Analyst Conference Summary

biotechnology

conference date: August 5, 2025
for quarter ending: June 30, 2025 (second quarter, Q2)

Forward-looking statements

Overview: Continues to advance pipeline.

Basic data (GAAP):

Revenue was $ million, ? sequentially from $14.7 million, and up from $ million year-earlier.

Net Income was i>negative $ million, ? sequentially from negative $202 million, and down from negative $ million year-earlier.

EPS (Earnings per Share), diluted, was i>negative $, sequentially from negative $0.50, down from negative $ year-earlier.

Guidance:

Conference Highlights:

Chris Gibson, CEO, said ""

REC-4881, a MEK1/2 inhibitor, is in a Phase 2 clinical trial for FAP (familial adenomatous polyposis). An oral presentation of May 4, 2025 showed the 4 mg QD does lead to a median 43% recution in polyp burden at 13 weeks. 5 of 6 patients showed decreases, but one patient had a sustantial increase. Safety was typical of a MEK inhitor.

REC-7735 targetting PI3Ka H1047R for breast cancer is preclinical, has shown activity in mice. H1047R mutation is present in about 14% of HR+/HER2- breast cancers.

REV102 targetting ENPP1 for hypophasphatasia has reached the IND-enabling stage, with preclinical data supporting first-in-class potential.

Other preclinical programs include REC-617; REC-1245; REC-3565; REC-4539.

Recursion has decided to ax three programs: REC-2282, which had been in Phase 2; REC-994, and REC-3964. All had shown some positive trends, but not enough to go forward.

Sanofi and Recursion now are in four partnered programs. A milestone achieved in Q1 resulted in a $7 million milestone payment, with program potential for $300 million more in milestone payemtns.

Recursion is also in collaborations with Roche and its subsidiary Genentech, building five phenomaps. for the project.

The platform collaboration with Enamine, leveraging Recursion's massive data layer of predicted protein-small molecule interactions, resulted in the generation of screening libraries to target 100 clinically relevant drug targets. Those libraries are now available for purchase from Enamine.

Recursion platform is now at Recursion 2.0 (earlier did 0.1 and 1.0).

Cash ended the quarter at $ million, down sequentially from $503 million. Cash used in operating activities was $ million.

Total expenses were $ million, consisting of: cost of revenue $ million, R&D $ million, G&A $ million. Loss from operations $ million. Other loss $ million.

Q&A:

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