0001601830-21-000007 | 10-Q | XBRL Viewer | Recursion Pharmaceuticals INC

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2021	Apr. 30, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-40323
Entity Registrant Name	Recursion Pharmaceuticals, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-4099738
Entity Address, Address Line One	41 S Rio Grande Street
Entity Address, City or Town	Salt Lake City
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84101
City Area Code	385
Local Phone Number	269 - 0203
Title of 12(b) Security	Class A Common Stock, par value $0.00001
Trading Symbol	RXRX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		168,320,745
Entity Central Index Key	0001601830
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 214,088	$ 262,126
Restricted cash	5,042	5,041
Accounts receivable	71	156
Other current assets	2,621	2,155
Total current assets	221,822	269,478
Property and equipment, net	44,642	25,967
Intangible assets, net	2,414	2,490
Other non-current assets	3,065	650
Total assets	271,943	298,585
Current liabilities
Accounts payable	3,125	1,074
Accrued expenses and other liabilities	11,085	10,485
Current portion of unearned revenue	10,000	10,000
Current portion of notes payable	2,145	1,073
Current portion of lease incentive obligation	499	467
Total current liabilities	26,854	23,099
Deferred rent	2,750	2,674
Unearned revenue, net of current portion	14,167	16,667
Notes payable, net of current portion	10,339	11,414
Lease incentive obligation, net of current portion	2,552	2,708
Total liabilities	56,662	56,562
Commitments and contingencies (Note 6)
Convertible preferred stock (series A, A-1, B, C, and D), $0.00001 par value; 121,434,713 shares authorized as of March 31, 2021 and December 31, 2020; 112,088,065 shares issued and outstanding as of March 31, 2021 and December 31, 2020; Liquidation preference of $450,850 as of March 31, 2021 and December 31, 2020	448,312	448,312
Stockholders’ deficit
Common stock, $0.00001 par value; 188,400,000 shares authorized as of March 31, 2021 and December 31, 2020; 24,036,725 and 22,314,685 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively	0	0
Additional paid-in capital	11,287	7,312
Accumulated deficit	(244,318)	(213,601)
Total stockholders’ deficit	(233,031)	(206,289)
Total liabilities, convertible preferred stock and stockholders’ deficit	$ 271,943	$ 298,585

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Temporary Equity [Abstract]
Convertible preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Convertible preferred stock, shares authorized (in shares)	121,434,713	121,434,713
Convertible preferred stock, shares issued (in shares)	112,088,065	112,088,065
Convertible preferred stock, shares outstanding (in shares)	112,088,065	112,088,065
Convertible preferred stock, liquidation preference	$ 450,850	$ 450,850
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	188,400,000	188,400,000
Common stock, shares issued (in shares)	24,036,725	22,314,685
Common sock, shares outstanding (in shares)	24,036,725	22,314,685

Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue
Revenue	$ 2,562	$ 60
Operating expenses
Research and development	24,109	12,842
General and administrative	8,937	5,561
Total operating expenses	33,046	18,403
Loss from operations	(30,484)	(18,343)
Other loss, net	(233)	(81)
Net loss and comprehensive loss	(30,717)	(18,424)
Net loss and comprehensive loss	$ (30,717)	$ (18,424)
Per share data
Net loss per share, basic (in dollars per shares)	$ (1.33)	$ (0.85)
Net loss per share, diluted (in dollars per shares)	$ (1.33)	$ (0.85)
Weighted average shares of common stock, basic (in shares)	23,035,623	21,639,891
Weighted average shares of common stock, diluted (in shares)	23,035,623	21,639,891
Grant revenue
Revenue
Revenue	$ 62	$ 60
Operating revenue
Revenue
Revenue	$ 2,500	$ 0

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Deficit (unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in-Capital	Accumulated Deficit
Temporary equity, shares outstanding at beginning of period (in shares) at Dec. 31, 2019	75,189,517
Temporary equity, carrying amount attributable to parent at beginning of period at Dec. 31, 2019	$ 201,109
Temporary equity, shares outstanding at end of period (in shares) at Mar. 31, 2020	75,189,517
Temporary equity, carrying amount attributable to parent at end of period at Mar. 31, 2020	$ 201,109
Common stock, shares outstanding at beginning period (in shares) at Dec. 31, 2019		21,637,609
Total stockholders’ equity (deficit) at beginning of period at Dec. 31, 2019	(124,265)	$ 0	$ 2,330	$ (126,595)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(18,424)			(18,424)
Stock option exercises and other (in shares)		14,668
Stock option exercises and other	16		16
Stock-based compensation	1,286		1,286
Common stock, shares outstanding at end period (in shares) at Mar. 31, 2020		21,652,277
Total stockholders’ equity (deficit) at end of period at Mar. 31, 2020	$ (141,387)	$ 0	3,632	(145,019)
Temporary equity, shares outstanding at beginning of period (in shares) at Dec. 31, 2020	112,088,065
Temporary equity, carrying amount attributable to parent at beginning of period at Dec. 31, 2020	$ 448,312
Temporary equity, shares outstanding at end of period (in shares) at Mar. 31, 2021	112,088,065
Temporary equity, carrying amount attributable to parent at end of period at Mar. 31, 2021	$ 448,312
Common stock, shares outstanding at beginning period (in shares) at Dec. 31, 2020	22,314,685	22,314,685
Total stockholders’ equity (deficit) at beginning of period at Dec. 31, 2020	$ (206,289)	$ 0	7,312	(213,601)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (30,717)			(30,717)
Stock option exercises and other (in shares)	1,722,027	1,722,040
Stock option exercises and other	$ 2,154		2,154
Stock-based compensation	$ 1,821		1,821
Common stock, shares outstanding at end period (in shares) at Mar. 31, 2021	24,036,725	24,036,725
Total stockholders’ equity (deficit) at end of period at Mar. 31, 2021	$ (233,031)	$ 0	$ 11,287	$ (244,318)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities
Net loss	$ (30,717)	$ (18,424)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,402	937
Stock-based compensation	1,821	1,265
Other, net	101	22
Changes in operating assets and liabilities:
Accounts receivable	85	82
Other assets	(2,915)	(132)
Unearned revenue	(2,500)	0
Accounts payable	2,051	625
Accrued development expense	(1,216)	(400)
Accrued expenses, deferred rent and other current liabilities	1,133	(1,792)
Net cash used in operating activities	(30,755)	(17,817)
Cash flows from investing activities
Purchases of property and equipment	(19,416)	(684)
Net cash used in investing activities	(19,416)	(684)
Cash flows from financing activities
Proceeds from exercise of stock options	2,154	16
Repayment of long-term debt	(20)	(19)
Proceeds from convertible notes	0	6,000
Net cash provided by financing activities	2,134	5,997
Net change in cash, cash equivalents and restricted cash	(48,037)	(12,504)
Cash, cash equivalents and restricted cash, beginning of period	267,167	75,171
Cash, cash equivalents and restricted cash, end of period	219,130	62,667
Supplemental disclosure of non—cash investing and financing information
Accrued property and equipment	705	0
Deferred issuance costs	2,997	0
Supplemental disclosure of cash flow information
Cash paid for interest	$ 254	$ 306

Description of the Business	3 Months Ended
Description of the Business	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business	Description of the Business Recursion Pharmaceuticals, Inc. (Recursion, the Company, or we) was originally formed as a limited liability company on November 4, 2013 under the name Recursion Pharmaceutical, LLC. In September 2016, we converted to a Delaware corporation and subsequently changed our name to Recursion Pharmaceuticals, Inc. Recursion is a biotechnology company that combines automation, artificial intelligence, machine learning, in vivo validation capabilities and a highly cross-functional team to discover novel medicines that expand our collective understanding of biology. Recursion’s rich, relatable database of biological images generated in-house on the Company’s robotics platform enables advanced machine learning approaches to reveal drug candidates, mechanisms of action, novel chemistry, and potential toxicity, with the eventual goal of decoding biology and advancing new therapeutics that radically improve people’s lives. As of March 31, 2021, the Company had an accumulated deficit of $244.3 million. The Company expects to incur substantial operating losses in future periods and will require additional capital to advance its drug candidates. The Company does not expect to generate significant revenue until the Company successfully completes significant drug development milestones with its subsidiaries or in collaboration with third parties, which the Company expects will take a number of years. In order to commercialize its drug candidates, the Company or its partners need to complete clinical development and comply with comprehensive regulatory requirements. The Company is subject to a number of risks and uncertainties similar to those of other companies of the same size within the biotechnology industry, such as the uncertainty of clinical trial outcomes, uncertainty of additional funding, and a history of operating losses. The Company has funded its operations to date primarily through the issuance of convertible preferred stock (see Note 7, “Convertible Preferred Stock” for additional information) and will likely be required to raise additional capital. As of March 31, 2021, the Company did not have any unconditional outstanding commitments for additional funding. If the Company is unable to access additional funds when needed, it may not be able to continue the development of its products or the Company could be required to delay, scale back or abandon some or all of its development programs and other operations. The Company’s ability to access capital when needed is not assured and, if not achieved on a timely basis, could materially harm its business, financial condition and results of operations. In April 2021, the Company completed an Initial Public Offering (IPO). See Note 16, “Subsequent Events” for additional details. The Company believes that the net proceeds from the IPO, together with the Company’s existing cash, and cash equivalents and borrowings available to us will be sufficient to fund the Company’s operating expenses and capital expenditures for at least the next 12 months.

