Corporate Deck August 2025

 
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 Recursion’s ability to demonstrate the potential of technology-driven approaches to increase speed, quality and the scalability of drug discovery; the potential outlook for programs being prioritized and deprioritized; Recursion's future as a leader in TechBio and ability to deliver better treatments to patients faster; Recursion’s OS industrializing first- and best-in-class drug discovery; the occurrence or realization of potential milestones; current and future preclinical and clinical studies, including timelines for enrollment in studies, data readouts, and progression toward IND-enabling and other potential studies; advancements of its 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 and the amount and timing of potential milestone payments; the initiation, timing, progress, results, and cost of our research and development programs; advancements of our Recursion OS; the potential for additional partnerships; our ability to identify viable new drug candidates for clinical development and the accelerating rate at which we expect to identify such candidates including our ability to leverage the datasets acquired through the license agreement into increased machine learning capabilities and accelerate clinical trial enrollment; Recursion’s cash burn, cash position and cash runway; the completion of core integration plans and the results of the business combination with Exscientia; and many others. Other important factors and information are contained in Recursion’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, 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

 
Recursion exists to find a better way to discover and develop new medicines 3 Biology is extraordinarily complex; we understand only a small fraction of how it functions

 
Recursion exists to find a better way to discover and develop new medicines 4 Eroom’s Law Drug discovery is becoming slower and more expensive over time Drug discovery is becoming slower and more expensive over time Biology is extraordinarily complex; we understand only a small fraction of how it functions Moore’s Law Computing power is becoming faster and less expensive over time

 
Recursion exists to find a better way to discover and develop new medicines 5 Drug discovery is becoming slower and more expensive over time Biology is extraordinarily complex; we understand only a small fraction of how it functions Rapid pace of technology offers a fundamentally new approach to model & simulate biology and chemistry at scale

 
Recursion’s unbiased platform approach delivers a strong internal and partnered portfolio 6 • Powered by proprietary and fit-for-purpose scaled data • End-to-end capabilities spanning novel target discovery, precision chemistry and optimized clinical trials • Built upon iterative cycles of dry-lab predictions and wet- lab validation to accelerate learning Compute PortfolioData Validation Models

 
Recursion OS 2.0: Efficiently delivering novel insights, precision design, and optimized clinical trials 7 Design Workflow Automated ADMET Automated Chemistry Automated Biology 3D Protein & Atomistic Models Molecular Property Prediction & Design Scientific Agents Nomination Workflow Scientific Agents Transcriptomics Assay & Models ML-based Patient Connectivity (RWD) LLMs & Graphs MOA Deconvolution Scaled Binding Affinity Predictions Phenomics Assay & Models Clinical Trial Design ClinTech Workflow AI-powered Recruitment Causal AI Patient stratification & indication selection AI-enabled Precision DesignAI-powered Biological Insights AI-informed Clinical Development

 
Boltz-2: Open-source model with MIT commoditizing binding affinity prediction approaching FEP accuracy at 1000x speed 8 Over 171K downloads and 41.5K unique users in less than two months Designed for drug discovery and virtual screening Contact/pocket constraints — ensure output follows respects given conditions Allows users to specify an experimental modality to emulate Template steering — allows users to input reference templates that embed prior knowledge

 
ClinTech: Industrialize clinical development by building an end-to- end platform to increase probability of success 9 • Patient-platform connectivity • Enables target validation and patient stratification • Supports expansion into new indications • More robust trial planning via clinical trial simulations • Potential for up to 30% more patients receive optimal dose • Potential for 50% faster enrollment projections through high quality sites • 2+ months faster trial activation Powered by integrated tech stack, RWE, and agentic solutions Strategic Partnerships Causal AI applied to human genomics Intelligent clinical trial design AI-powered recruitment & execution

 
REC-4539 for Small-Cell Lung Cancer (target: LSD1) is on strategic pause. Delivering Pipeline Advancements and Partnership Value 10 Target Disease Indication Late Discovery Preclinical Phase 1/2 Pivotal/Phase 3 Oncology REC-617 CDK7 Advanced Solid Tumors REC-1245 RBM39 Biomarker-Enriched Solid Tumors & Lymphoma REC-3565 MALT1 B-Cell Malignancies REC-7735 PI3Kα H1047R Breast Cancer Rare Disease REC-4881 MEK1/2 Familial Adenomatous Polyposis REC-102 ENPP1 Hypophosphatasia Partnerships Therapeutic Area Highlights Roche and Genentech Neuroscience & Oncology First neuroscience phenomap in human cell context. One optioned Gi oncology program continues to advance. Potential for up to 40 compound programs Sanofi Oncology & Immunology Milestones achieved across four distinct BIC and FIC discovery programs in 18 months; potential for several program milestones upcoming Bayer Oncology Advancing multiple programs with previously “undruggable” targets to lead series milestones Merck KGaA, Darmstadt, Germany Oncology & Immunology Multi-year collaboration to identify and advance first-in-class and best-in-class programs

