Slide 1: Decoding Biology to Radically Improve Lives
Decoding Biology to Radically Improve Lives JANUARY 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: Full-stack Recursion OS is industrializing first-in-class & best-in-class drug discovery
Full-stack Recursion OS is industrializing first-in-class & best-in- class drug discovery 3
Slide 4: Full-stack Recursion OS is industrializing first-in-class & best-in-class drug discovery
Full-stack Recursion OS is industrializing first-in-class & best-in- class drug discovery 4
Slide 5: Full-stack Recursion OS is industrializing first-in-class & best-in-class drug discovery
Full-stack Recursion OS is industrializing first-in-class & best-in- class drug discovery 5
Slide 6: Portfolio poised for value creation with waves of new pipeline and partner programs
Portfolio poised for value creation with waves of new pipeline and partner programs emerging from Recursion OS 10 ~10 10+ 4 Clinical and pre- Additional advanced Partnered programs Large pharma clinical programs1 discovery programs collaborations Oncology, immunology, Oncology, rare diseases, and ot
Slide 7: How the Platform Powers the Portfolio
VALUE CREATION How the Platform Powers the Portfolio
Slide 8: Pipeline of ~10 clinical and preclinical technology-enabled programs
Pipeline of ~10 clinical and preclinical technology-enabled programs Pivotal / Candidate Target Indication Preclinical IND-Enabling Phase 1/2 Phase 3 Next Anticipated Milestone REC-617 CDK7 Advanced solid tumors1 ELUCIDATE • Combination study initiation – 1H25 ONCOLOGY Biomarker-enriched solid tumor
Slide 9: REC-1245 (RBM39 degrader): A highly selective RBM39 degrader
ONCOLOGY REC-1245 (RBM39 degrader): A highly selective RBM39 degrader for biomarker-enriched solid tumors and lymphoma Recursion OS: REC-1245 Discovery REC-1245: RBM39 • Novel approach: Modulation of DDR via RBM39 to potentially avoid on- target toxicities seen with cell cycle checkpoint inhibitors
Slide 10: REC-1245: Functional similarity between RBM39 and CDK12
ONCOLOGY REC-1245 (RBM39 degrader): Functional similarity between RBM39 and CDK12 suggesting a potential novel approach to DDR modulation Recursion OS Novel Insight 1 REC-1245 Similar Opposite Gene: Gene Relationship: Genetic KO of RBM39 and CDK12 found to be phenotypically similar with neither gene
Slide 11: REC-1245: Potential first-in-class RBM39 degrader in Phase 1
ONCOLOGY REC-1245 (RBM39 degrader): Potential first-in-class RBM39 degrader in Phase 1 dose-escalation with first patient dosed 4Q24 Product Profile Compelling dose-dependent antitumor activity correlated with RBM39 degradation in preclinical models1 • First-in-class mechanism RNA splicing for targe
Slide 12: REC-617 (CDK7 inhibitor): Precision design for optimizing therapeutic index
ONCOLOGY REC-617 (CDK7 inhibitor): Precision design for optimizing therapeutic index with CDK7 Recursion OS: REC-617 Discovery REC-617: CDK7 • Recursion Approach: AI-powered precision design with reduced transporter interactions intended to minimize GI adverse events seen with prior molecules in cla
Slide 13: REC-617: first-in-human study in solid tumors
ONCOLOGY REC-617 (CDK7 inhibitor): first-in-human study in solid tumors enrolled a heterogenous and heavily pretreated population Phase 1 Design Baseline Demographics Ongoing • N=19 • Unresectable, locally recurrent, or 20 mg QD (n=3) • Median of 4 prior lines of metastatic cancer therapy in advance
Slide 14: REC-617: dose dependent PK/PD and strong target modulation
ONCOLOGY REC-617 (CDK7 inhibitor): REC-617 achieves dose dependent PK/PD and strong target modulation in the clinic PK/PD Summary • Dose-Linear PK: REC-617 exceeds CDK7 IC80 with rapid absorption (Tmax 0.5–2h) and short t½ (5–6h) • Robust Target Engagement: Early POLR2A 3-4x modulation suggests ~80–
Slide 15: REC-617: competitive and unique profile improving therapeutic index
ONCOLOGY REC-617 (CDK7 inhibitor): REC-617 offers a competitive and unique profile that potentially improves the therapeutic index Key Differentiation Free Plasma Concentration / IC80 100 • Data suggests superior target coverage for REC- 6171 compared to two 10 clinical CDK7 inhibitors • REC-617 is
Slide 16: REC-617: Durable monotherapy PR in metastatic ovarian cancer patient
ONCOLOGY REC-617 (CDK7 inhibitor): Durable monotherapy PR observed in a metastatic ovarian cancer patient after 4 prior lines of therapy Baseline Week 16 One confirmed, durable partial response (PR)1 Para-aortic LN Para-aortic LN • Partial response (-34%) achieved at Week 16 • Meaningful reduction o
