Slide 1: Learnings 1Q25
oO. Recursio Learnings 1Q25 ay 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: Recursion OS delivers a decisive, data-led portfolio strategy
PROGRAM 1 PROGRAM 3 PROGRAM 5 PROGRAM 7 PROGRAM 2 PROGRAM 4 PROGRAM 6 PROGRAM 8 PROGRAM 1 Biotech vs. Recursion PROGRAM 2 PROGRAM 3 R EC U R S IO N O S M O D ELS | D ATA | C O M PU TE Recursion OS delivers a decisive, data-led portfolio strategy 4
Slide 4: Recursion 0.1
Recursion 0.1 e.g.: FAP Phenomics SiRNA Repurposing 5
Slide 5: Recursion 1.0
Recursion 0.1 e.g.: FAP Phenomics SiRNA Repurposing Recursion 1.0 e.g.: RBM39 Phenomics Transcriptomics NCEs CRISPR 6
Slide 6: Recursion 2.0 early-stage discovery programs
Recursion 0.1 e.g.: FAP Phenomics SiRNA Repurposing Recursion 1.0 e.g.: RBM39 Phenomics Transcriptomics NCEs CRISPR Multimodal data Compute Combination of RXRX & EXAIActive design Recursion 2.0 Early-stage discovery programs 7
Slide 7: Time and cost to candidate versus industry
0 10 20 30 40 50 60 Industry Legacy Recursion Ti m e to c an di da te I D ( m on th s) > and go faster 0 5 10 15 20 25 30 Industry Legacy Recursion C os t to I N D ( $M ) > spend less > 0 500 1,000 1,500 2,000 2,500 3,000 Industry Legacy Exscientia > highly productive compound design to > # s yn th
Slide 8: Commit to streamlined integrated portfolio
Commit to streamlined integrated portfolio Deliver on our commitment to a streamlined post-integration pipeline and overall operations by 1Q25, enabling a disciplined R&D strategy built for near and long- term impact Prioritize with integrated Recursion OS 2.0 platform Rapidly validate emerging oppo
Slide 9: Pipeline
Candidate Target BIC/FIC Indication Preclinical IND-Enabling Phase 1 / 2 Phase 3 REC-617 CDK7 BIC Advanced solid tumors1 REC-1245 RBM39 FIC Biomarker-enriched solid tumors & lymphoma REC-3565 MALT1 BIC B-cell malignancies REC-7735 PI3Kα H1047R BIC Breast Cancer REC-4881 MEK1/2 FIC Familial adenomato
Slide 10: Partnerships
• $20M upfront | >$650M deal value • Focused on three projects in oncology & immunology ONCOLOGY & IMMUNOLOGY • $80M upfront + investment | ~$1.5B total value • Focusing on up to seven programs in oncology ONCOLOGY • $100M upfront | >$5B total value • Focusing on up to 15 novel small molecule candid
Slide 11: Portfolio Update
Portfolio Update
Slide 12: Pipeline
1. Includes non-small cell lung cancer (NSCLC), colorectal cancer, breast cancer, pancreatic cancer, ovarian cancer, head and neck cancer 2. Joint Venture with Rallybio 3. Strategic pause to ensure a competitive Target Product Profile 13 Candidate Target BIC/FIC Indication Preclinical IND-Enabling P
Slide 13: Prioritized programs
REC-617 | CDK7 Ph 1/2 Mono; Ph 1 Combo 1H25 Solid tumors1 Optimized PK/PD with potential for improved efficacy and safety via a wider therapeutic index ~185,000 addressable patients REC-1245 | RBM39 Ph 1 Solid tumors2, Lymphoma Phenotypic insight to identify novel MOA to modulate DDR biology ~100,00
Slide 14: Deprioritized programs: REC-2282, REC-994, REC-3964
REC-2282 NF2 REC-994 CCM REC-3964 C. difficile • New findings: • Phase 2 for NF2-related meningioma passed the futility threshold, primarily driven by the 40 mg cohort; however, the 60 mg and combined dose arms did not pass the futility criteria • Limited tumor shrinkage and clinical activity across
Slide 15: Powered by the Recursion OS 2.0 platform
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 Differentiated, product first mindset, powered
Slide 16: Upcoming milestones 2025-2026
2025 2026 H1 REC-617 (CDK7i) in advanced solid tumors Initiation of combination study H2 REC-4881 (MEK1/2i) in FAP Additional safety and efficacy data from TUPELO REC-617 (CDK7i) in advanced solid tumors Additional Phase 1 data from ELUCIDATE REC-7735 (PI3Kα H1047Ri) DC nomination H1 REC-1245 (RBM39
Slide 17: MEK 1/2 Rare Disease
MEK 1/2 Rare Disease
Slide 18: REC-4881 MEK1/2 inhibitor for FAP
A highly selective, potent MEK1/2 inhibitor as chemoprevention for Familial Adenomatous Polyposis (FAP) Unmet need1 • No systemic therapies for ~50,000 FAP patients beyond colectomy • ~15,000 patients post colectomy, >55 years old Thesis & Differentiation • First oral therapy, targeting underlying g
