Q1 2025 Recursion Pharmaceuticals Inc Earnings Call
[music].
Hi, everybody My name is Chris Gibson, co founder and CEO of reversion and I'm delighted to welcome you to our learnings call. This morning.
We're going to go ahead and get started.
Perfect.
So of course important to note that we're going to be providing forward looking information today. So please understand all of these important caveat.
So I want to begin by just talking a little bit about protrusions mission, which is to the code biology to radically improve lives.
Speaker Change: And unlike a traditional biotech where learnings from a program typically.
Speaker Change: Work within that specific program those learnings could improve our program.
Speaker Change: Or the scientists from a given program might take some of those learnings onto their next program. It recurs and we're trying to do something different we're trying to build a learning system.
Speaker Change: Our recurring operating system that learns from every program to make the next generation of programs better and better and that requires some scale and what youre going to see today is that we're taking decisive action to make sure that we can continue to.
Speaker Change: Take our internal pipeline forward our partnerships forward and also that we can continue to run this critical experiment for the Biopharma industry and that is to build the first great Tech biotech company.
Speaker Change: I wanted to talk a little bit about our earliest version of the platform or <unk> 0.1. This was a platform built on top of Pheno mix in SA RNA and Repurposing and today, you'll hear a bit about how some of those programs have done well like our CIP program with preliminary efficacy data and safety data, we'll share soon and also how some of those programs have not turned.
Speaker Change: The way, we hoped such as our CCM program, but building on the learnings of that first generation, we built and improve brokers and operating system Records in one point up but added transcriptome ex that allowed us to go after new chemical entities and new advanced tools like CRISPR and Thats allowed us to take forward incredible programs like our RPM 39 program and our C Diff program.
Speaker Change: Some of these programs advancing and others were holding back for strategic reasons today.
Speaker Change: And ultimately recurs and to point out is what we are now post the combination with Accenture.
Speaker Change: Seeing the power of combining our two platforms. The multimodal data the compute in the active design. These are allowing us to generate a new generation of early stage discovery programs that we think are extraordinarily exciting.
Speaker Change: And all of this work.
Speaker Change: Is enabling us to demonstrate these leading indicators of success, we're able to validate our hypothesis more quickly we are able to generate.
Speaker Change: Candidates with fewer molecule synthesize we can spend less and go faster and through each generation of <unk> operating system, we expect to improve on these kinds of parameters.
Hi everybody, my name is Chris Gibson, co-founder and CEO of Recursion and I'm delighted to welcome you to our learnings call this morning. We're going to go ahead and get started.
Speaker Change: And today, we're sharpening our focus sharpening our R&D portfolio, because we committed to doing that with the combination of <unk> and essentially at two of the leading tech companies because we have seen the power of our <unk> OS 2.0 platform and we want to make sure we can double down on the winners and also make.
Operator: Hi, everybody.
Christopher Gibson: My name is Chris Gibson, co-founder and CEO of Recursion, and I'm delighted to welcome you to our learnings call this morning. We're going to go ahead and get started.
Perfect. So, of course, important to note that we're going to be providing forward-looking information today, so please understand all of these important caveats.
So I want to begin by just talking a little bit about Recursion's missions, which is to decode biology to radically improve lives.
Christopher Gibson: So, of course, important to note that we're going to be providing forward-looking information today, so please understand all of these important caveats. So I want to begin by just talking a little bit about Recursion's mission, which is to decode biology to radically improve lives. And unlike a traditional biotech, where learnings from a program typically work within that specific program, those learnings could improve a program, or the scientists from a given program might take some of those learnings onto their next program, at Recursion, we're trying to do something different. We're trying to build a learning system, a recursion operating system that learns from every program to make the next generation of programs better and better.
Speaker Change: Sure that the kind of company that can decisively move away from programs that don't meet our bar and.
And unlike a traditional biotech, we're learning from a program typically.
Speaker Change: And finally, we understand the challenging macroeconomic environment and we want to be absolutely sure that in this kind of uncertain environment, we're making disciplined and thoughtful decisions to ensure that we can deliver on our long term mission to decode biology radically improve lives.
Work within that specific program, those learnings could improve a program, or the scientists from a given program might take some of those learnings on to their next program at Recursion we're trying to do something different, we're trying to build a learning system.
A Recursion Operating System that learns from every program to make the next generation of programs.
Speaker Change: So today, we are unveiling our go forward pipeline more than five clinical and preclinical programs that we believe have a much higher probability of success. We believe these are programs that are worth taking the shot and we're doubling down on them and we're going to hear a lot more about each of these a little bit later today, but before we do I want to also share.
Better and better, and that requires some scale.
and what you're going to see today is that we're taking the price of action to make sure that we can continue to both take our internal pipeline forward, our partnerships forward, and also that we can continue to run this critical experiment for the biopharma industry, and that is to build the first-grade tech biocompanied. So, we're going to continue to build the first-grade tech biocompanied.
Christopher Gibson: And that requires some scale. And what you're going to see today is that we're taking decisive action to make sure that we can continue to both take our internal pipeline forward, our partnerships forward, and also that we can continue to run this critical experiment for the biopharma industry, and that is to build the first great tech biocompany.
Speaker Change: That it's not just about our internal pipeline. It's also about our partnerships we brought in more than $450 million earned through these four collaborations to date today. We're also sharing that we've received our fourth program option from Santa fee part of that collaboration and I believe that through our continued work on program.
I want to talk a little bit about our earliest version of the platform, Recursion 0.1. This was the platform built on top of Phenomics and SIRNA and repurposing, and today you'll hear a bit about how some of those programs have done well, like our FAP program with preliminary efficacy data, and safety data we'll share soon, and also how some of those programs have not turned out the way we hoped, such as our CCM program.
Christopher Gibson: I want to talk a little bit about our earliest version of the platform, Recursion 0.1. This was a platform built on top of Phenomics and sRNA and repurposing. And today you'll hear a bit about how some of those programs have done well, like our FAP program with preliminary efficacy data and safety data we'll share soon, and also how some of those programs have not turned out the way we hoped, such as our CCM program. But building on the learnings of that first generation, we built an improved recursion operating system, Recursion 1.0, that added transcriptomics that allowed us to go after new chemical entities and use advanced tools like CRISPR.
Speaker Change: <unk> like those that we're advancing with Roche nanotech and with Santa feet for Hershey is not only going to continue.
Speaker Change: Building, an operating system, it's going to continue learning to improve not only our internal pipeline, but all of the partnership programs that we advance together in the future.
But building on the learning of that first generation, we built...
and improved Recursion operating system. Recursion 1.0 that added transcriptomics that allowed us to go after new chemical entities and use advanced tools like CRISPR. And that's allowed us to take forward incredible programs like our RBM-39 program and our CDIS program. Some of these programs advancing and others were holding back for strategic reasons today.
Speaker Change: So with that I want to turn it over to our Chief R&D Officer, and Chief Commercial Officer, John Con and I, just want to say a huge thanks to her and the team has done incredible work to help us make these important decisions for the future of the company and with that over to you and your job.
Christopher Gibson: And that's allowed us to take forward incredible programs like our RBM 39 program and our CDIS program. Some of these programs advancing and others were holding back for strategic reasons today.
and ultimately, Recursion 2.0 is what we are now.
Speaker Change: Chris Good morning, Good afternoon. Good evening, everyone. Thank you so much for joining our Q1 2020 earnings call Chris mentioned over the next 40 minutes or so I'll walk through some of the key pipeline updates.
Post The Combination With Accentia, we've seen the power of combining our two platforms, the multimodal data, the compute, and the active design. These are allowing us to generate a new generation of early stage discovery programs that we think are extraordinarily exciting.
Christopher Gibson: And ultimately, Recursion 2.0 is what we are now. Post the combination with Accenture, we've seen the power of combining our two platforms, the multimodal data, the compute and the active design. These are allowing us to generate a new generation of early stage discovery programs that we think are extraordinarily exciting. And all of this work is enabling us to demonstrate these leading indicators of success. We're able to validate our hypotheses more quickly. We're able to generate candidates with fewer molecules synthesized. We can spend less and go faster. And through each generation of recursions operating system, we expect to improve on these kinds of parameters.
Speaker Change: Living on our commitment to sharpen our focus following the combination of the expansion.
Speaker Change: I'll also highlight the program advancing with the potential.
and all of this work.
is enabling us to demonstrate these leading indicators of success. We're able to validate our hypotheses more quickly. We're able to generate candidates with fewer molecules synthesized. We can spend less and go faster.
Speaker Change: For greater impact.
Speaker Change: And also programs that we have thoughtfully chosen to discontinued and in addition to that I'll round it out.
And through each generation of Recursions operating system, we expect to improve on these kinds of parameters.
Speaker Change: Can you go back to the next slide.
Chris Sure: Chris Sure decided I just want to double down on a few more points.
And today, we're sharpening our focus, sharpening our R&D portfolio because we committed to doing that with the combination of Recursion and Accentia, two of the leading tech bio companies.
Speaker Change: So first of all three.
Speaker Change: Three key points to consider one is pipeline really reflects that strategic application Krishnan <unk> Brent matters amongst some as I go through each of these program I'll talk about places, where we have novel biological insight or areas, where we had engineering and designing differentiated molecule.
Christopher Gibson: And today, we're sharpening our focus, sharpening our R&D portfolio, because we committed to doing that with the combination of Recursion and Accenture, two of the leading tech biocompanies, because we've seen the power of our Recursion OS 2.0 platform. And we want to make sure we can double down on the winners and also make sure that we're the kind of company that can decisively move away from programs that don't meet our mark.
because we've seen the power of our Recursion OS 2.0 platform and we want to make sure we can double down on the winners and also make sure that we're the kind of company that can decisively move away from programs that don't meet our mark.
Speaker Change: As well as areas that we're driving precision piece.
And finally, we understand the challenging macroeconomic environment and we want to be absolutely sure that in this kind of uncertain environment we're making disciplined and thoughtful decisions to ensure that we can deliver on our long-term mission to the code biology radically improved lives.
Speaker Change: Key themes that we're doubling down on program, but everything will ask what you see on this page is done with one engine, which has programs that aim to create differentiated medicines that patients.
Christopher Gibson: And finally, we understand the challenging macroeconomic environment, and we want to be absolutely sure that in this kind of uncertain environment, we're making disciplined and thoughtful decisions to ensure that we can deliver on our long-term mission to decode biology and radically improve lives. So today we're unveiling our go-forward pipeline, more than five clinical and preclinical programs that we believe have a much higher probability of success. We believe these are programs that are worth taking the shot and we're doubling down on them. And we're gonna hear a lot more about each of these a little bit later today.
Speaker Change: The second point in terms of sharpening our focus we are doubling down in east progress both in oncology and complementing it with a focused effort in rare diseases.
David Hallett, David Hallett,
So today, we're unveiling our Go Forward pipeline, more than five
clinical and pre-clinical programs that we believe have a much higher probability of success.
Speaker Change: As Chris mentioned, we are advancing over five internally developed program.
We believe these are programs that are worth taking the shot and we're doubling down on them.
Speaker Change: First or best in class potential each targeting unmet need with a clear and efficient pad development and potential launch.
And we're going to hear a lot more about each of these a little bit later today but before we do, I want to also share that it's not just about our internal pipeline, it's also about our partnerships.
Speaker Change: And at that point look as part of having portfolio and since we did the integration the portfolio has grown and we said that we would actually disciplined decisions to sharpen our focus.
We brought in more than $450 million earned for these four collaborations to date.
Christopher Gibson: But before we do, I wanna also share that it's not just about our internal pipeline, it's also about our partnership. We've brought in more than $450 million earned through these four collaborations to date. Today, we're also sharing that we've received our fourth program option from Sanofi, part of that collaboration. And I believe that through our continued work on programs like those that we're advancing with Reginentech and with Sanofi, Recursion is not only going to continue building its recursion operating system, it's going to continue learning to improve not only our internal pipeline, but all of the partnership programs that we advance together.
Today we're also sharing that we've received our fourth program option from Santa Fe, part of that collaboration and I believe that through our...
Speaker Change: This is based on both data and I'll talk to that but also strategic considerations.
Speaker Change: Includes deep prioritizing fleet programs and at CCM and CBF.
continued work on programs like those that we're advancing with our Chinetech and with Santa Fe. Recursion is not only going to continue building its recursion operating system, it's going to continue learning to improve not only our internal pipeline, but all of the partnership programs that we advance together in the future.
Speaker Change: We're also placing LNG on a strategic path.
Speaker Change: Opportunity somewhat differentiated.
Speaker Change: And we've also made some choices in our preclinical programs our balanced approach both clinically research and also in development.
[inaudible]
Speaker Change: So with that, I want to turn it over to our chief R&D officer and chief commercial officer, Najat Khan.
Speaker Change: You will see through the presentation at this move and these moves reflect our clear commitment to a high bar and differentiated medicine. Following the special combination while also contributing to capital efficiency.
Speaker Change: And I just want to say a huge thanks to her and the team that's done incredible work to help us make these important decisions for the future of the company. And with that, over to you, Najat.
Christopher Gibson: So, with that, I want to turn it over to our Chief R&D Officer and Chief Commercial Officer, Najat Khan. And I just want to say a huge thanks to her and the team that's done incredible work to help us make these important decisions for the future of the company.
Speaker Change: Allocating these precious resources towards the highest potential opportunities.
Najat Khan: Thank you, Chris. Good morning, good afternoon. Good evening, everyone. Thank you so much for joining our Q-1 2025 earnings call. As Chris mentioned, over the next 40 minutes or so, I'll walk through some of the key pipeline updates, delivering an our commitment to sharpening our focus following the combination of extra-insure.
Speaker Change: Alright.
Speaker Change: So let's start with some of the pro forma programs from the prior slide I'm going to go through further details, but I just wanted to hit a few key points and other salary.
Najat Khan: And with that, over to you, Najat. Thank you, Chris. Good morning, good afternoon, good evening, everyone. Thank you so much for joining our Q1 2025 earnings call. As Chris mentioned, over the next 40 minutes or so, I'll walk through some of the key pipeline updates. Delivering on our commitment to sharpen our focus following the combination of Excientia. I'll also highlight the programs you are advancing with the potential for greatest impact. and also programs that we have thoughtfully chosen to discontinue.
Speaker Change: Starting with our selective and reversible <unk> inhibitor <unk> 617, with precision design using a differential to point our platform with a remarkable 136 novel compounds exercise.
Najat Khan: I'll also highlight the programs we're advancing with the potential for greater impact and also programs that we have thoughtfully chosen to discontinue and in addition to that I'll round
Speaker Change: Compared to 2000.
Speaker Change: It was designed to optimize the therapeutic index with the goal to improve safety and efficacy compared to our competitor.
and many more. Thank you. Thank you.
David Hallett, David Hallett, David Hallett,
Najat Khan: And in addition to that, I'll round it out.
Cliff: Let me go back to the next prior slide. You know, Chris shared this slide. I just want to double down on a few more points.
Speaker Change: Early clinical data, which we shared in December from our monotherapy shows is encouraging monotherapy activity, including a partial confirmed partial response in platinum resistant ovarian cancer.
Cliff: The first of all, you know, three key points to consider. One is our pipeline really reflects the strategic application of Recursion OS and AI, where it matters the most. So as I go through each of these programs, I'll talk about places where we have novel biological insight, or areas where we are engineering and designing differentiated molecules.
Najat Khan: If we go back to the next prior slide, um, you know, Chris shared this slide. I just want to double down on a few more points.
Speaker Change: And so far a manageable safety profile as.
Speaker Change: As we committed to before we will open combination studies in first half of 2025 and further details about that will be announced on study.
Najat Khan: So first of all, you know, three key points to consider. One is our pipeline really reflects the strategic application of recursion, OS and AI, where it matters the most. So as I go through each of these programs, I'll talk about places where we have novel biological insights or areas where we are engineering and designing differentiated molecules, as well as areas that we're driving precision based development. A really key theme that we're doubling down on further. But every single aspect you see on the stage is done with one end in mind, which is programs that aim to create differentiated medicines that patients are waiting for.
Speaker Change: Now turning to our potential first in class <unk> molecular to debride, a ranked 121245 this emerge from a phenotypic and that didn't reveal IBM 39, and the potential novel mechanism that is functionally Lynch I'm, a phenotypic platform to see 12, historically challenging oncology.
Cliff: As well as areas that were driving precision-based development, a really key thing that were doubling down on further. But every single aspect you see on the stage is done with one end in mind, which is programs that aim to create different treated medicines that patients are looking for.
Speaker Change: By degrading IBM 39, 1245 is designed to potentially moving to downstream effects of CDK <unk> inhibition, disrupting RNA splicing to download regularly cell cycle checkpoint PD analysis at that time, this particular cell stress.
Cliff: At the second point, in terms of sharpening our focus, we're doubling down in these programs, both in oncology and complimentary meds with a focus effort in rare diseases.
Najat Khan: The second point, in terms of sharpening our focus, we're doubling down in these programs, both in oncology and complementary yet with a focused effort in rare diseases. As Chris mentioned, we're advancing over five internally developed programs with first or best in class potential, each targeting unmet needs with a clear and efficient path to development.
Cliff: As Chris mentioned, we're advancing a reply internally developed program, with first or best in-class potential, each targeting unmet need, with a clear and efficient path to development and potential.
Speaker Change: Yes.
Speaker Change: We advance this program from target I'd to IMD, enabling in less than 18 months showcasing the speed and precision of our learners.
Thank you very much.
Speaker Change: Now the third point, look, as part of having portfolios, since we did the integration, the portfolio has grown and we said that we would actually make disciplined decisions to sharpen our focus.
Speaker Change: And my question to final platform.
Speaker Change: The clinical development program as we are.