 
Advancing programs with strong therapeutic rationale, powered by Recursion OS Addressable patient populations estimate based on annual US+EU5 and currently identified indications 1. Includes ovarian cancer, breast cancer, non-small cell lung cancer (NSCLC), colorectal cancer, pancreatic cancer, head and neck cancer 2. Biomarker-enriched 3. Diagnosed patients Note: REC-4539 | LSD1: Precision designed for reversibility and CNS penetration. Strategic pause to ensure a competitive Target Product Profile 11 REC-617 | CDK7 Solid tumors1 Optimized PK/PD for wider therapeutic index ~185,000 addressable patients REC-1245 | RBM39 Solid tumors2, Lymphoma Phenotypic insight reveals novel MOA for synthetic-lethal targeting in genomically unstable cancers ~100,000+ addressable patients REC-4881 | MEK1/2 Familial adenomatous polyposis (FAP) Phenotypic insight on MEK1/2 inhibition for APC-mutant FAP ~50,000 addressable patients REC-3565 | MALT1 B cell malignancies Potential for lower UGT1A1 inhibition and off-target AEs ~41,000 addressable patients REC-7735 | PI3Kα H1047R Breast Cancer Selective and wider therapeutic index ~11,000 addressable patients REC-102 | ENPP1i Hypophosphatasia (HPP) Oral, highly selective & potent, suitable for lifetime dosing ~7,8003 addressable patients

 
Advanced partnership discovery by leveraging Recursion 2.0 12 4 Program milestone payments achieved in last 18 months Several programs advancing towards development candidate over next 12-15 months Continued program advancement in a GI oncology indication and multiple neuroscience programs into target validation advanced by leveraging the RecursionOS and Genentech's biology expertise Phenomaps in Neuroscience, GI Oncology • 1 trillion iPSC-derived cells • 100 billion GI Oncology relevant cells • 5,000 transcriptomes5 Potential for over $100 million in partnership milestones by end of 2026 Recursion & Bayer have nominated multiple early discovery precision oncology programs against previously “undruggable” targets Multiple-year collaboration to identify first-in-class and best-in-class targets

 
Recursion brings medicines to clinic faster and at lower cost 0 10 20 30 40 50 60 Industry Recursion T im e t o c a n d id a te I D ( m o n th s ) Go faster 0 5 10 15 20 25 30 Industry Recursion C o s t to I N D ( $ M ) Spend less 0 500 1,000 1,500 2,000 2,500 3,000 Industry Recursion Highly productive compound design # s y n th e s iz e d t o c a n d id a te 0 2 4 6 8 10 12 14 Industry Recursion T im e t o h it p a c k a g e ( m o n th s ) Quickly validate hypotheses (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. (Center Right): Total spend from hypothesis screening to the completion of IND-enabling studies for legacy Recursion novel chemical entity (NCE) programs that advanced to clinical trials. The cost to IND has been inflation-adjusted using the US Consumer Price Index (CPI) (Far Right). Time to validated lead is the average of >280 legacy Recursion programs since late 2017 through 2024. Industry data adapted from Paul, et al., Nature Reviews Drug Discovery (2010) 9, 203–214 13

 
Pipeline

 
Internal Pipeline PIPELINE

 
Pipeline: Advancing 5+ high-potential programs across oncology and rare disease 16 REC-4539 for Small-Cell Lung Cancer (target: LSD1) is on strategic pause. Target Disease Indication Late Discovery Preclinical Phase 1/2 Pivotal/Phase 3 Oncology REC-617 CDK7 Advanced Solid Tumors REC-1245 RBM39 Biomarker-Enriched Solid Tumors & Lymphoma REC-3565 MALT1 B-Cell Malignancies REC-7735 PI3Kα H1047R Breast Cancer Rare Disease REC-4881 MEK1/2 Familial Adenomatous Polyposis REC-102 ENPP1 Hypophosphatasia

 
Targeted, differentiated portfolio strategy Powered by the Recursion OS 2.0 platform Explore the uncharted by going after novel targets to develop differentiated medicines First-in-class molecules Provide significantly meaningful advancements with differentiated medicines Best-in-class molecules Differentiated, product first mindset, powered by Recursion OS 2.0 Integrated, end-to-end tech stack Multimodal Biology・Design・ClinTech Focus on quick and clear go/no-go, differentiated TPP that enable rapid POC Double down on areas of expertise and efficiency Oncology・I&I・Neuroscience・Rare Develop innovative molecules in-house, powered by our platform Note: Leverage platform insights to strategically in-license17

