Alec Stranahan
BofA Securities, Research Division

Thanks for attending the 2026 Bank of America Healthcare Conference. My name is Alec Stranahan. I cover Recursion and SMid Biotech at Bank of America. And I'm pleased to be joined today by Ben Taylor, Chief Financial Officer of Recursion. Thanks for being here, Ben.

Ben Taylor
CFO & President of Recursion UK

Happy to be here. Thanks for the invite. It's always good to come out every year.

Alec Stranahan
BofA Securities, Research Division

Yes. Yes. Great. Well, maybe just to start, there's a lot going on at Recursion. This is AI-enabled drug discovery for those who are uninitiated, and Recursion is really a trailblazer here. They've been doing it for many, many years. I guess, Ben, to start, you've got sort of 3 value drivers at the company. You've got your internal pipeline. You've got your pharma partnerships, and you've also got the Recursion OS platform itself. I guess, where do you see the biggest re-rating opportunity for the company. Is it from the pipeline validation? Is it from advancing and expanding your partnerships? Or is it really from the platform and sort of what you're driving from that?

Ben Taylor
CFO & President of Recursion UK

Well, at the heart of it, we're a therapeutics company. And so we really focus on making sure that we're advancing the pipeline and getting the value drivers from that. I mean if you look at one of the fundamental tenets of the business is to create a more risk-diversified biotech model. And so that has, over the last decade-plus involved