Recursion Pharmaceuticals, Inc. · NASDAQ:RXRX
Recursion Pharmaceuticals — Investor Presentation (November 2025)
49 slides from Recursion Pharmaceuticals's investor presentation, Nov 5, 2025
Slide 1: Decoding Biology To Radically Improve Lives - Corporate Presentation
Decoding Biology To Radically Improve Lives November 2025 - Corporate Presentation
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: 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 4 Co-Founder, Chairman & Executive Advisor Chris Gibson, Ph.D. Co-Founder, CEO and Director CEO, President & Director Najat Khan, Ph.D. Chief R&D & Commercial Officer and Director Vice-Chairman
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 REC-4881 (MEK1/2i) Additional safety and efficacy data from TUPELO in FAP in December 1H 2026 Catalysts REC-1245 (RBM39 degrader) Early safety and PK from monothera
Slide 6: Recursion continues to deliver on its milestones
Recursion continues to deliver on its milestones and secure its future as the TechBio leader 6 total cash inflows achieved across all our partnerships and collaborations >$500 million1$30 million milestone payment for delivering a second whole-genome neuro map 1. With the achievement of the microgli
Slide 7: Recursion's Evolution
Recursion’s Evolution © Recursion
Slide 8: Recursion exists to find a better way to discover and develop new medicines
Recursion exists to find a better way to discover and develop new medicines 8 Biology is extraordinarily complex; we understand only a small fraction of how it functions
Slide 9: Eroom's Law versus Moore's Law
Recursion exists to find a better way to discover and develop new medicines 9 Eroom’s Law Drug discovery is becoming slower and more expensive over time Drug discovery is becoming slower and more expensive over time Biology is extraordinarily complex; we understand only a small fraction of how it fu
Slide 10: Rapid pace of technology offers a new approach
Recursion exists to find a better way to discover and develop new medicines 10 Drug discovery is becoming slower and more expensive over time Biology is extraordinarily complex; we understand only a small fraction of how it functions Rapid pace of technology offers a fundamentally new approach to mo
Slide 11: Unbiased platform approach delivers internal and partnered portfolio
Recursion’s unbiased platform approach delivers a strong internal and partnered portfolio 11 • Powered by proprietary and fit-for-purpose scaled data • End-to-end capabilities spanning novel target discovery, precision chemistry, and optimized clinical trials • Built upon iterative cycles of dry-lab
Slide 12: Recursion OS 2.0
Recursion OS 2.0: Efficiently delivering novel insights, precision design, and optimized clinical trials 12 Design Workflow Automated ADMET Automated Chemistry Automated Biology 3D Protein & Atomistic Models Molecular Property Prediction & Design Scientific Agents Nomination Workflow Scientific Agen
Slide 13: Advancing differentiated medicines, powered by the Recursion OS
13 Advancing differentiated medicines, powered by the Recursion OS MEK1/2 RBM39 CDK7 MALT1 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 A
Slide 14: Recursion brings medicines to clinic faster and at lower cost
Recursion brings medicines to clinic faster and at lower cost 0 10 20 30 40 50 60 Industry Recursion T im e t o c a n d id a te I D ( m o n th s ) Go faster 0 5 10 15 20 25 30 Industry Recursion C o s t to I N D ( $ M ) Spend less 0 500 1,000 1,500 2,000 2,500 3,000 Industry Recursion Highly product
Slide 15: Delivering pipeline advancements and partnership value
REC-4539 for small-cell lung cancer (target: LSD1) is on strategic pause. Delivering pipeline advancements and partnership value 15 Target Disease Indication Late Discovery Preclinical Phase 1/2 Pivotal/Phase 3 Oncology REC-617 CDK7 Advanced solid tumors REC-1245 RBM39 Biomarker-enriched solid tumor
Slide 16: Advanced partnership discovery by leveraging Recursion 2.0
Advanced partnership discovery by leveraging Recursion 2.0 16 4 Program milestone payments achieved in last 18 months Several programs advancing towards development candidate over next 12 months Continued program advancement in a GI oncology indication and multiple neuroscience programs into target
Slide 17: Phenomaps Roche and Genentech collaboration
Phenomaps Roche and Genentech collaboration within neuroscience and GI oncology indication 17 $150M upfront 40 potential programs $300M potential milestones / program GI Oncology Indication 4 Phenomaps Generated from over 100 billion GI onc relevant cells Neuroscience Optioned in 2023 and advancing
Slide 18: Boltz-2: Open-source binding affinity prediction model
Boltz-2: Open-source model with MIT commoditizing binding affinity prediction approaching FEP accuracy at 1000x speed 18 Over 171K downloads and 41.5K unique users in less than two months Designed for drug discovery and virtual screening Contact/pocket constraints — ensure output follows respects gi
Slide 19: ClinTech: Industrialize clinical development
ClinTech: Industrialize clinical development by building an end-to- end platform to increase probability of success 19 • Patient-platform connectivity • Enables target validation and patient stratification • Supports expansion into new indications • More robust trial planning via clinical trial simu
Slide 20: Advancing programs with strong therapeutic rationale
Advancing programs with strong therapeutic rationale, powered by Recursion OS Addressable patient populations estimate based on annual US+EU5 and currently identified indications 1. Includes ovarian cancer, breast cancer, lung cancer, pancreatic cancer, head and neck cancer 2. Biomarker-enriched 3.