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Basis of Presentation The unaudited interim condensed consolidated financial statements of Recursion have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Accordingly, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP) have been condensed or omitted. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes for the year ended December 31, 2020 included in the Company’s final prospectus dated as of April 15, 2021 and filed with the Securities and Exchange Commission (SEC) pursuant to Rule 424(b)(4) on April 16, 2020. In April 2021, the Company completed a 1.5-for-1 forward stock split of common and convertible preferred stock. All shares presented within these condensed consolidated financial statements were adjusted to reflect the forward stock split for all periods presented. See Note 16, “Subsequent Events” for additional details. It is management’s opinion that these financial statements include all normal and recurring adjustments necessary for a fair presentation of the Company’s financial position, operating results and cash flows. Revenues and net loss for any interim period are not necessarily indicative of future or annual results. Certain reclassifications were made to conform the prior period interim condensed consolidated financial statements to the current period presentation. Emerging Growth Company The Company is an emerging growth company (EGC), as defined by the Jumpstart Our Business Startups Act of 2012 (the JOBS act). The JOBS Act, exempts EGCs from being required to comply with new or revised financial accounting standards until private companies are required to comply. Recursion has elected to use the extended transition period for new or revised financial accounting standards. However, the Company may adopt certain new or revised accounting standards early. This may make comparisons of the Company’s financial statements with other public companies difficult because of the potential differences in accounting standards used. Recursion may remain an EGC until December 31, 2026 although if we: (1) become a “large accelerated filer;” (2) have annual gross revenues of $1.07 billion or more in any fiscal year; or (3) issue more than $1.0 billion of non-convertible debt over a three-year period, the Company would cease to be an EGC as of December 31 of the applicable year. Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-02, Leases -Topic 842 (ASU 2016-02). Under Topic 842, the Company will be required to recognize a lease liability and a right-of-use asset for all leases (with the exception of short-term leases) at the commencement date of each lease. ASU 2016-02 is effective for annual and interim periods beginning on or after December 15, 2021 and early adoption is permitted. The Company must adopt the standard using the modified retrospective approach either: (1) as of the earliest period presented and through the comparative periods in the entity’s financial statements or (2) as of the effective date of ASC 842, with a cumulative-effect adjustment to equity. The Company expects the adoption to materially increase assets and liabilities on the Condensed Consolidated Balance Sheets related to those leases classified as operating and not recognized on the Balance Sheets under current GAAP. The Company is continuing to evaluate the effect that ASU 2016-02 will have on its consolidated financial statements and related disclosures. The Company will adopt the new standard on January 1, 2022.

Supplemental Financial Information

3 Months Ended

Mar. 31, 2021

Supplemental Financial Information [Abstract]

Supplemental Financial Information

Property and Equipment


	March 31,		December 31,
(in thousands)	2021		2020
Lab equipment	$	21,234	$	19,701
Leasehold improvements	13,792		13,792
Office equipment	18,994		1,075
Construction in progress	2,016		1,361
Property and equipment, gross	56,036		35,929
Less: Accumulated depreciation	(11,394)		(9,962)
Property and equipment, net	$	44,642	$	25,967

Depreciation expense on property and equipment was $1.4 million and $1.0 million during the three months ended March 31, 2021 and 2020, respectively.

For the three months ended March 31, 2021 the Company purchased a Dell EMC supercomputer, accessories and parts for $17.9 million. The purchase was classified as office equipment in the above table.

Accrued Expenses and Other Liabilities


	March 31,		December 31,
(in thousands)	2021		2020
Accrued compensation	$	1,800	$	3,085
Accrued development expenses	1,073		2,289
Accrued administrative expenses	2,487		10
Accrued other expenses	5,725		5,101
Accrued expense and other liabilities	$	11,085	$	10,485

Interest Expense, net


	Three months ended March 31,
(in thousands)	2021		2020
Interest expense	$	249	$	301
Interest income	(16)		(220)
Interest expense, net	$	233	$	81

Interest expense primarily relates to the Midcap and tenant improvement allowance notes (see Note 5, “Notes Payable” for additional details on the notes.) Interest expense is included in Other loss, net on the Condensed Consolidated Statements of Operations and Comprehensive Loss.

The Company capitalizes certain legal, professional, accounting and other third-party fees that are directly associated with debt and equity financings. There was $3.0 million of capitalized issuance costs on the Condensed Consolidated Balance Sheet on March 31, 2021 related to the planned IPO. See Note 16, “Subsequent Events” for additional information on the IPO.

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

The carrying amount of Goodwill was $801 thousand as of March 31, 2021. There were no changes to the carrying amount of goodwill during the three months ended March 31, 2021. There was no Goodwill balance outstanding during the three months ended March 31, 2020. As of March 31, 2021, there were no reductions in Goodwill relating to impairment losses.

Intangible Assets, Net

The following table summarizes intangible assets:


	March 31, 2021						December 31, 2020
(in thousands)	Gross carrying amount		Accumulated Amortization		Net carrying amount		Gross carrying amount		Accumulated Amortization		Net carrying amount
Definite-lived intangible asset	$	911	$	(202)	$	709	$	911	$	(127)	$	784
Indefinite-lived intangible asset	904		—		904		904		—		904

Amortization expense was $76 thousand during the three months ended March 31, 2021. There was no amortization expense during the three months ended March 31, 2020. Amortization expense was included in research and development in the Condensed Consolidated Statements of Operations and Comprehensive Loss. No definite-lived intangible asset impairment charges were recorded during the three months ended March 31, 2021. There were no intangible asset balances outstanding during the three months ended March 31, 2020.

The indefinite-lived intangible asset represents the Recursion domain name that the Company purchased. No indefinite-lived intangible asset impairment charges were recorded during the three months ended March 31, 2021.

Notes Payable

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Notes payable

Notes Payable

Midcap Financial

In September 2019, the Company entered into a new Credit and Security Agreement with Midcap Financial Trust (Midcap), and the other lenders party thereto (the Midcap loan agreement). The Midcap loan agreement provides for a term loan facility that includes: i) an initial tranche of $11.9 million; and ii) a second tranche of up to $15.0 million, which if drawn would result in a maximum outstanding amount of $26.9 million. The Company used a portion of the proceeds from the initial tranche to fully repay a previously outstanding term loan, the Pacific Western Bank (Pacific) loan, for $11.2 million. Proceeds from the term loans may be used for general corporate purposes. As of March 31, 2021 and December 31, 2020, the outstanding principal balance under the Midcap loan agreement was $11.9 million.

Interest on the Midcap loan accrues on the principal amount outstanding at a floating per annum rate equal to the LIBOR rate (floor of 2.00%) plus 5.75% and is payable monthly in arrears. The Company is required to make interest-only payments from September 2019 to September 2021, and thereafter, 36 monthly principal payments of $330 thousand plus interest. The interest only period will be extended an additional 12 months under certain conditions.

The Company may voluntarily prepay the Midcap term loan, subject to certain minimum repayment requirements and prepayment fees. The Midcap term loan is subject to a mandatory prepayment under certain conditions.

The debt is secured against substantially all of the Company assets. The Midcap loan agreement includes standard affirmative and restrictive covenants, including covenants limiting the ability of the Company and its subsidiaries, among other things, to dispose of assets, grant certain licenses, make investments, merger or consummate acquisitions, incur debt, grant liens and make dividends or distributions, in each case subject to certain exceptions. The loan agreement also includes standard events of default, including, subject to grace periods in certain instances, payment defaults, breaches of covenants, breaches of representations and warranties, cross-defaults with certain other indebtedness, insolvency and bankruptcy defaults, change of control of the Company or any subsidiary, and a material adverse change in the business, operations or conditions of the Company. Upon the occurrence of an event of default, Midcap may declare all outstanding obligations immediately due and payable, increase the applicable interest rate by 2% and take such other actions as set forth in the Credit and Security Agreement. As of March 31, 2021 and 2020, the Company was in compliance with all debt covenants.

In 2019, the Company paid fees of approximately $298 thousand in connection with the origination of the Midcap loan agreement. These fees were deferred and recorded as a direct deduction from the carrying value of the loan payable and are being amortized to interest expense over the remaining term of the agreement.

Pacific Western

In May 2018, Pacific issued a standby letter of credit of $3.8 million for the benefit of the Company’s landlord, securing certain Company obligations relating to tenant improvements. As of March 31, 2021 and December 31, 2020, the outstanding letter of credit was $3.8 million, for which the Company held $4.0 million as of March 31, 2021 and December 31, 2020, of restricted cash as collateral.

Convertible Notes

In March 2020, the Company issued convertible promissory notes for an aggregate principal amount of $6.0 million. Under certain conditions, the principal would convert to an amount of equity with a fair value that exceeded the amount of the notes’ principal on the conversion date. This feature of the notes was accounted for separately at fair value as a derivative liability. Changes in the fair value of the derivative were recorded in other loss, net in the Condensed Consolidated Statements of Operations and Comprehensive Loss and were immaterial during the three months ended March 31, 2020.

In September 2020, these notes and additional notes that were issued in April 2020 converted to 1,203,231 shares of Series D Preferred Stock. Upon conversion of the notes, the Company recorded the $1.6 million fair value of the derivative liability as equity on the Condensed Consolidated Balance Sheet.

Notes Payable for Tenant Improvement Allowance

In 2018, the Company borrowed $992 thousand, which was available as part of the station 41 lease, from our landlord to be used on tenant improvements (see Note 6, “Commitments and Contingencies” for additional details.) Under the terms of the lease, the note will be repaid over a 10 year period at an 8% interest rate.

Notes payable for the Midcap loan agreement and tenant improvement allowance consisted of the following:


	March 31,		December 31,
(in thousands)	2021		2020
Current portion of notes payable	$	2,145	$	1,073
Long-term portion of notes payable	10,522		11,615
Less: unamortized issuance costs	(183)		(201)
Notes payable, net	$	12,484	$	12,487

The following table presents information regarding the Company’s debt principal repayment obligations as of March 31, 2021:


(in thousands)	Amount
2021	$	1,053
2022	4,052
2023	4,059
2024	3,059
2025	112
Thereafter	346
Total debt principal payments	$	12,681

Commitment and Contingencies

3 Months Ended

Mar. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Lease Obligations

The Company has entered into various long-term real estate leases primarily related to office, research and development (R&D) and operating activities. For the three months ended March 31, 2021 and 2020, total rent expense was $1.3 million and $988 thousand, respectively. The following Komas, Station 41 and Milpitas leases are classified as operating leases.

