0001601830-21-000023 | 10-Q | XBRL Viewer | Recursion Pharmaceuticals INC

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Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2021	Oct. 31, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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	Yes
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 Central Index Key	0001601830
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		159,525,190
Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		9,467,883

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 394,721	$ 262,126
Restricted cash	10,233	5,041
Accounts receivable	34	156
Other receivables	2,248	0
Investments	184,189	0
Other current assets	9,445	2,155
Total current assets	600,870	269,478
Property and equipment, net	55,439	25,967
Intangible assets, net	2,262	2,490
Other non-current assets	35	650
Total assets	658,606	298,585
Current liabilities
Accounts payable	6,326	1,074
Accrued expenses and other liabilities	25,113	10,485
Current portion of unearned revenue	10,000	10,000
Current portion of notes payable	88	1,073
Current portion of lease incentive obligation	1,416	467
Total current liabilities	42,943	23,099
Deferred rent	3,348	2,674
Unearned revenue, net of current portion	9,167	16,667
Notes payable, net of current portion	656	11,414
Lease incentive obligation, net of current portion	3,460	2,708
Total liabilities	59,574	56,562
Commitments and contingencies (Note 8)
Convertible preferred stock (series A, A-1, B, C and D), $0.00001 par value; 200,000,000 and 121,434,713 shares authorized as of September 30, 2021 and December 31, 2020, respectively; 0 and 112,088,065 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively; liquidation preference of $0 and $450,850 as of September 30, 2021 and December 31, 2020, respectively	0	448,312
Stockholders’ equity (deficit)
Common stock (Class A and B), $0.00001 par value; 2,000,000,000 (Class A 1,989,032,117, Class B 10,967,883) and 188,400,000 shares authorized as of September 30, 2021 and December 31, 2020, respectively; 168,634,959 (Class A 159,167,076, Class B 9,467,883) and 22,314,685 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively	2	0
Additional paid-in capital	934,175	7,312
Accumulated deficit	(335,147)	(213,601)
Accumulated other comprehensive income	2	0
Total stockholders’ equity (deficit)	599,032	(206,289)
Total liabilities, convertible preferred stock and stockholders’ equity (deficit)	$ 658,606	$ 298,585

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 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)	200,000,000	121,434,713
Convertible preferred stock, shares issued (in shares)	0	112,088,065
Convertible preferred stock, shares outstanding (in shares)	0	112,088,065
Convertible preferred stock, liquidation preference	$ 0	$ 450,850
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	2,000,000,000	188,400,000
Common stock, shares issued (in shares)	168,634,959	22,314,685
Common sock, shares outstanding (in shares)	168,634,959	22,314,685
Class A
Common stock, shares authorized (in shares)	1,989,032,117
Common stock, shares issued (in shares)	159,167,076
Common sock, shares outstanding (in shares)	159,167,076
Class B
Common stock, shares authorized (in shares)	10,967,883
Common stock, shares issued (in shares)	9,467,883
Common sock, shares outstanding (in shares)	9,467,883

Condensed Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue
Revenue	$ 2,534	$ 1,025	$ 7,645	$ 1,271
Operating expenses
Research and development	33,246	16,535	86,979	42,621
General and administrative	15,690	6,964	38,481	17,684
Total operating expenses	48,936	23,499	125,460	60,305
Loss from operations	(46,402)	(22,474)	(117,815)	(59,034)
Other loss, net	(1,026)	(1,399)	(3,731)	(2,206)
Net loss	$ (47,428)	$ (23,873)	$ (121,546)	$ (61,240)
Per share data
Net loss per share of Class A and B common stock, basic (in dollars per share)	$ (0.28)	$ (1.09)	$ (1.10)	$ (2.82)
Net loss per share of Class A and B common stock, diluted (in dollars per share)	$ (0.28)	$ (1.09)	$ (1.10)	$ (2.82)
Weighted average shares outstanding, basic (in shares)	168,533,550	21,817,900	110,513,231	21,704,008
Weighted average shares outstanding, diluted (in shares)	168,533,550	21,817,900	110,513,231	21,704,008
Grant revenue
Revenue
Revenue	$ 34	$ 163	$ 145	$ 409
Operating revenue
Revenue
Revenue	$ 2,500	$ 862	$ 7,500	$ 862

Condensed Consolidated Statements of Comprehensive Loss (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (47,428)	$ (23,873)	$ (121,546)	$ (61,240)
Unrealized gains on investments	2	0	2	0
Net realized losses (gains) on investments reclassified into net loss	0	0	0	0
Other comprehensive income	2	0	2	0
Comprehensive loss	$ (47,426)	$ (23,873)	$ (121,544)	$ (61,240)

- 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

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit) (unaudited) - USD ($) $ in Thousands	Total	Series A and Series B Warrants	Convertible preferred stock	Common Stock (Class A and B)	Common Stock (Class A and B) Series A and Series B Warrants	Common Stock (Class A and B) Convertible preferred stock	Additional Paid-in-Capital	Additional Paid-in-Capital Series A and Series B Warrants	Additional Paid-in-Capital Convertible preferred stock	Accumulated Deficit	Accumulated other comprehensive income
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
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Series D Convertible preferred stock inclusive of the convertible notes, net of issuance costs of $228 (in shares)			35,349,630
Issuance of Series D convertible preferred stock inclusive of the convertible notes, net of issuance costs of $228			$ 236,813
Temporary equity, shares outstanding at end of period (in shares) at Sep. 30, 2020	110,539,147
Temporary equity, carrying amount attributable to parent at end of period at Sep. 30, 2020	$ 437,922
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	(61,240)									(61,240)
Other comprehensive income	0
Stock option exercises and other (in shares)				296,883
Stock option exercises and other	227						227
Stock-based compensation	3,203						3,203
Common stock, shares outstanding at end period (in shares) at Sep. 30, 2020				21,934,492
Total stockholders’ equity (deficit) at end of period at Sep. 30, 2020	$ (182,075)			$ 0			5,760			(187,835)
Temporary equity, shares outstanding at beginning of period (in shares) at Jun. 30, 2020	75,189,517
Temporary equity, carrying amount attributable to parent at beginning of period at Jun. 30, 2020	$ 201,109
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Series D Convertible preferred stock inclusive of the convertible notes, net of issuance costs of $228 (in shares)			35,349,630
Issuance of Series D convertible preferred stock inclusive of the convertible notes, net of issuance costs of $228	$ 236,813
Temporary equity, shares outstanding at end of period (in shares) at Sep. 30, 2020	110,539,147
Temporary equity, carrying amount attributable to parent at end of period at Sep. 30, 2020	$ 437,922
Common stock, shares outstanding at beginning period (in shares) at Jun. 30, 2020				21,652,277
Total stockholders’ equity (deficit) at beginning of period at Jun. 30, 2020	(159,438)			$ 0			4,524			(163,962)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(23,873)									(23,873)
Other comprehensive income	0
Stock option exercises and other (in shares)				282,215
Stock option exercises and other	211						211
Stock-based compensation	1,025						1,025
Common stock, shares outstanding at end period (in shares) at Sep. 30, 2020				21,934,492
Total stockholders’ equity (deficit) at end of period at Sep. 30, 2020	$ (182,075)			$ 0			5,760			(187,835)
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
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of preferred stock to common stock (in shares)	(112,088,065)
Conversion of preferred stock to common stock	$ (448,312)
Temporary equity, shares outstanding at end of period (in shares) at Sep. 30, 2021	0
Temporary equity, carrying amount attributable to parent at end of period at Sep. 30, 2021	$ 0
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)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(121,546)									(121,546)
Other comprehensive income	2										2
Common stock issuance for initial public offering, net of issuance costs (in shares)				27,878,787
Common stock issuance for initial public offering, net of issuance costs	$ 462,354			$ 1			462,353
Conversion of preferred stock to common stock (in shares)					129,963	115,598,018
Conversion of preferred stock to common stock and stock warrant exercises		$ 2,340	$ 448,312			$ 1		$ 2,340	$ 448,311
Stock option exercises and other (in shares)	2,711,021			2,713,506
Stock option exercises and other	$ 3,359						3,359
Stock-based compensation	$ 10,500						10,500
Common stock, shares outstanding at end period (in shares) at Sep. 30, 2021	168,634,959			168,634,959
Total stockholders’ equity (deficit) at end of period at Sep. 30, 2021	$ 599,032			$ 2			934,175			(335,147)	2
Temporary equity, shares outstanding at beginning of period (in shares) at Jun. 30, 2021	0
Temporary equity, carrying amount attributable to parent at beginning of period at Jun. 30, 2021	$ 0
Temporary equity, shares outstanding at end of period (in shares) at Sep. 30, 2021	0
Temporary equity, carrying amount attributable to parent at end of period at Sep. 30, 2021	$ 0
Common stock, shares outstanding at beginning period (in shares) at Jun. 30, 2021				168,425,907
Total stockholders’ equity (deficit) at beginning of period at Jun. 30, 2021	642,714			$ 2			930,431			(287,719)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(47,428)									(47,428)
Other comprehensive income	2										2
Stock option exercises and other (in shares)				209,052
Stock option exercises and other	382						382
Stock-based compensation	$ 3,362						3,362
Common stock, shares outstanding at end period (in shares) at Sep. 30, 2021	168,634,959			168,634,959
Total stockholders’ equity (deficit) at end of period at Sep. 30, 2021	$ 599,032			$ 2			$ 934,175			$ (335,147)	$ 2

