IONQ, INC., 10-K filed on 2/28/2024
Annual Report
v3.24.0.1
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2023
Feb. 21, 2024
Jun. 30, 2023
Entity Information [Line Items]      
Document Type 10-K    
Amendment Flag false    
Document Period End Date Dec. 31, 2023    
Document Fiscal Year Focus 2023    
Document Fiscal Period Focus FY    
Entity Registrant Name IONQ, INC.    
Entity Central Index Key 0001824920    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Document Annual Report true    
Entity Incorporation, State or Country Code DE    
Entity File Number 001-39694    
Entity Tax Identification Number 85-2992192    
Entity Address, Address Line One 4505 Campus Drive    
Entity Address, City or Town College Park    
Entity Address, State or Province MD    
Entity Address, Postal Zip Code 20740    
City Area Code 301    
Local Phone Number 298-7997    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Shell Company false    
Entity Common Stock, Shares Outstanding   208,229,519  
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Public Float     $ 2.3
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Documents Incorporated by Reference [Text Block]

Certain information required in Item 10 through Item 14 of Part III of this Annual Report on Form 10-K is incorporated herein by reference to the Registrant’s definitive proxy statement for its 2024 Annual Meeting of Stockholders, which shall be filed with the Securities and Exchange Commission pursuant to Regulation 14A of the Securities Act of 1934, as amended.

   
Auditor Name Ernst & Young LLP    
Auditor Firm ID 42    
Auditor Location Tysons, Virginia    
Warrant [Member]      
Entity Information [Line Items]      
Trading Symbol IONQ WS    
Title of 12(b) Security Warrants, each exercisable for one share of common stock for $11.50 per share    
Security Exchange Name NYSE    
Common Stock [Member]      
Entity Information [Line Items]      
Trading Symbol IONQ    
Title of 12(b) Security Common Stock, $0.0001 par value per share    
Security Exchange Name NYSE    
v3.24.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 35,665 $ 44,367
Short-term investments 319,776 311,430
Accounts receivable 11,467 3,292
Prepaid expenses and other current assets 23,081 12,539
Total current assets 389,989 371,628
Long-term investments 100,489 182,001
Property and equipment, net 37,515 26,014
Operating lease right-of-use assets 4,613 3,753
Intangible assets, net 15,077 8,944
Goodwill 742 742
Other noncurrent assets 5,155 4,910
Total Assets 553,580 597,992
Current liabilities:    
Accounts payable 5,599 3,055
Accrued expenses 18,376 6,655
Current portion of operating lease liabilities 710 591
Unearned revenue 12,087 8,729
Current portion of stock option early exercise liabilities 392 1,130
Total current liabilities 37,164 20,160
Operating lease liabilities, net of current portion 7,395 3,459
Unearned revenue, net of current portion 447 1,201
Stock option early exercise liabilities, net of current portion 448 839
Warrant liabilities 23,004 3,819
Other noncurrent liabilities 128 303
Total liabilities 68,586 29,781
Commitments and contingencies (see Note 10)
Stockholders' Equity:    
Common stock $0.0001 par value; 1,000,000,000 shares authorized; 206,611,704 and 199,862,123 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively 20 20
Additional paid-in capital 839,014 769,848
Accumulated deficit (352,073) (194,302)
Accumulated other comprehensive loss (1,967) (7,355)
Total stockholders' equity 484,994 568,211
Total Liabilities and Stockholders' Equity $ 553,580 $ 597,992
v3.24.0.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2023
Dec. 31, 2022
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares authorized 1,000,000,000 1,000,000,000
Common stock, shares issued 206,611,704 199,862,123
Common stock, shares outstanding 206,611,704 199,862,123
v3.24.0.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Revenue $ 22,042 $ 11,131
Costs and expenses:    
Cost of revenue (excluding depreciation and amortization) 8,108 2,944
Research and development 92,321 43,978
Sales and marketing 18,270 8,385
General and administrative 50,722 35,966
Depreciation and amortization 10,375 5,604
Total operating costs and expenses 179,796 96,877
Loss from operations (157,754) (85,746)
Gain (loss) on change in fair value of warrant liabilities (19,206) 30,136
Interest income, net 19,322 7,093
Other income (expense), net (85) 6
Loss before income tax expense (157,723) (48,511)
Income tax benefit (expense) (48) 0
Net loss $ (157,771) $ (48,511)
Net loss per share attributable to common stockholders—basic $ (0.78) $ (0.25)
Net loss per share attributable to common stockholders—diluted $ (0.78) $ (0.25)
Weighted average shares used in computing net loss per share attributable to common stockholders—basic 202,576,492 197,727,642
Weighted average shares used in computing net loss per share attributable to common stockholders—diluted 202,576,492 197,727,642
v3.24.0.1
Consolidated Statements of Comprehensive Loss - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]    
Net loss $ (157,771) $ (48,511)
Other comprehensive income (loss), net of reclassification adjustments:    
Change in unrealized gain (loss) on available-for-sale securities, net 5,398 (7,207)
Currency translation adjustments (10) 0
Total other comprehensive income (loss) 5,388 (7,207)
Total comprehensive loss $ (152,383) $ (55,718)
v3.24.0.1
Consolidated Statements of Changes in Stockholders' Equity - USD ($)
$ in Thousands
Total
Common Stock [Member]
Additional Paid-In Capital [Member]
Accumulated Deficit [Member]
Accumulated Other Comprehensive Loss [Member]
Balance at Dec. 31, 2021 $ 591,230 $ 19 $ 737,150 $ (145,791) $ (148)
Balance (in shares) at Dec. 31, 2021   195,630,975      
Net loss (48,511) $ 0 0 (48,511) 0
Other comprehensive income (loss) (7,207) 0 0 0 (7,207)
Stock options exercised 1,059 $ 1 1,058 0 0
Stock options exercised (in shares)   2,239,490      
Vesting of restricted common stock 1,162 $ 0 1,162 0 0
Vesting of restricted common stock (in shares)   515,534      
Issuance of common stock from the settlement of restricted stock units 473 $ 0 473 0 0
Issuance of common stock from the settlement of restricted stock units (in shares)   1,474,592      
Stock-based compensation 29,980 $ 0 29,980 0 0
Warrants exercised shares   1,532      
Warrants exercised 25 $ 0 25 0 0
Balance at Dec. 31, 2022 568,211 $ 20 769,848 (194,302) (7,355)
Balance (in shares) at Dec. 31, 2022   199,862,123      
Net loss (157,771) $ 0 0 (157,771) 0
Other comprehensive income (loss) 5,388 0 0 0 5,388
Stock options exercised $ 1,954 $ 0 1,954 0 0
Stock options exercised (in shares) 1,800,450 1,778,090      
Vesting of restricted common stock $ 1,128 $ 0 1,128 0 0
Vesting of restricted common stock (in shares)   501,364      
Issuance of common stock from the settlement of restricted stock units 3,923 $ 0 3,923 0 0
Issuance of common stock from the settlement of restricted stock units (in shares)   4,466,894      
Stock-based compensation 62,104 $ 0 62,104 0 0
Warrants exercised shares   3,233      
Warrants exercised 57 $ 0 57 0 0
Balance at Dec. 31, 2023 $ 484,994 $ 20 $ 839,014 $ (352,073) $ (1,967)
Balance (in shares) at Dec. 31, 2023   206,611,704      
v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net loss $ (157,771) $ (48,511)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 10,375 5,604
Non-cash research and development arrangements 520 520
Stock-based compensation 69,743 31,456
(Gain) loss on change in fair value of warrant liabilities 19,206 (30,136)
Amortization of premiums and accretion of discounts on available-for-sale securities (9,746) (1,577)
Other, net 1,474 441
Changes in operating assets and liabilities:    
Accounts receivable (8,175) (1,510)
Prepaid expenses and other current assets (14,413) (7,012)
Accounts payable 2,188 1,060
Accrued expenses 3,319 1,344
Unearned revenue 2,604 3,892
Other assets and liabilities 1,865 (269)
Net cash provided by (used in) operating activities (78,811) (44,698)
Cash flows from investing activities:    
Purchases of property and equipment (13,703) (9,336)
Capitalized software development costs (4,558) (2,179)
Intangible asset acquisition costs (1,288) (1,049)
Purchases of available-for-sale securities (298,445) (605,689)
Maturities and sales of available-for-sale securities 386,760 310,045
Business acquired 0 (848)
Net cash provided by (used in) investing activities 68,766 (309,056)
Cash flows from financing activities:    
Proceeds from stock options exercised 1,954 1,059
Other financing, net (193) 37
Net cash provided by (used in) financing activities 1,761 1,096
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash (2) 0
Net change in cash, cash equivalents and restricted cash (8,286) (352,658)
Cash, cash equivalents and restricted cash at the beginning of the period 46,367 399,025
Cash, cash equivalents and restricted cash at the end of the period 38,081 46,367
Supplemental disclosures of non-cash investing and financing transactions    
Property and equipment purchases in accounts payable and accrued expenses 773 485
Intangible asset purchases in accounts payable and accrued expenses 254 164
Operating lease right-of-use assets subject to lease liability 2,380 0
Remeasurement of operating lease right-of-use assets due to lease modification (849) 0
Noncash reclassification of warrant liabilities to equity upon exercise 20 8
Bonus settled in restricted stock units 3,923 473
Net share settled stock option exercises $ 291 $ 0
v3.24.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure    
Net Income (Loss) $ (157,771) $ (48,511)
v3.24.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2023
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Rule 10b5-1 Arrangement Modified false
Non-Rule 10b5-1 Arrangement Modified false
v3.24.0.1
Description of Business
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business

1. DESCRIPTION OF BUSINESS

IonQ, Inc. (“IonQ” or the “Company”), formerly known as dMY Technology Group, Inc. III (“dMY”), was incorporated in the state of Delaware in September 2020 and formed as a special purpose acquisition company for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. IonQ Quantum, Inc. (formerly known as IonQ, Inc., and referred to as “Legacy IonQ” herein), was incorporated in the state of Delaware in September 2015 and is headquartered in College Park, Maryland.

On March 7, 2021, Legacy IonQ entered into an Agreement and Plan of Merger (the “Merger Agreement”) with dMY and Ion Trap Acquisition Inc. (“Merger Sub”), a direct, wholly owned subsidiary of dMY. Pursuant to the Merger Agreement, on September 30, 2021 (“the Closing Date”), the Merger Sub was merged with and into Legacy IonQ with Legacy IonQ continuing as the surviving corporation following the merger, becoming a wholly owned subsidiary of dMY and the separate corporate existence of the Merger Sub ceased (the “Business Combination”). Contemporaneously with the Business Combination, dMY changed its name to IonQ, Inc. and Legacy IonQ changed its name to IonQ Quantum, Inc.

Unless otherwise indicated, references in this Annual Report on Form 10-K to the “Company” and “IonQ” refer to the consolidated operations of IonQ, Inc. subsequent to the Business Combination. References to “dMY” refer to the company prior to the consummation of the Business Combination and references to “Legacy IonQ” refer to IonQ, Inc. prior to the consummation of the Business Combination.

IonQ is engaged in quantum computing and develops general-purpose quantum computing systems designed to solve some of the world’s most complex problems, and transform business, society, and the planet for the better. To operate the quantum computing systems, the Company has developed custom hardware, custom firmware, and an operating system to orchestrate the quantum computers.

Business Combination

While the legal acquirer in the Merger Agreement is dMY, for financial accounting and reporting purposes under accounting principles generally accepted in the United States of America (“U.S. GAAP”), Legacy IonQ is the accounting acquirer and the merger is accounted for as a “reverse recapitalization” (i.e., a capital transaction involving the issuance of stock by dMY for the stock of Legacy IonQ).

For accounting purposes, the Business Combination was treated as the equivalent of Legacy IonQ issuing stock for the net assets of dMY, accompanied by a recapitalization. The net assets of dMY are stated at historical cost, and no goodwill or other intangible assets were recorded. Because Legacy IonQ was deemed the accounting acquirer in the Business Combination, the historical financial statements of Legacy IonQ are the historical financial statements of the Company upon the consummation of the Business Combination. As a result, the consolidated financial statements included in this report reflect: (i) the historical operating results of Legacy IonQ prior to the Business Combination; (ii) the combined results of dMY and Legacy IonQ following the close of the Business Combination on September 30, 2021; and (iii) the assets and liabilities of Legacy IonQ stated at their historical cost.

In accordance with guidance applicable to these circumstances, the equity structure has been retroactively restated in all comparative periods to reflect the number of shares of the Company’s common stock, $0.0001 par value per share, issued to Legacy IonQ’s stockholders in connection with the Business Combination. As such, the shares and corresponding capital amounts and earnings per share related to Legacy IonQ convertible redeemable preferred stock and warrants and Legacy IonQ common stock prior to the Business Combination have been retroactively restated as shares reflecting the exchange ratio established in the Business Combination. Legacy IonQ’s convertible redeemable preferred stock and warrants previously classified as mezzanine equity were retroactively adjusted, converted into common stock, and reclassified to permanent equity because of the reverse recapitalization. All exercise prices for stock options and customer warrants have similarly been retroactively restated to reflect the exchange ratio established in the Business Combination.

Segment Reporting

The Company operates as one operating segment as its chief executive officer, who is the chief operating decision maker, reviews financial information on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance.

v3.24.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2023
Summary of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Preparation

The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP as determined by the Financial Accounting Standards Board (“FASB”). Such consolidated financial statements include the accounts of IonQ and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

Emerging Growth Company and Smaller Reporting Company Status

Under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act, until such time as those standards apply to private companies.

As a result of the market value of the Company's common stock held by non-affiliates as of June 30, 2023, exceeding $700.0 million, the Company became a large accelerated filer under the Exchange Act as of December 31, 2023, and no longer qualifies as an emerging growth company. Therefore, the Company is required to comply with new or revised accounting standards as of the effective dates applicable to public companies that are not emerging growth companies.

The Company was also a smaller reporting company as defined in the Exchange Act until June 30, 2023. However, the Company may continue to use the scaled disclosures permitted for a smaller reporting company through this Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and must begin providing non-scaled larger company disclosure in its first quarterly report in its next fiscal year (i.e., the quarterly report for the three-month period ended March 31, 2024).

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP and the rules and regulations of the SEC require management to make estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes.

Significant estimates and assumptions are inherent in the analysis and measurement of items including, but not limited to: standalone selling price for revenue arrangements with multiple performance obligations, total expected costs for revenue arrangements recognized over time, capitalization of quantum computing system costs, useful lives for quantum computing systems, and stock-based compensation for awards with performance and market conditions. Management bases its estimates and assumptions on historical experience, expectations, forecasts, and on various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may differ and be affected by changes in those estimates.

Foreign Currency

The reporting currency of the Company is the U.S. dollar. Financial statements of subsidiaries whose functional currency is not the U.S. dollar are translated at exchange rates in effect at the balance sheet date for assets and liabilities and at average exchange rates for revenues and expenses for the respective periods. Translation adjustments are recorded in accumulated other comprehensive loss in the consolidated balance sheets.

The Company is exposed to foreign currency risk to the extent that it enters into transactions denominated in currencies other than its subsidiaries’ respective functional currencies. Transactions denominated in currencies other than subsidiaries’ functional currencies are recorded based on exchange rates at the time such transactions arise. Changes in exchange rates with respect to amounts recorded in the Company’s consolidated balance sheets related to these items will result in unrealized foreign currency transaction gains and losses based upon period-end exchange rates. The Company also records realized foreign currency transaction gains and losses upon settlement of the transactions. Foreign currency transaction gains and losses resulting from the conversion of the transaction currency to functional currency are included in other income (expense), net in the consolidated statements of operations.

Fair Value Measurements

The Company evaluates the fair value of certain assets and liabilities using the fair value hierarchy. Fair value is an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:

•
Level 1—Observable inputs, which include quoted prices in active markets;
•
Level 2—Observable inputs other than the quoted prices in active markets that are observable either directly or indirectly, such as quoted prices in markets that are not active, or other inputs such as broker quotes, benchmark yield curves, credit spreads and market interest rates for similar securities that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities;
•
Level 3—Unobservable inputs that are supported by little or no market activity and that are based on management’s assumptions, including fair value measurements determined using pricing models, discounted cash flow methodologies or similar techniques.

The Company’s assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy.

For assets that are measured using quoted prices in active markets, the total fair value is the published market price per unit multiplied by the number of units held, without consideration of transaction costs. Assets and liabilities that are measured using significant other observable inputs are primarily valued by reference to quoted prices of similar assets or liabilities in active markets, adjusted for any terms specific to that asset or liability.

Assets and liabilities that are measured at fair value on a non-recurring basis include property and equipment, intangible assets, and goodwill. The Company recognizes these items at fair value when they are considered to be impaired or upon initial recognition when acquired through a business combination or an asset acquisition. The fair value of these assets and liabilities are determined with valuation techniques using the best information available and may include quoted market prices, market comparables and discounted cash flow models.

Due to their short-term nature, the carrying amounts reported in the Company’s consolidated financial statements approximate the fair value for cash and cash equivalents, accounts receivable, accounts payable and accrued expenses.

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents include cash in banks, checking deposits, and money market funds. The Company considers all short-term highly liquid investments with an original maturity at the date of purchase of three months or less to be cash equivalents. Restricted cash for collateralizing letters of credit and corporate credit cards is included in other noncurrent assets in the consolidated balance sheets. The Company issues letters of credit in the ordinary course of business, including for lease arrangements. As of December 31, 2023 and 2022, letters of credit totaling $2.1 million and $2.0 million were outstanding, respectively.

The following table provides a reconciliation of cash, cash equivalents and restricted cash included in the consolidated balance sheets to the amounts included in the consolidated statements of cash flows (in thousands):

 

 

December 31,

 

 

December 31,

 

 

2023

 

 

2022

 

Cash and cash equivalents

 

$

35,665

 

 

$

44,367

 

Restricted cash

 

 

2,416

 

 

 

2,000

 

Total cash, cash equivalents and restricted cash in the
   consolidated statements of cash flows

 

$

38,081

 

 

$

46,367

 

Accounts Receivable and Allowance for Credit Losses

Accounts receivable are non-interest bearing and represent amounts billed and currently due from customers at the gross invoiced amount as well as unbilled amounts related to unconditional rights for consideration to be received for services performed

but not yet invoiced. A receivable is recorded when the Company has an unconditional right to receive payment. Accounts receivable consists of the following (in thousands):

 

 

December 31,

 

 

December 31,

 

 

2023

 

 

2022

 

Billed accounts receivable

 

$

8,564

 

 

$

1,150

 

Unbilled accounts receivable

 

 

2,903

 

 

 

2,142

 

Total accounts receivable

 

$

11,467

 

 

$

3,292

 

 

On a periodic basis, management evaluates its accounts receivable and determines whether to provide an allowance for credit losses. This assessment is based on management’s evaluation of relevant information about past events, including historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the receivable.

The Company did not have any allowance for credit losses as of either December 31, 2023 or 2022.

Materials and Supplies, Net

Materials and supplies are carried at average cost and recorded in prepaid expenses and other current assets in the consolidated balance sheets. Materials and supplies used in the production of quantum computing systems to be made commercially available are capitalized to property and equipment when installed. Materials and supplies used for maintenance, research and development efforts or to service customer contracts are expensed when consumed. The Company capitalized $3.6 million and $1.3 million of materials and supplies to property and equipment for the years ended December 31, 2023 and 2022, respectively.

Materials and supplies are evaluated regularly for excess quantities and obsolescence. This evaluation includes analysis of the Company's current and future strategic plans, risk of technological obsolescence, and general market conditions. During the years ended December 31, 2023 and 2022, excess and obsolescence charges were less than $0.1 million and zero, respectively.

Investments

Management determines the appropriate classification of investments at the time of purchase based upon management’s intent with regard to such investments. The Company primarily invests in debt securities and classifies its investments as available-for-sale at the time of purchase if they are available to support either current or future operations. This classification is re-evaluated at each balance sheet date. Investments not considered cash equivalents, with remaining contractual maturities of one year or less from the balance sheet date are classified as short-term investments, and those with remaining contractual maturities greater than one year from the balance sheet date are classified as long-term investments. All investments are recorded at their estimated fair value, and any unrealized gains and losses are recorded in the consolidated balance sheets in accumulated other comprehensive loss. Realized gains and losses on sales and maturities of investments are determined based on the specific identification method and are recognized in the consolidated statements of operations in other income (expense), net. Accrued interest receivable on available-for-sale investments is recorded in the consolidated balance sheets in prepaid expenses and other current assets. As of December 31, 2023 and 2022, accrued interest receivable was $2.1 million and $1.7 million, respectively.

The Company performs periodic evaluations to determine whether any declines in the fair value of investments below amortized cost are credit losses or impairments. The evaluation consists of qualitative and quantitative factors regarding the severity of the unrealized loss, as well as the Company’s ability and intent to hold the investments until a forecasted recovery occurs. Declines in fair value are considered to be credit losses if they are related to deterioration in credit risk or are considered impairments if it is likely that the underlying securities will be sold prior to a full recovery of their cost basis. Credit losses and impairments are determined based on the specific identification method and are reported in other income (expense), net in the consolidated statements of operations.

Property and Equipment, Net

Property and equipment, net is stated at cost less accumulated depreciation. Historical cost of fixed assets is the cost as of the date acquired. Hardware and labor costs associated with the building of quantum computing systems are capitalized in the period the costs are incurred when it is probable that the system will provide future economic benefit. The costs of quantum computing systems that are used in research and development activities and have alternative future uses are capitalized. Costs to maintain quantum computing systems are expensed as incurred.

Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Useful lives are as follows:

 

Computer equipment and acquired computer software

 

3 – 5 years

Machinery, equipment, furniture and fixtures

 

5 – 7 years

Quantum computing systems

 

3 years

Leasehold improvements

 

Shorter of the lease term or the estimated useful life of the related asset

 

The Company evaluates the useful life of its assets periodically and whenever events or changes in circumstances indicate that the useful life may have changed. In assessing useful lives, the Company considers, among other factors, the use of the asset, changes in technology, and the competitive environment. Effective October 1, 2022, the Company revised the accounting useful life of quantum computing systems, which was determined to be a change in accounting estimate and is being applied prospectively. This change in accounting estimate was not material for the years ended December 31, 2023 and 2022. The estimated useful life for quantum computing systems was previously 2 years.

Leases

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and current operating lease liabilities and operating lease liabilities, net of current portion on the Company’s consolidated balance sheets. As of December 31, 2023, the Company has no financing lease arrangements. The Company recognizes lease expense for its operating leases on a straight-line basis over the term of the lease.

The Company records a ROU asset and lease liability in connection with its operating leases. The Company’s lease portfolio is comprised primarily of real estate leases, which are accounted for as operating leases. The Company elected the practical expedient to not separate lease and non-lease components for all leases.

ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of the future minimum lease payments, including the impact of any lease incentives, as applicable, over the lease term. An amendment to a lease is assessed to determine if it represents a lease modification or a separate contract. Lease modifications are reassessed as of the effective date of the modification using an incremental borrowing rate based on the information available at the commencement date. For modified leases the Company also reassesses the lease classification as of the effective date of the modification.

The interest rate used to determine the present value of the future lease payments is the Company’s incremental borrowing rate, because the interest rate implicit in the Company’s leases is not readily determinable. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located.

The Company’s lease terms include periods under options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company considers contractual-based factors such as the nature and terms of the renewal or termination, asset-based factors such as physical location of the asset and entity-based factors such as the importance of the leased asset to the Company’s operations to determine the lease term. The Company generally uses the base non-cancelable lease term when determining the ROU assets and lease liabilities.

Intangible Assets, Net

The Company’s intangible assets include website domain costs, patents, intellectual property, developed technology and trademarks. Intangible assets with identifiable useful lives are initially valued at acquisition cost and are amortized over their estimated useful lives using the straight-line method. With respect to patents, acquisition costs include external legal and patent application costs. Intangible assets with indefinite useful lives, such as trademarks, are assessed for impairment at least annually.

Capitalized Internally Developed Software

Capitalized internally developed software consists of costs to purchase and develop internal-use software, which the Company primarily uses to provide services to its customers. The costs to purchase and develop internal-use software are capitalized from the time that the preliminary project stage is completed, and it is considered probable that the software will be used to perform the function intended, until the time the software is placed in service for its intended use. Any costs incurred during subsequent efforts to upgrade and enhance the functionality of the software are also capitalized. Once this software is ready for its intended use, these costs are amortized on a straight-line basis over the estimated useful life of the software, which is typically assessed to be three years. Capitalized internal-use software is recorded within intangible assets, net, in the consolidated balance sheets. During the years ended

December 31, 2023 and 2022, the Company capitalized $8.0 million and $3.2 million in internal-use software costs, respectively. The Company amortized $2.9 million and $1.5 million of capitalized internally developed software costs during the years ended December 31, 2023 and 2022, respectively.