Slide 21: Pipeline
Pipeline
Slide 22: Internal Pipeline
Internal Pipeline PIPELINE
Slide 23: Delivering pipeline advancements and partnership value
REC-4539 for small-cell lung cancer (target: LSD1) is on strategic pause. Delivering pipeline advancements and partnership value 23 Target Disease Indication Late Discovery Preclinical Phase 1/2 Pivotal/Phase 3 Oncology REC-617 CDK7 Advanced solid tumors REC-1245 RBM39 Biomarker-enriched solid tumor
Slide 24: Targeted, differentiated portfolio strategy
Targeted, differentiated portfolio strategy Powered by the Recursion OS 2.0 platform Explore the uncharted by going after novel targets to develop differentiated medicines First-in-class molecules Provide significantly meaningful advancements with differentiated medicines Best-in-class molecules Dif
Slide 25: REC-617: AI-enabled causal inference for ovarian cancer indication selection
REC-617 (CDK7 inhibitor): AI-enabled causal inference strengthens preclinical data for indication selection of ovarian cancer for ELUCIDATE 25 1. Besnard et al, AACR (2022) 2. Causal inference framework based on a network-informed directed acyclic graph (DAG) to assess CDK7’s impact on clinical outc
Slide 26: REC-617: Phase 1/2 ELUCIDATE ongoing
Phase 1 Dose-Escalation ✓MTD achieved in advanced solid tumors • Alternative dosing schedules ongoing Phase 2 Dose-Expansion • 2L+ platinum-resistant ovarian cancer with 10 mg REC-617 ongoing Phase 1 Dose-Escalation – initiated 2H25 • 2L+ platinum-resistant ovarian cancer with REC-617 in combination
Slide 27: ELUCIDATE: Monotherapy MTD for QD regimen identified
Monotherapy MTD in QD 2 mg QD (n=3) 5 mg QD (n=4) 10 mg QD (n=10) 15 mg QD (n=6) 1 mg BID (n=3) 20 mg QD (n=3) ELUCIDATE: Monotherapy MTD for QD regimen identified in Phase 1/2 clinical trial of REC-617 in advanced solid tumors 27 1. Data-cut off: 29 September 2025. All data shown as n (%) unless ot
Slide 28: REC-617 monotherapy safety profile
Phase 1 safety: REC-617 monotherapy continues to show a manageable safety profile supporting best-in-class potential 28 Data Cutoff Date: 2025-09-29 Adverse Event1, n N=29 All Grade Grade ≥3 Treatment-Related Adverse Event (TRAE) 26 (90%) 8 (28%) Most Common TRAEs (≥20%) GI related Diarrhea 20 (69%)
Slide 29: Linear plasma PK profile and early signs of anti-tumor activity
Baseline Week 16 Para-aortic LN Para-aortic LN Phase 1 preliminary data: Linear plasma PK profile and early signs of anti-tumor activity 29 REC-617 monotherapy demonstrated signs of early anti- tumor activity2: • One confirmed, durable partial response by RECIST 1.13 o 4L PROC patient; no BRCA 1/2 m
Slide 30: 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 Design AI-powered precision design to optimize PK/PD to maximize potential therapeutic index with minima
Slide 31: REC-1245 (RBM39 degrader)
Mechanistic Validation RBM39 Degradation % R B M 3 9 D e g r a d a t io n (N o rm a li ze d -V e h ic le ) Concentration (nM) Recursion OS Insight REC-1245 (RBM39 degrader): Platform derived insight to unlocking comprehensive genomic instability vulnerabilities 31 Preclinical Data Days post treatmen
Slide 32: REC-3565 (MALT1 inhibitor): Summary & next steps
REC-3565 (MALT1 inhibitor): Summary & next steps Monotherapy dose-escalation ongoing with preliminary update 1H27 RWD to combat competition for trial enrollment • Advanced analytics for strategic site recommendations and patient targeting • >50 new potential sites identified in UK and Spain Single-a
Slide 33: REC-4881 (MEK1/2 inhibitor): Summary & next steps
REC-4881 (MEK1/2 inhibitor): Summary & next steps Phase 2 dose expansion ongoing with update in December 2025 In Vivo Model: APCmin/+ 1 RWE to benchmark clinical trial efficacy • Evaluating natural history data for FAP patients undergoing routine care • Providing frame of reference for polyp burden
Slide 34: What's Next: REC-4881 December webinar
