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Net Loss Per Share
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Net Loss Per Share Net Loss Per Share
For the three and nine months ended September 30, 2025 and 2024, Recursion calculated net loss per share of Class A, Class B and the Exchangeable common stock. Basic net loss per share is computed using the weighted-average number of shares outstanding during the period. Diluted net loss per share is computed using the weighted-average number of shares and the effect of potentially dilutive securities outstanding during the period. Potentially dilutive securities consist of stock options and other contingently issuable shares. For periods presented in which the Company reports a net loss, all potentially dilutive shares are anti-dilutive and as such are excluded from the calculation. For the three and nine months ended September 30, 2025 and 2024, the Company reported a net loss and therefore basic and diluted loss per share were the same.

The rights, including the liquidation and dividend rights, of the holders of the Company’s Class A, Class B and the Exchangeable common stock are identical, except with respect to voting. As a result, the undistributed earnings for each period are allocated based on the contractual participation rights of the Class A, Class B and the Exchangeable common stock as if the earnings for the period had been distributed. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis and the resulting amount per share for Class A, Class B and the Exchangeable common stock was the same during the three and nine months ended September 30, 2025 and 2024.

The following tables set forth the computation of basic and diluted net loss per share of Class A, Class B and Exchangeable common stock:

Three months ended September 30,Nine months ended September 30,
(in thousands, except share amounts)2025202420252024
Numerator:
Net loss$(162,253)$(95,842)$(536,637)$(284,755)
Denominator:
Weighted average common shares outstanding446,988,046 282,583,048 422,642,653 253,447,099 
Net loss per share, basic and diluted$(0.36)$(0.34)$(1.27)$(1.12)

The Company excluded the following potential common shares from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:

Three months ended September 30,Nine months ended September 30,
 2025202420252024
Stock based compensation
6,675,698 5,869,795 8,696,773 8,098,979 
Tempus agreement6,582,331 6,694,934 6,582,331 6,694,934 
Contingent stock relating to RE Ventures I transaction
1,250,621 — 421,455 — 
Total14,508,650 12,564,729 15,700,559 14,793,913