# EDGAR Filing Document

**Accession Number:** 0001601830
**File Stem:** 0001601830-26-000038
**Filing Date:** 2026-2
**Character Count:** 74559
**Document Hash:** a1892b69bb87c3db784754794a125a61
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001601830-26-000038.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0001601830-26-000038

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 61

**CONFORMED PERIOD OF REPORT**: 20260225

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RECURSION PHARMACEUTICALS, INC.
- **CENTRAL INDEX KEY:** 0001601830
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 464099738
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40323
- **FILM NUMBER:** 26674113

**BUSINESS ADDRESS:**
- **STREET 1:** 41S RIO GRANDE STREET
- **CITY:** SALT LAKE CITY
- **STATE:** UT
- **ZIP:** 84101
- **BUSINESS PHONE:** (385) 269-0203

**MAIL ADDRESS:**
- **STREET 1:** 41S RIO GRANDE STREET
- **CITY:** SALT LAKE CITY
- **STATE:** UT
- **ZIP:** 84101

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Recursion Pharmaceuticals, LLC
- **DATE OF NAME CHANGE:** 20140305

?xml version='1.0' encoding='ASCII'? rxrx-20260225

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d)**

**of The Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): February 25, 2026**

**Recursion Pharmaceuticals, Inc.** 

**(Exact name of registrant as specified in its charter)** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Delaware**  | **001-40323** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **46-4099738** |
| **(State or other jurisdiction of incorporation or organization)** | **(Commission File Number)** | **(I.R.S. Employer Identification No.)** |

---

**41 S Rio Grande Street**

**Salt Lake City, UT 84101**

**(Address of principal executive offices) (Zip code)**

**(385) 269 - 0203**

**(Registrant's telephone number, including area code)** 

**Not Applicable**

**(Former name or former address, if changed since last report.)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR

&nbsp;&nbsp;&nbsp;&nbsp;240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR

240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading symbol(s)** | **Name of each exchange on which registered** |
| Class A Common Stock, par value $0.00001 per share | RXRX | Nasdaq Global Select Market  |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

------

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 2.02. Results of Operations and Financial Condition.**

On February 25, 2026, Recursion Pharmaceuticals, Inc. (the "Company") issued a press release announcing its results of operations and financial condition for the fourth quarter and fiscal year ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 and is incorporated herein by reference.

**Item 7.01. Regulation FD Disclosure.**

On February 25, 2026, February 25, 2026, the Company released a presentation made in connection with its L(earnings) call on February 25, 2026. A copy of the presentation is attached hereto as Exhibit 99.2.

The Company announces material information to its investors using filings with the Securities and Exchange Commission (the "SEC"), the investor relations page on the Company's website, at https://ir.recursion.com/, press releases, public conference calls and webcasts. The Company uses these channels, as well as social media, to communicate with investors and the public about the Company, its products and services and other matters. Therefore, the Company encourages investors, the media and others interested in the Company to review the information it makes public in these locations, as such information could be deemed to be material information.

The information furnished pursuant to Item 2.02 (including Exhibit 99.1) and 7.01 (including Exhibit 99.2) on this Form 8-K, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

**Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 99.1 | <u>[Press release issued by Recursion Pharmaceuticals, Inc. dated February 2](exhibit991-10xk25.htm)[5](exhibit991-10xk25.htm)[, 20](exhibit991-10xk25.htm)[26](exhibit991-10xk25.htm)</u> |
| 99.2 | <u>[L(earnings) call presentation of Recursion Pharmaceuticals, Inc. dated February 2](ye25earningsdeck_final.htm)[5](ye25earningsdeck_final.htm)[, 20](ye25earningsdeck_final.htm)[26](ye25earningsdeck_final.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on February 25, 2026.

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---

| | |
|:---|:---|
| RECURSION PHARMACEUTICALS, INC. | RECURSION PHARMACEUTICALS, INC. |
| By: | /s/ Ben Taylor |
|  | Ben Taylor |
|  | Chief Financial Officer  |

---

## Exhibit 99.1

**Exhibit 99.1**

**<u>Recursion Reports Fourth Quarter and Full Year 2025 Financial Results and Provides Business Update</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Delivered first clinical validation of the Recursion full stack AI Operating System in FAP, demonstrating translation from AI-driven biological insight to meaningful patient outcomes; multiple clinical and preclinical programs advancing with defined milestones*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Achieved fifth program milestone with Sanofi, totaling $134 million in payments to date; five Recursion discovery program packages have been accepted to date, establishing a growing joint portfolio of novel AI-driven small molecules for immunology and oncology*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• $754 million of cash and cash equivalents; exceeded original cost savings guidance and now expect runway into early 2028 without additional financing, reflecting disciplined capital allocation alongside continued platform and program investment*

**SALT LAKE CITY, February 25, 2026** (GLOBE NEWSWIRE) -- Recursion (Nasdaq : RXRX) a leading clinical stage TechBio company decoding biology to radically improve lives, today reported business updates and financial results for its fourth quarter and full year ending December 31, 2025.

Recursion will host an earnings Call on **February 25, 2026** at 8:00 am ET / 6:00 am MT / 1:00 pm GMT from Recursion's X, LinkedIn, and YouTube accounts giving analysts, investors, and the public the opportunity to ask questions of the company by submitting questions here: https://forms.gle/TQ4vgUTLKsFmikcu6.

"Recursion has reached an inflection point: moving from proving that AI can participate in drug discovery to demonstrating that an AI-native operating system can generate clinical proof and durable value," said Najat Khan, Ph.D., CEO & President of Recursion. "Our first AI-enabled clinical proof of concept in FAP and our fifth program milestone achieved with Sanofi reflect the increasing maturity of a deeply integrated model — one that connects biology, chemistry, and clinical development into a continuous learning system. We enter 2026 with five differentiated clinical programs advancing with defined next-stage milestones, a growing discovery portfolio informed by proprietary platform insights, and more than $500 million in upfront and progress-based milestone payments earned to date. Pairing bold ambition with disciplined execution, we are building Recursion to compound over time — translating insight into molecules, molecules into medicines, and innovation into measurable impact for patients and shareholders alike."

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![primg03_cropped.jpg](primg03_cropped.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **REC-4881 (MEK1/2):** Provided the first clinical validation of the Recursion OS from a novel phenotypic insight, with positive preliminary efficacy results from the ongoing Phase 2 portion of the TUPELO study in FAP, a disease with no approved pharmacotherapies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ REC-4881 (4 mg QD) achieved rapid clinical activity, with 75% of evaluable patients showing reductions in total polyp burden and a 43% median reduction after 12 weeks of treatment (n=12).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ After 12 weeks off therapy (week 25 of the study), 82% of evaluable patients (9 of 11) maintained a durable reduction in total polyp burden, with a 53% median reduction observed from baseline.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ REC-4881 (4 mg QD) has a safety profile consistent with MEK1/2 inhibition, with the majority of treatment-related adverse events being Grade 1 or 2, Grade 3 events occurring in 15.8% of the safety-evaluable patients, and no Grade ≥4 TRAEs reported to date. The most frequent TRAEs (at ≥10%) included dermatitis acneiform / rash and blood CPK increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **REC-617 (CDK7):** A potential best-in-class CDK7 inhibitor optimized for improved therapeutic index using our AI-driven precision design platform and identified as lead candidate in under 11 months with 136 novel compounds synthesized, delivered further Phase 1/2 results in November 2025, demonstrating promising safety and preliminary efficacy signals. The program is currently advancing in ongoing Phase 1 combination studies in 2L+ platinum-resistant ovarian cancer (PROC) alongside Phase 2 monotherapy expansion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **REC-7735 (PI3Kα H1047R):** Recursion announced new preclinical efficacy data on REC-7735, a potential best-in-class PI3K⍺ H1047R inhibitor, precision designed with 242 compounds synthesized from first novel hit to REC-7735 in 10 months using the Recursion OS platform. Current pan-PI3K⍺ inhibitors lack selectivity over the wild-type protein, resulting in metabolic liabilities, including hyperglycemia, that often necessitate dose reductions in a significant portion of non diabetic patients and the exclusion entirely of diabetic patients from treatment. REC-7735 demonstrates >100-fold selectivity for the H1074R mutation over WT PI3K⍺ suggesting potential improved tolerability and is currently in IND-enabling studies.