What’s Next December Webinar • Phase 1b/2 update: Additional 4 mg cohort data and follow-up • Potential next steps for program REC-4881: Phase 1b/2 data update webinar in December 34 High Unmet Need • ~50K diagnosed across US + EU51 • Rare, inherited APC loss of function disorder • Characterized by
Slide 35: REC-7735: PI3Kα H1047R – Summary & next steps
REC-7735: PI3K⍺ H1047R – Summary & next steps Biological Insight High selectivity for H1047R mutant PI3K⍺ over WT to reduce dose-limiting hyperglycemia Design AI-driven generative design via hotspot molecular dynamics to discover a unique chemical series In Vivo Data Significant tumor regressions at
Slide 36: REC-102: ENPP1 – Summary & next steps
REC-102: ENPP1 – Summary & next steps Biological Insight Reduction of PPi production via controlled ENPP1 inhibition to restore bone hypomineralization Design AI-driven generative design via fragment screening to enhance metalloenzyme selectivity In Vivo Data Significant survival benefit in HPP mice
Slide 37: Partnered Pipeline
Partnered Pipeline PIPELINE
Slide 38: Sanofi collaboration advancing novel targets in I&I and oncology
Sanofi collaboration advancing novel targets in I&I and oncology – 4 milestones achieved, multiple additional expected OptimizeDesignBiology QM/MD simulations to explore protein and ligand flexibility Applying Recursion OS cutting-edge generative design platform Active learning to maximize optimizat
Slide 39: Roche and Genentech collaboration: unbiased novel biological insights
Roche and Genentech collaboration within neuroscience and GI oncology indication – unbiased novel biological insights to programs 6 Phenomaps • Leveraging Recursion OS and collaborating with Roche and Genentech to identify new programs in a GI oncology indication & neuroscience What’s next Collabora
Slide 40: Phenomaps Roche and Genentech collaboration
Phenomaps Roche and Genentech collaboration within neuroscience and GI oncology indication 40 $150M upfront 40 potential programs $300M potential milestones / program GI Oncology Indication 4 Phenomaps Generated from over 100 billion GI onc relevant cells Neuroscience Optioned in 2023 and advancing
Slide 41: 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 41 *Phenosimilar = comparable biologic effect in KO setting †Pheno-opposite = biologic effect is opposite of another perturbation in a high-dimensional representation latent
Slide 42: First-of-its-kind Microglia Map
First-of-its-kind Microglia Map provides a whole-genome view of the brain’s resident immune cells
Slide 43: What's next: Leveraging Microglia Map
What’s next: Leveraging Microglia Map to drive discovery of novel biological insights for development of new therapeutic programs
Slide 44: Financial Update
Financial Update
Slide 45: Cash runway to deliver on upcoming milestones
Cash runway to deliver on upcoming milestones 45 1. Cash, cash equivalents and restricted cash 2. Net proceeds from At-the-Market (ATM) Facility, now fully utilized and completed 3. Risk-adjusted cash inflows from partnerships included in estimated cash runway 4. Cash burn, defined as operating cash
Slide 46: Key Accomplishments and Outlook
Key Accomplishments and Outlook
Slide 47: Internal and external momentum: 2025 achievements YTD
Internal and external momentum 2025 achievements YTD Internal Pipeline Highlights REC-617 (CDK7i) Combo initiation Monotherapy update REC-4881 (MEK1/2i) Phase 2 update REC-3565 (MALT1i) Monotherapy initiation REC-7735 (PI3Kα H1047Ri) DC nomination 47 DC = development candidate ROCHE and GENENTECH $3
Slide 48: Upcoming milestones: FY 2025 and 2026 catalysts
Upcoming milestones FY 2025 and 2026 pipeline and partnership catalysts 2H 2025 Catalysts REC-4881 (MEK1/2i) Additional safety and efficacy data from TUPELO in FAP in December 1H 2026 Catalysts REC-1245 (RBM39 degrader) Early safety and PK from monotherapy trial 48 2H 2026 Catalysts REC-102 (ENPP1i)
Slide 49: Recursion.
9 Recursion.
Recursion Pharmaceuticals — Investor Presentation (November 2025) on 6ix