Slide 1: Corporate Deck May 2025
Corporate Deck May 2025 MAY 2025
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: Biotech vs. Recursion
Biotech vs. Recursion PROGRAM 1 PROGRAM 1 PROGRAM 2 MODELS | DATA | COMPUTE RECURSION OS PROGRAM 3 PROGRAM 2 PROGRAM 4 PROGRAM 5 PROGRAM 3 PROGRAM 6 PROGRAM 7 PROGRAM 8 Recursion OS delivers a decisive, data-led portfolio strategy 4
Slide 4: Early-stage discovery programs
Recursion 0.1 Recursion 1.0 Recursion 2.0 Phenomics SiRNA Repurposing Phenomics Transcriptomics NCEs e.g.: FAP Multimodal data Compute CRISPR e.g.: RBM39 Combination of Active design RXRX & EXAI Early-stage discovery programs 7
Slide 5: Quickly validated hypotheses and highly productive compound design
Quickly validated > highly productive hypotheses and > compound design to > > spend less > > and go faster 14 3,000 30 60 12 50 2,500 25 Time to candidate ID (months) Time to hit package (months) # synthesized to candidate 10 2,000 20 40 Cost to IND ($M) 8 1,500 15 30 6 1,000 10 20 4 500 5 10 2 0 0
Slide 6: Commit to streamlined integrated portfolio
Commit to streamlined Prioritize with integrated Continue to invest in integrated portfolio Recursion OS 2.0 platform transformational value creation Deliver on our commitment to a Rapidly validate emerging Focused go-forward strategy, allows streamlined post-integration opportunities, double down o
Slide 7: Pipeline: Oncology and Rare
Candidate Target BIC/FIC Indication Preclinical IND-Enabling Phase 1 / 2 Phase 3 REC-617 CDK7 BIC Advanced solid tumors1 ELUCIDATE Biomarker-enriched solid ONCOLOGY REC-1245 RBM39 FIC DAHLIA tumors & lymphoma REC-3565 MALT1 BIC B-cell malignancies EXCELERIZE PI3Kα REC-7735 BIC Breast Cancer H1047R F
Slide 8: Recursion OS partnerships
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 programs in neuroscience & a GI oncology indication. ONCOLOGY & IMMUNOLOGY • $100M upfront | >$5B total value • Focusing on up to
Slide 9: Portfolio Update
Portfolio Update _
Slide 10: Pipeline: Oncology and Rare
Candidate Target BIC/FIC Indication Preclinical IND-Enabling Phase 1 / 2 Phase 3 REC-617 CDK7 BIC Advanced solid tumors1 ELUCIDATE Biomarker-enriched solid ONCOLOGY REC-1245 RBM39 FIC DAHLIA tumors & lymphoma REC-3565 MALT1 BIC B-cell malignancies EXCELERIZE PI3Kα REC-7735 BIC Breast Cancer H1047R F
Slide 11: Clinical and preclinical program overview
REC-617 | CDK7 REC-1245 | RBM39 REC-4881 | MEK1/2 Ph 1/2 Mono; Ph 1 Combo 1H25 Ph 1 Ph 1b/2 Solid tumors1 Solid tumors2, Lymphoma Familial adenomatous polyposis (FAP) Optimized PK/PD with potential for Phenotypic insight to identify novel Phenotypic insight on MEK1/2 inhibition improved efficacy and
Slide 12: REC-2282 NF2 and REC-994 CCM discontinuation
• New findings: • Phase 2 for NF2-related meningioma passed the futility threshold, primarily driven by the 40 REC-2282 mg cohort; however, the 60 mg and combined dose arms did not pass the futility criteria NF2 • Limited tumor shrinkage and clinical activity across all arms • Totality of data suppo
Slide 13: Powered by the Recursion OS 2.0 platform
Powered by the Recursion OS 2.0 platform Double down on areas of expertise and efficiency Oncology・I&I・Neuroscience・Rare Explore the uncharted by going after novel targets to develop differentiated medicines Differentiated, product first First-in-class molecules mindset, powered by Recursion Develop
Slide 14: 2025-2026 pipeline milestones
