v3.26.3
Segment Information
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
Segment loss

Recursion operates as a single operating segment that is managed on a consolidated basis. The Company’s chief operating decision maker (CODM) is its Chief Executive Officer. The CODM uses segment net loss to evaluate the performance of its segment, analyze financial trends, compare the budget to the actual operating results and make resource allocation decisions. Segment net loss represents the Company’s consolidated net loss. All corporate costs, global function support costs, overhead costs and other shared costs are included within this segment. Significant components of Recursion’s segment expenses include the Company’s clinical programs. These include the costs for the related candidate starting at first patient dosed in a Phase 1 trial. The internal & partnered discovery category includes expenses for pre-clinical assets and external collaborations. Platform technology &
infrastructure expenses consist of costs incurred to develop, maintain and operate the technology platform and the infrastructure that supports research and development activities. General and administrative costs primarily include the general and administrative costs within its Condensed Consolidated Statements of Operations, however it excludes depreciation, amortization and stock-based compensation, which instead are included in their respective categories.

For the three months ended September 30, 2026, Recursion revised its significant segment expenses breakout in light of the evolving composition of its activities. The comparative periods have been presented in accordance with these updated significant segment expenses.

The following table presents Recursion’s segment revenue, significant segment expenses and segment net loss:

Three months ended September 30,Nine months ended September 30,
(In thousands)2026202520262025
Revenue$18,552 $5,175 $32,694 $39,143 
Significant segment expenses
Clinical programs23,939 20,212 61,135 56,798 
Internal & partnered discovery32,947 50,351 98,834 122,006 
Platform technology & infrastructure20,517 24,285 60,060 86,277 
General & administrative20,783 37,107 75,450 116,135 
Depreciation & amortization16,535 21,043 54,375 64,223 
Stock based compensation23,028 25,244 64,741 87,460 
Data records5,798 — 8,860 49,859 
UK R&D tax credit & other(1,819)(865)(4,113)(3,817)
Loss from operations(123,176)(172,202)(386,648)(539,798)
Other non-operating income, net4,165 9,952 14,524 3,005 
Income tax benefit (expense)(25)(3)4,579 156 
Total segment loss$(119,036)$(162,253)$(367,545)$(536,637)
Supplemental asset information
Total expenditures for additions to long-lived assets$1,076 $39 $1,378 $5,283