Speaker Change: I noted earlier is focused on a biomarker defined set of solid tumors and selective bullets with preclinical studies supporting its PK PD relationship announced yesterday.
Najat Khan: And then the third point, look, as part of having portfolios, but since we did the integration, the portfolio has grown. And we said that we would actually make disciplined decisions to sharpen our focus. This is based on both the data, and I'll talk through that, but also strategic considerations. It includes reprioritizing three programs, NF2, CCM, and C-DIF. We're also placing LSD on a strategic pause as we assess opportunities for a more differentiated And we've also made some choices in our preclinical program, a balanced approach both preclinically in research and also in development. You will see through the presentations that this move and these moves reflect our clear commitment to a high bar on differentiated medicine following the special combination, while also contributing to capital efficiency by reallocating these precious resources towards the highest potential opportunity.
Speaker Change: That he is now in monotherapy dose escalation.
Turning to the next one multiplying.
Speaker Change: This is our selective best in class malls, one inhibitor, which recently entered phase one dose escalation at last quarter for the first patient dosed at.
Speaker Change: and we've also made some choices in our prefrontal program, a balanced approach both prefrontal clinically in research and also in development.
Speaker Change: That's 3565 is being developed for relapsed or refractory b cell malignancies.
Speaker Change: Again. Another example of a molecule that was designed by our recruiters to find out platform, especially degenerative AIP, which integrated hotspot analysis and molecular dynamics to enable best in class profile with improved potency selectivity and safety and one piece I want to point out is that this molecule is designed to avoid meaningful inhibition.
Speaker Change: You will see through the presentations that this move and these moves reflect a clear commitment to a high-bar undifferentiated medicine following the special combination, while also contributing to capital efficiency by reallocating these pressure-three sources towards the highest potential aperture.
Thank you. Bye.
Speaker Change: You just see when it was a known off target liabilities C. In this class of molecule that can drive I told you they would be.
Speaker Change: So let's start with some of the go-forward programs from the prior slides. I'm going to go through further details, but I just want to take a few key points and I will summary.
Speaker Change: Next <unk>.
Najat Khan: So let's start with some of the go forward progress from the prior slide. I'm going to go through further details, but I just want to hit a few key points and a good summary. So CDK7, starting with our selective and reversible CDK7 inhibitor, REC617 was precision designed using our Recursion 2.0 platform with a remarkable 136 novel compound synthesizers, you know, compared to thousands that are typically made. It was designed to optimize that therapeutic index with the goal to improve safety and efficacy compared to our competitor models. Early clinical data, which we shared in December from our monotherapy, shows there's encouraging monotherapy activity, including a confirmed partial response to the fattening-resistant ovarian cancer.
Speaker Change: So CDG7, starting with our Selective and Reversible CDG7 inhibitor, Rec617, the precision design using our Recursion 2.0 platform with a remarkable 136 novel compounds in the site.
Speaker Change: This is our most advanced one of our most advanced preclinical programs.
Speaker Change: We actually can't Alpha inhibitor designed to highly selectively target each one of them for seven army.
Speaker Change: Which is a driver alterations presented about 14% of breast cancers and 4% of all.
Speaker Change: You know, compared to thousands that are typically made, it was designed to optimize that therapeutic index with the goal to improve safety and and advocacy compared to our competitive model.
Speaker Change: <unk> of course is a crowded landscape.
Speaker Change: This molecule was again developed using our generative AI platform to optimize selectivity for the museums as well as a wild type. So it's about 100 excellent activity a wild type and Tenex later selected from the wild type sparing inhibitors that you've seen recently and to date in our preclinical models have not shown any.
Speaker Change: Early clinical data, which we shared in December from our monotherapy, shows there's encouraging monotherapy activity, including a partial, contorm partial response in the plant and resistant ovarian cancer situation.
Speaker Change: and so far a manageable safety profile. As we've committed to before, we will open combination studies in 1st half of 2025 and further details about that will be announced upon study legislation.
Speaker Change: Sign of hyperglycemia.
Najat Khan: and so far a manageable safety profile. As we committed to before, we will open combination studies in the first half of 2025 and further details about that will be announced upon study.
Speaker Change: Early preclinical data something I'll share in greater detail today, but are showing tumor regressions at low doses supporting a potential therapeutic window.
Speaker Change: Now, turning to our potential first-in-class RBM-molyclo-2-2-grader, Rec-1-2-4-5. This emerged from our phenotypic insight that reveals RBM-39 at the potential novel mechanism that is functionally linked from our phenotypic platform to CDK-12, a historically challenging oncology target.
Speaker Change: Broader therapeutic window that limits liabilities liabilities such as hypoglycemia.
Najat Khan: Now, turning to our potential first-in-class RBM molecular food degrader REC-1245. This emerged from our phenotypic effect that reveals RBM-39 as a potential novel mechanism that is functionally linked from our phenotypic platform to CDK-12, a historically challenging oncology. By degrading RBM-39, REC-1245 is designed to potentially mimic the downstream effects of CDK-12 inhibition, disrupting RNA splicing to downregulate cell cycle checkpoints, DDR networks, etc. This triggers cell stress and apoptosis. We advanced this program from target ID to IND enabling in less than 18 months, showcasing the speed and precision of our learning, discovery, and recursion 2.05. The clinical development program, as we noted earlier, is focused on a biomarker-defined set of solid tumors and select lymphomas, with preclinical studies supporting a PK-PD relationship and end-to-tumor esterase.
Speaker Change: With the goal to also improve the potential.
Speaker Change: Yeah.
Speaker Change: Next I'll move to some of our target advance these programs.
Speaker Change: By degrading RBM-39, Rec-1245 is designed to potentially move the downstream effects of City K-12 inhibitions, disrupting R&S-1C to download regularly self-cycle checkpoints, D-D-R-NL versus et cetera. This triggers self-stress and April 2nd.
Speaker Change: So I think this is an allosteric <unk> inhibitor in development for the orphan disease.
Speaker Change: Just as a reminder, there are no occlusive disease and the unmet need is.
Speaker Change: Hi.
Speaker Change: This is a potential first in disease program that originated as Chris mentioned from the early iterations of expression Atlas platform, showing an unexpected and novel insight between met and and APC in S. E T disease maturation.
Speaker Change: We advance this program from target ID to IND enabling in less than 18 months, showcasing the speed and precision of our learning, discovery, and recursion to point out platform.
Speaker Change: The Critical Development Program, as we noted earlier, is focused on a biomarker-defined set of solid tumors, and selecting folates. With three clinical studies supporting its PKPD relationship and N2M study, the study is now in monitor video restoration.
Speaker Change: Or he didn't want is currently an ongoing phase two open label signal seeking study as you know some of the initial data, including safety Tolerability and preliminary efficacy of rent for any one formula Rambus presented yesterday by our investigators to Dr. Joel seminar in a late breaking podium session at the EDW.
[inaudible]
To each of the next on March 1st.
Speaker Change: This is our selective best-in-class mall for an inhibitor, which recently entered for table-on-dose escalation, LX-4, for the first patient now-dose. Rec-3565 is being developed
Najat Khan: The study is now in monotherapy doses.
Speaker Change: I'll walk through some of the similar data and share it with you in terms of the pipeline update as well as the next steps for the program.
Najat Khan: Tune in to the next on March 1. This is our selected best-in-class MULS1 inhibitor, which recently entered phase one dose escalation last quarter with a first patient now dose. Rec 3565 is being developed for relapsed refractory B-cell melatonin. Again, another example of a molecule that was designed by a Recursion 2.0 platform, especially the generative AI piece, which integrated hotspot analysis and molecular dynamics to enable best-in-class profile with improved potency, selectivity, and safety. And one piece I want to point out is that the molecule was designed to avoid meaningful inhibition of UGT1A1, a known off-target liability seen in this class of molecules that can drive hyper-reliability.
Speaker Change: Ian PD, one moving to our second program in rare diseases spread wanted to the orally bio available small molecule PD one inhibitor being developed joined EBIT rally buyer for Hypophosphatasia, which is a rare metabolic bone disease.
Speaker Change: Again, another example to molecule that was designed by a Recursion 2.0 platform, especially the Generative AIP, which integrated hotspot analysis and molecular dynamics to enable Western class profile with improved protein-use flexibility and safety.
Speaker Change: I'll leave some of the details, but I will share more in terms of our how we leverage our platform and designing highly selective E&P one inhibitor potential first and best in class and also some of the preclinical data that would be.
Speaker Change: And one piece I want to point out is that the molecule was designed to avoid meaningful inhibition of Ujiki 101. I know an off-target liability C in this class of molecules that can drive I-Fo-Girlu
We have seen recently and for desktop.
Speaker Change: Next, PI-3K. This is our most advanced, one of our most advanced, pre-clinical programs.
Speaker Change: And let's see one lastly, as noted earlier was strategically part of development a potential best in class CNS Penetrant reversible <unk> inhibitor to ensure the internal and external data that would be important to have a competitive <unk>.
Speaker Change: It's a PI-3K alpha inhibitor designed to highly selectively target the H-104 7R mutation which is a driver alteration present in about 14% of breast cancer and both percent of all cancers.
Najat Khan: Next, PI3K. This is our most advanced, one of our most advanced preclinical program. It's a PI3K-alpha inhibitor designed to highly selectively target the H1047R mutation, which is a driver alteration present in about 14% of breast cancers and 4% of all. while PI3K, of course, is a crowded landscape. This molecule was again developed using our generative AI platform to optimize selectivity from the mutant as well as over wild type. So about 100X more selectivity over wild type and 10X greater selectivity from some of the wild type sparing inhibitors that you've seen recently. and two days in our preclinical models have not shown any sign of hyperglycemia or TIT.
Speaker Change: We may have picked up program later, depending on how some of this data.
Speaker Change: Oh.
Speaker Change: Yes.
While P.I.T.K. of course is a crowded landscape.
Speaker Change: Now moving to some of that program that we are prioritizing.
Speaker Change: This molecule was again developed using our generative AI platform to optimize selectivity from the musins as well as overwild types, so about 100x more selectivity over wild types and 10x greater selectivity from the one type sparing inhibitors that you've seen recently.
Speaker Change: Let's start with energy.
Speaker Change: After a thorough review of the clinical data by the NFC team, we believe that the decision to discontinue further.
Speaker Change: Further development of staff, although phase II for energy related men in Jama technically passed the futility thresholds and this is what we are waiting for it it was primarily driven by the lower 40 milligram.
Speaker Change: and two dates in a preclinical model have not shown any sign of hyperglycemia or GI talk.
Speaker Change: 60 milligram and the combined dose arms did not pass the futility criteria.
Speaker Change: Early pre-clinical data, something I'll share in greater detail today, that are showing two redressions at low doses, supporting a potential therapeutic window, a broader therapeutic window that limits liability such as hyperventilumia.
Speaker Change: The point I want to emphasize the most is we observed limited tumor shrinkage and clinical activity across both 40 and 50 other biomarkers.
Najat Khan: Early preclinical data, something I'll share in greater detail today, that is showing two regressions at low doses, supporting a potential therapeutic window, a broader therapeutic window that limits liability such as hyperglycemia. with a goal to also improve the potential for.
with a goal to also improve the potential for efficacy.
Speaker Change: The next program CCM.
Speaker Change: You know for CCM, We initially reported top line data from the Phase <unk> trial, and we were pleased to see that it was safe and well tolerated.
. . . . . . .
[inaudible]
Speaker Change: Next, I'll move to some of our targeted rare disease programs, FAP. So FAP, this is an outstairic MEC-12 inhibitor in development for the organ disease FAP.
Speaker Change: While the early data did show some promising trends potentially in exploratory efficacy endpoints the 400 milligram.
Najat Khan: Next, I'll move to some of our targeted rare disease programs, FAP. So FAP, this is an allosteric MEK-1,2 inhibitor in development for the orphan disease FAP. Just as a reminder, there are no accrued therapies and the unmet need is very high.
Speaker Change: Just as a reminder, there are no accrues therapy and the unmet need is very high.
Speaker Change: This is both for lesion volume and the rankings for.
Speaker Change: This is a potential first-in-dise program that originated, as Chris mentioned, from the earliest iterations of the Recursion OS platform, showing an unexpected and novel insight between and an APC and FIT disease modulation.
Speaker Change: There were negative trends in the efficacy of 200 these signals and data were not statistically significant one other thing he noted.
Najat Khan: This is a potential first-in-disease program that originated, as Chris mentioned, from the earliest iterations of the RecursionOS platform, showing an unexpected and novel insight between MEK and APC and SAT disease modulations. 4881 is currently in an ongoing phase two open label signal seeking study. As you know, some of the initial data, including safety, tolerability and preliminary efficacy of REG4881 in 4mg was presented yesterday by our investigator, Dr. Dr. Joel Samadar in a late breaking podium session at the DDW conference in San Diego. I'll walk through some of the similar data to share with you in terms of the pipeline update, as well as the next steps for the program.
Speaker Change: In terms of next steps was looking into the LTE as well as additional regulatory engagement.
Speaker Change: So what are the new findings from the long term extension studies, we do not see promising trends in MRI decline or functional outcomes.
Speaker Change: Cori did one that's currently an ongoing space to open a single speaking study, as you know some of the initial data including safety, tolerability, and preliminary efficacy.
Speaker Change: And I want to emphasize a couple of things one we're paying attention to as placebo to 400 milligram crossover where each patient serves as their own baseline we did not see any trends there.
Speaker Change: of Red 4-EV-1-4 million round was presented yesterday by our investigator, Dr. Joel Samadhar, in a late-breaking podium session at the D.D.W. conference in San Diego. I'll walk through some of the similar data to share with you in terms of the pipeline update, as well as the next steps for the program.
Speaker Change: And at the end points and 400 milligram to 400 milligram arm.
Speaker Change: We did not see the continuation of prior trends.
Speaker Change: EMPV1, movie-touched second program in rare diseases, rev wanted to the orally bioavailable small multiple EMPV1 inhibitor being developed jointly with Rally Bios for hypophosphatration, which is a rare metabolic bone disease.
Speaker Change: And further it was not distinguishable from natural history.
Speaker Change: So unfortunately based on the totality of the data and this was important to actually have an LTE for a first in disease program.
Najat Khan: EMPP1. Moving to our second program in rare diseases, REV102 is an orally bioavailable, small-molecule EMPP1 inhibitor being developed jointly with RallyBio for hypophosphatasia, which is a rare metabolic bone disease.
Speaker Change: Give us confidence we looked at the totality of the data and its unfortunate.
Speaker Change: I'll leave some of the details, but I'll share more in terms of how we leverage our platform in designing a highly selective AMP-1 interpreter, potential first and virtual class, and also some of the critical data that we have seen recently for this come out.
Speaker Change: Yeah.
Speaker Change: And now turning to C J.
Speaker Change: From a platform perspective, we saw novel in fact this is a new mechanism of action in terms of how we can tackle them with currency yes.
Najat Khan: I'll leave some of the details, but I'll share more in terms of how we have leveraged our platform in designing a highly selective ENPV1 inhibitor, Potential First and Veteran Five, and also some of the preclinical data that we have seen recently for the And Lsp1, lastly, as noted earlier, was strategically paused development, a potential lectin classinase-penetrating reversible Lsp1 inhibitor to ensure, through the internal and external data, that it would be important to have a competitive TDP. We may pick this program up later, depending on how some of this data evolves.
Speaker Change: Really potent orally viable desktops and be selective inhibitor.
Speaker Change: And LSE1, lastly, has noted earlier a strategically popping development, a potential Western class data center from the reversal LSE1 inhibitor to ensure through the internal and external data that would be important to have a competitive KBT.
Speaker Change: However, as with any of these programs, we're constantly tracking the external landscape.
Speaker Change: And currently unmet.
Speaker Change: Unmet need of C. Diff with some of these programs are further along.
Speaker Change: We may pick the program up later depending on how some of this data evolves.
Speaker Change: Now reducing to almost around 5%.
and Lina Nilsson.
Speaker Change: And without a clear differentiation just comes to the point, we made earlier without a clear differentiation profile, we've decided not to pursue further development of internal development and take those precious dollars to double down on areas.
Speaker Change: Now, moving to some of that programs that we are deep prioritizing.
So, let's start with NFC
Speaker Change: Actually, a third of you are the clinical data by the NF2 team. We believe that the decision to just continue for the development of the FDA.
Najat Khan: Now, moving to some of the programs that we are de-prioritizing. So let's start with NF2.
Speaker Change: Scientific commercial and technical.
Speaker Change: Although Phase 2 for Entity Related Men and Geomas, technically passed the Fictility threshold, and this is what we're waiting for. It was primarily driven by the lower 40mg force, the 16mg and the combined dose arm did not pass the Fictility criteria.
Najat Khan: After a thorough review of the clinical data by the NF2 team, we believe that the decision to discontinue further development is fair. Although Phase 2 for NF2-related meningiomas technically passed the futility threshold, and this is what we were waiting for, it was primarily driven by the lower 40-mg cohort. The 60-mg and the combined dose arm did not pass the futility criteria. And the point I want to emphasize the most is we observed limited tumor shrinkage and clinical activity across both 40 and 50-year-olds.
Speaker Change: So I just went around I think for a clinical trial transparency policy, we intend to make all clinical data publicly available in a peer review journal following appropriately.
Speaker Change: And a huge huge thank you to all of the investigators and patients for supporting us for being part of the studies and research and development is one of the hardest things we do.
Speaker Change: And the point I want to emphasize the most is, we observed limited to a shrinkage and clinical activity across both 40 and 50-gram arms.
Speaker Change: To make new medicines for patients and it's with deep gratitude. Thank you for being part of our journey.
The next program, CCM.
Speaker Change: You know, for CCM, we initially imported top line data from the Safe to Sikamar trial, and we were pleased to see that it was safe and well-tolerated.
