Washington, D.C. 20549


Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 9, 2022

(Exact name of registrant as specified in its charter)

(State or other jurisdiction of incorporation)(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:

    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

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

    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

    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:
Title of each classTrading symbol(s)Name of each exchange on which registered
Class A Common Stock, par value $0.00001 per shareRXRX
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 x

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 August 9, 2022, Recursion Pharmaceuticals, Inc. issued a press release announcing its results of operations and financial condition for the second quarter June 30, 2022. 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 August 9, 2022, Recursion Pharmaceuticals, Inc. released an updated investor presentation. The investor presentation will be used from time to time in meetings with investors. A copy of the presentation is attached hereto as Exhibit 99.2.

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 NumberDescription
104Cover Page Interactive Data File (embedded within the Inline XBRL document)

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 hereunto duly authorized on August 9, 2022.

/s/ Michael Secora
Michael Secora
Chief Financial Officer

Exhibit 99.1
Recursion Provides Business Updates and Reports Second Quarter 2022 Financial Results

Actively enrolling participants in our Phase 2/3 clinical trial for the potential treatment of progressive NF2-mutated meningiomas
On track to initiate our Phase 2 clinical trial for the potential treatment of FAP in the third quarter of 2022
U.S. FDA granted Recursion Fast Track designation and the European Commission granted Recursion Orphan Drug Designation for REC-4881 for the potential treatment of FAP
On track to initiate our Phase 1 clinical trial for the potential treatment of Clostridium difficile colitis in the second half of 2022

SALT LAKE CITY, August 9, 2022 — Recursion (Nasdaq: RXRX), the clinical-stage biotechnology company industrializing drug discovery by decoding biology, today reported business updates and financial results for its second quarter ending June 30, 2022.

“Recursion continues to make progress in advancing its clinical programs, including initiating a Phase 2 trial for NF2-mutated meningiomas and receiving U.S. FDA Fast Track and European Commission Orphan Drug designations for REC-4881 for the potential treatment of FAP,” said Chris Gibson, Ph.D., Co-Founder & CEO at Recursion. “In the context of continued capital markets friction we are increasingly focusing our pipeline around rapidly deliverable oncology programs. We also continue to lead the digital transformation of drug discovery by building additional capabilities into our Recursion OS platform, including scaling our transcriptomics hit validation platform to up to 13 thousand near-whole exomes per week and advancing our ChemOS systems by preparing to install our scalable and automated drug metabolism and pharmacokinetics platform. Across our diverse platform that spans target and hit discovery through optimization and translation, we have now generated and control over 16 petabytes of proprietary biological and chemical data and 2.4 trillion predicted biological and chemical relationships, helping us turn the bespoke, artisanal and serial process of drug discovery into a search and validation problem.”


Summary of Business Highlights

Internal Pipeline
Cerebral cavernous malformation (CCM) (REC-994): In March 2022, we announced the initiation of our Phase 2 SYCAMORE clinical trial, which is a double-blind, placebo-controlled safety, tolerability and exploratory efficacy study of this drug candidate in 60 participants with CCM. At this time, we continue to actively enroll participants.
Neurofibromatosis type 2 (NF2) (REC-2282): In June 2022 at the Children's Tumor Foundation NF Conference, we announced the initiation of our Phase 2/3 POPLAR clinical trial, which is a parallel group, two stage, randomized, multicenter study of this drug candidate in approximately 90 participants with progressive NF2-mutated meningiomas. At this time, we continue to actively enroll participants.
Familial adenomatous polyposis (FAP) (REC-4881): We are on track to initiate a Phase 2, randomized, double-blind, placebo-controlled study to evaluate safety, pharmacokinetics and exploratory efficacy of this drug candidate in FAP in the third quarter of 2022. Recently, the U.S. Food and Drug Administration (FDA) granted Recursion Fast Track designation and the European Commission granted Recursion Orphan Drug Designation for REC-4881 for the potential treatment of FAP.
Clostridium difficile colitis (REC-3964): We made progress in IND-enabling studies for REC-3964 and are on track to initiate a Phase 1 study in the second half of 2022.
Oncology pipeline: We continue to focus our pipeline on oncology and oncology-like programs while advancing numerous programs discovered using

