Jefferies Healthcare Conference in London. My name is Dennis Ding, Biotech Research Analyst here at Jefferies. I have the great pleasure of having Recursion and CFO Mike Secora up here with me, who's going to take us through a presentation. I mean, there's been a lot of updates, including, you know, the closing of the Exscientia deal, so congratulations on that. But, you know, I'll pass it off to you. All right. Great. Thank you, Dennis, and big thanks to Jefferies for having us be a part of this great conference. Always enjoy coming to this conference. Great to see you again. Great to see and chat with all of you as well. Very happy to be talking about some of the updates that Dennis just kind of highlighted, and also very happy to be talking to you about Recursion and about Recursion's mission of decoding biology to radically improve lives, so today marks a very important day for the company. Today marks the closing of the combination of Recursion with Exscientia, a UK-based company, and today, Recursion now has, post this combination, a portfolio that is poised to create value from a unified AI-powered operating system. You're going to see the number 10 a lot here today because there are approximately 10 clinical and preclinical programs across rare disease, across oncology, and across other areas of high unmet medical need. Moreover, there are catalysts coming from these programs where there are approximately 10 clinical program milestones over the next 18 months. Now, behind all of these clinical and preclinical programs is another approximately 10 additional advanced discovery programs that are making their way to the clinic. Now, everything I said just now is about Recursion's internal pipeline where we're advancing, developing ourselves. But to complement that internal pipeline is our external pipeline with our partners, where we have over 10 partnered programs across the areas of oncology, immunology, and other areas of high unmet medical need. Here you see some of our large pharma partners, including Roche Genentech, Sanofi, Bayer, Merck KGaA. As we not only advance these programs, there is the potential for us to receive approximately $20 billion in potential milestone payments. Besides what is possible is what has already been realized, where we together, Recursion and Exscientia, have already received approximately $450 million in upfront and milestone payments paid to date. Making real traction, not just on our internal pipeline, but also on our external pipeline with our partners. Now, all of this is possible. All of this potential catalytic value is possible for one reason. For one reason. That one reason is a unified operating system that has both best and first-in-class capabilities. I'm very happy to walk you through what that operating system is, how it functions, how it generates this value. But before doing so, I want to spend a little bit of time talking about our internal pipeline, give an overview of this pipeline, and also talk a little bit about our partnership pipeline, give an overview there as well. So here you see our internal pipeline of approximately 10 clinical and preclinical technology-enabled programs across oncology, rare disease, and other areas of high unmet medical need. Let's begin with the top program here, advanced solid tumors, Target CDK7. This program is currently in Phase 1 clinical trial. And we look in about a month, December 9th, at the special conference for AACR to read out monotherapy safety and PK/PD data. So stay tuned. Behind this program in advanced solid tumors is our biomarker-enriched solid tumor and lymphoma program, Target RBM39. Now, here we just recently had our IND accepted, and in the very near term, looking to dose our first patient in a Phase 1 clinical trial. Behind these programs, CDK7 and RBM39 are our programs in B-cell malignancies. This is MALT1 and small cell lung cancer, Target LSD1. Now, both of these programs continue to progress. Watch for INDs to be submitted and watch for the first patient to be dosed again in the very near term. To complement the oncology programs are our programs in rare disease. Like to first call out our program in cerebral cavernous malformation. Here, this program recently, in the beginning of September, had Phase 2 data, top-line Phase 2 data, where we met our primary endpoint of safety and tolerability. But beyond that primary endpoint, we saw multiple encouraging signs of efficacy, particularly around the shrinkage of lesion volumes and the shrinkage of hemosiderin ring, these being characteristic of the lesions themselves, this disease characterized by lesions of the vasculature. We look forward to sharing all of this Phase 2 data at an upcoming medical conference, as well as have it showcased in an upcoming peer-reviewed journal. Now, we're having conversations, planning to have conversations with the FDA, and have already been preparing and planning for a Phase 2/Phase 3 clinical trial. Behind our program in cerebral cavernous malformation are our programs in familial adenomatous polyposis, as well as our program in neurofibromatosis type 2. Both of these Phase 2 clinical trials continue to progress, and