**Expected Upcoming Milestones Across Recursion's Wholly-Owned Pipeline:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• REC-1245 (RBM39): Early Phase 1 safety and PK monotherapy data expected in 1H26

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• REC-4881 (MEK1/2):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Initiate FDA engagement in 1H26 to align on a potential registration pathway for REC-4881, alongside ongoing dosing optimization and expansion of TUPELO to include patients aged 18+ to support a broader development strategy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Additional Phase 1b/2 clinical data expected in 1H27

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• REC-7735 (PI3Kα H1047R) and REC-102 (ENPP1): IND-enabling studies ongoing; data-driven go/no-go decision on Phase 1 initiation expected in 2H26

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• REC-617 (CDK7): Early Phase 1 safety and PK combination data expected in 1H27

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• REC-3565 (MALT1): Early Phase 1 safety and PK monotherapy data expected in 1H27

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• REC-4539 (LSD1): Early Phase 1 safety and PK monotherapy data expected in 2H27

**Advancing Partnered Discovery, with Over $500 Million in Milestone Payments Achieved to Date:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Sanofi:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**◦ Advancing programs for complex targets:** Recursion is using its platform to discover, design, and advance a joint portfolio of 5+ AI-driven novel small molecule programs across immunology and oncology. Recursion continues to design against challenging and diverse protein targets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The collaboration has the **potential for up to 15 AI-designed small molecule programs.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**◦ Milestone payments:** Recursion has now received $134 million in upfront and progress-based milestones from this partnership to date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ In the next 12-18 months, there is potential for additional near-term milestones as the first programs advance towards development candidates and earlier-stage programs progress.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ **Fifth progress-based milestone:** In February 2026, Recursion achieved its fifth milestone across the collaboration, generating a $4M payment from Sanofi. This 5th milestone reflects a first-in-class Sanofi-partnered oncology program against a historically difficult and novel biological space.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Recursion's AI-driven design coupled with Recursion's physics-based capabilities has produced selective, orally active lead series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Roche and Genentec**h:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ **Neuron Map:** In partnership with Roche and Genentech, Recursion built the first whole-genome CRISPR knockout map generated from a subset of 1 trillion internally manufactured iPSC-derived neuronal cells ($30 million milestone payment, accepted in 2024). This proprietary dataset is being used in partnership with Roche and Genentech to identify potential new targets in neuroscience, a field which has historically suffered from limited new discoveries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ **Microglia Map:** Recursion built and Roche and Genentech accepted a second neuroscience Phenomap, a first-of-its-kind whole-genome CRISPR knockout map generated from over 100 billion internally manufactured iPSC-derived microglial cells ($30 million milestone payment, accepted in 2025). With approximately 46 million images, the scale and quality of this proprietary map enables us, in partnership with Roche and Genentech, to leverage the power of AI to explore novel targets and pathways.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ **Gastrointestinal-Oncology Advancements:** We have built four proprietary Phenomaps which are being leveraged under the collaboration to identify novel insights that can be used to initiate programs for a gastrointestinal-oncology indication including continuing to advance one program optioned by Roche and Genentech.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ **Milestones and Collaboration:** In total, Recursion has received $213 million in upfront and milestone payments from the collaboration. Roche and Genentech have accepted 6 Phenomaps and initiated one small molecule program based on Phenomap insights to date. The companies have also identified a number of biological insights from Phenomaps that are now being validated or advanced as potential novel targets.

**Meaningful Potential Upcoming Milestones Across Partnered Discovery:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sanofi programs continue advancing towards potential lead series and development candidate designation milestones in the next 12-18 months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company expects to translate biological insights from maps delivered to Roche and Genentech to early stage programs across 2026 and beyond.

**2025 Recursion OS Advances: Driving Platform Innovations, Grounded in Impact**

**Full stack AI-powered platform:** The Recursion Operating System (OS) is continuing to drive program development by integrating AI across multimodal biology, precision design, and next-generation clinical development—enabling faster, more efficient, and more innovative drug discovery and development from biology to insight, insight to molecule, and molecule to patient.

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![pr_rxplatform4q25jpg.jpg](pr_rxplatform4q25jpg.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Biology to Insight:** Initiating programs with deep biological grounding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ *Unmatched multimodal scale:* At-scale cellular imaging, integrated with proprietary and partner omics datasets, has created one of the most comprehensive and relatable biological datasets in biopharma.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ *From signal to selection:* This foundation enables systematic discovery of novel biology — rapidly triaging hundreds of signals into dozens of targets for experimental validation within weeks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Insight to Molecule**: Designing differentiated molecules more efficiently

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ *Proven platform productivity and reproducibility:* To date, the platform has delivered >10 development candidates that address a wide variety of previously unsolved biology or chemistry problems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**◦ Advanced candidates have been delivered by synthesizing ~330 compounds per program in ~17 months, compared to industry averages of over 2,500 compounds and 42 months, respectively.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**◦** Leverages an AI-native engine for the industrialized generation of over 100 million molecules annually through synthetically aware design, generating novel and patentable compounds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Molecule to Patient:** Advancing medicines into the clinic with improved patient relevance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*◦ Integrated high-quality, linked patient datasets to strengthen programs, bolster preclinical and early clinical data to select patients and optimize recruitment:* Contextualized the single-arm efficacy of REC-4881 in the TUPELO study through real-world evidence analytics and AI-enabled data extraction, to build a comprehensive view of the lived, progressive-disease FAP patient experience, to directly inform clinical development strategy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ *Rapid, data-driven optimization of clinical trial operations:* Deployed global clinical trial site intelligence database, covering a wide swath of historical clinical trials, to reduce trial country and site selection from months to hours.

**Integration Initiatives Completed with Continued Disciplined Capital Management**

Several operating initiatives were completed through the course of 2025 focused on integration of the Exscientia combination and the prioritization of high impact investments in the pipeline and platform. These initiatives allowed Recursion to achieve an operating cash expense of approximately $400 million, approximately 10% lower than guidance for 2025. The company will continue to apply a rapid, data-driven

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investment strategy to continue efficiently growing its differentiated pipeline and leading platform. Management expects 2026 operating cash expense, excluding partnership inflows and transaction costs, to be less than $390 million.

