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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expenses

The following table presents the classification of stock-based compensation expense for employees and non-employees within the Condensed Consolidated Statements of Operations:

			Three months ended March 31,
(in thousands)			2024			2023
Cost of revenue			$	766		$	1,011
Research and development			7,666			2,683
General and administrative			7,077			4,578
Total			$	15,509		$	8,272

Schedule of Share-based Payment Arrangement, Option, Activity

Stock option activity during the three months ended March 31, 2024 was as follows:

(in thousands except share and per share amounts)			Shares			Weighted-Average Exercise Price			Weighted-Average Remaining Contractual Life (in years)			Aggregate Intrinsic Value
Outstanding as of December 31, 2023			14,957,617			$	6.13		7.0			$	72,416
Granted			2,558,102			10.09
Cancelled			(178,609)			12.70
Exercised			(1,303,878)			2.80						11,575
Outstanding as of March 31, 2024			16,033,232			$	6.99		7.3			$	64,131
Exercisable as of March 31, 2024			8,909,647			$	5.49		6.2			$	51,959

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The following weighted-average assumptions were used to calculate the grant-date fair value of stock options:

			Three months ended March 31,
			2024			2023
Expected term (in years)			6.3			6.3
Expected volatility			65		%	64		%
Expected dividend yield			—			—
Risk-free interest rate			4.2		%	3.5		%

Schedule of Nonvested RSU Activity

The following table summarizes Recursion’s RSU activity during the three months ended March 31, 2024:

			Stock units			Weighted-average grant date fair value
Outstanding as of December 31, 2023			15,223,764			$	8.39
Granted			1,840,877			10.46
Vested			(1,023,464)			8.60
Forfeited			(409,634)			7.99
Outstanding as of March 31, 2024			15,631,543			$	8.63

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Tabular disclosure of the changes in outstanding nonvested restricted stock shares.

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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