In November 2023, Recursion entered into a five-year agreement (the Tempus Agreement) with Tempus AI, Inc. (Tempus) to purchase access to their records of patient-centric multimodal oncology data and use rights for therapeutic development purposes. This data is being used to improve the training of Recursion’s artificial intelligence and machine learning models and is expected to accelerate Recursion’s drug discovery process. The Tempus Agreement specified that Recursion would pay annual license fees (which could be settled in cash or shares of Class A Common Stock) of $22.0 million on the first anniversary of the agreement, $32.0 million on the second anniversary of the agreement and $42.0 million on each of the third and fourth anniversaries of the agreement. Under the arrangement, the Company had the right to terminate for convenience after the first three years.

In September 2026, the Company entered into an amendment to the Tempus agreement (the Amendment). Pursuant to the Amendment, the Company agreed to extend the term of the arrangement by a year, while eliminating the Company’s right to terminate for convenience. The Amendment also revised the amount of the annual license fees payable by the Company to $14.0 million, payable on each of the third, fourth, and fifth anniversaries of the effective date, with at least $4.0 million payable in cash, with the remainder in the form of shares of Class A Common Stock of the Company, cash, or a combination thereof, at the election of the Company; and decrease the aggregate total of unique records of de-identified data the Company may access during the term.

Also in September 2026, the Company entered into an RNA Foundation Model License Agreement (the TxFM License Agreement) with Tempus, pursuant to which the Company granted Tempus a non-exclusive, non-sublicensable, non-transferable, worldwide license to the Company's TxFM Model solely for use within the field of oncology. Permitted uses include diagnostic applications, clinical applications, and Tempus's internal research and development. The TxFM License Agreement has a term of two years from its effective date. In consideration for the license, Tempus will pay the Company a non-refundable license fee of $12.0 million in two installments of

$6.0 million each; the first due upon execution of the TxFM License Agreement and the other due on the first anniversary of the effective date. Tempus will also provide the Company with access to a certain number of de-identified pathology records with linked clinical data during the term of the TxFM License Agreement.

Recursion is expensing the record purchases based on a contractually agreed price as “Research and Development” expenses in the Condensed Consolidated Statements of Operations as the records are downloaded. To the extent that the Recursion payments to Tempus are greater than or less than the records purchased amount, Recursion records the applicable amount to “Prepaid data assets” or “Accrued data liability” on the Condensed Consolidated Balance Sheets, respectively. No revenues are being recorded related to the license of the TxFM model. For the three and nine months ended September 30, 2026, record purchases were $5.8 million and $8.9 million, respectively. For the three and nine months ended September 30, 2025, record purchases were zero and $49.9 million, respectively.


	September 30,		December 31,
(in thousands)	2026		2025
Accrued compensation	$	25,081	$	31,771
Accrued compute and software liabilities	7,297		8,278
Accrued development expenses	4,292		2,693
Accrued early discovery expenses	4,335		4,581
Accrued professional fees	1,092		1,232
Materials received not invoiced	332		703
Accrued taxes, other than income taxes	3,985		3,436
Unearned grants	3,160		—
Accrued license fees	—		3,000
Accrued other expenses	17,077		14,536
Accrued expense and other liabilities	$	66,651	$	70,230


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2026		2025		2026		2025
Interest income	$	4,816	$	5,540	$	16,085	$	16,541
Interest expense	(266)		(833)		(925)		(1,821)
Interest income, net	$	4,550	$	4,707	$	15,160	$	14,720

For the three and nine months ended September 30, 2026 and 2025, interest income primarily related to earnings on cash and cash equivalents in money market funds. Interest expense primarily related to the Company’s supercomputer financing lease. Interest income, net was included in “Other income (loss), net” on the Condensed Consolidated Statements of Operations.