Komas Lease

In August 2016, the Company entered a new facilities lease, with the right of use and payments beginning in January 2017. The term of the lease is 7 years. This lease includes provisions for escalating rent payments. Rent expense is recognized on a straight-line basis over the term of the lease. This lease included an allowance for tenant improvements. Tenant improvements were recorded as property and equipment and are being depreciated over the term of the lease. In conjunction with the allowance for tenant improvements, the Company recorded a lease incentive obligation of $847 thousand which is being amortized over the term of the lease as a reduction to rent expense. As of March 31, 2021, the related unamortized lease incentive obligation was $343 thousand.

Station 41 Lease

In August 2017, the Company entered a new facilities lease, with the right of use beginning in December 2017 and payments beginning in June 2018. The term of the lease is 10 years, with one five-year renewal option exercisable by the Company. This lease includes provisions for escalating rent payments. Rent expense is recognized straight-

line over the term of the lease. This lease included an allowance for tenant improvements of $4.0 million, the full balance of which was drawn in 2017. Tenant improvements were recorded as property and equipment and are being depreciated over the remaining term of the lease. In conjunction with the allowance for tenant improvements, the Company recorded a leasehold obligation, which is being amortized over the term of the lease as a reduction to rent expense. As of March 31, 2021, the related unamortized lease incentive obligation was $2.7 million.

In 2018, the Company elected to draw an additional tenant improvement loan of $992 thousand offered in the Station 41 lease. This loan is incorporated into, and acts to increase the base rent over the remaining life of the lease. The increase in rent includes a charge for interest, which accrues on the principal amount outstanding at a rate equal to 8%. The Company accounts for this additional tenant improvement loan as a oote payable on the Condensed Consolidated Balance Sheets with the current portion included in the Current Portion of Notes Payable.

In 2019, the Company amended the Station 41 Lease to include additional space in the conjoining unit with the right to use the new space beginning in June 2020 for an additional 7 years. This amendment for the extra space includes provisions for escalating rent payments. Rent expense is recognized straight-line over the term of the lease.

In January 2021, the company amended the Station 41 Lease, increasing the leased square footage by an additional 91,478 square feet. This amendment includes provisions for escalating rent, has a 10 year term and additional total minimum payments of $32.4 million. This lease included a tenant improvement allowance of up to approximately $10.1 million.

Milpitas Lease

In August 2019, the Company entered a new facilities lease, with the right of use and payments beginning in August 2019. The term of the lease is 9 years. This lease includes provisions for escalating rent payments. Rent expense is recognized on a straight-line basis over the term of the lease.

Future Minimum Lease Payments

Future minimum commitments as of March 31, 2021 under the Company’s lease agreements are as follows:


(in thousands)	Amount
2021	$	2,911
2022	4,963
2023	7,344
2024	7,371
2025	7,560
Thereafter	33,214
Total Minimum Payments	$	63,363

Contract Obligations

In the normal course of business, the Company enters into contracts with clinical research organizations, drug manufacturers and other vendors for preclinical and clinical research studies, research and development supplies and other services and products for operating purposes. These contracts generally provide for termination on notice, and therefore are cancellable contracts.

Indemnification

The Company has agreed to indemnify its officers and directors for certain events or occurrences, while the officer or director is or was serving at the Company’s request in such capacity. The Company purchases directors and officers liability insurance coverage that provides for corporate reimbursements of covered obligations that limits the Company’s exposure and enables it to recover a portion of potential future amounts paid. The Company had no liabilities recorded for these agreements as of March 31, 2021 and December 31, 2020 as no amounts in excess of insurance coverage are probable or estimable.

Employee Agreements

The Company has signed employment agreements with certain key employees pursuant to which if their employment is terminated by the Company following a change of control of the Company, the employees are entitled to receive certain benefits, including accelerated vesting of equity incentives.

Legal Matters

The Company is not currently a party to any material litigation or other material legal proceedings. The Company may, from time to time, be involved in various legal proceedings arising in the normal course of business, and an unfavorable resolution of any of these matters could materially affect the Company’s future financial position, results of operations or cash flows.

Convertible Preferred Stock

3 Months Ended

Mar. 31, 2021

Temporary Equity [Abstract]

Convertible Preferred Stock

The Company has issued preferred stock as part of various financing events. No new convertible preferred stock was issued during three months ended March 31, 2021 and 2020. As of March 31, 2021 and 2020, there were no cumulative dividends owed or in arrears on the preferred stock.

Convertible Preferred Stock consisted of the following as of March 31, 2021 and December 31, 2020:



(in thousands except share data)	Preferred Shares Authorized	Preferred Shares Issued and Outstanding	Carrying Value		Liquidation Preferences		Shares of Common Stock Issuable Upon Conversion
Series A	30,078,402	29,965,754	$	21,281	$	21,281	29,965,754
Series A-1	4,975,521	4,975,520	—		—		4,975,520
Series B	21,497,667	21,471,898	59,913		60,000		21,471,898
Series C	18,956,354	18,776,345	119,915		122,058		22,286,298
Series D	45,926,769	36,898,548	247,203		247,511		36,898,548
Total convertible preferred stock	121,434,713	112,088,065	$	448,312	$	450,850	115,598,018

In April 2021, all outstanding shares of convertible preferred stock converted into common stock as part of the IPO. See Note 16, “Subsequent Events” for additional details.

Balance Sheet Classification

The Company’s convertible preferred stock is classified outside of stockholders’ deficit on the Condensed Consolidated Balance Sheets because the holders of such shares have liquidation rights in the event of a deemed liquidation that, in certain situations, are not solely within the control of the Company and would require the redemption of the then-outstanding convertible preferred stock. The convertible preferred stock is not redeemable, except in the event of a deemed liquidation event.

Common Stock

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Common Stock

Common stock

Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are entitled to receive dividends, as may be declared by the Company’s board of directors. As of March 31, 2021 and December 31, 2020, no dividends had been declared.

As of March 31, 2021 and December 31, 2020, there were 188,400,000 shares of common stock authorized, of which 24,036,725 and 22,314,685 shares were outstanding, respectively.

Additionally, the Company has reserved the following shares of common stock for issuance as of March 31, 2021:


			Shares
Conversion of series A preferred stock			29,965,754
Conversion of series A-1 preferred stock			4,975,520
Conversion of series B preferred stock			21,471,898
Conversion of series C preferred stock			22,286,298
Conversion of series D preferred stock			36,898,548
Conversion of series A warrants			112,647
Conversion of series B warrants			25,762
Conversion of series C warrants			213,646
2016 equity incentive plan			25,686,958
Key personnel incentive plan			1,601,566
Total shares of common stock reserved for issuance			143,238,597

Collaborative and Other Research and Development Contracts	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaborative and Other Research and Development Contracts	Collaborative and Other Research and Development Contracts Bayer AG In August 2020, the Company entered into a Research Collaboration and Option Agreement (the Bayer Agreement) with Bayer AG (Bayer) for a five-year term pursuant to which the Company and Bayer may initiate approximately ten research projects related to fibrosis across multiple organ systems, including lung, liver, and heart. Under the agreement, the Company contributed compounds from our proprietary library and Bayer contributed compounds from its proprietary library and will contribute scientific expertise throughout the collaboration. Under the terms of the agreement, the Company received a non-refundable upfront payment of $30.0 million, which was recorded as unearned revenue on the Condensed Consolidated Balance Sheet. The Company determined that it has one performance obligation under the agreement, which is to perform research and development services for Bayer. Recursion determined the transaction price to be the $30.0 million upfront payment received and allocated the amount to the single performance obligation. The Company is recognizing the revenue over time using a cost-based input method, based on labor costs incurred to perform the research and development services. This method of recognizing revenue requires the Company to make estimates of the total costs to provide the services required under the performance obligation. A significant change in these estimates could have a material effect on the timing and amount of revenue recognized in future periods. For the three months ended March 31, 2021, the Company recognized $2.5 million of revenue resulting from the collaboration. There is $10.0 million and $14.2 million of current and non-current unearned revenue, respectively, remaining as of March 31, 2021. The allocation of unearned revenue between current and non-current is based on Recursion’s estimates of when the Company expects to incur the related costs. Under each research project, the Company will work with Bayer to identify potential candidates for development. Under the agreement, Bayer has the first option for licenses to potential candidates. Each such license could potentially result in option exercise fees and development and commercial milestones paid to the Company with an aggregate value of up to approximately $100.0 million (for an option on a lead series) or up to approximately $120.0 million (for an option on a development candidate), as well as tiered royalties for each such license, ranging from low- to mid-single digit percentages of sales, depending on commercial success. The National Institute of Health During the year ended December 31, 2018, the Company was awarded a grant by the National Institute of Health, which included potential funding of $1.4 million. Revenue recognized related to this grant during the three months ended March 31, 2021 and 2020 was $62 thousand and $60 thousand, respectively. As of March 31, 2021, $395 thousand of the potential funding remained. As of March 31, 2021 and December 31, 2020, the Company had $62 thousand and $140 thousand of outstanding receivables, respectively with the National Institute of Health, which was deemed to be collectible.

Stock-Based Compensation

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock Options

Key Personnel Incentive Plan

In November 2013, the Company adopted the Key Personnel Incentive Plan ( the KPI Plan). The KPI Plan provides for the grant of restricted units and non-statutory option awards to employees, non-employee directors and consultants of the Company. As of March 31, 2021 and December 31, 2020, there were no shares of common stock available for grant under the KPI Plan.

