) FDA en
Slide 13: An AI-native, end-to-end platform for drug discovery and clinical development
An AI-native, end-to-end platform for drug discovery and clinical development 13 In Silico Binding Affinity Automated Testing Synthesis Aware Design Physics-based Models ML Property Prediction Transcriptomics Patient Data (RWD) LLMs & Graphs Target ValidationPhenomics Clinical Trial Design AI-powere
Slide 14: How the platform compounds value across programs
How the platform compounds value across programs MEK1/2 RBM39 CDK7 MALT1 LSD1 ENPP1 PI3K⍺ H1047R Late Discovery Early Discovery Partnered Discovery Phenomics Transcriptomics Patient Connectivity & Other Molecular Design 3D Protein & Atomistic Models Automated Chem, Bio, & ADMET Causal AI & RWD AI-po
Slide 15: FAP: Significant unmet need with no approved pharmacotherapies
FAP: Significant unmet need characterized by lifelong polyp progression in the GI tract, with no approved pharmacotherapies 15 1. Internal company estimates 2. 20-30% of FAP patients have de novo mutations with no family history. Half E et al, Orphanet J Rar Dis. 2009 Colectomy: Colon removal Remova
Slide 16: Platform insight: AI-driven phenotypic discovery identified MEK1/2 inhibition
Platform insight: Unbiased AI-driven phenotypic discovery identified MEK1/2 inhibition as a novel APC-rescue mechanism 16 Guided by this novel insight, Recursion in-licensed REC-4881 from a major pharmaceutical company1 and redirected REC-4881 as a mechanistically aligned therapeutic candidate for F
Slide 17: FAP natural history registry analysis
17 FAP registry analysis showed: • 87% of untreated FAP patients had annual polyp- burden increase • Average of 60% polyp burden increase annually Note: Natural History Analysis evaluated data from ~200 FAP patients; analysis shown represents a subset of patients who satisfy key inclusion criteria o
Slide 18: Safety & efficacy: Rapid reductions in polyp burden with 4mg REC-4881
18 Safety & efficacy: Rapid reductions in polyp burden with 4mg dose of REC-4881 and safety profile consistent with class effects Note: Polyp burden defined as the sum of all diameters of polyps in the GI 1. Following the March data cut, a quality review identified suboptimal bowel preparation at ba
Slide 19: Durability: Durable reductions in polyp burden with 4mg REC-4881
19 Durability: Durable reductions in polyp burden maintained with 4mg dose of REC-4881 Note: Polyp burden defined as the sum of all diameters of polyps in the GI 1. Following the March data cut, a quality review identified suboptimal bowel preparation at baseline. To ensure an accurate, like-for-lik
Slide 20: 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 Biological insight: MEK1/2 inhibition identified as a unique mechanism for FAP Clinical proof: Rapid and durable polyp burden reduction with adverse events consistent with MEK inhibitors
Slide 21: Partnered Discovery
Translate insights ➔ proof points ➔ new medicines Partnered Discovery
Slide 22: Power of Recursion OS in advancing partnered drug discovery
Power of Recursion OS in advancing partnered drug discovery Partnered Discovery Phenomics Transcriptomics Patient Connectivity & Other Molecular Design 3D Protein & Atomistic Models Automated Chem, Bio, & ADMET Causal AI & RWD AI-powered Recruitment Trial Design I n s ig h t to M o le c u le B io lo
Slide 23: Roche and Genentech: Two groundbreaking maps in neuroscience
Roche and Genentech: Two groundbreaking maps in neuroscience provide a whole-genome view of brain’s biology 23 1 trillion human-induced pluripotent stem cell (hiPSC)-derived neuronal cells produced 100 billion+ microglial cells produced using new cell manufacturing techniques 2 first-of-its-kind neu
Slide 24: Roche and Genentech: Track record of delivery on biological maps
Roche and Genentech: Track record of delivery on biological maps and insights Phenomics Transcriptomics Patient Connectivity & Other Molecular Design 3D Protein & Atomistic Models Automated Chem, Bio, & ADMET Causal AI & RWD AI-powered Recruitment Trial Design I n s ig h t to M o le c u le B io lo g
Slide 25: Sanofi: Advancing differentiated, potential best-in-class molecules
Sanofi: Advancing differentiated, potential best-in-class molecules in oncology and I&I Phenomics Transcriptomics Patient Connectivity & Other Molecular Design 3D Protein & Atomistic Models Automated Chem, Bio, & ADMET Causal AI & RWD AI-powered Recruitment Trial Design I n s ig h t to M o le c u le
Slide 26: Recursion OS Platform
Recursion OS Platform Focused innovation, grounded in clear impact
Slide 27: Transcriptional Foundational model for target discovery
Focused investment: Transcriptional Foundational model for actionable, novel target discovery 27 Biology to Insight Transcriptional Foundation Model Cross-model RNA data A scalable portfolio of high-quality targets grounded in patient biology Why: Transcriptional state provides a scalable, cross- sy
Slide 28: AI-driven high quality generative design at scale
• 100 million+ molecules generated using synthetically aware design • >95% AI-generated, scored, and prioritized – all patentable • ~330 compounds to an advanced candidate in ~17 months (on average)1 • >10 development candidates designed across programs Focused investment: AI-driven high quality gen
Slide 29: AI-driven clinical development for trial design and execution
Focused investment: AI-driven clinical development for trial design and execution 29 Molecule to Patient Data Foundation: ~1M molecularly profiled lives + ~300M real-world lives Application 1: Causal AI-based human genetics • Target validation and patient selection across portfolio Application 2: Sm
Slide 30: Looking ahead
Looking ahead MM: Alt photo option
Slide 31: Expected upcoming milestones
Expected upcoming milestones 2026 and 2027 pipeline and partnership catalysts 31 1. Data-driven decision for potential Phase 1 initiation 2. Cash, cash equivalents and restricted cash (unaudited) as of December 31, 2025 3. Year-end 2027 runway guidance includes risk-adjusted cash inflows from partne
Slide 32: Thank you
32 THANK YOU
Slide 33: Appendix
Appendix
Slide 34: Non-GAAP cash burn reconciliation
To supplement our financial statements prepared in accordance with U.S. GAAP, we monitor and consider cash burn, which is a non-GAAP financial measure. We define cash burn as the net cash used in operating activities, excluding non-ordinary course transaction costs, plus partnership cash inflows and
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