Slide 1: Earnings 2Q26
2) Recursion. Earnings 2Q26 AUGUST 5, 2026
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 AI-enabled product engine is delivering differentiated programs
Our AI-enabled product engine is delivering differentiated programs Product engine End-to-end AI-native product engine REC-4881 in FAP — promising Phase for drug discovery & development Pipeline 2 data, >$10B TAM 1 Proprietary 1 An advancing internal pipeline with multiple clinical multimodal data v
Slide 4: Building differentiated medicines with independent long-term value
Building differentiated medicines with independent long-term value Proprietary Data Recursive Lab-in-the-Loop Differentiated Products Every prediction is Our AI learns from data no The engine repeatedly experimentally challenged one else has generated creates independent assets and improves the next
Slide 5: We have delivered on our milestones this year, with strong momentum and catalysts ahead
We have delivered on our milestones this year, with strong momentum and catalysts ahead Delivered year to date Key potential near-term milestones REC-4881 (MEK1/2) Initial engagement with FDA REC-4881 (MEK1/2) Additional Ph 2 clinical data at CGA-IGC Update on FDA engagement REC-1245 (RBM39 degrader
Slide 6: Our AI-native product engine compounds advantage across every stage of R&D
Our AI-native product engine compounds advantage across every stage of R&D Industry baseline Recursion’s AI product engine Recursion’s advantage • Majority of biology still unknown • Largest proprietary dataset (>50PB)1 Biology • Discovery limited by incomplete • Multiple novel programs understandin
Slide 7: Our AI-native product engine compounds advantage across every stage of R&D
Our AI-native product engine compounds advantage across every stage of R&D Industry baseline Recursion’s AI product engine Recursion’s advantage • Majority of biology still unknown Genentech exercised FIRST unexplored Biology • Discovery limited by incomplete Neuroscience target understanding of hum
Slide 8: Unexplored neuroscience target optioned by Genentech from the Recursion, Roche and Genentech partnership
Unexplored neuroscience target optioned by Genentech from the Recursion, Roche and Genentech partnership $216 million in upfront and milestone payments achieved to date 2024 KEY M ILESTONE ACCEPTED Roche and Genentech Neuron AI biological map 3Q24 - $30M 2025 1st unexplored target, ACCEPTED Roche an
Slide 9: Neuroscience: A growing disease burden, constrained by a limited target landscape
Neuroscience: A growing disease burden, constrained by a limited target landscape Vast unmet need persists as the industry repeatedly targets the same biology and limited success. 3B+ people Less than half the The brain is affected approval rate difficult to model Neurological conditions CNS drugs f
Slide 10: What does it take to build confidence and deliver a target?
What does it take to build confidence and deliver a target? QUESTION Are you working in a disease relevant cellular context? HOW RECURSION & ROCHE AND GENENTECH PARTNERED TOGETHER Scaled, high-dimensional data set with the potential to contain multiple novel targets 1T+/~12 brains 100B+ hiPSC-derive
Slide 11: What does it take to build confidence and deliver a target?
What does it take to build confidence and deliver a target? QUESTION Are you grounding your research in known disease biology? HOW RECURSION & ROCHE AND GENENTECH PARTNERED TOGETHER • Hundreds of known-disease causing perturbations were added to experimental plates in the Map (e.g. disease-causing r
Slide 12: What does it take to build confidence and deliver a target?
What does it take to build confidence and deliver a target? QUESTION Can you find valuable insights others have missed? HOW RECURSION & ROCHE AND GENENTECH PARTNERED TOGETHER • Whole-genome screens allow us to apply biological expertise to interpret correlations across over 17,000+ genes for novel i
Slide 13: What does it take to build confidence and deliver a target?
What does it take to build confidence and deliver a target? QUESTION How do you establish confidence that your target is disease-relevant? HOW RECURSION & ROCHE AND GENENTECH PARTNERED TOGETHER Validated with Genentech, and advancing into a co-developed discovery program 1 2 3 Pathway validation Fun
Slide 14: Collaborative process to generate and validate neuroscience targets
Collaborative process to generate and validate neuroscience targets 1. Builds disease-relevant 2. Explores the human human models with high- genome at scale dimensional data Next steps: Output: Unexplored biology Output: Disease-relevant emerges from maps, reviewed biology at unprecedented • Advanci
Slide 15: Internal Pipeline
Today’s news Internal Pipeline
Slide 16: Our platform-derived internal pipeline is differentiated and rich in near term catalysts
Our platform-derived internal pipeline is differentiated and rich in near term catalysts AI enabled differentiation Disease Addressable Late indication(s) patients1 discovery Preclinical Phase 1/2 Pivotal Next catalyst Biology Design Clinical REC-4881 Familial adenomatous MEK1/2 (Oral) >50,000 2H26:
Slide 17: REC-4881
Translating proof to products REC-4881 MEK1/2
Slide 18: REC-4881: Potential first targeted medicine for familial adenomatous polyposis (FAP)
REC-4881: Potential first targeted medicine for familial adenomatous polyposis (FAP) SIG NIF ICANT REC -48 81 M OA U NME T N E ED Initiation pathway Evolution pathway >50k APC mutation Additional mutations (e.g., KRAS, BRAF, EGFR) REC-4881 Diagnosed post-colectomy patients (US + EU5) 1 β-catenin MAP