**Fourth Quarter and Full Year 2025 Financial Results**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Cash Position:** Cash, cash equivalents and restricted cash were $753.9 million as of December 31, 2025 compared to $603.0 million as of December 31, 2024. Based on current operating plans and with no additional financing, the Company's expected cash runway extends into early 2028.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Revenue:** Total revenue, consisting primarily of revenue from collaboration agreements, was $35.5 million for the fourth quarter of 2025, compared to $4.5 million for the fourth quarter of 2024. Total revenue, consisting primarily of revenue from collaboration agreements, was $74.7 million for the year ended December 31, 2025, compared to $58.8 million for the year ended December 31, 2024. The quarter over quarter increase was driven by the timing of achievement of a $30 million milestone payment for the second phenomap from Roche and Genentech in October 2025 for which the company recognized a portion as revenue in the fourth quarter of 2025, in addition to an increase in revenue relating to the company's collaboration with Sanofi. The year over year change was primarily due to the inclusion of Exscientia's results for the full year of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Research and Development Expenses:** Research and development expenses were $95.9 million for the fourth quarter of 2025, compared to $98.3 million for the fourth quarter of 2024. Research and development expenses were $475.3 million for the year ended December 31, 2025, compared to $314.4 million for the year ended December 31, 2024. The quarter over quarter decrease compared to the prior period was primarily driven by improved operating efficiency and a strategic reprioritization of our clinical portfolio in the second quarter of 2025. The increase in 2025 research and development expenses compared to the prior year was driven by Tempus record purchases of $49.9 million, acquired IPR&D purchases of $22.8 million and the inclusion of Exscientia's results for the full year of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• General and Administrative Expenses:** General and administrative expenses were $33.7 million for the fourth quarter of 2025 compared to $77.2 million for the fourth quarter of 2024. General and administrative expenses were $176.6 million for the year ended December 31, 2025, compared to $178.2 million for the year ended December 31, 2024. The decrease compared to the prior period was primarily due to the inclusion of transaction expenses from the business combination with Exscientia in the fourth quarter of 2024. The decrease in 2025 general and administrative expenses compared to the prior year was driven by the inclusion of Exscientia's results for the full year of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Net Loss:** Net loss was $108.1 million for the fourth quarter of 2025 compared to a net loss of $178.9 million for the fourth quarter of 2024. Net loss was $644.8 million for the year ended December 31, 2025, compared to a net loss of $463.7 million for the year ended December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Operational Cash flows:** Net cash used in operating activities was $46.1 million for the fourth quarter of 2025, compared to net cash used in operating activities of $115.4 million for the fourth quarter of 2024. Net cash used in operating activities was $371.8 million for the year ended December 31, 2025, compared to net cash used in operating activities of $359.2 million for the year ended December 31, 2024. The quarter over quarter decrease in cash used was primarily driven by the receipt of the Roche $30 million milestone, four quarter 2024 spend on the Exscientia transaction and 2025 operational efficiencies due to our various strategic initiatives. The increase in cash used in operating activities year over year was primarily driven by the inclusion of Exscientia's operations, for which the business combination with Recursion closed in November 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Cash Operating Expense**: Cash, excluding partnership inflows and transaction costs, for the year ended December 31, 2025 was $399.2 million.

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**About Recursion**

Recursion's platform infrastructure is anchored in Salt Lake City, Utah and Milton Park, Oxfordshire, where its automated biology and chemistry laboratories generate proprietary data at industrial scale. Recursion also maintains offices in New York, Montréal, and London, three global hubs for talent and leadership at the intersection of AI and scientific innovation. Learn more at www.recursion.com, or connect on X and LinkedIn.

**Media Contact**

<u>media@recursion.com</u>

**Investor Contact**

<u>investor@recursion.com</u>

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**Recursion Pharmaceuticals, Inc.** 

**Consolidated Statements of Operations (unaudited)**

***(in thousands, except share and per share amounts)*** 

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Years ended** | **Years ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Revenue** |  |  |  |  |
| &nbsp;&nbsp;Operating revenue | 35351 | 4511 | $74256 | $58488 |
| &nbsp;&nbsp;Grant revenue | 186 | 35 | 425 | 351 |
| **Total revenue** | 35537 | 4546 | 74681 | 58839 |
| **Operating costs and expenses** |  |  |  |  |
| &nbsp;&nbsp;Cost of revenue | 14276 | 12794 | 70953 | 45238 |
| &nbsp;&nbsp;Research and development | 95940 | 98333 | 475271 | 314421 |
| &nbsp;&nbsp;General and administrative | 33656 | 77186 | 176589 | 178184 |
| **Total operating costs and expenses** | 143872 | 188313 | 722813 | 537843 |
| **Loss from operations** | (108335) | (183767) | (648132) | (479004) |
| &nbsp;&nbsp;Other income, net | 231 | 4869 | 3237 | 14216 |
| **Loss before income tax benefit** | (108104) | (178898) | (644895) | (464788) |
| &nbsp;&nbsp;Income tax benefit | (20) | (7) | 136 | 1127 |
| **Net loss** | $(108124) | $(178905) | $(644759) | $(463661) |
| **Per share data** |  |  |  |  |
| **Net loss per share of Class A, B and Exchangeable common stock, basic and diluted** | $(0.21) | $(0.53) | $(1.44) | $(1.69) |
| **Weighted-average shares (Class A, B and Exchangeable) outstanding, basic and diluted** | 526719743 | 336035980 | 447446109 | 274207146 |

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**Recursion Pharmaceuticals, Inc.** 

**Consolidated Balance Sheets (unaudited)**

***(in thousands)***

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| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| **Assets** |  |  |
| &nbsp;&nbsp;**Current assets** |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $743294 | $594350 |
| &nbsp;&nbsp;Restricted cash | 4594 | 3045 |
| &nbsp;&nbsp;Other receivables | 24649 | 49166 |
| &nbsp;&nbsp;Prepaid data assets | 11742 | 29601 |
| &nbsp;&nbsp;Other current assets | 28566 | 38107 |
| &nbsp;&nbsp;**Total current assets** | 812845 | 714269 |
| &nbsp;&nbsp;Restricted cash, non-current | 6033 | 5629 |
| &nbsp;&nbsp;Property and equipment, net | 103931 | 141063 |
| &nbsp;&nbsp;Operating lease right-of-use-assets | 45339 | 65877 |
| &nbsp;&nbsp;Financing lease right-of-use-assets | 20210 | 26273 |
| &nbsp;&nbsp;Intangible assets, net | 309903 | 335855 |
| &nbsp;&nbsp;Goodwill | 162158 | 148873 |
| &nbsp;&nbsp;Deferred tax assets | 957 | 1934 |
| &nbsp;&nbsp;Other assets, non-current | 12754 | 8825 |
| &nbsp;&nbsp;**Total assets** | $1474130 | $1448598 |
| **Liabilities and stockholders' equity** |  |  |
| &nbsp;&nbsp;**Current liabilities** |  |  |
| &nbsp;&nbsp;Accounts payable | $18118 | $21613 |
| &nbsp;&nbsp;Accrued expenses and other liabilities | 70230 | 81872 |
| &nbsp;&nbsp;Unearned revenue | 37605 | 61767 |
| &nbsp;&nbsp;Operating lease liabilities | 12663 | 13795 |
| &nbsp;&nbsp;Notes payable and financing lease liabilities | 9091 | 8425 |
| &nbsp;&nbsp;**Total current liabilities** | 147707 | 187472 |
| &nbsp;&nbsp;Unearned revenue, non-current | 114012 | 118765 |
| &nbsp;&nbsp;Operating lease liabilities, non-current | 46647 | 67250 |
| &nbsp;&nbsp;Notes payable and financing lease liabilities, non-current | 9564 | 19022 |
| &nbsp;&nbsp;Deferred tax liabilities | 23255 | 16575 |
| &nbsp;&nbsp;Other liabilities, non-current | 2080 | 4732 |
| &nbsp;&nbsp;**Total liabilities** | 343265 | 413816 |
| &nbsp;&nbsp;**Stockholders' equity** |  |  |
| &nbsp;&nbsp;Common stock (Class A, B and Exchangeable) | 5 | 4 |
| &nbsp;&nbsp;Additional paid-in capital | 3170145 | 2473698 |
| &nbsp;&nbsp;Accumulated deficit | (2076002) | (1431283) |
| &nbsp;&nbsp;Accumulated other comprehensive income (loss) | 36717 | (7637) |
| &nbsp;&nbsp;**Total stockholders' equity** | 1130865 | 1034782 |
| &nbsp;&nbsp;**Total liabilities and stockholders' equity** | $1474130 | $1448598 |