Goodwill

Goodwill is the excess of the purchase price over the fair values assigned to the net assets acquired in a business combination. The Company tests goodwill for impairment on an annual basis, which it has determined to be the first day of the fourth quarter, and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company tests goodwill qualitatively, or quantitatively by comparing the fair value of the reporting unit with the unit’s carrying amount. No impairment loss was recognized for the years ended December 31, 2023 and 2022.

Impairment of Long-Lived Assets

Long-lived assets, such as property and equipment and other long-term assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent the carrying amount of the underlying asset exceeds its fair value. No impairment loss was recognized for the years ended December 31, 2023 and 2022.

Early Exercise of Stock Options

Stock options granted under the 2015 Equity Incentive Plan provide employee option holders, if approved by the Board, the right to exercise unvested options in exchange for restricted common stock, which is subject to a repurchase right held by the Company at the lower of (i) the fair market value of its common stock on the date of repurchase or (ii) the original purchase price. Early exercises of options are not deemed to be substantive exercises for accounting purposes and accordingly, amounts received for early exercises are recorded as a liability. These amounts are reclassified to common stock and additional paid-in capital as the underlying shares vest.

Warrant Liabilities

The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging.” For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued upon exercise or at each reporting date for the unexercised warrants, with changes in the fair value reported in the consolidated statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. The warrants of dMY assumed in the Business Combination are classified as liabilities and remeasured at each reporting period (as more fully described in Note 13). Derivative warrant liabilities are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities.

Revenue Recognition

The Company derives revenue from the design, development, and construction of specialized quantum computing hardware together with related services, from providing access to its quantum-computing-as-a-service (“QCaaS”), and from consulting services related to co-developing algorithms on the quantum computing systems. The Company applies the provisions of the FASB Accounting Standards Update (“ASU”), Revenue from Contracts with Customers (“ASC 606”), and all related applicable guidance. The core principle of ASC 606 is that an entity shall recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

To support this core principle, the Company applies the following five step approach:

1.
Identify the contract with the customer
2.
Identify the performance obligations
3.
Determine the transaction price
4.
Allocate the transaction price to the performance obligations
5.
Recognize revenue when (or as) the entity satisfies a performance obligation

Certain of the Company’s contracts contain multiple performance obligations, most commonly in contracts for the sale of specialized quantum computing hardware together with related maintenance and support. Such contracts may also include access to the Company’s QCaaS. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when or as the performance obligation is satisfied. When there are multiple performance obligations in a contract, the Company allocates the transaction price to each performance obligation based on its standalone selling price when available. The Company determines standalone selling price based on the observable price of a product or service when it sells the products or services separately in similar circumstances and to similar customers. Certain products and services have limited or no history of being sold on a standalone basis, requiring the Company to estimate the standalone selling price. To date, the Company has estimated the standalone selling price based on other contracts for similar products and services adjusted for differing terms than the contract being evaluated, as well as internal pricing guidelines and market factors. In addition, the Company takes into consideration the estimated costs to be incurred to satisfy the performance obligation plus an appropriate profit margin. In limited situations, for certain contracts executed in prior years, when the standalone selling price was not known, due to it being either highly variable or uncertain, the Company allocated the transaction price using the residual approach.

The Company has determined that its QCaaS contracts represent a combined, stand-ready performance obligation to provide access to its quantum computing systems together with related maintenance and support. The transaction price generally consists of a fixed fee for a minimum volume of usage to be made available over a defined period of access. Fixed fee arrangements may also include a variable component whereby customers pay an amount for usage over contractual minimums contained in the contracts. The Company has determined that contracts that contain consulting services related to co-developing quantum computing algorithms and the ability to use its quantum computing systems to run such algorithms represent a combined performance obligation that is satisfied over-time.

Performance obligations are satisfied over time if the customer receives the benefits as the Company performs the work, if the customer controls the asset as it is being produced (continuous transfer of control), or if the product being produced for the customer has no alternative use and the Company has a contractual right to payment for performance to date. For performance obligations related to specialized quantum computing hardware and consulting services, revenue is recognized over time based on the efforts incurred to date relative to the total expected effort, primarily based on a cost-to-cost input measure. The Company applies judgment to determine a reasonable method to measure progress and to estimate total expected effort. Factors considered in these estimates include the Company's historical performance, the availability, productivity and cost of labor, the nature and complexity of work to be performed, the effect of change orders, availability and cost of materials, and the effect of any delays in performance. For performance obligations related to providing QCaaS access, fixed fees are recognized on a straight-line basis over the access period. Variable usage fees in excess of fixed minimums are recognized during the period of such usage.

For the years ended December 31, 2023 and 2022, substantially all revenue was recognized based on transfer of service over time. Revenues recognized at a point in time were not material. In arrangements with cloud service providers, the cloud service provider is considered the customer and IonQ does not have any contractual relationships with the cloud service providers’ end users. For these arrangements, revenue is recognized at the amount charged to the cloud service provider and does not reflect any mark-up to the end user.

The Company may enter into multiple contracts with a single counterparty at or near the same time. The Company will combine contracts and account for them as a single contract when one or more of the following criteria are met: (i) the contracts are negotiated as a package with a single commercial objective; (ii) consideration to be paid in one contract depends on the price or performance of the other contract; and (iii) goods or services promised are a single performance obligation. Consideration payable to a customer includes cash amounts that an entity pays, or expects to pay, to the customer. For arrangements that contain consideration payable to a customer, the Company uses judgment in determining whether such payments are a reduction of the transaction price or a payment to the customer for a distinct good or service.

The variable fees associated with the QCaaS are generally billed a month in arrears. Customers also have the ability to make advance payments. If a contract exists under ASC 606, advance payments are recorded as a contract liability until services are delivered or obligations are met and revenue is earned. Contract liabilities to be recognized in the succeeding 12-month period are classified as current and the remaining amounts are classified as non-current liabilities in the Company’s consolidated balance sheets.

As of December 31, 2023, approximately $69.1 million of revenue is expected to be recognized from remaining performance obligations that are unsatisfied (or partially unsatisfied), including both funded (firm orders for which funding has been both authorized and appropriated by the customer) and unfunded (firm orders for which funding has not been appropriated) orders. Unexercised contract options are not included in remaining performance obligations until the time the option is exercised. The Company expects approximately 40% of the remaining performance obligations to be recognized as revenue within the next twelve months.

The following table summarizes the changes in unearned revenue for the years ended December 31, 2023 and 2022 (in thousands):

 

 

2023

 

 

2022

 

Beginning balance

 

$

9,930

 

 

$

4,963

 

Revenue recognized

 

 

(8,660

)

 

 

(4,216

)

New deferrals, net

 

 

11,264

 

 

 

9,183

 

Ending balance

 

$

12,534

 

 

$

9,930

 

Assets Recognized from Costs to Obtain a Contract

Sales commissions paid to employees and third parties are considered incremental costs to obtain a contract with a customer. These costs are capitalized in the period a customer contract is executed and are amortized as an expense consistent with the transfer of the goods or services to the customer. Capitalized costs are recorded in prepaid expenses and other current assets and other noncurrent assets in the consolidated balance sheets. Applying the practical expedient, the Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets is one year or less. As of December 31, 2023 and 2022, total capitalized costs were $2.8 million and $1.0 million, respectively. Amortization expense was $0.6 million and less than $0.1 million for the years ended December 31, 2023 and 2022, respectively, and is included in sales and marketing in the consolidated statements of operations.

Cost of Revenue

Cost of revenue primarily consists of expenses related to delivering the Company's services, including personnel-related expenses, allocated facility and other costs for customer facing functions, and costs associated with maintaining the Company's in-service quantum computing systems to ensure proper calibration as well as costs incurred for maintaining the cloud on which the QCaaS resides. Cost of revenue also includes hardware costs for construction of specialized quantum computing hardware. Personnel-related expenses include salaries, benefits, and stock-based compensation. Cost of revenue excludes depreciation and amortization related to our quantum computing systems and related software.

Research and Development

Research and development expenses consist of personnel-related costs, including salaries, benefits and stock-based compensation expense, and allocated shared resource costs for the Company’s hardware, software and engineering personnel who design and develop the Company’s quantum computing systems and research new quantum computing technologies. Unlike a standard computer, design and development efforts continue throughout the useful life of the Company’s quantum computing systems to ensure proper calibration and optimal functionality. Research and development expenses also include purchased hardware and software costs related to quantum computing systems constructed for research purposes that are not probable of providing future economic benefit and have no alternate future use, as well as costs associated with third-party research and development arrangements.

Under an agreement with Duke University (“Duke”), the Company issued common shares to Duke in consideration for research and development services through July 15, 2026. The agreement is considered a research and development service arrangement and recorded as a prepayment based on the fair value of the common stock issued and is amortized over the term of the arrangement as services are received.

Refer to Note 8 for further information on the Duke agreements.

Advertising Costs

Advertising costs are expensed as incurred and are included in sales and marketing expenses in the consolidated statements of operations. These costs were $0.9 million and $1.3 million for the years ended December 31, 2023 and 2022, respectively.

Stock-Based Compensation

The Company measures and records the expense related to stock-based awards based on the fair value of those awards as determined on the date of grant. The Company recognizes stock-based compensation expense over the requisite service period of the individual grant, generally equal to the vesting period and uses the straight-line method to recognize stock-based compensation. The Company uses the Black-Scholes-Merton (“Black-Scholes”) option-pricing model to determine the estimated fair value for stock options. The Black-Scholes option-pricing model requires the use of subjective assumptions, which determine the fair value of stock option awards, including the option’s expected term, the price volatility of the underlying common stock, risk-free interest rates, and the expected dividend yield of the common stock. The assumptions used to determine the fair value of the stock options represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment. The Company records forfeitures as they occur.

Stock-based compensation cost for restricted stock units and performance-based restricted stock units is measured based on the fair value of the Company’s common stock on the grant date. The fair value of performance-based restricted stock units with a market condition is estimated on the date of grant using the Monte Carlo simulation model. The Monte Carlo simulation model requires the use of subjective assumptions, which determine the fair value of these awards, including price volatility, contractual term, discount rate, risk-free interest rates, and the expected dividend yield of the common stock. The assumptions used to determine the fair value of the performance-based restricted stock awards represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment. For awards with a performance-based vesting condition, including those with a market condition, the Company records stock-based compensation cost if it is probable that the performance conditions will be achieved. Stock-based compensation cost will be recognized if the performance condition is satisfied, even if the market condition is not met and the award does not vest. At each reporting period, the Company reassesses the probability of the achievement of the performance conditions and any change in expense resulting from an adjustment in the estimated shares to be released is treated as a cumulative catch-up in the period of the adjustment.

The Company records stock-based compensation expense for incentive compensation liabilities based on estimated payments to employees for which the Company expects to settle the liability by granting restricted stock units. For these awards, stock-based compensation expense is accrued commencing at the service inception date, which generally precedes the grant date, through the end of the requisite service period.

Income Taxes

Income taxes are accounted for using the asset and liability method. Deferred income taxes are provided for temporary differences in recognizing certain income, expense and credit items for financial reporting purposes and tax reporting purposes. Such deferred income taxes primarily relate to the difference between the tax bases of assets and liabilities and their financial reporting amounts. Deferred tax assets and liabilities are measured by applying enacted statutory tax rates applicable to the future years in which deferred tax assets or liabilities are expected to be settled or realized. Excess tax benefits or tax deficiencies from stock option exercises are recognized in the income tax provision in the period in which they occur.

The Company records a valuation allowance when it determines, based on available positive and negative evidence, that it is more-likely-than-not that some portion or all of its deferred tax assets will not be realized. The Company determines the realizability of its deferred tax assets primarily based on the reversal of existing taxable temporary differences and projections of future taxable income (exclusive of reversing temporary differences and carryforwards). In evaluating such projections, the Company considers its history of profitability and the time frame over which it would take to utilize the deferred tax assets prior to their expiration.

For certain tax positions, the Company uses a more-likely-than-not threshold based on the technical merits of the tax position taken. Tax positions that meet the more-likely-than-not recognition threshold are measured at the largest amount of tax benefits determined on a cumulative probability basis, which are more-likely-than-not to be realized upon ultimate settlement in the consolidated financial statements. The Company’s policy is to recognize interest and penalties related to income tax matters in income tax expense. There were no amounts recognized relating to interest and penalties in the consolidated statements of operations for the years ended December 31, 2023 and 2022. The Company had no uncertain income tax positions as of either December 31, 2023 or 2022.

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash, investments, and trade accounts receivable. The Company maintains the majority of its cash, cash equivalents, restricted cash and investments with three financial institutions. The Company’s deposits routinely exceed amounts guaranteed by the Federal Deposit Insurance Corporation. While the Company has not experienced any losses in such accounts, the

failure of Silicon Valley Bank (“SVB”), at which the Company held cash and cash equivalents in multiple accounts, exposed the Company to limited credit risk prior to the completion by the Federal Deposit Insurance Corporation of the resolution of SVB in a manner that fully protected all depositors.

The Company’s accounts receivable are derived from customers primarily located in the U.S. The Company performs periodic evaluations of its customers’ financial condition and generally does not require its customers to provide collateral or other security to support accounts receivable and maintains an allowance for credit losses. Credit losses historically have not been material.

Significant customers are those that represent more than 10% of the Company’s total revenue. For the year ended December 31, 2023, the Company had two significant customers that accounted for 58% of total revenue. For the year ended December 31, 2022, the Company had three significant customers that accounted for 70% of total revenue.

Earnings (Loss) Per Share

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding for the period. Diluted earnings per share is computed by dividing net income (loss) by the weighted average number of shares of common stock during the period, plus common stock equivalents, outstanding during the period. If the Company reports a net loss, the computation of diluted loss per share excludes the effect of dilutive common stock equivalents, as their effect would be antidilutive.

The following table sets forth the computation of basic and diluted loss per share attributable to common stockholders (in thousands, except share and per share data):

 

 

Year Ended
December 31,

 

Numerator:

 

2023

 

 

2022

 

Net loss attributable to common stockholders

 

$

(157,771

)

 

$

(48,511

)

Denominator:

 

 

 

 

 

 

Weighted average shares used in computing net loss per share
   attributable to common stockholders—basic and diluted

 

 

202,576,492

 

 

 

197,727,642

 

Net loss per share attributable to common stockholders—basic
   and diluted

 

$

(0.78

)

 

$

(0.25

)

 

In periods with a reported net loss, the effect of anti-dilutive stock options, unvested restricted stock units, unvested common stock (including unvested restricted common stock) and warrants are excluded and diluted loss per share is equal to basic loss per share. The following is a summary of the weighted average common stock equivalents for the securities outstanding during the respective periods that have been excluded from the computation of diluted net loss per common share, as their effect would be anti-dilutive:

 

 

Year Ended
December 31,

 

 

2023

 

 

2022

 

Common stock options outstanding

 

 

23,518,426

 

 

 

22,951,439

 

Warrants to purchase common stock

 

 

8,301,202

 

 

 

8,301,202

 

Public warrants

 

 

5,230,613

 

 

 

5,231,750

 

Unvested restricted stock units

 

 

13,726,782

 

 

 

4,418,852

 

Unvested performance-based restricted stock units

 

 

542,905

 

 

 

—

 

Unvested common stock

 

 

654,442

 

 

 

1,158,095

 

Total

 

 

51,974,370

 

 

 

42,061,338

 

 

Recently Adopted Accounting Standards

In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses, along with various updates and improvements. The standard, including subsequently issued amendments, requires a financial asset measured at amortized cost basis, such as accounts receivable and certain other financial assets, to be presented at the net amount expected to be collected based on relevant information about past events, including historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the reported amount. The Company adopted this standard effective January 1, 2023, and it did not have a material effect on the consolidated financial statements and related disclosures.

In August 2020, the FASB issued ASU 2020-06, Debt, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The ASU simplifies accounting for convertible instruments by removing major separation models required under current U.S. GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument with no separate accounting for embedded conversion features. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for the exception. The ASU also simplifies the diluted net income per share calculation in certain areas. The Company adopted this standard effective January 1, 2023, in the consolidated financial statements. The adoption of this guidance did not have a material impact on the consolidated financial statements and related disclosures.

Recently Issued Accounting Standards Not Yet Adopted

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of ASU 2023-07 should be applied on a retrospective basis, with early adoption permitted. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, on a prospective basis, with early adoption permitted. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements and related disclosures.
v3.24.0.1
Acquisitions
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Acquisitions

3. ACQUISITIONS

On December 30, 2022, the Company acquired the assets of Entangled Networks Ltd. for total cash consideration of $1.0 million. The acquisition supports the Company’s efforts to build large-scale quantum computers by enabling computation across multiple distributed quantum processors. As part of the final purchase price allocation, the Company recorded $0.3 million in identifiable intangible assets and $0.7 million in goodwill.

v3.24.0.1
Cash, Cash Equivalents, Restricted Cash And Investments
 12 Months Ended
Dec. 31, 2023
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents, Restricted Cash and Investments

4. CASH, CASH EQUIVALENTS, RESTRICTED CASH AND INVESTMENTS

The following table summarizes the Company’s unrealized gains and losses and estimated fair value of cash, cash equivalents, restricted cash and investments in available-for-sale securities recorded in the consolidated balance sheets (in thousands):

 

 

As of December 31, 2023

 

 

As of December 31, 2022

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair
Value

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair
Value

 

Cash and money market
   funds

 

$

25,131

 

 

$

—

 

 

$

—

 

 

$

25,131

 

 

$

46,367

 

 

$

—

 

 

$

—

 

 

$

46,367

 

Commercial paper

 

 

16,374

 

 

 

—

 

 

 

(14

)

 

 

16,360

 

 

 

130,141

 

 

 

—

 

 

 

(443

)

 

 

129,698

 

Corporate notes and bonds

 

 

176,793

 

 

 

38

 

 

 

(1,854

)

 

 

174,977

 

 

 

277,184

 

 

 

19

 

 

 

(5,993

)

 

 

271,210

 

Municipal bonds

 

 

4,990

 

 

 

—

 

 

 

(43

)

 

 

4,947

 

 

 

9,905

 

 

 

—

 

 

 

(273

)

 

 

9,632

 

US government and agency

 

 

237,015

 

 

 

311

 

 

 

(395

)

 

 

236,931

 

 

 

83,556

 

 

 

23

 

 

 

(688

)

 

 

82,891

 

Total cash, cash equivalents,
   restricted cash and
   investments

 

$

460,303

 

 

$

349

 

 

$

(2,306

)

 

$

458,346

 

 

$

547,153

 

 

$

42

 

 

$

(7,397

)

 

$

539,798

 

 

Unrealized losses related to investments were primarily a result of interest rate fluctuations. The following table presents information about the Company’s investments in available-for-sale securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position (in thousands):

 

 

As of December 31, 2023

 

 

Less than 12 Months

 

 

12 Months or Longer

 

 

Total

 

 

Fair Value

 

 

Gross Unrealized
Losses

 

 

Fair Value

 

 

Gross Unrealized
Losses

 

 

Fair Value

 

 

Gross Unrealized
Loses

 

Commercial paper

 

$

16,360

 

 

$

(14

)

 

$

—

 

 

$

—

 

 

$

16,360

 

 

$

(14

)

Corporate notes and bonds

 

 

11,074

 

 

 

(58

)

 

 

151,174

 

 

 

(1,796

)

 

 

162,248

 

 

 

(1,854

)

Municipal bonds

 

 

—

 

 

 

—

 

 

 

4,947

 

 

 

(43

)

 

 

4,947

 

 

 

(43

)

US government and agency

 

 

109,540

 

 

 

(192

)

 

 

24,795

 

 

 

(203

)

 

 

134,335

 

 

 

(395

)

Total

 

$

136,974

 

 

$

(264

)

 

$

180,916

 

 

$

(2,042

)

 

$

317,890

 

 

$

(2,306

)

 

There were no securities in a gross unrealized loss position for greater than twelve months as of December 31, 2022.

The Company did not have any allowance for credit losses as of either December 31, 2023 or December 31, 2022. The Company neither intends to nor believes that it is more likely than not that it will be required to sell the investments in an unrealized loss position before the recovery of the associated amortized cost basis.

The estimated fair value of the Company’s cash, cash equivalents, restricted cash and investments in available-for-sale securities as of December 31, 2023, aggregated by investment category and classified by contractual maturity date, is as follows (in thousands):

 

 

1 Year
or Less

 

 

Greater than
1 Year

 

 

Total

 

Cash and money market funds

 

$

22,726

 

 

$

2,405

 

 

$

25,131

 

Commercial paper

 

 

16,360

 

 

 

—

 

 

 

16,360

 

Corporate notes and bonds

 

 

130,423

 

 

 

44,554

 

 

 

174,977

 

Municipal bonds

 

 

4,947

 

 

 

—

 

 

 

4,947

 

US government and agency

 

 

180,996

 

 

 

55,935

 

 

 

236,931

 

Total

 

$

355,452

 

 

$

102,894

 

 

$

458,346

 
v3.24.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Fair Value Measurements

5. FAIR VALUE MEASUREMENTS

The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (in thousands):

 

 

Fair Value Measured as of

 

 

 

December 31, 2023

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents and restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and money market funds(1)

 

$

25,131

 

 

$

—

 

 

$

—

 

 

$

25,131

 

US government and agency

 

 

—

 

 

 

12,950

 

 

 

—

 

 

 

12,950

 

Total cash, cash equivalents and restricted cash

 

$

25,131

 

 

$

12,950

 

 

$

—

 

 

$

38,081

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

—

 

 

 

16,360

 

 

 

—

 

 

 

16,360

 

Corporate notes and bonds

 

 

—

 

 

 

130,423

 

 

 

—

 

 

 

130,423

 

Municipal bonds

 

 

—

 

 

 

4,947

 

 

 

—

 

 

 

4,947

 

US government and agency

 

 

—

 

 

 

168,046

 

 

 

—

 

 

 

168,046

 

Total short-term investments

 

$

—

 

 

$

319,776

 

 

$

—

 

 

$

319,776

 

Long-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate notes and bonds

 

 

—

 

 

 

44,554

 

 

 

—

 

 

 

44,554

 

US government and agency

 

 

—

 

 

 

55,935

 

 

 

—

 

 

 

55,935

 

Total long-term investments

 

$

—

 

 

$

100,489

 

 

$

—

 

 

$

100,489

 

Total Assets

 

$

25,131

 

 

$

433,215

 

 

$

—

 

 

$

458,346

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Public warrants

 

$

23,004

 

 

$

—

 

 

$

—

 

 

$

23,004

 

 

 

Fair Value Measured as of

 

 

 

December 31, 2022

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents and restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and money market funds(1)

 

$

46,367

 

 

$

—

 

 

$

—

 

 

$

46,367

 

Total cash, cash equivalents and restricted cash

 

$

46,367

 

 

$

—

 

 

$

—

 

 

$

46,367

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

—

 

 

 

129,698

 

 

 

—

 

 

 

129,698

 

Corporate notes and bonds

 

 

—

 

 

 

120,447

 

 

 

—

 

 

 

120,447

 

Municipal bonds

 

 

—

 

 

 

4,911

 

 

 

—

 

 

 

4,911

 

US government and agency

 

 

—

 

 

 

56,374

 

 

 

—

 

 

 

56,374

 

Total short-term investments

 

$

—

 

 

$

311,430

 

 

$

—

 

 

$

311,430

 

Long-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate notes and bonds

 

 

—

 

 

 

150,763

 

 

 

—

 

 

 

150,763

 

Municipal bonds

 

 

—

 

 

 

4,721

 

 

 

—

 

 

 

4,721

 

US government and agency

 

 

—

 

 

 

26,517

 

 

 

—

 

 

 

26,517

 

Total long-term investments

 

$

—

 

 

$

182,001

 

 

$

—

 

 

$

182,001

 

Total Assets

 

$

46,367

 

 

$

493,431

 

 

$

—

 

 

$

539,798

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Public warrants

 

$

3,819

 

 

$

—

 

 

$

—

 

 

$

3,819

 

 

(1)
Includes money market funds associated with the Company’s overnight investment sweep account and cash collateralizing the Company's letter of credit and corporate credit cards.

