Recursion Pharmaceuticals Inc at Citi Biopharma Back to School Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Andrew Pucher - Citi - Analyst : Maybe just to get started to orient the broader audience. Tell us a little bit about just the background of Recursion. There's a lot that we could go into. So maybe talk about the business from the perspective of the technology platform, the clinical pipeline and maybe just the overall strategy and business model to get us started?

Question: Andrew Pucher - Citi - Analyst : Great. Maybe to build off of that and to double-click on one of the aspects of the business is your partnerships. What does Recursion bring to the table in these partnerships? Help investors really think about what is differentiated relative to what large pharma can do by themselves in terms of investments in AI, ML internally? And then also Recursion maybe versus some of your peer companies that could be buying for the same partnership dollars with a Sanofi, Bayer, Regeneron, et cetera. Maybe just paint the picture there because I think it's an important part of the business.

Question: Andrew Pucher - Citi - Analyst : So it definitely sounds like you guys have expanded your capabilities with partners. Maybe taking a step back, I'd be very interested, and I'm sure investors would be as well, too, to just get your perspective on overall tech bio, it feels to me like we're still in very early innings to use the baseball analogy of where we are in terms of the development of AI-based tools and deployment, especially in biopharma across this broad spectrum of whether it be target discovery to clinical trial optimization. You probably are in the development and deployment of AI and biopharma? I'd be (technical difficulty) could accelerate that? And then a two-part question. Paint for us, the picture of in a future state, where does Recursion fit into that business model and partnership with pharma as well as just your own in-house clinical drug development?

Question: Andrew Pucher - Citi - Analyst : And so it sounds like the integration or the integrated broader approach is a source of -- is a real competitive moat as you think about what Recursion's able to do versus pharma?

Question: Andrew Pucher - Citi - Analyst : And maybe talk to me about -- you mentioned the work that you're doing with MIT. My understanding is that's open source. How do -- how should investors think about where you decide things ought to be open and transparent in terms of the models that you're building versus what you're going to keep proprietary? And also related to that, how should investors think about the encroachment, whether you see any at all near term from really tech native AI companies into the new healthcare sphere, where you operate today?

Question: Andrew Pucher - Citi - Analyst : Is that what you think has been one of the primary separators of Recursion versus some of your peers that may not exist anymore today? I feel like there was a fair bit of investor excitement several years ago around TechBio as Recursion and others went public. And as you look at the landscape today, it's very different business models, but it's Recursion and Schrodinger and many of your peers, both public, obviously, you guys are the beneficiary of the merger with Exscientia, but a number of notable public and private, in particular, peers are no longer around, at least in their -- their original state or business model. Is it -- how much of that is just natural first-mover advantage versus the strategic approach that you guys have taken around data and integration? I'd love just your perspective on -- on how that's evolved?

Question: Andrew Pucher - Citi - Analyst : Yeah. You mentioned a couple of times partners and how they validate -- thinking about the competitive landscape here. Recursion has been incredibly successful in terms of very meaningful partnerships and integrations with some of the largest blue-chips development forward with existing partnerships as well as Recursion's ability (technical difficulty) a much larger universe of mid- to small caps in the biotech landscape. (technical difficulty) focused on partnerships going forward?

Question: Andrew Pucher - Citi - Analyst : Okay. So we talked a fair bit about partnerships, technology platform. I'd love to dive into the pipeline, the clinical pipeline. The pipeline and some of the key programs. There is no lead program, which is a little bit unique here. So give us a little bit more detail there. And then maybe just point us in the direction of what are the meaningful near-term clinical catalysts that investors should be focused on? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 03, 2025 / NTS, RXRX.OQ - Recursion Pharmaceuticals Inc at Citi Biopharma Back to School Conference

Question: Andrew Pucher - Citi - Analyst : Okay. How do you internally think about this? And how would you get investors to think about the platform value view at Recursion? There's -- it strikes me there's incredible value in the technology platform you're pursuing different approaches, business models, how to monetize that versus partnerships versus clinical pipeline. And the question I have, I'd love to get your view on is what is more validating? Or how do you think of -- it's probably both, right? How do you think about the power and the importance of, to your earlier point, blue-chip large-cap pharma companies furthering their partnerships with you paying milestones, taking on more programs versus what you're doing in your own clinical pipeline, which has leveraged different components of data and models, et cetera. How should investors think about that? That strikes me as pretty important.

Question: Andrew Pucher - Citi - Analyst : Great. Well, thank you, Ben. I appreciate you spending the time to speak with us today, and that will conclude today's session.