 
REC-617 (CDK7 inhibitor): AI-enabled causal inference strengthens preclinical data for indication selection of ovarian cancer for ELUCIDATE 18 1. Besnard et al, AACR (2022) 2. Causal inference framework based on a network-informed directed acyclic graph (DAG) to assess CDK7’s impact on clinical outcomes. Patients were indexed on their date of NGS sequencing and followed until death or censoring with 10 + years of patient follow available. The model adjusts for relevant clinical and genomic confounders, including BRCA status, treatment history, and tumor genomics. Ovarian cell line sensitive to CDK7 inhibition with REC-617 • Unbiased analysis of over 360 cell lines in glo titer assay Cell Panels Causal Inference using Omics and Clinical data CDK7 emerges as a likely driver of poor survival in ovarian cancer based on a causal inference framework leveraging multi-omic and clinical data • Over ~32K patient records using DNA, RNA and clinical outcomes Impact • Supports preclinical findings with causal inference using omics and patient data • 1st indication: 2L+ platinum- resistant ovarian cancer (PROC) Potent tumor regression with REC-617 treatment • <10 hours of exposure above IC80 to optimize benefit-risk In vivo Models CDX Model: OVCAR1 Patient Data: Ovarian Cancer2Cell Line: OVCAR3 S u rv iv a l p ro b a b ili ty Number of months post-sequencing

 
Mechanistic Validation RBM39 Degradation % R B M 3 9 D e g r a d a t io n (N o rm a li ze d -V e h ic le ) Concentration (nM) Recursion OS Insight REC-1245 (RBM39 degrader): Platform derived insight to unlocking comprehensive genomic instability vulnerabilities 19 Preclinical Data Days post treatment T u m o r V o lu m e ( m m 3 ) Ovarian CDX Model: OVK18 (MSI-H) REC-1245 induces significant tumor regressions in an ovarian CDX • Model driven by elevated replication stress REC-1245 translates phenotypic insights • Driving rapid and potent RBM39 degradation in human PBMCs within 24 hours RBM39 loss mimics CDK12 deficiency • 204 candidates synthesized to candidate ID (REC-1245) • Advanced program from target ID to IND-enabling studies in 18 months CDK12 RBM39CDK13 RBM39 CDK12 CDK13

 
REC-3565 (MALT1 inhibitor): Summary & next steps Monotherapy dose escalation ongoing with preliminary update 2H26 RWD to combat competition for trial enrollment • Advanced analytics for strategic site recommendations and patient targeting • >50 new potential sites identified in UK and Spain Single-agent and synergistic activity • Single agent showed tumor growth regression • 70% of mice in combo arm had no palpable tumors 10-days after last dose Designed to deliver balanced compound with improved safety (UGT1A1) and efficacy • Leveraged molecular dynamics & hotspot analysis CDX Model: OCI-Ly101 Illustrative example 344 novel compounds to Candidate ID 20 1. Payne et al. ENA, (2024). Clinical Development Recursion OS Insight Preclinical Validation

 
REC-4881 (MEK1/2 inhibitor): Summary & next steps Phase 2 dose expansion ongoing with update 2H25 In Vivo Model: APCmin/+ 1 RWE to benchmark clinical trial efficacy • Evaluating natural history data for FAP patients undergoing routine care • Providing frame of reference for polyp burden compared with open label REC-4881 trial Significant reduction in polyp count, outperforming celecoxib • Decreases both polyp number and pre-cancerous adenoma percentage, unlike celecoxib2 Identified through phenotypic discovery platform • Novel therapeutic mechanism for FAP • Targeted strategy selectively blocking ERK activation (MAPK pathway) to suppress disease progression 1. N=15 across arms, REC-4881 and celecoxib administered orally for 8 weeks. 2. Pre-cancerous adenoma percentage data on file. 21 REC-4881 suppresses disease- inducing effects of APC mutations Clinical Development Recursion OS Insight Preclinical Validation

 
REC-7735: PI3K⍺ H1047R – Summary & next steps Biological Insight High selectivity for H1047R mutant PI3K⍺ over WT to reduce dose-limiting hyperglycemia Design AI-driven generative design via hotspot molecular dynamics to discover a unique chemical series In Vivo Data Significant tumor regressions at low doses outperforms clinically approved agents Clinical Data supports targeting H1047R mutant breast cancer as a monotherapy or in combination with standard of care treatments What’s Next • Development candidate nomination 2H25 REC-7735 Target Profile • Potential best-in-class PI3K⍺ H1047R inhibitor • >100-fold selective against WT PI3K⍺ • No significant in-vitro safety concerns, superior BSEP, off-target & liver spheroid profile versus competitors • Highly CNS penetrant with low-risk of dose-limiting AEs 22

