Recursion Pharmaceuticals, Inc.

Hi, everybody. My name is Chris Gibson, co-founder and CEO of Recursion. Delighted to be joining you on our learnings today. And I'm joined by our chief R&D and commercial officer, Najat Khan, and the interim CEO, and I hope very soon to be CSO of Recursion, interim CEO of Accenture, and soon to be CSO of Recursion, Dave Hallen. We are coming to you live from Oxford, UK. We are in the Accenture facility where behind me, they are using a closed loop automated synthesis platform for chemistry to advance new medicines towards patients. And we're just delighted to be sharing the news today that our two businesses have announced a combination. What I would like to do today is walk through first that combination together with Dave and Aja, and I'm going to start by talking about some of the complementary factors that we see. First, a pipeline of nearly 10 or approximately 10 readouts over the next 18 months in the clinic. I think this is a really important milestone for a company like Recursion, a company that is trying to prove this next generation of medicines, a new way to discover medicines. And being able to generate this quantity and quality of potential readouts in the coming quarters, I think is going to be really, really fantastic. Next, partnerships. Recursion has some incredible partnerships with large companies like Roche Genentech and Bayer. Our partners at Accenture have fantastic partnerships with companies like Sanofi and Merck, KGA. And we are just delighted not only for the opportunity to combine our businesses and work against all of these partnerships, but actually to deploy the tools and technologies, the teams that we will be assembling against the partnerships of our counterparties. And I think this deal in many ways will make Recursion perhaps a partner of choice for others in the industry. Finally, our platform, our platforms at Recursion really focused on exploration of biology, hit discovery, target discovery. We've been building that for over a decade and our colleagues at Accenture have really been building for about the same amount of time this incredible precision chemistry platform. The ability to go from a hit to a development candidate with active learning and automated synthesis is really, really exciting to us. And putting these two platforms together, we think, is going to put us on the cutting edge. And finally, when we combine these businesses, we believe that we will have not only the team, the tools and the technology to go to the distance, but we'll also have the resources to do that. At the end of Q2, the companies combined had roughly $850 million, which we believe with the right kind of operational synergies puts us on a runway into 2027. And finally, the most important piece is the people. Both of these businesses have been building and pioneering the technology biology interface for the last decade or more. And we think we have some of the best teams in the industry. And by combining our businesses, we're going to be able to take these two incredible teams, put them together. And this is definitely, as Dave likes to say, definitely a situation we believe where one plus one equals three. So I want to dive into the pipeline just a little bit, give you a little bit more depth there. What I think is most exciting and important about the pipeline beyond the 10 potential readouts in the next 18 months is the complementarity. These are pipelines that have really no therapeutic overlap, where the two companies are both focused to some degree on oncology, but recursion really focused in rare disease, infectious disease, and our colleagues at Accenture really focused in immunology beyond oncology. That's a fantastic opportunity in the combined business for us to expand the reach. Through our partnerships, we also were able to go after a number of additional areas as well. Of course, recursion, given our focus on biology, has really gone after first-in-disease, first-in-class type targets. And our colleagues at Accenture, I think, have done a tremendous job of going after some of the hardest chemistry on targets that the world is really, really excited about, really best-in-class tools and technology. And by putting these together, we believe that this organization is going to be in a position to bring first and best-in-class medicines to patients and drive down the cost of discovery. So I want to turn to Najat, who just joined us, boy, just a few weeks ago. It's been quite a whirlwind. Let's talk a little bit about the pipeline of the proposed entity with these 10 programs that may read out in the next 18 months. Najat?

Yep. Thanks, Chris. Look, at the end of the day, we talk a lot about biology, chemistry, automation, tech, et cetera, but it all converges to the medicines we make for patients that are waiting. And that's really what this slide is about. So I'll talk about two portions. First is about our internal pipeline, and then also about the external pipeline that we're building and learning with our partners, which you've heard Chris mention. So in the first piece, you see that there's about 10, as Chris mentioned, clinical and near clinical readouts coming out of the next 18 months. There is breadth, and then there's depth. The depth really coming from both of us doubling down in precision oncology, going after both heme and solid tumors, both of which have significant unmet need. And then in terms of other areas where we have depth, rare diseases, different types of rare diseases, significant unmet need, and quite a few of them, quite frankly, with no standard of care that exists today. And then also in infectious diseases, going after areas that have huge unmet need for the aging population. So that's one piece. The second piece I do want to mention is the fact that we have multiple readouts coming out over the next 18 months. The 10 readouts across safety, tolerability, Preliminary views and efficacy. And then the third piece is the external pipeline. You know, as Chris mentioned, this is expanding us from oncology, rare disease, infectious diseases to immunology. Two sides of the coin. Many people would say oncology and immunology in terms of understanding the biology and being able to address it. So we'll speak more about that with some of our large partnerships that we have that are transformational. But I want to mention one other point. The milestones that we'll talk about also are diverse. And what do I mean by that? Some of them are focused on therapeutics, milestones, and others are focused on products, such as the biology maps that we recently optioned to Genentech.

Thanks, Nizha. I think it's important to also mention that beyond this internal pipeline, as Nizha mentioned, there's this external partner-based pipeline. And as we're sharing today publicly, there are 10 programs that have been optioned by one of our partners. So we really are building a pipeline of pipelines, both internal and external, within multiple therapeutic areas. For those tuning into our learning stall, they may be less familiar with the pipeline of Accenture. Certainly, we've become incredibly familiar with it. over diligence last few weeks and months, and we're really excited. I want you to tell folks a little bit about what you've been working on, and I know we'll have a chance to dive into your lead program in just a minute.