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**Recursion Pharmaceuticals, Inc.** 

**Selected Cash Flow Information (unaudited)**

***(in thousands)***

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net cash used in operating activities | $(46073) | $(115430) | $(371808) | $(359174) |
| Net cash provided by (used in) investing activities | (1244) | 275456 | (16871) | 260059 |
| Net cash provided by financing activities | 132006 | 10639 | 521532 | 304120 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 2087 | (3472) | 18044 | (3406) |
| Cash, cash equivalents and restricted cash, beginning of period | 667145 | 435831 | 603024 | 401425 |
| Cash, cash equivalents and restricted cash, end of period | $753921 | $603024 | $753921 | $603024 |

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**Non-GAAP Financial Measure**

The reconciliation of operating cash expense to net cash used in operating activities is provided in the following table:

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| | |
|:---|:---|
| **Operating cash expense - 2025** | (in millions) |
| Net cash used in operating activities | $371.8 |
| Add: partnership inflows | 37.0 |
| Subtract: transaction costs | (9.6) |
| **Operating cash expense - 2025** | $399.2 |

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\*This is from the Recursion inc Consolidated Statement of Cash Flows for the year ended December 31, 2025 (see above)

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-ordinary course transaction costs and partnership cash inflows. This non-GAAP financial measure is not based on any standardized methodology prescribed by U.S. GAAP and is not necessarily comparable to similarly-titled measures presented by other companies. We believe operating cash expense to be a liquidity measure that provides useful information to management and investors about the amount of cash consumed by the operations of the business. A limitation of using this non-U.S. GAAP measure is that operating cash expense does not represent the total change in cash and cash equivalents for the period because it excludes cash provided by or used for other investing and financing activities. We account for this limitation by providing information about our capital expenditures and other investing and financing activities in the statements of cash flows in our financial statements. Additionally, we reconciled operating cash expense above to net cash used in operating activities, the most directly comparable U.S. GAAP financial measure. In addition, it is important to note that other companies, including companies in our industry, may not use operating cash expense, may calculate operating cash expense in a different manner than we do or may use other financial measures to evaluate their performance, all of which could reduce the usefulness of operating cash expense as a comparative measure. Because of these limitations, operating cash expense should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with U.S. GAAP.

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**Forward-Looking Statements**

This document contains information that includes or is based upon "forward-looking statements" within the meaning of the Securities Litigation Reform Act of 1995, including, without limitation, those regarding the impact of the acceptance of the fifth milestone by Sanofi on future developments and potential treatments; the impact of FAP trial on the Recursion OS and other clinical and preclinical programs; financial position, cash runway, and ability to reduce our cash expense; Recursion's ability to translate platform insights into tangible proof; Recursion's ability to discover and develop medicines and the occurrence or realization of near-term milestones; the timing of data readouts and other milestones; the impact of preclinical data on trial outcomes; Recursion's future as a leader in TechBio and ability to deliver better treatments to patients faster; expectations relating to early and late stage discovery, preclinical, and clinical programs, including timelines for commencement of and enrollment in studies, data readouts, meetings with regulators, and progression toward IND-enabling studies; expectations and developments with respect to licenses and collaborations, including option exercises by partners and the amount and timing of potential milestone payments, and the acceleration of progress across multiple partnered programs; prospective products and their potential future indications and market opportunities; developments with Recursion OS, including achieving future returns on investment in the platform and the ability to discover and develop new medicines and provide insights into patient populations; and all other statements that are not historical facts. Forward-looking statements may or may not include identifying words such as "plan," "will," "expect," "anticipate," "intend," "believe," "potential," "continue," and similar terms. These statements are subject to known or unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements, including but not limited to: challenges inherent in pharmaceutical research and development, including the timing and results of preclinical and clinical programs, where the risk of failure is high and failure can occur at any stage prior to or after regulatory approval due to lack of sufficient efficacy, safety considerations, or other factors; our ability to leverage and enhance our drug discovery platform; our ability to obtain financing for development activities and other corporate purposes; the success of our collaboration activities; our ability to obtain regulatory approval of, and ultimately commercialize, drug candidates; our ability to obtain, maintain, and enforce intellectual property protections; cyberattacks or other disruptions to our technology systems; our ability to attract, motivate, and retain key employees and manage our growth; inflation and other macroeconomic issues; and other risks and uncertainties such as those described under the heading "Risk Factors" in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K. All forward-looking statements are based on management's current estimates, projections, and assumptions, and Recursion undertakes no obligation to correct or update any such statements, whether as a result of new information, future developments, or otherwise, except to the extent required by applicable law.

## Exhibit 99.2

![](ye25earningsdeck_final001.jpg)

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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," "believes," "estimates," "expects," "intends," "plans," "potential," "predicts," "projects," "seeks," "should," "will," or words of similar meaning and include, but are not limited to, statements regarding the impact of the acceptance of the fifth milestone by Sanofi on future developments and potential treatments; the impact of FAP trial on the Recursion OS and other clinical and preclinical programs; financial position, cash runway, and ability to reduce our cash expense; our ability to use AI to translate complex science into medicines faster and better; Recursion's OS industrializing first- and best-in-class drug discovery; our ability to industrialize clinical development and the effect of doing so on clinical trial outcomes; the occurrence or realization of potential milestones and their potential timing or amounts; current and future preclinical and clinical studies, including timelines for enrollment in studies, data readouts, progression toward IND- enabling and other potential studies, and engagement with the FDA; advancements of and other decisions regarding our pipeline, partnerships, and data strategies; the potential size of the market opportunity for our drug candidates; outcomes and benefits from licenses, partnerships and collaborations, including option exercises by partners; the initiation, timing, progress, results, and cost of our research and development programs; advancements of our Recursion OS; and many others. Other important factors and information are contained in Recursion's most recent Annual Report on Form 10-K, and the Company's other filings with the U.S. Securities and Exchange Commission (the "SEC"), which can be accessed at https://ir.recursion.com, or www.sec.gov. All forward-looking statements are qualified by these cautionary statements and apply only as of the date they are made. Recursion does not undertake any obligation to update any forward- looking statement, whether as a result of new information, future events or otherwise. Certain information contained in this presentation relates to or is based on studies, publications, surveys and other data obtained from third-party sources and the company's own internal estimates and research. While the company believes these third-party sources to be reliable as of the date of this presentation, it has not independently verified, and makes no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third- party sources. In addition, all of the market data included in this presentation involves a number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions. Finally, while the company believes its own internal research is reliable, such research has not been verified by any independent source. Information contained in, or that can be accessed through our website is not a part of and is not incorporated into this presentation. Cross-trial or cross-candidate comparisons against other clinical trials and other drug candidates are not based on head-to-head studies and are presented for informational purposes; comparisons are based on publicly available information for other clinical trials and other drug candidates. Any non-Recursion logos or trademarks included herein are the property of the owners thereof and are used for reference purposes only. Important Information 2