Slide 19: 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 20: REC-4881 preclinical summary
REC-4881: • Reduces polyp count more effectively than celecoxib in APCmin/- mice • Decreases both polyp number and high-grade adenoma percentage, unlike celecoxib A) Mean Polyps Per Group B) % Pre-Cancerous Polyps Preclinical Summary1 1. REC-4881 reduces polyp count and eliminates high grade adenoma
Slide 21: TUPELO 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 Study Objectives: Safety/tolerability Pharmacokinetics Pharmacodynamics Single
Slide 22: TUPELO study design and enrollment
• 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 Study Objectives: Safety/tolerability Pharmacokinetics Pharmacodynamics Single
Slide 23: REC-4881 preliminary safety
REC-4881 Preliminary Safety Event, n (%) Placebo (N=2) REC-4881 4 mg (N=16)3 REC-4881 8 mg (N=3) REC-4881 Total (N=19) Any Treatment Emergent Adverse Event (TEAE) 2 (100) 13 (81.2) 3 (100) 16 (84.2) TEAEs Grade ≥3 0 5 (31.2) 0 5 (26.3) Any TEAE related to study drug (TRAE) 1 (50.0) 13 (81.2) 2 (66.7
Slide 24: REC-4881 preliminary efficacy
• 6 patients on 4 mg efficacy evaluable1 • 100% (n=6) on therapy for at least 9 weeks • 43% median reduction in total polyp burden • > 30% reduction in total polyp burden (sum of polyp diameters) at week 13 assessment • At week 25, 2 out of 2 patients on the 12-week on/12- week off regimen maintaine
Slide 25: REC-4881 preliminary efficacy: upper and lower GI burden
REC-4881 Preliminary Efficacy • Upper GI Burden • 6 patients efficacy evaluable1 • 58% median reduction in UGI polyp burden • Lower GI Burden • 5 patients efficacy evaluable1 • 57% median reduction in LGI polyp burden Data Cutoff Date: 2025-03-17 Upper GI Polyp Burden Lower GI Polyp Burden Waterfall
Slide 26: REC-4881 preliminary efficacy by subject
REC-4881 Preliminary EfficacySubject ID Polyp Burden Screening -> W13 (CfB%) Polyp Count Screening -> W13 (CfB%) Spigelman Stage Screening –>W13 001-2001 -31% -22% NA-> II 016-2001 -50% -56% III -> I 016-2002 -69% -78% IV -> II 003-2001 -82% -79% III -> II 003-2002 -37% -35% II -> II 001-2003 +595%
Slide 27: REC-4881 summary
Biological Insight MEK1/2 inhibition identified as a unique mechanism for FAP through an unbiased ML-aided phenotypic screen In Vivo Data Significant reduction in both polyp count and precancerous adenomas at lowest dose tested Clinical 43% median reduction in total polyp burden at week 13 and 50% o
Slide 28: PI3Kα H1047R Oncology
PI3K⍺ H1047R Oncology
Slide 29: REC-7735 PI3Kα H1047R inhibitor
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⍺- H1047R mutation • ~11,0002 advanced or metastatic patients Thesis & Differentiation3 • CNS penetrant molecule, >100x selectivity vs WT PI3K⍺ • Low ris
Slide 30: Recursion OS delivered a differentiated candidate in 18 months
Recursion OS built fit-for-purpose assay cascade and delivered a differentiated Candidate in 18 months and fewer than 250 compounds PrioritizeDesignBiology Novel insights • Generated proprietary structural biology insights Molecular Dynamics (MD) simulations • Utilized to explore binding pocket of i
Slide 31: REC-7735 tumor regression without hyperglycemia
No increase in hyperglycemia markers Tu m or g ro w th Tu m or r eg re ss io n Dose-dependent tumor regression CDX Model: PI3Ka H1047R1 Naïve Wildtype Mice2 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 dis
Slide 32: REC-7735 versus Capivasertib
Tu m or g ro w th Tu m or r eg re ss io n • REC-7735 (6.25mg/kg BID) shows similar anti- tumor activity to Capivasertib (100mg/kg BID) • AKT inhibitor, shown promising clinical efficacy with endocrine therapy • REC-7735 (18.75mg/kg BID) significantly outperforms high-dose Capivasertib (100mg/kg BID)
Slide 33: REC-7735 versus Fulvestrant/Abemaciclib combination
• REC-7735 shows strong, significant tumor regression at low doses (≥6.25mg/kg BID) • REC-7735 alone outperforms Fulvestrant/Abemaciclib combination therapy • Even low-dose REC-7735 significantly enhances the efficacy of Fulvestrant ± Abemaciclib CDX Model: PI3Ka H1047R2 Tu m or g ro w th Tu m or r
Slide 34: REC-7735 summary
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 low doses outperforms clinically approved age
Slide 35: Rare Disease ENPP1
Rare Disease ENPP1 Recursion | Rallybio 9 | Bally 2 17