The KPI Plan provides for the early exercise of options. Upon exercise, such option holder receives common stock of the Company, subject to a lapsing right of repurchase. Upon termination of such individual, the Company may exercise its right to repurchase any unvested shares for the exercise price paid by the option holder.

2016 Equity Incentive Plan

In August 2016, the Board of Directors and the stockholders of the Company adopted the 2016 Equity Incentive Plan. Under the 2016 Plan, 25,686,958 shares of common stock were reserved. The Company may grant options to purchase common stock, stock appreciation rights, restricted stock awards and other forms of stock-based compensation. Stock options generally vest over four years and expire no later than 10 years from the date of grant.

As of March 31, 2021, 3,684,798 shares of common stock are available for grant. Stock option activity during the three months ended March 31, 2021 was as follows:


(in thousands except share data)	Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (In Years)	Aggregate Intrinsic Value
Outstanding as of 12/31/2020	20,937,443	$	1.85	8.5	$	12,956
Granted	1,849,311	4.44
Cancelled	384,540	2.33
Exercised	1,722,027	1.25			4,455
Outstanding as of March 31, 2021	20,680,187	$	2.14	8.5	$	50,346
Exercisable as of March 31, 2021	6,365,727	$	1.20	6.9	$	21,450
Non-vested options as of March 31, 2021	14,314,460	$	2.55	9.2	$	28,897

The fair value of options granted to employees is calculated on the grant date using the Black-Scholes option valuation model. The weighted-average grant-date fair values of stock options granted during the three months ended March 31, 2021 and 2020 were $2.63 and $1.33, respectively.

The following weighted-average assumptions were used to calculate the grant-date fair value of employee stock options:


	Three months ended March 31,
	2021	2020
Expected term (in years)	6.1	6.2
Expected volatility	66%	65%
Expected dividend yield	—	—
Risk-free interest rate	0.78%	1.33%

For the three months ended March 31, 2021, the Company granted 150,000 shares of stock options with a performance and service condition that had a fair value of $358 thousand. No expense related to these options was recorded during the three months ended March 31, 2021 as the performance condition was not considered probable.

For the three months ended March 31, 2020, the Company granted 1,500,000 shares of stock options with performance, market conditions and service conditions. At grant date, the Company estimated that the fair value of the options was approximately $2.0 million. No expense related to these options was recorded during the three months ended March 31, 2021 and 2020 as the performance conditions were not considered probable.

During the years ended December 31, 2020 and 2017, the Company granted options to purchase 120,000 and 330,000 shares, respectively, of common stock to non-employee consultants. These options were granted in exchange for consulting services and vest over a period that approximates the term of the services to be provided by the Company. The fair value of the options granted prior to 2020 were remeasured in each period until they were fully vested. Following the adoption of ASU 2018-07 on January 1, 2020, the fair value of options granted to non-employees were no longer remeasured subsequent to the grant date. The fair value of each option on the date of grant was calculated using the Black-Scholes option model. There were no grants to non-employee consultants during the three months ended March 31, 2021 or 2020.

The following table presents the classification of stock-based compensation expense for employees and non-employees within the Condensed Consolidated Statements of Operations and Comprehensive Loss:


	Three months ended March 31,
(in thousands)	2021		2020
Research and development	$	628	$	688
General and administrative	$	1,070	$	577
Total	$	1,698	$	1,265

As of March 31, 2021, there was $22.0 million of unamortized stock-based compensation cost related to unvested stock options which is expected to be recognized over a weighted average period of 2.98 years.

Warrants

In connection with the execution of the December 2016 Pacific loan agreement (see Note 5, “Notes Payable” for additional details), the Company issued Pacific fully vested warrants to purchase Series A Preferred Stock. In May 2017, the Company drew on additional borrowing capacity under the Pacific loan agreement, this required the Company to issue additional fully vested warrants. These Series A warrants remained outstanding as of March 31, 2021.

In July 2018, the Company drew on additional borrowing capacity under an amended agreement. This required the Company to issue fully vested warrants to purchase Series B Preferred Stock. These warrants remained outstanding as of March 31, 2021.

In January 2020, the Company issued warrants to purchase 180,000 shares of Series C Preferred Stock at a purchase price of $6.50 per share as part of a services agreement. The warrants vest ratably over 18 months. These warrants remained outstanding and 139,999 were vested and exercisable as of March 31, 2021. The grant date fair value was $4.10 per share. As of March 31, 2021, there was $158 thousand of unamortized cost related to the unvested warrants which is expected to be recognized over four months.

The following tables summarize the Series A and B warrants outstanding as of March 31, 2021:


(in thousands except share data)
Series A	Grant Date	Number of Warrants	Exercise Price		Fair Value as of March 31, 2021		Fair Value as of December 31, 2020
2017 Warrants	12/19/2016	84,486	$	0.71	$	56,232	$	58,000
2018 Warrants	5/27/2017	28,161	$	0.71	$	18,743	$	19,000


(in thousands except share data)
Series B	Grant Date	Number of Warrants	Exercise Price		Fair Value as of March 31, 2021		Fair Value as of December 31, 2020
2019 Warrants	7/9/2018	25,762	$	2.79	$	45,499	$	48,000

The fair value of the warrants was calculated using the Black-Scholes option-pricing model with the following weighted average assumptions:


	Three months ended March 31,
	2021	2020
Expected term (in years)	6.16	7.12
Expected volatility	66%	66%
Expected dividend yield	—	—
Risk-free interest rate	1.20%	0.70%

The FASB has issued accounting guidance on the classification of freestanding warrants and other similar instruments on shares that are redeemable (either puttable or mandatorily redeemable). The guidance requires liability classification for certain warrants issued that are exercisable into convertible preferred stock. The initial fair values of Series A and B warrants were recorded as debt issuance costs, which resulted in a reduction in the carrying value of the debt and subsequent accretion. The Company remeasures the Series A and B warrants on each Condensed Condensed Consolidated Balance Sheet date. The change in the valuation is recorded in the Condensed Consolidated Statements of Operations and Comprehensive Loss.

The Series C warrants compensation expense is being recorded ratably over the requisite service period based on the award’s fair value at the date of grant in general and administrative expense. These warrants were classified as equity as they were issued to non-employees for services and the convertible preferred stock is not redeemable, except in the event of a deemed liquidation event, which is not considered probable.

The following is a summary of the changes in the Company’s Series A and B warrant liability balance during the three months ended March 31, 2021 and 2020:


(in thousands)
Balance as of December 31, 2019	$	128
Net decrease in fair value of warrants	(10)
Balance as of March 31, 2020	$	118

Balance as of December 31, 2020	$	125
Net decrease in fair value of warrants	(5)
Balance as of March 31, 2021	$	120

Employee Benefit Plans	3 Months Ended
Employee Benefit Plans	Mar. 31, 2021
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit PlansThe Company has an employee benefit plan under Section 401(k) of the Internal Revenue Code. The plan allows employees to make contributions up to a specified percentage of their compensation. The Company is currently contributing up to 4% of employee base salary, by matching 100% of the first 4% of annual base salary contributed by each employee. Employer expenses were approximately $281 thousand and $199 thousand during the three months ended March 31, 2021 and 2020, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company did not record any income tax expense during the three months ended March 31, 2021 and 2020. The Company has historically incurred operating losses and maintains a full valuation allowance against its net deferred tax assets. Valuation allowances are recorded when the expected realization of the deferred tax assets does not meet a “more likely than not” criterion. Realization of the Company’s deferred tax assets are dependent upon the generation of future taxable income, the amount and timing of which are uncertain. Net operating loss carryforwards (NOLs) and tax credit carry-forwards are subject to review by the Internal Revenue Service (IRS) and may become subject to annual limitations due to ownership changes that have occurred previously or that could occur in the future under Section 382 of the Internal Revenue Code. The Company has not conducted a study to assess whether a change of control has occurred or whether there have been multiple changes of control since inception due to the significant complexity and cost associated with such a study. Any limitation may result in expiration of a portion of the NOLs or research and development tax credit carryforwards before utilization. Further, until a study is completed and any limitation is known, no amounts are being presented as an uncertain tax position. The Company files income tax returns in the United States, Utah, and California. The Company is not currently under examination in any of these jurisdictions. The Company is subject to income tax examinations on all federal returns since the 2018 tax return.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Net Loss Per Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Net Loss Per Share

Recursion issued certain convertible preferred stock that was concluded to be participating securities. Due to the presence of participating securities, Recursion calculates net loss per share using the more dilutive of the treasury stock or the two-class method. For periods presented in which the Company reports a net loss, the losses are not allocated to the participating securities. As the Company reported a net loss during the three months ended March 31, 2021 and 2020, diluted net loss per share is the same as basic net loss per share, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.

The following table sets forth the computation of basic and diluted net loss per share:


	Three months ended March 31,
(in thousands, except share amounts)	2021		2020
Numerator:
Net loss	$	(30,717)	$	(18,424)
Denominator:
Weighted average common shares outstanding	23,035,623		21,639,891
Net loss per share, basic and diluted	$	(1.33)	$	(0.85)

The Company excluded the following potential common shares from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:


	Three months ended March 31,
	2021	2020
Convertible preferred stock	115,598,018	78,699,470
Options to purchase common stock	4,706,313	3,373,642
Warrants	122,358	115,029
Total	120,426,689	82,188,141

Fair Value Measures and Disclosures

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Disclosures

Fair Value Measurements

The fair value hierarchy consists of the following three levels:

•Level 1 — Valuations based on unadjusted quoted prices in active markets for identical assets that the company has the ability to access;

•Level 2 — Valuations based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuations in which all significant inputs are observable in the market; and

•Level 3 — Valuations using significant inputs that are unobservable in the market and include the use of judgment by the company's management about the assumptions market participants would use in pricing the asset or liability.