Speaker Change: So I just wanted to take a moment, we talked about before programs, we talked about programs.
Najat Khan: The next program, CCM. You know, for CCM, we initially reported top-line data from the Phase 2 SIGIMAR trial, and we were pleased to see that it was safe and well tolerated. While the early data did show some promising trends, potentially, in expiratory efficacy endpoints at 400 mg, this was both for lesion volume and the Rankin score. There were negative trends in the efficacy of 200, but these signals and data were not statistically significant.
Speaker Change: While the early beta did show some promising trends, potentially, in 4.3 F at the end, it's like this 400-no-gram. This was for Legion's volume and the rankings for it.
Speaker Change: Where we are making data driven and strategic decisions.
Speaker Change: What is that go for a portfolio strategy as a learning organization.
Speaker Change: It has to be grounded in scientific river.
Speaker Change: There were negative trends in the efficacy of 200. But these signals and data were not such as significant. One of the things we noticed in terms of next steps was looking into the LTE as well as additional regulatory engagement.
Speaker Change: And disciplined capital allocation.
Speaker Change: This reflects a raise bore for what we choose to pursue.
Speaker Change: Programs that meet the highest standards of differentiation address significant unmet need and leverage the unique strengths.
Speaker Change: And the full power of the refreshing to final.
Speaker Change: So what are their new findings? From the long-term extension studies, we do not see promising
Najat Khan: One of the things we noticed in terms of next steps was looking into the LTE as well as additional regulatory.
Speaker Change: So as you can see we will we are involved.
Speaker Change: Evolving to a more focused product oriented strategy leveraging the full power of.
Najat Khan: So what are the new findings? From the long-term extension studies, we do not see promising trends in MRIs at decline or functional outcomes.
Speaker Change: and I want to emphasize a couple of things. One, that we were paying attention to is placebo to 400 milligrams of crossover, where each patient serves as their own base fund. We did not see any trends there across any of the endpoints. And for 400 milligrams to 400 milligrams arm.
We appreciate your final platform and that takes that that's not just biology, not just chemistry, but also in clinical in a speech that more if you look at some of the probe.
Najat Khan: And I want to emphasize a couple of things. One, that we were paying attention to is placebo to 400 milligram crossover, where each patient serves as their own baseline. We did not see any trends there, of any at the end point. And for 400 milligrams to 400 milligram arm, We do not see the continuation of prior trends. and further it was not distinguishable from that. So unfortunately, based on the totality of the data, and this was important to actually have an LTE for a first in disease program, to give us confidence, we looked at the totality of the data and in support.
Speaker Change: And what you are focusing and will continue to focus on medicines for patients that are different changes at the time of boxes can be first in class and inspection.
We did not see the continuation of prior trends [inaudible]
Speaker Change: And third.
Speaker Change: We are applying disciplined execution through rapid data driven and resource efficient. So no go decisions in house AI driven design really important.
and further it was not distinguishable from natural history.
Speaker Change: So, unfortunately, based on the totality of the data, and this was important to actually have an LTE for a first in disease program to give us confidence we looked at the totality of the data, and it's the first in discrimination.
Speaker Change: And clear differentiated target product profile to accelerate a proof of concept and maximize R&D.
Speaker Change: Sure.
Thank you.
Speaker Change: So with that disciplined framework what comes next and what are the kind of a site.
and now I'm trying to see Jeff.
Speaker Change: From a platform perspective, we saw novel insights. This is a new mechanism of action in terms of how we can tackle recurrence heated, a highly potent and orally viable heated talks and be selective and heavy. However, as with any of these programs, we're constantly tracking the external warranty.
Speaker Change: We anticipate meaningful Readouts and.
Speaker Change: In catalysts across our internal pipeline in 2025 and change it for the first half.
Najat Khan: And now turning to CJ. From a platform perspective, we saw novel insights. This is a new mechanism of action in terms of how we can tackle recurrent C. diff, a highly potent and orally viable C. diff toxin, B. selective inhibitor. However, as with any of these programs, we're constantly tracking the external lens. And the recurrent rate, a.k.a. the unmet need of C. diff with some of these programs that are further along, is now reducing to almost around 5%.
Speaker Change: As I mentioned earlier, the initiation of a combination study in advanced years building on the monotherapy insights from December.
Speaker Change: and the record rate, aka the unmet need of HGIF, with some of these programs that are further along, is now reducing to almost around 5%.
Speaker Change: Sure.
Speaker Change: Second half of this year, we will have additional phase one data from the monotherapy.
Speaker Change: Program matures and second half for city gear.
Thank you very much.
Speaker Change: And without a clear differentiation, this comes to the point we made earlier. Without a clear differentiation profile, we decided not to pursue further development, internal development, and take those precious dollars to double down on areas where you have scientific, commercial, and transferable products.
Speaker Change: In addition, our S&P. We also have additional patients enrolling four milligram cohort. So we'll have additional data as well.
Najat Khan: And without a clear differentiation, this comes to the point we made earlier, without a clear differentiation profile, we've decided not to pursue further development, internal development, and take those precious dollars to double down on areas where we have scientific, commercial, and technical.
Speaker Change: And as I mentioned with <unk>, We expect development candidate nomination and the second half of this year.
Speaker Change: So we can start the all important <unk>.
Speaker Change: In April.
Speaker Change: So, I just want to round by saying, for our clinical trial transparency policy, we intend to make all clinical data publicly available in a peer review journal following appropriate review. And a huge, huge thank you to all of the investor creators and patients.
Speaker Change: Right.
Speaker Change: Transitioning to next year. So the first half of 2026, we should see early safety and PK data readout from our ongoing monotherapy trial and biomarker in rich are being 39 program for solid tumors.
Najat Khan: So I just want to round by saying, for our clinical trial transparency policy, we intend to make all clinical data publicly available in a peer-reviewed journal following appropriate review. And a huge, huge thank you to all of the investors, leaders, and patients. for supporting us, for being part of the study. Research and development is one of the hardest things we do to make new medicines for patients, and it's with deep gratitude. Thank you for being part of our.
Speaker Change: And in the second half.
Speaker Change: for supporting us, for being part of the studies, and research and development is one of the hardest things we do to make new medicines for patients, and it's the deep gratitude. Thank you for being part of our journey.
Speaker Change: Similarly, early safety and PK update for monotherapy pharma, one study in B cell malignancies, as well as phase one initiation of our A&P one inhibitor.
Speaker Change: Sure.
Speaker Change: Yes.
Speaker Change: So that was the overall view of the portfolio what I'd like to do now is go through some deep dive for S. E T.
Ben Taylor: Thank you for watching. I'm Ben Taylor. I'll see you next week.
Ben Taylor: So I just want to take a moment. You know, we talked about the program, we talked about programs where we're making data-driven and strategic decisions.
Speaker Change: Or pediatric Kate and E&P do what I'll also ensure that you have a one page on the latest and greatest update on all of the other programs clinical and preclinical now rounded out with some of our latest update.
Najat Khan: So I just want to take a moment. You know, we talked about go forward programs. We talked about programs from where we are making data driven and strategic decisions. What is that go-forward portfolio strategy as a learning organization? It has to be grounded in scientific rigor and disciplined capital allocation. This reflects a raised bar for what we choose to pursue. Programs that meet the highest standards of differentiation, address significant unmet need, and leverage the unique strength and the full power of the Recursion 2.05. So as you can see, we are evolving to a more focused, product-oriented strategy leveraging the full power of the Recursion 2.0 platform.
What is that go for a portfolio strategy as a learning organization?
Ben Taylor: It has to be grounded in scientific river and discipline capital allocation.
Speaker Change: F N b.
Ben Taylor: This reflects a raise bar for what we choose to pursue. Programs that need the highest standards of differentiation, the dreads that we think are on that need and leverage the unique strengths and the full power of the Recursion 2.0 platform.
Speaker Change: Lots of words, and I'm going to go through all the words on the slide but I think the most important elements are this is an allosteric inhibitor.
Speaker Change: If it is a rare inherited condition with no <unk>.
Ben Taylor: So, as you can see, we are evolving to a more focused product, oriented strategy, leveraging the full power of the relationship point of platform. And that tech stack is not just biology, not just chemistry, but also in clinical, and I speak to that more as we look at some of the programs.
Speaker Change: Okay.
Speaker Change: Next slide.
Speaker Change: We leverage how did deleverage to be personally.
Speaker Change: We analyze cellular models like <unk>, which is the root cause of it.
Speaker Change: And we identified met one to inhibition as a novel therapeutic intervention.
Ben Taylor: Number two, we're focusing and we'll continue to focus on medicine for patients that are differentiated at the time of launch. Those can be personalized, those can be personalized.
Najat Khan: And that tech stack is not just biology, not just chemistry, but also in clinical. And I speak to that more as we look at some of the programs. Number two, we're focusing and will continue to focus on medicines for patients that are differentiated at the time of launch. Those can be first-in-class, those can be special class. And third, the how. We are applying discipline execution to rapid data-driven and resource-efficient don't-know-goals. In-house AI-driven design, really important, and clear differentiated target product profiles to accelerate approval concepts and maximize R&D resources and time.
Speaker Change: This inside rolls the discovery of IRAK 481, which is a molecule that we in license and next step wants to see did this insight which was unknown before play out preclinical.
Ben Taylor: and third, the House. We are applying the slim execution through rapid data-driven and reinforced-efficient, no-go-deficience.
Ben Taylor: In-health AI-driven design, really important, and clear differentiated target product to accelerate approval content and maximize R&D resource and time efficiency.
Speaker Change: So in preclinical models wrecks 41 demonstrated significant reductions in both.
Speaker Change: Okay.
Speaker Change: Outperforming Celecoxib, which is one of the off label drugs that are used today and not approved today.
Ben Taylor: So with that discipline framework, which comes next, let's go to the Krabho's side.
Speaker Change: In addition to that we then decided to just go into clinical studies have to go to the next slide.
Ben Taylor: We anticipate meaningful readouts and catalysts across our internal pipeline in 2025 on
Najat Khan: So with that discipline framework, what comes next?
Speaker Change: The trial is a two part study evaluating <unk> in patients with F&B first starting with the phase <unk> safety run ins interesting here, which is four milligram and placebo and then for the next like advancing into an open label phase II signal seeking studies.
Najat Khan: Let's go to the catalyst. We anticipate meaningful readouts and tablets across our internal pipeline in 2025. So the first half. As I mentioned earlier, the initiation of our combination study in advance. building on the monotherapy insights from December of last year for CK7. Second half of this year, we will have additional phase one data from the monotherapy as that program matures in the second half for CDK7. In addition, for SAP, we also have additional patients enrolling in a four milligram cohort, so we'll have additional data as well. And as I mentioned with PI3K, we expect development candidate nomination in the second half of this year, so we can start the all-important IND enabling strategy for this year.
for the first half.
Ben Taylor: I've I mentioned earlier the initiation of our combination study in advance.
Ben Taylor: Building on the monetary insights from December of last year for CK7.
Ben Taylor: 2nd half of this year, we will have additional phase 1 data from the Monterapy as that program the chores in the 2nd half for city gate 7. In addition, for FAP, we also have additional patients enrolling 4 milligram core, so we'll have additional data as well.
These class related side effects, which are seen with <unk> inhibitors. The phase two portion was refined to enroll patients 65 and over.
Speaker Change: The ongoing phase two portion is evaluating chew once daily oral doses of <unk> one.
Ben Taylor: And as I mentioned with PXRK, we expect development candidate nomination and the second half of the year so we can start the all-important IND enabled strategy for this important program.
Speaker Change: For the four milligram. The primary endpoints include safety Tolerability and preliminary efficacy. The main efficacy point its really percent change in polyp burden after 12 weeks of treatment.
Ben Taylor: Transitioning to next year's of course half of 2026, which is the early safety and pkda readout from our ongoing monetary trial and vital marker enriched our VM39 program for
Speaker Change: A follow up endoscopy at week 25, following 12 weeks of.
Speaker Change: Treatment period is used to evaluate the durability of the response and as of March 17, 2025 data cutoff six patients for efficacy Evaluable and the four milligram arm and this is going to be the focus of our clinical activity.
Najat Khan: Transitioning to next year, the first half of 2026, which is the early safety and PK data readout from our ongoing monotherapy trial and biomarker-enriched RBM39 program for solids. And in the second half, similarly, early safety and PK update for monotherapy for our MOUND1 study in B-cell malignancies, as well as phase 1 initiation for our ENPV1 inhibitor and hyperglycemia.
Ben Taylor: And in the second half, similarly, early safety and picking update for monitoring before a mode 1, study and visa malignancies, as well as phase 1 and initiation for our ENPP-1 inhibitor and hydrochlorification.
Speaker Change: But before we go into efficacy I'd like to cover the.
Speaker Change: The safety elements.
Speaker Change: So when you look at the phase <unk> and phase two the data you're seeing here is among the 19 six evaluable patients what should the entire had received 40 gig one.
Ben Taylor: So that was the overall view of the portfolio. What I'd like to do now is go through some deep for FAP.
Ben Taylor: for Piatry K and EMPP1. I'll also ensure that you have a one-page or latest and greatest update on all of the other programs, clinical and clinical, and then I'll round it out with some of our latest updates on the program.
Najat Khan: So that was the overall view of the portfolio.
Speaker Change: The most frequent treatment related aes were grade one or two with.
Najat Khan: What I'd like to do now is go through some deep dive trips for FAP. for PI3K and ENPT1. I'll also ensure that you have a one-pager latest and greatest update on all of the other programs, clinical and preclinical.
Speaker Change: With grade three being about 16% and we did not have any grade four or about.
Speaker Change: Treatment related Aes reported to date are mostly batch.
All right, FAP, bye-bye.
Ben Taylor: A lot of words are not going to go through all of the words on this slide, but I think the most important element are, this is an Alistair's Mk12 inhibitor developed for FAP, FAP the rare interstitial condition with no FDA approved therapy.
Speaker Change: The area and there was some left ventricular ejection fraction.
Najat Khan: And I'll round it out with some of our latest updates.
Speaker Change: When we looked at the phase II portion the most commonly related treatment related aes were still rash see.
Najat Khan: F.A.P. Lots of words, I'm not going to go through all the words on this slide, but I think the most important elements are this is an allosteric mef-1,2 inhibitor developed for FAP. FAP is a rare inherited condition with no FDA approved therapies.
Speaker Change: See PK and diarrhea, and I won't say that rash and the decrease in left ventricular ejection fraction or both.
Next slide.
Ben Taylor: We in leverage, how did we leverage the Recursion Pharm, you know, we analyzed a little a model for the APC gene loss, which is the root cause of that AP. And we identified MAC-12 innovation as a novel therapeutic intervention of the mutation.
Speaker Change: Consistent with reported safety profile of <unk>.
Najat Khan: Next slide. We leveraged, how did we leverage the RecursionOS platform? You know, we analyzed cellular models of APC gene loss, which is the root cause of FAP. And we identified MEK1-2 innovation as a novel therapeutic intervention of this mutation. This insight drove the discovery of Rec-4881, which is a molecule that we in life And next step was to see, did this insight, which was unknown before, play out frequently? So in preclinical models, REC-481 demonstrated significant reductions in both polyp count and hypoquinone, outperforming silicoxib, which is one of the off-label drugs that are used today and not approved today.
Speaker Change: <unk> <unk>, two inhibitors and across the bank the Lvs L. D E F did not reach any distinction.
Speaker Change: Now, let's look at the efficacy again I want to preface by saying these are preliminary as adults NFC efficacy evaluable patients the distribution of Halliburton changes across all efficacy evaluable patients shown in the waterfall. The time of data cut off. These two data shows that the Formula then led to a preliminary 43.
Ben Taylor: This inside drove the discovery of Rec 481, which is a molecule that we enlighten.
Ben Taylor: and next step was to see if this insight, which was unknown before, came out pretty
Bye.
Ben Taylor: So in pre-colonical models, Rec 4A1 demonstrated significant reductions in both Hallett's talent and high grade adenomone, outperforming celacoxid, which is one of the off-label drugs that we use today and not approved today.
Speaker Change: <unk> median reduction.
Speaker Change: And coast collecting patient benefits.
Speaker Change: Five of fixation.
Speaker Change: <unk> experienced reductions ranging from 31% to 82%. However, one patient did show a substantial increase in polyp burden number from baseline, which has been shown in our studies as well.
Ben Taylor: In addition to that, we then decided to go into clinical studies if we go to the next slide.
Ben Taylor: The trial is a true part study, evaluating rec-481 in patients with FAP, first starting with a Phase 1 B safety run-in that you're seeing here, which is for no run-in placebo, and then for the next click, advancing into an open label phase-to-signal treatment study.
Speaker Change: Something we need to of course investigate understand.
Najat Khan: In addition to that, we then decided to go into clinical studies.
Speaker Change: Three patients mm three of the six patients achieved a greater than 50% Halliburton reduction in <unk>.
Najat Khan: If we go to the next slide. The trial is a two-part study evaluating REC4801 in patients with FAP, first starting with a Phase 1b safety run-in that you're seeing here, which is 4 mg placebo, and then for the next click advancing into an open-label Phase 2 signal-seeking study. To reduce class-related side effects which are seen with MAC1-2 inhibitors, the Phase 2 portion was refined to enroll patients 65 and over. The ongoing Phase 2 portion is evaluating two once-daily oral doses of REC4A1. For the 4 milligram, the primary endpoints included safety, tolerability, and preliminary efficacy. The main efficacy point is really percent change in tolerant burden after 12 weeks of use.
Speaker Change: Of the two patients to maintain a durable greater than 30% reduction even after the off period that totally.
