Stock-Based Compensation (Tables)

6 Months Ended

Jun. 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 June 30,				Six months ended June 30,
(in thousands)	2025		2024		2025		2024
Cost of revenue	$	814	$	680	$	3,764	$	1,447
Research and development	14,089		8,281		31,889		15,947
General and administrative	10,898		6,997		25,737		14,074
Total	$	25,801	$	15,958	$	61,390	$	31,468

Schedule of Stock Option Activity

Stock option activity during the six months ended June 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	(1,594,508)	7.34
Exercised	(3,568,523)	1.26			19,738
Outstanding as of June 30, 2025	20,119,286	$	6.42	7.6	$	25,831
Exercisable as of June 30, 2025	10,219,329	$	6.32	6.3	$	18,417

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:


	Six months ended June 30,
	2025		2024
Expected term (in years)	5.5		6.2
Expected volatility	66	%	65	%
Expected dividend yield	—		—
Risk-free interest rate	4.0	%	4.3	%

Schedule of RSU Activity

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


	Stock units	Weighted-average grant date fair value
Outstanding as of December 31, 2024	27,304,229	$	7.47
Granted	2,612,350	6.80
Vested	(4,656,892)	7.66
Forfeited	(3,582,221)	7.81
Outstanding as of June 30, 2025	21,677,466	$	7.29

RECURSION PHARMACEUTICALS, INC. 10-Q