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The first AI-native end-to-end platform, from insight through the clinic Precision Design Novel Biological Discoveries Next-Gen Clinical Development Bilingual teams & culture: fluent in science and AI Purpose-built models with integrated compute Proprietary, multimodal data at industrial scale Recursion: Translating full stack AI platform advantage into value Medicines that matter

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1. Includes preclinical programs that are expected to enter the clinic within the next 18 months 2. Milestones: Potential Roche and Genentech and Sanofi milestones per small molecule program. Royalties: Recursion is eligible for tiered royalties up to high single digits (Roche and Genentech) and up to double digits (Sanofi) 3. Cash, cash equivalents and restricted cash as of December 31, 2025 4. Runway guidance includes risk-adjusted cash inflows from partnerships Recursion: Progress, by the numbers Wholly owned1~5 CLINICAL DEVELOPMENT ✓REC-4881: FIRST AI-enabled clinical proof-of- concept with potential for first-in-class for FAP ✓>$500M in upfront & milestones achieved • >$300M in potential milestones + tiered royalties per program2 • Several high value opportunities Partnered Wholly owned ~15 DISCOVERY The first AI-native end-to-end platform, from idea through the clinic $754 million in YE 2025 cash3, providing expected runway into early 20284 4

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Recursion OS: An AI-native, full stack platform for drug discovery and clinical development 5 In Silico Binding Affinity – Frontier Models Automated Testing Synthesis Aware Design Physics-based Models ML Property Prediction Transcriptomics Data Foundation Model Virtual Cell Target Validation Phenomics Data & Foundation Model Causal AI Patient Selection & RWD Insight to MoleculeBiology to Insight Molecule to Patient Generative Chemistry Automation & Agentic Orchestration Automation & Agentic Orchestration Automation & Agentic Orchestration AI-powered Recruitment Clinical Trial Design Patient Data & Causal Models

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How we will create impact – with focus and discipline 6 Translate insights ➔ proof points ➔ new medicines Focused innovation, grounded in clear impact Empower exceptional, bilingual teams to deliver impact with humanity Pair bold ambition with disciplined execution 1 2 3

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Recursion – Momentum with discipline 7 Advancing clinical validation • REC-4881 – optimize dosing schedule & FDA-aligned registrational study plan • ~5 programs advancing with defined go/no-go gates Delivering differentiated programs with partners • Advance assets to late-discovery value inflection milestones • Translate biology maps into new discovery programsW h e re w e 'r e g o in g ✓ REC-4881: First AI-enabled clinical proof-of-concept • Durable and meaningful polyp reduction with class-consistent safety ✓ Sanofi: 5th program milestone payment achieved • AI-designed molecules advancing against historically challenging targets R e ce n t w in s Translate insights ➔ proof points ➔ new medicines 1

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Recursion – Momentum with discipline 8 W h e re w e 'r e g o in g R e ce n t w in s ✓ Precision AI-molecule design delivering differentiated assets • ~90% fewer compounds synthesized and 2x faster candidate advancement vs industry ✓ Roche and Genentech: First-in-class CRISPR phenomap • Whole genome human neuronal and microglial biology maps ✓ ClinTech: Contextualized FAP efficacy signal • High quality registry + AI-enabled RWE strengthened interpretation of single-arm data Mature, actionable portfolio of high-quality targets • Integrate omics and patient data with purpose-built models Generative drug design at scale • Next-gen models and agentic systems for design AI-powered Clinical Development at scale • Increased automation and in silico trial design and execution Focused innovation, grounded in clear impact 2

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Recursion – Momentum with discipline 9 ✓ ~35% reduction (~$200M) in pro forma operating expenses YoY • Driven by sharper portfolio focus, G&A optimization, improved platform efficiency ✓ Runway extended to early 2028 W h e re w e 'r e g o in g R e ce n t w in s Pair bold ambition with disciplined execution Relentless capital discipline • Portfolio decisions anchored in automated Target Product Profiles • Objective, data-driven go/no-go gates • Platform investment tied directly to measurable impact Operational leverage at scale • Deploy AI agents to compress timelines and reduce cost • Embed automation across workflows 3

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Wholly Owned Clinical Pipeline Translate insights ➔ proof points ➔ new medicines

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MEK1/2 RBM39 CDK7 ENPP1 MALT1 LSD1 PI3K⍺ H1047R Late Discovery Early Discovery Partnered Discovery Phenomics Transcriptomics Patient Connectivity & Other Molecular Design 3D Protein & Atomistic Models Automated Chem, Bio, & ADMET Causal AI & RWD AI-powered Recruitment Trial Design P r e c is io n D e s ig n N o v e l B io lo g ic a l D is c o v e ry N e x t- g e n C li n ic a l D e v e lo p m e n t Illustrative To be utilized as programs advance and at partner discretion 12 Platform value: Realized across portfolio

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MEK1/2 RBM39 CDK7 ENPP1 MALT1 LSD1 PI3K⍺ H1047R Late Discovery Early Discovery Partnered Discovery Phenomics Transcriptomics Patient Connectivity & Other Molecular Design 3D Protein & Atomistic Models Automated Chem, Bio, & ADMET Causal AI & RWD AI-powered Recruitment Trial Design P r e c is io n D e s ig n N o v e l B io lo g ic a l D is c o v e ry N e x t- g e n C li n ic a l D e v e lo p m e n t Illustrative 13 Platform value #1: Platform-derived novel biological insight To be utilized as programs advance and at partner discretion

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Platform value #1: Platform-derived novel biological insight 14 Addressable patient populations estimate based on annual US+EU5 and currently identified indications Preclinical Clinical REC-1245 \| RBM39, Solid tumors & lymphoma1 Why it matters: • Synthetic-lethal vulnerability in genomically unstable cancers • ~100,000+ addressable patients RXRX Differentiation: Phenomics discovered novel MOA in "undruggable" space (CDK12) Progress: Ph 1 monotherapy dose escalation ongoing Next steps: Early Ph 1 update on safety and PK monotherapy expected 1H26 REC-4881 \| MEK1/2 Familial adenomatous polyposis (FAP) • Significant unmet need, no approved pharmacotherapies • >50,000 addressable patients • Phenomics uncovered MEK1/2 inhibition as a novel MOA that rescues APC-deficient cells • Clinical POC with durable polyp burden reduction and safety profile in line with class • Initiate FDA engagement on registrational path in 1H26 • Expanding population to 18+ and optimizing dose REC-1245 \| RBM39 Solid tumors & lymphoma • Synthetic-lethal vulnerability in genomically unstable cancers • >100,000 addressable patients • Phenomics discovered novel MOA in "undruggable" space (CDK12) • Ph 1 monotherapy dose escalation ongoing • Early Ph 1 update on safety and PK monotherapy expected 1H26 Why it matters RXRX differentiation Progress Next steps

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MEK1/2 RBM39 CDK7 ENPP1 MALT1 LSD1 PI3K⍺ H1047R Late Discovery Early Discovery Partnered Discovery Phenomics Transcriptomics Patient Connectivity & Other Molecular Design 3D Protein & Atomistic Models Automated Chem, Bio, & ADMET Causal AI & RWD AI-powered Recruitment Trial Design P r e c is io n D e s ig n N o v e l B io lo g ic a l D is c o v e ry N e x t- g e n C li n ic a l D e v e lo p m e n t Illustrative 15 Platform value #2: Emerging biology, optimized programs To be utilized as programs advance and at partner discretion