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit) (unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Statement of Stockholders' Equity [Abstract]
Issuance costs	$ 228	$ 228

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Net loss	$ (121,546)	$ (61,240)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	6,169	2,818
Stock-based compensation	10,501	3,104
Asset impairment	0	874
Loss on debt extinguishment	827	883
Other, net	2,940	309
Changes in operating assets and liabilities:
Accounts receivable	114	(30,048)
Other receivables and assets	(6,860)	(677)
Unearned revenue	(7,500)	29,167
Accounts payable	5,252	37
Accrued development expense	1,524	(195)
Accrued expenses, deferred rent and other current liabilities	11,123	996
Net cash used in operating activities	(97,456)	(53,972)
Cash flows from investing activities
Purchases of property and equipment	(35,334)	(2,144)
Acquisition of a business	0	(2,600)
Purchases of investments	(184,167)	0
Proceeds from note receivable	0	595
Net cash used in investing activities	(219,501)	(4,149)
Cash flows from financing activities
Proceeds from initial public offering of common stock, net of issuance costs	462,901	0
Proceeds from sale of preferred stock, net of issuance costs	0	229,530
Proceeds from equity incentive plans	4,620	227
Repayment of long-term debt	(12,777)	(57)
Proceeds from convertible notes	0	6,400
Net cash provided by financing activities	454,744	236,100
Net change in cash, cash equivalents and restricted cash	137,787	177,979
Cash, cash equivalents and restricted cash, beginning of period	267,167	75,171
Cash, cash equivalents and restricted cash, end of period	404,954	253,150
Supplemental disclosure of non—cash investing and financing information
Conversion of preferred stock to common stock	448,312	0
Conversion of convertible notes to equity	0	8,071
Deferred issuance costs recorded in equity	547	0
Accrued property and equipment	413	42
Supplemental disclosure of cash flow information
Cash paid for interest	$ 665	$ 823

Description of the Business	9 Months Ended
Description of the Business	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business	Description of the Business Recursion Pharmaceuticals, Inc. (Recursion, the Company, we, us or our) was originally formed as a limited liability company on November 4, 2013 under the name Recursion Pharmaceuticals, LLC. In September 2016, we converted to a Delaware corporation and 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 September 30, 2021, the Company had an accumulated deficit of $335.1 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 through the issuance of convertible preferred stock (see Note 9, “Convertible Preferred Stock” for additional details) and the issuance of Class A common stock in an Initial Public Offering (IPO), which was completed in April 2021 (see Note 10, “Common Stock” for additional details). Recursion will likely be required to raise additional capital. As of September 30, 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. The Company believes that the net proceeds from the IPO, together with the Company’s existing cash and cash equivalents and borrowings available to it, will be sufficient to fund the Company’s operating expenses and capital expenditures for at least the next 12 months.

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 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 SEC pursuant to Rule 424(b)(4) on April 16, 2021. 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 10, “Common Stock” for additional details. In April 2021, the Company’s Board of Directors authorized two classes of common stock, Class A and Class B. Certain shares of Class A were exchanged for Class B on a one-for-one basis. The creation and issuance of the Class B common stock did not affect the loss per share for the Class A or Class B shares for any period. The Company presented the 2021 net loss per share amounts as if the authorization and exchange occurred as of the start of the 2021 reporting period. See Note 10, “Common Stock” for additional details. It is management’s opinion that these condensed consolidated financial statements include all normal and recurring adjustments necessary for a fair presentation of the Company’s financial statements. Revenues and net loss for any interim period are not necessarily indicative of future or annual results. 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, although 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 the earlier of (1) December 31, 2026; (2) December 31 of the year in which we (a) become a “large accelerated filer;” or (b) have annual gross revenues of $1.07 billion or more; or (3) the date on which we have issued more than $1.0 billion of non-convertible debt over a three-year period. Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, Leases (ASU 2016-02). Under ASC (Accounting Standards Codification) 842 - Leases, 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) on its Condensed Consolidated Balance Sheet at the commencement date of each lease. ASC 842 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 Condensed Consolidated Balance Sheets under current GAAP. The Company is continuing to evaluate the effect that ASC 842 will have on its consolidated financial statements and related disclosures. The Company will adopt the new standard on January 1, 2022.

Acquisitions

9 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Acquisitions

In July 2020, the Company entered into an asset purchase agreement to purchase 100% of the assets of Vium, Inc. (Vium) for a total cash consideration of $2.6 million. The primary purpose of the acquisition was to obtain Vium’s technology. This was a related party transaction, see Note 16, “Related Party Transactions” for additional details. The acquisition of Vium has been accounted for as a business combination using the acquisition method of accounting.

The following table summarizes fair values of assets acquired as of the July 2020 acquisition date:


(in thousands)
Inventory	$	232
Property and equipment	14
Technology intangible asset	911
Other intangibles assets	642
Total identifiable net assets	1,799
Goodwill	801
Total assets acquired	$	2,600

The results of operations of Vium have been included in our Condensed Consolidated Statements of Operations since the date the business was acquired and were not significant. The technology intangible asset is being amortized on a straight-line basis over its three-year useful life. The inventory and other intangible assets were fully impaired at the time they were acquired as the Company did not intend to use them.

The goodwill includes the value of potential future technologies as well as the overall strategic benefits provided to the business.

Supplemental Financial Information

9 Months Ended

Sep. 30, 2021

Supplemental Financial Information [Abstract]

Supplemental Financial Information

Property and Equipment


	September 30,		December 31,
(in thousands)	2021		2020
Lab equipment	$	29,664	$	19,701
Leasehold improvements	13,795		13,792
Office equipment	20,005		1,075
Construction in progress	8,198		1,361
Property and equipment, gross	71,662		35,929
Less: Accumulated depreciation	(16,223)		(9,962)
Property and equipment, net	$	55,439	$	25,967

Depreciation expense on property and equipment was $2.5 million and $6.3 million during the three and nine months ended September 30, 2021, respectively, and $1.1 million and $3.1 million during the three and nine months ended September 30, 2020, respectively.

For the nine months ended September 30, 2021, the Company purchased a Dell EMC supercomputer for $17.9 million. The purchase was classified as office equipment in the above table.

Accrued Expenses and Other Liabilities


	September 30,		December 31,
(in thousands)	2021		2020
Accrued compensation	$	7,261	$	3,085
Accrued development expenses	3,813		2,289
Accrued early discovery expenses	1,520		338
Accrued investment purchases	5,898		—
Accrued construction	996		—
Accrued other expenses	5,625		4,773
Accrued expense and other liabilities	$	25,113	$	10,485

Interest Expense, net


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2021		2020		2021		2020
Interest expense	$	220	$	401	$	2,971	$	1,129
Interest income	(50)		(46)		(94)		(290)
Interest expense, net	$	170	$	355	$	2,877	$	839

For the nine months ended September 30, 2021, interest expense primarily related to changes in fair value of the Series A and B warrants (see Note 12, “Stock-based Compensation” for additional details on the warrants). The Company also had expenses for the Midcap loan and tenant improvement allowance notes (see Note 7, “Notes Payable” for additional details.) For the nine months ended September 30, 2020, interest expense included expenses on the Midcap loan, convertible notes and tenant improvement allowance notes (see Note 7, “Notes Payable” for additional details). Interest expense was included in “Other loss, net” on the Condensed Consolidated Statements of Operations.

Investments

9 Months Ended

Sep. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Investments

In August 2021, the Company invested cash in an investment portfolio. The primary objectives of the investment portfolio are to preserve principal, maintain prudent levels of liquidity and obtain investment returns. Recursion’s investment policy limits investments to certain types of debt and money market instruments issued by institutions with investment-grade credit ratings and it places restrictions on maturities and concentration by asset class and issuer.

The Company reviews the investments for declines in fair value below their cost basis each quarter or whenever circumstances indicate that the cost basis of an asset may not be recoverable and assesses whether the decline was due to credit-related factors or other factors. The evaluation is based on a number of factors, including the extent to which the fair value is below the cost basis; adverse conditions related specifically to the security, such as any changes to the credit rating of the security; and the intent to sell, or whether Recursion will more likely than not be required to sell the security before recovery of its amortized cost basis. The assessment of whether a security is impaired could change in the future based on new developments or changes in assumptions related to that particular security.