Ben Taylor: To reduce class-related side effects which are seen with Max-1-2 inhibitors, the phase-2 portion was refined in roll-cation 65 and over.
Speaker Change: Got it.
Speaker Change:
Speaker Change: If you go to the next slide we also wanted to look a little deeper into the efficacy data we call. It the patients with efficacy often develop outlets throughout the Gi track towards the upper end Lora.
Ben Taylor: The ongoing phase 2 portion is evaluating two, once daily oral doses of REC481.
Ben Taylor: For the four milligrams of primary end points, and so the safety, tolerability, and preliminary efficacy. And the main efficacy point is really percent change in Tyler Gordon. After 12 weeks of treatment.
Speaker Change: The waterfall you see reductions both in the upper end or regions with medium reduction, 50% or higher.
Speaker Change: These are encouraging and suggest that there's clinical activity is high for both anatomical sites.
Ben Taylor: A follow-up with Dobscopy at week 25 following a 12-week off treatment period is used to evaluate the durability of the response. And as of March 17, 2025, data cut off six stations for efficacy available in the formal grant arms. And this is going to be the focus of our clinical activity data.
Speaker Change: We also looked into and important set of endpoints. So I talked about polyp burden reduction, but also policy counts and siegelman stage, which is an important classify of disease severity and the potential for cancer I just talked about.
Najat Khan: A follow-up endoscopy at week 25, following a 12-week off-treatment period, is used to evaluate the durability of the response. And as of March 17, 2025, data cut out six patients for efficacy-evaluable in the 4mg pharma.
Ben Taylor: But before we go into efficacy, I'd like to cover the safety knowledge.
Speaker Change: The table shown here summarizes siegelman stage at screening and again at week 16 highlighted in Green you can see about three out of the six patients that are on the formula room arm experienced a reduction in spiegelman stage with two patients showing a full change of about a show up too.
Najat Khan: And this is going to be the focus of our clinical efficacy data.
Ben Taylor: So when you look at the phase one B and phase two, the data you're seeing here is among the 19 safety valuable patients, one for the entire cohort that received 481 across both
Najat Khan: But before we go into efficacy, I'd like to cover the safety. So when you look at the phase 1B and phase 2, the data you're seeing here is among the 19 safety-evaluable patients. We want to show the entire cohort that received 481 across both phases. The most frequent treatment-related AEs were grade 1 and 2, with grade 3 being about 16% and we did not have any grade 4 or above. Treatment related AEs reported today were mostly rash. diarrhea, and there were some left ventricular ejection fractures. When we looked at the phase 2 portion, the most commonly related treatment-related AEs were still rash, CPK, and diarrhea.
Ben Taylor: The most frequent treatment related AE's were grade 1 and 2, with grade 3 being about 16% and we did not have any grade 4 or above.
Speaker Change: While this is early data and of course anytime you do spiegelman.
Speaker Change: Now she can founded by biopsy sampling it is worth noting that prior pivotal efficacy trial of <unk>.
Treatment-related AEs reported today for mostly rash.
Diario, and there was some less vertical ejection fraction.
Speaker Change: Included changes in Spiegelman stay just part of a composite endpoint to track S E T related disease progression.
Ben Taylor: When we look to the Phase 2 portion, the most calmly related treatment related AE's were still rash.
Speaker Change: So in terms of summary, and next steps taken together.
Ben Taylor: C.P.K. and Diarrhea. And I will say that rash and the D.P.'s left ventricle ejection fraction are both consistent with reported safety profile of approved meth-1-2 inhibitors in our class of that. The LVF, LVEF did not leave 2020 discontinued.
Speaker Change: Your attention to the left hand side first initial phase two preliminary data industrial consistency of insight from the platform.
Najat Khan: And I will say that rash and the decreased left ventricle ejection fraction are both consistent with the reported safety profile of approved MEF1-2 inhibitors in our classifier. The LVEF did not lead to any difficulties.
Speaker Change: Bolstered by what we see in vivo and now encouraging early clinical.
Speaker Change: As you look ahead enrollment for this phase two study is ongoing and it's best to share additional data with efficacy and safety in the second half of 'twenty two.
Thank you very much.
Ben Taylor: Now let's look at the efficacy. Again, I want to press it by saying these are preliminary results and a six efficacy valuable feature.
Speaker Change: I'll now move on to our P&C K H 10, 47, eight and selective program.
Ben Taylor: The distribution of polybordant changes across all ethically available patients is shown in the waterfall. The time of data cutoff, based to data shows that the four members of them led to preliminary 43% median reduction in polybordant imposed polybordant changes in polybordant changes across all ethically available patients.
Najat Khan: Now let's look at the efficacy. Again, I want to preface by saying these are preliminary results and have six efficacy valuables. The distribution of polyburden changes across all efficacy of value locations, as shown in the waterfall. The time of data cutoff, phase 2 data, shows that the 4 mg led to a preliminary 43% median reduction in polyburden in post-colectomy patients that are 55 mg. Five of six patients, 80%, experienced reduction, ranging from 31% to 82%. However, one patient did show a substantial increase in polygordon number from baseline, which has been shown in prior studies as well, something we need to, of course, investigate and understand further.
Speaker Change: Yeah.
Speaker Change: So let's send them three five is a highly selective pantry kitchen 47, I mean selective inhibitor.
Speaker Change: 40% of HR positive breast cancers have battery electric indications with the H 1047 or mutation in the kinase domain being the most common but 40% of HR.
Ben Taylor: Five of six sessions, eight percent, six series reduction, ranging from 31 to 82 percent.
Ben Taylor: However, one patient did show a substantial increase in polygarden number from baseline, which has been shown in prior studies as well, and something we need to of course investigate and understand further.
Speaker Change: Breast cancer, so about anywhere from nine to 11000 patients.
Speaker Change: F E.
Speaker Change: The molecule is engineered as I mentioned before with 100 XL activity with wildfire.
Ben Taylor: Three patients, three of the six patients, a key to greater than 50% polybordant reduction at week 13. Of the two patients, two maintain a durable greater than 30% reduction even after the off period of a total of 30% reduction.
It demonstrates strong CNS penetration and from the data we've seen so far a low risk of metabolic AE attacker glycemia.
Najat Khan: Three of the six patients achieved a greater than 50% colloid burden reduction at week 13. Of the two patients, two maintained a durable greater than 30% reduction, even after the off period, the total off period.
Speaker Change: I'll walk you through some of the data that's showing superior efficacy to <unk> and also Kathy and AK tube.
Ben Taylor: If you go to the next slide, we also wanted to look a little bit deeper into the efficacy data. Recall that the patients with FAP often develop Hallets throughout the GI tract, so load the upper and lower regions.
Speaker Change: With synergy had no doses and combined with CDK 461 inhibitors Im sorry.
Speaker Change: The study is currently in candidate profiling with the nomination to D C. As I mentioned before.
Najat Khan: If you go to the next slide, we also wanted to look a little bit deeper into the FAPC data. Recall that the patients with FAPC often develop collids throughout the GI tract, so both the upper and lower. In the waterfall, you see reductions both in the upper and lower regions, with median reductions 50% or higher. These were encouraging and suggest that there's clinical activity across both anatomical.
Speaker Change: Yes.
Ben Taylor: In the waterfalls, you see reductions both in the upper and lower regions with median reductions 50% or higher.
Speaker Change: So, let's just take a second in terms of how does the platform.
Speaker Change: It is the platform insights here.
Speaker Change: We started by applying molecular dynamics to characterize the flexibility of the mutant theatrically Albuquerque.
Ben Taylor: These were encouraging and suggest that there's clinical activity across both anatomical.
Thank you very much.
Speaker Change: Allowed us to capture key conformational snapshots that revealed cryptic mutant specific binding pocket.
Ben Taylor: We also looked into an important set of endpoints, so I talked about polybordant reductions, but also polypcount and settlement stage, which is an important classifier of defense severity and the potential for cancer rates down below.
Speaker Change: These anti formed our SCR strategy early on which is really important giving us a more precise roadmap our design from their use AI ml models prioritize chemical space predicted to optimize intellectually while also accounting for critical drug like HR suggest physiochemical properties and accurate at any.
Najat Khan: We also looked into an important set of endpoints. So I talked about polyp burden reduction, but also polyp count and Spiegelman stage, which is an important classifier of disease severity and the potential for cancerous down the road. So the table shown here summarizes Spiegelman stage of screening. And again, at week 13, highlighted in green, you can see about three out of the six patients that are on the 4mRM experience a reduction in Spiegelman stage with two patients showing a full change of about a scale of two. While this is, you know, early data, and of course, anytime you do Spiegelman, you know, it's potentially confounded by biopsy sampling.
Ben Taylor: So the cable show here summarizes the Speegalman stage at screening and again at 13 highlighted in green. You can see about 3 out of the 6 patients that are on the 4-millogram arm experience, a reduction in Speegalman stage with 2 patients showing a full change of about fill-of-two.
Speaker Change: The point I'd love to go through more detail.
Speaker Change: This tightly integrated AI driven approach enabled us to progress a target concept of differentiated candidates in 18 months again. Another example, with learning platform and how we're trying to get better molecule design.
Ben Taylor: While this is, you know, early data and, of course, anytime you do Spiegelman, you know, potentially compounded by biopsy sampling, it was noting that trial, pivotal FAD trial.
Speaker Change: Now if you look to the next slide which is focused on some of the preclinical data that I just mentioned, Chris mentioned, a slide and some of this data in a prior earnings call. So let's send countries I showed a dose dependent tumor regression.
Ben Taylor: I've included changes in treatment stages part of the composite endpoint to track FAP-related disease progression.
Najat Khan: It is worth noting that prior pivotal FAP trials have included changes in Spiegelman stages as part of the composite endpoint to track FAP-related disease progression.
Ben Taylor: So in terms of summary and next step, let's take it together and I will point your attention to the left-hand side first. The initial phase to preliminary data does show consistency of insight from the background.
Speaker Change: D. S models, the purification and 47 arc city itself compared to a better than standard of care a P. I G kit inhibitors yeah.
Najat Khan: So, in terms of summary and next steps, well, taken together, and I will point your attention to the left-hand side first, the initial phase two preliminary data does show a consistency of insights from the platform.
Ben Taylor: Vulture Violet we see in Bebo, and now encouraging early critical tickles.
Speaker Change: Yeah, but just like the first generation one times at four P. M and also lots of.
Speaker Change: The so first the differentiated safety profile, while maintaining efficacy we do not see an increase in hypoglycemia and my first as you can see to the right size.
Ben Taylor: As we look ahead, enrollment for the space to study is ongoing and in fact to share additional data for the efficacy and safety in the second half of 2021.
Najat Khan: both drive by what we see in vivo and now encouraging early clinical As we look ahead, enrollment for the space 2 study is ongoing and we expect to share additional data on efficacy and safety in the second half of 2020.
Speaker Change: Now, let's go to the next I just wanted to share some of the newer data head to head with Kathy.
Ben Taylor: and now move on to our P.I.T.R.K. age 1047 Mutant Selective Program.
Yeah. He's the Rexam from three five to $18 7 million makes per case, which is a medium dose significantly outperformed kind of tap into the brush, even though low dose 625 mix per gig per.
Ben Taylor: So, Red 7-735 is a highly selective PI-3K-1047, I mean, selective inhibitor. You know, 30-40% of HR positive breast cancers have pediatric indutations, with the H-104-7 armutations, in the Chinese domain being the most common, that's 14% of HR breast cancer. So, about anywhere from 9-11,000 patients.
Najat Khan: I'll now move on to our PI3K H1047 Mutant Selective Program. So, RET-7735 is a highly selective PI3K1047, a mutant-selective inhibitor. You know, 30 to 40% of HR-positive breast cancers have PI3K mutations, with the H1047R mutation in the kinase domain being the most common, about 14% of HR breast cancers, so about anywhere from 9 to 11,000. in the US and EU. This molecule was engineered, as I mentioned before, with 100x selectivity over wild type. demonstrate strong CNS penetration, and from the data we've seen so far, a low risk of metabolic AE by type of glycine. I'll walk you through some of the data that's showing superior efficacy to PICRANE and also CAPI, an AKT inhibitor, with synergy at low doses when combined with CDK461 inhibitors.
Speaker Change: So every dose was comparable to Kathy and in terms of Tolerability. We did not have any weight loss sharp retreat, which we have seen with some of the other H O G.
Speaker Change: In these basketball.
Speaker Change: We also looked at some additional data in combination with endocrine therapy.
Ben Taylor: in U.S. and U. As molecule was engineered, as I mentioned before, with a hundred X
Speaker Change: Samsung <unk> significantly enhances the effect of the restaurant.
Ben Taylor: A Demonstrate Strong CNF Penetration, and from the data we've seen so far, a low risk of metabolic
Speaker Change: Teekay or six as well as strong inhibitors obesity.
Speaker Change: At low doses ranked them from three five alone with more effective and then extend.
Ben Taylor: I'll walk you through some of the data that's showing superior efficacy to pick right and also capy, an AKT inhibitor, but synergy and low-dose system combined with CDK461 inhibitors I'm sure.
Speaker Change: Standard of care combo and when its added.
Speaker Change: Some further deepening of response, so again preclinical early data, but a rationale compelling rationale for samsung's <unk> and combination regimen or HR plus or negative.
Ben Taylor: The study is currently in candidate for planning with a nomination to do so as I mentioned before, it's like a second half.
So next steps as I mentioned and again, you see that our biological insights.
Thank you for your time.
Speaker Change: So let's just take a second in terms of how does the platform, what is the platform insight here?
Najat Khan: The study is currently in candidate profiling with a nomination to DC as I mentioned before.
But I would say much more focus on.
Speaker Change: You know, we started by applying Militlo Dynamics to factor as the flexibility of the Mutian PX-VK Alpha protein.
Najat Khan: So let's just take a second in terms of what is the platform insight here? You know, we started by applying molecular dynamics to characterize the flexibility of the mutant PXPK alpha-platinum. It allowed us to capture key conformational snapshots that revealed cryptic mutant-specific bindings. These insights formed our SAR strategy early on, which is really important, giving us a more precise roadmap for design. From there, we used AI-ML models to prioritize chemical states predicted to optimize co-efficiency and selectivity, while also accounting for critical drug-like features such as physiochemical properties and accuracy. At any point, I'd love to go through more detail on this.
Speaker Change: The biological insight in terms of greater selectivity by going after the most common mutation in GSK.
Speaker Change: It allows us to capture key conformational staff shots that reveal cryptic needs and specific binding targets.
Speaker Change: The design elements that I just mentioned a novel scaffold and then also some of the in vivo data that we're seeing which is encouraging for us as a potential.
Speaker Change: These insights formed our FDR strategy early on, which is really important, giving us a more precise
Speaker Change: D. C nomination is planned for second half 2025.
Speaker Change: From there, we use AIMO models to prioritize chemical space predicted to optimize protein and selectivity, while also accounting for critical drug-wise features such as neochemical properties, and address.
Speaker Change: Again, the goal of addressing a clear patient need and a genetically defined.
Speaker Change: Next I will share a little bit more data about E. M. P. C. One inhibitor are shifting to rare disease, rather than one or two is a potent highly selective <unk> inhibitor. We are developing with our partner rally vial for HPT, a rare debilitating bone disorder with limited treatment options, particularly for adults.
Speaker Change: At any point, I'd love to go through more detail on this. This tightly-integrated AI-driven approach enabled us to progress a target concept of differentiated Canada in 18 months.
Najat Khan: This tightly integrated, AI-driven approach enabled us to progress a target concept to differentiate a candidate in 18 months. Again, another example of this learning platform and how we're trying to get better molecule design back.
Speaker Change: The treatment options today are injectables three years to fix injectables are weak.
Speaker Change: Now, we look to the next slide, which is focused on some of the pre-chemical data that I just mentioned. Chris mentioned this slide in some of the data in a prior earnings call.
Speaker Change: Injections are weak and that is challenging and so we think that there was a significant patient population that would benefit from a first world non immunogenic disease modifying therapy that can reduce the burden and cost of lifelong.
Najat Khan: Now if you look to the next slide, which is focused on some of the pre-clinical data that I just mentioned. Chris mentioned this slide and some of this data in the prior earnings. So REC-7735 shows a dose-dependent tumor regression in the CDX models, the PI3K1047R and CDX models, compared to or better than standard-of-care PI3K inhibitors. We have PIC-RAY here, which is one of the first-generation wild-type scorpion, and also the loxococcus. This supports a differentiated safety profile while maintaining efficacy. We do not see an increase in hyperglycemia markers, as you can see to the right side.
Speaker Change: So, Rec-Sensem-35 shows a built-dependent tumor regression in the CDX model, the PS3K10-47R and CDX model. Compared to a better than standard of care, PS3K inhibitors, we have a great year, which is one of the first generation one time, the scorpion, and also the lots
Speaker Change: Which is a constant.
Speaker Change: So again platform inside here. This is another example of the personal lines delivering targeted innovation, we identified structural insight into anti PD, one and used our generative design and ml driven optimization right now.
Speaker Change: The supports are differentiated safety profile while maintaining efficacy. We do not see an increase in hyperglancing in markers, as you can see to the right side.
Speaker Change: Novel Scaffold with high safety marches in oral you'll see potential this was not easy, but does not pertain apart, which took a lot of reps, but by modeling human Abbvie Ernie we build confidence in the clinical profile before nominating candidates. This is how we want our friends. So some of the risks and are now go forward portfolio.
Speaker Change: Now, let's go to the next slide. I just want to share some of the newer data. Head to head with
Speaker Change: Here you direct them some 3.3.8.7 Nigs Prokate, which is a medium dose, significantly as performed high dose have inter-regretion.