Transfers to/from Levels 1, 2 and 3 are recognized at the beginning of the reporting period. There were no transfers between levels during the years ended December 31, 2023 and 2022. On December 31, 2023, the closing trading price of the public warrants was $4.40 per warrant.
v3.24.0.1
Property And Equipment, Net
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Property And Equipment, Net

6. PROPERTY AND EQUIPMENT, NET

Property and equipment, net is composed of the following (in thousands):

 

 

December 31,

 

 

December 31,

 

 

2023

 

 

2022

 

Computer equipment and acquired computer software

 

$

4,537

 

 

$

2,407

 

Machinery, equipment, furniture and fixtures

 

 

9,238

 

 

 

7,506

 

Leasehold improvements

 

 

10,043

 

 

 

1,132

 

Quantum computing systems

 

 

28,296

 

 

 

22,430

 

Gross property and equipment

 

 

52,114

 

 

 

33,475

 

Less: accumulated depreciation

 

 

(14,599

)

 

 

(7,461

)

Total property and equipment, net

 

$

37,515

 

 

$

26,014

 

 

Depreciation expense for the years ended December 31, 2023 and 2022 was $7.2 million and $4.0 million, respectively.
v3.24.0.1
Intangible Assets, Net
 12 Months Ended
Dec. 31, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets, Net

7. INTANGIBLE ASSETS, NET

Intangible assets, net is composed of the following (in thousands, except as otherwise noted):

 

 

December 31, 2023

 

 

Weighted
Average
Remaining
Useful Life
(Years)

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net
Amount

 

Patents

 

 

15.9

 

 

$

5,783

 

 

$

(287

)

 

$

5,496

 

Trademark

 

Indefinite

 

 

 

154

 

 

 

—

 

 

 

154

 

Website and other

 

 

8.9

 

 

 

227

 

 

 

(38

)

 

 

189

 

Developed technology

 

 

1.0

 

 

 

318

 

 

 

(159

)

 

 

159

 

Internally developed software

 

 

2.3

 

 

 

14,524

 

 

 

(5,445

)

 

 

9,079

 

Total

 

 

 

 

$

21,006

 

 

$

(5,929

)

 

$

15,077

 

 

 

December 31, 2022

 

 

Weighted
Average
Remaining
Useful Life
(Years)

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net
Amount

 

Patents

 

 

16.5

 

 

$

4,438

 

 

$

(146

)

 

$

4,292

 

Trademark

 

Indefinite

 

 

 

131

 

 

 

—

 

 

 

131

 

Website and other

 

 

9.6

 

 

 

220

 

 

 

(17

)

 

 

203

 

Developed technology

 

 

2.0

 

 

 

318

 

 

 

—

 

 

 

318

 

Internally developed software

 

 

2.2

 

 

 

6,548

 

 

 

(2,548

)

 

 

4,000

 

Total

 

 

 

 

$

11,655

 

 

$

(2,711

)

 

$

8,944

 

 

Total amortization expense for intangible assets for the years ended December 31, 2023 and 2022, was $3.2 million and $1.6 million, respectively. As of December 31, 2023, the projected annual amortization expense for the Company’s intangible assets is as follows (in thousands):

 

 

 

Amount

 

Year ending December 31,

 

 

 

2024

 

$

4,427

 

2025

 

 

3,524

 

2026

 

 

1,853

 

2027

 

 

189

 

2028

 

 

189

 

Thereafter

 

 

4,741

 

Total amortization expense

 

$

14,923

 

 
v3.24.0.1
Agreements With University Of Maryland And Duke University
 12 Months Ended
Dec. 31, 2023
Agreement Disclosure [Abstract]  
Agreements With University Of Maryland And Duke University

8. AGREEMENTS WITH UNIVERSITY OF MARYLAND AND DUKE UNIVERSITY

Exclusive License Agreement

The Company entered into an exclusive license agreement (“License Agreement”) in July 2016 with the University of Maryland (“UMD”) and Duke University (“Duke”). The License Agreement grants to the Company an exclusive, perpetual license (“Initial Patents”) to certain patents, know-how and other intellectual property utilized in trapped-ion quantum computing systems. The license granted to the Company is exclusive for all patents (and non-exclusive for other types of intellectual property), subject to certain governmental rights and retained rights by UMD and Duke and other non-profit institutions to use and practice the Licensed Patents (as defined below) and technology for internal research and other non-profit purposes. In exchange for the Initial Patents, UMD and Duke received an aggregate of 142,886 shares of common stock.

On February 1, 2021, the Company and UMD executed two amendments to the License Agreement granting exclusive rights to license additional intellectual property in exchange for a total of 257,198 shares of common stock. Management evaluated the amendments and concluded that the arrangements qualify as equity-classified instruments and recorded an intangible asset and additional paid-in capital based on the fair value of the shares at the date the amendments were executed of $1.6 million. The shares for each executed amendment were issued during the year ended December 31, 2021.

Exclusive Option Agreements

The Company also entered into an exclusive option agreement (the “Option Agreement”) with each of UMD and Duke in 2016 whereby on the anniversary of the effective date of the License Agreement for a period of 5 years, the Company has the right to exclusively license additional intellectual property developed by UMD and Duke (the “Additional Patents” and together with the Initial Patents, the “Licensed Patents”) by exercising an annual option and issuing shares of common stock each to Duke and UMD in consideration for the Additional Patents. The amount issued to UMD and Duke pursuant to the Option Agreement over the 5-year term was equal to an aggregate of 642,995 shares of common stock to each university. The Company may elect not to exercise the option if there was not a minimum number of intellectual property developed in a given year and then the Option Agreement would extend another year.

In December 2020, the Company amended its Option Agreement with Duke, and under this amendment, the Company issued 1,214,317 shares of common stock to Duke in consideration for research and development services through July 15, 2026. Under the terms of the amended Option Agreement, the issuance of shares is a nonrefundable upfront payment in exchange for research and development services by Duke whereby the Company will obtain rights to any potential future intellectual property developed during the term. As such, the fair value of the shares of common stock was recorded as a prepaid expense and is being amortized over the term of the arrangement as services are received. The Company recognized $0.5 million of research and development expense related to the agreement with Duke during each of the years ended December 31, 2023 and 2022.

The useful life of the Licensed Patents derived from the License Agreement and the Option Agreement is the remaining legal life at the time of acquisition. The value of the Licensed Patents is based on the fair value of the common stock given as consideration on the effective date of each agreement and exercise of option. The asset is amortized over the useful life of the Licensed Patents.

v3.24.0.1
Other Balance Sheet Accounts
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Other Balance Sheet Accounts

9. OTHER BALANCE SHEET ACCOUNTS

Prepaid expenses and other current assets are composed of the following (in thousands):

 

 

December 31,

 

 

December 31,

 

 

2023

 

 

2022

 

Materials and supplies

 

$

12,476

 

 

$

5,164

 

Prepaid expenses

 

 

5,696

 

 

 

3,952

 

Other current assets

 

 

4,909

 

 

 

3,423

 

Total prepaid expenses and other current assets

 

$

23,081

 

 

$

12,539

 

 

Accrued expenses are composed of the following (in thousands):

 

 

December 31,

 

 

December 31,

 

 

2023

 

 

2022

 

Accrued salaries and other payroll liabilities

 

$

15,950

 

 

$

4,935

 

Accrued professional services

 

 

605

 

 

 

678

 

Accrued equipment and services liabilities for research and development

 

 

112

 

 

 

489

 

Accrued expenses—other

 

 

1,709

 

 

 

553

 

Total accrued expenses

 

$

18,376

 

 

$

6,655

 
v3.24.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies

10. COMMITMENTS AND CONTINGENCIES

Warranties and Indemnification

The Company’s commercial services are typically warranted to perform in a manner consistent with general industry standards that are reasonably applicable and materially in accordance with the Company’s documentation under normal use and circumstances.

The Company’s arrangements generally include certain provisions for indemnifying customers against liabilities if its products or services infringe third- party intellectual property rights. To date, the Company has not incurred any material costs as a result of such obligations and has not accrued any liabilities related to such obligations in the accompanying consolidated financial statements.

Stockholder Lawsuit

In May 2022, a securities class action complaint captioned Leacock v. IonQ, Inc. et al., Case No. 8:22-cv-01306, was filed by a stockholder of the Company in the United States District Court for the District of Maryland (the “Leacock Litigation”) against the Company and certain of the Company’s current officers. In June 2022, a securities class action complaint captioned Fisher v. IonQ, Inc., Case No. 8:22-cv-01306-DLB (the “Fisher Litigation”) was filed by a stockholder against the Company and certain of the Company’s current officers (“IonQ Defendants”). Both the Leacock Litigation and Fisher Litigation, which have been consolidated into a single action, allege violations of Section 10(b) of the Exchange Act, and Rule 10b-5 promulgated thereunder, and Section 20(a) of the Exchange Act and seek damages. In September 2022, the Court appointed lead plaintiffs and counsel for lead plaintiffs, and ordered lead plaintiffs to file a consolidated amended complaint. The consolidated amended complaint was filed on November 22, 2022. As part of the consolidated amended complaint, certain members of the Company’s board of directors as well as other dMY-related defendants (“Additional Defendants”) have been added as defendants to the case. On February 7, 2023, the IonQ Defendants and the Additional Defendants each filed a motion to dismiss the consolidated amended complaint. On March 23, 2023, lead plaintiffs filed their omnibus opposition to the motions to dismiss. On April 26, 2023, the IonQ Defendants and the Additional Defendants each filed a reply in support of the motions to dismiss. On September 28, 2023, the District Court of Maryland issued an order dismissing plaintiffs' claims against the IonQ Defendants and the Additional Defendants with prejudice and directed the clerk to close the case. On October 26, 2023, the plaintiffs filed a motion for post-judgment relief, seeking to amend their consolidated amended complaint. The IonQ Defendants and Additional Defendants filed oppositions to plaintiffs’ motion on December 1, 2023, and plaintiffs filed their reply on January 8, 2024. Both the IonQ Defendants and Additional Defendants intend to defend the matters vigorously. Given the uncertainty of litigation, the preliminary stage of the case, and the legal standards that must be met for, among other things, class certification and success on the merits, the Company cannot reasonably estimate the possible loss or range of loss, if any, that may result from the associated suit.

Glatt Litigation

On January 12, 2021, dMY Technology Group, Inc. II, dMY Sponsor II, LLC, dMY, and dMY Sponsor III, LLC (“Sponsor”) accepted service of a lawsuit where they were named as counterclaim defendants in an underlying action by and between GTY Technology Holdings, Inc. (“GTY”), dMY Technology Holdings Inc., dMY Sponsor, LLC, dMY Sponsor II, LLC, dMY Technology Group Inc. II, dMY and Sponsor (collectively “dMY Defendants”) and Carter Glatt (“Glatt”) and Captains Neck Holdings LLC (“Captains Neck”), an entity of which Mr. Glatt is a member. The underlying lawsuit, filed by dMY Technology Group, Inc. and dMY Sponsor, LLC, seeks a declaratory judgment that Glatt and Captains Neck are not entitled to membership units of dMY Sponsor LLC, which was formed by Harry L. You, the co-founder and former President and Chief Financial Officer of GTY when Glatt was still working at GTY. The underlying lawsuit contains claims arising from Glatt’s termination of employment from GTY, including theft and misappropriation of confidential GTY information, breach of contract, breach of the duties of loyalty and fiduciary duty and conversion. Glatt responded to the underlying lawsuit by adding members of the Sponsor and officers of dMY as additional counterclaim defendants (collectively with the dMY Defendants Glatt and Captains Neck, the “Counterclaim Defendants”) and adding Dune Acquisition Holdings LLC, a newly formed special purpose acquisition company, as a counterclaimant and asserting claims for breach of contract, fraudulent misrepresentation, negligent misrepresentation, tortious interference with business relations, quantum meruit and unjust enrichment. dMY and the Company have never employed Glatt nor maintained any business agreements with him.

The Counterclaim Defendants denied the claims against them and filed a motion to dismiss the suit. During 2023, the court dismissed the claims against dMY Technology Group, Inc. III (“dMY III”), the former legal registrant of IonQ, Inc and the case is now considered closed.

v3.24.0.1
Stockholders' Equity
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Stockholders' Equity

11. STOCKHOLDERS’ EQUITY

Our second amended and restated certificate of incorporation authorizes us to issue up to 1,000,000,000 shares of common stock, $0.0001 par value per share, and 20,000,000 shares of preferred stock, par value $0.0001 per share.

Preferred Stock

Under our second amended and restated certificate of incorporation, our board of directors may, without further action by our stockholders, fix the rights, preferences, privileges and restrictions of up to an aggregate of 20,000,000 shares of preferred stock in one or more series and authorize their issuance. These rights, preferences and privileges could include dividend rights, conversion rights, voting rights, terms of redemption, liquidation preferences and the number of shares constituting any series or the designation of such series, any or all of which may be greater than the rights of common stock. Any issuance of preferred stock could adversely affect the voting power of holders of common stock and the likelihood that such holders would receive dividend payments and payments on liquidation. In addition, the issuance of preferred stock could have the effect of delaying, deterring or preventing a change of control or other corporate action. No shares of preferred stock have been issued as of December 31, 2023.

Common Stock

The terms, rights, preference, and privileges of the common stock are as follows:

Voting Rights

Except as otherwise required by law or as otherwise provided in any certificate of designation for any series of preferred stock, each holder of common stock possess all voting power for the election of our directors and all other matters requiring stockholder action. Holders of common stock are entitled to one vote per share on matters to be voted on by stockholders. The Company’s second amended and restated certificate of incorporation and bylaws do not provide for cumulative voting rights.

Dividends

Subject to preferences that may be applicable to any then outstanding preferred stock, the holders of common stock may be entitled to receive dividends out of legally available funds if the board of directors, in its discretion, determines to issue dividends and then only at the times and in the amounts that the board of directors may determine. We do not anticipate paying any cash dividends in the foreseeable future.

Liquidation

In the event of our voluntary or involuntary liquidation, dissolution, distribution of assets or winding-up, the holders of common stock will be entitled to receive an equal amount per share of all of our assets of whatever kind available for distribution to stockholders, after the rights of the holders of the preferred stock, if any, have been satisfied.

Rights and Preference

Holders of the Company’s common stock have no preemptive or other subscription rights, and there are no sinking fund or redemption provisions applicable to the common stock. The rights, preferences, and privileges of the holders of common stock are subject to, and may be adversely affected by, the rights of the holders of shares of any series of the Company’s preferred stock that may be issued.

Common Stock Reserved for Issuance

The Company’s common stock reserved for future issuances are as follows:

 

 

As of December 31,

 

 

2023

 

 

2022

 

Stock options outstanding

 

 

21,664,377

 

 

 

24,716,270

 

Warrants to acquire common stock

 

 

8,301,202

 

 

 

8,301,202

 

Public warrants outstanding

 

 

5,228,253

 

 

 

5,231,486

 

Restricted stock units outstanding

 

 

15,107,535

 

 

 

9,320,045

 

Performance-based restricted stock units grants

 

 

12,923,499

 

 

 

—

 

Shares available for grant under the 2021 Equity Incentive Plan

 

 

14,075,832

 

 

 

23,415,625

 

Shares available for issuance under the Employee Stock Purchase Plan

 

 

5,354,000

 

 

 

5,354,000

 

Total common stock reserved

 

 

82,654,698

 

 

 

76,338,628

 
v3.24.0.1
Warrant Transaction Agreement
 12 Months Ended
Dec. 31, 2023
Warrant Transaction Agreement [Abstract]  
Warrant Transaction Agreement

12. WARRANT TRANSACTION AGREEMENT

In November 2019, contemporaneously with a revenue arrangement, the Company entered into a contract, pursuant to which the Company agreed to issue to a customer warrants to acquire shares of Legacy IonQ Series B-1 preferred stock (the “Warrant Shares”), subject to certain vesting events. Upon closing of the Business Combination, these warrants exercisable for Legacy IonQ Series B-1 preferred stock were assumed by the Company and converted into a warrant to purchase shares of common stock. Except as specifically provided in the Merger Agreement, the Warrant Shares will have the same terms and be subject to the same conditions (including applicable vesting conditions) as set forth in the Legacy IonQ warrant agreement. As of December 31, 2023, the contract allows for the customer to acquire up to 8,301,202 shares of common stock in the Company.

As the Warrant Shares were issued in connection with an existing commercial agreement with a customer, the value of the Warrant Shares was determined to be consideration payable to the customer and consequently is treated as a reduction to revenue recognized under the corresponding revenue arrangement.

Approximately 6.5% of the Warrant Shares vested and became immediately exercisable in August 2020. The remaining Warrant Shares will vest and become exercisable upon satisfaction of certain milestones based on revenue generated under the commercial agreement with the customer, to the extent certain prepayments are made by the customer. The exercise price for the Warrant Shares is $1.38 per share and the warrant is exercisable through November 2029. The fair value of the Warrant Shares at the date of issuance was determined to be $8.7 million.

v3.24.0.1
Warrant Liabilities
 12 Months Ended
Dec. 31, 2023
Warrant Liabilities [Abstract]  
Warrant Liabilities

13. WARRANT LIABILITIES

The Company assumed 7,500,000 public warrants on September 30, 2021 as part of the Business Combination. As of December 31, 2023, there were 5,228,253 public warrants to purchase common stock outstanding. Each warrant entitles the registered holder to purchase one share of common stock at a price of $11.50 per share.

Public warrants

The public warrants may be exercised on the later of (a) 30 days after the completion of a Business Combination or (b) 12 months from the closing of the Initial Public Offering of dMY; provided in each case that the Company has an effective registration statement under the Securities Act covering the shares of common stock issuable upon exercise of the public warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their public warrants on a cashless basis and such cashless exercise is exempt from registration under the Securities Act). The public warrants became exercisable on November 17, 2021.

Redemption of warrants when the price per share of common stock equals or exceeds $18.00:

Once the warrants become exercisable, the Company may redeem the outstanding warrants for cash:

•
in whole and not in part;
•
at a price of $0.01 per warrant;
•
upon a minimum of 30 days’ prior written notice of redemption; and
•
if, and only if, the closing price of common stock equals or exceeds $18.00 per share (as adjusted) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders.

Redemption of warrants for when the price per share of common stock equals or exceeds $10.00:

Once the warrants become exercisable, the Company may redeem the outstanding warrants:

•
in whole and not in part;
•
at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to an agreed table based on the redemption date and the fair market value (as defined within the warrant agreement) of the common stock except as otherwise described within the warrant agreement; and upon a minimum of 30 days’ prior written notice of redemption; and
•
if, and only if, the closing price of common stock equals or exceeds $10.00 per public share (as adjusted) for any 20 trading days within the 30-trading day period ending three trading days before the Company sends notice of redemption to the warrant holders.

No public warrants have been redeemed by the Company as of December 31, 2023.

v3.24.0.1
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]  
Stock-Based Compensation

14. STOCK-BASED COMPENSATION

Equity Incentive Plans

The Company has a 2015 Equity Incentive Plan (the “2015 Plan”), which provided for the grant of share-based compensation to certain officers, directors, employees, consultants, and advisors. Upon the closing of the Business Combination, no further awards were made pursuant to the 2015 Plan and all outstanding Legacy IonQ stock options under the 2015 Plan were assumed by the Company. Such stock options granted under the 2015 Plan will continue to be governed by the terms of the 2015 Plan and the stock option agreements thereunder, until such outstanding options are exercised or until they terminate or expire by their terms. For awards granted under the 2015 Plan, vesting generally occurs over four to five years from the date of grant.

In August 2021, the Company’s board of directors adopted the 2021 Equity Incentive Plan (the “2021 Plan”), which was subsequently approved by the Company’s stockholders in September 2021, and became effective upon the closing of the Business Combination. The 2021 Plan provides for the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards (“RSU”), performance awards and other forms of awards to employees, directors, and consultants. The number of shares of the Company’s common stock reserved for issuance under the 2021 Plan automatically increases on January 1 of each year, beginning on January 1, 2022, and continuing through and including January 1, 2031, by 5% of the Fully Diluted Common Stock (as defined in the 2021 Plan) outstanding on December 31 of the preceding year, or a lesser number of shares determined by the Company’s board of directors prior to such increase. As of January 1, 2024, the number of shares reserved for issuance under the 2021 Plan increased by 14,215,808. For awards granted under the 2021 Plan, vesting terms range from one to four years from the date of grant. As of December 31, 2023, the Company had 14,075,832 shares available for grant under the 2021 Plan.

Under both equity incentive plans, all options granted have a contractual term of 10 years.

Stock Options

The Company estimates the fair value of stock options on the date of grant using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model requires estimates of highly subjective assumptions, which affect the fair value of each stock option.

Expected Volatility—As the Company was privately held until 2021 and there has been limited history of a public market for its common stock prior to closing the Business Combination, the expected volatility is based on the average historical stock price volatility of comparable publicly-traded companies in its industry peer group, financial, and market capitalization data.

Expected Term—The expected term of the Company’s options represents the period that the stock options are expected to be outstanding.

The Company has estimated the expected term of its employee stock option awards using the SAB Topic 14 Simplified Method allowed by the FASB and SEC, for calculating expected term as it has limited historical exercise data to provide a reasonable basis

upon which to otherwise estimate expected term. Certain of the Company’s stock options began vesting prior to the grant date, in which case the Company uses the remaining vesting term at the grant date in the expected term calculation.

Risk-Free Interest Rate—The Company estimates its risk-free interest rate by using the yield on actively traded non-inflation-indexed U.S. treasury securities with contract maturities equal to the expected term.

Dividend Yield—The Company has not declared or paid dividends to date and does not anticipate declaring dividends. As such, the dividend yield has been estimated to be zero.

Fair Value of Underlying Common Stock—For stock options granted under the 2015 Plan, because the Company’s common stock was not yet publicly traded on the date of grant, the Company estimated the fair value of common stock prior to closing the Business Combination. The board of directors considered numerous objective and subjective factors to determine the fair value of the Company’s common stock at each meeting in which awards were approved. The factors considered included, but were not limited to: (i) the results of contemporaneous independent third-party valuations of the Company’s common stock; (ii) the prices, rights, preferences, and privileges of Legacy IonQ’s previously Convertible Redeemable Preferred Stock relative to those of its common stock; (iii) the lack of marketability of the Company’s common stock; (iv) actual operating and financial results; (v) current business conditions and projections; (vi) the likelihood of achieving a liquidity event, such as an initial public offering or sale of the Company, given prevailing market conditions; and (vii) precedent transactions involving the Company’s shares. For stock options granted under the 2021 Plan, the Company utilizes the closing stock price on the date of grant as the fair value of the common stock underlying such options.

The assumptions used to estimate the fair value of stock options granted are as follows:

 

 

Year Ended
December 31,

 

 

2023

 

 

2022

 

Risk-free interest rate

 

 

4.09

%

 

 

2.60

%

Expected term (in years)

 

 

5.50

 

 

 

5.82

 

Expected volatility

 

 

80.63

%

 

 

75.82

%

Dividend yield

 

 

—

%

 

 

—

%

 

The stock option activity is summarized in the following table:

 

 

Number of
Option
Shares

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Term (Years)

 

 

Aggregate
Intrinsic
Value
(in millions)

 

Outstanding as of December 31, 2022

 

 

24,716,270

 

 

$

2.19

 

 

 

7.32

 

 

$

49.69

 

Granted

 

 

104,020

 

 

 

13.53

 

 

 

 

 

 

 

Exercised

 

 

(1,800,450

)

 

 

1.25

 

 

 

 

 

 

 

Cancelled/ Forfeited

 

 

(1,355,463

)

 

 

3.23

 

 

 

 

 

 

 

Outstanding as of December 31, 2023

 

 

21,664,377

 

 

$

2.26

 

 

 

6.05

 

 

$

220.08

 

Exercisable as of December 31, 2023

 

 

14,987,758

 

 

$

1.44

 

 

 

5.41

 

 

$

164.45

 

Exercisable and expected to vest as of December 31, 2023

 

 

21,664,377

 

 

$

2.26

 

 

 

6.05

 

 

$

220.08

 

 

The following table summarizes additional information on stock option grants, vesting and exercises (in millions, except per share amounts):

 

 

Year Ended
December 31,

 

 

2023

 

 

2022

 

Total intrinsic value of options exercised

 

$

18.6

 

 

$

6.7

 

Aggregate grant-date fair value of options vested

 

$

15.5

 

 

$

9.9

 

Weighted-average grant date fair value per share for
   options granted

 

$

9.38

 

 

$

5.58

 

 

 

Early Exercised Stock Options

As of December 31, 2023 and 2022, there were 403,764 and 905,128 shares, respectively, subject to repurchase related to stock options early exercised and unvested. As of December 31, 2023 and 2022, the Company recorded a liability related to these shares subject to repurchase in the amount of $0.8 million and $2.0 million, respectively, in its consolidated balance sheets.

Restricted Stock Units

The RSU activity is summarized in the following table:

 

 

Number of
RSUs

 

 

Weighted
Average
Grant
Date Fair
Value

 

 

Weighted
Average
Remaining
Contractual
Term (Years)

 

 

Aggregate
Fair Value
(in millions)

 

Outstanding as of December 31, 2022

 

 

9,320,045

 

 

$

7.02

 

 

 

3.21

 

 

$

65.38

 

Granted

 

 

11,072,072

 

 

 

9.97

 

 

 

 

 

 

 

Vested

 

 

(4,466,894

)

 

 

7.89

 

 

 

 

 

 

 

Forfeited

 

 

(817,688

)

 

 

7.42

 

 

 

 

 

 

 

Outstanding as of December 31, 2023

 

 

15,107,535

 

 

$

8.90

 

 

 

2.98

 

 

$

134.42

 

Expected to vest after December 31, 2023

 

 

15,066,535

 

 

$

8.89

 

 

 

2.98

 

 

$

133.89

 

 

During the years ended December 31, 2023 and 2022, the Company released 566,389 and 81,134 RSUs, respectively, related to the settlement of an accrued bonus liability.