H1 H1 REC-617 (CDK7i) in REC-1245 (RBM39) advanced solid tumors Early safety and PK from Initiation of combination study monotherapy trial 2025 2026 H2 H2 REC-4881 (MEK1/2i) in FAP REC-3565 (MALT1) Additional safety and efficacy Early safety and PK from data from TUPELO monotherapy trial REC-617 (CD
Slide 15: Rare Disease: MEK 1/2
Rare Disease MEK 1/2 Recursion:
Slide 16: MEK1/2 inhibitor for Familial Adenomatous Polyposis
A highly selective, potent MEK1/2 inhibitor as chemoprevention for Familial Adenomatous Polyposis (FAP) Unmet need1 • No systemic therapies for ~50,000 FAP patients Recursion Approach beyond colectomy • ~15,000 patients post colectomy, >55 years old • Unbiased ML-aided phenotypic drug screen in huma
Slide 17: REC-4881 Discovery
REC-4881 Discovery • The platform analyzed cellular models of APC gene loss—the root cause of FAP • AI/ML extracts morphological features to distinguish “diseased” vs. “healthy” states • Numerous compounds screened to identify therapeutic mechanisms that reverse disease state back to healthy in a co
Slide 18: Preclinical Summary
A) Mean Polyps Per Group B) % Pre-Cancerous Polyps Preclinical Summary1 REC-4881: • Reduces polyp count more effectively than celecoxib in APCmin/- mice • Decreases both polyp number and high-grade adenoma percentage, unlike celecoxib 1. REC-4881 reduces polyp count and eliminates high grade adenoma
Slide 19: TUPELO two-stage study design
• Two stage study designed to assess safety, tolerability, PK/PD and preliminary efficacy of REC-4881 in FAP • Phase 1b (safety run-in) followed by Phase 2 (open-label) evaluating once-daily REC-4881 for 12 weeks Phase 1b Phase 2: Open-label Signal Seeking Completed: Dose Finding N= 14 Single and Mu
Slide 20: REC-4881 Preliminary Safety
Data Cutoff Date: 2025-03-17 REC-4881 Preliminary Safety Placebo REC-4881 REC-4881 REC-4881 4 mg 8 mg Total 4 mg dose: Event, n (%) (N=2) (N=16)3 (N=3) (N=19) • Most common TRAEs: dermatitis Any Treatment Emergent Adverse Event 2 (100) 13 (81.2) 3 (100) 16 (84.2) acneiform (50%; All G1/2), rash (TEA
Slide 21: REC-4881 Preliminary Efficacy
Data Cutoff Date: 2025-03-17 Waterfall Plot of % Change from Baseline in Total Polyp Burden at Week 13/EOT REC-4881 Preliminary Efficacy 1000 595 • 6 patients on 4 mg efficacy evaluable1 100 Polyp burden • 100% (n=6) on therapy for at % Change from Baseline increase least 9 weeks (17% non responders
Slide 22: REC-4881 Preliminary Efficacy: upper and lower GI
Data Cutoff Date: 2025-03-17 Waterfall Plot of % Change from Baseline in Upper or Lower Polyp Burden at Week 13/EOT Upper GI Polyp Burden 1000 % Change from Baseline 206 REC-4881 Preliminary Efficacy 100 Polyp burden increase 50 • Upper GI Burden % Change from Baseline 0 • 6 patients efficacy -50 -2
Slide 23: REC-4881 Preliminary Efficacy by subject
Data Cutoff Date: 2025-03-17 Polyp Burden Polyp Count Spigelman Stage Subject ID Screening -> W13 (CfB%) Screening -> W13 (CfB%) Screening –>W13 REC-4881 Preliminary Efficacy 001-2001 -31% -22% NA-> II • Two patients with a 2- 016-2001 -50% -56% III -> I point change in Spigelman 016-2002 -69% -78%
Slide 24: REC-4881 Target Profile and What's Next
REC-4881 Target Profile Biological Insight • Orally bioavailable, highly potent and MEK1/2 inhibition identified as a unique mechanism for FAP through an unbiased ML-aided phenotypic screen selective MEK1/2 inhibitor • Differentiated ADME profile may enhance exposures at the site of GI adenomas In V
Slide 25: Oncology: PI3Kα H1047R
Oncology PI3K⍺ H1047R
Slide 26: Selective PI3Kα H1047R inhibitor for mutant cancers
