RECURSION PHARMACEUTICALS, INC. — Form 10-Q

Recursion executed three amendments with Tempus AI (effective Sept 15, 2026): (1) Master Service Agreement amended to extend term from 3 to 6 years, eliminate termination-for-convenience rights, restructure annual license fees ($22M year 1, $32M year 2, $14M years 3–5, with years 3–5 allowing equity payment of up to $10M annually), and expand data access caps (specific numbers redacted); (2) new RNA Foundation Model License Agreement granting Tempus non-exclusive, royalty-free license to Recursion's TxFM model for $12M total ($6M upon execution, $6M at year 1) plus H&E Records access (redacted quantity); (3) office lease extended 6 years through May 31, 2034 at $31.00–$35.95/PSF with one-time termination right as of May 31, 2030 if notice given by May 31, 2029. Tempus gains internal-use-only access to proprietary RNA AI model; Recursion secures long-term data payments and gains unblocking license to Tempus improvements.