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Platform value #2: Emerging biology, optimized programs 16 REC-617 \| CDK7 Solid tumors • Central master regulator of transcription and tumor cell cycle control • ~150,000 addressable patients • OS-guided design for optimized PK/PD, wider therapeutic index • Causal AI-enabled patient stratification to inform combo strategy • Ph 1 monotherapy dose escalation complete, MTD selected • Early Phase 1 safety and PK combo1 data expected 1H27 REC-102 \| ENPP1 Hypophosphatasia (HPP) • Severe lifelong disease; need for oral disease- modifying therapy • >7,800 addressable patients2 • AI-driven generative design for oral, selective, potent molecule suitable for chronic dosing • Fragment screening to enhance metalloenzyme selectivity • IND enabling studies ongoing • Go/no-go decision on Phase 1 initiation expected 2H26 Addressable patient populations estimate based on annual US+EU5 and currently identified indications 1. Platinum resistant high grade serous ovarian cancer (PR-HGSOC) with REC-617 in combination with standard of care (bevacizumab and paclitaxel or pegylated liposomal doxorubicin) 2. Estimated prevalence ranges of mild-moderate HPP based on ALPL gene variants of a European population Preclinical Clinical Why it matters RXRX differentiation Progress Next steps

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MEK1/2 RBM39 CDK7 ENPP1 MALT1 LSD1 PI3K⍺ H1047R Late Discovery Early Discovery Partnered Discovery Phenomics Transcriptomics Patient Connectivity & Other Molecular Design 3D Protein & Atomistic Models Automated Chem, Bio, & ADMET Causal AI & RWD AI-powered Recruitment Trial Design P r e c is io n D e s ig n N o v e l B io lo g ic a l D is c o v e ry N e x t- g e n C li n ic a l D e v e lo p m e n t Illustrative To be utilized as programs advance and at partner discretion 17 Platform value #3: Validated biology, optimized programs

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Platform value #3: Validated biology, optimized programs 18 Preclinical Clinical REC-1245 \| RBM39, Solid tumors & lymphoma1 Why it matters: • Synthetic-lethal vulnerability in genomically unstable cancers • ~100,000+ addressable patients RXRX Differentiation: Phenomics discovered novel MOA in "undruggable" space (CDK12) Progress: Ph 1 monotherapy dose escalation ongoing Next steps: Early Ph 1 update on safety and PK monotherapy expected 1H26 REC-3565 \| MALT1 B-cell malignancies • Validated B-cell driver; combinations limited by tolerability • ~41,000 addressable patients • OS-guided design for lower UGT1A1/off-targets, potential for safer combinations • Ph 1 monotherapy dose escalation ongoing • Early Ph 1 update on safety and PK monotherapy expected 1H27 REC-7735 \| PI3K⍺ H1047R Solid tumors • Common oncogenic mutation linked to resistance and relapse • >21,000 addressable patients • OS-guided design for mutation- selective design to spare WT PI3K⍺ and improve tolerability • IND enabling studies ongoing • Go/no-go decision on Phase 1 initiation expected 2H26 Addressable patient populations estimate based on annual US+EU5 and currently identified indications REC-4539 \| LSD1 Solid tumors and heme oncology • Epigenetic regulator across solid/heme cancers; toxicity limited prior agents • ~45,000 addressable patients • OS-guided design for reversible, CNS-penetrant to improve safety profile (e.g. thrombocytopenia) • Ph 1 monotherapy dose escalation start up • Early Ph 1 update on safety and PK monotherapy expected 2H27 Preclinical Clinical Why it matters RXRX differentiation Progress Next steps

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REC-4881 Translate insights ➔ proof points ➔ new medicines

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20 Safety & efficacy: Rapid reductions in polyp burden with 4mg dose of REC-4881 and safety profile consistent with class effects Note: Polyp burden defined as the sum of all diameters of polyps in the GI 1. Following the March data cut, a quality review identified suboptimal bowel preparation at baseline. To ensure an accurate, like-for-like assessment, polyp burden was re- evaluated using video review restricted to the clean distal LGI segments matched to the same anatomical regions at Weeks 13 and 25 2. Patient reached W25 but did not perform W25 Assessment 3. Efficacy Evaluable Population (n=12): Defined as all participants who have measurable disease (non-zero polyp burden) at end of baseline endoscopy, received at least 75% of study drug, and have at least one post-baseline on study endoscopic assessment. One patient was efficacy evaluable after completion of W25 assessment but did not complete W13 assessment, baseline measurement carried forward for W13 assessment per SAP for missing data. Therefore, this patient contributed 0% polyp burden reduction at W13 and not shown in figure. 4. Discontinuations: Grade 1 (n=1): 1 diarrhea, Grade 2 (n=3): 1 retinopathy, 1 rash, 1 hypertension Note: N of 12 patients were efficacy evaluable, 1 patient missed Week 13 assessment Data Cutoff Date: 2025-11-25 Percent (%) change from baseline calculates the change between post-resection value from screening visit to the pre-resection value at Week 13/EOT visit. Subjects with absolute value of 0 at baseline are not displayed. REC-4881 4mg % change from baseline in total polyp burden at Week 13/EOT (12 weeks on therapy) % c h a n g e f ro m b a se li n e 1 2 Safety profile consistent with MEK1/2 inhibition • 18 TRAE events with majority Grade 1/2: • E.g., Dermatitis acneiform, CPK increases, rash, diarrhea, LVEF decrease • Low rates of Grade 3 TRAEs (n=3) • No Grade 4/5 events • Discontinuations (n=4)4 75% evaluable patients responded • Polyp burden reduction3: 43% median Summary of Adverse Events On Treatment Phase \| Week 13

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21 Durability: Durable reductions in polyp burden maintained with 4mg dose of REC-4881 Note: Polyp burden defined as the sum of all diameters of polyps in the GI 1. Following the March data cut, a quality review identified suboptimal bowel preparation at baseline. To ensure an accurate, like-for-like assessment, polyp burden was re-evaluated using video review restricted to the clean distal LGI segments matched to the same anatomical regions at Weeks 13 and 25 2. Patient reached W25 but did not perform W25 Assessment 3. Efficacy Evaluable Population (n=12): Defined as all participants who have measurable disease (non-zero polyp burden) at end of baseline endoscopy, received at least 75% of study drug, and have at least one post-baseline on study endoscopic assessment. One patient was efficacy evaluable after completion of W25 assessment but did not complete W13 assessment, baseline measurement carried forward for W13 assessment per SAP for missing data. Therefore, this patient contributed 0% polyp burden reduction at W13 and not shown in figure. Data Cutoff Date: 2025-11-25 • 82% of evaluable patients responded • 73% achieved durable ≥30% reductions • Polyp burden reduction: 53% median REC-4881 4mg dose level % change from baseline in total polyp burden at Week 25 (12 weeks off therapy) % c h a n g e f ro m b a s e li n e Percent (%) change from baseline calculates the change between post-resection value from screening visit to the pre-resection value at Week 25/EOT visit. 1 Off Treatment Phase \| Week 25

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REC-4881 (MEK1/2): First clinical validation of Recursion's platform – disease with no approved pharmacotherapies Biological insight: MEK1/2 inhibition identified as a unique mechanism for FAP Clinical proof: Rapid and durable polyp burden reduction with adverse events consistent with MEK inhibitors What's next: Initiate FDA engagement in 1H26 to align on registrational study design Enrollment of 18+ cohort underway, dose optimization efforts advancing Additional clinical data expected in 1H27 22 Insight Proof points New medicines