our next generation mapping and navigating technology, including programs focused on novel targets and polypharmacology.
Transformational Collaborations
We continue to advance efforts to discover new potential therapeutics with our strategic partners in the areas of fibrotic disease (Bayer) as well as neuroscience and a single indication in gastrointestinal oncology (Roche and Genentech).
Recursion OS
ChemOS: We are preparing to install our automated and scalable drug metabolism and pharmacokinetics (DMPK) platform, which will allow for the processing and evaluation of compounds for protein plasma binding, microsomal stability, and cell permeability. Such continuous chemical data generation will help enable us to build machine learning approaches that predict properties for our and our partners' growing libraries of chemical compounds. Furthermore, we are implementing a unified workflow for medicinal and computational chemists to seamlessly access assay data, design molecules, and perform predictive analyses to support our internal and partnership programs.
Machine Learning: We continue to improve the ease, scale, and biological relevance of our machine learning models and added new benchmarking flows to evaluate how well our models recapitulate known biological relationships associated with protein complexes and pathways. We improved our machine learning models to achieve state-of-the-art results in 9 of 22 absorption, distribution, metabolism, excretion, and toxicity (ADMET) benchmark tasks from Therapeutic Data Commons, and we are leveraging them for our oncology programs.
Transcriptomics: We continued building out our scaled transcriptomics platform, with infrastructure, automation and operational processes that will enable the robust validation of inferences from our maps of biology and chemistry. We have now been able to carry out and analyze up to 13 thousand near-whole exomes per week, creating another growing relatable dataset that we can integrate in our Recursion OS for continued improvement of our inferences across compounds and biology at scale.
Compounding Cycles of Discovery: The visualization below frames how additional datasets and capabilities compound cycles of discovery to potentially translate novel insights into clinical candidates. In this technology stack graphic, bold text signifies capabilities that have been built to some meaningful scale already, italic text signifies capabilities that are in the process of being built and standard text signifies capabilities that Recursion intends to incorporate in the future.


Second Quarter 2022 Financial Results

Cash Position: Cash, cash equivalents and investments were $515.4 million as of June 30, 2022.
Revenue: Total revenue, consisting primarily of revenue from collaborative agreements, was $7.7 million for the second quarter of 2022, compared to $2.5 million for the second quarter of 2021. The increase was due to revenue recognized from our Roche-Genentech collaboration.
Research and Development Expenses: Research and development expenses were $38.4 million for the second quarter of 2022, compared to $29.6 million for the second quarter of 2021. The increase in research and development expenses was primarily due to an increased number of pre-clinical assets being validated and increased clinical costs as studies progressed.
General and Administrative Expenses: General and administrative expenses were $21.2 million for the second quarter of 2022, compared to $13.9 million for the second quarter of 2021. The increase in general and administrative expenses was due to the growth in size of the company's operations, including an increase in salaries and wages of $1.8 million, a fixed asset write-down of $2.8 million, increased rent expense of $1.0 million and other administrative costs associated with operating a public company.
Net Loss: Net loss was $65.6 million for the second quarter of 2022, compared to a net loss of $43.4 million for the second quarter of 2021.

About Recursion
Recursion is the clinical-stage biotechnology company industrializing drug discovery by decoding biology. Enabling its mission is the Recursion OS, a platform built across diverse technologies that continuously expands one of the world’s largest proprietary biological and chemical datasets. Recursion leverages sophisticated machine-learning algorithms to distill from its dataset, a collection of trillions
of searchable relationships across biology and chemistry unconstrained by human bias. By commanding massive experimental scale — up to millions of wet lab experiments weekly — and massive computational scale — owning and operating one of the most powerful supercomputers in the world, Recursion is uniting technology, biology and chemistry to advance the future of medicine.

Recursion is headquartered in Salt Lake City, where it is a founding member of BioHive, the Utah life sciences industry collective. Recursion also has offices in Toronto, Montreal and the San Francisco Bay Area. Learn more at www.Recursion.com, or connect on Twitter and LinkedIn.