Najat Khan: Now, let's go to the next slide. I just want to share some of the newer data, head-to-head with CAPT. Here you see RECM-735 at 18.7 mg per kg, which is a medium dose, significantly outperformed high-dose CAPI in tumor regression. Even the low-dose 6.25 mg per kg dose was comparable to CAPI. And in terms of tolerability, we did not have any weight loss observed, which we have seen with some of the other agents today in these mass models. We also looked at some additional data in combination with endocrine therapy. REC-7735 significantly enhances the effect of filbusterant, so CDK-46, as well as SIRK inhibitors and BCDF follow.
Speaker Change: Even the load of 6.25 makes per gig per kilogram dose with some parables to tap me. And in terms of a tolerability, we did not have any weight loss observed, which we have seen with some of the other agents today.
A key strategy.
Speaker Change: So looking at some of the preclinical data I'll show you two sides of it. The first one is I wanted to and early onset HPT models.
Speaker Change: In an unpublished early on said knock off model I've wanted to significantly extended survival. So you can see on the right and the left hand side survivals lines for the early onset HCP model and when you look to the right. You will see also reduced PPI levels, which is a known biomarker and it's critical for info mineralization.
Speaker Change: in this mass photo. We also looked at some additional data in combination with endocrine therapy.
direct symptoms and treat like significantly enhances the effect of the left-strand.
Speaker Change: and so CK-46, as well as short inhibitors in the city of Palo.
I know Joseph's recism from three-five, alone with more effectiveness than this.
Speaker Change: And restore bone density close to wild type levels.
Speaker Change: for the standard care combo, and when it's added, we see some further deepening of response. So again, treatment goal, early data, but a rational, but compelling rationale for direct sense of treatment in combination regimen for each of us for two negative reps.
Najat Khan: At low doses, REC-7735 alone was more effective than this standard of care combo. And when it's added, we see some further deepening of response. So again, preclinical, early data, but a rationale, compelling rationale for REC-7735 in combination regimens for HFs are too negative.
Speaker Change: See on the chart to the very right are the L. P. L knockouts.
Speaker Change: Groups not shown given all of the mice guide around the Houston H. These data suggest that come on and address the biochemical and skeletal athletes.
Speaker Change: So next step, as I mentioned, again, we see that are the biological insights, but I would say much more focus on the biological insight in terms of greater selectivity by going after the most common mutation is yet to come.
Speaker Change: Or the other.
Speaker Change: But we also wanted to look at lead concept models, which more closely mimic adult HCP and as you can see to the left hand side it correctly, Keith skeletal defects in normalized <unk> structure and when you look at the right hand side very consistency all pushed we also observed a dose and a reduction in plasma PCI further validating.
Najat Khan: The next step, as I mentioned, again, we see that the biological insight, but I would say much more focused on the biological insight in terms of greater selectivity by going after the most common mutation in PITK. the design elements that I just mentioned, novel scaffold, and then also some of the in vivo data that we're seeing, which is encouraging for us as a potential sector.
Speaker Change: The design elements that I just mentioned, novel scaffold, and then also some of the Vivo data that we're seeing, which is encouraging for us as a potential factor.
Speaker Change: The.
Speaker Change: DC Nomination Plan for Secondhand 2025, with again the goal of addressing a clear patient need and a genetically defined activation.
Speaker Change: So lots more work to do in the space, but you know we see again, the our kids biology design in vivo.
Najat Khan: DC nomination is planned for second half 2025 with again the goal of addressing a clear patient need and a genetically defined Next, I will share a little bit more data about our ENPP1 inhibitor shifting to rare disease. REV102 is a potent, highly selective ENPP1 inhibitor we're developing with our partner RallyBio for HPT, a rare debilitating bone disorder with limited treatment options, particularly for adults. The treatment options today are injectables, three to six injectables a week, injections a week, and that is challenging.
Speaker Change: With phase one expected to initiate in the second half of Tracy.
. . . . . .
Speaker Change: Next, I will share a little bit more data about the EMPP1 and Heather shifting to rare
Speaker Change: We see a compelling opportunity to address unmet needs in juvenile and adult onset disease or access convenience and long term tolerability for chronic diseases or do you.
Speaker Change: Rat, Rev102, if it potent highly-submitted EMP-1 inhibitor, we develop it with our partner Rally Vial for HPP.
Speaker Change: Especially right.
Speaker Change: So those are the three programs, where it showed a deep dive now I'm going to do a quick tour one page or just some of the other oncology support.
Speaker Change: A rare debilitating bone disorder was a limited treatment option, particularly for adults.
Speaker Change: The treatment options today are three to six injectables a week.
Speaker Change: So the first one RV am 30, 90, greater identified again as I mentioned earlier for phenotypic platform. It mimics closely CDK 12 loss in a typically an end uses in our preclinical models that you can see in the middle dose dependent antitumor activity in preclinical models.
Speaker Change: Ejections a week. And that is challenging. And so we think that there is a significant patient population that would benefit from a first-world non-immunogenic disease modified therapy that can reduce the birthment cost of life, long, and then with treatment therapies, which is a constant risk.
Najat Khan: And so we think that there is a significant population that would benefit from a first-world, non-immunogenic disease-modifying therapy that can reduce the burden and cost of lifelong enzyme replacement therapy, which is the current standard. So again, platform insight here.
Speaker Change: This is one place where I want to emphasize and area platform capability build you'll see across all of these programs, which is precision selection.
Speaker Change: So, again, platform insight here. This is another example of the repersonalized delivering targeted innovation. We identified structural insights into ENTP1 and used our gendered AI design and ML driven optimizations to create novel examples with high safety margins and oral guilty potential. This was not easy. This was not for the same apart. It's just a lot of reps. This was not easy. This was not for the same apart. This was not for the same apart.
This is what cleantech and culturally I efforts that we're really doubling down on and our platform is helping us accelerate.
Najat Khan: This is another example of the Recursion OS delivering targeted innovation. We identified structural insights into ENTP1 and used our generative AI design and ML-driven optimization to create novel samples with high safety margins and oral dosing potential. This was not easy. This is not for the faint of heart. It took a lot of reps.
Speaker Change: The right patients, but then also site selection and enrollment study right now as it is one of them.
Speaker Change: But, by modeling human-adventure, we build confidence in the simple profile of the four nominating candidates. This is how we want to pretzel some of the risks. In our now, go forward, add portfolio parking strategy.
Speaker Change: With an update expected first half.
Speaker Change: So you can't say that I've mentioned, a little bit about CDK seven before of how we leverage our platforms optimizing idiots.
Najat Khan: But by modeling human acne early, we build confidence in the clinical profile before nominating a candidate. This is how we want to pressure some of the risks in our now go-forward ad portfolio purchasing strategy.
Speaker Change: In the middle you see potent tumor regression, we're not showing some of the data the clinical data from December and it online, but we also sell you know one complete PR a confirmed PR multiple stable diseases as well now what we're doing is we're using cause only I and human genetics with the tempos data.
Speaker Change: So, looking at some of the preclinical data, I'll show you just slide down there. The first one is Rev-1-2 in early onset HPT model.
Najat Khan: So looking at some of the preclinical data, I'll show you two slides on this. The first one is REV102 in early onset HPT models. In an unpublished early-onset knockout model, Revv wanted to significantly extend its survival. So you can see on the left-hand side, survival line for the early-onset HPP model. And when you look to the right, you will see also reduced PPI levels, which is a known biomarker that is critical for bone mineralization. And restored bone density close to wild-type. You'll see on the chart to the very right, the ALPL knockout group not shown, given all of them have died around the human age.
Speaker Change: In an unpublished early onset knockout model, we're going to significantly extend that survival you can see on the left hand side, survival lines for the early onset HPP models, and when you look to the right, you will see also reduced PPI levels, which is a known biomarker at its critical for bone mineralization.
Speaker Change: And then also for the capabilities, we're building in house and sell them and also we do both the basketball two died precision indication expansion.
Speaker Change: With monotherapy escalation I'm going in combination of that initiative.
and restored bone density close to wild type levels.
Speaker Change: Yeah.
Speaker Change: And months one.
Speaker Change: You know I won't go through the details of Mohan that assured before but improved safety and efficacy for faster structure based design and hotspot analysis showed both single agent and synergistic activity you can see in the middle in vivo data and durable response or also you know this is a competitive space. So we're using advanced arguably analytics.
Speaker Change: You'll see on the chart the very right, the LPL knockout group was not shown, given all of the mice guys around the new age. These data suggest a comment and address both biochemical and skeletal aspects of HPP in early on-term model.
Speaker Change: But we also wanted to look at late onset models, right, which more closely mimics adult HPP.
Najat Khan: These data suggest the compounds can address both biochemical and skeletal aspects of HBP in early onset.
Speaker Change: Take approaches to accelerate recruitment already we've identified in a matter of days 50, new high potential trial sites, and then you can't stage or efficient steady execution backdrop principles come before you can have spectrum TMT.
Speaker Change: And as you can see to the left-hand side is corrective key skeletal defects and normalize the
Najat Khan: But we also wanted to look at late-onset models, right, which more closely mimic adult age. And as you can see to the left-hand side, it's corrected key skeletal defects and normalized telestroke. And when you look at the right-hand side, very consistently, we also observed a clear dose-dependent reduction in plasma PTI, further validating the So lots more work to do in this phase, but you know, we see again, the art here, the biology design in vivo, with phase one expected to initiate in the second half of.
Speaker Change: and you look at the right-hand side, very consistency. We also observed clear dose-dependent reduction in FOS on CPI for the validating the practice.
Speaker Change: And I'll wrap it up by talking a little bit about our partner programs. I know you share you know milestones we share the upfronts et cetera, but how are we what is the nature of the partnership scientifically these partnerships reflects.
[inaudible]
Speaker Change: It's a lot more work to do in the space, but we see, again, the art here, the biology, design, and vivo, with things one expected to initiate in the second half of tri-train.
Speaker Change:
Speaker Change: We see a compelling opportunity to address unmetly juvenile and adult onset disease, where access, convenience, and long-term tolerability for a chronic disease that starts early, especially
Speaker Change: Reflect.
Speaker Change: Tackling complex targets and generating high quality market across a range of diseases and also reflects strong external validation of our approach and additional opportunity for us to learn and create medicine was saying earlier.
Najat Khan: We see a compelling opportunity to address unmet needs in juvenile and adult-onset disease, or access convenience and long-term tolerability for a chronic disease that starts early, especially So those are the three programs where I shared a deep dive.
Speaker Change: So those are the three programs where I shared a deep dive. Now I'm going to do a quick tour one page or just some of the other oncology support programs.
Speaker Change: And values of the company. So that's why it was out of it we achieved four milestones debate with them in a partnership it's about three years today.
Go to Beadaholique.com for all of your beading supplies needs!
Speaker Change: So, the first one, RBM 39 degreeer, identified again as I mentioned earlier as well as phenotypic platform that mimics closely CTK 12 loss, phenotypically and induces in our pre-critical models so as you can see in the middle, dose dependent anti-tourant activity in pre-critical models.
Najat Khan: Now I'm going to do a quick tour, one pager, to some of the other oncology cohorts. So the first one, RBM39 degrader, identified again, as I mentioned earlier, through our phenotypic platform, it mimics closely CDK12 loss phenotypically and induces in our preclinical models, as you can see in the middle, dose-dependent anti-tumor activity in preclinical models. This is one place where I want to emphasize an area of platform capability that you see across all of these programs, which is precision selection of products.
Speaker Change: And that is multiple challenging targets for team is working on in both immunology and oncology.
Speaker Change: Collaboration uses a full suite of the refrigerant end to end platform in vivo biology, all the way to generative chemistry, and active learning to rapidly design and optimize for some class in batches.
Speaker Change: This is one place where I want to emphasize an area of platform capability built in the across all of these programs, which is precision selection of patients.
I want to emphasize was coming up that over the next 12 to 18 months, we have development candidate milestones coming out which is an important milestone additional milestone for us and then a potential opt in with canopy that started.
. . . . . .
Speaker Change: This is where Klintek and Paul Beliei efforts that we're really doubling down on in our platform and helping us accelerate for the right patients, but then also fight selection and enrollment. The study right now is in phase one monitoring.
Najat Khan: This is where clintech and causal AI efforts that we're really doubling down on in our platform is helping us accelerate for the right patients, but then also site selection and enrollment. The study right now is in phase one monitoring.
Speaker Change: With Roche, we kind of loss is being used you know we've talked about some of the math, but I just wanted to maybe add a little bit more color erith.
within us did expect a first half of the day.
Speaker Change: CDK-7, I've mentioned a little bit about CDK-7 before how we leverage our platforms to optimize the PKPD and therapeutic standards.
Speaker Change: No recession use of cubic masks, but recruitment has also developed.
Najat Khan: with an updated expectation.
Speaker Change: Sue.
Speaker Change: Disease contract specific back for instance, in this partnership more than five feet of maps and over 5000, transcriptome across neuroscience and Gi oncology feeding discovery and a really bad thing.
In the middle you see...
Najat Khan: CDK7. I've mentioned a little bit about CDK7 before, how we leverage our platform to optimize the CKPD interface. In the middle, you see potent tumor regression. We're now showing some of the data, the clinical data from December. You can find it online, but we also sell, you know, one complete PR, confirmed PR, multiple stable diseases as well.
Potent at your aggression. We're not showing some of that.
Speaker Change: Data, the clinical data from December , and at our line, where we also sell, you know, one complete PR, confirmed PR, multiple stable diseases as well. Now what we're doing is we're using causal AI and human genetics, you know, with some of the tempos data, and then also for the capabilities we're building in health and cell line panels. We do both the best of both worlds to guide precision indication expansion.
Speaker Change: As you know last year in the fall triggered 30 million amount that was accepted and then we have more mass milestones that are coming the other piece and I'll be on the call with loving the loop, which we really really like model enables not just you know and a tightening cycle of AI driven hypothesis generation.
Najat Khan: Now what we're doing is we're using causal AI and human genetics with some of the tempest data and then also some of the capabilities we're building in-house and cell line panels. We do both the best of both worlds to guide precision indication expansion with monotherapy, escalation ongoing in combination of initiating first steps.
Speaker Change: with Monastery of the Exploration on Going and Combination as I said, initiating for
Speaker Change: But really important for this partnership we're pivoting from the Max and the novel Biology to know program like experimental validation and the design of the program to have the potential to make you got it.
Bye.
and Maldon.
Speaker Change: You know, I won't go through the details of most, one that I shared before, but improved safety and efficacy profiles through structure-based design and hotspot analysis showed both single-agent and synergistic activity, you can see in the middle in vivo data and durable response, or also, you know, this is a competitive space.
Najat Khan: and Malt One. You know, I won't go through the details of MOLT, one that I shared before, but improved safety and efficacy profile through structure-based design and hotspot analysis showed both single agent and synergistic activity. You can see in the middle in vivo data and durable response.
Speaker Change: So I want to wrap it up by saying.
Speaker Change: We have multiple internal and external pipeline catalysts that are coming out as you've seen some of the internal ones laid on top but then also meaningful partnership catalyst with news feed them have options program initiation and potential options exercised by our partners. So with that I'm going to conclude the R&D and pipeline update.
Speaker Change: So we're using advanced RWA analytics, clinic approaches to accelerate recruitment, already we've identified in a matter of days, 50 new high potential trial sites in the UK and for efficient study execution some back to our principles from before, we can have that from P.A.
Najat Khan: Or also, you know, this is a competitive space. So we're using advanced RWA analytics, clintech approaches to accelerate recruitment. Already, we've identified in a matter of days, 50 new high potential trial sites in the UK and Spain Efficient, steady execution. So back to our principles from before, we can have fast-track TA.
Speaker Change: Internal external I.
Speaker Change: Let me close by saying that we are encouraged by the momentum we see.
and David Hallett, David Hallett, David Hallett, David Hallett,
Speaker Change: And I'll wrap it up by talking a little bit about a partner program. I know we share your milestones, we share the upfronts, etc. But how are we, what is in nature of this partnership scientifically?
Speaker Change: Both internally and with our partner programs and we remain committed to a disciplined portfolio strategy that prioritizes scientific differentiation capital efficiency and value creation.
Najat Khan: And I'll wrap it up by talking a little bit about our partner programs. I know we share, you know, milestones, we share the upfront, etc.
These partnerships reflect, you know, reflect.
Speaker Change: Yeah.
Najat Khan: But how are we? What is the nature of the partnership? These partnerships reflect tackling complex targets and generating high-quality molecules across a range of diseases, and also reflect strong external validation of our approach, an additional opportunity for us to learn and create medicines, as Christopher was saying earlier, and value for the company.
Speaker Change: Tackling complex targets and generating high-quality molecules across a range of diseases, and also reflects strong external validation of our approach. An additional opportunity for us to learn and create medicines that were supposed to be being earlier and values of the company. So let's have a centipede.
Speaker Change: With that I will turn it over to our CFO Ben Taylor for the financials.
Speaker Change: Thank you Walter.
Speaker Change: So when we wanted to start with when we're going through some of the financials is not only.
Speaker Change: Pipeline prioritization.
Speaker Change: We achieved four milestones to date with fantasy. In a partnership, it's about three years today. That is multiple challenging targets for team of working on both immunology and oncology.
Speaker Change: Oh, that's great.
Speaker Change: A high level overview.
Speaker Change: Also talk about how we are trying to make data driven decisions.
Najat Khan: So let's start with Sanofi. We achieved four milestones to date with In a partnership, it's about three years to date. That is multiple challenging targets the team is working on in both immunology and oncology. The collaboration uses a full suite of the Recursion's end-to-end platforms, in vivo biology all the way to generative chemistry and active learning, to rapidly design and optimize first-in-class and best-in-class.
Speaker Change: Decisions across the organization.
Speaker Change: Really maximize our ability to reach all of those milestones.
