Recursion Acquires Full Rights to REV102, a Potential First-in-Class Oral ENPP1 Inhibitor for Hypophosphatasia

Core Insights - Recursion has acquired Rallybio's full interest in the ENPP1 inhibitor program (REV102) for treating hypophosphatasia (HPP), a rare genetic disorder [1][2] - The acquisition allows Recursion to accelerate the development of the first potential oral disease-modifying treatment for HPP patients, who currently have limited access to therapies [2][4] - REV102 targets the ENPP1 enzyme, aiming to restore the balance of inorganic pyrophosphate necessary for proper bone mineralization [3][4] Company Overview - Recursion is a clinical stage TechBio company focused on decoding biology to industrialize drug discovery, utilizing an integrated AI/experimental platform known as Recursion OS [8][9] - The company operates one of the most powerful supercomputers globally and conducts millions of wet lab experiments weekly to advance drug discovery [9] Program Details - REV102 is designed to be the first oral disease-modifying therapy for HPP, potentially offering advantages in convenience and safety over existing injectable treatments [5][6] - The program is currently in IND-enabling studies, with Phase 1 clinical trials expected to begin in the second half of 2026 [6] Financial Terms of the Agreement - Under the acquisition agreement, Rallybio will receive $7.5 million in upfront equity, a contingent equity payment of $12.5 million upon the initiation of additional preclinical studies, and a $5 million milestone payment related to Phase 1 clinical study dosing [7] - Rallybio is also eligible for low single-digit royalties on future net sales by Recursion and potential payments in the event of Recursion's sale of the REV102 program [7]