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Investor Contact

Recursion Pharmaceuticals, Inc.
Condensed Consolidated Statements of Operations (unaudited)
(in thousands, except share and per share amounts)

Three months ended June 30,Six months ended June 30,
Operating revenue$7,653 $2,500 $12,952 $5,000 
Grant revenue21 49 55 111 
Total revenue7,674 2,549 13,007 5,111 
Operating costs and expenses
Cost of revenue14,227 — 22,026 — 
Research and development38,439 29,624 70,880 53,733 
General and administrative21,199 13,854 42,273 22,791 
Total operating expenses73,865 43,478 135,179 76,524 
Loss from operations(66,191)(40,929)(122,172)(71,413)
Other income (loss), net631 (2,472)633 (2,705)
Net loss$(65,560)$(43,401)$(121,539)$(74,118)
Per share data
Net loss per share of Class A and B common stock, basic and diluted$(0.38)$(0.31)$(0.71)$(0.91)
Weighted-average shares (Class A and B) outstanding, basic and diluted172,212,390 138,360,646 171,455,595 81,022,240 

Recursion Pharmaceuticals, Inc.
Condensed Consolidated Balance Sheets (unaudited)
(in thousands)
 June 30,December 31,
Current assets  
Cash and cash equivalents$453,875 $285,116 
Restricted cash1,901 1,552 
Accounts receivable21 34 
Other receivables11,659 9,056 
Investments61,561 231,446 
Other current assets16,979 7,514 
Total current assets545,996 534,718 
Restricted cash, non-current8,334 8,681 
Property and equipment, net81,508 64,725 
Operating lease right-of-use assets34,643 — 
Intangible assets, net1,233 1,385 
Goodwill801 801 
Other non-current assets— 35 
Total assets$672,515 $610,345 
Liabilities and stockholders’ equity
Current liabilities
Accounts payable$3,176 $2,819 
Accrued expenses and other liabilities24,361 32,333 
Unearned revenue63,781 10,000 
Notes payable93 90 
Operating lease liabilities5,242 — 
Lease incentive obligation— 1,416 
Total current liabilities96,653 46,658 
Deferred rent— 4,110 
Unearned revenue, non-current89,934 6,667 
Notes payable, non-current586 633 
Operating lease liabilities, non-current47,763 — 
Lease incentive obligation, non-current— 9,339 
Total liabilities234,936 67,407 
Commitments and contingencies
Stockholders’ equity
Common stock (Class A and B)
Additional paid-in capital959,393 943,142 
Accumulated deficit(521,619)(400,080)
Accumulated other comprehensive loss(197)(126)
Total stockholders’ equity437,579 542,938 
Total liabilities and stockholders’ equity $672,515 $610,345 

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 early and late stage discovery, preclinical, and clinical programs; licenses and collaborations; prospective products and their potential future indications and market opportunities; Recursion OS and other technologies; business and financial plans and performance; 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; the impact of the COVID-19 pandemic and force majeure events; 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 most recent Quarterly Report on Form 10-Q and 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.

End of Q2 2022

This presentation and any accompanying discussion or documents may contain information that includes or is based upon "forward- looking statements" within the meaning of the Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations, estimates and projections about our industry, management's beliefs and certain assumptions we have made. They are neither historical facts nor assurances of future performance, are subject to significant risks and uncertainties, and may turn out to be wrong. For a discussion of factors that could affect our business, please refer to the "Risk Factors" sections in our filings with the U.S. Securities and Exchange Commission, including our most recent Quarterly Report on Form 10-Q and our Annual Report on Form 10-K. This presentation does not purport to contain all the information that may be required to make a full analysis of the subject matter. We undertake no obligation to correct or update any forward-looking statements. 2