Speaker Change: The collaboration uses the full suite of the Recursion end-to-end platform. We leave a biology all the way to generative chemistry and active learning to rapidly design and optimize first-hand class and active class companies.
So if you look at how we've been adjusting our operations I don't make sense.
Speaker Change: Merger, but even before them.
Speaker Change: I want to emphasize what's coming up next. Over the next 12 to 18 months, we have developed and candidate milestones coming up, which is an important milestone for us, and a potential opt-in with Santa Feudant Stars effecting.
Speaker Change: I'm trying to align that to be able to drive our cash runway as long as possible.
Najat Khan: I want to emphasize what's coming up next. Over the next 12 to 18 months, we have development candidate milestones coming up, which is an important milestone, an additional milestone for us, and a potential opt-in with Sanofi that starts ahead.
Speaker Change: We've really had a focus on adjusting our capacity over our capabilities, what I mean by that is our capabilities are.
Speaker Change: With Roach, Recursion Aless is being used, you know, we've talked about some of the maps, but I just want it to maybe add a little bit more color. You know, Recursion uses cubic maps, but Recursion has also developed paint.
Speaker Change: Overall, what we can actually start on that platform.
Speaker Change: Capacity it would be more of a home.
Najat Khan: With Roche, Recursion OS is being used.
Najat Khan: You know, we've talked about some of the maps, but I just wanted to maybe add a little bit more color. You know, Recursion uses Cubec maps, but Recursion has also developed...
Speaker Change: And so because we are a tech company, how should we focus on all of it we actually have a greater ability to jumpstart.
Speaker Change: of Disease Context Specific Maths, for instance in this partnership, more than 5,000 maps and over 5,000 transcriptions across neuroscience and GI oncology, feeding discovery at a really
Speaker Change: Based on the market conditions based on our pipeline number while still being able to enable all of those capabilities.
Najat Khan: Group, J.D. Proctor, J.R. P.E. , R.J. . feeding discovery at a really fast rate.
Speaker Change: We, as you know, last year in the fall, triggered a 30 million map that was accepted and then we have more map milestones that are coming.
Speaker Change: And that's exactly what youll see from us.
Speaker Change: During the first quarter, but all of them.
Najat Khan: We, as you know, last year in the fall triggered a 30 million map that was accepted, and then we have more map milestones that are The other piece, and Aviv fondly calls it Lab in the Loop, which we really, really like, model enables not just, you know, a tight cycle of AI-driven hypothesis generation, but really important for this partnership, we're pivoting from the math and the novel biology to now program, right, experimental validation, and the design of the program to have the potential to So I want to wrap it up by saying we have multiple internal and external pipeline catalysts that are coming out.
Speaker Change: Yes.
[inaudible]
Speaker Change: The other piece, and we fondly call it Lab in the Loop, which we really, really like, model enables.
Speaker Change: Yeah.
Speaker Change: A couple of different points that we wanted to hit on one we ended the quarter with 509 million into cash.
Speaker Change: Not just, you know, a tight cycle of AI driven hypothesis generation, but really important for this partnership with pivoting from the mass and the novel biology to now program, right, experimental validation and the design of the programs to have the potential to make the medicine.
Speaker Change: We will talk a bit about cash burn this is something that's really important.
Speaker Change: So anyone outside of the company looking at our financial statements to try and understand what are you actually spend it operation.
Speaker Change: To execute on all of those things.
Speaker Change: Sorry, but you were seeing metrics.
and the National Geographic. For more information, visit www.njhealth.org.
Speaker Change: Quickly mentioned the context.
Speaker Change: Operational firms how are we spending money.
Speaker Change: Thank you.
Speaker Change: Meeting the noncash effects. So during the first quarter of 2005.
Najat Khan: As you've seen, some of the internal ones laid on top, but then also meaningful partnership catalysts with new phenomath options, program initiations, and potential options exercised by telepharm.
Speaker Change: That was about $118 million.
Speaker Change: All of our cash operating expenses.
Speaker Change: So, with that, I'm going to conclude the R&D and pipeline of David's internal external and be close by saying that we are encouraged by the momentum we see.
Expenditures.
Speaker Change: Anything that was an inflow from our partnerships with financial management.
Najat Khan: So with that, I'm going to conclude the R&D and pipeline update both internal and external. Let me close by saying that we are encouraged by the momentum which both internally and with our partner programs, and we remain committed to a disciplined portfolio strategy that prioritizes scientific differentiation, capital efficiency, and value creation above all.
Speaker Change: Both internally and with a partner program, and we remain committed to a discipline portfolio strategy that prioritizes scientific differentiation, capital efficiency and value creation above all, the clear task to impact.
Speaker Change: Gotcha.
Speaker Change: As a result.
Speaker Change: So in total we expect our cash runway into Q2.
Speaker Change: Now, what's going into that yourself and that's really based on the three different levels of how we drive.
Speaker Change: With that, I will turn it over to our CFL Ben Taylor for the financial help.
Speaker Change: One way for us.
Speaker Change: Thinking about our partners. So we've brought in $450 million of our partners.
Thank you, and good night.
Ben Taylor: With that, I will turn it over to our CFO, Ben Taylor, for the finance. So where we wanted to start with, when we're going through some of the financials, is not only to talk about the pipeline prioritization that Najat just mentioned, of course, gave a high-level overview at the beginning, but also talk about how we are trying to make data-driven, disciplined decisions across the organization. to really maximize our ability to reach all of those milestones that we're on. So, if you look at how we've been adjusting our operations, not only since the merger, but even before, and trying to align that to be able to drive our cash runway as long as possible, what you can see is we've really had a focus on adjusting our capacity over our capabilities.
Speaker Change: So, when we wanted to start with, we were going through some of the financials, not only to talk about the pipeline prioritization as a job just mentoring, Christopher is a very high level of interviewing beginning, but also to talk about how you're trying to make data driven, participant decisions across the organization.
Speaker Change: In addition.
Speaker Change: <unk> also.
Speaker Change: In addition.
Speaker Change: <unk> also been able to hit on four core milestones and the Sanofi partnership over the.
Speaker Change: Last March.
Speaker Change: A major milestone with Roche as well.
Speaker Change: So you are now and driving towards.
Speaker Change: to really optimize our ability to reach all of those milestones that were on the previous video.
Speaker Change: <unk> executed on those existing partnerships really leveraging.
Speaker Change: So, if you look at how we've been adjusting our operations, not only since the merger but even before, and trying to align that to be able to drive our cash runway as long as possible, what you can see is we've really had a focus on adjusting our capacity.
Speaker Change: Yes.
Speaker Change:
Speaker Change: The cash flows of the partnership milestones available to US there we will continue to look at new business development as well.
Speaker Change: We have the ability to batch.
Speaker Change: That's our operational capacities.
Sure.
Speaker Change: In addition, as we have here.
Speaker Change: Normally done financing is another aspect.
Speaker Change: With that.
Speaker Change: <unk>.
Speaker Change: Oliver Chen.
Speaker Change: Et cetera.
Ben Taylor: What I mean by that is our capabilities, our platform overall, what we can actually produce out of that platform. capacity would be more of how many. And so because we are a tech company, because we focus on automation, we actually have a great ability to adjust our capacity based on the market conditions, based on the pipeline that we want to execute, while still being able to enable all of those same capabilities across the platform. And that's exactly what you'll see from us. both during the first quarter but also through the rest of the season. A couple different points that we wanted to hit on.
capacity would be more of a culmination [inaudible]
Speaker Change: Finally.
Speaker Change: What is completely in our control is our cost further.
Speaker Change: And so because we are a tech company, because we focus on automation, we actually have a great ability to adjust our capacity.
Speaker Change: Adjusted or cash burn overtime based on.
Speaker Change: Our.
Speaker Change: based on the market conditions based on pipeline number one attitude, while still being able to enable all of those same team abilities across the platform, and that's exactly what you'll see for us.
Speaker Change: Priorities are.
Speaker Change: So that's where you've seen us taking steps.
Speaker Change: Our.
Speaker Change: So norm.
Speaker Change: hosting the first quarter that also drew the rest of the hair.
Speaker Change: What you can see is a.
Speaker Change: <unk> approach thanks, so much.
Speaker Change: A couple of different points that we wanted to hit on one, we had a supporter with 509 dollars in cash.
Speaker Change: So on the left side of the page.
Speaker Change: Consequently for.
Speaker Change: This is a non-GAAP measure.
Speaker Change: We will talk a bit about cash burn, and this is something that's really important because it's a little confusing. It's anyone outside of the company looking at our financial statements to try and understand what do you actually spend in operation?
Speaker Change: Cash burn from the two different organizations, but it breaks down here is about.
Ben Taylor: One, we had this reporter with $509 million in cash. We will talk a bit about cash burn and this is something that's really important. To anyone outside of the company, looking at our financial statements to try and understand what you actually spend on operations. to execute our novel. So what we'll try to do is see if that's. and put them into the context of a cash operational firm. and Lina Nilsson. including the non-cash effects. So during the first quarter of 25, as you'll see, that was about $118 million, including all of our cash operating expenses and our capital expenditures, not including anything that was an inflow from our partnerships and financings and excluding the transaction costs as a result.
Speaker Change: 600 million.
Speaker Change: On a combined basis companies all of them.
Speaker Change: Sure.
to execute on all those sentences.
Speaker Change: What we're looking at for this year is a budget flush.
Speaker Change: to Dragon. So what we'll try to do is keep my trust and put them into the context of a cash operational burn. So how are we spending money?
Speaker Change: Less than or equal to $400 million insurance firms.
Speaker Change: It's how we're doing that one we talked about Taiwan arbitration.
excluding the interest that we get from partnerships.
Speaker Change: But we've also been able to reach deeper into our numbers.
Speaker Change: including the non-catch effects. So during the first quarter of 25, as you'll see, that was about 118 million, including all of our cash operating expenses and our capital expenditures, not including anything, that was in the inflow of our partnerships with finance and
Speaker Change: Okay.
Speaker Change: Absolutely as I talked about.
Speaker Change: Although trying to leverage the fact that we are a technology.
Speaker Change: We should continue to be able to do more with less.
including the transaction costs that results in the merger.
Speaker Change: And coding economy.
Speaker Change: So that we can.
Speaker Change: So, in total, we expect the cash runway into mid-2057. Now what's gone into that assumption that's really based on the three different levels of how we drive.
Speaker Change: How much more over the next year and we did the previous one using less resources.
Ben Taylor: So, in total, we expect a cash runway into mid-2027. Now, what's going into that assumption is really based on the three different levels of how we drive cash runway. The first is thinking about our partnerships. So, we've brought in Fortnum & Goodman million from our partners over the partnership program. In addition, we've also... In addition, we've also been able to hit on four milestones in the Snoppy partnership over the last eight months. We hit on a major milestone with Roche as well. And so we're now driving towards continuing to execute on those existing partnerships and really leveraging the cash flows and the partnership milestones available to us there.
Speaker Change: Continue to drive towards that coverage out.
Speaker Change: Katz Runway. The first is thinking about our partnership. So we've brought in 450 million from our partner, so that, in addition, we've also...
Speaker Change: Okay.
Speaker Change: With that I'll turn it back over to Chris.
Chris Sure: Thanks, Ken I wanted to talk a little bit about Richardson to point out when the experiment that we're here to run it recurs and you've heard from them in New York today.
Speaker Change: In addition, we've also been able to get on for four mile stones and snowpey partnerships over there.
Speaker Change: On behalf of them and the entire team we thank you for your attention.
Speaker Change: Just want to share with all of you that we believe that <unk> will continue to lead the tech bio space.
Speaker Change: The Plastic Month, with it on a major milestone, with Roach as well-plop.
Speaker Change: We're going to do that through the sustainable continued growth plan that we shared today, we're going to remain committed to our internal pipeline that was going to be more focused than it had been in the past.
kind of show we are now in driving towards.
continuing to execute on those
and Partnerships, and really leveraging the...
Speaker Change: Going to continue to execute on our partnerships and we believe there are substantial milestones I think we have the potential to earn over the coming quarters and years, we're going to continue to increase our focus on leveraging AI and not only in drug discovery, but all the way through development with some really exciting build happening in clinical development that will sure.
Speaker Change: The cash flows and the partnership milestones are available to us there. We will continue to look at new business development as well and have the ability to match our operational capacity to.
Ben Taylor: We will continue to look at new business development as well and have the ability to match our operational capacity to meet those targets. In addition, as we've historically done, financing is another aspect that we'll look at. We intend to follow the same business patterns that we have in-house on that aspect. Finally, what is completely in our control is our cash flow. We adjust our cash burn over time based on what our priorities are inside of the business. So that's where you've seen us taking steps that we've done recently to be able to maximize our running charge as possible.
and each of those publishers.
Speaker Change: In addition, as we have historically done, financing is another aspect that we look at. We intend just to say follow the same business that our time we haven't passed on that aspect. Finally, what is completely in our control is our cash far enough being able to do.
Speaker Change: More on soon and.
Speaker Change: Avenger shared we're going to continue increasing the efficiency of reversion, while also never stopping our investment in the <unk> operating system, because ultimately it's that operating system that learning system that we believe will give a person an advantaged in the coming years and so without huge thanks to all of you for your attention I think we're gonna go ahead.
Speaker Change: to adjust our customer over time based on why our priorities are inside of their hands, and so that's where you've seen us taking steps that way out of the bridge where our clients are running as far as possible. So we can go on to the next slide.
Speaker Change: I'll turn it over to Q&A.
Speaker Change: And I will start it looks like Eric Joseph at Jpmorgan have asked given your stated runway to mid 2027 book run rate do you anticipate exiting 'twenty five or entering 'twenty fixed width from where would you expect incremental efficiencies still to be derived and do you plan to raise capital for that I'll turn it over to you Ben sure of course.
Speaker Change: What you can see is a pre-interpost in some way.
Speaker Change: So on the left side of the page is the Cognitive Fund for
Ben Taylor: So if we can go on to the next slide. What you can see is a pre and a post. So on the left side of the page is the 2024. This is a non-gap measure, a cash burn from the two different organizations. What it breaks down to is about $600 million on a combined... companies, including all of the partnerships. What we're looking at for this year is a budget of less than or equal to $450 million in the same terms. How we are doing that, one, we talked about the Taiwan prioritization, but we've also been able to reach deep into a number of different...
Speaker Change: This is a non-government or a cash firm from the two different organizations.
Speaker Change: So we haven't given specific guidance on the runway.
Speaker Change: Can imagine our budget for this year is 450.
Speaker Change: What it breaks down here is about 600 million on a combined electricity.
Speaker Change: We're targeting right away.
companies, including all of the partnership financing.
Speaker Change: So we will give additional detail.
Speaker Change: What we're looking at for this year is a budget of less than or equal to more than 30 million in the same terms. How we are doing that, one we talk about Taiwan prioritization, but we've also been able to reach deep into a number of different areas.
Speaker Change: Or.
Speaker Change: I think we're also going to continue to look for a different efficiencies across purposes. Let me give you examples you've been able to for example drive better.
Speaker Change: Contracts with your partners.
Speaker Change: Field organization, you've been able to integrate different parts.
Speaker Change: and Recurper Expenses, Adjusting Ascius, and Talk About, and also trying to leverage the fact that we are a technology platform.
Speaker Change: The business, where we once.
Speaker Change: Once I previously.
Speaker Change: They're essentially reach a lower cost.
Ben Taylor: as I talked about, and also trying to leverage the fact that we are a technology class. We should continue to be able to do more with less because we focus on encoding and automating our process. so that we can accomplish more goals the next year than we did the previous one using lots. You'll see us continue to drive towards that every channel.
Speaker Change: We should continue to be able to do more with less because we focus on encoding and
Speaker Change: And we'll continue to drive into every aspect.
Speaker Change: And that runway without hampering our ability to execute it.
Speaker Change: so that we can accomplish more goals the next year than we could pre-disline using last resource.
Speaker Change: Our pipeline programs internally.
Speaker Change: We hope he has continued to drive towards that every chance that we do.
Speaker Change: Driving on that as far as raising capital.
Speaker Change: No.
all here.
With that, I'll print a back over the graph.
Speaker Change: No one else guidance on financing, but you plan to just really continue our previous business practices and watching the market.
Chris Gibson: Thanks Ben. I want to talk a little bit about Recursion 2.0 and the experiment that we're here to run at Recursion. You've heard from Ben and Najat today, and on behalf of them and the entire team, we thank you for your attention.
Ben Taylor: With that, I'll turn it back over to. Thanks, Ben.
Speaker Change: Do you have an ATM facility, which we have used moderately.
Christopher Gibson: I want to talk a little bit about Recursion 2.0 and the experiment that we're here to run at Recursion. You've heard from Ben and Najat today, and on behalf of them and the entire team, we thank you for your attention. I just want to share with all of you that we believe that Recursion will continue to lead the tech biospace, and we're going to do that through this sustainable, continued growth plan that we shared today. We're going to remain committed to our internal pipeline, though it's going to be more focused than it's been in the past.
Speaker Change: So well continue to use our current business practices.
Chris Gibson: I just want to share with all of you that we believe that Recursion will continue to lead the tech biospace.
Speaker Change: Right.
Speaker Change: Thank you so much Ben next we've got James and Joe asking a question on partnerships when can we see an option in on a molecule candidate from one of your or forming partnerships and any further insights on new levers in the O F for accelerating partnership programs to commercialization I'll take the first part of that so you've already have four programs auction in our collaboration with.
Chris Gibson: and we're going to do that through this sustainable, continued growth plan that we shared today. We're going to remain committed to our internal pipeline, though it's going to be more focused than this had been in the past.
Chris Gibson: We're going to continue to execute on our partnerships and we believe they're our substantial milestones that we have the potential to earn over the coming quarters in years.