Slide 17: REC-994 (superoxide scavenger) for Cerebral Cavernous Malformation
RARE DISEASE REC-994 (superoxide scavenger): A safe and well tolerated superoxide scavenger for the treatment of Cerebral Cavernous Malformation (CCM) Recursion OS: REC-994 Discovery REC-994 (superoxide) • Met primary endpoint of safety/tolerability in Phase 2 study • Time- and dose- dependent trend
Slide 18: REC-4881 (MEK1/2 inhibitor): Modeling FAP-relevant biology
RARE DISEASE REC-4881 (MEK1/2 inhibitor): Modeling FAP-relevant biology to discover REC-4881, a potential best-in-class MEK1/2 inhibitor Recursion OS: REC-4881 Discovery REC-4881 (MEK 1/2) • 4 mg QD dose is pharmacologically active and well-tolerated • Differentiated ADME profile may enhance exposur
Slide 19: REV102 (ENPP1 inhibitor): Identified novel chemical space for HPP
RARE DISEASE REV102 (ENPP1 inhibitor): Identified novel chemical space to enable the design of a potential first-in-class and best-in-class therapy for HPP Recursion OS: REV102 Discovery REV102 (ENPP1) • Structurally distinct vs competitor ENPP1 inhibitors • Dose-dependent normalizations in PPi and
Slide 20: REC-3964 (CDI TcdB inhibitor): C. difficile toxin B selective inhibitor
OTHER REC-3964 (CDI TcdB inhibitor): A safe and well tolerated C. difficile toxin B selective inhibitor for the prevention of recurrent C. difficile (rCDI) Recursion OS: REC-3964 Discovery REC-3964 (TcdB) • Potential first-in-class non-antibiotic oral toxin B selective inhibitor for prevention of rC
Slide 21: Partnership Pipeline
Pipeline Partnership Pipeline
Slide 22: Pharma partnerships with approximately $450M earned to date
Pharma partnerships with approximately $450M1 earned to date and potential to receive more than $20B in additional milestones NEUROSCIENCE & ONCOLOGY • $150M upfront | Up to $300M per program for 40 programs • Identifying novel targets and small molecules, with the potential to advance up to 40 prog
Slide 23: GI Oncology and Neuroscience partnership phenomaps
PARTNERSHIPS GI Oncology Multiple whole-genome phenomaps with Capture Data Query Maps Interrogate Biological Mechanisms chemical perturbations completed in disease relevant cell types First validated hit series now in hit-to-lead Additional near-term program options Neuroscience 1 2 3 4 5 Worl
Slide 24: Oncology and Inflammation
PARTNERSHIPS Oncology and Inflammation Three programs have advanced through initial milestones; aggregate 2024 milestones of $15m for two programs Expansion of collaboration with internally-discovered program Identification of new targets and initiation of multiple new programs Advance additio
Slide 25: Full-stack Recursion OS is industrializing first-in-class & best-in-class drug discovery
Full-stack Recursion OS is industrializing first-in-class & best-in- class drug discovery 25
Slide 26: Full-stack Recursion OS is industrializing first-in-class & best-in-class drug discovery
Full-stack Recursion OS is industrializing first-in-class & best-in- class drug discovery MESO Largest fit-for-purpose dataset of Pathway Model perturbative biology and multiple FMs make Recursion a leader Increasingly commoditized – Protein Model We partner with builders of frontier models for earl
Slide 27: Business Updates
Business Updates
Slide 28: Our leadership brings together experience & innovation to advance TechBio
Our leadership brings together experience & innovation to advance TechBio Executive Team Chris Gibson, Najat Khan, PHD Erica Fox David Hallett, PHD Nathan Hatfield Matt Kinn PHD Chief R&D Officer & Chief People & Chief Scientific Chief Legal Chief Business Co-Founder, & Chief Commercial Impact Offic
Slide 29: Deeply focused on maximizing return post business-combination
Deeply focused on maximizing return post business-combination Status • Hosted successful in-person multi-day onboarding event in London • Low post-close regrettable turnover • Senior-leadership teams combined and operating • Company-wide processes and platforms review underway with focus on highest
Slide 30: Positioned for a catalyst-rich 2025
Positioned for a catalyst-rich 2025 Pipelines REC-994 (Superoxide Scavenger) in CCM Late breaker oral presentation (Phase 2) at International Stroke Conference Feb 5th, 2025 REC-3565 (MALT-1i) in B-cell malignancies Phase 1 first patient dosed 1Q25 REC-617 (CDK7i) in advanced solid tumors Init
Slide 31: Recursion.