As of March 31, 2021 and December 31, 2020, cash and cash equivalents (including restricted cash) included bank deposits held in checking and savings accounts. The Company is required to maintain a balance in a collateralized account to secure the Company’s credit cards. Additionally, the Company holds restricted cash related to an outstanding letter of credit issued by Pacific Western Bank, which was securing certain Company obligations relating to tenant improvements. As of March 31, 2021 and December 31, 2020, cash restricted for the letters of credit was $4.0 million. The remaining restricted cash related to the Company’s credit cards.

The Company measures the Series A and B Preferred Stock warrant liabilities at fair value using the Black-Scholes option-pricing model. See Note 10, “Stock-based Compensation” for details on the valuation of the warrant liabilities and a reconciliation of the balance.

The following tables summarize the Company’s assets and liabilities that are measured at fair value on a recurring basis:


			Basis of fair value measurement
(in thousands)	March 31, 2021		Level 1		Level 2		Level 3
Assets
Cash and equivalents	$	214,088	$	214,088	$	—	$	—
Restricted cash	5,042		5,042		—		—
Total assets	$	219,130	$	219,130	$	—	$	—
Liabilities
Warrant liability	$	120	$	—	$	—	$	120
Total liabilities	$	120	$	—	$	—	$	120


			Basis of fair value measurement
(in thousands)	December 31, 2020		Level 1		Level 2		Level 3
Assets
Cash and equivalents	$	262,126	$	262,126	$	—	$	—
Restricted cash	5,041		5,041		—		—
Total assets	$	267,167	$	267,167	$	—	$	—
Liabilities
Warrant liability	$	125	$	—	$	—	$	125
Total liabilities	$	125	$	—	$	—	$	125

In addition to the financial instruments that recognized at fair value on the Condensed Consolidated Balance Sheets, the Company has certain financial instruments that are recognized at amortized cost or some basis other than fair value. The carrying amount of these amounts are considered to be representative of their approximate fair values.

The following tables summarize the Company’s assets and liabilities that are not measured at fair value:


	Book values				Fair values
(in thousands)	March 31, 2021		December 31, 2020		March 31, 2021		December 31, 2020
Liabilities
Current portion of notes payable	$	2,145	$	1,073	$	2,145	$	1,073
Notes payable, net of current portion	10,339		11,414		10,339		11,414
Total liabilities	$	12,484	$	12,487	$	12,484	$	12,487

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions On December 5, 2017, the Company entered into a loan agreement with its Chief Executive Officer (CEO) to provide a loan of $595 thousand. The loan had a seven-year term. As of March 31, 2021, no amount remained outstanding on the loan. As of March 31, 2020, the outstanding balance of $595 thousand was recorded on the Condensed Consolidated Balance Sheets within other non-current assets.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Initial Public Offering On April 20, 2021, the Company closed its IPO and issued 27,878,787 shares of its common stock at a price of $18.00 per share for approximate net proceeds of $462.6 million, after deducting underwriting discounts and commissions of $35.1 million and expenses of $4.1 million. In connection with the IPO, all shares of Series A, B, C and D convertible preferred stock converted into 115,598,018 shares of Class A common stock. Stock Split In April 2021, the Board of Directors approved a 1.5-for-1 forward stock split of the Company’s common and convertible preferred stock. Each shareholder of record on April 9, 2021 received 1.5 shares for each then-held share. The split proportionally increased the authorized shares and did not change the par values of the Company’s stock. The split affected all stockholders uniformly and did not affect any stockholder's ownership percentage of the Company's shares of Common Stock. All shares and per share amounts presented within these condensed consolidated financial statements were adjusted to reflect the forward stock split for all periods presented. Equity Plans In April 2021, the Company’s Board of Directors adopted, and its stockholders approved, the 2021 Equity Incentive Plan (the “2021 Plan”), which became effective in connection with the closing of the Company’s IPO. A total of 16,186,000 shares of the Company’s Class A common stock have been reserved for issuance under the 2021 Plan in addition to any shares of Class A common stock outstanding under the 2016 Plan that expire are withheld by the Company for payment of an exercise price or for satisfying tax withholding obligations, or are forfeited to the Company due to failure to vest, subject to an addition of a maximum of 19,479,146 shares. The number of shares of Class A common stock reserved for future issuance under the 2021 Plan will also be increased pursuant to provisions for annual automatic evergreen increases. In April 2021, the Company’s Board of Directors adopted, and its stockholders approved, the 2021 Employee Stock Purchase Plan (the “2021 ESPP”), which became effective in connection with the closing of the Company’s IPO. A total of 3,238,000 shares of the Company’s Class A common stock have been reserved for issuance under the 2021 ESPP. In addition, the number of shares reserved for future issuance under the 2021 ESPP will be increased for annual automatic evergreen increases. Class A and B Common Shares Authorization In April 2021, the Company’s Board of Directors authorized two classes of common stock, Class A and Class B. The rights of the holders of Class A and B common stock are identical, except with respect to voting and conversion. Each share of Class A common stock is entitled to one vote per share. Each share of Class B common stock is entitled to ten votes per share and is convertible at any time into one share of Class A common stock. All Class B common stock is held by Christopher Gibson, Ph.D., our Chief Executive Officer, or his affiliate. Dr. Gibson and his affiliate hold outstanding shares of Class B common stock representing approximately 38% of the voting power of the Company’s outstanding shares. This voting power may increase over time as Dr. Gibson vests in and exercises equity awards outstanding. If all the equity awards held by Dr. Gibson had been fully vested and exercised and exchanged for shares of Class B common stock as of the date of the IPO, Dr. Gibson and his affiliate would hold approximately 42% of the voting power of the Company’s outstanding shares. As a result, Dr. Gibson will be able to significantly influence any action requiring the approval of Recursion stockholders, including the election of the board of directors, the adoption of amendments to the Company’s certificate of incorporation and bylaws, and the approval of any merger, consolidation, sale of all or substantially all of the Company’s assets, or other major corporate transaction.

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of presentation and emerging growth company	Basis of Presentation The unaudited interim condensed consolidated financial statements of Recursion have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Accordingly, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP) have been condensed or omitted. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes for the year ended December 31, 2020 included in the Company’s final prospectus dated as of April 15, 2021 and filed with the Securities and Exchange Commission (SEC) pursuant to Rule 424(b)(4) on April 16, 2020. In April 2021, the Company completed a 1.5-for-1 forward stock split of common and convertible preferred stock. All shares presented within these condensed consolidated financial statements were adjusted to reflect the forward stock split for all periods presented. See Note 16, “Subsequent Events” for additional details. It is management’s opinion that these financial statements include all normal and recurring adjustments necessary for a fair presentation of the Company’s financial position, operating results and cash flows. Revenues and net loss for any interim period are not necessarily indicative of future or annual results. Certain reclassifications were made to conform the prior period interim condensed consolidated financial statements to the current period presentation. Emerging Growth Company The Company is an emerging growth company (EGC), as defined by the Jumpstart Our Business Startups Act of 2012 (the JOBS act). The JOBS Act, exempts EGCs from being required to comply with new or revised financial accounting standards until private companies are required to comply. Recursion has elected to use the extended transition period for new or revised financial accounting standards. However, the Company may adopt certain new or revised accounting standards early. This may make comparisons of the Company’s financial statements with other public companies difficult because of the potential differences in accounting standards used. Recursion may remain an EGC until December 31, 2026 although if we: (1) become a “large accelerated filer;” (2) have annual gross revenues of $1.07 billion or more in any fiscal year; or (3) issue more than $1.0 billion of non-convertible debt over a three-year period, the Company would cease to be an EGC as of December 31 of the applicable year.
Recent accounting pronouncements	Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-02, Leases -Topic 842 (ASU 2016-02). Under Topic 842, the Company will be required to recognize a lease liability and a right-of-use asset for all leases (with the exception of short-term leases) at the commencement date of each lease. ASU 2016-02 is effective for annual and interim periods beginning on or after December 15, 2021 and early adoption is permitted. The Company must adopt the standard using the modified retrospective approach either: (1) as of the earliest period presented and through the comparative periods in the entity’s financial statements or (2) as of the effective date of ASC 842, with a cumulative-effect adjustment to equity. The Company expects the adoption to materially increase assets and liabilities on the Condensed Consolidated Balance Sheets related to those leases classified as operating and not recognized on the Balance Sheets under current GAAP. The Company is continuing to evaluate the effect that ASU 2016-02 will have on its consolidated financial statements and related disclosures. The Company will adopt the new standard on January 1, 2022.