The following table summarizes the Company’s available-for-sale investments by type of security:


	September 30, 2021
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair values
Money market funds	$	187,225	$	—	$	—	$	187,225
Corporate bonds	5,886		—		(1)		5,885
Certificates of deposit	21,450		1		(1)		21,450
Commercial paper	191,348		10		(7)		191,351
Total	$	405,909	$	11	$	(9)	$	405,911

The following table summarizes the classification of the Company’s available-for-sale investments on the Condensed Consolidated Balance Sheets:


(in thousands)	September 30, 2021
Cash and cash equivalents	$	221,722
Short-term investments	184,189
Total	$	405,911

As of September 30, 2021, all of the Company’s available-for-sale investments mature in one year or less. The Company held a total of 16 positions, which were in an unrealized loss position as of September 30, 2021. The unrealized losses were primarily due to changes in interest rates. There were no significant unrealized losses as of September 30, 2021. Realized gains and losses on the Company’s investments were insignificant during the three and nine months ended September 30, 2021. No impairments were recorded during the three and nine months ended September 30, 2021. Realized gains and losses on interest-bearing securities are recorded in Other income, net, in the Condensed Consolidated Statements of Income.

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

The carrying amount of goodwill was $801 thousand as of September 30, 2021. There were no changes to the carrying amount of goodwill during the three and nine months ended September 30, 2021. For the three and nine months ended September 30, 2020, the goodwill addition related to the purchase of Vium (see Note 3, “Acquisitions” for additional details on the acquisition). No goodwill impairment was recorded during the three and nine months ended September 30, 2021 and 2020.

Intangible Assets, Net

The following table summarizes intangible assets:


	September 30, 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	$	(354)	$	557	$	911	$	(127)	$	784
Indefinite-lived intangible asset	904		—		904		904		—		904
Intangible assets, net	$	1,815	$	(354)	$	1,461	$	1,815	$	(127)	$	1,688

Amortization expense was $76 thousand and $228 thousand during the three and nine months ended September 30, 2021, respectively. Amortization expense was $51 thousand during the three and nine months ended September 30, 2020. Amortization expense was included in research and development in the Condensed Consolidated Statements of Operations.

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 and nine months ended September 30, 2021. There were no indefinite-lived intangible assets on the Condensed Consolidated Balance Sheet as of September 30, 2020.

Notes Payable

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

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 provided for a term loan facility that included an initial tranche of $11.9 million. The Company used $11.2 million of the proceeds from the initial tranche to fully repay a previously outstanding term loan with Pacific Western Bank (Pacific). In July 2021, the Company paid the balance due under the Midcap loan agreement. The total amount paid was $12.7 million. The Company recorded an early extinguishment loss of $996 thousand, which was included in “Other expense, net” on the Condensed Consolidated Statements of Operations. As of December 31, 2020, the outstanding principal balance under the Midcap loan agreement was $11.9 million.

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 were amortized to interest expense over the expected 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. This letter of credit was transferred to J.P. Morgan during the nine months ended September 30, 2021. See Note 15, “Fair Value Measurements” for additional details. As of December 31, 2020, the outstanding letter of credit was $3.8 million, for which the Company held $4.0 million of restricted cash as collateral.

Convertible Notes

In March and April of 2020, the Company issued convertible promissory notes for an aggregate principal amount of $6.4 million. Under certain conditions, the principal was convertible into 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. These notes converted to 1,203,231 shares of Series D Preferred Stock in September 2020. 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. Changes in the fair value of the derivative were recorded in “Other loss, net” in the Condensed Consolidated Statements of Operations and were $161 thousand and $484 thousand during the three and nine months ended September 30, 2020.

Notes Payable for Tenant Improvement Allowance

In 2018, the Company borrowed $992 thousand, which was available as part of the Station 41 lease from its landlord for use on tenant improvements (see Note 8, “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 consisted of the following:


	September 30,		December 31,
(in thousands)	2021		2020
Current portion of notes payable	$	88	$	1,073
Long-term portion of notes payable	656		11,615
Less: unamortized issuance costs	—		(201)
Notes payable, net	$	744	$	12,487

The following table presents information regarding the Company’s debt principal repayment obligations as of September 30, 2021:


(in thousands)	Amount
2021	$	21
2022	90
2023	97
2024	105
2025	114
Thereafter	317
Total debt principal payments	$	744

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2021, total rent

expense was $1.7 million and $4.4 million, respectively. For the three and nine months ended September 30, 2020, total rent expense was $1.1 million and $3.2 million, respectively. The leases described below are classified as operating leases.

Komas Lease

In August 2016, the Company entered into 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 September 30, 2021, the unamortized lease incentive obligation was $282 thousand.

Station 41 Lease

In August 2017, the Company entered into 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. 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 amount 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. The Company recorded a leasehold obligation for tenant improvements, which is being amortized over the term of the lease as a reduction to rent expense. As of September 30, 2021, the unamortized lease incentive obligation was $2.5 million.

In 2018, the Company elected to draw an additional tenant improvement loan of $992 thousand available under 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 note 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 seven 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.

Milpitas Lease

In August 2019, the Company entered into 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.

Station 56 Lease

In January 2021, the Company entered into a new facilities lease with 91,478 square feet adjacent to the Station 41 lease. The right of use began in August 2021 and the term of the lease is approximately 11 years with a five-year renewal option. The lease includes provisions for escalating rent payments, with total minimum payments of $32.0 million. Rent expense is recognized straight-line over the term of the lease.

The lease includes a tenant improvement allowance of up to approximately $10.1 million. As of September 30, 2021, $2.2 million of the tenant improvement allowance has been utilized. Tenant improvements were recorded as property and equipment and are being depreciated over the remaining term of the lease. The Company recorded a leasehold obligation for the tenant improvements, which is being amortized over the term of the lease as a reduction to rent expense. As of September 30, 2021, the unamortized lease incentive obligation was $2.1 million.

Future Minimum Lease Payments

Future minimum commitments as of September 30, 2021 under the Company’s lease agreements are as follows:


(in thousands)	Amount
2021	$	977
2022	3,977
2023	7,053
2024	7,325
2025	7,513
Thereafter	34,187
Total Minimum Payments	$	61,032

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 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 reimbursement to the Company for covered obligations and this is intended to limit the Company’s exposure and enable it to recover a portion of any amounts it pays under its indemnification obligations. The Company had no liabilities recorded for these agreements as of September 30, 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 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. An unfavorable resolution of any such matter could materially affect the Company’s future financial position, results of operations or cash flows.

Convertible Preferred Stock

9 Months Ended

Sep. 30, 2021

Temporary Equity [Abstract]

Convertible Preferred Stock

The Company has issued preferred stock as part of various financing events. In April 2021, all outstanding shares of convertible preferred stock converted into 115,598,018 shares of Class A common stock as part of the IPO (see Note 10, “Common Stock” for additional details on the IPO). There was no convertible preferred stock outstanding as of September 30, 2021.

No convertible preferred stock was issued during the three and nine months ended September 30, 2021. The Company issued 35,349,630 shares of Series D convertible preferred stock for an aggregate purchase price of $235.2 million ($6.70 per purchased share and $5.37 per converted share) during the three and nine months ended September 30, 2020. As part of the Series D issuance, outstanding convertible notes were converted into Series D shares. As of September 30, 2020, there were no cumulative dividends owed or in arrears on the preferred stock.

Convertible preferred stock consisted of the following as of 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

Balance Sheet Classification

The Company’s convertible preferred stock was classified outside of stockholders’ equity (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 was not redeemable, except in the event of a deemed liquidation event.

Common Stock	9 Months Ended
Common Stock	Sep. 30, 2021
Equity [Abstract]
Common Stock	Common Stock Each share of Class A common stock entitles the holder to one vote per share and each share of Class B common stock entitles the holder to 10 votes per share 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 September 30, 2021 and December 31, 2020, no dividends had been declared. Initial Public Offering On April 20, 2021, the Company closed its IPO and issued 27,878,787 shares of its Class A common stock at a price of $18.00 per share for net proceeds of $462.4 million, after deducting underwriting discounts and commissions of $35.1 million and other offering costs of $4.3 million. In connection with the IPO, all shares of 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. 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 10 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 (CEO), or his affiliate. As of September 30, 2021, Dr. Gibson and his affiliate held outstanding shares of Class B common stock representing approximately 37% 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 September 30, 2021, Dr. Gibson and his affiliate would hold approximately 41% 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.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Collaborative Development Contracts	9 Months Ended
Collaborative Development Contracts	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaborative Development Contracts	Collaborative 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 10 research projects related to fibrosis across multiple organ systems, including the 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 and nine months ended September 30, 2021, the Company recognized $2.5 million and $7.5 million, respectively, of revenue resulting from the collaboration. There was $10.0 million and $9.2 million of current and non-current unearned revenue, respectively, remaining as of September 30, 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 milestone payments payable 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.

