Recursion Pharmaceuticals (RXRX) 44th Annual J.P. Morgan Healthcare Conference summary

Strategic Focus, Platform Innovation, and Mission

• Unified AI-native intelligence platform integrates multimodal data, biology, chemistry, and clinical execution to accelerate drug discovery and development.

• Emphasis on translating AI-driven insights into clinical proof points, with the first platform-enabled clinical proof of concept in a disease with no approved therapies.

• Bilingual, interdisciplinary teams blend scientific and AI expertise to drive innovation, execution, and next-generation clinical development.

• Investment in platform innovation includes omics data integration, expanded chemistry AI, and clinical development AI to improve R&D outcomes.

• Automation and AI agents are deployed to increase efficiency, reduce costs, and accelerate program advancement.

Clinical and Pipeline Progress

• Approximately 5 clinical and 15 discovery programs, with REC-4881 showing rapid, durable polyp reduction in FAP patients and a safety profile consistent with its class.

• Engagement with the FDA on a registrational study for REC-4881 is planned for the first half of 2026, leveraging real-world evidence from the largest FAP registry.

• Additional programs target advanced solid tumors, lymphoma, B-cell malignancies, rare diseases, and other novel therapeutic areas, with key data and go/no-go decisions expected through 2027.

• Early safety and PK data for the RBM39 degrader program are expected in 1H26, with further milestones anticipated from both wholly owned and partnered assets.

• Cash burn is projected to be less than $390 million through 2026, a 35% reduction since 2024, supporting continued investment in high-priority programs.

Financial Highlights and Partnerships

• Over $500 million in upfront and milestone payments achieved from partnerships with major pharma companies, with potential for $300 million+ per small molecule program and double-digit royalties.

• $755 million in cash at year-end 2025, providing expected runway through year-end 2027.

• Partnerships with Sanofi, Roche, and Genentech have generated significant cash inflows and delivered neuroscience maps and milestones.

• Proprietary digital maps and foundation models support collaborative development of novel therapeutic programs.

• Portfolio streamlined to ~5 clinical programs, with unified teams and platform post-integration.