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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

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 September 30,									Nine months ended September 30,
(in thousands)			2025			2024						2025			2024
Cost of revenue			$	964		$	1,153					$	4,727		$	2,600
Research and development			14,906			9,194						46,795			25,141
General and administrative			9,174			7,396						34,911			21,470
Total			$	25,044		$	17,743					$	86,433		$	49,211

Schedule of Stock Option Activity

Stock option activity during the nine months ended September 30, 2025 was as follows:

(in thousands except share data and per share amounts)			Shares			Weighted-Average Exercise Price			Weighted-Average Remaining Contractual Life (in years)			Aggregate Intrinsic Value
Outstanding as of December 31, 2024			21,941,495			$	5.40		7.9			$	62,685
Granted			3,340,822			7.08
Cancelled			(2,305,626)			8.81
Exercised			(4,519,592)			1.08						24,350
Outstanding as of September 30, 2025			18,457,099			$	6.52		7.2			$	20,246
Exercisable as of September 30, 2025			10,189,094			$	6.64		5.9			$	14,363

Schedule of Weighted-Average Assumptions Used to Calculate Grant-Date Fair Value of Stock Options

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

			Nine months ended September 30,
			2025			2024
Expected term (in years)			5.5			6.2
Expected volatility			66		%	65		%
Expected dividend yield			—			—
Risk-free interest rate			4.0		%	4.2		%

Schedule of RSU Activity

The following table summarizes Recursion’s RSU activity during the nine months ended September 30, 2025:

			Stock units			Weighted-average grant date fair value
Outstanding as of December 31, 2024			27,304,229			$	7.47
Granted			14,980,106			5.86
Vested			(6,742,946)			7.62
Forfeited			(4,898,723)			7.72
Outstanding as of September 30, 2025			30,642,666			$	6.61

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

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