Stock-Based Compensation

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

In April 2021, the Board of Directors and the stockholders of the Company adopted the 2021 Equity Incentive Plan (the 2021 Plan). Under the 2021 Plan, 16,186,000 shares of Class A common stock were reserved. Additionally, shares were reserved for all outstanding awards under the previous 2016 Plan. The Company may grant stock options, restricted stock units (RSUs), stock appreciation rights, restricted stock awards and other forms of stock-based compensation.

As of September 30, 2021, 15,580,505 shares of Class A common stock were available for grant.

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


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2021		2020		2021		2020
Research and development	$	1,305	$	312	$	3,000	$	1,288
General and administrative	1,791		512		6,771		1,570
Total	$	3,096	$	824	$	9,771	$	2,858

Stock Options

Stock options generally vest over four years and expire no later than 10 years from the date of grant. Stock option activity during the nine months ended September 30, 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 December 31, 2020	20,937,443	$	1.85	8.5	$	12,956
Granted	2,840,467	10.77
Cancelled	(1,203,239)	2.24
Exercised	(2,711,021)	1.22			14,376
Outstanding as of September 30, 2021	19,863,650	$	3.03	8.2	$	396,084
Exercisable as of September 30, 2021	7,963,568	$	1.71	7.2	$	169,803

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 nine months ended September 30, 2021 and 2020 were $6.41 and $1.49, respectively.

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


	Nine months ended September 30,
	2021		2020
Expected term (in years)	6.2		6.2
Expected volatility	66	%	65	%
Expected dividend yield	—		—
Risk-free interest rate	0.97	%	1.00	%

In February 2021, the Company granted 150,000 shares of stock options with a performance and service condition that had a fair value of $358 thousand. The grant was fully expensed during the three months ended June 30, 2021 as the performance and service conditions were met.

In March 2020, the Company granted 1,500,000 shares of stock options with performance, market and service conditions. At grant date, the Company estimated that the fair value of the options was approximately $2.0 million. For the three and nine months ended September 30, 2021, $41 thousand and $1.6 million of expense was recorded, respectively, as several of the conditions were met during the three months ended June 30, 2021. For the three and nine months ended September 30, 2020, no expense was recorded as the performance conditions were not considered probable.

As of September 30, 2021, $27.9 million of unrecognized compensation cost related to stock options is expected to be recognized as expense over approximately the next three years.

RSUs

In April 2021, Recursion redesigned certain aspects of its long-term incentive program. As a result, equity awards granted to employees since the redesign generally consist of a combination of stock options and RSUs. RSUs awarded to employees pursuant to the 2021 Plan generally vest over four years. The weighted-average grant-date fair value of RSUs generally is determined based on the number of units granted and the quoted price of Recursion’s common stock on the date of grant.

The following table summarizes Recursion’s RSU activity during the nine months ended September 30, 2021:


	Stock units	Weighted-average grant date fair value
Outstanding as of December 31, 2020	—	$	—
Granted	143,723	29.46
Vested	(2,528)	34.82
Forfeited	(673)	29.42
Outstanding as of September 30, 2021	140,522	$	29.36

As of September 30, 2021, $3.6 million of unrecognized compensation cost related to RSUs is expected to be recognized as expense over approximately the next three years.

Employee Share Purchase Plan (ESPP)

In April 2021, the Board of Directors and stockholders of the Company adopted the 2021 Employee Stock Purchase Plan (the 2021 ESPP). Under the 2021 ESPP, 3,238,000 shares of Class A common stock were reserved. The 2021 ESPP has consecutive six-month offering periods. The offering periods are scheduled to start on the first trading day on or after May 20 and November 20 of each year, except the first offering period, which commenced on the Plan Effectiveness Date and will end on the first trading day on or after November 20, 2021. The second offering period will commence on the first trading day on or after November 20, 2021. The per share purchase price will be 85% of the lower of the fair market value on (1) the first trading day of the offering period or (2) the exercise date.

The fair value of the ESPP grants is measured at grant date. The fair value is determined considering the purchase discount and the fair value of the look-back feature. Black-Scholes pricing models are used to calculate the fair value of the look-back feature. The weighted-average assumptions used in the Black-Scholes models were as follows:


	Nine months ended September 30, 2021
Expected term (in years)	0.6
Expected volatility	69	%
Expected dividend yield	—
Risk-free interest rate	0.04	%

As of September 30, 2021, no shares were issued under the 2021 ESPP. For the three and nine months ended September 30, 2021, Recursion recognized expense of $233 thousand and $450 thousand, respectively. As of September 30, 2021, $136 thousand of unrecognized compensation cost related to the 2021 ESPP is expected to be recognized as expense over approximately the next two months.

Warrants

In connection with the execution of the Pacific loan agreement (see Note 7, “Notes Payable” for additional details), the Company issued to Pacific fully vested warrants to purchase 84,486 shares of Series A Preferred Stock (Series A warrants) at a purchase price of $0.71 per share. In May 2017, the Company drew on additional borrowing capacity under the Pacific loan agreement, which required the Company to issue additional fully vested warrants for 28,161 shares of Series A Preferred Stock at a purchase price of $0.71 per share. These Series A warrants were exercised in April 2021. As of December 31, 2020, their fair value was $77 thousand.

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 25,762 shares of Series B Preferred Stock (Series B warrants) at a purchase price of $2.79 per share. These Series B warrants were exercised in April 2021. As of December 31, 2020, their fair value was $48 thousand.

In January 2020, the Company issued warrants to purchase 180,000 shares of Series C Preferred Stock (Series C warrants) at a purchase price of $6.51 per share as part of a services agreement. The warrants vest ratably over 18

months. The Series C warrants remained outstanding and were fully vested and exercisable as of September 30, 2021. The grant date fair value was $4.10 per share.

The FASB has issued accounting guidance on the classification of freestanding warrants and other similar instruments for shares that are redeemable (either puttable or mandatorily redeemable). The guidance requires liability classification for certain warrants that are exercisable into convertible preferred stock. The initial fair values of the 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 remeasured the Series A and B warrants on each Condensed Consolidated Balance Sheet date. The change in valuation was recorded in the Condensed Consolidated Statements of Operations in “Other loss, net.” The liability was recorded to equity upon the exercise of the Series A and B warrants.

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

The following is a summary of the changes in the Company’s Series A and B warrant liability balance during the nine months ended September 30, 2021 and 2020:


(in thousands)
Balance as of December 31, 2019	$	128
Net increase in fair value of warrants	2
Balance as of September 30, 2020	$	130

Balance as of December 31, 2020	$	125
Increase in fair value of warrants	2,215
Recorded in equity upon exercise	(2,340)
Balance as of September 30, 2021	$	—

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company did not record any income tax expense during the three and nine months ended September 30, 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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+ Details

Net Loss Per Share

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Net Loss Per Share

For the three and nine months ended September 30, 2021, Recursion calculated net loss per share of Class A and Class B common stock using the two-class method. Basic net loss per share is computed using the weighted-average number of shares outstanding during the period. Diluted net loss per share is computed using the weighted-average number of shares and the effect of potentially dilutive securities outstanding during the period. Potentially dilutive securities consist of stock options and other contingently issuable shares. For periods presented in which the Company reports a net loss, all potentially dilutive shares are anti-dilutive and as such are excluded from the calculation. For the three and nine months ended September 30, 2021, the Company reported a net loss and therefore basic and diluted loss per share are the same.

The rights, including the liquidation and dividend rights, of the holders of the Company’s Class A and Class B common stock are identical, except with respect to voting. As a result, the undistributed earnings for each period are allocated based on the contractual participation rights of the Class A and Class B common shares as if the earnings for the period had been distributed. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis and the resulting amount per share for Class A and Class B common stock was the same during the three and nine months ended September 30, 2021.

Recursion issued certain shares of convertible preferred stock that were outstanding until April 2021 and were concluded to be participating securities. For the three and nine months ended September 30, 2020, there was only one class of common stock outstanding. Due to the presence of participating securities, Recursion calculated net loss per share for the three and nine months ended September 30, 2020 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 and nine months ended September 30, 2020, diluted net loss per share was 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 preferred stock converted to common stock in April 2021 as part of the Company’s IPO. See Note 10, “Common stock” for additional details.

