Slide 1: Decoding Biology To Radically Improve Lives
Decoding Biology To Radically Improve Lives FEBRUARY 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: 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 4: 2024 Year in Review: A Scaled Pipeline of Best- & First-In-Class Opportunities
2024 Year in Review: A Scaled Pipeline of Best- & First-In-Class Opportunities Clinical data read-outs: • REC-617: Potential best-in-class CDK7 inhibitor for advanced solid tumors showed promising safety and preliminary efficacy in Phase 1 dose escalation • REC-994: Oral superoxide scavenger for pot
Slide 5: 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 Status & Anticipated Milestones ✓ Ph1/2 interim data presented2 in 4Q24 REC-617 CDK7 Advanced solid tumors1 ELUCIDATE • Combination study initiation –
Slide 6: 2024 Year in Review: Partnerships Delivering Meaningful Milestones
2024 Year in Review: Partnerships Delivering Meaningful Milestones Roche-Genentech Sanofi Generated multiple whole-genome phenomaps in Advanced two programs through initial milestones, oncology and neuro to uncover new targets and generating $15 million in aggregate payments potential therapies; $30
Slide 7: 2024 Year in Review: Our Platform Leads the Industry in Data, Models, and Compute
2024 Year in Review: Our Platform Leads the Industry in Data, Models, and Compute Compute: • Built Biohive-2 with NVIDIA, believed to be the most powerful wholly-owned and operated supercomputer in biopharma Data Capabilities: • Mapped 1.4 million active ligands to binding pockets for structure-base
Slide 8: Unified Recursion OS with First-in-Class & Best-in-Class capabilities
Unified Recursion OS with First-in-Class & Best-in-Class capabilities 8
Slide 9: Unified Recursion OS with First-in-Class & Best-in-Class capabilities
Unified Recursion OS with First-in-Class & Best-in-Class capabilities 9
Slide 10: Recursion OS moves medicines to clinic faster and at a lower cost
Recursion OS moves medicines to clinic faster and at a lower cost (Far Left): Time from hypothesis screening to validated hit package for legacy Recursion programs. (Center Left): Legacy Exscientia compounds synthesized from hit to candidate ID. 10 (Center Right): Total spend from hypothesis screeni
Slide 11: On-track to deliver at least $100M in synergies from the business-combination
On-track to deliver at least $100M in synergies from the business-combination FY2024 REVENUE CASH FY24 pro forma revenue $603 million $82.6 million1 in cash, cash equivalents and restricted cash2 Expected cash runway into 2027 Operating Expense Update • At least $100 million in synergies with majori
Slide 12: 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 1H25 REC-617 (CDK7i) in advanced solid tumors Initia
Slide 13: 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 13
Slide 14: The Race to Accurately Simulate Biology at Scale
The Race to Accurately Simulate Biology at Scale 14
Slide 15: The Race to Accurately Simulate Biology at Scale
The Race to Accurately Simulate Biology at Scale MACRO Patient Models Real-world patient data + AI Largest, fit-for-purpose Pathway Model perturbative biology + foundation models make Recursion a leader Increasingly commoditized – Protein Model Partnering with builders of frontier models for early a
Slide 16: Multi-pronged capital efficient business strategy
We harness value from the Recursion OS with a multi-pronged capital efficient business strategy Pipeline strategy PIPELINE • Oncology Build internal pipeline in indications with • Rare disease • Other areas of high potential for advance transformational unmet need medicines for patients Partnership
Slide 17: Pipeline
VALUE CREATION Pipeline
Slide 18: Oncology
PIPELINE Oncology
Slide 19: Advanced Solid Tumors (CDK7 Inhibitor): REC-617
ONCOLOGY Advanced Solid Tumors (CDK7 Inhibitor): REC-617* Unmet Need Differentiation ~185,000 Recursion Approach • Aberrant CDK7 • Potential Best-in-Class and First-in-Class CDK7 Inhibitor overexpression common in • Designed with reduced transporter interactions to advanced transcriptionally- Treata
Slide 20: Solid Tumors & Lymphoma (RBM39 Degrader): REC-1245
ONCOLOGY Solid Tumors & Lymphoma (RBM39 Degrader): REC-1245 Unmet Need Differentiation >100,000 Recursion Approach • Solid tumor and lymphoma • Potential First-in-Class RBM39 Degrader patients experience disease • No significant in vitro safety concerns (hERG, CEREP) progression while on frontline T
Slide 21: B-Cell Malignancies (MALT1 Inhibitor): REC-3565
ONCOLOGY B-Cell Malignancies (MALT1 Inhibitor): REC-3565* Unmet Need Differentiation ~41,000 Recursion Approach • Mutations causing constitutive • Potential Best-in-Class MALT1 Inhibitor MALT1 protease activity and • Low UGT1A1 anticipated liability versus competitors MALT1-cIAP fusions are Treatabl
Slide 22: Small-Cell Lung Cancer (LSD1 Inhibitor): REC-4539
ONCOLOGY Small-Cell Lung Cancer (LSD1 Inhibitor): REC-4539* Unmet Need Differentiation >45,000 Recursion Approach • SCLC is a highly progressive • Potential Best-in-Class LSD1 Inhibitor disease with 5-year OS ~3% in • Shorter-predicted half-life plus reversible MOA to the extensive stage Treatable U
Slide 23: Rare disease
PIPELINE Rare disease