9 Recursion.
Slide 32: Appendix
Appendix
Slide 33: Culture and Team
Culture and Team
Slide 34: Our people are the most important ingredient for our mission
Our people are the most important ingredient for our mission ~800 employees Montréal, Technology – data Québec science, software Toronto, engineering, Ontario automation, etc. New York, New York Salt Lake City, Life Sciences – Milpitas, Utah biology, chemistry, California development, etc. Strategic
Slide 35: Pipeline Details
APPENDIX Pipeline Details
Slide 36: Oncology
PIPELINE Oncology
Slide 37: REC-617: CDK7 Inhibitor
REC-617: CDK7 Inhibitor A precision designed highly selective CDK7 inhibitor for Relapsed and/or Refractory (R/R) Solid Tumors • Potential Best-in-Class and First-in-Class CDK7 inhibitor Recursion Approach Program • Phase 1/2 study in advanced solid tumors ongoing • AI-powered precision design to St
Slide 38: REC-617: Robust antitumor activity in preclinical tumor models
REC-617: Robust antitumor activity demonstrated in disease relevant preclinical tumor models Initial clinical safety and PK/PD presented at AACR Special Congress in December 2024 Key Preclinical Data REC-617 has Best-in-Class potential1 Potent tumor regression with minimal IC 80 exposure Designed to
Slide 39: REC-617: Study Design and Next Steps
REC-617 (CDK7 inhibitor): Study Design and Next Steps Development Strategy REC-617 Competitive Profile Phase 1/2 study design • Potential Best-in-Class CDK7 inhibitor • Reduced risk of off-target toxicity CURRENT STAGE • Highly selective & potent Phase 1 RP2D Dose Escalation (N≤60) Part A • N = 30-6
Slide 40: REC-1245: RBM39 Degrader
REC-1245: RBM39 Degrader A highly selective RBM39 degrader for Biomarker-Enriched Solid Tumors and Lymphoma • Potential First-in-Class RBM39 degrader in solid tumors Recursion Approach Program • First patient dosed in 4Q24 Status • Unbiased ML-aided • Phase 1 monotherapy update on dose-escalation ex
Slide 41: REC-1245: Platform inferred functional similarity between RBM39 and CDK12
REC-1245 (RBM39 degrader): Platform inferred a functional similarity between RBM39 and CDK12 biology suggesting a novel approach to potential DDR modulation Recursion OS Novel Insight REC-1245 Similar Opposite Gene: Gene Relationship: Genetic KO of RBM39 and CDK12 found to be phenotypic similar with
Slide 42: REC-1245: Robust efficacy/PK/PD in preclinical tumor models
REC-1245 (RBM39 degrader): Robust efficacy/PK/PD in biomarker-positive disease relevant preclinical tumor models – Phase 1 initiated in 4Q24 Key Preclinical Data1 REC-1245 is highly selective and potent1 REC-1245 has compelling efficacy and PK/PD in preclinical models CDX Model: OVK182 PD: Target En
Slide 43: REC-1245: Study Design and Next Steps
REC-1245 (RBM39 degrader): Study Design and Next Steps Development Strategy REC-1245 Competitive Profile Phase 1/2 study design • Highly potent, potential First-in-Class RBM39 degrader (<100nM DC50) CURRENT STUDY • No significant in vitro safety concerns (CEREP, hERG) Phase 1 • No significant activi
Slide 44: REC-3565: MALT1 Inhibitor
REC-3565*: MALT1 Inhibitor A precision designed selective MALT1 inhibitor for B-Cell Malignancies • Potential Best-in-Class MALT1 inhibitor Recursion Approach Program • Phase 1 initiation in B-Cell Malignancies (e.g., chronic lymphocytic • AI powered precision- Status leukemia), expected 1Q25 design
Slide 45: REC-3565: Minimal UGT1A1 liability and tumor regression in vivo
REC-3565 (MALT1 inhibitor): Minimal UGT1A1 liability vs competitors and significant tumor regression observed in vivo with Phase 1 initiation anticipated in 1Q25 Key Preclinical Data REC-3565 has Best-in-Class potential1 Single-agent and synergistic activity in vivo2 CDX Model: OCI-Ly102 Ph 1 DC lar
Slide 46: REC-3565: Study Design and Next Steps