Slide 36: ENPP1 inhibitor for hypophosphatasia
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 • Opportunity to significantly reduce costs Thesis & Differentiation • First oral disease-modi
Slide 37: Recursion OS multi-parameter optimization engine
Novel insights • ENPP1 inhibition helps correct phenotypes caused by LOF mutations in ALPL gene • Oral drug reduces cost and improves convenience and access over ERT Novel scaffolds • Structurally distinct molecules to prevent selectivity issues High bar for safety • Optimized pharmacophore against
Slide 38: REV102 in vivo efficacy
• REV102 extends survival in an early-onset ALPL KO mice model • REV102 transiently reduces PPi levels to enhance mineralization • Tibia BMD is fully restored to wildtype levels in treated mice In Vivo Efficacy Early-Onset HPP Model1 Plasma PPi2 Bone Density3 Wildtype (Vehicle) Strensiq 6 mpk REV102
Slide 39: REV102 in vivo efficacy: late-onset HPP
Patella (yellow arrow) Growth plate (green arrow) Plasma PPi Late-Onset HPP Model2 • Untreated mice present underdeveloped patellofemoral joints • REV102 treatment corrects bone defect and improves patella structure • REV102 treatment significantly reduces plasma PPi concentrations In Vivo Efficacy1
Slide 40: REV102 summary
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 through transient PPi reduction valid
Slide 41: Oncology RBM39・CDK7・MALT1 Clinical Portfolio
Oncology RBM39・CDK7・MALT1 Clinical Portfolio
Slide 42: REC-1245 RBM39
Monotherapy dose escalation ongoing with preliminary update 1H26 CDX Model: OVK181 SimilarOpposite REC-1245 Ongoing ClinTech work to accelerate enrollment and identify new indications • Using RWD to identify quality sites for faster enrollment • Ongoing causal AI modeling to explore potential additi
Slide 43: REC-617 CDK7
Monotherapy dose escalation ongoing with update 1H26; Combination study to initiate 1H25 Human Genetics Data and Cell Line screens to validate new indications • Causal AI approach to determine impact of CDK7 inhibition on survival • 2 new potential indications identified Potent tumor regression with
Slide 44: REC-3565 MALT1
Monotherapy dose escalation ongoing with preliminary update 1H26 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-agent and synergistic activity • Single agent show
Slide 45: Partnered Programs Portfolio
Partnered Programs Portfolio
Slide 46: Partnered programs and Recursion OS tools
OptimizeDesignBiology QM/MD simulations to explore protein and ligand flexibility Applying Recursion OS cutting-edge generative design platform Active Learning to maximize optimization and exploration 4 Program milestones achieved to date • Complete first development candidates and advance programs
Slide 47: Roche and Genentech phenomaps
~5 Phenomaps • Additional phenomap builds ongoing • Leveraging Recursion OS and collaborating with Roche and Genentech to identify new programs in a GI Oncology Indication & Neuroscience What’s next Collaboratively working to identify novel biological insights from phenomaps for validation Lab in th
Slide 48: Partnership catalysts
Partnership Catalysts Potential for additional phenomap options Potential for multiple new project initiations Potential for multiple programs optioned by partners 2025 2026 H1 REC-617 (CDK7i) in advanced solid tumors Initiation of combination studies H2 REC-4881 (MEK1/2i) in FAP Additional safety a
Slide 49: Financial Update
Financial Update e Recursion.
Slide 50: Cash position and runway
• Prioritized pipeline and streamlined operations • Reduced platform costs associated with capacity, while protecting capability • Continued investment in key aspects of platform to drive near and long-term value • Delivering on partnerships and continue to achieve cash-generating milestones • Limit
Slide 51: Cash burn and budget savings
Cash flow items1 2024 ($m) RXRX cash flow from operating activities (359) RXRX capital expenditures (14) RXRX partnership inflow addback (30) EXAI pre-combination net cash flows (184) EXAI partnership inflow addback (19) Total combined $(606) Primary areas of budget savings: • Pipeline prioritizatio
Slide 52: Recursion 2.0
Recursion 2.0 e Recursion.
Slide 53: 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 54: Q&A
Q&A