Slide 24: Cerebral Cavernous Malformation (Superoxide Scavenger): REC-994
• RARE DISEASE Cerebral Cavernous Malformation (Superoxide Scavenger): REC-994 Unmet Need Differentiation ~360,000 Recursion Approach • No approved therapy • Potential First-in-Disease oral therapeutic for CCM • Surgical resection or • No TEAEs leading to discontinuation up to 800 mg in Ph 13 stereo
Slide 25: Familial Adenomatous Polyposis (MEK1/2 inhibitor): REC-4881
RARE DISEASE Familial Adenomatous Polyposis (MEK1/2 inhibitor): REC-4881 Unmet Need Differentiation ~50,000 Recursion Approach • No approved therapy • Potential First-in-Disease and Best-in-Class for FAP • Colectomy during adolescence • Potent, non-competitive, allosteric MEK1/2 inhibitor is standar
Slide 26: Hypophosphatasia (ENPP1 Inhibitor): REV102
RARE DISEASE Hypophosphatasia (ENPP1 Inhibitor): REV102 Unmet Need Differentiation >7,800 Recursion Approach3 • Opportunity to significantly reduce • Potential First-in-Class and Best-in-Class ENPP1 Inhibitor costs & treatment burden • Non-immunogenic small molecule offering potentially • Many patie
Slide 27: Neurofibromatosis Type 2 (HDAC Inhibitor): REC-2282
RARE DISEASE Neurofibromatosis Type 2 (HDAC Inhibitor): REC-2282 Unmet Need Differentiation ~33,000 Recursion Approach • No approved therapy • Potential First-in-Disease and Best-in-Class for NF2 • Surgery/RT is standard of • Potential to rescue disease-inducing effects of NF2 loss care (when feasib
Slide 28: Other areas of high unmet need
PIPELINE Other areas of high unmet need
Slide 29: C. difficile (C. diff Toxin B Selective Inhibitor): REC-3964
OTHER C. difficile (C. diff Toxin B Selective Inhibitor): REC-3964 Unmet Need Differentiation • Limited treatment options for high-risk population with ~175,000 • Potential First-in-Class as non-antibiotic oral for rCDI • Highly potent and well-tolerated with no reported DLTs, Recursion Approach rec
Slide 30: Idiopathic Pulmonary Fibrosis (Target Epsilon): REC-4209
OTHER Idiopathic Pulmonary Fibrosis (Target Epsilon - Undisclosed): REC-4209 Unmet Need Differentiation • Approved therapies show modest slowing ~130,000 • Potential First-in-Class treatment for IPF • Potential for safe and well-tolerated novel treatment Recursion Approach of IPF progression Diagnos
Slide 31: Partnerships & Data Strategy
VALUE CREATION Partnerships & Data Strategy
Slide 32: Multi-pronged capital efficient business strategy
We harness value from the Recursion OS with a multi-pronged capital efficient business strategy Pipeline strategy PIPELINE • Oncology Build internal pipeline in indications with • Rare disease • Other areas of high unmet potential for advance transformational need medicines for patients Partnership
Slide 33: Partnerships with approximately $450M earned to date and potential for more than $20B in milestones
Partnerships with approximately $450M1 earned to date and potential to receive more than $20B2 in additional milestones TECH PARTNERSHIPS NEUROSCIENCE & ONCOLOGY $150M upfront and up to 40 programs in neuroscience and one indication in gastrointestinal cancer, each of which could yield more than $30
Slide 34: Multi-pronged capital efficient business strategy
We harness value from the Recursion OS with a multi-pronged capital efficient business strategy Pipeline strategy PIPELINE • Oncology Build internal pipeline in indications with • Rare disease • Other areas of high unmet potential for advance transformational need medicines for patients Partnership
Slide 35: We license subsets of data and key tools to maximize value-drivers
We license subsets of data and key tools to generate new data to maximize pipeline and partnership value-drivers COMPUTATION & ML/AI REAL-WORLD DATA ACCESS Partnership on advanced Preferential access to >20 PBs of computation, priority access to real-world, multi-modal oncology compute hardware or D
Slide 36: LOWE puts the Recursion OS at your fingertips via natural language
LOWE puts the Recursion OS at your fingertips via natural language without any coding expertise required Note: Large Language Model-Orchestrated Workflow Engine (LOWE) is Recursion’s LLM-based software that can perform complex drug discovery tasks and 36 orchestrate both wet-lab and dry-lab componen
Slide 37: Culture and Team
Culture and Team
Slide 38: 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 Ben Taylor David Mauro, MD PHD David Hallett, PHD PHD Chief R&D Officer & Chief Financial Chief Medical Officer Chief Scientific Officer Co-Founder, & Chief Commercial Officer & Pre
Slide 39: 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 40: Pipeline Details
APPENDIX Pipeline Details
Slide 41: Oncology
PIPELINE Oncology
Slide 42: 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 43: 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 44: 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 45: REC-617 achieves dose dependent PK/PD and strong target modulation
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 ~80–90% targe
Slide 46: REC-617 offers a competitive and unique profile
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 more rapi
Slide 47: REC-617: Durable monotherapy PR in metastatic ovarian cancer patient
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 of tumor m