A precision designed highly selective for PI3Kα H1047R for PI3K mutant-selective cancers Unmet need • 14%1 of all HR+/HER2- Breast cancer with PI3K⍺- Recursion Approach H1047R mutation • AI-powered precision design to optimize • ~11,0002 advanced or metastatic patients selectivity and limit metaboli
Slide 27: Biology, Design, Prioritize
Biology Design Prioritize Novel insights Molecular Dynamics (MD) Class leading selectivity • Generated proprietary simulations • Over WT enzyme to structural biology • Utilized to explore binding maximize efficacy and insights pocket of interest and ligand therapeutic index flexibility Novel structu
Slide 28: Tumor regression
CDX Model: PI3Ka H1047R1 Naïve Wildtype Mice2 Dose-dependent No increase in tumor regression hyperglycemia markers Tumor growth Tumor regression Note: Alpelisib and STX (STX-478) were dosed QD; LOXO (LOXO-783) and REC-7735 were dosed BID. Doses are represented as mg/kg. LOXO has been discontinued 1.
Slide 29: Tumor regression vs. Capivasertib
CDX Model: PI3Ka H1047R2 150 • REC-7735 (6.25mg/kg BID) shows similar anti- tumor activity to Capivasertib (100mg/kg BID) Tumor growth 100 • AKT inhibitor, shown promising clinical efficacy with endocrine therapy 50 • REC-7735 (18.75mg/kg BID) significantly outperforms high-dose Capivasertib 0 (100m
Slide 30: Tumor regression with fulvestrant and abemaciclib
CDX Model: PI3Ka H1047R2 Vehicle Mono Combo Combo 150 REC-7735 REC-7735 REC-7735 Fulvestrant Fulvestrant + Abemaciclib Tumor growth 100 • REC-7735 shows strong, significant tumor regression at low doses (≥6.25mg/kg BID) 50 • REC-7735 alone outperforms 0 Fulvestrant/Abemaciclib combination therapy Tu
Slide 31: REC-7735 Target Profile and What's Next
Biological Insight High selectivity for H1047R mutant PI3K⍺ over WT to reduce dose-limiting hyperglycemia REC-7735 Target Profile • Potential best-in-class PI3K⍺ H1047R inhibitor Design AI-driven generative design via hotspot molecular • >100-fold selective against WT PI3K⍺ dynamics to discover a un
Slide 32: Rare Disease: ENPP1
Rare Disease ENPP1 a od
Slide 33: ENPP1 inhibitor for hypophosphatasia with Rallybio
A preliminarily non-immunogenic, potent, highly selective ENPP1 inhibitor for hypophosphatasia (HPP) in development with Rallybio Unmet need1 • ~7,800 diagnosed HPP patients, mostly with limited ERT access Recursion Approach2 • Opportunity to significantly reduce costs • Precision designed for both
Slide 34: Biology, Design, Prioritize
Biology Design Prioritize Novel insights Novel scaffolds Efficient unbiased testing • ENPP1 inhibition helps Generative • Structurally distinct molecules to prevent • Modern use of information Approach correct phenotypes caused selectivity issues theory to select fewest by LOF mutations in High bar
Slide 35: In Vivo Efficacy
In Vivo Efficacy • REV102 extends survival in an early-onset ALPL KO mice model Early-Onset HPP Model1 • REV102 transiently reduces PPi levels to enhance mineralization • Tibia BMD is fully restored to wildtype levels in treated mice Plasma PPi2 Bone Density3 Wildtype Strensiq REV102 (Vehicle) 6 mpk
Slide 36: In Vivo Efficacy: late-onset HPP model
In Vivo Efficacy1 Plasma PPi Late-Onset HPP Model2 Wildtype Control KO REV102 30mpk REV102 100mpk Patella (yellow arrow) Growth plate (green arrow) • Untreated mice present underdeveloped patellofemoral joints • REV102 treatment corrects bone defect and improves patella structure • REV102 treatment
Slide 37: REV102 Target Profile and What's Next
Biological Insight Reduction of PPi production via controlled ENPP1 inhibition REV102 Target Profile to restore bone hypomineralization • Potential first-in-class ENPP1 inhibitor • High oral bioavailability supports QD or Design BID dosing AI-driven generative design via fragment screening to enhanc