Performance-Based Restricted Stock Units

During the year ended December 31, 2023, the Company granted performance-based restricted stock unit awards (“PSU”) to certain officers and employees, which vest over approximately four years. The target number of PSUs granted was 4,641,564. The number of shares that can be earned will range from 0% to 300% of the target number of shares, based on the Company's achievement of certain financial and technical goals, as well as a stock price hurdle requirement for a portion of the awards. In the event that the stock price hurdle is not met at the time the PSUs vest, the maximum PSU opportunity shall be limited to target (100%) performance. The number of PSUs expected to vest and for which compensation cost has been recognized is based on the number of awards that the Company believes are probable of vesting as of December 31, 2023. No PSUs were granted during the year ended December 31, 2022.

For the portion of the PSUs subject to the stock price hurdle, the fair value was determined using a Monte Carlo simulation model. The Monte Carlo simulation model requires estimates of highly subjective assumptions, which affect the fair value of each PSU.

Expected Volatility—As the Company was privately held until 2021 and there has been limited history of a public market for its common stock prior to closing the Business Combination, the expected volatility is based on the average historical stock price volatility of comparable publicly-traded companies in its industry peer group, financial, and market capitalization data.

Contractual Term—The Company utilizes the remaining performance period on the date of grant as the contractual term, which represents the period that the PSUs are expected to be outstanding.

Risk-Free Interest Rate—The Company estimates its risk-free interest rate by using the yield on actively traded non-inflation-indexed U.S. treasury securities with contract maturities equal to the expected term.

Dividend Yield—The Company has not declared or paid dividends to date and does not anticipate declaring dividends. As such, the dividend yield has been estimated to be zero.

Fair Value of Underlying Common Stock—The Company utilizes the closing stock price on the date of grant as the fair value of the common stock underlying such PSUs in the Monte Carlo simulation model.

The assumptions used to estimate the fair value of PSUs subject to the stock price hurdle are as follows:

 

 

Year Ended
December 31,

 

 

2023

 

 

2022

 

Risk-free interest rate

 

 

4.59

%

 

 

—

%

Contractual term (in years)

 

 

3.37

 

 

 

—

 

Expected volatility

 

 

80.00

%

 

 

—

%

Dividend yield

 

 

—

%

 

 

—

%

The PSU activity is summarized in the following table, based on awards at target:

 

 

Number of
PSUs

 

 

Weighted
Average
Grant
Date Fair
Value

 

 

Weighted
Average
Remaining
Contractual
Term (Years)

 

 

Aggregate
Fair Value
(in millions)

 

Outstanding as of December 31, 2022

 

 

—

 

 

$

—

 

 

 

—

 

 

$

—

 

Granted

 

 

4,641,564

 

 

 

15.74

 

 

 

 

 

 

 

Forfeited

 

 

(333,731

)

 

 

15.56

 

 

 

 

 

 

 

Outstanding as of December 31, 2023

 

 

4,307,833

 

 

$

15.75

 

 

 

3.17

 

 

$

67.86

 

Expected to vest after December 31, 2023(1)

 

 

6,461,750

 

 

$

15.06

 

 

 

3.17

 

 

$

97.34

 

 

(1)
Represents the number of PSUs expected to vest, which may exceed the target number of shares, based on the Company's probability assessment of expected performance during the performance period.

Stock-Based Compensation Expense

Total stock-based compensation expense for stock option awards, RSUs and PSUs, which are included in the consolidated financial statements, is as follows (in thousands):

 

 

 

Year Ended
December 31,

 

 

2023

 

 

2022

 

Cost of revenue

 

$

2,819

 

 

$

902

 

Research and development

 

 

40,103

 

 

 

13,472

 

Sales and marketing

 

 

6,762

 

 

 

1,298

 

General and administrative

 

 

20,059

 

 

 

15,784

 

Stock-based compensation, net of amounts capitalized

 

$

69,743

 

 

$

31,456

 

Capitalized stock-based compensation—Intangibles and fixed assets

 

 

4,702

 

 

 

1,741

 

Total stock-based compensation

 

$

74,445

 

 

$

33,197

 

 

Unrecognized Stock-Based Compensation

A summary of the Company's remaining unrecognized compensation expense and the weighted-average remaining amortization period as of December 31, 2023, related to its non-vested stock option awards, RSUs and PSUs is presented below (in millions, except time period amounts):

 

 

 

Unrecognized
Expense

 

 

Weighted-
Average
Amortization
Period (Years)

 

Restricted stock units

 

$

122.8

 

 

 

3.1

 

Performance-based restricted stock units

 

 

87.0

 

 

 

3.2

 

Stock options

 

 

26.5

 

 

 

2.2

 

 

Employee Stock Purchase Plan

In August 2021, the Company’s board of directors adopted the Employee Stock Purchase Plan (the “ESPP”), which was subsequently approved by the Company’s stockholders in September 2021, and became effective upon the closing of the Business Combination. The ESPP is intended to qualify as an “employee stock purchase plan” within the meaning of Section 423 of the U.S.

Internal Revenue Code of 1986, as amended (the “Code”). The number of shares of common stock initially reserved for issuance under the ESPP was 5,354,000 shares. The ESPP provides for an annual increase on January 1 of each year, beginning on January 1, 2022, and continuing through and including January 1, 2031, equal to the lesser of (i) 1% of the fully diluted shares of common stock outstanding on the last day of the prior fiscal year, (ii) 10,708,000 shares, or (iii) a lesser number of shares determined by the Company’s board of directors prior to such increase. The board of directors elected not to approve the annual increase of ESPP shares on January 1, 2024.

Under the terms of the ESPP, eligible employees can elect to acquire shares of the Company’s common stock through periodic payroll deductions during a series of offering periods. Purchases under the ESPP are affected on the last business day of each offering period at a 15% discount to the lower of closing price on that day or the closing price on the first day of the offering period. As of December 31, 2023, no shares of common stock had been issued under the ESPP and no offering period had been set by the board of directors.
v3.24.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2023
Income Taxes

15. INCOME TAXES

The current and deferred components of the provision for income taxes for federal, state and foreign jurisdictions for the years ended December 31, 2023 and 2022 are as follows (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

Current:

 

 

 

 

 

 

Federal

 

$

—

 

 

$

—

 

State

 

 

—

 

 

 

—

 

Foreign

 

 

48

 

 

 

—

 

Total current tax expense (benefit)

 

$

48

 

 

$

—

 

Deferred:

 

 

 

 

 

 

Federal

 

 

—

 

 

 

—

 

State

 

 

—

 

 

 

—

 

Foreign

 

 

—

 

 

 

—

 

Total deferred tax expense (benefit)

 

$

—

 

 

$

—

 

Total tax expense (benefit)

 

$

48

 

 

$

—

 

The Company’s provision for income taxes differs from the amount determined by applying the applicable federal statutory tax rate to the loss before income taxes due to the valuation allowance for the net deferred income tax assets. A reconciliation of the U.S. statutory tax rate to our effective tax rate is presented below:

 

 

Year Ended December 31,

 

 

2023

 

 

2022

 

U.S. federal statutory income tax rate

 

 

21.0

%

 

 

21.0

%

State and local income taxes

 

 

4.5

%

 

 

7.4

%

R&D tax credits

 

 

3.1

%

 

 

5.9

%

Stock-based compensation

 

 

2.6

%

 

 

(5.1

)%

Warrant expense

 

 

(2.5

)%

 

 

13.0

%

Change in tax rates

 

 

(0.4

)%

 

 

0.4

%

Provision to return and deferred tax adjustments

 

 

(0.2

)%

 

 

10.9

%

Valuation allowance

 

 

(28.0

)%

 

 

(53.4

)%

Other

 

 

(0.1

)%

 

 

(0.1

)%

Effective tax rate

 

 

0.0

%

 

 

0.0

%

 

 

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):

 

 

 

December 31,

 

 

December 31,

 

 

2023

 

 

2022

 

Deferred tax assets:

 

 

 

 

 

 

Accrued bonus

 

$

3,652

 

 

$

1,018

 

Unearned revenue

 

 

1,233

 

 

 

—

 

Stock-based compensation

 

 

7,308

 

 

 

2,965

 

Depreciation and amortization

 

 

2,843

 

 

 

2,725

 

Capitalized R&D costs

 

 

27,432

 

 

 

8,262

 

Lease liabilities

 

 

2,031

 

 

 

1,068

 

R&D credit carryforwards

 

 

11,428

 

 

 

6,240

 

Net operating loss carryforwards

 

 

36,197

 

 

 

24,836

 

Other

 

 

686

 

 

 

2,256

 

Total deferred tax assets

 

$

92,810

 

 

$

49,370

 

Valuation allowance

 

 

(90,963

)

 

 

(48,212

)

Total deferred tax assets, net of valuation allowance

 

$

1,847

 

 

$

1,158

 

Deferred tax liabilities:

 

 

 

 

 

 

Right of use assets

 

 

(1,142

)

 

 

(989

)

Other

 

 

(705

)

 

 

(169

)

Total deferred tax liabilities

 

$

(1,847

)

 

$

(1,158

)

Net deferred tax assets (liabilities)

 

$

—

 

 

$

—

 

 

The following table summarizes the activity in the Company’s valuation allowance against its gross deferred tax assets (in thousands):

 

 

2023

 

 

2022

 

Beginning balance

 

$

48,212

 

 

$

20,388

 

Charged to costs and expenses

 

 

44,123

 

 

 

25,925

 

Charged (credited) to other accounts

 

 

(1,372

)

 

 

1,899

 

Ending balance

 

$

90,963

 

 

$

48,212

 

 

The Company had pre-tax U.S. federal and state net operating loss carryforwards of approximately $143.4 million and $95.7 million, respectively, as of December 31, 2023. The Company’s net operating loss carryforwards generated prior to January 1, 2018 of $1.1 million will begin to expire, if not utilized, in 2036. The Company’s net operating loss carry forwards generated after December 31, 2017, will carryforward indefinitely. As of December 31, 2023, the Company had U.S. federal and state tax credit carryforwards of $11.6 million. The tax credit carryforwards will expire between 2025 and 2043.

The deductibility of such credits and net operating losses (“NOL”) may be limited. Under Sections 383 and 382 of the Internal Revenue Code of 1986, as amended (the “Code”), and corresponding provisions of state law, if a corporation undergoes an “ownership change,” which generally occurs if the percentage of the corporation’s stock owned by 5% stockholders increases by more than 50% over a three-year period, the corporation’s ability to use its pre-change credits and NOL carryforwards and other pre-change tax attributes to offset its post-change income, may be limited. The Company has not determined if it has experienced Section 383/382 ownership changes in the past and if a portion of its NOL and tax credit carryforwards are subject to an annual limitation. In addition, the Company may experience ownership changes in the future as a result of subsequent shifts in its stock ownership, some of which may be outside of its control. If the Company determines that an ownership change has occurred and its ability to use its historical NOL and tax credit carryforwards is significantly limited, it would harm the Company’s future operating results by effectively increasing its future tax obligations.

The Company has evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets. Based on the Company’s history of operating losses, including a three-year cumulative loss position as of December 31, 2023 and 2022, the Company has concluded that it is not more likely than not that its deferred income tax assets will be realized. Accordingly, the Company has provided a full valuation allowance, for each of the years ended December 31, 2023 and 2022. The net increase in the valuation allowance of $42.8 million is due to the impacts of capitalized research and development and current year operating losses.

The Company is generally subject to a three-year statute of limitations by major tax jurisdictions. The current tax years that are subject for examination are tax years 2018 through 2022, although tax years dating back to 2016 remain open up to the tax attribute amounts carried forward for future use.

v3.24.0.1
Leases
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases

16. LEASES

The Company has operating leases for its various facilities, including its two primary locations in College Park, Maryland, and Bothell, Washington. The College Park, Maryland facility is used for research and development, servicing customers and corporate functions and is leased from UMD. Refer to Note 18 for further information. The Bothell, Washington facility is used for manufacturing, research and development, and general office space. Both the College Park, Maryland, and Bothell, Washington, leases expire in 2030. As of December 31, 2023 and 2022, the weighted-average remaining lease term was 6.5 years and 7.9 years, respectively, and the weighted-average discount rate was 9.0% and 11.9%, respectively.

The Bothell, Washington facility lease includes a landlord-provided tenant improvement allowance to offset a portion of the costs of the construction of leasehold improvements. The Company determined that the leasehold improvements will be Company-owned, and as such, reflected the lease incentive as a reduction of lease payments used to measure the operating lease liability and ROU asset as of the lease commencement date.

The components of lease cost were as follows (in thousands):

 

 

Year Ended
December 31,

 

 

2023

 

 

2022

 

Operating lease cost(1)

 

 

 

 

 

 

Fixed lease cost

 

$

1,458

 

 

$

763

 

Short-term cost

 

 

145

 

 

 

79

 

Total operating lease cost

 

$

1,603

 

 

$

842

 

 

(1)
The lease costs are reflected in the consolidated statements of operations as follows (in thousands):

 

 

Year Ended
December 31,

 

 

2023

 

 

2022

 

Cost of revenue

 

$

145

 

 

$

53

 

Research and development

 

 

722

 

 

 

612

 

Sales and marketing

 

 

84

 

 

 

46

 

General and administrative

 

 

652

 

 

 

131

 

Total operating lease cost

 

$

1,603

 

 

$

842

 

 

Supplemental cash flow and other information related to operating leases was as follows (in thousands):

 

 

 

Year Ended
December 31,

 

 

 

2023

 

 

2022

 

Cash payments (receipts) included in the measurement of operating lease
   liabilities, net

 

$

(1,790

)

 

$

644

 

 

As of December 31, 2023, maturities of operating lease liabilities are as follows (in thousands):

 

 

Amount

 

Year Ending December 31,

 

 

 

2024

 

$

1,498

 

2025

 

 

2,089

 

2026

 

 

2,414

 

2027

 

 

2,449

 

2028

 

 

2,523

 

Thereafter

 

 

3,862

 

Total lease payments

 

$

14,835

 

Less: imputed interest

 

 

(3,748

)

Less: lease incentives

 

 

(2,982

)

Present value of operating lease liabilities

 

$

8,105

 

In December 2023, the Company amended the Bothell, Washington lease agreement to increase the rentable square feet by approximately 36,000 (the “Additional Space”), for a total of 101,000 square feet. The lease amendment is accounted for as a lease modification in accordance with ASC 842, resulting in a $0.8 million reduction to the ROU asset and lease liability for the existing space. The lease for the Additional Space will commence in 2024 and expire in 2030. The lease amendment provides for total future lease payments of approximately $4.3 million for the Additional Space.

In February 2024, the Company entered into a lease agreement for approximately 27,000 square feet in Arlesheim, Switzerland, which will commence in 2024 and expire in 2029, with total future lease payments of approximately $4.3 million.
v3.24.0.1
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Employee Benefit Plans

17. EMPLOYEE BENEFIT PLAN

The Company has a 401(k) savings plan (the “401(k) Plan”), which qualifies as a deferred salary arrangement under Section 401(k) of the Internal Revenue Code. Under the 401(k) Plan, participating employees may elect to contribute up to 100% of their eligible compensation, subject to certain limitations. The 401(k) Plan provides for a discretionary employer-matching contribution. The Company made a matching contribution of $1.6 million and $0.9 million to the 401(k) Plan for the years ended December 31, 2023 and 2022, respectively.

v3.24.0.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2023
Related Party Transaction [Line Items]  
Related Party Transactions

18. RELATED PARTY TRANSACTIONS

Transactions with UMD and Duke

As described in Note 8, the Company entered into a License Agreement and Option Agreement with UMD and Duke whereby the Company, in the normal course of business, has licensed certain intellectual property and, in the case of the amendments to the Option Agreements, has purchased research and development services. The Company considers these agreements to be related party transactions because the Company’s Co-founder and Chief Technology Officer serves as a professor at Duke and the Company’s Co-founder and former Chief Scientist served as a professor at UMD. During 2021, the Company’s former Chief Scientist moved to Duke and, in his role as a professor at Duke, co-lead the research subject to the License Agreement and Option Agreement with Duke, alongside the Company's Chief Technology Officer, until his departure from the Company. The Company's Chief Technology Officer continues to lead the research subject to the License Agreement and Option Agreement with Duke as of December 31, 2023.

In addition, the Company has an operating lease for office space with UMD, which expires in 2030. Future minimum lease payments as of December 31, 2023 are $5.7 million. The lease costs and cash flow related to the operating lease were as follows (in thousands):

 

 

 

Year Ended
December 31,

 

 

 

2023

 

 

2022

 

Fixed lease cost

 

$

763

 

 

$

763

 

Lease payments

 

$

671

 

 

$

644

 

 

A summary of the weighted-average remaining lease term and weighted-average discount rate is presented below:

 

 

 

December 31,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Weighted-average remaining lease term (in years)

 

6.9

 

 

7.9

 

Weighted-average discount rate

 

 

11.9

%

 

 

11.9

%

 

In September 2021, the Company entered into a contract with UMD to provide certain quantum computing services and facility access (the “UMD Quantum Agreement”) related to the National Quantum Lab at UMD in exchange for payments totaling $14.0 million over three years. Over the term of the contract, the Company estimates that it will make payments to UMD of approximately $1.4 million, including a contribution of $1.0 million to establish the IonQ Endowed Professorship in the College of Computer, Mathematical and Natural Sciences at UMD. The pledge and other estimated payments to UMD will not be an exchange for distinct goods or services under the provisions of ASC 606 and therefore are considered a reduction of the transaction price for the UMD Quantum Agreement. The transaction price is currently estimated at $12.6 million, reflecting this reduction.

In July 2022, the Company entered into an agreement to provide customized quantum computing hardware to UMD for a transaction price of $0.7 million.

The Company’s results from transactions with related parties, as reflected in the consolidated statements of operations are detailed below. Except as noted below, all transactions in the table below relate to the Company’s arrangements with UMD (in thousands):

 

 

Year Ended
December 31,

 

 

2023

 

 

2022

 

Revenue

 

$

4,585

 

 

$

4,022

 

Cost of revenue

 

 

132

 

 

 

51

 

Research and development(1)

 

 

1,035

 

 

 

1,082

 

Sales and marketing(2)

 

 

57

 

 

 

131

 

General and administrative(3)

 

 

116

 

 

 

117

 

 

(1)
Included in research and development are expenses attributable to Duke of $0.5 million for each of the years ended December 31, 2023 and 2022.
(2)
Included in sales and marketing are expenses attributable to Duke of less than $0.1 million and zero for the years ended December 31, 2023 and 2022, respectively.
(3)
Included in general and administrative are expenses attributable to Duke of less than $0.1 million and zero for the years ended December 31, 2023 and 2022, respectively.

The Company has the following balances related to transactions with related parties, as reflected in the consolidated balance sheets. Except as noted below, all transactions in the table below relate to the Company’s arrangements with UMD (in thousands):

 

 

 

December 31,

 

 

December 31,

 

 

2023

 

 

2022

 

Assets

 

 

 

 

 

 

Prepaid expenses and other current assets ($520 and $520 attributable
   to Duke)

 

$

531

 

 

$

529

 

Operating lease right-of-use asset

 

 

3,452

 

 

 

3,753

 

Other noncurrent assets ($805 and $1,325 attributable to Duke)

 

 

805

 

 

 

1,325

 

Liabilities

 

 

 

 

 

 

Accounts payable ($6 and zero attributable to Duke)

 

$

6

 

 

$

29

 

Accrued expenses ($6 and zero attributable to Duke)

 

 

124

 

 

 

—

 

Current operating lease liabilities

 

 

661

 

 

 

591

 

Unearned revenue

 

 

2,670

 

 

 

3,514

 

Non-current operating lease liabilities

 

 

3,181

 

 

 

3,459

 
v3.24.0.1
Geographic Information
 12 Months Ended
Dec. 31, 2023
Geographic Areas, Revenues from External Customers [Abstract]  
Geographic Information

19. GEOGRAPHIC INFORMATION

Revenue generated for customers located in the United States was approximately 85% and 82% of revenue for the years ended December 31, 2023 and 2022, respectively.

v3.24.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2023
Basis of Preparation

Basis of Preparation

The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP as determined by the Financial Accounting Standards Board (“FASB”). Such consolidated financial statements include the accounts of IonQ and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation
Emerging Growth Company and Smaller Reporting Company Status

Emerging Growth Company and Smaller Reporting Company Status

Under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act, until such time as those standards apply to private companies.

As a result of the market value of the Company's common stock held by non-affiliates as of June 30, 2023, exceeding $700.0 million, the Company became a large accelerated filer under the Exchange Act as of December 31, 2023, and no longer qualifies as an emerging growth company. Therefore, the Company is required to comply with new or revised accounting standards as of the effective dates applicable to public companies that are not emerging growth companies.

The Company was also a smaller reporting company as defined in the Exchange Act until June 30, 2023. However, the Company may continue to use the scaled disclosures permitted for a smaller reporting company through this Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and must begin providing non-scaled larger company disclosure in its first quarterly report in its next fiscal year (i.e., the quarterly report for the three-month period ended March 31, 2024).
Use of Estimates

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP and the rules and regulations of the SEC require management to make estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes.

Significant estimates and assumptions are inherent in the analysis and measurement of items including, but not limited to: standalone selling price for revenue arrangements with multiple performance obligations, total expected costs for revenue arrangements recognized over time, capitalization of quantum computing system costs, useful lives for quantum computing systems, and stock-based compensation for awards with performance and market conditions. Management bases its estimates and assumptions on historical experience, expectations, forecasts, and on various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may differ and be affected by changes in those estimates.

Foreign Currency

Foreign Currency

The reporting currency of the Company is the U.S. dollar. Financial statements of subsidiaries whose functional currency is not the U.S. dollar are translated at exchange rates in effect at the balance sheet date for assets and liabilities and at average exchange rates for revenues and expenses for the respective periods. Translation adjustments are recorded in accumulated other comprehensive loss in the consolidated balance sheets.

The Company is exposed to foreign currency risk to the extent that it enters into transactions denominated in currencies other than its subsidiaries’ respective functional currencies. Transactions denominated in currencies other than subsidiaries’ functional currencies are recorded based on exchange rates at the time such transactions arise. Changes in exchange rates with respect to amounts recorded in the Company’s consolidated balance sheets related to these items will result in unrealized foreign currency transaction gains and losses based upon period-end exchange rates. The Company also records realized foreign currency transaction gains and losses upon settlement of the transactions. Foreign currency transaction gains and losses resulting from the conversion of the transaction currency to functional currency are included in other income (expense), net in the consolidated statements of operations.
Fair Value Measurements

Fair Value Measurements

The Company evaluates the fair value of certain assets and liabilities using the fair value hierarchy. Fair value is an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:

•
Level 1—Observable inputs, which include quoted prices in active markets;
•
Level 2—Observable inputs other than the quoted prices in active markets that are observable either directly or indirectly, such as quoted prices in markets that are not active, or other inputs such as broker quotes, benchmark yield curves, credit spreads and market interest rates for similar securities that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities;
•
Level 3—Unobservable inputs that are supported by little or no market activity and that are based on management’s assumptions, including fair value measurements determined using pricing models, discounted cash flow methodologies or similar techniques.

The Company’s assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy.

For assets that are measured using quoted prices in active markets, the total fair value is the published market price per unit multiplied by the number of units held, without consideration of transaction costs. Assets and liabilities that are measured using significant other observable inputs are primarily valued by reference to quoted prices of similar assets or liabilities in active markets, adjusted for any terms specific to that asset or liability.

Assets and liabilities that are measured at fair value on a non-recurring basis include property and equipment, intangible assets, and goodwill. The Company recognizes these items at fair value when they are considered to be impaired or upon initial recognition when acquired through a business combination or an asset acquisition. The fair value of these assets and liabilities are determined with valuation techniques using the best information available and may include quoted market prices, market comparables and discounted cash flow models.

Due to their short-term nature, the carrying amounts reported in the Company’s consolidated financial statements approximate the fair value for cash and cash equivalents, accounts receivable, accounts payable and accrued expenses.

Cash, Cash Equivalents and Restricted Cash

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents include cash in banks, checking deposits, and money market funds. The Company considers all short-term highly liquid investments with an original maturity at the date of purchase of three months or less to be cash equivalents. Restricted cash for collateralizing letters of credit and corporate credit cards is included in other noncurrent assets in the consolidated balance sheets. The Company issues letters of credit in the ordinary course of business, including for lease arrangements. As of December 31, 2023 and 2022, letters of credit totaling $2.1 million and $2.0 million were outstanding, respectively.