watch for continued updates first half of 2025. I'd also like to call out with respect to neurofibromatosis type 2, we have yet to see any. We continue to see utility in this potential therapeutic, and we have not yet crossed futility, which is a good thing. And so, as we allow this PFS data to mature, we look forward to having a PFS6 futility analysis again in the very near term. Behind these programs, you also have programs such as the prevention of recurrent C. difficile infection, where we just dosed our first patient in a Phase 2 clinical trial, and that continues to progress. There are also other earlier programs, like our program in hypophosphatasia and idiopathic pulmonary fibrosis, that continue to make their way toward the clinic. Now, also at this time, our program in AXIN1 APC mutant cancers has been deprioritized, and this is part of a disciplined strategic prioritization around the integration of these two companies. To complement that internal pipeline I just discussed, we have a robust pipeline of partnered programs. Here, there are 20 programs across areas of neuroscience, immunology, oncology, and other areas of high unmet medical need. These are programs with our partners such as Roche Genentech, Sanofi, Bayer, Merck KGaA, and Gates Foundation. I'd also like to call out with respect to these partnered programs that they range from discovery and hit to lead all the way to programs that are in the clinic. So continue to drive value, not just for our internal pipeline, but with our partners and what we can do with and for our partners. Now, as I said before, all of this potential value comes from one thing. It comes from a unified Recursion OS with first and best-in-class capabilities. And how this operating system works is that we have an interplay between the physical world and the in silico world, between how we are generating significant amounts of real-world data, both in our wet labs as well as from patients and accessing that data from partners such as Tempus and Helix. As we generate, as we curate vast amounts of data, we use our high-performance computing resources to extract out novel insights, learn from those insights, build models across biology, chemistry, patient-centric data. With those models, make predictions, and with those predictions, test them again in the laboratory and have this virtuous cycle of learning and iterating of testing, learning, constructing models, hypothesizing again and again until an insight becomes a program, and that program enters the internal pipeline or our partnered pipeline. In this slide, you see some of the types of data that we curate and some of the types of models that we build and utilize at Recursion for ourselves, as well as with our partners. On the left-hand side, you see genomics data, transcriptomics data, proteomics data, phenomics data, chemical synthesis data, ADME data, in vivo data, or in vivo data, animal model data, as well as real-world patient-centric data. Now, of these types, we generate the vast majority of these and utilize partners like Tempus and Helix to access this real-world patient data to help drive causative models of AI. With all of this data, we then construct models across multi-omic network mapping, target pathway deconvolution, protein ligand binding affinity, generative molecular design, in vivo toxicity prediction, and clinical trial simulation. These models we utilize again ourselves or make them available to a partner as we continue to want to develop programs, advance programs, again, with the help of our partners or for ourselves. At Recursion, we harness the value of that operating system with a multi-pronged capital-efficient business strategy that includes our pipeline, our partnerships, and our data. Now, you heard me speak a little bit about our pipeline already focused in oncology and rare disease, where we could have accelerated paths to inflection, value inflection. On the partnership strategy, you've heard about some of these areas as well, and you saw the volume of partnered programs being advanced. Our partnership strategy has often focused in more complex therapeutic areas where we want to leverage partner knowledge and the ability of partners to also conduct clinical development activities. Lastly, on the data strategy, here we license subsets of our data and key tools to continue to maximize pipeline and partnership value drivers, as well as utilize these tools to collect other kinds of data that we can take and utilize internally as well. So on the pipeline, let's talk about some of our programs as examples of how they came out of the Recursion operating system. I'll talk about some oncology examples here first. Here you see our program in advanced solid tumors. This is our CDK7 inhibitor, REC-617. Here, apparent CDK7 overexpression is common in advanced solid tumors, and we believe that there is a potential to address multiple indications, including CDK4/6 patient populations. Now, the Recursion approach that was applied here was a physics-based design approach that gave rise to a potentially best-in-class and first-in-class CDK7 inhibitor with properties of maximizing the potential