Slide 38: Oncology: RBM39, CDK7, MALT1
Clinical Portfolio Oncology RBM39・CDK7・MALT1
Slide 39: REC-1245 monotherapy dose escalation ongoing
Monotherapy dose escalation ongoing with preliminary update 1H26 Recursion OS Insight Preclinical Validation Clinical Development REC-1245 CDX Model: OVK181 Illustrative example µM 39 µM µM µM 2 3 K1 K1 M 25 1 0 5 CD CD RB 0. 1. 2. 0. Opposite Similar Identified through phenotypic Compelling efficac
Slide 40: REC-617 monotherapy dose escalation; combination study
Monotherapy dose escalation ongoing with update 1H26; Combination study to initiate 1H25 Recursion OS Insight Preclinical Validation Clinical Development CDX Model: OVCAR1 Target affinity CDKC IC50 (nM) and selectivity CDK family selectivity HCC70 (breast cancer) IC50 (nM) Cell potency OVCAR-3 (ovar
Slide 41: REC-3565 monotherapy dose escalation ongoing
Monotherapy dose escalation ongoing with preliminary update 1H26 Recursion OS Insight Preclinical Validation Clinical Development CDX Model: OCI-Ly101 Illustrative example 344 novel compounds to Candidate ID Designed to deliver balanced Single-agent and synergistic activity RWD to combat competition
Slide 42: Partnered Programs
Portfolio Partnered Programs
Slide 43: Recursion OS Platform
4 Program Biology Design Optimize milestones achieved Leveraging suite of tools tailored for each program to collaboratively identify and drive up to Development Candidate1 to date What’s next State of the art Applying Recursion OS QM/MD simulations Active Learning to • Complete first in-vivo facili
Slide 44: Phenomaps and Lab in the Loop
Biology Design Optimize ~5 Phenomaps Lab in the Loop Derived from over 1 Trillion iPSC cells and 100 Billion GI Onc relevant cells What’s next • Additional ~5,000 transcriptomes phenomap builds ongoing From multiple disease-relevant cell types, subjected to compound treatments and/or • Leveraging Re
Slide 45: Pipeline and partnership catalysts
H1 H2 H1 H2 REC-617 (CDK7i) in REC-4881 (MEK1/2i) in FAP REC-1245 (RBM39) REC-3565 (MALT1) advanced solid tumors Additional safety and efficacy Early safety and PK from Early safety and PK from Initiation of combination studies data from TUPELO monotherapy trial monotherapy trial REC-617 (CDK7i) in
Slide 46: Financial Update
Financial Update
Slide 47: Cash and runway
• Prioritized pipeline and streamlined operations $509.2 million in cash1 as of • Reduced platform costs associated with capacity, while March 31, 2025 protecting capability 1Q25 cash burn2 of $118 • Continued investment in key aspects of platform to million, excluding: drive near and long-term valu
Slide 48: FY2024 and FY2025E cash burn
FY2024 FY2025E $606 million ≤$450 million combined cash burn, excluding partnership expected cash burn, excluding potential and financing inflows: partnership and financing inflows: Cash flow items1 2024 ($m) Primary areas of budget savings: • Pipeline prioritization RXRX cash flow from operating ac
Slide 49: Recursion 2.0
Recursion 2.0
Slide 50: Our sustainable and continued growth plan
Our sustainable and continued growth plan • Commitment to internal pipeline – Strong investment behind more focused pipeline • Execution on partnerships – Fully resourced to deliver on programs and achieve milestones • Transforming drug discovery and development – Expanding leadership in AI-based dr
Slide 51: Corporate Deck May 2025
Corporate Deck May 2025 MAY 2025