Recursion is a clinical stage Pharmatech company Mapping and Navigating biology and chemistry with the goal of bringing better medicines to patients faster and at lower cost via an Internal Pipeline and Partnerships The Leading Pharmatech Mission is to decode biology to radically improve lives >150 biologists, chemists and drug developers >150 data scientists, software programmers, and engineers Mapping & Navigating 1st novel biological insights identified with AI-enabled mapping >16 petabytes of proprietary biological & chemical data generated in-house 2.4 trillion predicted biological and chemical relationships to mine for compelling novel programs Internal Pipeline 2 programs initiated Ph2 or Ph2/3 clinical trials 1 program to initiate Ph2 in Q3 2022 and 1 program to initiate Ph1 in 2H 2022 Dozens of preclinical and discovery programs Transformational Partnerships >$230M in upfront payments and investment to date from partners >$500M in potential research milestones and data usage options >$13B in potential project milestones across 50+ possible programs in addition to royalties 3

Images adapted from Jayatunga, M., et al. Nature Reviews Drug Discovery 2022. 4 Top-20 Pharma Companies AI-Native Drug Discovery Companies 705 768 708 602 575 641 686 709 519 439 393 333 0 500 1,000 1,500 2,000 2,500 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Discovery / Preclinical Phase I Phase II Phase III 6 2 4 6 10 18 23 28 56 121 119 158 0 50 100 150 200 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 N um be r o f C lin ic al a nd P re cl in ic al A ss et s N um be r o f C lin ic al a nd P re cl in ic al A ss et s

Well-known primary relationships between key members of five pathways: JAK/STAT | SWI/SNF | TGFβ | RAS | Proteasome All primary relationships found by the Recursion OS between key members of five pathways: JAK/STAT | SWI/SNF | TGFβ | RAS | Proteasome 5

6 build relatable datasets to uncover novel insights integrate diverse technologies to scale novel insights organize aspects of the value chain to deploy novel insights

Real (atoms) Digital (bits) 1 Profile Systems Capture high-dimensional data to create a digital record of reality (things, places, preferences, etc.) Data Aggregate and organize data to create digital maps of reality Algorithms Navigate digital maps to predict novel relationships, then try them in reality 3 2 1 2 7 3


How we build maps of biology and chemistry Enables quality, reliability, repeatability and scale Novel Efficacy and Insights different human cell types small molecule library, we believe this scale is on par with some large pharma companies arrayed CRISPR guides cytokines and soluble factors Diverse Biological and Chemical Inputs Robotic Automation at Scale wet-lab experiments per week profiling genes and compounds, we believe we are the largest phenomics (human cellular image-based) data producer Up to Digitization of Biology and Chemistry proprietary high-dimensional data, we believe this is the largest relatable in vitro biological and chemical dataset ML-Based Analysis supercomputer across any industry (TOP500 List, Jun 2022), we leverage vast neural networks and multiomics approaches to extract features and drive insights relatable hypotheses across multiple biological and chemical contexts ML-Based RelationshipsHigh-Dimensional Validation near whole exomes per week, we believe we are one of the largest transcriptomics data producers proteomics panels in 2021 Up to 9


To the left is a whole-genome arrayed CRISPR knock-out Map generated in primary human endothelial cells Recursion visualizes its Maps in different ways. Below is a Map of thousands of new chemical entities, clustered by chemical similarity and colored by potency, which demonstrated a strong anti-inflammatory response on the Recursion OS 11

Many known mitochondrial-related genes cluster together along with a few less well-known genes 12

JAK1 JAK1 The JAK / STAT pathway clustered by strength of interaction, including both similar genes (red) and ‘opposite’ genes (blue) – note that both expected and less well-known genes can serve as novel hypotheses 13

20S Subunit 26S Subunit The 20S and 26S proteosomes form expected clusters that give confidence in this Map, one of many we have built – however, the most exciting elements of each map are the tens of thousands of unknown and unexplored high- confidence relationships 14