The following table provides a reconciliation of cash, cash equivalents and restricted cash included in the consolidated balance sheets to the amounts included in the consolidated statements of cash flows (in thousands):

 

 

December 31,

 

 

December 31,

 

 

2023

 

 

2022

 

Cash and cash equivalents

 

$

35,665

 

 

$

44,367

 

Restricted cash

 

 

2,416

 

 

 

2,000

 

Total cash, cash equivalents and restricted cash in the
   consolidated statements of cash flows

 

$

38,081

 

 

$

46,367

 
Accounts Receivable and Allowance for Credit Losses

Accounts Receivable and Allowance for Credit Losses

Accounts receivable are non-interest bearing and represent amounts billed and currently due from customers at the gross invoiced amount as well as unbilled amounts related to unconditional rights for consideration to be received for services performed

but not yet invoiced. A receivable is recorded when the Company has an unconditional right to receive payment. Accounts receivable consists of the following (in thousands):

 

 

December 31,

 

 

December 31,

 

 

2023

 

 

2022

 

Billed accounts receivable

 

$

8,564

 

 

$

1,150

 

Unbilled accounts receivable

 

 

2,903

 

 

 

2,142

 

Total accounts receivable

 

$

11,467

 

 

$

3,292

 

 

On a periodic basis, management evaluates its accounts receivable and determines whether to provide an allowance for credit losses. This assessment is based on management’s evaluation of relevant information about past events, including historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the receivable.

The Company did not have any allowance for credit losses as of either December 31, 2023 or 2022.

Materials and Supplies, Net

Materials and Supplies, Net

Materials and supplies are carried at average cost and recorded in prepaid expenses and other current assets in the consolidated balance sheets. Materials and supplies used in the production of quantum computing systems to be made commercially available are capitalized to property and equipment when installed. Materials and supplies used for maintenance, research and development efforts or to service customer contracts are expensed when consumed. The Company capitalized $3.6 million and $1.3 million of materials and supplies to property and equipment for the years ended December 31, 2023 and 2022, respectively.

Materials and supplies are evaluated regularly for excess quantities and obsolescence. This evaluation includes analysis of the Company's current and future strategic plans, risk of technological obsolescence, and general market conditions. During the years ended December 31, 2023 and 2022, excess and obsolescence charges were less than $0.1 million and zero, respectively.

Investments

Investments

Management determines the appropriate classification of investments at the time of purchase based upon management’s intent with regard to such investments. The Company primarily invests in debt securities and classifies its investments as available-for-sale at the time of purchase if they are available to support either current or future operations. This classification is re-evaluated at each balance sheet date. Investments not considered cash equivalents, with remaining contractual maturities of one year or less from the balance sheet date are classified as short-term investments, and those with remaining contractual maturities greater than one year from the balance sheet date are classified as long-term investments. All investments are recorded at their estimated fair value, and any unrealized gains and losses are recorded in the consolidated balance sheets in accumulated other comprehensive loss. Realized gains and losses on sales and maturities of investments are determined based on the specific identification method and are recognized in the consolidated statements of operations in other income (expense), net. Accrued interest receivable on available-for-sale investments is recorded in the consolidated balance sheets in prepaid expenses and other current assets. As of December 31, 2023 and 2022, accrued interest receivable was $2.1 million and $1.7 million, respectively.

The Company performs periodic evaluations to determine whether any declines in the fair value of investments below amortized cost are credit losses or impairments. The evaluation consists of qualitative and quantitative factors regarding the severity of the unrealized loss, as well as the Company’s ability and intent to hold the investments until a forecasted recovery occurs. Declines in fair value are considered to be credit losses if they are related to deterioration in credit risk or are considered impairments if it is likely that the underlying securities will be sold prior to a full recovery of their cost basis. Credit losses and impairments are determined based on the specific identification method and are reported in other income (expense), net in the consolidated statements of operations.

Property and Equipment, Net

Property and Equipment, Net

Property and equipment, net is stated at cost less accumulated depreciation. Historical cost of fixed assets is the cost as of the date acquired. Hardware and labor costs associated with the building of quantum computing systems are capitalized in the period the costs are incurred when it is probable that the system will provide future economic benefit. The costs of quantum computing systems that are used in research and development activities and have alternative future uses are capitalized. Costs to maintain quantum computing systems are expensed as incurred.

Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Useful lives are as follows:

 

Computer equipment and acquired computer software

 

3 – 5 years

Machinery, equipment, furniture and fixtures

 

5 – 7 years

Quantum computing systems

 

3 years

Leasehold improvements

 

Shorter of the lease term or the estimated useful life of the related asset

 

The Company evaluates the useful life of its assets periodically and whenever events or changes in circumstances indicate that the useful life may have changed. In assessing useful lives, the Company considers, among other factors, the use of the asset, changes in technology, and the competitive environment. Effective October 1, 2022, the Company revised the accounting useful life of quantum computing systems, which was determined to be a change in accounting estimate and is being applied prospectively. This change in accounting estimate was not material for the years ended December 31, 2023 and 2022. The estimated useful life for quantum computing systems was previously 2 years.

Leases

Leases

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and current operating lease liabilities and operating lease liabilities, net of current portion on the Company’s consolidated balance sheets. As of December 31, 2023, the Company has no financing lease arrangements. The Company recognizes lease expense for its operating leases on a straight-line basis over the term of the lease.

The Company records a ROU asset and lease liability in connection with its operating leases. The Company’s lease portfolio is comprised primarily of real estate leases, which are accounted for as operating leases. The Company elected the practical expedient to not separate lease and non-lease components for all leases.

ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of the future minimum lease payments, including the impact of any lease incentives, as applicable, over the lease term. An amendment to a lease is assessed to determine if it represents a lease modification or a separate contract. Lease modifications are reassessed as of the effective date of the modification using an incremental borrowing rate based on the information available at the commencement date. For modified leases the Company also reassesses the lease classification as of the effective date of the modification.

The interest rate used to determine the present value of the future lease payments is the Company’s incremental borrowing rate, because the interest rate implicit in the Company’s leases is not readily determinable. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located.

The Company’s lease terms include periods under options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company considers contractual-based factors such as the nature and terms of the renewal or termination, asset-based factors such as physical location of the asset and entity-based factors such as the importance of the leased asset to the Company’s operations to determine the lease term. The Company generally uses the base non-cancelable lease term when determining the ROU assets and lease liabilities.

Intangible Assets, Net

Intangible Assets, Net

The Company’s intangible assets include website domain costs, patents, intellectual property, developed technology and trademarks. Intangible assets with identifiable useful lives are initially valued at acquisition cost and are amortized over their estimated useful lives using the straight-line method. With respect to patents, acquisition costs include external legal and patent application costs. Intangible assets with indefinite useful lives, such as trademarks, are assessed for impairment at least annually.

Capitalized Internally Developed Software

Capitalized Internally Developed Software

Capitalized internally developed software consists of costs to purchase and develop internal-use software, which the Company primarily uses to provide services to its customers. The costs to purchase and develop internal-use software are capitalized from the time that the preliminary project stage is completed, and it is considered probable that the software will be used to perform the function intended, until the time the software is placed in service for its intended use. Any costs incurred during subsequent efforts to upgrade and enhance the functionality of the software are also capitalized. Once this software is ready for its intended use, these costs are amortized on a straight-line basis over the estimated useful life of the software, which is typically assessed to be three years. Capitalized internal-use software is recorded within intangible assets, net, in the consolidated balance sheets. During the years ended

December 31, 2023 and 2022, the Company capitalized $8.0 million and $3.2 million in internal-use software costs, respectively. The Company amortized $2.9 million and $1.5 million of capitalized internally developed software costs during the years ended December 31, 2023 and 2022, respectively.

Goodwill

Goodwill

Goodwill is the excess of the purchase price over the fair values assigned to the net assets acquired in a business combination. The Company tests goodwill for impairment on an annual basis, which it has determined to be the first day of the fourth quarter, and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company tests goodwill qualitatively, or quantitatively by comparing the fair value of the reporting unit with the unit’s carrying amount. No impairment loss was recognized for the years ended December 31, 2023 and 2022.

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

Long-lived assets, such as property and equipment and other long-term assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent the carrying amount of the underlying asset exceeds its fair value. No impairment loss was recognized for the years ended December 31, 2023 and 2022.

Early Exercise of Stock Options

Early Exercise of Stock Options

Stock options granted under the 2015 Equity Incentive Plan provide employee option holders, if approved by the Board, the right to exercise unvested options in exchange for restricted common stock, which is subject to a repurchase right held by the Company at the lower of (i) the fair market value of its common stock on the date of repurchase or (ii) the original purchase price. Early exercises of options are not deemed to be substantive exercises for accounting purposes and accordingly, amounts received for early exercises are recorded as a liability. These amounts are reclassified to common stock and additional paid-in capital as the underlying shares vest.

Warrant Liabilities

Warrant Liabilities

The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging.” For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued upon exercise or at each reporting date for the unexercised warrants, with changes in the fair value reported in the consolidated statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. The warrants of dMY assumed in the Business Combination are classified as liabilities and remeasured at each reporting period (as more fully described in Note 13). Derivative warrant liabilities are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities.

Revenue Recognition

Revenue Recognition

The Company derives revenue from the design, development, and construction of specialized quantum computing hardware together with related services, from providing access to its quantum-computing-as-a-service (“QCaaS”), and from consulting services related to co-developing algorithms on the quantum computing systems. The Company applies the provisions of the FASB Accounting Standards Update (“ASU”), Revenue from Contracts with Customers (“ASC 606”), and all related applicable guidance. The core principle of ASC 606 is that an entity shall recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

To support this core principle, the Company applies the following five step approach:

1.
Identify the contract with the customer
2.
Identify the performance obligations
3.
Determine the transaction price
4.
Allocate the transaction price to the performance obligations
5.
Recognize revenue when (or as) the entity satisfies a performance obligation

Certain of the Company’s contracts contain multiple performance obligations, most commonly in contracts for the sale of specialized quantum computing hardware together with related maintenance and support. Such contracts may also include access to the Company’s QCaaS. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when or as the performance obligation is satisfied. When there are multiple performance obligations in a contract, the Company allocates the transaction price to each performance obligation based on its standalone selling price when available. The Company determines standalone selling price based on the observable price of a product or service when it sells the products or services separately in similar circumstances and to similar customers. Certain products and services have limited or no history of being sold on a standalone basis, requiring the Company to estimate the standalone selling price. To date, the Company has estimated the standalone selling price based on other contracts for similar products and services adjusted for differing terms than the contract being evaluated, as well as internal pricing guidelines and market factors. In addition, the Company takes into consideration the estimated costs to be incurred to satisfy the performance obligation plus an appropriate profit margin. In limited situations, for certain contracts executed in prior years, when the standalone selling price was not known, due to it being either highly variable or uncertain, the Company allocated the transaction price using the residual approach.

The Company has determined that its QCaaS contracts represent a combined, stand-ready performance obligation to provide access to its quantum computing systems together with related maintenance and support. The transaction price generally consists of a fixed fee for a minimum volume of usage to be made available over a defined period of access. Fixed fee arrangements may also include a variable component whereby customers pay an amount for usage over contractual minimums contained in the contracts. The Company has determined that contracts that contain consulting services related to co-developing quantum computing algorithms and the ability to use its quantum computing systems to run such algorithms represent a combined performance obligation that is satisfied over-time.

Performance obligations are satisfied over time if the customer receives the benefits as the Company performs the work, if the customer controls the asset as it is being produced (continuous transfer of control), or if the product being produced for the customer has no alternative use and the Company has a contractual right to payment for performance to date. For performance obligations related to specialized quantum computing hardware and consulting services, revenue is recognized over time based on the efforts incurred to date relative to the total expected effort, primarily based on a cost-to-cost input measure. The Company applies judgment to determine a reasonable method to measure progress and to estimate total expected effort. Factors considered in these estimates include the Company's historical performance, the availability, productivity and cost of labor, the nature and complexity of work to be performed, the effect of change orders, availability and cost of materials, and the effect of any delays in performance. For performance obligations related to providing QCaaS access, fixed fees are recognized on a straight-line basis over the access period. Variable usage fees in excess of fixed minimums are recognized during the period of such usage.

For the years ended December 31, 2023 and 2022, substantially all revenue was recognized based on transfer of service over time. Revenues recognized at a point in time were not material. In arrangements with cloud service providers, the cloud service provider is considered the customer and IonQ does not have any contractual relationships with the cloud service providers’ end users. For these arrangements, revenue is recognized at the amount charged to the cloud service provider and does not reflect any mark-up to the end user.

The Company may enter into multiple contracts with a single counterparty at or near the same time. The Company will combine contracts and account for them as a single contract when one or more of the following criteria are met: (i) the contracts are negotiated as a package with a single commercial objective; (ii) consideration to be paid in one contract depends on the price or performance of the other contract; and (iii) goods or services promised are a single performance obligation. Consideration payable to a customer includes cash amounts that an entity pays, or expects to pay, to the customer. For arrangements that contain consideration payable to a customer, the Company uses judgment in determining whether such payments are a reduction of the transaction price or a payment to the customer for a distinct good or service.

The variable fees associated with the QCaaS are generally billed a month in arrears. Customers also have the ability to make advance payments. If a contract exists under ASC 606, advance payments are recorded as a contract liability until services are delivered or obligations are met and revenue is earned. Contract liabilities to be recognized in the succeeding 12-month period are classified as current and the remaining amounts are classified as non-current liabilities in the Company’s consolidated balance sheets.

As of December 31, 2023, approximately $69.1 million of revenue is expected to be recognized from remaining performance obligations that are unsatisfied (or partially unsatisfied), including both funded (firm orders for which funding has been both authorized and appropriated by the customer) and unfunded (firm orders for which funding has not been appropriated) orders. Unexercised contract options are not included in remaining performance obligations until the time the option is exercised. The Company expects approximately 40% of the remaining performance obligations to be recognized as revenue within the next twelve months.

The following table summarizes the changes in unearned revenue for the years ended December 31, 2023 and 2022 (in thousands):

 

 

2023

 

 

2022

 

Beginning balance

 

$

9,930

 

 

$

4,963

 

Revenue recognized

 

 

(8,660

)

 

 

(4,216

)

New deferrals, net

 

 

11,264

 

 

 

9,183

 

Ending balance

 

$

12,534

 

 

$

9,930

 

Assets Recognized from Costs to Obtain a Contract

Sales commissions paid to employees and third parties are considered incremental costs to obtain a contract with a customer. These costs are capitalized in the period a customer contract is executed and are amortized as an expense consistent with the transfer of the goods or services to the customer. Capitalized costs are recorded in prepaid expenses and other current assets and other noncurrent assets in the consolidated balance sheets. Applying the practical expedient, the Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets is one year or less. As of December 31, 2023 and 2022, total capitalized costs were $2.8 million and $1.0 million, respectively. Amortization expense was $0.6 million and less than $0.1 million for the years ended December 31, 2023 and 2022, respectively, and is included in sales and marketing in the consolidated statements of operations.

Cost of Revenue

Cost of Revenue

Cost of revenue primarily consists of expenses related to delivering the Company's services, including personnel-related expenses, allocated facility and other costs for customer facing functions, and costs associated with maintaining the Company's in-service quantum computing systems to ensure proper calibration as well as costs incurred for maintaining the cloud on which the QCaaS resides. Cost of revenue also includes hardware costs for construction of specialized quantum computing hardware. Personnel-related expenses include salaries, benefits, and stock-based compensation. Cost of revenue excludes depreciation and amortization related to our quantum computing systems and related software.

Research and Development

Research and Development

Research and development expenses consist of personnel-related costs, including salaries, benefits and stock-based compensation expense, and allocated shared resource costs for the Company’s hardware, software and engineering personnel who design and develop the Company’s quantum computing systems and research new quantum computing technologies. Unlike a standard computer, design and development efforts continue throughout the useful life of the Company’s quantum computing systems to ensure proper calibration and optimal functionality. Research and development expenses also include purchased hardware and software costs related to quantum computing systems constructed for research purposes that are not probable of providing future economic benefit and have no alternate future use, as well as costs associated with third-party research and development arrangements.

Under an agreement with Duke University (“Duke”), the Company issued common shares to Duke in consideration for research and development services through July 15, 2026. The agreement is considered a research and development service arrangement and recorded as a prepayment based on the fair value of the common stock issued and is amortized over the term of the arrangement as services are received.

Refer to Note 8 for further information on the Duke agreements.

Advertising Costs

Advertising Costs

Advertising costs are expensed as incurred and are included in sales and marketing expenses in the consolidated statements of operations. These costs were $0.9 million and $1.3 million for the years ended December 31, 2023 and 2022, respectively.

Stock-Based Compensation

Stock-Based Compensation

The Company measures and records the expense related to stock-based awards based on the fair value of those awards as determined on the date of grant. The Company recognizes stock-based compensation expense over the requisite service period of the individual grant, generally equal to the vesting period and uses the straight-line method to recognize stock-based compensation. The Company uses the Black-Scholes-Merton (“Black-Scholes”) option-pricing model to determine the estimated fair value for stock options. The Black-Scholes option-pricing model requires the use of subjective assumptions, which determine the fair value of stock option awards, including the option’s expected term, the price volatility of the underlying common stock, risk-free interest rates, and the expected dividend yield of the common stock. The assumptions used to determine the fair value of the stock options represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment. The Company records forfeitures as they occur.

Stock-based compensation cost for restricted stock units and performance-based restricted stock units is measured based on the fair value of the Company’s common stock on the grant date. The fair value of performance-based restricted stock units with a market condition is estimated on the date of grant using the Monte Carlo simulation model. The Monte Carlo simulation model requires the use of subjective assumptions, which determine the fair value of these awards, including price volatility, contractual term, discount rate, risk-free interest rates, and the expected dividend yield of the common stock. The assumptions used to determine the fair value of the performance-based restricted stock awards represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment. For awards with a performance-based vesting condition, including those with a market condition, the Company records stock-based compensation cost if it is probable that the performance conditions will be achieved. Stock-based compensation cost will be recognized if the performance condition is satisfied, even if the market condition is not met and the award does not vest. At each reporting period, the Company reassesses the probability of the achievement of the performance conditions and any change in expense resulting from an adjustment in the estimated shares to be released is treated as a cumulative catch-up in the period of the adjustment.

The Company records stock-based compensation expense for incentive compensation liabilities based on estimated payments to employees for which the Company expects to settle the liability by granting restricted stock units. For these awards, stock-based compensation expense is accrued commencing at the service inception date, which generally precedes the grant date, through the end of the requisite service period.

Income Taxes

Income Taxes

Income taxes are accounted for using the asset and liability method. Deferred income taxes are provided for temporary differences in recognizing certain income, expense and credit items for financial reporting purposes and tax reporting purposes. Such deferred income taxes primarily relate to the difference between the tax bases of assets and liabilities and their financial reporting amounts. Deferred tax assets and liabilities are measured by applying enacted statutory tax rates applicable to the future years in which deferred tax assets or liabilities are expected to be settled or realized. Excess tax benefits or tax deficiencies from stock option exercises are recognized in the income tax provision in the period in which they occur.

The Company records a valuation allowance when it determines, based on available positive and negative evidence, that it is more-likely-than-not that some portion or all of its deferred tax assets will not be realized. The Company determines the realizability of its deferred tax assets primarily based on the reversal of existing taxable temporary differences and projections of future taxable income (exclusive of reversing temporary differences and carryforwards). In evaluating such projections, the Company considers its history of profitability and the time frame over which it would take to utilize the deferred tax assets prior to their expiration.

For certain tax positions, the Company uses a more-likely-than-not threshold based on the technical merits of the tax position taken. Tax positions that meet the more-likely-than-not recognition threshold are measured at the largest amount of tax benefits determined on a cumulative probability basis, which are more-likely-than-not to be realized upon ultimate settlement in the consolidated financial statements. The Company’s policy is to recognize interest and penalties related to income tax matters in income tax expense. There were no amounts recognized relating to interest and penalties in the consolidated statements of operations for the years ended December 31, 2023 and 2022. The Company had no uncertain income tax positions as of either December 31, 2023 or 2022.

Concentrations of Credit Risk

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash, investments, and trade accounts receivable. The Company maintains the majority of its cash, cash equivalents, restricted cash and investments with three financial institutions. The Company’s deposits routinely exceed amounts guaranteed by the Federal Deposit Insurance Corporation. While the Company has not experienced any losses in such accounts, the

failure of Silicon Valley Bank (“SVB”), at which the Company held cash and cash equivalents in multiple accounts, exposed the Company to limited credit risk prior to the completion by the Federal Deposit Insurance Corporation of the resolution of SVB in a manner that fully protected all depositors.

The Company’s accounts receivable are derived from customers primarily located in the U.S. The Company performs periodic evaluations of its customers’ financial condition and generally does not require its customers to provide collateral or other security to support accounts receivable and maintains an allowance for credit losses. Credit losses historically have not been material.

Significant customers are those that represent more than 10% of the Company’s total revenue. For the year ended December 31, 2023, the Company had two significant customers that accounted for 58% of total revenue. For the year ended December 31, 2022, the Company had three significant customers that accounted for 70% of total revenue.

Earnings (Loss) Per Share

Earnings (Loss) Per Share

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding for the period. Diluted earnings per share is computed by dividing net income (loss) by the weighted average number of shares of common stock during the period, plus common stock equivalents, outstanding during the period. If the Company reports a net loss, the computation of diluted loss per share excludes the effect of dilutive common stock equivalents, as their effect would be antidilutive.

The following table sets forth the computation of basic and diluted loss per share attributable to common stockholders (in thousands, except share and per share data):

 

 

Year Ended
December 31,

 

Numerator:

 

2023

 

 

2022

 

Net loss attributable to common stockholders

 

$

(157,771

)

 

$

(48,511

)

Denominator:

 

 

 

 

 

 

Weighted average shares used in computing net loss per share
   attributable to common stockholders—basic and diluted

 

 

202,576,492

 

 

 

197,727,642

 

Net loss per share attributable to common stockholders—basic
   and diluted

 

$

(0.78

)

 

$

(0.25

)

 

In periods with a reported net loss, the effect of anti-dilutive stock options, unvested restricted stock units, unvested common stock (including unvested restricted common stock) and warrants are excluded and diluted loss per share is equal to basic loss per share. The following is a summary of the weighted average common stock equivalents for the securities outstanding during the respective periods that have been excluded from the computation of diluted net loss per common share, as their effect would be anti-dilutive:

 

 

Year Ended
December 31,

 

 

2023

 

 

2022

 

Common stock options outstanding

 

 

23,518,426

 

 

 

22,951,439

 

Warrants to purchase common stock

 

 

8,301,202

 

 

 

8,301,202

 

Public warrants

 

 

5,230,613

 

 

 

5,231,750

 

Unvested restricted stock units

 

 

13,726,782

 

 

 

4,418,852

 

Unvested performance-based restricted stock units

 

 

542,905

 

 

 

—

 

Unvested common stock

 

 

654,442

 

 

 

1,158,095

 

Total

 

 

51,974,370

 

 

 

42,061,338

 
Recently Adopted Accounting Standards

Recently Adopted Accounting Standards

In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses, along with various updates and improvements. The standard, including subsequently issued amendments, requires a financial asset measured at amortized cost basis, such as accounts receivable and certain other financial assets, to be presented at the net amount expected to be collected based on relevant information about past events, including historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the reported amount. The Company adopted this standard effective January 1, 2023, and it did not have a material effect on the consolidated financial statements and related disclosures.

In August 2020, the FASB issued ASU 2020-06, Debt, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The ASU simplifies accounting for convertible instruments by removing major separation models required under current U.S. GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument with no separate accounting for embedded conversion features. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for the exception. The ASU also simplifies the diluted net income per share calculation in certain areas. The Company adopted this standard effective January 1, 2023, in the consolidated financial statements. The adoption of this guidance did not have a material impact on the consolidated financial statements and related disclosures.