Supplemental Financial Information (Tables)

3 Months Ended

Mar. 31, 2021

Supplemental Financial Information [Abstract]

Schedule of property and equipment

Property and Equipment


	March 31,		December 31,
(in thousands)	2021		2020
Lab equipment	$	21,234	$	19,701
Leasehold improvements	13,792		13,792
Office equipment	18,994		1,075
Construction in progress	2,016		1,361
Property and equipment, gross	56,036		35,929
Less: Accumulated depreciation	(11,394)		(9,962)
Property and equipment, net	$	44,642	$	25,967

Schedule of accrued expenses and other liabilities

Accrued Expenses and Other Liabilities


	March 31,		December 31,
(in thousands)	2021		2020
Accrued compensation	$	1,800	$	3,085
Accrued development expenses	1,073		2,289
Accrued administrative expenses	2,487		10
Accrued other expenses	5,725		5,101
Accrued expense and other liabilities	$	11,085	$	10,485

Interest income and expense disclosure

Interest Expense, net


	Three months ended March 31,
(in thousands)	2021		2020
Interest expense	$	249	$	301
Interest income	(16)		(220)
Interest expense, net	$	233	$	81

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of finite-lived intangible assets

The following table summarizes intangible assets:


	March 31, 2021						December 31, 2020
(in thousands)	Gross carrying amount		Accumulated Amortization		Net carrying amount		Gross carrying amount		Accumulated Amortization		Net carrying amount
Definite-lived intangible asset	$	911	$	(202)	$	709	$	911	$	(127)	$	784
Indefinite-lived intangible asset	904		—		904		904		—		904

Schedule of indefinite-lived intangible assets

The following table summarizes intangible assets:


	March 31, 2021						December 31, 2020
(in thousands)	Gross carrying amount		Accumulated Amortization		Net carrying amount		Gross carrying amount		Accumulated Amortization		Net carrying amount
Definite-lived intangible asset	$	911	$	(202)	$	709	$	911	$	(127)	$	784
Indefinite-lived intangible asset	904		—		904		904		—		904

Notes Payable (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of debt

Notes payable for the Midcap loan agreement and tenant improvement allowance consisted of the following:


	March 31,		December 31,
(in thousands)	2021		2020
Current portion of notes payable	$	2,145	$	1,073
Long-term portion of notes payable	10,522		11,615
Less: unamortized issuance costs	(183)		(201)
Notes payable, net	$	12,484	$	12,487

Schedule of maturities of long-term debt

The following table presents information regarding the Company’s debt principal repayment obligations as of March 31, 2021:


(in thousands)	Amount
2021	$	1,053
2022	4,052
2023	4,059
2024	3,059
2025	112
Thereafter	346
Total debt principal payments	$	12,681

Commitment and Contingencies (Tables)

3 Months Ended

Mar. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Lessee, operating lease, liability, maturity

Future minimum commitments as of March 31, 2021 under the Company’s lease agreements are as follows:


(in thousands)	Amount
2021	$	2,911
2022	4,963
2023	7,344
2024	7,371
2025	7,560
Thereafter	33,214
Total Minimum Payments	$	63,363

Convertible Preferred Stock (Tables)

3 Months Ended

Mar. 31, 2021

Temporary Equity [Abstract]

Schedule of temporary equity

Convertible Preferred Stock consisted of the following as of March 31, 2021 and December 31, 2020:



(in thousands except share data)	Preferred Shares Authorized	Preferred Shares Issued and Outstanding	Carrying Value		Liquidation Preferences		Shares of Common Stock Issuable Upon Conversion
Series A	30,078,402	29,965,754	$	21,281	$	21,281	29,965,754
Series A-1	4,975,521	4,975,520	—		—		4,975,520
Series B	21,497,667	21,471,898	59,913		60,000		21,471,898
Series C	18,956,354	18,776,345	119,915		122,058		22,286,298
Series D	45,926,769	36,898,548	247,203		247,511		36,898,548
Total convertible preferred stock	121,434,713	112,088,065	$	448,312	$	450,850	115,598,018

Common Stock (Tables)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Schedule of stock by class

Additionally, the Company has reserved the following shares of common stock for issuance as of March 31, 2021:


			Shares
Conversion of series A preferred stock			29,965,754
Conversion of series A-1 preferred stock			4,975,520
Conversion of series B preferred stock			21,471,898
Conversion of series C preferred stock			22,286,298
Conversion of series D preferred stock			36,898,548
Conversion of series A warrants			112,647
Conversion of series B warrants			25,762
Conversion of series C warrants			213,646
2016 equity incentive plan			25,686,958
Key personnel incentive plan			1,601,566
Total shares of common stock reserved for issuance			143,238,597

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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+ Details

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Share-based Payment Arrangement, Option, Activity

Stock option activity during the three months ended March 31, 2021 was as follows:


(in thousands except share data)	Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (In Years)	Aggregate Intrinsic Value
Outstanding as of 12/31/2020	20,937,443	$	1.85	8.5	$	12,956
Granted	1,849,311	4.44
Cancelled	384,540	2.33
Exercised	1,722,027	1.25			4,455
Outstanding as of March 31, 2021	20,680,187	$	2.14	8.5	$	50,346
Exercisable as of March 31, 2021	6,365,727	$	1.20	6.9	$	21,450
Non-vested options as of March 31, 2021	14,314,460	$	2.55	9.2	$	28,897

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The following weighted-average assumptions were used to calculate the grant-date fair value of employee stock options:


	Three months ended March 31,
	2021	2020
Expected term (in years)	6.1	6.2
Expected volatility	66%	65%
Expected dividend yield	—	—
Risk-free interest rate	0.78%	1.33%

Summary of Stock-based Compensation Expenses

The following table presents the classification of stock-based compensation expense for employees and non-employees within the Condensed Consolidated Statements of Operations and Comprehensive Loss:


	Three months ended March 31,
(in thousands)	2021		2020
Research and development	$	628	$	688
General and administrative	$	1,070	$	577
Total	$	1,698	$	1,265

Summary of Warrants Outstanding

The following tables summarize the Series A and B warrants outstanding as of March 31, 2021:


(in thousands except share data)
Series A	Grant Date	Number of Warrants	Exercise Price		Fair Value as of March 31, 2021		Fair Value as of December 31, 2020
2017 Warrants	12/19/2016	84,486	$	0.71	$	56,232	$	58,000
2018 Warrants	5/27/2017	28,161	$	0.71	$	18,743	$	19,000


(in thousands except share data)
Series B	Grant Date	Number of Warrants	Exercise Price		Fair Value as of March 31, 2021		Fair Value as of December 31, 2020
2019 Warrants	7/9/2018	25,762	$	2.79	$	45,499	$	48,000

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The fair value of the warrants was calculated using the Black-Scholes option-pricing model with the following weighted average assumptions:


	Three months ended March 31,
	2021	2020
Expected term (in years)	6.16	7.12
Expected volatility	66%	66%
Expected dividend yield	—	—
Risk-free interest rate	1.20%	0.70%

Summary Of Changes In Company's Warrant Liability

The following is a summary of the changes in the Company’s Series A and B warrant liability balance during the three months ended March 31, 2021 and 2020:


(in thousands)
Balance as of December 31, 2019	$	128
Net decrease in fair value of warrants	(10)
Balance as of March 31, 2020	$	118

Balance as of December 31, 2020	$	125
Net decrease in fair value of warrants	(5)
Balance as of March 31, 2021	$	120

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss per Share

The following table sets forth the computation of basic and diluted net loss per share:


	Three months ended March 31,
(in thousands, except share amounts)	2021		2020
Numerator:
Net loss	$	(30,717)	$	(18,424)
Denominator:
Weighted average common shares outstanding	23,035,623		21,639,891
Net loss per share, basic and diluted	$	(1.33)	$	(0.85)

Schedule of Antidilutive Securities Excluded from Computation of Net Loss Per Share

The Company excluded the following potential common shares from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:


	Three months ended March 31,
	2021	2020
Convertible preferred stock	115,598,018	78,699,470
Options to purchase common stock	4,706,313	3,373,642
Warrants	122,358	115,029
Total	120,426,689	82,188,141

Fair Value Measures and Disclosures (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables summarize the Company’s assets and liabilities that are measured at fair value on a recurring basis:


			Basis of fair value measurement
(in thousands)	March 31, 2021		Level 1		Level 2		Level 3
Assets
Cash and equivalents	$	214,088	$	214,088	$	—	$	—
Restricted cash	5,042		5,042		—		—
Total assets	$	219,130	$	219,130	$	—	$	—
Liabilities
Warrant liability	$	120	$	—	$	—	$	120
Total liabilities	$	120	$	—	$	—	$	120


			Basis of fair value measurement
(in thousands)	December 31, 2020		Level 1		Level 2		Level 3
Assets
Cash and equivalents	$	262,126	$	262,126	$	—	$	—
Restricted cash	5,041		5,041		—		—
Total assets	$	267,167	$	267,167	$	—	$	—
Liabilities
Warrant liability	$	125	$	—	$	—	$	125
Total liabilities	$	125	$	—	$	—	$	125

Fair Value Disclosure of Asset and Liability Not Measured at Fair Value

The following tables summarize the Company’s assets and liabilities that are not measured at fair value:


	Book values				Fair values
(in thousands)	March 31, 2021		December 31, 2020		March 31, 2021		December 31, 2020
Liabilities
Current portion of notes payable	$	2,145	$	1,073	$	2,145	$	1,073
Notes payable, net of current portion	10,339		11,414		10,339		11,414
Total liabilities	$	12,484	$	12,487	$	12,484	$	12,487

Description of the Business (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ 244,318	$ 213,601

Basis of Presentation (Details)	1 Months Ended
Basis of Presentation (Details)	Apr. 30, 2021
Subsequent Event
Subsequent Event [Line Items]
Stock split, conversion ratio	1.5

Supplemental Financial Information - PPE (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 56,036		$ 35,929
Less: Accumulated depreciation	(11,394)		(9,962)
Property and equipment, net	44,642		25,967
Depreciation	1,400	$ 1,000
Lab equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	21,234		19,701
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	13,792		13,792
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	18,994		1,075
Property and equipment additions	17,900
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,016		$ 1,361

Supplemental Financial Information - Accruals (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Supplemental Financial Information [Abstract]
Accrued compensation	$ 1,800	$ 3,085
Accrued development expenses	1,073	2,289
Accrued administrative expenses	2,487	10
Accrued other expenses	5,725	5,101
Accrued expenses and other liabilities	$ 11,085	$ 10,485

Supplemental Financial Information - Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Supplemental Financial Information [Abstract]
Interest expense	$ 249	$ 301
Interest income	(16)	(220)
Interest expense, net	233	$ 81
Debt issuance costs	$ 3,000

Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 801
Gross carrying amount	911		$ 911
Accumulated Amortization	(202)		(127)
Net carrying amount	709		784
Indefinite-lived intangible asset	904		$ 904
Amortization expense	$ 76	$ 0