Slide 19: Jenny's journey: A lifetime of surveillance and surgeries
Jenny’s journey: A lifetime of surveillance and surgeries Jenny J. Founder of Life’s a Polyp, rare disease advocate, and patient living with FAP 8 Major Surgeries to Date Colectomy Gall with ileal 4 follow-up Follow up bladder Pouch pouch surgeries reversal surgery removal FAP Short Bowel Abdominal
Slide 20: REC-4881: A potential paradigm shift for FAP — echoed by physicians treating these patients today
REC-4881: A potential paradigm shift for FAP — echoed by physicians treating these patients today • 43% median polyp burden “The most compelling piece of data is the durability of Rapid, durable reduction in 3 months REC-4881 from week 13 to 25. The fact that the efficacy • Reduction sustained off b
Slide 21: Near term value inflection across REC-4881: Regulatory update and key congress presentation
Near term value inflection across REC-4881: Regulatory update and key congress presentation Key upcoming milestones 30th CGA-IGC Annual Meeting, Denver • Leading annual meeting dedicated specifically to • Ongoing hereditary GI cancer syndromes including FAP Enrollment of ≥18 cohort underway; dose op
Slide 22: REC-7735
Translating proof to products REC-7735 PI3Kα
Slide 23: Recent pan-mutant PI3Kα inhibitors still have suboptimal therapeutic index
Recent pan-mutant PI3Kα inhibitors still have suboptimal therapeutic index PI3Kα is a validated target but wildtype inhibition drives hyperglycemia and tolerability issues that limit efficacy A validated oncology target1 WHAT WE'RE HEARING FROM KOLS PI3Kα-H1047R mutation is a validated driver across
Slide 24: Our platform designed a mutant-selective PI3Kα H1047R inhibitor built to improve therapeutic index
Our platform designed a mutant-selective PI3Kα H1047R inhibitor built to improve therapeutic index RE C -77 35 Precision for H1047R turns >100x selectivity into a wider therapeutic index A wider therapeutic index drives multiple benefits: >100x Deep target >100x selectivity drives full inhibition of
Slide 25: Highly mutant-selective PI3K inhibitors with an improved TI have potential to benefit a greatly expanded patient population
Highly mutant-selective PI3K inhibitors with an improved TI have potential to benefit a greatly expanded patient population Improved outcomes for Ability to treat additional indications not reached by current therapies indications with PI3Kα inhibitors due to insufficient depth of inhibition, hyperg
Slide 26: Phase 1 Dose Finding Clinical Trial: ZINNIA Phase 1/2 trial in patients with PIK3CA H1047R-mutant select solid tumors
Phase 1 Dose Finding Clinical Trial: ZINNIA Phase 1/2 trial in patients with PIK3CA H1047R-mutant select solid tumors Phase 1 Monotherapy Dose Finding & Dose Expansion / Optimization Phase 1A: Dose Finding Phase 1B: Dose Expansion • Combination expansion will be based Patients with solid tumors with
Slide 27: Our AI-powered Product Engine
Our AI-powered Product Engine
Slide 28: Frontier AI and agents amplifies the value of Recursion's proprietary data and product engine
Frontier AI and agents amplifies the value of Recursion's proprietary data and product engine Select examples of early agent implementations Target discovery agent Enabling scientists to mine and extract insights from proprietary maps in hours Pairs frontier reasoning with proprietary rather than we
Slide 29: Link to Video
AGENTIC DESIGN How we design our drugs matters as much as the drugs themselves. Link to Video @ Recursion
Slide 30: Nesso-1: Open source – Affinity prediction that keeps pace with rapid design cycles
Nesso-1: Open source – Affinity prediction that keeps pace with rapid design cycles New: Nesso-1 applied for live programs on platform supported by disease-relevant data • Boltz-2 accuracy on public benchmarks at ~10- 20× faster inference • >20x more compounds screened for the same cost as current s
Slide 31: Bolstering our team with key new hires
Bolstering our team with key new hires Hoifung Poon, Ph.D. Chief AI Officer • Seasoned AI Research Executive: 15+ years at Microsoft, most recently General Manager of Microsoft Research, leading biomedical AI research centered on the "virtual patient", a high -fidelity digital twin of the patient jo
Slide 32: Financials
Pairing bold ambition with disciplined execution Financials
Slide 33: Building more value with less cost
Building more value with less cost Reducing 2026 cash operating expense1 guidance to <$375m (from <$390m) An outcomes-based, fit-for-purpose organization: • Prioritized capital towards operations with clear and measurable impact, focused on long-term pipeline and technology differentiation • Leaders
Slide 34: Looking ahead
Looking ahead
Slide 35: Expected upcoming milestones
Expected upcoming milestones 2026 and 2027 catalysts 1H 2026 2H 2026 1H 2027 2H 2027 REC-4881 (MEK1/2) REC-7735 (PI3Kα) REC-4881 (MEK1/2) REC-4539 (LSD1) Initial engagement with FDA IND clearance Add’l Phase 2 data Mono – early safety and PK REC-1245 (RBM39 degrader) REC-617 (CDK7) REC-4881 (MEK1/2)
Slide 36: THANK YOU
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Slide 38: Appendix
Appendix Non-GAAP Financial Measures To supplement our financial statements prepared in accordance with U.S. GAAP, we monitor and consider operating cash expense, which is a non-GAAP financial measure. We define operating cash expense as the net cash used in operating activities, excluding non-ordin