Slide 1: 2Q25 (L)earnings
2Q25 (L)earnings August 2025
Slide 2: Important Information
Important Information 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 su
Slide 3: Executive Leadership Updates
Executive Leadership Updates
Slide 4: Recursion to evolve its executive leadership, effective January 1st, 2026
Recursion to evolve its executive leadership to prepare for the next chapter, effective January 1st, 2026 Chris Gibson, Ph.D. Co-Founder, CEO and Director Co-Founder, Chairman & Executive Advisor Najat Khan, Ph.D. Chief R&D & Commercial CEO, President & Director Officer and Director Rob Hershberg, M
Slide 5: Capitalized to deliver against a robust catalyst calendar
The company is capitalized to deliver against a robust catalyst calendar spanning pipeline, partnerships and platform 2H 2025 Catalysts 1H 2026 Catalysts 2H 2026 Catalysts REC-4881 (MEK1/2i) REC-1245 (RBM39 degrader) REC-102 (ENPP1i) Additional safety and efficacy Early safety and PK from Potential
Slide 6: Platform Fuels Partners
Platform Fuels Partners
Slide 7: Recursion continues to deliver on its milestones and secure its future as the TechBio leader
Recursion continues to deliver on its milestones and secure its future as the TechBio leader $30 million >$500 million1 milestone payment total cash inflows for delivering a second achieved across all our whole-genome neuro map partnerships and collaborations 1. With the achievement of the microglia
Slide 8: Roche and Genentech collaboration within neuroscience and GI oncology
Roche and Genentech collaboration within neuroscience and GI oncology indication Advancing unbiased, novel biological insights to programs GI Oncology Indication $150M upfront 4 Phenomaps Generated from over 100 billion GI onc relevant cells First program Optioned in 2023 and advancing 40 potential
Slide 9: Recursion maps create an unbiased view of biology
Recursion maps create an unbiased view of biology, to uncover multiple potential novel targets, pathways, and chemical matter Similar* Opposite† • Digital representation of complex biological systems based on large-scale experimental data in living cells, generated in-house • Proprietary models trai
Slide 10: First-of-its-kind Microglia Map provides a whole-genome view of the brain's immune cells
First-of-its-kind Microglia Map provides a whole-genome view of the brain’s resident immune cells
Slide 11: What's next: Leveraging Microglia Map to drive discovery of novel biological insights
What’s next: Leveraging Microglia Map to drive discovery of novel biological insights for development of new therapeutic programs
Slide 12: Platform Fuels Pipeline
Platform Fuels Pipeline
Slide 13: Recursion OS 2.0: Efficiently delivering novel insights, precision design, and optimized clinical trials
Recursion OS 2.0: Efficiently delivering novel insights, precision design, and optimized clinical trials AI-powered AI-enabled AI-informed Biological Insights Precision Design Clinical Development Transcriptomics 3D Protein & Causal AI Patient Stratification Assay & Models MOA Atomistic Models & Ind
Slide 14: Advancing differentiated medicines, powered by the Recursion OS
Advancing differentiated medicines, powered by the Recursion OS Illustrative Platform V0.1 Platform V1.0 Platform V2.0 PI3K⍺ Late Early Partnered MEK1/2 RBM39 CDK7 MALT1 ENPP1 H1047R Discovery Discovery Discovery Phenomics Biological Insights AI-powered Transcriptomics Patient Connectivity & Other M
Slide 15: Delivering pipeline advancements and partnership value
Delivering pipeline advancements and partnership value Target Disease Indication Late Discovery Preclinical Phase 1/2 Pivotal/Phase 3 Oncology REC-617 CDK7 Advanced solid tumors Biomarker-enriched solid tumors & REC-1245 RBM39 lymphoma REC-3565 MALT1 B-cell malignancies REC-7735 PI3Kα H1047R HR+ bre
Slide 16: REC-617 CDK7