Notes Payable - Midcap Financial (Details) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
Notes Payable - Midcap Financial (Details) $ in Thousands	Sep. 30, 2019 USD ($)	Mar. 31, 2021 USD ($) monthlyPayment	Dec. 31, 2019 USD ($)	Dec. 31, 2020 USD ($)
Midcap loan agreement, tranche 1 \| Line of credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 11,900
Midcap loan agreement, tranche 2 \| Line of credit
Debt Instrument [Line Items]
Maximum borrowing capacity	15,000
Midcap loan agreement \| Line of credit
Debt Instrument [Line Items]
Maximum borrowing capacity	26,900
Line of credit outstanding		$ 11,900		$ 11,900
Debt instrument, number of periodic payments \| monthlyPayment		36
Debt instrument, periodic payment, principal		$ 330
Debt instrument, additional interest only period		12 months
Interest rate increase in case of contract breach		2.00%
Payments of fees in connection with the midcap loan agreement			$ 298
Midcap loan agreement \| Line of credit \| London Interbank Offered Rate (LIBOR) \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		2.00%
Midcap loan agreement \| Line of credit \| London Interbank Offered Rate (LIBOR) \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		5.75%
Pacific Western Bank loan \| Loans payable
Debt Instrument [Line Items]
Repayments of debt	$ 11,200

Notes Payable - Pacific Western (Details) - Letter of credit - Pacific Western letter of credit - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	May 31, 2018
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 3.8
Line of credit outstanding	$ 3.8	$ 3.8
Restricted cash	$ 4.0	$ 4.0

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Notes Payable - Convertible Notes (Details) - USD ($) $ in Millions	1 Months Ended
	Sep. 30, 2020	Mar. 31, 2020
Debt Instrument [Line Items]
Shares issued in the period, upon conversion (in shares)	1,203,231
Stock issued during the period, value of conversion of convertible securities	$ 1.6
Convertible notes payable
Debt Instrument [Line Items]
Debt instrument, face amount		$ 6.0

Notes Payable - Notes Payable for Tenant Improvement Allowance (Details) - Notes payable - Station 41 lease $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($)
Debt Instrument [Line Items]
Proceeds from issuance of long-term debt	$ 992
Debt instrument, term	10 years
Debt Instrument, interest rate	8.00%

Notes Payable - Current/Noncurrent (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total liabilities	$ 12,681
Notes payable
Debt Instrument [Line Items]
Current portion of notes payable	2,145	$ 1,073
Notes payable, net of current portion	10,522	11,615
Less: unamortized issuance costs	(183)	(201)
Total liabilities	$ 12,484	$ 12,487

Notes Payable - Principal Repayments (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Debt Disclosure [Abstract]
2021	$ 1,053
2022	4,052
2023	4,059
2024	3,059
2025	112
Thereafter	346
Total liabilities	$ 12,681

Commitment and Contingencies - Narrative (Details) $ in Thousands	1 Months Ended		3 Months Ended		12 Months Ended
	Jan. 31, 2021 USD ($) ft²	Aug. 31, 2017 extensionPeriod	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2019	Aug. 31, 2019	Dec. 31, 2017 USD ($)	Aug. 31, 2016 USD ($)
Lessee, Lease, Description [Line Items]
Rent expense			$ 1,300	$ 988
Station 41
Lessee, Lease, Description [Line Items]
Lease term	10 years					7 years
Incentive from lessor	$ 10,100
Size of additional leased asset \| ft²	91,478
Total minimum payments	$ 32,400
Milpitas
Lessee, Lease, Description [Line Items]
Lease term							9 years
Station 41 lease \| Notes payable
Lessee, Lease, Description [Line Items]
Proceeds from issuance of long-term debt					$ 992
Debt Instrument, interest rate					8.00%
Komas
Lessee, Lease, Description [Line Items]
Lease term									7 years
Incentive from lessor									$ 847
Lease incentive, payable			343
Station 41
Lessee, Lease, Description [Line Items]
Lease term		10 years
Incentive from lessor								$ 4,000
Lease incentive, payable			$ 2,700
Number of renewal options \| extensionPeriod		1
Operating lease, renewal term		5 years

Commitment and Contingencies - Minimum payments (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2021	$ 2,911
2022	4,963
2023	7,344
2024	7,371
2025	7,560
Thereafter	33,214
Total Minimum Payments	$ 63,363

Convertible Preferred Stock (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Preferred Units [Line Items]
Preferred shares authorized (in shares)	121,434,713	121,434,713
Preferred shares issued (in shares)	112,088,065	112,088,065
Preferred shares outstanding (in shares)	112,088,065	112,088,065	75,189,517	75,189,517
Carrying Value	$ 448,312	$ 448,312	$ 201,109	$ 201,109
Liquidation Preferences	$ 450,850	$ 450,850
Shares of common stock issuable upon conversion (in shares)	115,598,018	115,598,018
Series A
Preferred Units [Line Items]
Preferred shares authorized (in shares)	30,078,402	30,078,402
Preferred shares issued (in shares)	29,965,754	29,965,754
Preferred shares outstanding (in shares)	29,965,754	29,965,754
Carrying Value	$ 21,281	$ 21,281
Liquidation Preferences	$ 21,281	$ 21,281
Shares of common stock issuable upon conversion (in shares)	29,965,754	29,965,754
Series A-1
Preferred Units [Line Items]
Preferred shares authorized (in shares)	4,975,521	4,975,521
Preferred shares issued (in shares)	4,975,520	4,975,520
Preferred shares outstanding (in shares)	4,975,520	4,975,520
Carrying Value	$ 0	$ 0
Liquidation Preferences	$ 0	$ 0
Shares of common stock issuable upon conversion (in shares)	4,975,520	4,975,520
Series B
Preferred Units [Line Items]
Preferred shares authorized (in shares)	21,497,667	21,497,667
Preferred shares issued (in shares)	21,471,898	21,471,898
Preferred shares outstanding (in shares)	21,471,898	21,471,898
Carrying Value	$ 59,913	$ 59,913
Liquidation Preferences	$ 60,000	$ 60,000
Shares of common stock issuable upon conversion (in shares)	21,471,898	21,471,898
Series C
Preferred Units [Line Items]
Preferred shares authorized (in shares)	18,956,354	18,956,354
Preferred shares issued (in shares)	18,776,345	18,776,345
Preferred shares outstanding (in shares)	18,776,345	18,776,345
Carrying Value	$ 119,915	$ 119,915
Liquidation Preferences	$ 122,058	$ 122,058
Shares of common stock issuable upon conversion (in shares)	22,286,298	22,286,298
Series D
Preferred Units [Line Items]
Preferred shares authorized (in shares)	45,926,769	45,926,769
Preferred shares issued (in shares)	36,898,548	36,898,548
Preferred shares outstanding (in shares)	36,898,548	36,898,548
Carrying Value	$ 247,203	$ 247,203
Liquidation Preferences	$ 247,511	$ 247,511
Shares of common stock issuable upon conversion (in shares)	36,898,548	36,898,548

Common Stock - Schedule of Stock by Class (Details) - shares	Mar. 31, 2021	Aug. 31, 2016
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	143,238,597
2016 Equity incentive plan
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	25,686,958	25,686,958
Key personnel incentive plan
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	1,601,566
Conversion of series A warrants
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	112,647
Conversion of series B warrants
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	25,762
Conversion of series C warrants
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	213,646
Series A
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	29,965,754
Series A-1
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	4,975,520
Series B
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	21,471,898
Series C
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	22,286,298
Series D
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	36,898,548

Common Stock - Narrative (Details) - shares	Mar. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Common stock, shares authorized (in shares)	188,400,000	188,400,000
Common stock, shares issued (in shares)	24,036,725	22,314,685
Common stock, shares outstanding (in shares)	24,036,725	22,314,685

Collaborative and Other Research and Development Contracts - Bayer AG (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Aug. 31, 2020 USD ($) project	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Current portion of unearned revenue		$ 10,000	$ 10,000
Unearned revenue, net of current portion		14,167	$ 16,667
Bayer AG \| Collaborative arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative agreement, term	5 years
Number of projects that may be initiated \| project	10
Non-refundable upfront payment received	$ 30,000
Revenue from contract with customer		2,500
Current portion of unearned revenue		10,000
Unearned revenue, net of current portion		$ 14,200
Research project, fees and milestones payments receivable for an option on a lead series	100,000
Research project, fees and milestones payments receivable for an option on a development candidate	$ 120,000

Collaborative and Other Research and Development Contracts - The National Institute of Health (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2018	Dec. 31, 2020
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from grants	$ 2,562	$ 60
Grant revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from grants	62	60
The National Institute Of Health \| Collaborative arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative agreement, potential funding			$ 1,400
Collaborative agreement, potential funding remaining	395
Grants receivable	62			$ 140
The National Institute Of Health \| Collaborative arrangement \| Grant revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from grants	$ 62	$ 60

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Stock-Based Compensation - Stock options (Details) - USD ($)		3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2017	Aug. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	143,238,597	143,238,597
Options granted in period, weighted average grant date fair value (in dollars per share)		$ 2.63	$ 1.33
Options, granted in period (in shares)		1,849,311
Share-based payment arrangement, expense		$ 1,698,000	$ 1,265,000
Options, outstanding, number (in shares)	20,680,187	20,680,187		20,937,443
Unvested stock options, unamortized stock-based compensation cost	$ 22,000,000.0	$ 22,000,000.0
Unvested stock options, unamortized stock-based compensation cost, weighted average period recognition	2 years 11 months 23 days
Share-based Payment Arrangement, Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options, granted in period (in shares)		0	0	120,000	330,000
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, vesting period		4 years
Stock options, expiration period		10 years
Performance Shares \| Share-based Payment Arrangement, Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options, granted in period (in shares)		150,000
Options, granted in period, fair value		$ 358,000
Share-based payment arrangement, expense		$ 0	$ 0
Options, outstanding, number (in shares)	1,500,000	1,500,000
Options, outstanding, estimated fair value at grand date	$ 2,000,000.0	$ 2,000,000.0
Key personnel incentive plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)	0	0		0
Common stock, capital shares reserved for future issuance (in shares)	1,601,566	1,601,566
2016 Equity incentive plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)	3,684,798	3,684,798
Common stock, capital shares reserved for future issuance (in shares)	25,686,958	25,686,958				25,686,958