The following tables set forth the computation of basic and diluted net loss per share of Class A and Class B common stock during 2021:


	Three months ended				Nine months ended
	September 30, 2021				September 30, 2021
(in thousands, except share amount)	Class A		Class B		Class A		Class B
Numerator:
Allocation of undistributed earnings	$	(44,763)	$	(2,664)	$	(111,133)	$	(10,413)
Denominator:
Weighted average common shares outstanding	159,065,667		9,467,883		101,045,348		9,467,883
Net loss per share, basic and diluted	$	(0.28)	$	(0.28)	$	(1.10)	$	(1.10)

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		Nine months ended
	September 30, 2021		September 30, 2021
	Class A	Class B	Class A	Class B
Convertible preferred stock	—	—	46,324,206	—
Stock options and RSUs	16,764,023	—	15,506,429	—
Warrants	163,958	—	180,479	—
ESPP	37,917	—	5,109	—
Total	16,965,898	—	62,016,223	—

The following table sets forth the computation of basic and diluted net loss per share during 2020:


	Three months ended		Nine months ended
(in thousands, except share amounts)	September 30, 2020
Numerator:
Net loss	$	(23,873)	$	(61,240)
Denominator:
Weighted average common shares outstanding	21,817,900		21,704,008
Net loss per share, basic and diluted	$	(1.09)	$	(2.82)

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	Nine months ended
	September 30, 2020
Convertible preferred stock	89,839,055	82,453,474
Stock options	3,576,910	3,589,986
Warrants	115,107	115,107
Total	93,531,072	86,158,567

Fair Value Measurements

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

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.

The Company is required to maintain a cash 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 J.P. Morgan, which was obtained to secure certain Company obligations relating to tenant improvements.

The Company measured the Series A and B preferred stock warrant liabilities at fair value using a Black-Scholes option-pricing model. See Note 12, “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)	September 30, 2021		Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	187,225		187,225		—		—
Commercial paper	34,497		—		34,497		—
Restricted cash	10,233		10,233		—		—
Investments:
Corporate bonds	5,884		—		5,884		—
Certificates of deposit	21,450		—		21,450		—
Commercial paper	156,854		—		156,854		—
Total assets	$	416,143	$	197,458	$	218,685	$	—


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

In addition to the financial instruments that are 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 instruments are considered to be representative of their approximate fair values.

The following tables summarize the Company’s financial instruments that are not measured at fair value:


	Book values				Fair values
(in thousands)	September 30, 2021		December 31, 2020		September 30, 2021		December 31, 2020
Liabilities
Current portion of notes payable	$	88	$	1,073	$	88	$	1,073
Notes payable, net of current portion	656		11,414		656		11,414
Total liabilities	$	744	$	12,487	$	744	$	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	9 Months Ended
Related Party Transactions	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions On December 5, 2017, the Company entered into a loan agreement with its CEO to provide a loan of $595 thousand. The loan had a seven-year term. As of September 30, 2021 and 2020, no amount remained outstanding on the loan as the balance was fully paid during the nine months ended September 30, 2020. The acquisition of Vium was a related party transaction due to the fact that Vium was affiliated with certain investors of the Company. See Note 3, “Acquisitions” for additional details on the acquisition.

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 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 SEC pursuant to Rule 424(b)(4) on April 16, 2021. 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 10, “Common Stock” for additional details. In April 2021, the Company’s Board of Directors authorized two classes of common stock, Class A and Class B. Certain shares of Class A were exchanged for Class B on a one-for-one basis. The creation and issuance of the Class B common stock did not affect the loss per share for the Class A or Class B shares for any period. The Company presented the 2021 net loss per share amounts as if the authorization and exchange occurred as of the start of the 2021 reporting period. See Note 10, “Common Stock” for additional details. It is management’s opinion that these condensed consolidated financial statements include all normal and recurring adjustments necessary for a fair presentation of the Company’s financial statements. Revenues and net loss for any interim period are not necessarily indicative of future or annual results. 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, although 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 the earlier of (1) December 31, 2026; (2) December 31 of the year in which we (a) become a “large accelerated filer;” or (b) have annual gross revenues of $1.07 billion or more; or (3) the date on which we have issued more than $1.0 billion of non-convertible debt over a three-year period.
Recent accounting pronouncements	Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, Leases (ASU 2016-02). Under ASC (Accounting Standards Codification) 842 - Leases, 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) on its Condensed Consolidated Balance Sheet at the commencement date of each lease. ASC 842 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 Condensed Consolidated Balance Sheets under current GAAP. The Company is continuing to evaluate the effect that ASC 842 will have on its consolidated financial statements and related disclosures. The Company will adopt the new standard on January 1, 2022.

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of the Fair Value of Assets Acquired

The following table summarizes fair values of assets acquired as of the July 2020 acquisition date:


(in thousands)
Inventory	$	232
Property and equipment	14
Technology intangible asset	911
Other intangibles assets	642
Total identifiable net assets	1,799
Goodwill	801
Total assets acquired	$	2,600

Supplemental Financial Information (Tables)

9 Months Ended

Sep. 30, 2021

Supplemental Financial Information [Abstract]

Schedule of property and equipment

Property and Equipment


	September 30,		December 31,
(in thousands)	2021		2020
Lab equipment	$	29,664	$	19,701
Leasehold improvements	13,795		13,792
Office equipment	20,005		1,075
Construction in progress	8,198		1,361
Property and equipment, gross	71,662		35,929
Less: Accumulated depreciation	(16,223)		(9,962)
Property and equipment, net	$	55,439	$	25,967

Schedule of accrued expenses and other liabilities

Accrued Expenses and Other Liabilities


	September 30,		December 31,
(in thousands)	2021		2020
Accrued compensation	$	7,261	$	3,085
Accrued development expenses	3,813		2,289
Accrued early discovery expenses	1,520		338
Accrued investment purchases	5,898		—
Accrued construction	996		—
Accrued other expenses	5,625		4,773
Accrued expense and other liabilities	$	25,113	$	10,485

Interest income and expense disclosure

Interest Expense, net


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2021		2020		2021		2020
Interest expense	$	220	$	401	$	2,971	$	1,129
Interest income	(50)		(46)		(94)		(290)
Interest expense, net	$	170	$	355	$	2,877	$	839

Investments (Tables)

9 Months Ended

Sep. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-Sale Investments by Type of Security

The following table summarizes the Company’s available-for-sale investments by type of security:


	September 30, 2021
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair values
Money market funds	$	187,225	$	—	$	—	$	187,225
Corporate bonds	5,886		—		(1)		5,885
Certificates of deposit	21,450		1		(1)		21,450
Commercial paper	191,348		10		(7)		191,351
Total	$	405,909	$	11	$	(9)	$	405,911

Schedule of Available -for-Sale Investments by Balance Sheet Classification

The following table summarizes the classification of the Company’s available-for-sale investments on the Condensed Consolidated Balance Sheets:


(in thousands)	September 30, 2021
Cash and cash equivalents	$	221,722
Short-term investments	184,189
Total	$	405,911

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of finite-lived intangible assets

The following table summarizes intangible assets:


	September 30, 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	$	(354)	$	557	$	911	$	(127)	$	784
Indefinite-lived intangible asset	904		—		904		904		—		904
Intangible assets, net	$	1,815	$	(354)	$	1,461	$	1,815	$	(127)	$	1,688

Schedule of indefinite-lived intangible assets

The following table summarizes intangible assets:


	September 30, 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	$	(354)	$	557	$	911	$	(127)	$	784
Indefinite-lived intangible asset	904		—		904		904		—		904
Intangible assets, net	$	1,815	$	(354)	$	1,461	$	1,815	$	(127)	$	1,688

Notes Payable (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Schedule of debt

Notes payable consisted of the following:


	September 30,		December 31,
(in thousands)	2021		2020
Current portion of notes payable	$	88	$	1,073
Long-term portion of notes payable	656		11,615
Less: unamortized issuance costs	—		(201)
Notes payable, net	$	744	$	12,487

Schedule of maturities of long-term debt

The following table presents information regarding the Company’s debt principal repayment obligations as of September 30, 2021:


(in thousands)	Amount
2021	$	21
2022	90
2023	97
2024	105
2025	114
Thereafter	317
Total debt principal payments	$	744

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Future Minimum Lease Payments

Future minimum commitments as of September 30, 2021 under the Company’s lease agreements are as follows:


(in thousands)	Amount
2021	$	977
2022	3,977
2023	7,053
2024	7,325
2025	7,513
Thereafter	34,187
Total Minimum Payments	$	61,032

Convertible Preferred Stock (Tables)

9 Months Ended

Sep. 30, 2021

Temporary Equity [Abstract]

Schedule of temporary equity

Convertible preferred stock consisted of the following as of 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

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Summary of Stock-based Compensation Expenses


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2021		2020		2021		2020
Research and development	$	1,305	$	312	$	3,000	$	1,288
General and administrative	1,791		512		6,771		1,570
Total	$	3,096	$	824	$	9,771	$	2,858

Schedule of Share-based Payment Arrangement, Option, Activity

Stock option activity during the nine months ended September 30, 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 December 31, 2020	20,937,443	$	1.85	8.5	$	12,956
Granted	2,840,467	10.77
Cancelled	(1,203,239)	2.24
Exercised	(2,711,021)	1.22			14,376
Outstanding as of September 30, 2021	19,863,650	$	3.03	8.2	$	396,084
Exercisable as of September 30, 2021	7,963,568	$	1.71	7.2	$	169,803

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 stock options:


	Nine months ended September 30,
	2021		2020
Expected term (in years)	6.2		6.2
Expected volatility	66	%	65	%
Expected dividend yield	—		—
Risk-free interest rate	0.97	%	1.00	%