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REC-7735 Translate insights ➔ proof points ➔ new medicines

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REC-7735: PI3K⍺ H1047R mutant selective inhibitor designed to improve therapeutic index Unmet need • >21, 0001 patients with H1047R-mutant solid tumors • Current PI3K⍺ inhibitors are constrained by: o Hyperglycemia and metabolic toxicity o Dose interruptions and reductions o Limited treatment duration Thesis & differentiation based on preclinical data • >100x mutant selectivity vs WT PI3K⍺, minimizing risk for AEs • Potential for superior efficacy and synergistic effect in combination with SOC • Limited to no impact on hyperglycemia markers 1. Addressable patient populations estimate based on annual US+EU5 and currently identified indications24 Recursion approach • AI-powered precision design to optimize selectivity and limit metabolic liabilities such as hyperglycemia • 242 novel compounds synthesized from first novel hit to REC-7735 Program Status • IND enabling studies ongoing • Go/no-go decision 2H26

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• Generative 3D evolution targeting novel interactions and synthetic feasibility • Pocket was unknown • Molecular dynamics simulations to explore protein flexibility, revealing a novel pocket • Rapid design cycles exploring potency and ADMET space • Highly novel, low MW & logD series with good potency and exquisite selectivity L o g D Molecular Weight AI-enabled structure-guided design in a novel binding pocket Novel, tractable spaceAI-enabled designProprietary structural insight From 1st novel hit to REC-7735: 242 compounds synthesized – 13 cycles – 10 months

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Demonstrates activity in preclinical model and potential combination approach with SoC1 26 1. Fulvestrant (SERD) alone and or in combination with Abemaciclib (CDK4/6i) is used in HR+/HER2- advanced or metastatic breast cancer. 2. In vivo CDX Model using T47D (PI3K⍺ H1047R mutant) cell line. n=10 mice per group. Data represents tumor growth inhibition and regression after 14 days of dosing. Pharmacokinetic (plasma and tumor) and pharmacodynamic (tumor pAKT) data were consistent with the observed tumor growth inhibition and regression. 3. In vivo CDX Model using T47D (PI3Ka H1047R mutant) cell l ine. n=8 mice per group. REC-7735 (18.75mg/kg BID) achieved average tumor regression of -57%, Capivasertib (100mg/kg BID) achieved tumor regression of -11%. 4. In vivo CDX Model using T47D (PI3K⍺ H1047R mutant) cell l ine. n=8 mice per group. Data represents tumor growth inhibition and regression after 14 days of dosing. Dose-dependent tumor regression2 Outperforms & synergizes SoC1,4 Fulvestrant (SERD) ± abemaciclib (CDK4/6i) combo % t u m o r g ro w th % t u m o r re g re s s io n • A separate preclinical study3 also showed improved tumor regression with lower dose REC-7735 against high-dose capivasertib % t u m o r g ro w th % t u m o r re g re s s io n

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Limited/no impact on hyperglycemia markers in naïve or obese, diabetic animal models 27 Note: Doses represented as mg/kg 1. In vivo naive wild-type, non-tumor bearing mice. n=6 mice per group. Data represents plasma insulin after 5 days of dosing. To note, plasma glucose and serum C-peptide, an inflammation marker, showed similar trends. 2. Heat map represents significant difference from vehicle based on average value of N=3 rats per treatment over 3 days of admin istration (green = ns, amber: p<0.05, red: p<0.01) 3. Alpelisib: 8.25mg/kg sub-efficacious dose, 25mg/kg approaching efficacious dose; STX-478: 33.3 mg/kg efficacious dose, 100mg/kg supra efficacious dose; REC-7735: 100mg/kg efficacious dose, 300mg/kg supra efficacious dose 4. Change in body weight between baseline and final measurement at day 5 Vehicle Alpelisib3 STX-4783 REC-77353 8.25 mg/kg 25 mg/kg 33.3 mg/kg 100 mg/kg 100 mg/kg 300 mg/kg Blood Glucose [mmol/L] 8.4 18.8 24.1 14.3 20.8 7.8 10.9 Plasma Insulin [ng/ml] 10.0 20.7 19.2 13.1 14.8 9.0 9.5 Serum C-Peptide [ng/ml] 16.2 25.2 21.6 19.5 19.8 15.2 16.1 L-Lactate [μmol/L] 5470 5041 3748 5223 4294 5418 4674 Ketone Bodies [mM] 0.1 0.1 2.3 0.1 0.8 0.2 0.1 Body Weight Change4 +3% -3% -13% -3% -21% +3% +1% No increase in hyperglycemia markers in naive WT mice1 Avoids hyperglycemia and metabolic liability at efficacious exposure in obese, diabetic rats2 nsCompared to vehicle p<0.05 p<0.01

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Potential to expand the treatable population through improved therapeutic index 28 1. ITOVEBI FDA Label 2. PIQRAY FDA Label; Narayan P et al. Clin Cancer Res (2021) 27 (7): 1842–1849 3. Cross-sectional, Kaplan-Meier analysis of a large administrative health insurance database, calculating time from first exposure to discontinuation for currently approved PI3K inhibitors; median time to discontinuation suggests 50% continue with treatment in this timeframe ~11,000 of HR+, HER2- BC population 14-55% Dose reduction1,2 65-85% Experienced hyperglycemia1,2 66-69% Dose interruption1,2 Current PI3K⍺ inhibitors (SoC) REC-7735 expansion opportunity through improved therapeutic index 3-6 mos Tolerability-driven limitations: >21,000 Across HER2+ BC, TNBC, colorectal, endometrial & uterine, and ovarian If tolerability improves: • Broader patient eligibility • Longer treatment duration • Expanded combination potential Clinical validation of improved tolerability required to confirm expansion thesisReal-world median time to discontinuation3

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REC-7735 (PI3K⍺ H1047Ri): Precision designed molecule aimed at achieving better outcomes 29 Biological insight: High selectivity for H1047R mutant PI3K⍺ over WT to reduce dose-limiting hyperglycemia What's next: Go/no-go decision for Phase 1 in 2H26 Preclinical proof: Significant tumor regressions with no hyperglycemia compared to clinically approved agents in animal models Insight Proof points New medicines

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Translate insights ➔ proof points ➔ new medicines Partnered Discovery

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Power of Recursion OS in advancing partnered drug discovery Partnered Discovery Phenomics Transcriptomics Patient Connectivity & Other Molecular Design 3D Protein & Atomistic Models Automated Chem, Bio, & ADMET Causal AI & RWD AI-powered Recruitment Trial Design I n s ig h t to M o le c u le B io lo g y t o I n s ig h t M o le c u le t o P a ti e n t Illustrative Discovering Novel Biology Precision Design Targeted Patient in total cash inflows achieved across all our partnerships and collaborations >$500 million 31 Select progress-based milestones achieved: Roche and Genentech ($30m) – Neuron genetics map – 3Q24 Sanofi ($7m) – I&I 3 – 2Q25 Roche and Genentech ($30m) – Microglia genetics map – 4Q25 Sanofi ($4m) – Oncology 2 – 1Q26 Sanofi ($4m) – I&I 1 – 3Q23 Sanofi ($11m) – I&I 2 – 3Q24 Sanofi ($4m) – Oncology 1 – 3Q24 >$300M in potential milestones + tiered royalties per small-molecule program1 1. Milestones: Potential Roche and Genentech and Sanofi milestones per small molecule program. Royalties: Recursion is eligible for tiered royalties up to high single digits (Roche and Genentech) and up to double digits (Sanofi)