Stock-Based Compensation - Schedule of Share-based Payment Arrangement, Option, Activity (Details) $ / shares in Units, $ in Thousands			3 Months Ended
	Mar. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Mar. 31, 2021 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Options, outstanding, number at beginning of period (in shares) \| shares			20,937,443
Options, granted in period (in shares) \| shares			1,849,311
Options, cancelled in period (in shares) \| shares			384,540
Options, exercised in period (in shares) \| shares			1,722,027
Options, outstanding, number at end of period (in shares) \| shares	20,680,187	20,937,443	20,680,187
Options, exercisable, number (in shares) \| shares	6,365,727		6,365,727
Options, non-vested, number (in shares) \| shares	14,314,460		14,314,460
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Options, outstanding, weighted average exercise price at beginning of period (in dollars per share) \| $ / shares			$ 1.85
Options, grants in period, weighted average exercise price (in dollars per share) \| $ / shares			4.44
Options, cancelled in period, weighted average exercise price (in dollars per share) \| $ / shares			2.33
Options, exercised in period, weighted average exercise price (in dollars per share) \| $ / shares			1.25
Options, outstanding, weighted average exercise price at end of period (in dollars per share) \| $ / shares	$ 2.14	$ 1.85	2.14
Options, exercisable, weighted average exercise price (in dollars per share) \| $ / shares	1.20		1.20
Options, non-vested, weighted average exercise price (in dollars per share) \| $ / shares	$ 2.55		$ 2.55
Options, outstanding, weighted average remaining contractual life	8 years 6 months	8 years 6 months
Options, exercisable, weighted average remaining contractual life	6 years 10 months 24 days
Options, non-vested, weighted average remaining contractual life	9 years 2 months 12 days
Options, outstanding, intrinsic value \| $	$ 50,346	$ 12,956	$ 50,346
Options, exercised in period, intrinsic value \| $			4,455
Options, exercisable, intrinsic value \| $	21,450		21,450
Options, non-vested, intrinsic value \| $	$ 28,897		$ 28,897

Stock-Based Compensation - Schedule of Share-based Payment Award, Stock Options, Valuation Assumption (Details)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 28 days	7 years 1 month 13 days
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 6 days	6 years 2 months 12 days
Expected volatility	66.00%	65.00%
Expected dividend yield	0.00%	0.00%
Risk-free interest rate	0.78%	1.33%

Stock-Based Compensation - Summary of Stock-based Compensation Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, expense	$ 1,698	$ 1,265
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, expense	628	688
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, expense	$ 1,070	$ 577

Stock-Based Compensation - Warrants (Details) - Warrants Issued In January 2020 - Series C - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended
	Mar. 31, 2021	Jan. 31, 2020
Warrants Arrangements [Line Items]
Warrants issued (in shares)		180,000
Warrants, exercise price (in dollars per share)		$ 6.50
Warrants, vesting period		18 months
Warrants outstanding (in shares)	139,999
Warrants, grand date fair value (in dollars per share)	$ 4.10
Unvested warrants, unamortized stock-based compensation cost	$ 158
Unvested warrants, unamortized stock-based compensation cost, weighted average period recognition	4 months

Stock-Based Compensation - Summary of Warrants Outstanding (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
2017 Warrants
Warrants Arrangements [Line Items]
Warrants outstanding (in shares)	84,486
Warrants, exercise price (in dollars per share)	$ 0.71
Warrants, fair value	$ 56,232	$ 58,000
2018 Warrants
Warrants Arrangements [Line Items]
Warrants outstanding (in shares)	28,161
Warrants, exercise price (in dollars per share)	$ 0.71
Warrants, fair value	$ 18,743	19,000
2019 Warrants
Warrants Arrangements [Line Items]
Warrants outstanding (in shares)	25,762
Warrants, exercise price (in dollars per share)	$ 2.79
Warrants, fair value	$ 45,499	$ 48,000

Stock-Based Compensation - Schedule of Warrants, Valuations Assumptions (Details)	Mar. 31, 2021	Mar. 31, 2020
Expected volatility
Warrants Arrangements [Line Items]
Warrants and rights outstanding, measurement input	0.66	0.66
Expected dividend yield
Warrants Arrangements [Line Items]
Warrants and rights outstanding, measurement input	0	0
Risk-free interest rate
Warrants Arrangements [Line Items]
Warrants and rights outstanding, measurement input	0.0120	0.0070

Stock-Based Compensation - Summary Of Changes In Company's Warrant Liability (Details) - Mandatorily Redeemable Preferred Stock - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of warrants at beginning of period	$ 125	$ 128
Net decrease in fair value of warrants	(5)	(10)
Fair value of warrants at end of period	$ 120	$ 118

Employee Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Retirement Benefits [Abstract]
Employee benefit plan, percentage of maximum annual contributions per employee	4.00%
Employee benefit plan, percentage of matching contribution	100.00%
Employee benefit plan, employer matching contribution, percentage of employees' gross pay	4.00%
Employee benefit plan, employer expenses	$ 281	$ 199

Income Taxes (Details) - USD ($)	3 Months Ended
Income Taxes (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income tax expense	$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Net Loss Per Share - Schedule of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net loss, basic	$ (30,717)	$ (18,424)
Net loss, diluted	$ (30,717)	$ (18,424)
Denominator:
Weighted average common shares outstanding, basic (in shares)	23,035,623	21,639,891
Weighted average common shares outstanding, diluted (in shares)	23,035,623	21,639,891
Net loss per share, basic (in dollars per shares)	$ (1.33)	$ (0.85)
Net loss per share, diluted (in dollars per shares)	$ (1.33)	$ (0.85)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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+ Details

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Net Loss Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of loss per share, amount (in shares)	120,426,689	82,188,141
Convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of loss per share, amount (in shares)	115,598,018	78,699,470
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of loss per share, amount (in shares)	4,706,313	3,373,642
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of loss per share, amount (in shares)	122,358	115,029

Fair Value Measures and Disclosures - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Letter of credit \| Pacific Western letter of credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Restricted cash	$ 4.0	$ 4.0

Fair Value Measures and Disclosures - Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and equivalents	$ 214,088	$ 262,126
Restricted cash	5,042	5,041
Total assets	219,130	267,167
Warrant liability	120	125
Financial and Nonfinancial Liabilities, Fair Value Disclosure	120	125
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and equivalents	214,088	262,126
Restricted cash	5,042	5,041
Total assets	219,130	267,167
Warrant liability	0	0
Financial and Nonfinancial Liabilities, Fair Value Disclosure	0	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and equivalents	0	0
Restricted cash	0	0
Total assets	0	0
Warrant liability	0	0
Financial and Nonfinancial Liabilities, Fair Value Disclosure	0	0
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and equivalents	0	0
Restricted cash	0	0
Total assets	0	0
Warrant liability	120	125
Financial and Nonfinancial Liabilities, Fair Value Disclosure	$ 120	$ 125

Fair Value Measures and Disclosures - Asset and Liability Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Notes payable
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Current portion of notes payable	$ 2,145	$ 1,073
Notes payable, net of current portion	10,522	11,615
Book values
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total liabilities	12,484	12,487
Book values \| Notes payable
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Current portion of notes payable	2,145	1,073
Notes payable, net of current portion	10,339	11,414
Fair values
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total liabilities	12,484	12,487
Fair values \| Notes payable
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Current portion of notes payable	2,145	1,073
Notes payable, net of current portion	$ 10,339	$ 11,414

Related Party Transactions (Details) - Chief Executive Officer - USD ($)	Dec. 05, 2017	Mar. 31, 2021	Mar. 31, 2020
Related Party Transaction [Line Items]
Loans and Leases Receivable, Related Parties	$ 595,000	$ 0	$ 595,000
Debt instrument, term	7 years

Subsequent Events (Details) $ / shares in Units, $ in Millions		1 Months Ended
	Apr. 20, 2021 USD ($) $ / shares shares	Apr. 30, 2021 shares	Sep. 30, 2020 shares
Subsequent Event [Line Items]
IPO, convertible preferred stock converted into shares of common stock			1,203,231
Subsequent Event
Subsequent Event [Line Items]
Stock split, conversion ratio		1.5
Subsequent Event \| Christopher Gibson and his affiliates
Subsequent Event [Line Items]
Affiliated holders, ownership percentage		0.38
Affiliated holders, potential ownership percentage when outstanding equity awards vest		0.42
Subsequent Event \| 2021 Equity Incentive Plan \| Common Class A
Subsequent Event [Line Items]
Equity plans, number of shares authorized		16,186,000
Subsequent Event \| 2021 Equity Incentive Plan \| Maximum
Subsequent Event [Line Items]
Equity plans, number of additional shares authorized		19,479,146
Subsequent Event \| 2021 Employee Stock Purchase Plan \| Common Class A
Subsequent Event [Line Items]
Equity plans, number of shares authorized		3,238,000
Subsequent Event \| IPO
Subsequent Event [Line Items]
IPO, number of shares issued	27,878,787
Price per share \| $ / shares	$ 18.00
IPO, net proceeds received \| $	$ 462.6
IPO, underwriting discounts and commissions \| $	35.1
IPO, expenses costs \| $	$ 4.1
IPO, convertible preferred stock converted into shares of common stock	115,598,018