World’s literature reviewed People generate hypotheses Hypotheses validated in low dimensional assays 1. Millions of disparate journal articles and publications 2. Many data cannot be independently replicated 3. Human-selected low dimensional assays prone to confirmation bias 4. Humans prone to confirmation bias MAP OF BIOLOGY AND CHEMISTRY 2.4 trillion predicted relationships from >100M reproducible experiments Scientists navigate machine-generated hypotheses with unmet need and data arbitrage in mind Chosen hypotheses automatically validated using orthogonal high- dimensional assays 1. Massive, relatable proprietary map of searchable biology and chemistry 2. Data highly replicable and scalable 3. High-dimensional orthogonal validation minimizes ‘leak’ of poor hypotheses to later stages 4. Minimization of human bias 5. Maximization of biological systems relevance Approach is designed with the goal of achieving higher clinical success rates Traditional Drug Discovery LIMITATIONS BENEFITS <10% clinical success rate Increased efficiency of translation: more scale, more speed, less cost Translation Recursion Approach 15

Data shown are the averages of all our programs from 2017 through 2021. All industry data adapted from Paul, et al. Nature Reviews Drug Discovery. (2010) 9, 203–214 Screen — Hit ID — Validated Lead — Advanced Candidate — Development Candidate — Industry Recursion Failing faster and earlier to › › spend less › Co st to IN D ($ M ) 25 — 20 — 15 — 10 — 5 — 0 — Industry 40 — 30 — 20 — 10 — 0 — › and go faster 100 80 60 51 80% 75% 85% 100 64 33 64% 52% 73% 20 61% St ag e Ti m e to V al id at ed L ea d (m o) Recursion Industry Recursion 15 Industry Recursion 16


Internal Pipeline - Rare Genetic Diseases Asset Sales / Licenses / Commercialization Partnership strategy • Partner in large, difficult and/or competitive therapeutic areas • Add knowledge to and improve our growing atlas of biology Internal Pipeline Discovery Partnerships Commercialization, licensing and asset sales Fibrosis Other large, intractable areas of biology Neuroscience *and a single oncology indication • $30M upfront and $50M equity investment • Up to or exceeding $1.2B in milestones for up to or exceeding 12 programs • Mid single-digit royalties on net sales • $150M upfront and up to or exceeding $500M in research milestones and data usage options • Up to or exceeding $300M in possible milestones per program for up to 40 programs • Mid to high single-digit tiered royalties on net sales Pipeline strategy • Advance programs where we have a data arbitrage • Focus on capital efficient therapeutic areas Oncology Inflammation & Immunology Rare Diseases 18

Program 1 Program 1 Program 1 Program 1 Program 1 Program 1 Program 1 Illustrative example of potential value inflection points Upfront Fee Programs 2 through N Programs 2 through N Programs 2 through N Programs 2 through N Programs 2 through N Collaboration Timeline Programs 2 through N Programs 2 through N Programs 2 through N Value Program 1 Program 1 Program 1 Program 1 Program 1 Program 1 Program 1 Programs 2 through N Programs 2 through N Technical and Map-Based Milestones Programs 2 through N Programs 2 through N Pre-Clinical Milestones Clinical and Approval Milestones Royalties & Commercial Milestones 19

US + EU5 PREVALENCE CAUSE LOF mutations in genes CCM1, CCM2 & CCM3, key for maintaining the structural integrity of the vasculature due to unknown mechanisms PATHOPHYSIOLOGY Vascular malformations of the CNS leading to focal neurological deficits, hemorrhage and other symptoms OUR REASON TO BELIEVE Efficacy in Recursion OS as well as functional validation via scavenging of massive superoxide accumulation in cellular models; reduction in lesion number with chronic administration in mice KEY ELEMENTS • Targeting sporadic and familial symptomatic CCM patients with CCM1, CCM2, and CCM3 mutations • Phase 2 clinical trial initiated in Q1 2022 • Once daily oral dosing • US & EU Orphan Drug Designation Julia – living with CCM High Dose Low Dose Placebo 1:1:1 52-Week Treatment Open Label Extension 1° - Safety and Tolerability 2° - Imaging, assessments and PROs CCM Confirmed with MRI 20