Speaker Change: Santa Fe another program options in our collaboration with <unk> and.
Christopher Gibson: We're going to continue to execute on our partnerships, and we believe there are substantial milestones that we have the potential to earn over the coming quarters and years. We're going to continue to increase our focus on leveraging AI, not only in drug discovery, but all the way through development, with some really exciting build happening in clinical development that we'll share more on soon. And as Ben just shared, we're going to continue increasing the efficiency of Recursion, while also never stopping our investment in the Recursion operating system, because ultimately, it's that operating system, that learning system, that we believe will give Recursion an advantage in the coming years.
We're going to continue to increase.
Speaker Change: And we believe that those programs and many others coming behind them has the potential not only to get those early options for perhaps.
Chris Gibson: our focus on leveraging AI, not only in drug discovery, but all the way through development with some really exciting build happening in clinical development that we'll share more on soon.
Speaker Change: Have the potential to go to a later stage options, where they would might move into our partner pipeline, but obviously the economics are significantly higher at those stages. So we're continuing to do that work and we think a lot of promising progress so far.
Chris Gibson: And as Benja shared, we're going to continue increasing the efficiency of Recursion while also never stopping our investment in the Recursion operating system because ultimately it's that operating system, that learning system that we believe will give Recursion an advantage in the coming years.
The second part maybe I'll turn it over to you and to drive any further insights on new levers in the O S for accelerating partnership programs to commercialization, Yeah, I mean, I'll I'll mentioned 83, you know one on biology, we've talked a lot about the work that the Christmas tree nut and transfer stomach.
Chris Gibson: And so with that, huge thanks to all of you for your attention. I think we're going to go ahead and turn it over to Q&A.
Speaker Change: and I will start. It looks like Eric Joseph at J.P. Morgan has asked, given your stated runway to mid-2027, what burn rate to anticipate exiting 25 or entering 26 with? From where would you expect incremental efficiencies still to be derived and do you plan to raise capital? But that'll turn it over to you Ben.
Christopher Gibson: And so with that, huge thanks to all of you for your attention.
The clinical genomic data that really helps you.
Ben Taylor: I think we're going to go ahead and turn it over to Q&A, and I will start. It looks like Eric Joseph at J.P. Morgan has asked, given your stated runway to mid-2027, what burn rate do you anticipate exiting 25 or entering 26 with? From where would you expect incremental efficiencies still to be derived, and do you plan to raise capital?
Speaker Change: Make the stock multimodal, but not just to understand holistically. The biology, but also very early on start to better understand what the issue population, maybe really creating a more differentiated PTT upfront and early on that's one area. The second you know on the chemistry and the design much relief you saw some of the examples I shared from internal it's very very soon.
Ben Taylor: For that, I'll turn it over to you, Ben. Sure, of course. So we haven't given specific guidance on the runway, but you can imagine if our budget for this year is $450 million or less, we're targeting the runway less than that. So we will give additional detail as the year goes forward. I think we're also going to continue to look for different efficiencies across the organization. Let me give you a couple of examples. You've been able to, for example, drive better contracts with our partners for more skilled organizations. You've been able to integrate different parts of the business where we had high costs on one side previously and low costs on the other, potentially reach a lower cost overall.
Speaker Change: What we're doing with partners in terms of can we try to model in a model out aspect.
Speaker Change: Challenging.
Speaker Change: Molecular dynamics QM, you'll see much more coming up in that space and then also being able to model and predict some of the AD react makes it drove more drug like <unk>.
Speaker Change: Ford. I think we're also going to continue to look for different efficiencies across the
Let me give you a couple of examples [inaudible]
Speaker Change: We've been able to, for example, drive better contracts with our partners.
Speaker Change: And the third is more in development. It was touched on this a little bit.
Speaker Change: As we partner, whether it's not just on a discovery program perspective, but also on potential partnership on an asset.
for a more scaled organization.
Speaker Change: You've been able to integrate good from part of the business where we had high cost on one side previously and one cost on another potentially reach a lower cost overall.
Speaker Change: Oh, Hello, et cetera, but also went to leverage more content capability again, using multimodal data really precisely understand the patient population that we just target that would have the highest signal chain link and then also will be more rapid entrants.
Speaker Change: and we'll continue to drive into every aspect that we can expand that runway without
Ben Taylor: And we'll continue to drive into every aspect that we can extend that runway without de-packing our ability to execute and deliver on our pipeline programs, both internally and with our partnerships, so we'll keep driving on that. As far as raising capital, as you know, we and no one else get guidance on financing, but we plan to just really continue our previous business practice. We do have an ATM facility which we have used moderately in the past, so we'll continue to use our current business practices.
Our pipeline programs
Sandro: Thanks Sandro.
Speaker Change: Next up we've got them for Morgan Stanley Who's asking the question on the pipeline the pipeline prioritization lean heavily towards oncology would you generally see a pivot away from are these for your pipeline our platform and if so which aspects of there is an operating system. The underlying approach you think make orca stronger fit in addition to rare disease I think at a high level, we believe that both oncology and rare disease.
Speaker Change: We're watching the market. We do have an APM facility which we have used moderately in the past, so we'll continue to use our current business practices.
Speaker Change: These are fantastic areas for us to deploy our our platform and both of those areas. We have some genetic markers that often give us sort of an anchor point of biology from which to work from and so we'll continue to follow the data and I can imagine us continuing to drive both rare disease and oncology programs forward.
Ben Taylor: Thank you so much, Ben. Next we've got James and Joe asking questions on partnerships.
Speaker Change: When can we see an option in on a molecule candidate from one of your four main partnerships?
Operator: Thank you so much, Ben.
Operator: Next, we've got James and Joe asking a question on partnerships. When can we see an option on a molecule candidate from one of your four main partnerships? And any further insights on new levers in the OS for accelerating partnership programs to commercialization?
Speaker Change: and any further insights on new levers in the OS for accelerating partnership programs to commercialization. I'll take the first part of that. So, we've already had four programs option in our collaboration with Sanity, another program option in our collaboration with First Gen Tech.
Speaker Change: The data is going to be ultimately what drives where what the balance of the portfolio looks like but I do not see us abandoning either oncology or rare disease in the near term.
Speaker Change: Next we'll go to Dennis from Jefferies <unk> Gill from Needham Alec from Bank of America, Brendan from Cowen and many other folks who are asking questions around the safety Readouts and I'm going to I'm going to read these off one by one because we got a whole bunch here and.
Christopher Gibson: I'll take the first part of that. So we've already had four programs optioned in our collaboration with Sanofi, another program optioned in our collaboration with Burst and NTTAC. And we believe that those programs and many others coming behind them have the potential not only to get those early options, but perhaps to have the potential to go to later stage options where they might move into our partners' pipelines. And obviously, the economics are significantly higher at those stages. So we're continuing to do that work, and we think a lot of promising progress so far.
Speaker Change: And we believe that those programs and many others coming behind them have the potential not only to give those early options, but perhaps
Speaker Change: to have the potential to go to later stage options where they might move into our partners' pipelines and obviously the economics are significantly higher at those stages. So we're continuing to do that work and we think a lot of promising progress so far.
Speaker Change: And I'll have John answer them. So the very first one.
Speaker Change: Talk about the data shared at BBW and how is that differentiated from other programs that you may have seen in this space.
Speaker Change: For the second part, maybe I'll turn it over to you, Najat. Any further insights on new levers in the O.F. for accelerating partnership programs to commercialization?
Speaker Change: Happy to do that so when we look at the at the piano, which I just shared.
Najat Khan: For the second part, maybe I'll turn it over to you, Najat. Any further insights on new levers in the OS for accelerating partnership programs to commercialization? Yeah, I mean, I'll mention maybe three, you know, one on biology, we've talked a lot about the genomics work that Recursion is doing now and transcriptomics, I think the clinical genomic data that we have, it really helps you make the stack multimodal, but not just to understand holistically the biology, but also very early on, start to better understand what the patient population may be, really creating a more differentiated TPP upfront and earlier on, that's one area.
Najat Khan: Yeah, I mean, I'll mention maybe three. You know, one on biology, we've talked a lot about the Penolyt's work that the Prisoner's doing now, adding transcripts on me. I think the clinical genomic data that really helps you.
Efficacy Evaluable <unk> patients median polyp burden reduction in the 40% to 43%, but again early data right and and I also talked a little bit about the safety, where most of what youre seeing there is on target after back from Maryland to engineers.
Najat Khan: Make the stack multi-modal, but not just to understand Hallett's degree, the biology, but also very early on, start to better understand what the patient population may be.
Speaker Change: The two other programs that exist Celecoxib as I mentioned used off label and then also another a program focused on Rapamycin encapsulates rapamycin, which isn't a competitors.
Najat Khan: Really creating a more differentiated TPP up front and early on, that's one area. The second, you know on the chemistry and the design module, you saw some of the example that showed for the internal. It's very, very similar to what we're doing with partners in terms of can we try to model in a model out aspect that we know are challenging.
Speaker Change: But so far have shown a reduction.
Najat Khan: The second, you know, on the chemistry and the design module, you saw some of the examples I shared for internal, it's very, very similar to what we're doing with partners in terms of can we try to model in or model out aspects that we know are challenging with molecular dynamics, QM, you'll see much more coming up in that space. And then also be able to model and predict some of the ad re aspects that make the drug more drug like earlier on.
Speaker Change: Reductions, 20% to 30%.
Speaker Change: So just from the primary endpoint that we're looking at the second piece I think that's also important to note is the change in the spiegelman, scoring and also we are encouraged by the congruence that we see.
Najat Khan: with molecular dynamics, QAn, you'll see much more coming up in that state, and then also being able to model and predict what the ad we asked, makes it draw more drug life earlier on.
And and then also the Spiegelman stage again early data, but some of the reductions that we're seeing so far is it's pretty encouraging I see there's another question in terms of the non responders I'm just kick bad gratefully, So I'm talking to the data more holistically not responded with a six fold increase in college, what do we see a natural history. So.
Najat Khan: and the third is more in development. Please touch on this a little bit, you know, as we partner whether it's not just on a discovery program perspective, but also on potential partnerships
Najat Khan: And the third is more in development, and Chris touched on this a little bit. You know, as we partner, whether it's not just on a discovery program perspective, but also on potential partnerships on an asset perspective, et cetera, we're also going to leverage some of our client tech capabilities. Again, using multimodal data to really precisely understand the patient population that we just target that would have the highest signal to win, and then also be more rapid in terms of Thanks, Najat.
Najat Khan: We're also going to leverage some of our clinic's head capabilities. Again, using multimodal data is really precisely understand the patient's population, that we just target, that would have the highest signal chain length, and then also will be in more rapid entrances.
Speaker Change: In natural history by a polyp burden is increasingly efficient.
Speaker Change: But they're on prior studies and one of the one of our competitors' studies, where about 40% to 50% of patients are non responders to be studies right non responder Smith polyp burden Oklahoma.
Najat Khan: Thanks Najat. Next up, we've got Vikram from Oregon Stanley, who's asking a question on the pipeline. The pipeline prioritization leads heavily towards oncology. You generally see a pivot away from a disease for your pipeline and platform, and if so, which aspects of the Recursion operating system, underlying approach, you think it makes Angus stronger fit in addition to rare disease.
And recent data has shown that even in that 40% of non responders Apollo's increase there is anywhere from one to two to six.
Christopher Gibson: Next up, we've got Vikram from Morgan Stanley, who's asking a question on the pipeline. Your pipeline prioritization leans heavily towards oncology. Do you generally see a pivot away from rare disease for your pipeline and platform? And if so, which aspects of the recursion operating system and underlying approach do you think makes onc a stronger fit in addition to rare disease? I think at a high level, we believe that both oncology and rare disease are fantastic areas for us to deploy our platform. In both of those areas, we have some genetic markers that often give us sort of an anchor point of biology from which to work from.
Speaker Change: Albert So for our one non responder as I mentioned earlier, we're going to do we're doing a lot of work to better understand the reason for that.
Najat Khan: I think at a high level, we believe that both oncology and rare disease are fantastic areas for us to deploy our platform. In both of those areas, we have some genetic markers that often give us sort of an anchor point of biology from which to work from. And so we'll continue to follow the data. And I can imagine us continuing to drive both rare disease and oncology programs forward. The data is going to be ultimately what drives what the balance of the portfolio looks like, but I do not see us abandoning either oncology or rare disease in the near term.
Speaker Change: And then the work will continue as we haven't we're larger and these numbers silicone and that's going to be important as we look for more mature data later on this.
Speaker Change: The next question on F&B was will we will we continue to dose higher than formula.
Speaker Change: You know well what do we want to do first is very encourage by the reduction that we're seeing 30% to 80%, California and reduction of three significant we wanted to look at some of the data later this year.
Christopher Gibson: And so we'll continue to follow the data. And I can imagine us continuing to drive both rare disease and oncology programs forward. The data is going to be ultimately what drives what the balance of the portfolio looks like. But I do not see us abandoning either oncology or rare disease in the near term.
Speaker Change: Next up, we'll go to Dennis from Jeffries, Gil from Needham, Alex from Bank of America, Brendan from Cowan, and many other folks who are asking questions around the FAP readout. And I'm going to read these off one by one because we've got a whole bunch here, and I'll have Najat answer them. So the very first one, talk about the FAP data shared at DGW, and how is that differentiated from other programs that we may have seen in this space?
Speaker Change: And then next steps would be either it's a need to dose higher but then also discussions with the regulatory agencies and the potential path forward. So first we want to complete the four milligram cohort really better understand data.
Najat Khan: Next up, we'll go to Dennis from Jeffries, Gil from Needham, Alec from Bank of America, Brendan from Cowen, and many other folks who are asking questions around the FAP readout. And I'm going to read these off one by one because we've got a whole bunch here, and I'll have Najat answer them.
Speaker Change: Okay.
Speaker Change: And then the last two where do you see the bar for success in S. E. T. First in terms of FDA approval, but also as it relates to broader uptake of patients.
Najat Khan: So the very first one, talk about the FAP data shared at VVW, and how is that differentiated from other programs that we may have seen in this? Yep, happy to do that. Um, so when we look at the FAP data, which I just shared, um, efficacy valuable about NF6 patients, median polyp organ reduction in the 40, 43%. But again, early data, right? And and I also talked a little bit about the safety where most of what you're seeing there is on target class effects from MEC-1212. The two other programs that exist, SELCOSF, as I mentioned, used off-label, and then also another program focused on rapamycin, actually the rapamycin, which is in a competitor's pipeline.
Speaker Change: Yeah, I mean, that's a great question the bar for success for S. E. T. You know and what we see with some of the off label agents that are used anywhere from 20% to 30%. There's nothing so clearly there's a huge unmet need for these patients because it's not doing multiple surgeries throughout their lifetime. There is another H M. S N G.
Najat Khan: Yes, happy to do that. So when we look at the efficacy data, which I just shared, efficacy valuable about NF6 patients, median polyperin reduction in the 40-43 percent, again, early data, right? And I also talked a little bit about the safety, where most of what you're seeing there is the on-target classified from a bunch of engineers.
Speaker Change: Starting phase III.
For more information visit www.fema.gov
Najat Khan: The two other programs that exist at CellCops, as I mentioned, use off-label and then also another program focused on rapid lightning, absolutely the rapid lightning, which is in a competitor's pipeline. Both, so far, have shown Hallett's reduction 20 to 30 percent.
Speaker Change: And you can see some of the data on Halliburton reductions to date is encouraging and hire them, but much more to do in terms of thinking about the data and any next steps for the program.
Speaker Change: So as I mentioned, you know more patients on the formula around by the end of this year and then conversations would.
Speaker Change: With the FDA on the path forward, so far endpoints have been a composite endpoint for F. N P and one of the components as I mentioned earlier is actually an infusion of spiegelman score so.
Najat Khan: So just from the primary end point that we're looking at.
Najat Khan: Both so far have shown solid reductions, 20 to 30 percent. So just from the primary endpoint that we're looking at.
Najat Khan: The second piece, I think, that's also important to note, is the change in the settlement.
Najat Khan: Scoring, and also we are encouraged by the conduits that we keep out of urban, out of town, and then also in the human space.
Speaker Change: We're watching all of those different aspects and I'm more tells me that Kim Thanks, Alright, and next up we have Alex from Bofa, Who's asking remind us how CCM N F. Two and C. Diff, which are three of the programs that we just continued our initially discovered and developed and how the refined pipeline strategy, maybe better reflects the current capabilities of purging platform I'll take this.
Najat Khan: The second piece I think that's also important to note is the change in the Spiegelman scoring. And also we are encouraged by the congruence that we see, follow burden, follow count, and then also the Spiegelman stage. Again, early data, but some of the reductions that we're seeing so far, it's pretty encouraging.
Najat Khan: Again, early data, but some of the reductions that we're seeing so far, it's pretty encouraging. I see there's another question in terms of the non-responders, I'm just going to take that and call it. So I'm talking through the data more holistically. Non-responder was a six-fold increase in politics.
Najat Khan: I see there's another question in terms of the non-responders and just take that and grapple it. So I'm talking through the data more holistically. Non-responder with a six-fold increase in polyps. What do we see in natural history? So in natural history, the polyp burden is increasing for these patients, but there are prior studies and one of our competitors studies where about 40 to 50% of patients are non-responders in these studies, right? Non-responders from a polyp burden or from a polyp count perspective. And recent data has shown that even in that 40% of non-responders of polyp increase, there is anywhere from one to two to six that's increasing polyp burden.
Speaker Change: So it looks CCM and up to N F where all products of our recruiting 0.1 platform, where we're using are they are.
Najat Khan: What do we see in natural history? So, in natural history, the Paula Borden is in precinctly.