Schedule of Nonvested RSU Activity

The following table summarizes Recursion’s RSU activity during the nine months ended September 30, 2021:


	Stock units	Weighted-average grant date fair value
Outstanding as of December 31, 2020	—	$	—
Granted	143,723	29.46
Vested	(2,528)	34.82
Forfeited	(673)	29.42
Outstanding as of September 30, 2021	140,522	$	29.36

Schedule of Share-based Payment, Award, ESPP, Valuation Assumptions

The weighted-average assumptions used in the Black-Scholes models were as follows:


	Nine months ended September 30, 2021
Expected term (in years)	0.6
Expected volatility	69	%
Expected dividend yield	—
Risk-free interest rate	0.04	%

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 nine months ended September 30, 2021 and 2020:


(in thousands)
Balance as of December 31, 2019	$	128
Net increase in fair value of warrants	2
Balance as of September 30, 2020	$	130

Balance as of December 31, 2020	$	125
Increase in fair value of warrants	2,215
Recorded in equity upon exercise	(2,340)
Balance as of September 30, 2021	$	—

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss per Share

The following tables set forth the computation of basic and diluted net loss per share of Class A and Class B common stock during 2021:


	Three months ended				Nine months ended
	September 30, 2021				September 30, 2021
(in thousands, except share amount)	Class A		Class B		Class A		Class B
Numerator:
Allocation of undistributed earnings	$	(44,763)	$	(2,664)	$	(111,133)	$	(10,413)
Denominator:
Weighted average common shares outstanding	159,065,667		9,467,883		101,045,348		9,467,883
Net loss per share, basic and diluted	$	(0.28)	$	(0.28)	$	(1.10)	$	(1.10)

The following table sets forth the computation of basic and diluted net loss per share during 2020:


	Three months ended		Nine months ended
(in thousands, except share amounts)	September 30, 2020
Numerator:
Net loss	$	(23,873)	$	(61,240)
Denominator:
Weighted average common shares outstanding	21,817,900		21,704,008
Net loss per share, basic and diluted	$	(1.09)	$	(2.82)

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		Nine months ended
	September 30, 2021		September 30, 2021
	Class A	Class B	Class A	Class B
Convertible preferred stock	—	—	46,324,206	—
Stock options and RSUs	16,764,023	—	15,506,429	—
Warrants	163,958	—	180,479	—
ESPP	37,917	—	5,109	—
Total	16,965,898	—	62,016,223	—

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	Nine months ended
	September 30, 2020
Convertible preferred stock	89,839,055	82,453,474
Stock options	3,576,910	3,589,986
Warrants	115,107	115,107
Total	93,531,072	86,158,567

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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)	September 30, 2021		Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	187,225		187,225		—		—
Commercial paper	34,497		—		34,497		—
Restricted cash	10,233		10,233		—		—
Investments:
Corporate bonds	5,884		—		5,884		—
Certificates of deposit	21,450		—		21,450		—
Commercial paper	156,854		—		156,854		—
Total assets	$	416,143	$	197,458	$	218,685	$	—


			Basis of fair value measurement
(in thousands)	December 31, 2020		Level 1		Level 2		Level 3
Assets
Restricted cash	5,041		5,041		—		—
Total assets	$	5,041	$	5,041	$	—	$	—
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 financial instruments that are not measured at fair value:


	Book values				Fair values
(in thousands)	September 30, 2021		December 31, 2020		September 30, 2021		December 31, 2020
Liabilities
Current portion of notes payable	$	88	$	1,073	$	88	$	1,073
Notes payable, net of current portion	656		11,414		656		11,414
Total liabilities	$	744	$	12,487	$	744	$	12,487

Description of the Business (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ (335,147)	$ (213,601)

- Definition

The cumulative amount of the reporting entity's undistributed earnings or deficit.

+ References + Details

Basis of Presentation (Details)		1 Months Ended
Basis of Presentation (Details)	Apr. 09, 2021	Apr. 30, 2021
Class of Stock [Line Items]
Stock split, conversion ratio	1.5	1.5
Common Stock (Class A and B)
Class of Stock [Line Items]
Stock split, conversion ratio		1

Acquisitions (Details) - USD ($) $ in Thousands	1 Months Ended
Acquisitions (Details) - USD ($) $ in Thousands	Jul. 31, 2020	Sep. 30, 2021
Net assets acquired based on fair values:
Goodwill		$ 801
Vium
Business Acquisition [Line Items]
Percentage of business acquired	100.00%
Total consideration transferred	$ 2,600
Net assets acquired based on fair values:
Inventory	232
Property and equipment	14
Other intangibles assets	642
Total identifiable net assets	1,799
Goodwill	801
Total assets acquired	2,600
Vium \| Technology-Based Intangible Assets
Net assets acquired based on fair values:
Technology intangible asset	$ 911
Useful life	3 years

Supplemental Financial Information - PPE (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 71,662		$ 71,662		$ 35,929
Less: Accumulated depreciation	(16,223)		(16,223)		(9,962)
Property and equipment, net	55,439		55,439		25,967
Depreciation	2,500	$ 1,100	6,300	$ 3,100
Lab equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	29,664		29,664		19,701
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	13,795		13,795		13,792
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	20,005		20,005		1,075
Property and equipment additions			17,900
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 8,198		$ 8,198		$ 1,361

Supplemental Financial Information - Accruals (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Supplemental Financial Information [Abstract]
Accrued compensation	$ 7,261	$ 3,085
Accrued development expenses	3,813	2,289
Accrued early discovery expenses	1,520	338
Accrued investment purchases	5,898	0
Accrued construction	996	0
Accrued other expenses	5,625	4,773
Accrued expenses and other liabilities	$ 25,113	$ 10,485

Supplemental Financial Information - Interest (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Supplemental Financial Information [Abstract]
Interest expense	$ 220	$ 401	$ 2,971	$ 1,129
Interest income	(50)	(46)	(94)	(290)
Interest expense, net	$ 170	$ 355	$ 2,877	$ 839

Investments - Type of Security (Details) $ in Thousands	Sep. 30, 2021 USD ($)
Debt Securities, Available-for-sale [Line Items]
Amortized cost	$ 405,909
Gross unrealized gains	11
Gross unrealized losses	(9)
Fair values	405,911
Money market funds
Debt Securities, Available-for-sale [Line Items]
Amortized cost	187,225
Gross unrealized gains	0
Gross unrealized losses	0
Fair values	187,225
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized cost	5,886
Gross unrealized gains	0
Gross unrealized losses	(1)
Fair values	5,885
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized cost	21,450
Gross unrealized gains	1
Gross unrealized losses	(1)
Fair values	21,450
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized cost	191,348
Gross unrealized gains	10
Gross unrealized losses	(7)
Fair values	$ 191,351

Investments - Balance Sheet Classification (Details) $ in Thousands	Sep. 30, 2021 USD ($)
Debt Securities, Available-for-sale [Line Items]
Available for sale investments	$ 405,911
Cash and cash equivalents
Debt Securities, Available-for-sale [Line Items]
Available for sale investments	221,722
Short-term investments
Debt Securities, Available-for-sale [Line Items]
Available for sale investments	$ 184,189

Investments - Narrative (Details)	3 Months Ended	9 Months Ended
Investments - Narrative (Details)	Sep. 30, 2021 USD ($) position	Sep. 30, 2021 USD ($) position
Investments, Debt and Equity Securities [Abstract]
Number of unrealized loss positions (in positions) \| position	16	16
Impairment of available for sale securities \| $	$ 0	$ 0

Goodwill and Intangible Assets (Details) - USD ($)	3 Months Ended		9 Months Ended
Goodwill and Intangible Assets (Details) - USD ($)	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 801,000		$ 801,000
Change in carrying amount of goodwill	0		0
Goodwill impairment	0	$ 0	0	$ 0
Gross carrying amount	911,000		911,000		$ 911,000
Accumulated Amortization	(354,000)		(354,000)		(127,000)
Net carrying amount	557,000		557,000		784,000
Indefinite-lived intangible asset	904,000	0	904,000	0	904,000
Intangible assets, gross	1,815,000		1,815,000		1,815,000
Intangible assets, net	1,461,000		1,461,000		$ 1,688,000
Amortization expense	76,000	$ 51,000	228,000	$ 51,000
Impairment of indefinite-lived intangible assets	$ 0		$ 0

Notes Payable - Midcap Financial (Details) - USD ($) $ in Thousands	1 Months Ended		9 Months Ended		12 Months Ended
	Jul. 31, 2021	Sep. 30, 2019	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2020
Debt Instrument [Line Items]
Loss on debt extinguishment			$ (827)	$ (883)
Midcap loan agreement, tranche 1 \| Line of credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 11,900
Pacific Western Bank loan \| Loans payable
Debt Instrument [Line Items]
Repayments of debt		$ 11,200
Midcap loan agreement \| Line of credit
Debt Instrument [Line Items]
Repayments of debt	$ 12,700
Loss on debt extinguishment	$ (996)
Line of credit outstanding						$ 11,900
Payments of fees in connection with the midcap loan agreement					$ 298