Recently Issued Accounting Standards Not Yet Adopted

Recently Issued Accounting Standards Not Yet Adopted

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of ASU 2023-07 should be applied on a retrospective basis, with early adoption permitted. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, on a prospective basis, with early adoption permitted. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements and related disclosures.
v3.24.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2023
Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash included in the consolidated balance sheets to the amounts included in the consolidated statements of cash flows (in thousands):

 

 

December 31,

 

 

December 31,

 

 

2023

 

 

2022

 

Cash and cash equivalents

 

$

35,665

 

 

$

44,367

 

Restricted cash

 

 

2,416

 

 

 

2,000

 

Total cash, cash equivalents and restricted cash in the
   consolidated statements of cash flows

 

$

38,081

 

 

$

46,367

 
Summary of Loans and Financing Receivable Accounts receivable consists of the following (in thousands):

 

 

December 31,

 

 

December 31,

 

 

2023

 

 

2022

 

Billed accounts receivable

 

$

8,564

 

 

$

1,150

 

Unbilled accounts receivable

 

 

2,903

 

 

 

2,142

 

Total accounts receivable

 

$

11,467

 

 

$

3,292

 
Summary of Property Plant And Equipment Useful Life

Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Useful lives are as follows:

 

Computer equipment and acquired computer software

 

3 – 5 years

Machinery, equipment, furniture and fixtures

 

5 – 7 years

Quantum computing systems

 

3 years

Leasehold improvements

 

Shorter of the lease term or the estimated useful life of the related asset
Summary of Changes in Unearned Revenue

The following table summarizes the changes in unearned revenue for the years ended December 31, 2023 and 2022 (in thousands):

 

 

2023

 

 

2022

 

Beginning balance

 

$

9,930

 

 

$

4,963

 

Revenue recognized

 

 

(8,660

)

 

 

(4,216

)

New deferrals, net

 

 

11,264

 

 

 

9,183

 

Ending balance

 

$

12,534

 

 

$

9,930

 
Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted loss per share attributable to common stockholders (in thousands, except share and per share data):

 

 

Year Ended
December 31,

 

Numerator:

 

2023

 

 

2022

 

Net loss attributable to common stockholders

 

$

(157,771

)

 

$

(48,511

)

Denominator:

 

 

 

 

 

 

Weighted average shares used in computing net loss per share
   attributable to common stockholders—basic and diluted

 

 

202,576,492

 

 

 

197,727,642

 

Net loss per share attributable to common stockholders—basic
   and diluted

 

$

(0.78

)

 

$

(0.25

)
Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share The following is a summary of the weighted average common stock equivalents for the securities outstanding during the respective periods that have been excluded from the computation of diluted net loss per common share, as their effect would be anti-dilutive:

 

 

Year Ended
December 31,

 

 

2023

 

 

2022

 

Common stock options outstanding

 

 

23,518,426

 

 

 

22,951,439

 

Warrants to purchase common stock

 

 

8,301,202

 

 

 

8,301,202

 

Public warrants

 

 

5,230,613

 

 

 

5,231,750

 

Unvested restricted stock units

 

 

13,726,782

 

 

 

4,418,852

 

Unvested performance-based restricted stock units

 

 

542,905

 

 

 

—

 

Unvested common stock

 

 

654,442

 

 

 

1,158,095

 

Total

 

 

51,974,370

 

 

 

42,061,338

 
v3.24.0.1
Cash, Cash Equivalents, Restricted Cash And Investments (Tables)
 12 Months Ended
Dec. 31, 2023
Cash and Cash Equivalents [Abstract]  
Summary of Unrealized Gains and Losses and Estimated Fair Value of Cash Equivalents and Investments

The following table summarizes the Company’s unrealized gains and losses and estimated fair value of cash, cash equivalents, restricted cash and investments in available-for-sale securities recorded in the consolidated balance sheets (in thousands):

 

 

As of December 31, 2023

 

 

As of December 31, 2022

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair
Value

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair
Value

 

Cash and money market
   funds

 

$

25,131

 

 

$

—

 

 

$

—

 

 

$

25,131

 

 

$

46,367

 

 

$

—

 

 

$

—

 

 

$

46,367

 

Commercial paper

 

 

16,374

 

 

 

—

 

 

 

(14

)

 

 

16,360

 

 

 

130,141

 

 

 

—

 

 

 

(443

)

 

 

129,698

 

Corporate notes and bonds

 

 

176,793

 

 

 

38

 

 

 

(1,854

)

 

 

174,977

 

 

 

277,184

 

 

 

19

 

 

 

(5,993

)

 

 

271,210

 

Municipal bonds

 

 

4,990

 

 

 

—

 

 

 

(43

)

 

 

4,947

 

 

 

9,905

 

 

 

—

 

 

 

(273

)

 

 

9,632

 

US government and agency

 

 

237,015

 

 

 

311

 

 

 

(395

)

 

 

236,931

 

 

 

83,556

 

 

 

23

 

 

 

(688

)

 

 

82,891

 

Total cash, cash equivalents,
   restricted cash and
   investments

 

$

460,303

 

 

$

349

 

 

$

(2,306

)

 

$

458,346

 

 

$

547,153

 

 

$

42

 

 

$

(7,397

)

 

$

539,798

 
Summary of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value The following table presents information about the Company’s investments in available-for-sale securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position (in thousands):

 

 

As of December 31, 2023

 

 

Less than 12 Months

 

 

12 Months or Longer

 

 

Total

 

 

Fair Value

 

 

Gross Unrealized
Losses

 

 

Fair Value

 

 

Gross Unrealized
Losses

 

 

Fair Value

 

 

Gross Unrealized
Loses

 

Commercial paper

 

$

16,360

 

 

$

(14

)

 

$

—

 

 

$

—

 

 

$

16,360

 

 

$

(14

)

Corporate notes and bonds

 

 

11,074

 

 

 

(58

)

 

 

151,174

 

 

 

(1,796

)

 

 

162,248

 

 

 

(1,854

)

Municipal bonds

 

 

—

 

 

 

—

 

 

 

4,947

 

 

 

(43

)

 

 

4,947

 

 

 

(43

)

US government and agency

 

 

109,540

 

 

 

(192

)

 

 

24,795

 

 

 

(203

)

 

 

134,335

 

 

 

(395

)

Total

 

$

136,974

 

 

$

(264

)

 

$

180,916

 

 

$

(2,042

)

 

$

317,890

 

 

$

(2,306

)
Schedule of Contractual Maturity Date of Cash Cash Equivalents, Restricted Cash and Investments in Available-for-Sale Securities

The estimated fair value of the Company’s cash, cash equivalents, restricted cash and investments in available-for-sale securities as of December 31, 2023, aggregated by investment category and classified by contractual maturity date, is as follows (in thousands):

 

 

1 Year
or Less

 

 

Greater than
1 Year

 

 

Total

 

Cash and money market funds

 

$

22,726

 

 

$

2,405

 

 

$

25,131

 

Commercial paper

 

 

16,360

 

 

 

—

 

 

 

16,360

 

Corporate notes and bonds

 

 

130,423

 

 

 

44,554

 

 

 

174,977

 

Municipal bonds

 

 

4,947

 

 

 

—

 

 

 

4,947

 

US government and agency

 

 

180,996

 

 

 

55,935

 

 

 

236,931

 

Total

 

$

355,452

 

 

$

102,894

 

 

$

458,346

 
v3.24.0.1
Fair Value Measurement (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Summary of fair value measurements on a recurring basis and the level of inputs

The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (in thousands):

 

 

Fair Value Measured as of

 

 

 

December 31, 2023

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents and restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and money market funds(1)

 

$

25,131

 

 

$

—

 

 

$

—

 

 

$

25,131

 

US government and agency

 

 

—

 

 

 

12,950

 

 

 

—

 

 

 

12,950

 

Total cash, cash equivalents and restricted cash

 

$

25,131

 

 

$

12,950

 

 

$

—

 

 

$

38,081

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

—

 

 

 

16,360

 

 

 

—

 

 

 

16,360

 

Corporate notes and bonds

 

 

—

 

 

 

130,423

 

 

 

—

 

 

 

130,423

 

Municipal bonds

 

 

—

 

 

 

4,947

 

 

 

—

 

 

 

4,947

 

US government and agency

 

 

—

 

 

 

168,046

 

 

 

—

 

 

 

168,046

 

Total short-term investments

 

$

—

 

 

$

319,776

 

 

$

—

 

 

$

319,776

 

Long-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate notes and bonds

 

 

—

 

 

 

44,554

 

 

 

—

 

 

 

44,554

 

US government and agency

 

 

—

 

 

 

55,935

 

 

 

—

 

 

 

55,935

 

Total long-term investments

 

$

—

 

 

$

100,489

 

 

$

—

 

 

$

100,489

 

Total Assets

 

$

25,131

 

 

$

433,215

 

 

$

—

 

 

$

458,346

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Public warrants

 

$

23,004

 

 

$

—

 

 

$

—

 

 

$

23,004

 

 

 

Fair Value Measured as of

 

 

 

December 31, 2022

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents and restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and money market funds(1)

 

$

46,367

 

 

$

—

 

 

$

—

 

 

$

46,367

 

Total cash, cash equivalents and restricted cash

 

$

46,367

 

 

$

—

 

 

$

—

 

 

$

46,367

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

—

 

 

 

129,698

 

 

 

—

 

 

 

129,698

 

Corporate notes and bonds

 

 

—

 

 

 

120,447

 

 

 

—

 

 

 

120,447

 

Municipal bonds

 

 

—

 

 

 

4,911

 

 

 

—

 

 

 

4,911

 

US government and agency

 

 

—

 

 

 

56,374

 

 

 

—

 

 

 

56,374

 

Total short-term investments

 

$

—

 

 

$

311,430

 

 

$

—

 

 

$

311,430

 

Long-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate notes and bonds

 

 

—

 

 

 

150,763

 

 

 

—

 

 

 

150,763

 

Municipal bonds

 

 

—

 

 

 

4,721

 

 

 

—

 

 

 

4,721

 

US government and agency

 

 

—

 

 

 

26,517

 

 

 

—

 

 

 

26,517

 

Total long-term investments

 

$

—

 

 

$

182,001

 

 

$

—

 

 

$

182,001

 

Total Assets

 

$

46,367

 

 

$

493,431

 

 

$

—

 

 

$

539,798

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Public warrants

 

$

3,819

 

 

$

—

 

 

$

—

 

 

$

3,819

 

 

Includes money market funds associated with the Company’s overnight investment sweep account and cash collateralizing the Company's letter of credit and corporate credit cards.
v3.24.0.1
Property And Equipment, Net (Tables)
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Summary Of Property And Equipment, Net

Property and equipment, net is composed of the following (in thousands):

 

 

December 31,

 

 

December 31,

 

 

2023

 

 

2022

 

Computer equipment and acquired computer software

 

$

4,537

 

 

$

2,407

 

Machinery, equipment, furniture and fixtures

 

 

9,238

 

 

 

7,506

 

Leasehold improvements

 

 

10,043

 

 

 

1,132

 

Quantum computing systems

 

 

28,296

 

 

 

22,430

 

Gross property and equipment

 

 

52,114

 

 

 

33,475

 

Less: accumulated depreciation

 

 

(14,599

)

 

 

(7,461

)

Total property and equipment, net

 

$

37,515

 

 

$

26,014

 
v3.24.0.1
Intangible Assets, Net (Tables)
 12 Months Ended
Dec. 31, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Summary of Intangible Assets, Net

Intangible assets, net is composed of the following (in thousands, except as otherwise noted):

 

 

December 31, 2023

 

 

Weighted
Average
Remaining
Useful Life
(Years)

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net
Amount

 

Patents

 

 

15.9

 

 

$

5,783

 

 

$

(287

)

 

$

5,496

 

Trademark

 

Indefinite

 

 

 

154

 

 

 

—

 

 

 

154

 

Website and other

 

 

8.9

 

 

 

227

 

 

 

(38

)

 

 

189

 

Developed technology

 

 

1.0

 

 

 

318

 

 

 

(159

)

 

 

159

 

Internally developed software

 

 

2.3

 

 

 

14,524

 

 

 

(5,445

)

 

 

9,079

 

Total

 

 

 

 

$

21,006

 

 

$

(5,929

)

 

$

15,077

 

 

 

December 31, 2022

 

 

Weighted
Average
Remaining
Useful Life
(Years)

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net
Amount

 

Patents

 

 

16.5

 

 

$

4,438

 

 

$

(146

)

 

$

4,292

 

Trademark

 

Indefinite

 

 

 

131

 

 

 

—

 

 

 

131

 

Website and other

 

 

9.6

 

 

 

220

 

 

 

(17

)

 

 

203

 

Developed technology

 

 

2.0

 

 

 

318

 

 

 

—

 

 

 

318

 

Internally developed software

 

 

2.2

 

 

 

6,548

 

 

 

(2,548

)

 

 

4,000

 

Total

 

 

 

 

$

11,655

 

 

$

(2,711

)

 

$

8,944

 
Summary of the Projected Annual Amortization Expense for the Company's Intangible Assets

Total amortization expense for intangible assets for the years ended December 31, 2023 and 2022, was $3.2 million and $1.6 million, respectively. As of December 31, 2023, the projected annual amortization expense for the Company’s intangible assets is as follows (in thousands):

 

 

 

Amount

 

Year ending December 31,

 

 

 

2024

 

$

4,427

 

2025

 

 

3,524

 

2026

 

 

1,853

 

2027

 

 

189

 

2028

 

 

189

 

Thereafter

 

 

4,741

 

Total amortization expense

 

$

14,923

 

 
v3.24.0.1
Other Balance Sheet Accounts (Tables)
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Summary of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets are composed of the following (in thousands):

 

 

December 31,

 

 

December 31,

 

 

2023

 

 

2022

 

Materials and supplies

 

$

12,476

 

 

$

5,164

 

Prepaid expenses

 

 

5,696

 

 

 

3,952

 

Other current assets

 

 

4,909

 

 

 

3,423

 

Total prepaid expenses and other current assets

 

$

23,081

 

 

$

12,539

 

 
Summary of accrued expenses

Accrued expenses are composed of the following (in thousands):

 

 

December 31,

 

 

December 31,

 

 

2023

 

 

2022

 

Accrued salaries and other payroll liabilities

 

$

15,950

 

 

$

4,935

 

Accrued professional services

 

 

605

 

 

 

678

 

Accrued equipment and services liabilities for research and development

 

 

112

 

 

 

489

 

Accrued expenses—other

 

 

1,709

 

 

 

553

 

Total accrued expenses

 

$

18,376

 

 

$

6,655

 
v3.24.0.1
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2023
Convertible Redeemable Preferred Stock And Stockholders' Deficit [Abstract]  
Summary of Company's Common Stock Reserved for Future Issuance

The Company’s common stock reserved for future issuances are as follows:

 

 

As of December 31,

 

 

2023

 

 

2022

 

Stock options outstanding

 

 

21,664,377

 

 

 

24,716,270

 

Warrants to acquire common stock

 

 

8,301,202

 

 

 

8,301,202

 

Public warrants outstanding

 

 

5,228,253

 

 

 

5,231,486

 

Restricted stock units outstanding

 

 

15,107,535

 

 

 

9,320,045

 

Performance-based restricted stock units grants

 

 

12,923,499

 

 

 

—

 

Shares available for grant under the 2021 Equity Incentive Plan

 

 

14,075,832

 

 

 

23,415,625

 

Shares available for issuance under the Employee Stock Purchase Plan

 

 

5,354,000

 

 

 

5,354,000

 

Total common stock reserved

 

 

82,654,698

 

 

 

76,338,628

 
v3.24.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items]  
Summary of the Stock Option Activity

The stock option activity is summarized in the following table:

 

 

Number of
Option
Shares

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Term (Years)

 

 

Aggregate
Intrinsic
Value
(in millions)

 

Outstanding as of December 31, 2022

 

 

24,716,270

 

 

$

2.19

 

 

 

7.32

 

 

$

49.69

 

Granted

 

 

104,020

 

 

 

13.53

 

 

 

 

 

 

 

Exercised

 

 

(1,800,450

)

 

 

1.25

 

 

 

 

 

 

 

Cancelled/ Forfeited

 

 

(1,355,463

)

 

 

3.23

 

 

 

 

 

 

 

Outstanding as of December 31, 2023

 

 

21,664,377

 

 

$

2.26

 

 

 

6.05

 

 

$

220.08

 

Exercisable as of December 31, 2023

 

 

14,987,758

 

 

$

1.44

 

 

 

5.41

 

 

$

164.45

 

Exercisable and expected to vest as of December 31, 2023

 

 

21,664,377

 

 

$

2.26

 

 

 

6.05

 

 

$

220.08

 
Summary of stock option grants, vesting and exercises

The following table summarizes additional information on stock option grants, vesting and exercises (in millions, except per share amounts):

 

 

Year Ended
December 31,

 

 

2023

 

 

2022

 

Total intrinsic value of options exercised

 

$

18.6

 

 

$

6.7

 

Aggregate grant-date fair value of options vested

 

$

15.5

 

 

$

9.9

 

Weighted-average grant date fair value per share for
   options granted

 

$

9.38

 

 

$

5.58

 

 
Summary of restricted stock unit ("RSU") activity

The RSU activity is summarized in the following table:

 

 

Number of
RSUs

 

 

Weighted
Average
Grant
Date Fair
Value

 

 

Weighted
Average
Remaining
Contractual
Term (Years)

 

 

Aggregate
Fair Value
(in millions)

 

Outstanding as of December 31, 2022

 

 

9,320,045

 

 

$

7.02

 

 

 

3.21

 

 

$

65.38

 

Granted

 

 

11,072,072

 

 

 

9.97

 

 

 

 

 

 

 

Vested

 

 

(4,466,894

)

 

 

7.89

 

 

 

 

 

 

 

Forfeited

 

 

(817,688

)

 

 

7.42

 

 

 

 

 

 

 

Outstanding as of December 31, 2023

 

 

15,107,535

 

 

$

8.90

 

 

 

2.98

 

 

$

134.42

 

Expected to vest after December 31, 2023

 

 

15,066,535

 

 

$

8.89

 

 

 

2.98

 

 

$

133.89

 
Summary of Performance Share Unit ("PSU") Activity Based on Awards at Target

The PSU activity is summarized in the following table, based on awards at target:

 

 

Number of
PSUs

 

 

Weighted
Average
Grant
Date Fair
Value

 

 

Weighted
Average
Remaining
Contractual
Term (Years)

 

 

Aggregate
Fair Value
(in millions)

 

Outstanding as of December 31, 2022

 

 

—

 

 

$

—

 

 

 

—

 

 

$

—

 

Granted

 

 

4,641,564

 

 

 

15.74

 

 

 

 

 

 

 

Forfeited

 

 

(333,731

)

 

 

15.56

 

 

 

 

 

 

 

Outstanding as of December 31, 2023

 

 

4,307,833

 

 

$

15.75

 

 

 

3.17

 

 

$

67.86

 

Expected to vest after December 31, 2023(1)

 

 

6,461,750

 

 

$

15.06

 

 

 

3.17

 

 

$

97.34

 

 

(1)
Represents the number of PSUs expected to vest, which may exceed the target number of shares, based on the Company's probability assessment of expected performance during the performance period.
Summary of Unrecognized Stock-Based Compensation

A summary of the Company's remaining unrecognized compensation expense and the weighted-average remaining amortization period as of December 31, 2023, related to its non-vested stock option awards, RSUs and PSUs is presented below (in millions, except time period amounts):

 

 

 

Unrecognized
Expense

 

 

Weighted-
Average
Amortization
Period (Years)

 

Restricted stock units

 

$

122.8

 

 

 

3.1

 

Performance-based restricted stock units

 

 

87.0

 

 

 

3.2

 

Stock options

 

 

26.5

 

 

 

2.2

 
Summary of Stock-based Compensation Expenses for Stock Options and Unvested Common Stock

Total stock-based compensation expense for stock option awards, RSUs and PSUs, which are included in the consolidated financial statements, is as follows (in thousands):

 

 

 

Year Ended
December 31,

 

 

2023

 

 

2022

 

Cost of revenue

 

$

2,819

 

 

$

902

 

Research and development

 

 

40,103

 

 

 

13,472

 

Sales and marketing

 

 

6,762

 

 

 

1,298

 

General and administrative

 

 

20,059

 

 

 

15,784

 

Stock-based compensation, net of amounts capitalized

 

$

69,743

 

 

$

31,456

 

Capitalized stock-based compensation—Intangibles and fixed assets

 

 

4,702

 

 

 

1,741

 

Total stock-based compensation

 

$

74,445

 

 

$

33,197

 
Stock Options [Member]  
Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items]  
Summary of Share Based Payment Award Stock Options Valuation Assumptions

The assumptions used to estimate the fair value of stock options granted are as follows:

 

 

Year Ended
December 31,

 

 

2023

 

 

2022

 

Risk-free interest rate

 

 

4.09

%

 

 

2.60

%

Expected term (in years)

 

 

5.50

 

 

 

5.82

 

Expected volatility

 

 

80.63

%

 

 

75.82

%

Dividend yield

 

 

—

%

 

 

—

%
Performance Based Restricted Stock Units [Member]  
Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items]  
Summary of Share Based Payment Award Stock Options Valuation Assumptions

The assumptions used to estimate the fair value of PSUs subject to the stock price hurdle are as follows:

 

 

Year Ended
December 31,

 

 

2023

 

 

2022

 

Risk-free interest rate

 

 

4.59

%

 

 

—

%

Contractual term (in years)

 

 

3.37

 

 

 

—

 

Expected volatility

 

 

80.00

%

 

 

—

%

Dividend yield

 

 

—

%

 

 

—

%
v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Summary of Current and Deferred Components of Provision for Income Taxes for Federal, State and Foreign Jurisdictions

The current and deferred components of the provision for income taxes for federal, state and foreign jurisdictions for the years ended December 31, 2023 and 2022 are as follows (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

Current:

 

 

 

 

 

 

Federal

 

$

—

 

 

$

—

 

State

 

 

—

 

 

 

—

 

Foreign

 

 

48

 

 

 

—

 

Total current tax expense (benefit)

 

$

48

 

 

$

—

 

Deferred:

 

 

 

 

 

 

Federal

 

 

—

 

 

 

—

 

State

 

 

—

 

 

 

—

 

Foreign

 

 

—

 

 

 

—

 

Total deferred tax expense (benefit)

 

$

—

 

 

$

—

 

Total tax expense (benefit)

 

$

48

 

 

$

—

 
Summary of reconciliation of the statutory federal income tax rate (benefit) and effective tax rate (benefit) A reconciliation of the U.S. statutory tax rate to our effective tax rate is presented below:

 

 

Year Ended December 31,

 

 

2023

 

 

2022

 

U.S. federal statutory income tax rate

 

 

21.0

%

 

 

21.0

%

State and local income taxes

 

 

4.5

%

 

 

7.4

%

R&D tax credits

 

 

3.1

%

 

 

5.9

%

Stock-based compensation

 

 

2.6

%

 

 

(5.1

)%

Warrant expense

 

 

(2.5

)%

 

 

13.0

%

Change in tax rates

 

 

(0.4

)%

 

 

0.4

%

Provision to return and deferred tax adjustments

 

 

(0.2

)%

 

 

10.9

%

Valuation allowance

 

 

(28.0

)%

 

 

(53.4

)%

Other

 

 

(0.1

)%

 

 

(0.1

)%

Effective tax rate

 

 

0.0

%

 

 

0.0

%

 
Summary of net deferred tax assets Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):

 

 

 

December 31,

 

 

December 31,

 

 

2023

 

 

2022

 

Deferred tax assets:

 

 

 

 

 

 

Accrued bonus

 

$

3,652

 

 

$

1,018

 

Unearned revenue

 

 

1,233

 

 

 

—

 

Stock-based compensation

 

 

7,308

 

 

 

2,965

 

Depreciation and amortization

 

 

2,843

 

 

 

2,725

 

Capitalized R&D costs

 

 

27,432

 

 

 

8,262

 

Lease liabilities

 

 

2,031

 

 

 

1,068

 

R&D credit carryforwards

 

 

11,428

 

 

 

6,240

 

Net operating loss carryforwards

 

 

36,197

 

 

 

24,836

 

Other

 

 

686

 

 

 

2,256

 

Total deferred tax assets

 

$

92,810

 

 

$

49,370

 

Valuation allowance

 

 

(90,963

)

 

 

(48,212

)

Total deferred tax assets, net of valuation allowance

 

$

1,847

 

 

$

1,158

 

Deferred tax liabilities:

 

 

 

 

 

 

Right of use assets

 

 

(1,142

)

 

 

(989

)

Other

 

 

(705

)

 

 

(169

)

Total deferred tax liabilities

 

$

(1,847

)

 

$

(1,158

)

Net deferred tax assets (liabilities)

 

$

—

 

 

$

—

 
Summary of valuation allowance against its gross deferred tax assets

The following table summarizes the activity in the Company’s valuation allowance against its gross deferred tax assets (in thousands):

 

 

2023

 

 

2022

 

Beginning balance

 

$

48,212

 

 

$

20,388

 

Charged to costs and expenses

 

 

44,123

 

 

 

25,925

 

Charged (credited) to other accounts

 

 

(1,372

)

 

 

1,899

 

Ending balance

 

$

90,963

 

 

$

48,212

 
v3.24.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Lease, Cost [Abstract]  
Summary of Components of lease cost

The components of lease cost were as follows (in thousands):

 

 

Year Ended
December 31,

 

 

2023

 

 

2022

 

Operating lease cost(1)

 

 

 

 

 

 

Fixed lease cost

 

$

1,458

 

 

$

763

 

Short-term cost

 

 

145

 

 

 

79

 

Total operating lease cost

 

$

1,603

 

 

$

842

 
Summary of lease costs are reflected in the Statements of Operations and Comprehensive Loss
(1)
The lease costs are reflected in the consolidated statements of operations as follows (in thousands):

 

 

Year Ended
December 31,

 

 

2023

 

 

2022

 

Cost of revenue

 

$

145

 

 

$

53

 

Research and development

 

 

722

 

 

 

612

 

Sales and marketing

 

 

84

 

 

 

46

 

General and administrative

 

 

652

 

 

 

131

 

Total operating lease cost

 

$

1,603

 

 

$

842

 
Summary of Supplemental cash flow and other information related to operating leases

Supplemental cash flow and other information related to operating leases was as follows (in thousands):

 

 

 

Year Ended
December 31,

 

 

 

2023

 

 

2022

 

Cash payments (receipts) included in the measurement of operating lease
   liabilities, net

 

$

(1,790

)

 

$

644

 
Summary of maturities of operating lease liabilities

As of December 31, 2023, maturities of operating lease liabilities are as follows (in thousands):

 

 

Amount

 

Year Ending December 31,

 

 

 

2024

 

$

1,498

 

2025

 

 

2,089

 

2026

 

 

2,414

 

2027

 

 

2,449

 

2028

 

 

2,523

 

Thereafter

 

 

3,862

 

Total lease payments

 

$

14,835

 

Less: imputed interest

 

 

(3,748

)

Less: lease incentives

 

 

(2,982

)

Present value of operating lease liabilities

 

$

8,105

 
v3.24.0.1
Related Party Transactions (Tables)
 12 Months Ended
Dec. 31, 2023
Related Party Transaction [Line Items]  
Summary of Lease Costs, Cash Flow Related to Operating Lease, Weighted-Average Remaining Lease Term and Weighted-Average Discount Rate

The components of lease cost were as follows (in thousands):

 

 

Year Ended
December 31,

 

 

2023

 

 

2022

 

Operating lease cost(1)

 

 

 

 

 

 

Fixed lease cost

 

$

1,458

 

 

$

763

 

Short-term cost

 

 

145

 

 

 

79

 

Total operating lease cost

 

$

1,603

 

 

$

842

 
Schedule of Related Party Transactions

The Company’s results from transactions with related parties, as reflected in the consolidated statements of operations are detailed below. Except as noted below, all transactions in the table below relate to the Company’s arrangements with UMD (in thousands):

 

 

Year Ended
December 31,

 

 

2023

 

 

2022

 

Revenue

 

$

4,585

 

 

$

4,022

 

Cost of revenue

 

 

132

 

 

 

51

 

Research and development(1)

 

 

1,035

 

 

 

1,082

 

Sales and marketing(2)

 

 

57

 

 

 

131

 

General and administrative(3)

 

 

116

 

 

 

117

 

 

(1)
Included in research and development are expenses attributable to Duke of $0.5 million for each of the years ended December 31, 2023 and 2022.
(2)
Included in sales and marketing are expenses attributable to Duke of less than $0.1 million and zero for the years ended December 31, 2023 and 2022, respectively.
(3)
Included in general and administrative are expenses attributable to Duke of less than $0.1 million and zero for the years ended December 31, 2023 and 2022, respectively.

