In April 2021, the Board of Directors and the stockholders of the Company adopted the 2021 Equity Incentive Plan (the 2021 Plan). The Company may grant stock options, restricted stock units (RSUs), stock appreciation rights, restricted stock awards and other forms of stock-based compensation. As of March 31, 2026, 27.1 million shares of Class A common stock were available for grant in the 2021 plan. In November 2024, the Board of Directors and the stockholders of the Company adopted the 2024 Inducement Equity Incentive Plan (the 2024 Plan) as part of the Exscientia acquisition. As of March 31, 2026, 11.3 million shares of Class A common stock were available for grant in the 2024 plan.

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)	2026		2025
Cost of revenue	$	900	$	2,950
Research and development	11,876		17,800
General and administrative	9,219		14,839
Total	$	21,995	$	35,589

Equity awards granted to employees primarily consist of RSUs and generally vest over four years. The weighted-average grant-date fair value of RSUs generally is determined based on the number of units granted and the quoted price of Recursion’s common stock on the date of grant.


	Stock units	Weighted-average grant date fair value
Outstanding as of December 31, 2025	27,489,925	$	6.55
Granted	6,154,778	3.98
Vested	(2,703,740)	6.69
Forfeited	(2,375,565)	6.46
Outstanding as of March 31, 2026	28,565,398	$	5.99

The fair market value of RSUs vested was $18.1 million during the three months ended March 31, 2026. As of March 31, 2026, $159.1 million of unrecognized compensation cost related to RSUs is expected to be recognized as expense over approximately the next three years.