US + EU5 INCIDENCE CAUSE LOF mutations in NF2 tumor suppressor gene PATHOPHYSIOLOGY OUR REASON TO BELIEVE Efficacy in Recursion OS, cellular, & animal models; suppression of aberrant ERK, AKT, and S6 pathway activation in a Phase 1 PD Study in NF2 patient tumors KEY ELEMENTS • Targeting familial and sporadic NF2 meningioma patients • Phase 2/3 clinical trial initiated in Q2 2022 • Oral bioavailability and CNS exposure together are unique among clinical-stage HDAC inhibitors • Fast-Track and US Orphan Drug Designation Inherited rare CNS tumor syndrome leading to loss of hearing and mobility, other focal neurologic deficits Ricki – living with NF2 REC-2282 40mg REC-2282 60mg 1:1 6 x 1 Month Cycles 1° - PFS 2° - TTR, DOR & ORR Interim Analysis 20 x 1 Month Cycles Phase 2 REC-2282 Placebo 2:1 26 x 1M Cycles Phase 3 Progressive NF2-mutated meningioma Progressive NF2-mutated meningioma 21

US + EU5 PREVALENCE CAUSE Inactivating mutations in the tumor suppressor gene APC PATHOPHYSIOLOGY Polyps throughout the GI tract with extremely high risk of malignant transformation OUR REASON TO BELIEVE Efficacy in the Recursion OS shows that specific MEK 1/2 inhibitors had an effect in context of APC LOF. Subsequent mouse model APCmin showed potent reduction in polyps and dysplastic adenomas KEY ELEMENTS • Targeting Classical FAP patients (w/ APC mutation) • Benign polyps and dysplastic adenomas • Oral Dosing & Gut-Biased • Fast-Track and US & EU Orphan Drug Designation High Dose Low Dose Placebo 2:2:1 Food Effect Open Label Extension 1° - Δ Polyp burden at 12M 2° - PL, Safety, polyp # and histological grade FAP with APC mutation confirmed 48 Week Treatment 22

US + EU5 INCIDENCE CAUSE Release of C. difficile toxins by colonizing bacterium causes degradation of colon cell junction, toxin transit to bloodstream, and morbidity to host PATHOPHYSIOLOGY Highly recurrent infectious disease with severe diarrhea, colitis, and risk of toxic megacolon, sepsis, and death OUR REASON TO BELIEVE Recursion OS identified a new chemical entity for prophylaxis and recurrent C. difficile infection via glycosyl transferase inhibition with potential to be both orally active and gut-biased KEY TPP ELEMENTS • Orally active small molecule toxin inhibitor • Non-antibiotic approach with potential for combination with SOC and other therapies for recurrent disease • Designed for gut-biased pharmacology to target infection in the GI tract while reducing systemic exposure and potential systemic effects • Not expected to negatively impact the gut microbiome Colleen – overcame recurrent C diff. 23

Gene A CDK12 2.5μM 1.0μM REC-65029 0.1μM 0.25μM REC-65029 • Goal: Identify potential first-in-class NCE with novel MOA capable of potentially treating HRD-negative ovarian cancer • Phenomap insight: Inhibition of target Gene A (for example, with REC-65029) may mimic inhibition of CDK12 while mitigating toxicity due to CDK13 inhibition • Result: Single agent and in combination with olaparib in HRD-negative ovarian cancer CDX and PDX models showed durable efficacy – including 100% complete response Single agent activity in olaparib-resistant CDX mouse model Single agent and combination (with olaparib) in an HRD-negative ovarian cancer PDX model with durable response OVCAR-3 CDX – animals dosed with REC-65029 for 5 days at 100 mg/kg BID, a holiday from days 6-9 (due to body weight loss) and dosing resumed at 85 mg/kg BID; OV0273 PDX – REC-65029 dosed at 85 mg/kg PO, BID, olalparib dosed at 90mg/kg PO QD; ** p<0.01 **** p<0.0001 Treatment stopped on Day 28 OV0273 PDX OV0273 PDX (Survival)OVCAR-3 CDX 80% CR by day 14 in combo 100% CR Tumor-targeted precision therapeutics Similar Opposite 24