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Challenging targets Differentiated, potentially best-in- class and first-in-class molecules Programs aim to address specific unmet clinical needs not served by current SoC 5 advanced lead packages delivered by Recursion accepted by Sanofi to date $34M in milestones to date, in addition to $100M upfront Potential for later stage discovery milestones over next 18 months Fifth milestone with Sanofi: Advancing a joint portfolio of differentiated molecules for challenging targets in I&I and oncology 32 Indication Most Recent Milestone Achieved I&I 1 $4M – 3Q 23 I&I 2 $11M – 3Q 24 I&I 3 $7M – 2Q 25 Oncology 1 $4M – 3Q 24 Oncology 2 $4M – 1Q 26 Multiple early discovery projects Advanced Lead Development Candidate Partnership Highlights

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Sanofi: Advancing differentiated, potential best-in-class molecules in oncology and I&I Phenomics Transcriptomics Patient Connectivity & Other Molecular Design 3D Protein & Atomistic Models Automated Chem, Bio, & ADMET Causal AI & RWD AI-powered Recruitment Trial Design I n s ig h t to M o le c u le B io lo g y t o I n s ig h t M o le c u le t o P a ti e n t 5 Program milestones achieved to date Next steps: Advance programs to lead optimization and development- candidate milestones Adaptable and scalable platform delivering novel chemical matter against difficult and diverse protein targets Active learning to overcome data poor project challenges and synthesize molecules efficiently 33

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Recursion OS Platform Focused innovation, grounded in clear impact

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Recursion OS: Translating complex biological signals into actionable insights 35 Biology to Insight • >50 petabytes of high-quality multimodal data - proprietary and publicly available data (wet and dry lab) • State of the art foundation models • ~1.9B-parameter phenomics foundation model • ~394M-parameter transcriptomics foundation model • Virtual cell efforts ongoing • 10+ biology maps created for partnered and internal discovery to fuel insights across the pipelineIn Silico Binding Affinity – Frontier Models Transcriptomics Data Foundation Model Virtual Cell Target Validation Phenomics Data & Foundation Model Automation & Agentic Orchestration Patient Data & Causal Models

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Recursion OS: Precision molecular design to deliver higher-quality drug candidates to the clinic 36 • 100 million+ molecules generated using synthetically aware design per year • ~90% AI-generated, scored, and prioritized – all patentable • ~330 compounds synthesized to an advanced candidate in ~17 months (on average)1 • >10 development candidates designed across programs 1. Compared to industry average of over 2,500 compounds and 42 months Insight to Molecule Automated Testing Synthesis Aware Design Physics-based Models ML Property Prediction Generative Chemistry Automation & Agentic Orchestration

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Recursion OS: Designed to improve trial efficiency, patient access, and probability of clinical success 37 Causal AI Patient Selection & RWD Automation & Agentic Orchestration AI-powered Recruitment Clinical Trial Design Molecule to Patient Real-World Scale: • ~300M real-world lives accessible through integrated data partnerships Clinical Execution Improvements (Early Results): • 10–40% increase in eligible patient population • ~1.3–1.6× improvement in enrollment rates • Site & country selection reduced from months to hours • Study startup reductions of up to 3 months Precision & Evidence Integration: • Causal AI-driven patient selection deployed across programs • Natural history and EHR analyses contextualizing trial results with RWD

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38 Leveraging real-time data and advanced analytics to select high quality sites for programs Ovarian cancer patients post platinum chemotherapy failure 1,083 patients diagnosed with ovarian cancer at site 300+ million global patient lives Patients diagnosed with ovarian cancer 33 patients within site eligible for trial 1 0 0 0 s o f p a ti e n ts a t s it e 10 prior ovarian cancer trials 1 competing trial Site-level intelligence

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Financials

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Extended cash runway to deliver on upcoming milestones 40 1. Cash, cash equivalents and restricted cash 2. Cash operating expense—defined as net cash used in operating activities less partnership inflows and transaction costs—is a non-GAAP financial measure. See Appendix for reconciliation of non-GAAP financial measures. • Expected 2026 cash operating expense2 of <$390 million 2025 partnership inflows: highlights 2025 cash1 and expense update Reiterating cash operating expense guidance • $754 million in cash1 as of December 31, 2025 • 2025 cash operating expense2 of $399 million: 10% below guidance and a ~35% reduction year-over-year • Total partnership inflows >$500 million • $30 million milestone from Roche for microglia map • $7 million milestone payment from Sanofi for I&I program Expected cash runway into early 2028, without additional financing

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Looking ahead

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Expected upcoming milestones 2026 and 2027 pipeline and partnership catalysts 42 1. Data-driven decision for potential Phase 1 initiation 2. Cash, cash equivalents and restricted cash as of December 31, 2025 3. Runway guidance includes risk-adjusted cash inflows from partnerships 4. Cash operating expense—defined as net cash used in operating activities less partnership inflows and transaction costs—is a non-GAAP financial measure. See Appendix for reconciliation of non-GAAP financial measures. Translate insights ➔ proof points ➔ new medicines Pair bold ambition with disciplined execution Focused innovation, grounded in clear impact 1H 2026 REC-4881 (MEK1/2i) Initial engagement with FDA REC-1245 (RBM39 degrader) Mono - early safety and PK 2H 2027 REC-4539 (LSD1i) Mono - Early safety and PK 1H 2027 REC-4881 (MEK1/2i) Additional clinical data REC-617 (CDK7i) Combo - early safety and PK REC-3565 (MALT1i) Mono - early safety and PK • $754M in YE 2025 cash2 with expected runway into early 20283 • Expected 2026 cash operating expense4 of <$390 million • Biology foundation models and patient data enabling scalable, high-quality target discovery • Generative AI design at scale (next-gen models and agentic systems) • Clinical Development AI at scale Partner catalysts – 2026 & 2027 Later-stage discovery milestones Advancing maps to early-stage programs Anticipated multiple new project initiations 2H 2026 Go/no-go decision1 REC-7735 (PI3K⍺ H1047Ri) REC-102 (ENPP1i)

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43 THANK YOU

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Non-GAAP Financial Measures To supplement our financial statements prepared in accordance with U.S. GAAP, we monitor and consider operating cash burn, which is a non-GAAP financial measure. We define operating cash expense as the net cash used in operating activities, excluding non-ordinary course transaction costs and partnership cash inflows. This non-GAAP financial measure is not based on any standardized methodology prescribed by U.S. GAAP and is not necessarily comparable to similarly- titled measures presented by other companies. We believe operating cash expense to be a liquidity measure that provides useful information to management and investors about the amount of cash consumed by the operations of the business. A limitation of using this non-U.S. GAAP measure is that operating cash expense does not represent the total change in cash and cash equivalents for the period because it excludes cash provided by or used for other investing and financing activities. We account for this limitation by providing information about our capital expenditures and other investing and financing activities in the statements of cash flows in our financial statements. Additionally, we reconciled operating cash burn below to net cash used in operating activities, the most directly comparable U.S. GAAP financial measure. In addition, it is important to note that other companies, including companies in our industry, may not use operating cash expense, may calculate operating cash expense in a different manner than we do or may use other financial measures to evaluate their performance, all of which could reduce the usefulness of operating cash expense as a comparative measure. Because of these limitations, operating cash burn should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with U.S. GAAP. Appendix 44

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