The Company has the following balances related to transactions with related parties, as reflected in the consolidated balance sheets. Except as noted below, all transactions in the table below relate to the Company’s arrangements with UMD (in thousands):

 

 

 

December 31,

 

 

December 31,

 

 

2023

 

 

2022

 

Assets

 

 

 

 

 

 

Prepaid expenses and other current assets ($520 and $520 attributable
   to Duke)

 

$

531

 

 

$

529

 

Operating lease right-of-use asset

 

 

3,452

 

 

 

3,753

 

Other noncurrent assets ($805 and $1,325 attributable to Duke)

 

 

805

 

 

 

1,325

 

Liabilities

 

 

 

 

 

 

Accounts payable ($6 and zero attributable to Duke)

 

$

6

 

 

$

29

 

Accrued expenses ($6 and zero attributable to Duke)

 

 

124

 

 

 

—

 

Current operating lease liabilities

 

 

661

 

 

 

591

 

Unearned revenue

 

 

2,670

 

 

 

3,514

 

Non-current operating lease liabilities

 

 

3,181

 

 

 

3,459

 
UMD [Member]  
Related Party Transaction [Line Items]  
Summary of Lease Costs, Cash Flow Related to Operating Lease, Weighted-Average Remaining Lease Term and Weighted-Average Discount Rate The lease costs and cash flow related to the operating lease were as follows (in thousands):

 

 

 

Year Ended
December 31,

 

 

 

2023

 

 

2022

 

Fixed lease cost

 

$

763

 

 

$

763

 

Lease payments

 

$

671

 

 

$

644

 

 

A summary of the weighted-average remaining lease term and weighted-average discount rate is presented below:

 

 

 

December 31,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Weighted-average remaining lease term (in years)

 

6.9

 

 

7.9

 

Weighted-average discount rate

 

 

11.9

%

 

 