REC-3565 (MALT1 inhibitor): Study Design and Next Steps Development Strategy REC-3565 Competitive Profile Phase 1 study design • Low predicted human clearance and high oral bioavailability Phase 1 Dose Escalation • No unexpected in vitro or in vivo safety concerns identified Q1 2025 • Well tolerated
Slide 47: REC-4539: LSD1 Inhibitor
REC-4539: LSD1 Inhibitor A precision designed unique LSD1 inhibitor with CNS penetrance Program • Potential Best-in-Class LSD1 inhibitor Recursion Approach Status • Phase 1 initiation in SCLC expected 1H25 • Precision design using active learning to select most information rich • Reversible LSD1 inh
Slide 48: REC-4539: Sufficient CNS exposures vs competitors and dose-response in vivo
REC-4539 (LSD1 inhibitor): Sufficient CNS exposures vs competitors and compelling dose-response demonstrated in vivo with Phase 1 initiation anticipated in 1H25 Key Preclinical Data REC-4539 has Best-in-Class potential 1 REC-4539 highly efficacious in SCLC xenograft model2 CDX Model: H14172 Plasma P
Slide 49: Rare disease
PIPELINE Rare disease
Slide 50: REC-994: Superoxide Scavenger
REC-994: Superoxide Scavenger A safe and well tolerated superoxide scavenger for the treatment of Cerebral Cavernous Malformation (CCM) • First therapeutic candidate advanced to an industry-sponsored Recursion Approach Phase 2 trial Program • Unbiased ML-aided • Phase 2 primary endpoint of safety me
Slide 51: REC-994: Preclinical studies showing reduction of lesion burden
REC-994 (Superoxide Scavenger): Preclinical studies showing reduction of lesion burden de-risked the first industry-sponsored Phase 2 study in CCM Recursion OS Insight Key Preclinical Data1 Identified REC-994 as potential rescue molecule in Reduces lesion number & size phenotype associated with CCM2
Slide 52: REC-994: Topline Phase 2 data demonstrated signals of efficacy
REC-994 (Superoxide Scavenger): Topline Phase 2 data in September demonstrated encouraging signals of efficacy Trial Update Next Steps • Randomized, double-blind, placebo-controlled Phase 2 study • Meeting with FDA to define regulatory path and Phase 2/3 study under development • Primary endpoint of
Slide 53: REC-4881: MEK1/2 Inhibitor
REC-4881: MEK1/2 Inhibitor A highly selective and potent MEK1/2 inhibitor for chemoprevention of Familial Adenomatous Polyposis (FAP) Program • First-in-Disease and best-in-class potential for the treatment of FAP Recursion Approach Status • Phase 1b safety and futility analysis (polyp burden) antic
Slide 54: REC-4881: Superior in vivo efficacy versus celecoxib
REC-4881 (MEK1/2 Inhibitor): Highly selective and potent molecule demonstrated superior in vivo efficacy versus celecoxib Recursion OS Insight Key Preclinical Data1 REC-4881 suppresses disease-inducing REC-4881 decreases polyp count and effects of APC mutations pre-cancerous adenomas 30 Mean Polyps
Slide 55: REC-4881: Study Design and Next Steps
REC-4881 (MEK1/2 Inhibitor): Study Design and Next Steps Development Strategy REC-4881 Competitive Profile Phase 1b/2 study design • Early PD data indicates 4 mg dose is pharmacologically active and well-tolerated Key Eligibility • Fast Track Designation in FAP granted by FDA in REC-4881 Phase 1b 20
Slide 56: REV102: ENPP1 Inhibitor
REV102: ENPP1 Inhibitor A safe and highly selective ENPP1 inhibitor for hypophosphatasia (HPP) • Potential first-in-class and best-in-class ENPP1 inhibitor for the Recursion Approach2 Program treatment of patients with HPP Status • Precision designed for both • IND enabling studies expected to initi
Slide 57: REV102: OS insights validated in vivo mouse model
REV102 (ENPP1 Inhibitor): OS insights validated using in vivo mouse model showing significant difference in restoring HPP biomarker that promotes bone mineralization Market Opportunity1 Key Preclinical Data2 Estimated diagnosed prevalence Bone morphometry Plasma levels of PPi hypophosphatasia patien