for therapeutic index, as well as minimizing GI adverse events that are often characterized by other competitor molecules. Now, in the bottom here, you see some of the preclinical data demonstrating potent tumor regression, and you see tumor shrinkage across time in these graphs here. As I said before, watch on the very near term at the AACR special conference in cancer research on December 9th. We're going to be talking about some of the monotherapy dose escalation data around safety and PK/PD. Next, I'd like to talk a little bit about our solid tumors and lymphoma program, our RBM39 degrader. This is REC-1245. Here, solid tumors and lymphoma patients often experience disease progression while being on frontline therapies. And we believe that there is the potential for this molecule to be used as a single agent or in combination with chemotherapies or immunotherapies. Now, this program was developed out of Recursion's maps of biology and chemistry, where we saw RBM39 having a role related to CDK12 in driving certain tumor types. This program has the potential, again, to be the first-in-class RBM39 degrader. And if you look at some of the preclinical data shown below, you see significant monotherapy regressions and dose dependency across time. To call out here, we just had our IND accepted, and we are looking very much forward to dosing our first patient in the very near term. Let's talk about some of our rare disease programs, again, as an example of the Recursion operating system. Here you see our program in cerebral cavernous malformation, the superoxide scavenger, REC-994. Now, cerebral cavernous malformation is a massive rare disease. It affects approximately 360,000 patients in the U.S. and EU5. There is no approved therapy, and surgical resection or stereotactic radiosurgery is often not curative, not always feasible because of the locations of these lesions in the CNS, particularly deep within the eloquent structures or in the brainstem. So we've already shown Phase 1 clinical data for this program some time ago, and we've shown this molecule to be remarkably safe and well tolerated. As I said before, we recently, in early September, had top-line data, top-line Phase 2 data, where we met our primary endpoint of safety and tolerability. Beyond that, we had a host of efficacy measures that we were looking at, knowing that we were the first industry-sponsored clinical trial to bring a molecule into the clinic for this indication, very much working hand in hand as a partner with the FDA. And what we saw there is multiple encouraging trends of efficacy around the shrinkage of lesion volume and the shrinkage of hemosiderin ring. Now, those are very encouraging because these lesions are often seen as the drivers of the symptomatology of this disease. We look forward to having conversations with the FDA and very much have already started to prepare and design a Phase 2, Phase 3 clinical trial. As I said before, we're looking forward to showcasing all of this Phase 2 data at an upcoming medical conference, as well as have it in a peer-reviewed journal. Lastly, let's look at other areas of high unmet medical need. For that, I'd like to look at our program in C. difficile infection. Here we have a toxin B selective inhibitor. This is REC-3964. With C. difficile, limited treatment options are often for high-risk patients. And what we were able to develop was a potential first-in-class non-antibiotic oral for recurrent C. difficile. We've already shown in the Phase 1 clinical trial that this has been a very safe, very well tolerated molecule. And what you see here below on the preclinical data is a head-to-head comparison with bezlotoxumab, where REC-3964 is showing superiority in this particular animal model. Now, of this indication, like I said before, we just dosed our first patient and look forward to having this trial continue to progress, continue to enroll, and having data in the near term. So I've walked us through our internal pipeline. I'd like to walk us through some of our partnerships and some of our data strategy. As I said before, we have some great partners. We have a partner in neuroscience and oncology with Roche Genentech. We have partners in oncology and immunology with Sanofi and Merck KGaA, and we have a partner in precision oncology with Bayer. These partnerships, they account for. There's the potential for $20 billion in potential milestone payments. As I said earlier in my talk, we've already received approximately $450 million earned through upfronts and milestone payments. Real drivers of our business as we continue to serve our partners well and collaborate well with our partners. Helping to augment the Recursion operating system is some of our tech partnerships, which I'll speak to momentarily. Also, I just also acknowledge, in addition to all of the dollars associated with these partnerships, there is the sheer volume of programs. There's over 60 potential programs that we could be working on with our partners, and I think it just highlights the scale and the transformational science that we can be working on together, and I'm very excited about all of that. Turning now to our data