Notes Payable - Pacific Western (Details) - Letter of credit - Pacific Western letter of credit - USD ($) $ in Millions	Dec. 31, 2020	May 31, 2018
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 3.8
Line of credit outstanding	$ 3.8
Restricted cash	$ 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 Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2020	Apr. 30, 2020	Mar. 31, 2020
Debt Instrument [Line Items]
Stock issued during the period, value of conversion of convertible securities	$ 1,600
Convertible notes payable
Debt Instrument [Line Items]
Debt instrument, face amount				$ 6,400	$ 6,400
Shares issued in the period, upon conversion (in shares)	1,203,231
Change in fair value of derivate		$ (161)	$ (484)

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	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total liabilities	$ 744
Notes payable
Debt Instrument [Line Items]
Current portion of notes payable	88	$ 1,073
Notes payable, net of current portion	656	11,615
Less: unamortized issuance costs	0	(201)
Total liabilities	$ 744	$ 12,487

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Notes Payable - Principal Repayments (Details) $ in Thousands	Sep. 30, 2021 USD ($)
Debt Disclosure [Abstract]
2021	$ 21
2022	90
2023	97
2024	105
2025	114
Thereafter	317
Total liabilities	$ 744

- Definition

+ References + Details

Commitments and Contingencies - Narrative (Details) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
	Jan. 31, 2021 USD ($) ft²	Aug. 31, 2017 extensionPeriod	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 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			$ 1,700	$ 1,100	$ 4,400	$ 3,200
Station 41
Lessee, Lease, Description [Line Items]
Lease term								7 years
Milpitas
Lessee, Lease, Description [Line Items]
Lease term									9 years
Station 56
Lessee, Lease, Description [Line Items]
Lease term	11 years
Incentive from lessor			2,200		2,200
Lease incentive, payable			2,100		2,100
Size of leased asset (in square feet) \| ft²	91,478
Total minimum payments	$ 32,000
Tenant improvement allowance	$ 10,100
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			282		282
Station 41
Lessee, Lease, Description [Line Items]
Lease term		10 years
Incentive from lessor										$ 4,000
Lease incentive, payable			$ 2,500		$ 2,500
Number of renewal options (in extension periods) \| extensionPeriod		1
Operating lease, renewal term		5 years
Station 56
Lessee, Lease, Description [Line Items]
Operating lease, renewal term	5 years

Commitments and Contingencies - Minimum payments (Details) $ in Thousands	Sep. 30, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2021	$ 977
2022	3,977
2023	7,053
2024	7,325
2025	7,513
Thereafter	34,187
Total Minimum Payments	$ 61,032

Convertible Preferred Stock - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended	9 Months Ended
	Apr. 20, 2021	Apr. 30, 2021	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Preferred Units [Line Items]
Convertible preferred stock, shares outstanding (in shares)			110,539,147	110,539,147	0	0	112,088,065	75,189,517	75,189,517
Series D
Preferred Units [Line Items]
Convertible preferred stock, shares outstanding (in shares)							36,898,548
Number of shares issued in transaction (in shares)			35,349,630	35,349,630
Consideration received from transaction			$ 235.2	$ 235.2
Price per share (in dollars per share)			$ 6.70	$ 6.70
Price per converted share (in dollars per share)			$ 5.37	$ 5.37
IPO
Preferred Units [Line Items]
Shares issued in the period, upon conversion (in shares)		115,598,018
Number of shares issued in transaction (in shares)	27,878,787
Consideration received from transaction	$ 462.4
Price per share (in dollars per share)	$ 18.00

Convertible Preferred Stock - Summary (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Preferred Units [Line Items]
Preferred shares authorized (in shares)	200,000,000		121,434,713
Preferred shares issued (in shares)	0		112,088,065
Preferred shares outstanding (in shares)	0	0	112,088,065	110,539,147	75,189,517	75,189,517
Carrying Value	$ 0	$ 0	$ 448,312	$ 437,922	$ 201,109	$ 201,109
Liquidation Preferences	$ 0		$ 450,850
Shares of common stock issuable upon conversion (in shares)			115,598,018
Series A
Preferred Units [Line Items]
Preferred shares authorized (in shares)			30,078,402
Preferred shares issued (in shares)			29,965,754
Preferred shares outstanding (in shares)			29,965,754
Carrying Value			$ 21,281
Liquidation Preferences			$ 21,281
Shares of common stock issuable upon conversion (in shares)			29,965,754
Series A-1
Preferred Units [Line Items]
Preferred shares authorized (in shares)			4,975,521
Preferred shares issued (in shares)			4,975,520
Preferred shares outstanding (in shares)			4,975,520
Carrying Value			$ 0
Liquidation Preferences			$ 0
Shares of common stock issuable upon conversion (in shares)			4,975,520
Series B
Preferred Units [Line Items]
Preferred shares authorized (in shares)			21,497,667
Preferred shares issued (in shares)			21,471,898
Preferred shares outstanding (in shares)			21,471,898
Carrying Value			$ 59,913
Liquidation Preferences			$ 60,000
Shares of common stock issuable upon conversion (in shares)			21,471,898
Series C
Preferred Units [Line Items]
Preferred shares authorized (in shares)			18,956,354
Preferred shares issued (in shares)			18,776,345
Preferred shares outstanding (in shares)			18,776,345
Carrying Value			$ 119,915
Liquidation Preferences			$ 122,058
Shares of common stock issuable upon conversion (in shares)			22,286,298
Series D
Preferred Units [Line Items]
Preferred shares authorized (in shares)			45,926,769
Preferred shares issued (in shares)			36,898,548
Preferred shares outstanding (in shares)			36,898,548
Carrying Value			$ 247,203
Liquidation Preferences			$ 247,511
Shares of common stock issuable upon conversion (in shares)			36,898,548

Common Stock - Narrative (Details) $ / shares in Units, $ in Millions			1 Months Ended
	Apr. 20, 2021 USD ($) $ / shares shares	Apr. 09, 2021	Apr. 30, 2021 shares	Sep. 30, 2021 vote
Class of Stock [Line Items]
Stock split, conversion ratio		1.5	1.5
Class A
Class of Stock [Line Items]
Vote per share of common stock (in votes) \| vote				1
Class B
Class of Stock [Line Items]
Vote per share of common stock (in votes) \| vote				10
Christopher Gibson and his affiliates
Class of Stock [Line Items]
Affiliated holders, ownership percentage				0.37
Affiliated holders, potential ownership percentage when outstanding equity awards vest				0.41
IPO
Class of Stock [Line Items]
IPO, number of shares issued (in shares) \| shares	27,878,787
Price per share (in dollars per share) \| $ / shares	$ 18.00
IPO, net proceeds received	$ 462.4
IPO, underwriting discounts and commissions	35.1
IPO, expenses costs	$ 4.3
Shares issued in the period, upon conversion (in shares) \| shares			115,598,018

Collaborative Development Contracts - Bayer AG (Details) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Aug. 31, 2020 USD ($) project	Sep. 30, 2021 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Current portion of unearned revenue		$ 10,000	$ 10,000	$ 10,000
Unearned revenue, net of current portion		9,167	9,167	$ 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 (in projects) \| project	10
Non-refundable upfront payment received	$ 30,000
Revenue from contract with customer		2,500	7,500
Current portion of unearned revenue		10,000	10,000
Unearned revenue, net of current portion		$ 9,200	$ 9,200
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

Stock-Based Compensation - Narrative (Details) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended
	Apr. 30, 2021	Feb. 28, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period, weighted average grant date fair value (in dollars per share)					$ 6.41	$ 1.49
Options, granted in period (in shares)					2,840,467
Options, outstanding, number (in shares)			19,863,650		19,863,650		20,937,443
Share-based payment arrangement, expense			$ 3,096,000	$ 824,000	$ 9,771,000	$ 2,858,000
Unvested stock options, unamortized stock-based compensation cost			27,900,000		$ 27,900,000
Unvested stock options, unamortized stock-based compensation cost, weighted average period recognition					3 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
Options, outstanding, number (in shares)								1,500,000
Options, outstanding, estimated fair value at grand date								$ 2,000,000
Share-based payment arrangement, expense			41,000	$ 0	$ 1,600,000	$ 0
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested stock options, unamortized stock-based compensation cost, weighted average period recognition					3 years
Unrecognized compensation cost			3,600,000		$ 3,600,000
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, vesting period	4 years
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, vesting period					4 years
Stock options, expiration period					10 years
Share-based payment arrangement, expense			233,000		$ 450,000
Unvested stock options, unamortized stock-based compensation cost, weighted average period recognition					2 months
Shares issued during the period (in shares)					0
Unrecognized compensation cost			$ 136,000		$ 136,000
2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	16,186,000
Number of shares available for grant (in shares)			15,580,505		15,580,505
ESPP \| ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	3,238,000
Purchase period	6 months
Purchase price of common stock (as a percent)	85.00%