Slide 58: REC-2282: Pan-HDAC Inhibitor
REC-2282: Pan-HDAC Inhibitor CNS-penetrating pan-HDAC inhibitor for the first oral therapeutic to treat Neurofibromatosis Type 2 (NF2) • Potential first-in-disease and best-in-class therapy for NF2 mutant Recursion Approach Program meningioma Status • Unbiased ML-aided • Data maturing with PFS6 resu
Slide 59: REC-2282: Unique HDAC inhibitor in unbiased screen modeling NF2 loss
REC-2282 (Pan-HDAC Inhibitor): Identified as a unique HDAC inhibitor in Recursion's unbiased screen modeling NF2 loss-of-function Recursion OS Insight Key Preclinical Data1 REC-2282 demonstrates Prevents growth & regrowth of concentration-dependent reversal of NF2 loss NF2-deficient meningioma model
Slide 60: REC-2282: Study Design and Next Steps
REC-2282 (Pan-HDAC Inhibitor): Study Design and Next Steps Development Strategy REC-2282 Competitive Profile Phase 2/3 study design • Orally bioavailable and CNS penetrant • Fast Track Designation in NF2 granted by FDA REC-2282 Phase 2 Portion in 2021 Open-label, 2-arm study • ODD in US and EU 24 Pa
Slide 61: Other areas of high unmet need
PIPELINE Other areas of high unmet need
Slide 62: REC-3964: C. difficile Toxin B Selective Inhibitor
REC-3964: C. difficile Toxin B Selective Inhibitor Non-antibiotic selective toxin-inhibitor for the prevention of recurrent C. difficile infection (rCDI) • First-in-class therapy for prevention rCDI Recursion Approach Program • First patient dosed in the Phase 2 ALDER trial in 4Q24 • Unbiased ML-aid
Slide 63: REC-3964: Potential superior inhibitor compared to SOC
REC-3964 (CDI TcdB Inhibitor): Identified as potential superior inhibitor compared to SOC in in vitro and in vivo preclinical studies Recursion OS Insight Key Preclinical Data1 REC-3964 potently inhibits Toxin B with some activity against REC-3964 significantly extended survival vs. bezlotoxumab Tox
Slide 64: REC-3964: Study Design and Next Steps
REC-3964 (CDI TcdB Inhibitor): Study Design and Next Steps Development Strategy REC-3964 Competitive Profile Phase 2 study design • Highly potent, orally bioavailable REC-3964 Phase 2 • Potential first-in-class therapy for prevention of Open-label, 2-arm study rCDI • First non-antibiotic oral therap
Slide 65: REC-4209: Target Epsilon
REC-4209: Target Epsilon Highly potent and potential First-in-Class medicine for the treatment of Idiopathic Pulmonary Fibrosis (IPF) Recursion Approach Program • First-in-class therapeutic for treatment of IPF • Unbiased ML-powered Status • IND enabling studies ongoing phenomap drug screen in human
Slide 66: REC-4209: Novel mechanism with compelling preclinical efficacy
REC-4209 (Target Epsilon): Identified as a novel mechanism in Recursion's screen with compelling preclinical efficacy demonstrated in bleomycin lung fibrosis mouse model Recursion OS Insights1 Key Preclinical Data2 Total Lung Collagen In Vitro Fibrocyte Rescue Assay 5,000 Disease State Control State
Slide 67: Partnerships & Data Strategy Details
APPENDIX Partnerships & Data Strategy Details
Slide 68: Exciting scientific collaborations span biopharma, tech & data
Exciting scientific collaborations span biopharma, tech & data Therapeutic discovery partnerships • Up to or exceeding $300M in possible program • $100M upfront with the potential of $5.2B in total milestones for up to 40 programs milestones plus high-single digit to mid-teen tiered Announced royalt
Slide 69: Exciting scientific collaborations span biopharma, tech & data
Exciting scientific collaborations span biopharma, tech & data Platform, technology, and data partnerships Computation and ML/AI Real-world data access • $50M equity investment • Preferential access to >20 PBs of real-world, multi- modal oncology data, including DNA & RNA sequencing • Partnership on
Slide 70: Recursion.
9 Recursion.