Slide 48: 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 49: REC-1245: Platform inferred similarity between RBM39 and CDK12 biology
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 50: 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 51: 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 52: 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 1H25 design
Slide 53: REC-3565: Minimal UGT1A1 liability vs competitors
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 54: 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 55: 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 56: REC-4539: Sufficient CNS exposures vs competitors
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 57: REC-7735 (PI3Kα H1047R): AI-designed selective PI3K inhibitor
REC-7735 (PI3Kα H1047R): An AI-designed, highly selective H1047R- targeting PI3K inhibitor designed to enhance therapeutic index* Recursion OS: REC-7735 Discovery PI3Kα H1047R • >100-fold better selectivity against WT PI3Kα, 10x-fold better selectivity vs. other WT sparing inhibitors • Limited hyper
Slide 58: REC-7735 demonstrates preliminary efficacy with limited hyperglycemia
In vivo: REC-7735* demonstrates preliminary competitive efficacy with limited hyperglycemia versus SoC in preclinical models CDX Model: PI3Ka H1047R 1 Naïve Wildtype Mice2 Dose-dependent tumor No increase in regression hyperglycemia markers Tumor growth Tumor regression *Program is currently in cand
Slide 59: Rare disease
PIPELINE Rare disease
Slide 60: 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 61: 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 62: REC-994: Randomized phase 2 trial in symptomatic CCM
REC-994 (Superoxide Scavenger): A randomized, double- blind, placebo-controlled phase 2 trial in symptomatic CCM patients Sycamore 994-201 Enrollment Criteria PART 1 PART 2 • MRI-confirmed CCM lesion(s) Screening & Randomization 1:1:1 Treatment Follow-up • Familial or sporadic • Symptoms directly re
Slide 63: REC-994: Baseline characteristics balanced between arms
REC-994 (Superoxide Scavenger): Baseline characteristics were generally balanced between treatment arms Placebo REC-994 200 mg REC-994 400 mg Total Characteristic (N=20) (N=21) (N=21) (N=62) Age, years 47.1 (15.8) 46.6 (14.5) 48.9 (10.8) 47.5 (13.6) At time of diagnosis, years 37.1 (15.2) 36.7 (20)
Slide 64: REC-994: No new safety signals observed
REC-994 (Superoxide Scavenger): No new safety signals observed, with incidence of adverse events comparable across arms • Most common adverse Placebo REC-994 200 mg REC-994 400 mg Total events reported in at least Event, n (%) (N=20) (N=21) (N=21) (N=62) 10% of participants included: Any Treatment E
Slide 65: REC-994: 50% of patients on 400 mg achieved lesion volume reduction
REC-994 (Superoxide Scavenger): 50% of patients on 400 mg achieved a reduction in total lesion volume (LV) REC-994 REC-994 Total Lesion Volume at 12 months (ALL patients) Placebo 200 mg 400 mg All Patients with Baseline and 12-month Scans (N=18) (N=17) (N=20) Absolute mean change in 53 mm3 61 mm3 –
Slide 66: REC-994: Lesion volume reduction, brainstem only patients
REC-994 (Superoxide Scavenger): 50% of patients on 400 mg achieved a reduction in total lesion volume (LV) Brainstem only patients REC-994 REC-994 Total Lesion Volume at 12 months (Brainstem only) Placebo 200 mg 400 mg with Baseline and 12- month Scans (N=10) (N=7) (N=12) Absolute mean change in -23
Slide 67: REC-994: Reductions in brainstem lesion volume and symptom resolution
REC-994 (Superoxide Scavenger): Reductions in brainstem lesion volume and resolution in CCM-associated symptoms 39-year-old female diagnosed with a sporadic CCM • REC-994 was observed to be safe and well brainstem lesion tolerated with no treatment related > Grade Baseline 12 months 3 adverse events
Slide 68: REC-4881: MEK1/2 Inhibitor
REC-4881: MEK1/2 Inhibitor A highly selective and potent MEK1/2 inhibitor as chemoprevention for 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 69: 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 70: 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 71: 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 72: 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 73: 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 74: REC-2282: Identified as a unique HDAC inhibitor in unbiased screen
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 75: 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 76: Other areas of high unmet need
PIPELINE Other areas of high unmet need
Slide 77: 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 78: 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 79: 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 80: 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 81: REC-4209: Novel mechanism with preclinical efficacy in fibrosis model
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 82: Partnerships & Data Strategy Details
APPENDIX Partnerships & Data Strategy Details
Slide 83: 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 84: Platform, technology, and data partnerships
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 85: Recursion.
9 Recursion.