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 September 30, 2026, 21.2 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 September 30, 2026, 5.5 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 stock options and RSUs for employees and non-employees within the Condensed Consolidated Statements of Operations:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2026		2025		2026		2025
Cost of revenue	$	1,789	$	964	$	3,563	$	4,727
Research and development	11,978		14,906		33,799		46,795
General and administrative	9,114		9,174		26,819		34,911
Total	$	22,881	$	25,044	$	64,181	$	86,433

Equity awards granted to employees primarily consist of RSUs and generally vest over three to 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	24,090,894	3.26
Vested	(8,687,822)	6.15
Forfeited	(5,986,687)	5.94
Outstanding as of September 30, 2026	36,906,310	$	4.60

The fair market value of RSUs vested was $28.1 million during the nine months ended September 30, 2026. As of September 30, 2026, $157.1 million of unrecognized compensation cost related to RSUs is expected to be recognized as expense over approximately the next three years.