Najat Khan: of patients. But there are prior study, and one of our competitors study, where about 40%
Speaker Change: And tools.
Speaker Change: Identified repurposing candidates and it is exciting to see the FAA program showing us some preliminary efficacy.
a non-responder in the study.
Najat Khan: Right? Non-responders from a public burden or a program of public health perspective. And we've seen data has shown that even in that 40% of non-responders of public increase, there is anywhere from one to two to six six increase in public burden.
Speaker Change: Our our C. Diff program came out of a record 1.0 platform, where we're starting to explore new chemical entities and we see no reason today why the five it doesn't continue to hold on that program.
Speaker Change: That decision today was really based on looking at the commercial landscape and the unmet need and making sure we prioritize our investments obviously and are too low to draw any conclusions, but we designed recur as a learning platform, where each generation of the platform has a higher probability of identify.
Najat Khan: So, for our one non-responder, as I mentioned earlier, we're going to do, we're doing a lot of work to better understand the reason for that, and then the work will continue. As we have a larger end, these numbers still evolve, and that's going to be important as we look for more mature data later on this year.
Najat Khan: So for our one non-responder, as I mentioned earlier, we're gonna do, we're doing a lot of work to better understand the reason for that. And then the work will continue. As we have a larger end, these numbers still evolve, and that's gonna be important as we look for more mature data later on.
Najat Khan: The next question on FAP was, will we continue to do it higher than form order?
<unk> and uncovering medicines that we think will have an improved probability success against the add on record and 0.1 will be too low versus recruiting one point out, but as we continue to learn and iterate on this platform our confidence.
Najat Khan: You know, what we want to do first is, we want to encourage for the reduction that we're seeing, 30 to 80 percent Color Gordon reduction of three significant. We want to look at some of the data later this year and of 10. And then next steps would be either...
Najat Khan: The next question on FAP was, will we continue to dose higher than 4 mg? You know, what we want to do first is we're encouraged by the reduction that we're seeing, 30 to 80% color-coded reduction. That's pretty significant. We want to look at some of the data later this year at NF10, and then next steps would be either if the need to dose higher, but then also discussions with the regulatory agencies and the potential path forward.
Speaker Change: On average the probability of success of our programs is likely to go up that's what we're that's what we're here to do.
Najat Khan: It's a need to do tire, but then also discussions with the regulatory agencies and the potential path forward. So first, we want to complete the form of the grant cohort, really better understand data, and then take next.
Speaker Change: Let me just add one point coming in less than a year ago, just looking at the overall programs just going back to our go forward strategy one of the things I mentioned is really.
Speaker Change: and then the last two, where do you see the bar for success in FAP, first in terms of FDA approvals but also as it relates to broader uptake of home patients.
Speaker Change: Being very thoughtful in terms of how the molecules are designed and we can do that in house today, and even more so doubling down on that post integration with expansion at CCM and N F. Two F&B deals were all in line since last week.
Najat Khan: So first we want to complete the 4 mg cohort, really better understand data, and then And then the last two, where do you see the bar for success in FAP? First, in terms of FDA approval, but also as it relates to broader uptake among patients. Yeah, I mean, that's a great question. Look, bar for success for FAP, you know, what we see with some of the off-label agents that are used anywhere from 20 to 30 percent, there's nothing approved. So clearly, there's a huge unmet need for these patients, because if not, they're doing multiple surgeries throughout their lifetime.
Speaker Change: Yeah, I mean, that's a great question. Look, bar for success for FAP, you know, what we see with some of the off label ages that are used anywhere from 20 to 30 percent, there's nothing approved.
Speaker Change: So that's number one from a design perspective and from a chemistry and biology perspective, Chris mentioned is up and then the third is also the development strategy right I think for a company like us having rapid learnings rapid growing alcohol rapid in Phoenix with end points that have some precedence is also going to be important because those are some of the other aspects of Britain.
So clearly there's a huge unmet need for these patients.
Speaker Change: because it's not, they're doing multiple surgeries throughout their lifetime. There is another agent that's in just starting phase three. In 15th, some of the data are polyverteine reduction to date. It's encouraging and higher, but much more to do in terms of only about the data. And any next steps for the program?
Najat Khan: There is another agent that's in, just starting Phase 3, and you can see some of the data. Our polyburden reduction to date is encouraging and higher, but much more to do in terms of learning about the data.
Speaker Change: That's the kind of scaled learning that we're gonna get with the.
Our scale portfolio and in some way related Gill from Needham is asking if we ex july's the use of AI in clinical development like for study design and maybe how that's relevant for programs like our being 39 I know this has been a big area of focus over the last year, yeah, absolutely. So yeah, let's take one of the city he seven RV am.
Speaker Change: Yes, so as I mentioned, you know, more patients on the 4mg at the end of this year and then conversations.
Najat Khan: And any next steps for the program? Yes. So, as I mentioned, you know, more patients on the 4-milligram by the end of this year, and then conversations with the FDA on the path forward. You know, so far, the endpoints have been a composite endpoint for FAP, and one of the components, as I mentioned earlier, is actually the inclusion of spiegelman's score. So, you know, we're watching all of those different aspects, and more to come in the near future.
Speaker Change: with the FDA on the pack forward, you know, so far, the endpoints have been a composite endpoint for FAP, and one of the components, as I mentioned earlier, is actually the inclusion of
Speaker Change: <unk> March one so I'll just take CDK, Kevin as an example, there are other programs.
Speaker Change: You know, we're watching all of those different aspects and more to come, we just came. Thanks. Alright, next up, we have Alex from BFA who's asking, Remind us of CCM NF2 and CDF, which are three of the programs that we just continued. We're initially discovered or developed and how the refined pipeline strategy maybe better reflects the current capabilities of the recursion platform. I'll take this one. So look, CCM NF2, NFAP, we're all products of our recursion.
Speaker Change: And this is kind of a pipeline you know what.
Speaker Change: Indications to go after solid tumors is very broad IBM, others, how do you enrich so what how do you enrich the biomarker for patient population, how do you ensure that the patient populations, who are going into have certain overexpression of under discretion and as predicted a greater signal choice I can speak more about that but.
Najat Khan: Thanks. All right.
Najat Khan: Next up, we have Alec from B of A, who's asking, remind us how CCM, NF2, and CDIF, which are three of the programs that we just continued, were initially discovered or developed, and how the refined pipeline strategy may be better reflects the current capabilities of the recursion platform. I'll take this one. So, look, CCM, NF2, and FAP were all products of our recursion 0.1 platform, where we were using RNAI and tools to identify repurposing candidates, and it's exciting to see the FAP program showing us some preliminary efficacy. Our CDIF program came out of our recursion 1.0 platform, where we started to explore new chemical entities, and we see no reason to date why the science doesn't continue to hold on that program.
Speaker Change: 0.1 platform, where we're using RNAI and tools to identify repurposing candidates. And it's exciting to see the FAP program showing us some preliminary efficacy.
Speaker Change: That's one of the things that we're doing leveraging clinical genomic data like Tampa, but then also a lot of them are predictive algorithms. We are developing for my son landmark that we're doing internally.
Speaker Change: Our seated program came out of our Recursion 1.0 platform where we started to explore new chemical entities and we see no reason today why the science doesn't continue to hold on that program.
Speaker Change: So much more to say here the last thing when you say you know, sometimes enrollment and recruitment and gets forgotten and also sometimes to real world data to contextualize any open label study also gets forgotten both of those are really important not just for regulatory purposes, but also for internal go no go decision, making how much conviction to be happening.
Speaker Change: That decision today was really based on looking at the commercial landscape and the unmet need and making sure we prioritize our investment. Obviously, N are too low to draw any conclusions, but we designed Recursion as a learning platform.
Najat Khan: That decision today was really based on looking at the commercial landscape and the unmet need, and making sure we prioritize our investment. Obviously, N are too low to draw any conclusions, but we designed recursion as a learning platform, where each generation of the platform has a higher probability of identifying and uncovering medicines that we think will have an improved probability of success. Again, the add-on recursion 0.1 will be too low versus recursion 1.0, but as we continue to learn and iterate on this platform, I'm confident that, on average, the probability of success of our programs is likely to go up.
Speaker Change: So a lot of those approaches really scaling up.
Speaker Change: We're each generation of the platform has a higher probability of identifying and uncovering medicines that we think will have an improved probability of success. And again, the an on Recursion 0.1 will be too low versus Recursion 1.0, but as we continue to learn and iterate on this platform, I'm confident.
Speaker Change: Perfect next.
Speaker Change: Next up we have Melissa who asks what criteria, where you prioritize certain programs over others, but how does this focus advance or alignment for <unk> long term strategic objectives.
Speaker Change: Yeah, I mean in terms of the country that we use is very much. What you know is best in class and industry. So first and foremost it always starts with what is the potential value of the.
Speaker Change: with on average the probability of success of our programs is likely to go up. That's what we're here to do. And Chris, if I just add one point coming in less than a year ago, just looking at the overall programs, just going back to our goal for police strategy. One of the things you see I mentioned is...
Speaker Change: The drug.
<unk> population unmet need scientific data, starting from preclinical and clinical data competitive differentiation et cetera.
Christopher Gibson: That's what we're here to do.
Najat Khan: Chris, if I could just add one point. Coming in less than a year ago, just looking at the overall programs, just going back to our go-forward strategy, one of the things Lucia mentioned is really being very thoughtful in terms of how the molecules are designed, and we can do that in-house today, and even more so doubling down on that post-integration with expansion. CCM and NF2 and FAPDs were all in licensed, last-repurpose programs. That's number one from a design and from a chemistry and biology perspective, Chris mentioned as well. The third is also the development strategy.
Speaker Change: really been very thoughtful in terms of how the molecules are designed and we can do that in house today and even more so doubling down on that hopefully integration with
Speaker Change: Also in terms of the development plan is a feasible development and then you look at risk, which is the other side of the claim so for each program up and if I can point at in one sentence, taking all of those components and you know we've done our computational approach bottom up so they're not being objective and we're being objective in terms of the decision making comes down to.
CCM and NS2 and FAPDs were all in license-lash repurposed.
Speaker Change: So that's number one from a design perspective, from a chemistry biology perspective, Chris mentioned as well. And then the third is also the development strategy, right? I think for a company like us having rapid learnings, rapid go-know-go, rapid and clear with end points that have some precedence is also going to be important for us. So those are some of the other aspects that we're going to focus on.
Speaker Change: Do you believe this can be a differentiated medicine. It is it serving unmet need.
Speaker Change: By the time, you are going to be.
Speaker Change: Market, that's the most that bar has to be done.
Najat Khan: I think for a company like us, having rapid learning, rapid go-no-go, rapid and clear, with endpoints that have some precedence is also going to be important for us. Those are some of the other aspects of it. That's the kind of scaled learning that we're going to get with a scaled portfolio.
Speaker Change: Perfect and the final question Brendan from Cowen asks do you expect any meaningful impact your internal or partnership strategy in light of the Fda's updated animal testing guidance and I'll take that one and look.
Ready?
Speaker Change: That's the kind of scaled learning that we're going to get with a scaled portfolio.
Speaker Change: And in some way related, Gil from Needham is asking if we contextualize the use of AI and clinical development like for study design and maybe how that's relevant to programs like RBM 39 and what this has been a big area of focus over the last year. Yes, absolutely.
Speaker Change: <unk> was built for an evolving regulatory framework like for when we're seeing from the FDA and well continue to monitor for additional updates.
Najat Khan: And in some way related, Gil from Needham is asking if we contextualize the use of AI in clinical development, like for study design, and maybe how that's relevant to programs like RBM39. I know this has been a big area of focus over the last year. Yes, absolutely. So yeah, let's take whether it's CDK7, RBM, or even MULCH1.
Speaker Change: The FDA.
Speaker Change: Floors, all the ways that AI and other tools can be used but from our discovery platform to our predictive admin platform to even our in vivo platform. We are generating large scale datasets. We're building foundation models that are allowing us to move from a past that scale in the lab sort of regime for preclinical studies.
Speaker Change: So yeah, let's take one of the CityCase 7, RBM, or even Malt 1. So I'll just take CityCase 7 as an example. You know, there are other programs in this particular pipeline. You know, which indications do you go after? Solid tumors is very rough. You know, RBM, thinking with others. How do you enrich the biomarker for the patient population? How do you ensure that the patient population population is going into a certain over-expression or under-expression? That is
Najat Khan: So I'll just take CDK7 as an example. You know, there are other programs in the competitor pipeline. You know, which indications do you go after? Solid tumors is very broad, RBM, thinking with others. How do you enrich the biomarker for the patient population? How do you ensure that the patient populations you're going into have certain over-expression or under-expression that is predictive of greater signal to noise? I can speak more about that, but that's one of the things that we're doing, leveraging clinical genomic data like TEMPUS, but then also a lot of predictive algorithms that we are developing from our SunLine work that we're doing internally as well.
Speaker Change: Two a predictive validate regime for preclinical studies. So I think revision is not just positioned to take advantage of these regulatory update but actually positioned to lead in this space going forward. So with that we appreciate everybody's deep attention.
Speaker Change: is predictive of greater signal noise. I can think more about that, but that's one of the things that we're doing, leveraging clinical genomic data like Tempest, but then also a lot of predictive algorithms that we are developing from our Sunline work that we're doing internally as well as we can.
Speaker Change: Thanks to everyone for joining and we look forward to seeing you all out on the street. Thank you so much everybody bye bye.
Thank you, very much. Thank you.
Speaker Change: So much more to say here, the last thing I'm saying is sometimes enrollment and recruitment gets forgotten. And also, sometimes real world data to contextualize any open label study also gets forgotten. Both of those are really important, not just regulatory purposes, but also for internal level decision making. How much conviction do we have in this thing last night?
Najat Khan: So much more to say here.
Najat Khan: The last thing I want to say, you know, sometimes enrollment and recruitment get forgotten. And also, sometimes real-world data to contextualize any open-label study also gets forgotten. Both of those are really important, not just for regulatory purposes, but also for internal go-no-go decision-making. How much conviction do we have in the signals side? So, a lot of those approaches really steering up.
Speaker Change: So a lot of those approaches really standing up in the last year.
Speaker Change: Perfect. Next up, we have Melissa, who asks, what criteria were you to prioritize certain programs over others, and how does this focus advance or align with Recursions long-term
Najat Khan: Perfect. Next up, we have Melissa, who asks, What criteria were used to prioritize certain programs over others, and how does this focus advance or align with Recursion's long-term strategic objectives? Yeah, I mean, in terms of the criteria that we use is very much what, you know, is best in class in industry. So first and foremost, it always starts with what is the potential value of the drug? Patient population, unmet need, scientific data, starting from preclinical, clinical data, competitive differentiation, etc. Also, in terms of the development plan, is there a feasible development plan? And then you look at risk, which is the other side of the coin.
Speaker Change: Yeah, I mean, in terms of the criteria that we use is very much what, you know, is veteran class and industry. So first and foremost, it always starts with what is the potential value of the drug.
Speaker Change: Patient population and met need, scientific data, starting from preschool, clinical data, competitive differentiation, etc.
Speaker Change: Also, in terms of the development plan, is there a feasible development plan? And then you look at risk, which is the other side of the coin.
Speaker Change: So for each program look, if I can coin it in one sentence.
Speaker Change: Taking all those components and, you know, we've done our computational approach bottom up, so we're not being objective, or we're being objective in terms of the decision making comes down to.
Najat Khan: So for each program, look, if I can coin it in one sentence, taking all those components, and, you know, we've done our computational approach bottom up, so we're not being objective, or we're being objective in terms of the decision making comes down to, do you believe this can be a differentiated medicine? And is it serving an unmet need that will exist by the time you are going to be in the market? That's the most important. That bar has to be very, very high.
Speaker Change: Do you believe this can be a differentiated medicine and if it's showing an unmet need, this by the time you are going to be in the market, that's the most important, that bar has to be very, very high.
[inaudible]
Speaker Change: Perfect. And the final question, Brendan from Cowan Apps, do you expect any meaningful impact your internal or partnership strategy in light of the FDA's updated animal testing guidance? And I'll take that one to end up.
Najat Khan: Perfect. And the final question, Brendan from Cowan asks, do you expect any meaningful impact to your internal or partnership strategy in light of the FDA's updated animal testing guidance?
Speaker Change: What Recursion was built for an evolving regulatory framework, like the one we're seeing from the FDA. We'll continue to monitor for additional updates as the FDA explores all the ways that AI and other tools can be used, but...
Najat Khan: And I'll take that one to end us. So, Recursion was built for an evolving regulatory framework like the one we're seeing from the FDA. And we'll continue to monitor for additional updates as the FDA explores all the ways that AI and other tools can be used. But from our discovery platform to our predictive ADME platform to even our in vivo platform, we are generating large scale data sets. We're building foundation models that are allowing us to move from a test at scale in the lab sort of regime for preclinical studies to a predict and validate regime for preclinical studies.
Speaker Change: from our discovery platform to our predictive admi platform, to even our NVVO platform. We are generating large scale data sets. We're building foundation models that are allowing us to move from a half-step scale in the lab, sort of, regime for pre-clinical studies to a predict and validate regime for pre-clinical studies. And so I think Recursion is not just positioned to take advantage of these regulatory updates, but actually positioned to lead in the space going forward.
Najat Khan: So, I think Recursion is not just positioned to take advantage of these regulatory updates, but actually positioned to lead in this space going forward.
Speaker Change: So with that, we appreciate everybody's deep attention. Thanks to everyone for joining and we look forward to seeing you all out on the street. Thank you so much, everybody. Bye-bye.
Operator: So, with that, we appreciate everybody's deep attention. Thanks to everyone for joining.
Thank you very much.
Operator: And we look forward to seeing you all out on the street. Thank you so much, everybody. Bye-bye.