 
REC-102: ENPP1 – Summary & next steps Biological Insight Reduction of PPi production via controlled ENPP1 inhibition to restore bone hypomineralization Design AI-driven generative design via fragment screening to enhance metalloenzyme selectivity In Vivo Data Significant survival benefit in HPP mice through transient PPi reduction validates mechanistic rationale Clinical Opportunity to address significant unmet needs in juvenile and adult-onset HPP patients REC-102 Target Profile • Potential first-in-class ENPP1 inhibitor • High oral bioavailability supports QD or BID dosing • No kinases inhibited >70% at 10 µM • No significant in vitro safety liabilities identified What’s Next • IND-enabling studies ongoing • Phase 1 initiation 2H26 23

 
Partnered Pipeline PIPELINE

 
Advanced partnership discovery by leveraging Recursion 2.0 25 4 Program milestone payments achieved in last 18 months Several programs advancing towards development candidate over next 12-15 months Continued program advancement in a GI oncology indication and multiple neuroscience programs into target validation advanced by leveraging the RecursionOS and Genentech's biology expertise Phenomaps in Neuroscience, GI Oncology • 1 trillion iPSC-derived cells • 100 billion GI Oncology relevant cells • 5,000 transcriptomes5 Potential for over $100 million in partnership milestones by end of 2026 Recursion & Bayer have nominated multiple early discovery precision oncology programs against previously “undruggable” targets Multiple-year collaboration to identify first-in-class and best-in-class targets

 
Sanofi collaboration advancing novel targets in I&I and oncology – 4 milestones achieved, multiple additional expected OptimizeDesignBiology QM/MD simulations to explore protein and ligand flexibility Applying Recursion OS cutting-edge generative design platform Active learning to maximize optimization and exploration 4 Program milestones achieved to date • Complete first development candidates and advance programs into the clinic • Continue to advance broad pipeline of first- in-class and best-in- class medicines with Recursion OS What’s next Future biological insights to be identified from Recursion Phenomap • Gambit • MMPA • Retrosynthesis • ML based MPO filter options • ABFE • RBFE • Co-folding • QM based confirmational analysis • GP Learning • Coverage Score State of the art in vivo facilities & biology labs • InVivomics • Digital toxicology • Bespoke biological validation Leveraging suite of tools tailored for each program to collaboratively identify and drive up to Development Candidate1 Recursion OS Platform 1. Sanofi to take Development Candidate through IND enabling studies, clinical trials, regulatory approval & commercialization 26

 
Roche and Genentech collaboration within neuroscience and GI oncology indication – unbiased novel biological insights to programs ~5 Phenomaps • Additional phenomap builds ongoing • Leveraging Recursion OS and collaborating with Roche and Genentech to identify new programs in a GI oncology indication & neuroscience What’s next Collaboratively working to identify novel biological insights from phenomaps for validation Lab in the Loop Derived from over 1 trillion iPSC cells and 100 billion GI Onc relevant cells ~5,000 transcriptomes Recursion OS Platform From multiple disease-relevant cell types, subjected to compound treatments and/or gene KO, resulting in ~171 TB of data OptimizeDesignBiology Lab in the Loop image credit: Genentech 202427

 
Financial Update

 
Well positioned to deliver on upcoming milestones 1. Cash, cash equivalents and restricted cash 2. YE2024 reported OpEx for Recursion and Exscientia combined, excluding non-cash GAAP items (e.g. share-based compensation). 2026 estimate of <$390 million cash burn 3. Risk-adjusted cash inflows from partnerships included in estimated cash runway 4. Cash burn, defined as operating cash flow less capital expenditures, excluding partnership and financing inflows, transaction expenses and severance 29 • $533.8 million in cash1 as of June 30, 2025 Cash, cash equivalents and restricted cash Operational cash inflows • $7 million Sanofi milestone payment • $28.6 million R&D tax credit • Potential for over $100 million in partnership inflows by end of 20263 • Expected 2025 cash burn4 of <$450 million • Expected 2026 cash burn4 of <$390 million Expected cash runway into the fourth quarter of 2027 Guidance 2Q25 Highlights 2025 & 2026 Streamlining of operations and infrastructure • Expected to reduce pro forma operating expenses by ~35% from 2024 to 20262

 
Looking Forward

 
Internal and external pipeline momentum FY 2025 and 2026 upcoming pipeline catalysts Partnership Catalysts Potential for additional phenomap options Potential for multiple new project initiations Potential for multiple programs optioned by partners 2025 2026 H1 REC-617 (CDK7i) in advanced solid tumors Initiation of combination studies H2 REC-4881 (MEK1/2i) in FAP Additional safety and efficacy data from TUPELO REC-617 (CDK7i) in advanced solid tumors Additional Phase 1 data from ELUCIDATE REC-7735 (PI3Kα H1047Ri) DC nomination H1 REC-1245 (RBM39) Early safety and PK from monotherapy trial H2 REC-3565 (MALT1) Early safety and PK from monotherapy trial REC-102 (ENPP1i) Ph1 initiation – 2H26 31