strategy. As I talked before, we look to license certain subsets of our data and certain key tools for driving both value in our pipeline and value for our partners. Here, I'd like to call out some of the partners that we have been able to have relationships with and work with. You see partnerships with NVIDIA and Google. These partnerships have been in high-performance compute, as well as in the deployment of ML algorithms for doing large-scale data science and inquiry into all the data that Recursion has amassed. We also have partnerships in real-world data access. This is partnerships with Tempus, more on the oncology side, Helix, and more on the non-oncology side, where accessing this multimodal patient-centric data allows us to target patients, stratify patients, devise novel biomarker strategies. And you see some of that already with respect to our RBM39 program, where we have not only found a novel insight in biology, developed novel chemistry, but also have deployed a biomarker strategy to target the right patient at the right time. Lastly, call out our partnership with Enamine around chemoinformatics and chemical synthesis, where with Enamine, we've been developing diverse chemical libraries that help augment Recursion's own chemical screening capabilities off of our automated platform. To help augment our work with our partners, we can make some of our tools available, such as LOWE. LOWE stands for Large Language Model Orchestrated Workflow Engine. LOWE is really about putting the Recursion operating system at the fingertips of scientists, both internal and external, and allowing them to interact with this tool using natural language. So not having to need to be able to code, just communicate with these tools as if one is communicating with ChatGPT. And so using this kind of platform, this kind of tool, one is able to call many of the Recursion modules, whether they be carrying out certain computational endeavors, whether they're doing data science analysis, whether they want to queue up certain experiments, or even order or synthesize certain compounds. Beyond having it just as a control panel for us and our partners, there's also an opportunity with this kind of environment for it to be a collaborative tool, where us with our partners are able to analyze data together. And I think that is such an important part for keeping those groups aligned and keep projects moving forward. At Recursion, our people are the most important ingredient to our mission. And at the close of this combination with Exscientia, Recursion now has approximately 800 employees across technology, across life sciences, and across strategic operations. We are headquartered in Salt Lake City, Utah, but also have offices in Milpitas, California, New York City, Toronto, Montreal, London, and Oxford, and now have a substantial footprint here in the UK. Moreover, our leadership team brings together experience and innovation to advance TechBio. This is the go-forward team here for Recursion. And at this time, I'd like to acknowledge that I will be stepping back from my leadership duties at Recursion. I'd also like to acknowledge a big thanks and gratitude to Recursion, to this leadership team, to this board, and to all the folks that I have had the great opportunity, privilege to really work with over the years. I am thankful for all of their commitment, all of their collaboration, all of their effort, all of their attention as we have explored scientific ideas, explored business ideas, and have advanced this value proposition of decoding biology to radically improve lives. Moreover, my belief in that value proposition is as strong today as it ever has been. And I believe that that value proposition of the increased inclusion of technology within the life sciences is a force for disruption in this space. And it is not a matter of if, but a matter of how much and how fast that disruption will come. Now, over this last decade, I believe Recursion has been a primary driver of that value proposition around data centricity, around AI centricity. And I think Recursion has very much helped evolve how we think about scale and time and cost and novelty on the biological side and on the chemical side. And also, over this last decade, I have been fortunate to be an advocate and also be an insurgent leader for this value proposition, first as an investor and then as an operator at Recursion for the last half decade. And I also would call out that over this last decade, we have seen Recursion grow to where it is today, where it now has before it a wealth of opportunities across its internal pipeline, its external pipeline, its data. And it stands today to really start to realize that potential catalytic value that I walked you through here today. And today, although I am stepping back from my leadership duties at Recursion to begin exploring the next endeavor, my belief in that value proposition that I walked us through is strong, it's unwavering, and my faith in the people leading this value proposition, that faith is resolute. And I am thankful for their friendship and for their commitment, as I'm thankful for you all here today. Thank you all.