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Acquisitions (Tables)

3 Months Ended

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)

X

- 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
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(3)
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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
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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

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