Leases |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Leases Lessee The Company has entered into various long-term real estate operating leases primarily related to office, research and development and operating activities and an equipment financing lease related to the supercomputer. The Company’s leases have remaining terms from under one year to eight years and some of those leases include options that provide Recursion with the ability to extend the lease term, generally for five years. The options are included in the lease term when it is reasonably certain that the option will be exercised. For the three and nine months ended September 30, 2026, the Company entered into a lease modification related to the corporate headquarters lease to extend the lease term through the second quarter of 2034. The modification resulted in an increase of $13.3 million in both the right-of-use asset and the lease liability. The modification had no impact to the Condensed Consolidated Statements of Operations. For the nine months ended September 30, 2025, Recursion entered into operating lease modifications and terminations resulting in a decrease to the right-of-use asset and lease liability of $10.1 million. The modifications had no impact to the Condensed Consolidated Statements of Operations. Supplemental cash flow information related to leases were:
Lessor During the three months ended September 30, 2026, Recursion entered into three subleases for portions of the Company’s leased office and laboratory space in Salt Lake City, Utah, United States and Toronto, Ontario, Canada. The subleases have terms ranging from approximately 3 to 6 years. Each of these subleases were classified as operating leases and as such, the Company still holds the related right-of-use assets and lease liabilities on its Condensed Consolidated Balance Sheets. The sublease income is recognized on a straight-line basis over the sublease term within “Other income, net” in the Condensed Consolidated Statements of Operations. Sublease income was not material, either individually or in the aggregate, for the three and nine months ended September 30, 2026. The subleases are not material to the condensed consolidated financial statements, either individually or in the aggregate.
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| Leases | Leases Lessee The Company has entered into various long-term real estate operating leases primarily related to office, research and development and operating activities and an equipment financing lease related to the supercomputer. The Company’s leases have remaining terms from under one year to eight years and some of those leases include options that provide Recursion with the ability to extend the lease term, generally for five years. The options are included in the lease term when it is reasonably certain that the option will be exercised. For the three and nine months ended September 30, 2026, the Company entered into a lease modification related to the corporate headquarters lease to extend the lease term through the second quarter of 2034. The modification resulted in an increase of $13.3 million in both the right-of-use asset and the lease liability. The modification had no impact to the Condensed Consolidated Statements of Operations. For the nine months ended September 30, 2025, Recursion entered into operating lease modifications and terminations resulting in a decrease to the right-of-use asset and lease liability of $10.1 million. The modifications had no impact to the Condensed Consolidated Statements of Operations. Supplemental cash flow information related to leases were:
Lessor During the three months ended September 30, 2026, Recursion entered into three subleases for portions of the Company’s leased office and laboratory space in Salt Lake City, Utah, United States and Toronto, Ontario, Canada. The subleases have terms ranging from approximately 3 to 6 years. Each of these subleases were classified as operating leases and as such, the Company still holds the related right-of-use assets and lease liabilities on its Condensed Consolidated Balance Sheets. The sublease income is recognized on a straight-line basis over the sublease term within “Other income, net” in the Condensed Consolidated Statements of Operations. Sublease income was not material, either individually or in the aggregate, for the three and nine months ended September 30, 2026. The subleases are not material to the condensed consolidated financial statements, either individually or in the aggregate.
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