Recursion acquires full ownership of oral ENPP1 inhibitor program from Rallybio

RECURSION PHARMACEUTICALS, INC.

Buys Rallybio's 50% stake in ENPP1 JV, gaining full rights to REV102 for hypophosphatasia.
Initial consideration: 1,457,952 RXRX shares (~$7.5M at $5.1442 VWAP) plus cash.
Contingent milestone payments up to $12.5M in additional shares.
REV102 is a preclinical oral ENPP1 inhibitor for rare bone disorder HPP.
Deal closed July 8, 2025; resale registration filed for issued shares.

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