Stock-Based Compensation - Summary of Stock-based Compensation Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, expense	$ 3,096	$ 824	$ 9,771	$ 2,858
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, expense	1,305	312	3,000	1,288
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, expense	$ 1,791	$ 512	$ 6,771	$ 1,570

Stock-Based Compensation - Schedule of Share-based Payment Arrangement, Option, Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2020 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	2,840,467
Options, cancelled in period (in shares) \| shares	(1,203,239)
Options, exercised in period (in shares) \| shares	(2,711,021)
Options, outstanding, number at end of period (in shares) \| shares	19,863,650	20,937,443
Options, exercisable, number (in shares) \| shares	7,963,568
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	10.77
Options, cancelled in period, weighted average exercise price (in dollars per share) \| $ / shares	2.24
Options, exercised in period, weighted average exercise price (in dollars per share) \| $ / shares	1.22
Options, outstanding, weighted average exercise price at end of period (in dollars per share) \| $ / shares	3.03	$ 1.85
Options, exercisable, weighted average exercise price (in dollars per share) \| $ / shares	$ 1.71
Options, outstanding, weighted average remaining contractual life	8 years 2 months 12 days	8 years 6 months
Options, exercisable, weighted average remaining contractual life	7 years 2 months 12 days
Options, outstanding, intrinsic value \| $	$ 396,084	$ 12,956
Options, exercised in period, intrinsic value \| $	14,376
Options, exercisable, intrinsic value \| $	$ 169,803

Stock-Based Compensation - Schedule of Share-based Payment Award, Stock Options, Valuation Assumption (Details) - Stock options	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 years 2 months 12 days	6 years 2 months 12 days
Expected volatility	66.00%	65.00%
Expected dividend yield	0.00%	0.00%
Risk-free interest rate	0.97%	1.00%

Stock-Based Compensation - Schedule of RSU Activity (Details) - Restricted stock	9 Months Ended
	Sep. 30, 2021 $ / shares shares
Stock units
Beginning balance, outstanding (in shares) \| shares	0
Granted (in shares) \| shares	143,723
Vested (in shares) \| shares	(2,528)
Forfeited (in shares) \| shares	(673)
Ending balance, outstanding (in shares) \| shares	140,522
Weighted-average grant date fair value
Beginning balance, outstanding Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 0
Granted (in dollars per share) \| $ / shares	29.46
Vested (in dollars per share) \| $ / shares	34.82
Forfeited (in shares) \| $ / shares	29.42
Ending balance, outstanding Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 29.36

Stock-Based Compensation - Schedule of Share-based Payment, Award, ESPP, Valuation Assumptions (Details) - ESPP	9 Months Ended
	Sep. 30, 2021
Warrants Arrangements [Line Items]
Expected term (in years)	7 months 6 days
Expected volatility	69.00%
Expected dividend yield	0.00%
Risk-free interest rate	0.04%

Stock-Based Compensation - Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended
	Jan. 31, 2020	Sep. 30, 2021	Dec. 31, 2020
2016 Warrants
Warrants Arrangements [Line Items]
Warrants outstanding (in shares)			84,486
Warrants, exercise price (in dollars per share)			$ 0.71
2017 Warrants
Warrants Arrangements [Line Items]
Warrants outstanding (in shares)			28,161
Warrants, exercise price (in dollars per share)			$ 0.71
Warrants, fair value			$ 77
2018 Warrants
Warrants Arrangements [Line Items]
Warrants outstanding (in shares)			25,762
Warrants, exercise price (in dollars per share)			$ 2.79
Warrants, fair value			$ 48
Warrants Issued In January 2020 \| Series C
Warrants Arrangements [Line Items]
Warrants, exercise price (in dollars per share)	$ 6.51
Warrants issued (in shares)	180,000
Warrants, vesting period	18 months
Warrants, grand date fair value (in dollars per share)		$ 4.10

Stock-Based Compensation - Summary Of Changes In Company's Warrant Liability (Details) - Warrants - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 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 increase in fair value of warrants	2,215	2
Recorded in equity upon exercise	(2,340)
Fair value of warrants at end of period	$ 0	$ 130

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($)	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income tax expense	$ 0	$ 0	$ 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Undistributed earnings, basic	$ (44,763)
Undistributed earnings, diluted	$ (2,664)		$ (111,133)
Denominator:
Weighted average common shares outstanding, basic (in shares)	168,533,550	21,817,900	110,513,231	21,704,008
Weighted average common shares outstanding, diluted (in shares)	168,533,550	21,817,900	110,513,231	21,704,008
Net loss per share, basic (in dollars per shares)	$ (0.28)	$ (1.09)	$ (1.10)	$ (2.82)
Net loss per share, diluted (in dollars per shares)	$ (0.28)	$ (1.09)	$ (1.10)	$ (2.82)
Class A
Numerator:
Undistributed earnings, basic			$ (111,133)
Undistributed earnings, diluted	$ (44,763)
Denominator:
Weighted average common shares outstanding, basic (in shares)	159,065,667		101,045,348
Weighted average common shares outstanding, diluted (in shares)	159,065,667		101,045,348
Net loss per share, basic (in dollars per shares)	$ (0.28)		$ (1.10)
Net loss per share, diluted (in dollars per shares)	$ (0.28)		$ (1.10)
Class B
Numerator:
Undistributed earnings, basic	$ (2,664)		$ (10,413)
Undistributed earnings, diluted			$ (10,413)
Denominator:
Weighted average common shares outstanding, basic (in shares)	9,467,883		9,467,883
Weighted average common shares outstanding, diluted (in shares)	9,467,883		9,467,883
Net loss per share, basic (in dollars per shares)	$ (0.28)		$ (1.10)
Net loss per share, diluted (in dollars per shares)	$ (0.28)		$ (1.10)

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Net Loss Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of loss per share, amount (in shares)		93,531,072		86,158,567
Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of loss per share, amount (in shares)	16,965,898		62,016,223
Class B
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of loss per share, amount (in shares)	0		0
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)		89,839,055		82,453,474
Convertible preferred stock \| Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of loss per share, amount (in shares)	0		46,324,206
Convertible preferred stock \| Class B
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of loss per share, amount (in shares)	0		0
Stock options and RSUs \| Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of loss per share, amount (in shares)	16,764,023		15,506,429
Stock options and RSUs \| Class B
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of loss per share, amount (in shares)	0		0
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of loss per share, amount (in shares)		115,107		115,107
Warrants \| Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of loss per share, amount (in shares)	163,958		180,479
Warrants \| Class B
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of loss per share, amount (in shares)	0		0
ESPP \| Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of loss per share, amount (in shares)	37,917		5,109
ESPP \| Class B
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of loss per share, amount (in shares)	0		0
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of loss per share, amount (in shares)		3,576,910		3,589,986

Fair Value Measurements - Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Restricted cash	$ 10,233	$ 5,041
Total assets	416,143	5,041
Warrant liability		125
Total liabilities		125
Corporate bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	5,884
Certificates of deposit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	21,450
Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	156,854
Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	187,225
Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	34,497
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Restricted cash	10,233	5,041
Total assets	197,458	5,041
Warrant liability		0
Total liabilities		0
Level 1 \| Corporate bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	0
Level 1 \| Certificates of deposit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	0
Level 1 \| Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	0
Level 1 \| Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	187,225
Level 1 \| Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Restricted cash	0	0
Total assets	218,685	0
Warrant liability		0
Total liabilities		0
Level 2 \| Corporate bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	5,884
Level 2 \| Certificates of deposit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	21,450
Level 2 \| Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	156,854
Level 2 \| Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	0
Level 2 \| Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	34,497
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Restricted cash	0	0
Total assets	0	0
Warrant liability		125
Total liabilities		$ 125
Level 3 \| Corporate bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	0
Level 3 \| Certificates of deposit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	0
Level 3 \| Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	0
Level 3 \| Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	0
Level 3 \| Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	$ 0

Fair Value Measurements - Asset and Liability Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Notes payable
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Current portion of notes payable	$ 88	$ 1,073
Notes payable, net of current portion	656	11,615
Book values
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total liabilities	744	12,487
Book values \| Notes payable
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Current portion of notes payable	88	1,073
Notes payable, net of current portion	656	11,414
Fair values
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total liabilities	744	12,487
Fair values \| Notes payable
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Current portion of notes payable	88	1,073
Notes payable, net of current portion	$ 656	$ 11,414

Related Party Transactions (Details) - Chief Executive Officer - USD ($)	Dec. 05, 2017	Sep. 30, 2021	Sep. 30, 2020
Related Party Transaction [Line Items]
Loan to related party	$ 595,000	$ 0	$ 0
Debt instrument, term	7 years