REC-617 CDK7 © Recursion
Slide 17: REC-617: Potential best-in-class oral CDK7 inhibitor
REC-617: Potential best-in-class oral CDK7 inhibitor Biological Insight Combining CDK7 inhibitors with agents targeting complementary pathways may achieve a more comprehensive anti-tumor response What’s Next Design • Recruitment ongoing for AI-powered precision design to optimize PK/PD to monotherap
Slide 18: REC-617: Phase 1/2 ELUCIDATE ongoing
REC-617: Phase 1/2 ELUCIDATE ongoing Monotherapy Ph 1/2 ongoing; combination Ph 1 ongoing REC-617 Monotherapy REC-617 Combinations Phase 1 Dose-Escalation Phase 1 Dose-Escalation – initiated 2H25 ✓MTD achieved in advanced solid tumors • 2L+ platinum-resistant ovarian cancer with • Alternative dosing
Slide 19: ELUCIDATE: Monotherapy MTD for QD regimen identified in Phase 1/2 trial of REC-617
ELUCIDATE: Monotherapy MTD for QD regimen identified in Phase 1/2 clinical trial of REC-617 in advanced solid tumors Key inclusion criteria Phase 1 Monotherapy Dose-Escalation • Unresectable, locally recurrent, or metastatic cancer Continuous once-daily dosing summary • Progressed following, or into
Slide 20: Phase 1 safety: REC-617 monotherapy shows a manageable safety profile
Phase 1 safety: REC-617 monotherapy continues to show a manageable safety profile supporting best-in-class potential Data Cutoff Date: 2025-09-29 Integrated safety analysis in all patients Adverse Event1, n N=29 All Grade Grade ≥3 • Most TRAEs were low grade (Grade Treatment-Related Adverse Event (T
Slide 21: Phase 1 preliminary data: Linear plasma PK profile and early signs of anti-tumor activity
Phase 1 preliminary data: Linear plasma PK profile and early signs of anti-tumor activity Baseline Week 16 REC-617: Clinical Drug-Plasma C1D1 Exposure Para-aortic LN Para-aortic LN REC-617 monotherapy demonstrated signs of early anti- tumor activity2: • One confirmed, durable partial response by REC
Slide 22: Indication selection: AI-enabled causal inference for ovarian cancer
Indication selection: AI-enabled causal inference strengthens preclinical data for indication selection of ovarian cancer for ELUCIDATE Causal Inference using Impact Cell Panels In Vivo Models Omics and Clinical data • Supports Cell Line: OVCAR3 CDX Model: OVCAR1 Patient Data: Ovarian Cancer 2 precl
Slide 23: REC-4881 MEK1/2
REC-4881 MEK1/2
Slide 24: REC-4881: Phase 1b/2 data update webinar in December
REC-4881: Phase 1b/2 data update webinar in December High Unmet Need Key preliminary efficacy and safety What’s Next data from Phase 1b/2 TUPELO trial2: • ~50K diagnosed across US + 43 EU51 median reduction in • Rare, inherited APC loss of % total polyp burden3 function disorder December Webinar 5 •
Slide 25: Financial Update
Financial Update
Slide 26: Cash runway to deliver on upcoming milestones
Cash runway to deliver on upcoming milestones Cash1 update Reaffirming guidance • $785 million in cash1 as of October 9, 2025 (unaudited) o $667.1 million in cash1 as of September 30, 2025 • Expected 2025 cash burn4 of <$450 million • $387.5 million in net proceeds2 in 3Q25 & 4Q25 • Expected 2026 ca
Slide 27: Key Accomplishments and Outlook
Key Accomplishments and Outlook
Slide 28: Internal and external momentum
Internal and external momentum 2025 achievements YTD Internal Pipeline Highlights Platform Highlights Partnership Highlights REC-617 (CDK7i) RECURSION 2.0 ROCHE and GENENTECH Combo initiation Integrated design platform $30M microglia map optioned Monotherapy update Boltz-2 released Advancing optione
Slide 29: Upcoming milestones
Upcoming milestones FY 2025 and 2026 pipeline and partnership catalysts 2H 2025 Catalysts 1H 2026 Catalysts 2H 2026 Catalysts REC-4881 (MEK1/2i) REC-1245 (RBM39 degrader) REC-102 (ENPP1i) Additional safety and efficacy Early safety and PK from Potential Phase 1 initiation1 data from TUPELO in FAP in
Slide 30: Q&A