Efficacy demonstrated in CT26 checkpoint resistance (left) mouse model; complete response (CR) mice show minimal tumor growth when rechallenged (middle left). Peripheral IL-6 remain unchanged (middle right) while intertumoral IFNγ increases EMT6 Gene B Gene B REC- 648918 REC-648918 BIRC2 Gene A Gene A BIRC2 • Goal: Identify novel compounds capable of re-sensitizing tumors with tumor- intrinsic resistance factors to checkpoint therapy • Phenomap insight: Novel compound (REC-648918) identified with similarity to knockout of potential immunotherapy resistance gene targets (Gene A, Gene B) • Result: Reduction in tumor growth vs anti-PD-1 alone in both CT26 checkpoint resistance and EMT6 models – including 40% and 80% complete response in combination in each model, respectively Efficacy demonstrated in EMT6 mouse model CT26: mouse colon carcinoma. REC-648918 was dosed PO, QD for 5 weeks at 100mg/kg. Anti-PD-1 was dosed IP, BIW for 5 weeks at 10mg/kg. 10 mice per group, dosing initiated when tumors reached ~ 80 mm3; * p<0.05 ** p<0.01 **** p<0.0001; ^ Combination treatment in EMT6 resulted in 8 CR and 8 rejections on re-challenge 25 CT26 REC-648918 REC-648918 + aPD1 Vehicle Anti-PD-1 Tumor-intrinsic immune resistance Similar Opposite 80% CR in combo CT26 rechallenge 40% CR in combo 25

• Goal: Identify novel compounds capable of re-sensitizing tumors to checkpoint therapy in STK11 mutant cancers • Phenomap insight: Novel class of compounds (REC-64151) inferred to rescue loss of STK11 • Result: REC-64151 restores anti-PD1 (aPD1) response of STK11 mutant CT26 tumors (Fig. A, B) and demonstrated enrichment of CD8+ T-cells (Fig.C) STK11 0.25 µM STK11 2.5 µM 2.5 µM0.25 µM REC-64151 REC-64151 CT26 STK11 KO days CT26 WT days Anti-PD-1 dosed at 10mg/kg; REC-64151 dosed at 100mg/kg; ** p<0.01 **** p<0.0001 REC-64151 restores anti-PD1 response of STK11 mutant CT26 tumors REC-64151 combination with anti-PD1 enriches CD8 T-cells REC-64151 + aPD1 CD8+ T cells REC-64151 aPD1Vehicle (A) (B) (C) Tumor-intrinsic immune resistance 26 Similar Opposite

-2 -1 0 1 2 0 50 100 % P ro lif er at io n In hi bi tio n PC-12 MSTO-211H MV-4-11 HL-60 REC-142221 Conc. (Log, uM) -2 -1 0 1 2 0 50 100 % P ro lif er at io n In hi bi tio n REC-136467 Conc. (Log, uM) c-Myc Independent Cell Line: PC-12 c-Myc Dependent Cell Lines: MSTO-211H MV-4-11 HL-60 MYC: Platform to identify small molecule inhibitors of MYC • Goal: Use the map-based inference platform to: • Identify novel small molecules that inhibit MYC activity for the treatment of diverse cancers characterized by aberrant activation of MYC pathway • Identify multiple hit series that mimic the functional consequence of MYC knockout by multiple mechanisms of action (MYC degradation, inhibition, molecular glues) • Phenomap insight: Complex MYC biology is represented in the map with MYC inhibitors identified due to their inferred relationship to the MYC gene knockout • Result: Identified hits selectively induce cell death in c-MYC dependent cell lines, while not affecting cell viability in c-MYC independent cells Selective effect on c-MYC amplified and c-MYC dependent cell line proliferation for two hit molecules identified using Recursion’s Platform Tumor-targeted precision therapeutics 27 Similar Opposite

Advanced degreesEmployees Team Members 450+ 42% ESG Highlights Data shown reflective of Q2 2022 and Recursion’s 2022 ESG report  Inaugural ESG report in 2022 – reporting on Healthcare and Technology Metrics  100% of electricity powering our Biohive-1 supercomputer comes from renewable sources 45% Female Male 53% 1% Non-Binary Parity Pledge Signer -gender parity and people of color parity Life Sciences –biology, chemistry, development, etc. Technology –data science, software engineering, automation, etc. Strategic Operations 2030 Goals -Achieve net-zero GHG emissions -Achieve equal gender representation Community Impact Committed to ESG Excellence Founding Partner, Life Science Accelerator Founding Member, Life Science Collective 28

