Financial Data and Key Metrics Changes - The company ended the quarter with a strong cash balance of $533 million, reflecting effective expense management and cash inflows from partnerships and tax credits [43][44]. - The expected cash burn for 2026 is projected to be 35% less than previous estimates, demonstrating a commitment to operational efficiency [44]. Business Line Data and Key Metrics Changes - The company is advancing a pipeline of internal programs in oncology and rare diseases, alongside collaborations with partners like Roche, Sanofi, Bayer, and Merck KGA [8][12]. - The ClinTech platform is being deployed across all programs, enhancing patient stratification and trial execution, with potential for 50% faster enrollment at high-quality sites [6][7]. Market Data and Key Metrics Changes - The company is leveraging proprietary datasets and AI to enhance drug discovery and clinical trial design, which is expected to improve the quality and speed of bringing medicines to market [9][12]. - The partnership with Sanofi has achieved multiple milestones, indicating strong collaboration in challenging therapeutic areas [40][68]. Company Strategy and Development Direction - The company is focused on building a comprehensive drug discovery platform, integrating various data layers to enhance the probability of success in drug development [47][81]. - The Recursion OS 2.0 platform aims to bring unique biological insights and new targets to the clinic, emphasizing high-quality programs that address unmet medical needs [47][48]. Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting a catalyst-packed calendar with multiple readouts expected in the coming quarters [48]. - The company is committed to maintaining high standards of quality while advancing its innovative platforms and partnerships [46][47]. Other Important Information - The company has made significant advancements in AI-driven drug design and patient connectivity, which are expected to enhance the efficiency of clinical trials [17][19]. - The integration of the ClinTech platform is anticipated to streamline operations and improve patient outcomes in clinical trials [6][7]. Q&A Session Summary Question: Is Bolts 2 the initiative with a major partner on foundational protein structure modeling? - Yes, Bolts 2 is the partnership mentioned earlier, aimed at enhancing protein structure modeling [49]. Question: Why open source versus keeping it internal? - The company believes in commoditizing certain technologies to foster collaboration while retaining proprietary tools that provide a competitive advantage [50]. Question: What standard of care is allowed in the CDK7 combo expansion cohort in ovarian cancer? - The standard of care will include single-agent chemotherapy plus Bevacizumab, with median progression-free survival (PFS) around 6.7 months [53]. Question: Will multiomic profiling dictate patient enrollment in future studies for RBM 39? - Yes, the multiomic approach will help identify relevant patient populations for enrollment based on biological insights [56][58]. Question: What is the differentiation of RBM 39 compared to other CDK targeting assets? - RBM 39 is not a kinase and offers selectivity advantages over similar targets like CDK 12 and CDK 13, which have challenges in selectivity [62][63]. Question: What is the threshold for success in the upcoming FAP data readout? - The company is looking for meaningful improvement in polyp burden reduction compared to existing off-label therapies [65]. Question: Can you provide details on the $7 million milestone achieved under the Sanofi collaboration? - The milestone was achieved for a challenging target in the immunology space, reflecting progress in the partnership [68].