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Acquisitions (Tables) | 3 Months Ended
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Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract] |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes total consideration:
(in thousands) |
Fair value of Recursion Class A common stock | $ | 11,096 |
Fair value of Exchangeable stock | 22,473 |
Fair value of equity awards issued to Valance equity award holders | 1,933 |
Deferred liabilities for additional consideration | 396 |
Total consideration | $ | 35,898 |
The following table summarizes total consideration:
(in thousands) |
Fair value of Recursion Class A common stock | $ | 49,915 |
Cash | 6,505 |
Fair value of equity awards issued to Cyclica equity award holders | 3,852 |
Deferred liabilities for additional consideration | 344 |
Total consideration | $ | 60,617 |
Schedule of Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the fair value of assets acquired and liabilities assumed as of the acquisition date:
(in thousands) |
Cash | $ | 4,235 |
Other receivables | 536 |
Intangible asset - technology | 15,000 |
Accounts payable and accrued liabilities | (872) |
Deferred income taxes | (3,265) |
Total identifiable net assets | 15,634 |
Goodwill | 20,264 |
Total assets acquired and liabilities assumed | $ | 35,898 |
The following table summarizes the fair value of assets acquired and liabilities assumed as of the acquisition date:
(in thousands) |
Cash | $ | 2,429 |
Restricted cash | 1,685 |
Other receivables | 741 |
Investments | 1,000 |
Other current assets | 385 |
Intangible assets - technology | 28,000 |
Accounts payable and accrued liabilities | (579) |
Unearned revenue | (1,754) |
Deferred income taxes | (2,075) |
Other liabilities, current | (66) |
Other liabilities, non-current | (139) |
Total identifiable net assets | 29,627 |
Goodwill | 30,990 |
Total assets acquired and liabilities assumed | $ | 60,617 |
Schedule of Business Acquisitions, Pro Forma Information | The following table presents the unaudited pro forma combined results of operations of Recursion, Valence and Cyclica as if the acquisitions had occurred on January 1, 2022:
(in thousands) | Three months ended March 31, 2023
Net revenue | $ | 12,155 |
Net loss | (73,514) |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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