Enables quality, reliability, repeatability and scale Recursion OS Continued digital chemistry and predictive ADMET OS build Clinical Predictions Near-TermToday Intermediate-Term 29

• Expanded Bayer collaboration to use mapping and navigating techniques to explore fibrotic diseases • Announced transformational collaboration with Roche-Genentech focused predominantly in neuroscience • Initiated Phase 2 clinical trial evaluating REC-994 for the potential treatment of CCM • Initiated Phase 2/3 clinical trial evaluating REC-2282 for the potential treatment of NF2 Recent Milestones Achieved Near-Term • Rec-4881 for FAP Phase 2 initiation in Q3 2022 • Rec-3964 for C diff. Phase 1 initiation in 2H 2022 • Potential for additional INDs and clinical starts • Potential option exercises for partnership programs Medium-Term • Multiple POC readout(s) for AI-discovered programs • Potential additional partnership(s) in large, intractable areas of biology • Potential additional option exercises for partnership programs • Recursion OS begins to move to Autonomous Map Building and Navigation with automated chemical synthesis, digital chemistry and predictive ADMET tools 30 • $515M in cash, equivalents & investments at end of Q2 2022 Strong Financials Upcoming Potential Milestones

Appendix 31

Board of Directors TINA LARSON President & COO Executive Team DEAN LI, MD/PHD Recursion Co-Founder, President of Merck Research Labs ZACHARY BOGUE, JD Co-Founder & Partner, Data Collective ROB HERSHBERG, MD/PHD Co-Founder/CEO/Chair of HilleVax, Former EVP CSO & BD at Celgene BLAKE BORGESON, PHD Recursion Co-Founder, Board Member Machine Intelligence Research Institute SHAFIQUE VIRANI, MD FRCS Chief Business Officer & Interim CMO MICHAEL SECORA, PHD Chief Financial Officer HEATHER KIRKBY, MBA Chief People Officer BEN MABEY Chief Technology Officer CHRIS GIBSON, PHD Co-Founder & CEO TERRY-ANN BURRELL, MBA CFO & Treasurer, Beam Therapeutics R. MARTIN CHAVEZ, PHD Board Member of Alphabet, Vice-Chair of 6th Street, Former CFO/CIO of GS LOUISA DANIELS, JD MBA Chief Legal Officer & General Counsel Trademarks are the property of their respective owners and used for informational purposes only. 32 ZAVAIN DAR Co-Founder & Partner, Dimension KRISTEN RUSHTON, MBA SVP of Business Operations CHRIS GIBSON, PHD Co-Founder & CEO


• Growth in capabilities, proprietary data, programs, and partnerships • Increasing business opportunities • Reducing binary risks We are a biotechnology company scaling more like a technology company, as demonstrated by our growth in inputs (experiments) and growth in outputs (data, biological and chemical relationships, programs, and partnerships). (1) Includes approximately 500,000 compounds from Bayer’s proprietary library. (2) ‘Predicted Relationships’ refers to the number of Unique Perturbations that have been predicted using our maps. (3) Announced a collaboration with Roche and Genentech in December 2021 and received an upfront payment of $150 million in January 2022. Year 2018 2019 2020 2021 Total Phenomic Experiments (Millions) 8 24 56 115 Data (PB) 1.8 4.3 6.8 12.9 Cell Types 12 25 36 38 Total Chemical Library1 (Thousands) 24 106 706 978 In Silico Chemistry Library (Billions) 0 0.02 3 12 Predicted Biological and Chemical Relationships2 (Billions) NA NA 13 203 IND-Enabling and Clinical Stage Programs 1 2 4 5 Cumulative Upfront and Investment Payments Committed by Partners3 $0 $0 $80M $230M Cumulative Potential Payments from Partners Excluding Royalties $0 $0 >$1B >$13B 34