Recursion Pharmaceuticals, Inc. · NASDAQ:RXRX
Recursion Pharmaceuticals — J.P. Morgan Healthcare Conference 2026
32 slides from Recursion Pharmaceuticals's conference presentation, January 2026
Slide 1: Recursion JP Morgan Presentation
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 Recursion JP Morgan Presentation NAJAT KHAN, PHD CEO & PRESIDENT, RECURSION JANUARY 2026 NK 25-Dec-25: Would move supercomputer image here
Slide 2: Important Information
Important Information This presentation of Recursion Pharmaceuticals, Inc. (“Recursion,” “we,” “us,” or “our”) and any accompanying discussion cont ain statements that are not historical facts may be considered forward-looking statements under federal securities laws and may be identified by words s
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 Proprietary, multimodal data at unprecedented scale The first AI-native end-to-end platform, from idea through the clinic Purpose-built Novel models & integrated Novel Biological Precision Next-Gen medicines Discoveries Design Clini
Slide 6: Recursion: Progress, by the numbers
Recursion: Progress, by the numbers CLINICAL DEVELOPMENT Wholly ✓ FAP: FIRST AI-enabled clinical proof-of-concept ~5 owned1 with potential first-in-class profile ✓>$500M in upfront & milestones achieved Partnered • >$300M in potential milestones + up to double DISCOVERY digit royalties per program 2
Slide 7: How we will create impact – with focus and discipline
How we will create impact – with focus and discipline 1 2 3 Translate insights ➔ proof Focused innovation, Pair bold ambition points ➔ new medicines grounded in clear impact with disciplined execution Empower exceptional, bilingual teams to deliver impact and humanity 7
Slide 8: 1. Translate insights to proof points – on the path to new medicines
1. Translate insights to proof points – on the path to new medicines Where we’re going Advance clinical validation • REC-4881 – optimize dosing schedule & FDA-aligned registrational study plan • ~5 programs entering or in trials with upcoming go/no-go decisions Deliver differentiated programs with p
Slide 9: 2. Focused innovation, grounded in clear impact
2. Focused innovation, grounded in clear impact Where we’re going Mature, actionable portfolio of high-quality targets • Integrate omics and patient data with purpose-built models (e.g. transcriptional Foundational Models) Generative drug design at scale • Next-gen models and agentic systems for des
Slide 10: 3. Pair bold ambition with disciplined execution
3. Pair bold ambition with disciplined execution Where we’re going Rapid decisions to ensure strategic capital allocation • Portfolio decisions anchored in automated Target Product Profiles • Tooling and automation for objective decision-making • Disciplined platform investment tied to impact Drive
Slide 11: Wholly owned clinical pipeline
Translate insights ➔ proof points ➔ new medicines Wholly owned clinical pipeline
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 Target Disease Indication Late Discovery Preclinical Phase 1/2 Phase 3 Potential Milestone Familial adenomatous REC-4881 MEK1/2 FDA engagement – 1H26 pol
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 Biology to Insight Insight to Molecule Molecule to Patient Physics-based Causal AI Patient Transcriptomics Models Selection & RWD Target Phenomics Validation ML Generative Property Chemistry Prediction Automation Automatio
Slide 14: How the platform compounds value across programs
How the platform compounds value across programs Illustrative V0.1 V1.0 V2.0 PI3K⍺ Late Early Partnered MEK1/2 RBM39 CDK7 MALT1 LSD1 ENPP1 H1047R Discovery Discovery Discovery Phenomics Biology to Insight Transcriptomics Patient Connectivity & Other Molecular Design Insight to Molecule 3D Protein &
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 Familial adenomatous polyposis (FAP) affects Lifelong continuum of disease progression and intervention, >50,000 patients in US + EU51 driven by chronic polyp growth Disease pr
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 Phenotypic discovery identified REC-4881 a novel, therapeutic entry point for FAP • Recursion’s unbiased AI- driven phenotypic Natural history study confirms approach uncovered MEK1
Slide 17: Platform insight: Natural history analysis of polyp burden increase
Platform insight: Natural history analysis revealed ~87% of patients have polyp burden increase, highlighting the disease progression of FAP Annualized % change in polyp burden in a natural history cohort Phenotypic discovery identified Amsterdam University Medical Center FAP registry (N=55) a novel
Slide 18: Safety & efficacy: Rapid reductions in polyp burden with 4mg REC-4881
Data Cutoff Date: 2025-11-25 Safety & efficacy: Rapid reductions in polyp burden with 4mg dose of REC-4881 and safety profile consistent with class effects On Treatment Phase | Week 13 % change from baseline in total polyp burden at Week 13/EOT 75% evaluable patients responded (12 weeks on therapy)
Slide 19: Durability: Durable reductions in polyp burden with 4mg REC-4881
Data Cutoff Date: 2025-11-25 Durability: Durable reductions in polyp burden maintained with 4mg dose of REC-4881 % change from baseline in total polyp burden at Week 25 (12 weeks off therapy) 1 REC-4881 4mg dose level Off Treatment Phase | Week 25 % change from baseline • 82% of evaluable patients r
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 Proof points Insight New medicines Clinical proof: Rapid and Biological insight: durable polyp burden reduction with adverse What’s next: Define MEK1/2 inhibition events consistent with
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 Illustrative Partnered Discovery Phenomics Biology to Insight Discovering >$500 Transcriptomics Novel Biology million Patient Connectivity & Other in total cash inflows achieved across all our Molecular Design partnerships and collaboration
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 1 trillion human-induced pluripotent 2 stem cell first-of-its-kind (hiPSC)-derived Wet lab Dry lab neuroscience maps neuronal cells produced Disease-like Proprietary perturbations to foundatio
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 Biology to Insight Transcriptomics Patient Connectivity & Other 6 AI powered- Phenomaps in neuroscience and 1 GI Molecular Design oncology indication Insight to Molecule 3D Protein & Atomistic Models Next steps:
Slide 25: Sanofi: Advancing differentiated, potential best-in-class molecules
Sanofi: Advancing differentiated, potential best-in-class molecules in oncology and I&I Phenomics Biology to Insight Transcriptomics Patient Connectivity & Other 4 Program milestones achieved to date Molecular Design Insight to Molecule 3D Protein & Atomistic Models Next steps: Advance programs to A
Slide 26: Recursion OS Platform
Focused innovation, grounded in clear impact Recursion OS Platform
Slide 27: Focused investment: Transcriptional Foundational model for target discovery
Focused investment: Transcriptional Foundational model for actionable, novel target discovery Biology to Insight Why: Transcriptional state provides a scalable, cross- system readout of disease biology — enabling lab-to- patient translation and actionable target discovery in silico ✓Best-in-class Tr
Slide 28: Focused investment: AI-driven high quality generative design at scale
Focused investment: AI-driven high quality generative design at scale Insight to Molecule • 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 dev
Slide 29: Focused investment: AI-driven clinical development for trial design and execution
Focused investment: AI-driven clinical development for trial design and execution 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: Smart
Slide 30: Looking ahead
Looking ahead
Slide 31: Expected upcoming milestones
Expected upcoming milestones 2026 and 2027 pipeline and partnership catalysts Focused innovation, Translate insights ➔ proof points ➔ new medicines grounded in clear impact 1H 2026 1H 2027 • Biology foundation models and patient data enabling scalable, high- REC-4881 (MEK1/2i) REC-4881 (MEK1/2i) qua
Slide 32: Thank you
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Recursion Pharmaceuticals — J.P. Morgan Healthcare Conference 2026 on 6ix