11.9

%
v3.24.0.1
Description of Business - Additional Information (Detail)
 12 Months Ended
Dec. 31, 2023
Segment
$ / shares
Dec. 31, 2022
$ / shares
Organization Business And Basis Of Presentation [Line Items]    
Common stock, par value | $ / shares $ 0.0001 $ 0.0001
Number of operating segment | Segment 1  
v3.24.0.1
Summary of Significant Accounting Policies - Additional Information (Detail)
 12 Months Ended
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
FinancialInstitution
Customers
Dec. 31, 2022
USD ($)
Customers
Significant Accounting Policies [Line Items]      
Amortization of intangible assets   $ 3,200,000 $ 1,600,000
Impairment of Long-Lived Assets to be Disposed of   0 0
Advertising Expense   900,000 1,300,000
Letters of credit outstanding amount   2,100,000 2,000,000
Allowance for doubtful accounts   0 0
Capitalized materials and supplies   3,600,000 1,300,000
Accrued interest receivable on available-for-sale investments   2,100,000 1,700,000
Goodwill, impairment loss   0 0
Interest and penalties related to income tax expense   0 0
Uncertain income tax positions   $ 0 0
Number of financial institutions | FinancialInstitution   3  
Excess and Obsolescence [Member]      
Significant Accounting Policies [Line Items]      
Excess and obsolescence charges     0
Capitalized Commissions [Member]      
Significant Accounting Policies [Line Items]      
Capitalized contract cost   $ 2,800,000 1,000,000
Capitalized contract cost amortization expense   $ 600,000  
Quantum Computer Systems [Member]      
Significant Accounting Policies [Line Items]      
Property, plant and equipment, useful life   2 years  
ASC 606 [Member]      
Significant Accounting Policies [Line Items]      
Revenue, remaining performance obligation, amount   $ 69,100,000  
Percentage Of Remaining Performance Obligation   40.00%  
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Explanation   twelve months  
Maximum [Member] | Excess and Obsolescence [Member]      
Significant Accounting Policies [Line Items]      
Excess and obsolescence charges   $ 100,000  
Maximum [Member] | Capitalized Commissions [Member]      
Significant Accounting Policies [Line Items]      
Capitalized contract cost amortization expense     $ 100,000
Minimum [Member]      
Significant Accounting Policies [Line Items]      
Market value of the Company's common stock $ 700,000,000    
Revenue Benchmark [Member]      
Significant Accounting Policies [Line Items]      
Number of customers over ten percent benchmark | Customers   2 3
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Minimum [Member]      
Significant Accounting Policies [Line Items]      
Concentration risk, percentage   10.00%  
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Two Customer [Member]      
Significant Accounting Policies [Line Items]      
Concentration risk, percentage   58.00%  
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Three Customer [Member]      
Significant Accounting Policies [Line Items]      
Concentration risk, percentage     70.00%
Software and Software Development Costs [Member]      
Significant Accounting Policies [Line Items]      
Intangible asset capitalized during period   $ 8,000,000 $ 3,200,000
Finite lived intangible asset, useful life   3 years  
Internally Developed Software [Member]      
Significant Accounting Policies [Line Items]      
Amortization of intangible assets   $ 2,900,000 $ 1,500,000
v3.24.0.1
Summary of Significant Accounting Policies - Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash and Cash Equivalents [Abstract]      
Cash and cash equivalents $ 35,665 $ 44,367  
Restricted cash 2,416 2,000  
Total cash, cash equivalents and restricted cash in the consolidated statements of cash flows $ 38,081 $ 46,367 $ 399,025
v3.24.0.1
Summary of Significant Accounting Policies - Summary of Loans and Financing Receivable (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable $ 11,467 $ 3,292
Billed Accounts Receivable [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable 8,564 1,150
Unbilled Accounts Receivable [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable $ 2,903 $ 2,142
v3.24.0.1
Summary of Significant Accounting Policies - Summary of Property Plant And Equipment Useful Life (Detail)
Dec. 31, 2023
Computer Equipment [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 3 years
Computer Equipment [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 5 years
Machinery Equipment Furniture And Fixtures [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 5 years
Machinery Equipment Furniture And Fixtures [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 7 years
Quantum Computing System [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 3 years
Leasehold Improvements [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration] us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
v3.24.0.1
Summary of Significant Accounting Policies - Summary of Changes in Unearned Revenue (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Deferred Revenue [Abstract]    
Beginning balance $ 9,930 $ 4,963
Revenue recognized (8,660) (4,216)
New deferrals, net 11,264 9,183
Ending balance $ 12,534 $ 9,930
v3.24.0.1
Summary of Significant Accounting Policies - Schedule of Earnings Per Share, Basic and Diluted (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Numerator:    
Net Income (Loss) $ (157,771) $ (48,511)
Denominator:    
Weighted average shares used in computing net loss per share attributable to common stockholders – Basic 202,576,492 197,727,642
Net loss per share attributable to common stockholders - Basic $ (0.78) $ (0.25)
Weighted average shares used in computing net loss per share attributable to common stockholders – Diluted 202,576,492 197,727,642
Net loss per share attributable to common stockholders - Diluted $ (0.78) $ (0.25)
v3.24.0.1
Summary of Significant Accounting Policies - Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of earnings per share, amount 51,974,370 42,061,338
Employee Stock Option    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of earnings per share, amount 23,518,426 22,951,439
Warrants to purchase common stock    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of earnings per share, amount 8,301,202 8,301,202
Public warrants    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of earnings per share, amount 5,230,613 5,231,750
Unvested restricted stock units    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of earnings per share, amount 13,726,782 4,418,852
Unvested performance-based restricted stock units member    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of earnings per share, amount 542,905 0
Unvested common stock    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of earnings per share, amount 654,442 1,158,095
v3.24.0.1
Acquisitions - Additional Information (Detail) - Entangled Networks Limited [Member]
$ in Millions
Dec. 30, 2022
USD ($)
Business Acquisition [Line Items]  
Cash consideration $ 1.0
Business combination recognized identifiable assets acquired and liabilities assumed intangible assets other than goodwill 0.3
Business combination goodwill deductible for tax purposes $ 0.7
v3.24.0.1
Cash, Cash Equivalents, Restricted Cash And Investments - Summary of Unrealized Gains and Losses and Estimated Fair Value of Cash Equivalents and Investments (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Cash and Cash Equivalents [Line Items]    
Amortized Cost $ 460,303 $ 547,153
Gross Unrealized Gains 349 42
Gross Unrealized Losses (2,306) (7,397)
Estimated Fair Value 458,346 539,798
Cash and money market funds [Member]    
Cash and Cash Equivalents [Line Items]    
Amortized Cost 25,131 46,367
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Estimated Fair Value 25,131 46,367
Commercial Paper [Member]    
Cash and Cash Equivalents [Line Items]    
Amortized Cost 16,374 130,141
Gross Unrealized Gains 0 0
Gross Unrealized Losses (14) (443)
Estimated Fair Value 16,360 129,698
Corporate Notes And Bonds [Member]    
Cash and Cash Equivalents [Line Items]    
Amortized Cost 176,793 277,184
Gross Unrealized Gains 38 19
Gross Unrealized Losses (1,854) (5,993)
Estimated Fair Value 174,977 271,210
Municipal Bonds [Member]    
Cash and Cash Equivalents [Line Items]    
Amortized Cost 4,990 9,905
Gross Unrealized Gains 0 0
Gross Unrealized Losses (43) (273)
Estimated Fair Value 4,947 9,632
US Government Corporations and Agencies Securities [Member]    
Cash and Cash Equivalents [Line Items]    
Amortized Cost 237,015 83,556
Gross Unrealized Gains 311 23
Gross Unrealized Losses (395) (688)
Estimated Fair Value $ 236,931 $ 82,891
v3.24.0.1
Cash, Cash Equivalents, Restricted Cash And Investments - Summary of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value (Detail) - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]    
Less than 12 Months, Fair Value $ 136,974,000  
Less than 12 Months, Gross Unrealized Losses (264,000)  
12 Months or Longer, Fair value 180,916,000 $ 0
12 Months or Longer, Gross Unrealized Losses (2,042,000)  
Total, Fair value 317,890,000  
Total, Gross Unrealized Loses (2,306,000)  
Commercial Paper [Member]    
Debt Securities, Available-for-Sale [Line Items]    
Less than 12 Months, Fair Value 16,360,000  
Less than 12 Months, Gross Unrealized Losses (14,000)  
12 Months or Longer, Fair value 0  
12 Months or Longer, Gross Unrealized Losses 0  
Total, Fair value 16,360,000  
Total, Gross Unrealized Loses (14,000)  
Corporate Notes and Bonds [Member]    
Debt Securities, Available-for-Sale [Line Items]    
Less than 12 Months, Fair Value 11,074,000  
Less than 12 Months, Gross Unrealized Losses (58,000)  
12 Months or Longer, Fair value 151,174,000  
12 Months or Longer, Gross Unrealized Losses (1,796,000)  
Total, Fair value 162,248,000  
Total, Gross Unrealized Loses (1,854,000)  
Municipal Bonds [Member]    
Debt Securities, Available-for-Sale [Line Items]    
Less than 12 Months, Fair Value 0  
Less than 12 Months, Gross Unrealized Losses 0  
12 Months or Longer, Fair value 4,947,000  
12 Months or Longer, Gross Unrealized Losses (43,000)  
Total, Fair value 4,947,000  
Total, Gross Unrealized Loses (43,000)  
US government and agency    
Debt Securities, Available-for-Sale [Line Items]    
Less than 12 Months, Fair Value 109,540,000  
Less than 12 Months, Gross Unrealized Losses (192,000)  
12 Months or Longer, Fair value 24,795,000  
12 Months or Longer, Gross Unrealized Losses (203,000)  
Total, Fair value 134,335,000  
Total, Gross Unrealized Loses $ (395,000)  
v3.24.0.1
Cash, Cash Equivalents, Restricted Cash And Investments - Additional Information (Detail) - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Cash and Cash Equivalents [Abstract]    
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer $ 180,916,000 $ 0
Allowance for credit losses $ 0 $ 0
v3.24.0.1
Cash, Cash Equivalents, Restricted Cash And Investments - Schedule of Contractual Maturity Date of Cash Cash Equivalents, Restricted Cash and Investments in Available-for-Sale Securities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Cash and Cash Equivalents [Line Items]    
1 Year or Less $ 355,452  
Greater than 1 Year 102,894  
Total 458,346 $ 539,798
Cash and money market funds [Member]    
Cash and Cash Equivalents [Line Items]    
1 Year or Less 22,726  
Greater than 1 Year 2,405  
Total 25,131 46,367
Commercial Paper [Member]    
Cash and Cash Equivalents [Line Items]    
1 Year or Less 16,360  
Greater than 1 Year 0  
Total 16,360 129,698
Corporate Notes and Bonds [Member]    
Cash and Cash Equivalents [Line Items]    
1 Year or Less 130,423  
Greater than 1 Year 44,554  
Total 174,977 271,210
Municipal Bonds [Member]    
Cash and Cash Equivalents [Line Items]    
1 Year or Less 4,947  
Greater than 1 Year 0  
Total 4,947 9,632
US government and agency [Member]    
Cash and Cash Equivalents [Line Items]    
1 Year or Less 180,996  
Greater than 1 Year 55,935  
Total $ 236,931 $ 82,891
v3.24.0.1
Fair Value Measurements - Summary of fair value measurements on a recurring basis and the level of inputs (Detail) - Fair Value, Recurring [Member] - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Assets:    
Cash and cash equivalents $ 38,081 $ 46,367
Total Assets 458,346 539,798
Liabilities:    
Public warrants 23,004 3,819
Short-term Investments [Member]    
Assets:    
Investments 319,776 311,430
Other Long-term Investments [Member]    
Assets:    
Investments 100,489 182,001
Cash and money market funds [Member]    
Assets:    
Cash and cash equivalents [1] 25,131 46,367
Commercial Paper [Member] | Short-term Investments [Member]    
Assets:    
Investments 16,360 129,698
Municipal Bonds [Member] | Short-term Investments [Member]    
Assets:    
Investments 4,947 4,911
Municipal Bonds [Member] | Other Long-term Investments [Member]    
Assets:    
Investments   4,721
Corporate Notes And Bonds [Member] | Short-term Investments [Member]    
Assets:    
Investments 130,423 120,447
Corporate Notes And Bonds [Member] | Other Long-term Investments [Member]    
Assets:    
Investments 44,554 150,763
US government and agency    
Assets:    
Cash and cash equivalents 12,950  
US government and agency | Short-term Investments [Member]    
Assets:    
Investments 168,046 56,374
US government and agency | Other Long-term Investments [Member]    
Assets:    
Investments 55,935 26,517
Quoted Prices in Active Markets (Level 1) [Member]    
Assets:    
Cash and cash equivalents 25,131 46,367
Total Assets 25,131 46,367
Liabilities:    
Public warrants 23,004 3,819
Quoted Prices in Active Markets (Level 1) [Member] | Short-term Investments [Member]    
Assets:    
Investments 0 0
Quoted Prices in Active Markets (Level 1) [Member] | Other Long-term Investments [Member]    
Assets:    
Investments 0 0
Quoted Prices in Active Markets (Level 1) [Member] | Cash and money market funds [Member]    
Assets:    
Cash and cash equivalents [1] 25,131 46,367
Quoted Prices in Active Markets (Level 1) [Member] | Commercial Paper [Member] | Short-term Investments [Member]    
Assets:    
Investments 0 0
Quoted Prices in Active Markets (Level 1) [Member] | Municipal Bonds [Member] | Short-term Investments [Member]    
Assets:    
Investments 0 0
Quoted Prices in Active Markets (Level 1) [Member] | Municipal Bonds [Member] | Other Long-term Investments [Member]    
Assets:    
Investments   0
Quoted Prices in Active Markets (Level 1) [Member] | Corporate Notes And Bonds [Member] | Short-term Investments [Member]    
Assets:    
Investments 0 0
Quoted Prices in Active Markets (Level 1) [Member] | Corporate Notes And Bonds [Member] | Other Long-term Investments [Member]    
Assets:    
Investments 0 0
Quoted Prices in Active Markets (Level 1) [Member] | US government and agency    
Assets:    
Cash and cash equivalents 0  
Quoted Prices in Active Markets (Level 1) [Member] | US government and agency | Short-term Investments [Member]    
Assets:    
Investments 0 0
Quoted Prices in Active Markets (Level 1) [Member] | US government and agency | Other Long-term Investments [Member]    
Assets:    
Investments 0 0
Significant Other Observable Inputs (Level 2) [Member]    
Assets:    
Cash and cash equivalents 12,950 0
Total Assets 433,215 493,431
Liabilities:    
Public warrants 0 0
Significant Other Observable Inputs (Level 2) [Member] | Short-term Investments [Member]    
Assets:    
Investments 319,776 311,430
Significant Other Observable Inputs (Level 2) [Member] | Other Long-term Investments [Member]    
Assets:    
Investments 100,489 182,001
Significant Other Observable Inputs (Level 2) [Member] | Cash and money market funds [Member]    
Assets:    
Cash and cash equivalents [1] 0 0
Significant Other Observable Inputs (Level 2) [Member] | Commercial Paper [Member] | Short-term Investments [Member]    
Assets:    
Investments 16,360 129,698
Significant Other Observable Inputs (Level 2) [Member] | Municipal Bonds [Member] | Short-term Investments [Member]    
Assets:    
Investments 4,947 4,911
Significant Other Observable Inputs (Level 2) [Member] | Municipal Bonds [Member] | Other Long-term Investments [Member]    
Assets:    
Investments   4,721
Significant Other Observable Inputs (Level 2) [Member] | Corporate Notes And Bonds [Member] | Short-term Investments [Member]    
Assets:    
Investments 130,423 120,447
Significant Other Observable Inputs (Level 2) [Member] | Corporate Notes And Bonds [Member] | Other Long-term Investments [Member]    
Assets:    
Investments 44,554 150,763
Significant Other Observable Inputs (Level 2) [Member] | US government and agency    
Assets:    
Cash and cash equivalents 12,950  
Significant Other Observable Inputs (Level 2) [Member] | US government and agency | Short-term Investments [Member]    
Assets:    
Investments 168,046 56,374
Significant Other Observable Inputs (Level 2) [Member] | US government and agency | Other Long-term Investments [Member]    
Assets:    
Investments 55,935 26,517
Unobservable Inputs (Level 3) [Member]    
Assets:    
Cash and cash equivalents 0 0
Total Assets 0 0
Liabilities:    
Public warrants 0 0
Unobservable Inputs (Level 3) [Member] | Short-term Investments [Member]    
Assets:    
Investments 0 0
Unobservable Inputs (Level 3) [Member] | Other Long-term Investments [Member]    
Assets:    
Investments 0 0
Unobservable Inputs (Level 3) [Member] | Cash and money market funds [Member]    
Assets:    
Cash and cash equivalents [1] 0 0
Unobservable Inputs (Level 3) [Member] | Commercial Paper [Member] | Short-term Investments [Member]    
Assets:    
Investments 0 0
Unobservable Inputs (Level 3) [Member] | Municipal Bonds [Member] | Short-term Investments [Member]    
Assets:    
Investments 0 0
Unobservable Inputs (Level 3) [Member] | Municipal Bonds [Member] | Other Long-term Investments [Member]    
Assets:    
Investments   0
Unobservable Inputs (Level 3) [Member] | Corporate Notes And Bonds [Member] | Short-term Investments [Member]    
Assets:    
Investments 0 0
Unobservable Inputs (Level 3) [Member] | Corporate Notes And Bonds [Member] | Other Long-term Investments [Member]    
Assets:    
Investments 0 0
Unobservable Inputs (Level 3) [Member] | US government and agency    
Assets:    
Cash and cash equivalents 0  
Unobservable Inputs (Level 3) [Member] | US government and agency | Short-term Investments [Member]    
Assets:    
Investments 0 0
Unobservable Inputs (Level 3) [Member] | US government and agency | Other Long-term Investments [Member]    
Assets:    
Investments $ 0 $ 0
[1] Includes money market funds associated with the Company’s overnight investment sweep account and cash collateralizing the Company's letter of credit and corporate credit cards.
v3.24.0.1
Fair Value Measurements - Additional Information (Detail)
Dec. 31, 2023
$ / shares
Schedule Of Changes In The Fair Value Of Warrant Liabilities [Line Items]  
Class of warrants, exercise price per share $ 1.38
Public Warrants [Member]  
Schedule Of Changes In The Fair Value Of Warrant Liabilities [Line Items]  
Class of warrants, exercise price per share $ 4.4
v3.24.0.1
Property And Equipment, Net - Summary Of Property And Equipment (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]    
Gross property and equipment $ 52,114 $ 33,475
Less: accumulated depreciation (14,599) (7,461)
Total property and equipment, net 37,515 26,014
Computer equipment and acquired computer software    
Property, Plant and Equipment [Line Items]    
Gross property and equipment 4,537 2,407
Machinery, equipment, furniture, and fixtures    
Property, Plant and Equipment [Line Items]    
Gross property and equipment 9,238 7,506
Leasehold improvements [Member]    
Property, Plant and Equipment [Line Items]    
Gross property and equipment 10,043 1,132
Quantum computing systems [Member]    
Property, Plant and Equipment [Line Items]    
Gross property and equipment $ 28,296 $ 22,430
v3.24.0.1
Property And Equipment, Net - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Abstract]    
Depreciation $ 7.2 $ 4.0
v3.24.0.1
Intangible Assets, Net - Summary of Intangible Assets (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Disclosure Of Intangible Assets Finite And Indefinite Lived [Line Items]    
Finite-Lived Intangible Assets, Gross Carrying Amount $ 21,006 $ 11,655
Trademark 154 131
Finite-Lived Intangible Assets, Accumulated Amortization (5,929) (2,711)
Finite-Lived Intangible Assets, Net Amount 14,923  
Intangible assets, Net Amount $ 15,077 $ 8,944
Patents [Member]    
Disclosure Of Intangible Assets Finite And Indefinite Lived [Line Items]    
Weighted Average Remaining Useful Life (Years) 15 years 10 months 24 days 16 years 6 months
Finite-Lived Intangible Assets, Gross Carrying Amount $ 5,783 $ 4,438
Finite-Lived Intangible Assets, Accumulated Amortization (287) (146)
Finite-Lived Intangible Assets, Net Amount $ 5,496 $ 4,292
Trademark [Member]    
Disclosure Of Intangible Assets Finite And Indefinite Lived [Line Items]    
Weighted Average Remaining Useful Life (Years) Indefinite Indefinite
Indefinite-Lived Intangible Assets Accumulated Amortization $ 0 $ 0
Website and Other [Member]    
Disclosure Of Intangible Assets Finite And Indefinite Lived [Line Items]    
Weighted Average Remaining Useful Life (Years) 8 years 10 months 24 days 9 years 7 months 6 days
Finite-Lived Intangible Assets, Gross Carrying Amount $ 227 $ 220
Finite-Lived Intangible Assets, Accumulated Amortization (38) (17)
Finite-Lived Intangible Assets, Net Amount $ 189 $ 203
Software Development [Member]    
Disclosure Of Intangible Assets Finite And Indefinite Lived [Line Items]    
Weighted Average Remaining Useful Life (Years) 2 years 3 months 18 days 2 years 2 months 12 days
Finite-Lived Intangible Assets, Gross Carrying Amount $ 14,524 $ 6,548
Finite-Lived Intangible Assets, Accumulated Amortization (5,445) (2,548)
Finite-Lived Intangible Assets, Net Amount $ 9,079 $ 4,000
Developed Technology [Member]    
Disclosure Of Intangible Assets Finite And Indefinite Lived [Line Items]    
Weighted Average Remaining Useful Life (Years) 1 year 2 years
Finite-Lived Intangible Assets, Gross Carrying Amount $ 318 $ 318
Finite-Lived Intangible Assets, Accumulated Amortization (159) 0
Finite-Lived Intangible Assets, Net Amount $ 159 $ 318
v3.24.0.1
Intangible Assets, Net - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Finite lived intangible assets amortization expense $ 3.2 $ 1.6
v3.24.0.1
Intangible Assets, Net - Summary of the Projected Annual Amortization Expense for the Company's Intangible Assets (Detail)
$ in Thousands
Dec. 31, 2023
USD ($)
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
2024 $ 4,427
2025 3,524
2026 1,853
2027 189
2028 189
Thereafter 4,741
Total amortization expense $ 14,923
v3.24.0.1
Agreements With University Of Maryland And Duke University - Additional information (Detail) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Feb. 01, 2021
Jul. 31, 2016
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2020
Dec. 31, 2016
Agreement Disclosure [Line Items]            
Common stock, capital shares reserved for future issuance     82,654,698 76,338,628    
Research and development expense     $ 92,321 $ 43,978    
Option Agreement [Member]            
Agreement Disclosure [Line Items]            
Agreement, option to extend     extend another year      
Option Agreement [Member] | University Of Maryland [Member]            
Agreement Disclosure [Line Items]            
Agreement term           5 years
Common stock, capital shares reserved for future issuance           642,995
Option Agreement [Member] | Duke [Member]            
Agreement Disclosure [Line Items]            
Research and development expense     $ 500 $ 500    
Option Agreement [Member] | University Of Maryland And Duke [Member] | Patents [Member] | Initial Patents Received [Member]            
Agreement Disclosure [Line Items]            
Stock issued during the period purchase of assets   142,886        
Amended License Agreement [Member] | University Of Maryland [Member]            
Agreement Disclosure [Line Items]            
Option agreement indexed to equity, shares available for issuance, fair value $ 1,600          
Amended License Agreement [Member] | University Of Maryland [Member] | Common Stock [Member]            
Agreement Disclosure [Line Items]            
Stock issued during the period purchase of assets 257,198          
Amended Option Agreement [Member] | Duke [Member] | Common Stock [Member]            
Agreement Disclosure [Line Items]            
Option agreement, remaining number of shares available for issuance         1,214,317  
v3.24.0.1
Other Balance Sheet Accounts - Summary of Prepaid Expenses and Other Current Assets (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Materials and supplies $ 12,476 $ 5,164
Prepaid expenses 5,696 3,952
Other current assets 4,909 3,423
Total prepaid expenses and other current assets $ 23,081 $ 12,539
v3.24.0.1
Other Balance Sheet Accounts - Summary of accrued expenses (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accrued salaries and other payroll liabilities $ 15,950 $ 4,935
Accrued professional services 605 678
Accrued equipment and services liabilities for research and development 112 489
Accrued expenses—other 1,709 553
Total accrued expenses $ 18,376 $ 6,655
v3.24.0.1
Stockholders' Equity - Additional Information (Detail) - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Class of Stock [Line Items]    
Common stock voting right one vote per share  
Preferred stock, shares authorized 20,000,000  
Preferred stock, shares issued 0  
Common stock, shares authorized 1,000,000,000 1,000,000,000
Common stock, par value $ 0.0001 $ 0.0001
Amended And Restated Certificate Of Incorporation [Member]    
Class of Stock [Line Items]    
Preferred stock, par or stated value per share $ 0.0001  
Preferred stock, shares authorized 20,000,000  
Common stock, shares authorized 1,000,000,000  
Common stock, par value $ 0.0001  
v3.24.0.1
Stockholders' Equity - Summary of Company's Common Stock Reserved for Future Issuance (Detail) - shares
Dec. 31, 2023
Dec. 31, 2022
Class of Stock [Line Items]    
Common shares reserved for future issuance 82,654,698 76,338,628
Stock Options [Member]    
Class of Stock [Line Items]    
Common shares reserved for future issuance 21,664,377 24,716,270
Warrants To Acquire Common Stock [Member]    
Class of Stock [Line Items]    
Common shares reserved for future issuance 8,301,202 8,301,202
Public Warrants Outstanding [Member]    
Class of Stock [Line Items]    
Common shares reserved for future issuance 5,228,253 5,231,486
Restricted Stock Units Outstanding [Member]    
Class of Stock [Line Items]    
Common shares reserved for future issuance 15,107,535 9,320,045
Performance-Based Restricted Stock Units [Member]    
Class of Stock [Line Items]    
Common shares reserved for future issuance 12,923,499 0
Shares Available for Grant under the 2021 Equity Incentive Plan [Member]    
Class of Stock [Line Items]    
Common shares reserved for future issuance 14,075,832 23,415,625
Shares Available for Issuance under the Employee Stock Purchase Plan [Member]    
Class of Stock [Line Items]    
Common shares reserved for future issuance 5,354,000 5,354,000
v3.24.0.1
Warrant Transaction Agreement - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Millions
Dec. 31, 2023
Aug. 31, 2020
Nov. 30, 2019
Warrant Transaction Agreement [Abstract]      
Class of warrant or right, number of securities called by warrants or rights 8,301,202    
Percent of warrant shares will vest and be immediately exercisable   6.50%  
Class of warrant or right, exercise price of warrants or rights $ 1.38    
Fair value of the warrant shares     $ 8.7
v3.24.0.1
Warrant Liabilities - Additional Information (Detail) - $ / shares
 12 Months Ended
Dec. 31, 2023
Sep. 30, 2021
Warrant issue price $ 11.5  
Public Warrants [Member]    
Number of warrants or rights outstanding 5,228,253 7,500,000
Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination or (b) 12 months from the closing of the Initial Public Offering  
Public warrant for redemption price at a price of $0.01 per warrant  
Public warrants expire date upon a minimum of 30 days’ prior written notice of redemption  
Class of warrant redeemed 0  
Common Class A [Member] | Public Warrants [Member] | Redemption Price One [Member]    
Redemption price of warrants per unit $ 0.01  
Number of consecutive trading days for which the stock price is to be maintained 20 days  
Number of trading days 30 days  
Common Class A [Member] | Public Warrants [Member] | Redemption Price Two [Member]    
Redemption price of warrants per unit $ 0.1  
Number of consecutive trading days for which the stock price is to be maintained 20 days  
Number of trading days 30 days  
Common Class A [Member] | Public Warrants [Member] | Minimum [Member] | Redemption Price One [Member]    
Share price $ 18  
Common Class A [Member] | Public Warrants [Member] | Minimum [Member] | Redemption Price Two [Member]    
Share price $ 10  
v3.24.0.1
Stock-Based Compensation - Summary Of Share Based Payment Award Stock Options Valuation Assumptions (Detail) - Stock Options [Member]
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Risk-free interest rate 4.09% 2.60%
Expected term (in years) 5 years 6 months 5 years 9 months 25 days
Expected volatility 80.63% 75.82%
Dividend yield 0.00% 0.00%
v3.24.0.1
Stock-Based Compensation - Summary of the Stock Option Activity (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of Option Shares, Beginning Balance 24,716,270  
Number of Option Shares, Granted 104,020  
Number of Option Shares, Exercised (1,800,450)  
Number of Option Shares, Cancelled/ Forfeited (1,355,463)  
Number of Option Shares, Ending Balance 21,664,377 24,716,270
Number of Option Shares, Exercisable 14,987,758  
Number of Option Shares, Exercisable and expected to vest 21,664,377  
Weighted Average Exercise Price, Beginning Balance $ 2.19  
Weighted Average Exercise Price, Granted 13.53  
Weighted Average Exercise Price, Exercised 1.25  
Weighted Average Exercise Price, Cancelled/ Forfeited 3.23  
Weighted Average Exercise Price, Ending Balance 2.26 $ 2.19
Weighted Average Exercise Price, Exercisable 1.44  
Weighted Average Exercise Price, Exercisable and expected to vest $ 2.26  
Weighted-average Remaining Contractual Term, Outstanding 6 years 18 days 7 years 3 months 25 days
Weighted-average Remaining Contractual Term, Exercisable 5 years 4 months 28 days  
Weighted-average Remaining Contractual Term, Exercisable and expected to vest 6 years 18 days  
Aggregate Intrinsic Value, Outstanding $ 220,080 $ 49,690
Aggregate Intrinsic Value, Exercisable 164,450  
Aggregate Intrinsic Value, Exercisable and expected to vest $ 220,080  
v3.24.0.1
Stock-Based Compensation - Summary of stock option grants, vesting and exercises (Detail) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]    
Total intrinsic value of options exercised $ 18.6 $ 6.7
Aggregate grant-date fair value of options vested $ 15.5 $ 9.9
Weighted-average grant date fair value per share for options granted $ 9.38 $ 5.58
v3.24.0.1
Stock-Based Compensation - Summary of restricted stock unit ("RSU") activity (Detail) - Restricted Stock Units Outstanding [Member]
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2022
USD ($)
$ / shares
shares
Number of Option Shares, Beginning Balance 9,320,045  
RSUs, Granted 11,072,072  
RSUs, Vested (4,466,894)  
RSUs, Forfeited (817,688)  
Number of Option Shares, Ending Balance 15,107,535 9,320,045
RSUs, Expected to vest after December 31, 2023 15,066,535  
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares $ 7.02  
Weighted Average Grant Date Fair Value, Granted | $ / shares 9.97  
Weighted Average Grant Date Fair Value, Vested | $ / shares 7.89  
Weighted Average Grant Date Fair Value, Forfeited | $ / shares 7.42  
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares $ 8.9 $ 7.02
Weighted Average Grant Date Fair Value, Expected to vest 8.89  
Weighted Average Remaining Contractual Term (Years) 2 years 11 months 23 days 3 years 2 months 15 days
Weighted Average Remaining Contractual Term (Years), Expected to vest 2 years 11 months 23 days  
Aggregate Fair Value (in millions), Beginning Balance | $ $ 65,380  
Aggregate Fair Value (in millions), Ending Balance | $ 134,420 $ 65,380
Aggregate Fair Value (in millions), Expected to vest | $ $ 133,890  
v3.24.0.1
Stock-Based Compensation - Summary of Share Based Payment Award PSUs Valuation Assumptions (Details) - Performance Based Restricted Stock Units [Member]
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items]    
Risk-free interest rate 4.59% 0.00%
Contractual term (in years) 3 years 4 months 13 days
Expected volatility 80.00% 0.00%
Dividend yield 0.00% 0.00%
v3.24.0.1
Stock-Based Compensation - Summary of Performance Share Unit ("PSU") Activity Based on Awards at Target (Details) - Performance Based Restricted Stock Units [Member]
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2022
USD ($)
$ / shares
shares
Number of Option Shares, Beginning Balance 0  
PSUs ,Granted 4,641,564 0
PSUs,Forfeited (333,731)  
Number of Option Shares, Ending Balance 4,307,833 0
PSUs,Expected to vest after December 31, 2023 6,461,750  
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares $ 0  
Weighted Average Grant Date Fair Value, Granted | $ / shares 15.74  
Weighted Average Grant Date Fair Value, Forfeited | $ / shares 15.56  
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares $ 15.75 $ 0
Weighted Average Grant Date Fair Value, Expected to vest 15.06  
Weighted Average Remaining Contractual Term (Years) 3 years 2 months 1 day
Weighted Average Remaining Contractual Term (Years), Expected to vest 3 years 2 months 1 day  
Aggregate Fair Value (in millions), Beginning Balance | $ $ 0  
Aggregate Fair Value (in millions), Ending Balance | $ 67,860 $ 0
Aggregate Fair Value (in millions), Expected to vest | $ $ 97,340  
v3.24.0.1
Stock-Based Compensation - Summary of Stock-based Compensation Expenses for Stock Options and Unvested Common Stock (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock-based compensation expense $ 74,445 $ 33,197
Cost of Sales [Member]    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock-based compensation expense 2,819 902
Research and Development Expense [Member]    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock-based compensation expense 40,103 13,472
Selling and Marketing Expense [Member]    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock-based compensation expense 6,762 1,298
General and Administrative Expense [Member]    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock-based compensation expense 20,059 15,784
Stock-based Compensation, Net Of Amounts Capitalized [Member]    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock-based compensation expense 69,743 31,456
Capitalized Stock-based Compensation – Intangibles And Fixed Assets [Member]    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock-based compensation expense $ 4,702 $ 1,741
v3.24.0.1
Stock-Based Compensation - Summary of Unrecognized Stock-Based Compensation (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
Restricted Stock Units Outstanding [Member]  
Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items]  
Unrecognized Expense $ 122.8
Weighted- Average Amortization Period (Years) 3 years 1 month 6 days
Performance Based Restricted Stock Units [Member]  
Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items]  
Unrecognized Expense $ 87.0
Weighted- Average Amortization Period (Years) 3 years 2 months 12 days
Stock Options [Member]  
Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items]  
Unrecognized Expense $ 26.5
Weighted- Average Amortization Period (Years) 2 years 2 months 12 days
v3.24.0.1
Stock-Based Compensation - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Aug. 31, 2021
Dec. 31, 2023
Dec. 31, 2022
Jan. 01, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Shares reserved for issuances   82,654,698 76,338,628  
Weighted-average remaining contractual term outstanding   6 years 18 days 7 years 3 months 25 days  
Stock subject to repurchase related to stock options early exercised and unvested   403,764 905,128  
Stock repurchase program, remaining authorized repurchase amount   $ 0.8 $ 2.0  
Time Based Restricted Stock Units Rsu [Member]        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
RSU released for settlement of accrued bonus liability   566,389 81,134  
Performance Based Restricted Stock Units [Member]        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
PSUs ,Granted   4,641,564 0  
Dividend yield   0.00% 0.00%  
Target persentage of number of shares earned   100.00%    
Share based compensation by share based award vesting term   4 years    
Performance Based Restricted Stock Units [Member] | Maximum [Member]        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Percentage of number of shares earned   300.00%    
Performance Based Restricted Stock Units [Member] | Minimum [Member]        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Percentage of number of shares earned   0.00%    
Stock Options [Member]        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Dividend yield   0.00% 0.00%  
2015 Equity Incentive Plan [Member]        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Weighted-average remaining contractual term outstanding   10 years    
2015 Equity Incentive Plan [Member] | Maximum [Member]        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Share based compensation by share based award vesting term   5 years    
2015 Equity Incentive Plan [Member] | Minimum [Member]        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Share based compensation by share based award vesting term   4 years    
2021 Equity Incentive Plan [Member]        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Shares reserved for issuances       14,215,808
Weighted-average remaining contractual term outstanding   10 years    
Number of Shares Available for Grant   14,075,832    
Share based compensation arrangement by share based payment award cumulative annual increase percentage   5.00%    
2021 Equity Incentive Plan [Member] | Maximum [Member]        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Share based compensation by share based award vesting term   4 years    
2021 Equity Incentive Plan [Member] | Minimum [Member]        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Share based compensation by share based award vesting term   1 year    
Employee Stock Purchase Plan [Member]        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Shares reserved for issuances 5,354,000      
Number of shares issued under share based compensation   0    
Share Based Compensation Arrangement, Cumulative Annual Increase,Shares 10,708,000      
Share Based Compensation Arrangement, Cumulative Annual Increase Percentage Of fully Diluted Shares Of Common stock outstanding 1.00%      
Percentage of discount to the lower of closing price on that day or the closing price on the first day of the offering period 15.00%      
v3.24.0.1
Income Taxes - Summary of Current and Deferred Components of Provision for Income Taxes for Federal, State and Foreign Jurisdictions (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Current:    
Federal $ 0 $ 0
State 0 0
Foreign 48 0
Total current tax expense (benefit) 48 0
Deferred:    
Federal 0 0
State 0 0
Foreign 0 0
Total deferred tax expense (benefit) 0 0
Total tax expense (benefit) $ 48 $ 0
v3.24.0.1
Income Taxes - Summary of reconciliation of the statutory federal income tax rate (benefit) and effective tax rate (benefit) (Detail)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
U.S federal statutory income tax rate 21.00% 21.00%
State and local income taxes 4.50% 7.40%
R&D tax credits 3.10% 5.90%
Stock- based compensation 2.60% (5.10%)
Warrant expense (2.50%) 13.00%
Change in tax rates (0.40%) 0.40%
Provision to return and deferred tax adjustments (0.20%) 10.90%
Valuation allowance (28.00%) (53.40%)
Other (0.10%) (0.10%)
Effective tax rate 0.00% 0.00%
v3.24.0.1
Income Taxes - Summary of net deferred tax assets (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Deferred tax assets:      
Accrued bonus $ 3,652 $ 1,018  
Unearned revenue 1,233 0  
Stock-based compensation 7,308 2,965  
Depreciation and amortization 2,843 2,725  
Capitalized R&D costs 27,432 8,262  
Lease liabilities 2,031 1,068  
R&D credit carryforwards 11,428 6,240  
Net operating loss carryforwards 36,197 24,836  
Other 686 2,256  
Total deferred tax assets 92,810 49,370  
Valuation allowance (90,963) (48,212) $ (20,388)
Total deferred tax assets net of valuation allowance 1,847 1,158  
Deferred tax liabilities:      
Right of use assets (1,142) (989)  
Other (705) (169)  
Total deferred tax liabilities (1,847) (1,158)  
Net deferred tax assets (liabilities) $ 0 $ 0  
v3.24.0.1
Income Taxes - Summary of Valuation Allowance against its Gross Deferred Tax Assets (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Beginning balance $ 48,212 $ 20,388
Charged to costs and expenses 44,123 25,925
Charged (credited) to other accounts (1,372) 1,899
Ending balance $ 90,963 $ 48,212
v3.24.0.1
Income Tax - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2017
Income Tax Disclosure [Line Items]      
Provision for income taxes $ 48 $ 0  
Net operating loss carryforwards     $ 1,100
Tax credit carry forward $ 11,600    
Percentage of stock owned by shareholder 5.00%    
Cumulative loss position period 3 years    
Valuation allowance against net deferred tax assets full valuation allowance full valuation allowance  
Percentage of increase of stock owned By shareholder 50.00%    
Testing Period In which Shareholding Increase By Shareholder Considered 3 years    
Valuation allowance deferred tax asset increase amount $ 42,800    
Years of statute of limitations by major tax Jurisdictions 3 years    
Tax year remaining open 2016    
U.S Federal [Member]      
Income Tax Disclosure [Line Items]      
Net operating loss carryforwards $ 143,400    
State [Member]      
Income Tax Disclosure [Line Items]      
Net operating loss carryforwards $ 95,700    
Earliest Tax Year [Member]      
Income Tax Disclosure [Line Items]      
Tax credit carryforwards expiration date 2025    
Current tax year subject for examination 2018    
Latest Tax Year [Member]      
Income Tax Disclosure [Line Items]      
Tax credit carryforwards expiration date 2043    
Current tax year subject for examination 2022    
v3.24.0.1
Leases - Additional Information (Detail)
$ in Thousands
 1 Months Ended 12 Months Ended
Feb. 29, 2024
USD ($)
ft²
Dec. 31, 2023
USD ($)
ft²
Dec. 31, 2023
USD ($)
ft²
Dec. 31, 2022
Lessee, Lease, Description [Line Items]        
weighted-average remaining lease term   6 years 6 months 6 years 6 months 7 years 10 months 24 days
weighted-average discount rate   9.00% 9.00% 11.90%
Lease expiration year     2030  
Total future lease payments for additional space   $ 14,835 $ 14,835  
Bothell Washington [Member]        
Lessee, Lease, Description [Line Items]        
Lease commencing year   2024    
Lease expiration year   2030    
Lease agreement square feet | ft²   101,000 101,000  
Land subject to ground lease, additional space | ft²   36,000 36,000  
Total future lease payments for additional space   $ 4,300 $ 4,300  
Bothell Washington [Member] | ASC 842        
Lessee, Lease, Description [Line Items]        
Decrease in operating lease, ROU asset   800    
Decrease in operating lease liability   $ 800    
Scenario Forecast [Member] | Arlesheim Switzerland [Member]        
Lessee, Lease, Description [Line Items]        
Lease commencing year 2024      
Lease expiration year 2029      
Lease agreement square feet | ft² 27,000      
Total future lease payments $ 4,300      
v3.24.0.1
Leases - Summary Of Components Of Lease Cost (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Lease, Cost [Abstract]    
Fixed lease cost $ 1,458 $ 763
Short-term cost 145 79
Total operating lease cost $ 1,603 $ 842
v3.24.0.1
Leases - Summary Of Lease Costs Are Reflected In The Statements Of Operations And Comprehensive Loss (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Disclosure Of Lease Costs Are Reflected In The Statements Of Operations And Comprehensive Loss [Line Items]    
Total operating lease cost $ 1,603 $ 842
Cost of revenue    
Disclosure Of Lease Costs Are Reflected In The Statements Of Operations And Comprehensive Loss [Line Items]    
Total operating lease cost 145 53
Research and development    
Disclosure Of Lease Costs Are Reflected In The Statements Of Operations And Comprehensive Loss [Line Items]    
Total operating lease cost 722 612
Sales and marketing    
Disclosure Of Lease Costs Are Reflected In The Statements Of Operations And Comprehensive Loss [Line Items]    
Total operating lease cost 84 46
General and administrative    
Disclosure Of Lease Costs Are Reflected In The Statements Of Operations And Comprehensive Loss [Line Items]    
Total operating lease cost $ 652 $ 131
v3.24.0.1
Leases - Summary Of Supplemental Cash Flow And Other Information Related To Operating Leases (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]    
Cash payments (receipts) included in the measurement of operating lease liabilities, net $ (1,790) $ 644
v3.24.0.1
Leases - Summary Of Maturities Of Operating Lease Liabilities (Detail)
$ in Thousands
Dec. 31, 2023
USD ($)
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]  
2024 $ 1,498
2025 2,089
2026 2,414
2027 2,449
2028 2,523
Thereafter 3,862
Total lease payments 14,835
Less: imputed interest (3,748)
Less: lease incentives (2,982)
Present value of operating lease liabilities $ 8,105
v3.24.0.1
Employee Benefit Plans - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Retirement Benefits [Abstract]    
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent 100.00%  
Defined Contribution Plan, Employer Discretionary Contribution Amount $ 1.6 $ 0.9
v3.24.0.1
Related Party Transactions - Additional Information (Detail) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Jul. 31, 2022
Sep. 30, 2021
Dec. 31, 2023
Related Party Transaction [Line Items]      
Related party transaction, Term   3 years  
Future minimum lease liability payment due     $ 14,835
UMD [Member]      
Related Party Transaction [Line Items]      
Related party transaction, amounts of transaction   $ 14,000  
Related party transaction, estimated price     12,600
Transaction price $ 700    
Contractual obligation   1,400  
Contractual obligation including pledge to establish endowed professorship contribution   $ 1,000  
Future minimum lease liability payment due     $ 5,700
v3.24.0.1
Related Party Transactions - Summary of Lease Cost and Cash Flow Related to Operating Lease (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Related Party Transaction [Line Items]    
Fixed lease cost $ 1,458 $ 763
UMD [Member]    
Related Party Transaction [Line Items]    
Fixed lease cost 763 763
Lease payments $ 671 $ 644
v3.24.0.1
Related Party Transactions - Summary of Weighted-Average Remaining Lease Term and Weighted-Average Discount Rate (Detail)
Dec. 31, 2023
Dec. 31, 2022
Related Party Transaction [Line Items]    
weighted-average remaining lease term 6 years 6 months 7 years 10 months 24 days
weighted-average discount rate 9.00% 11.90%
UMD [Member]    
Related Party Transaction [Line Items]    
weighted-average remaining lease term 6 years 10 months 24 days 7 years 10 months 24 days
weighted-average discount rate 11.90% 11.90%
v3.24.0.1
Related Party Transactions - Schedule of Related Party Transactions (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Related Party Transaction [Line Items]    
Research and development $ 92,321 $ 43,978
Sales and marketing 18,270 8,385
General and administrative 50,722 35,966
Assets    
Prepaid expenses and other current assets 23,081 12,539
Operating lease right-of-use assets 4,613 3,753
Other noncurrent assets 5,155 4,910
Liabilities    
Accounts payable 5,599 3,055
Current operating lease liabilities 710 591
Unearned revenue 12,087 8,729
Non-current operating lease liabilities 7,395 3,459
UMD and Duke [Member]    
Related Party Transaction [Line Items]    
Revenues 4,585 4,022
Cost of revenue 132 51
Research and development 1,035 1,082
Sales and marketing 57 131
General and administrative 116 117
Assets    
Prepaid expenses and other current assets 531 529
Operating lease right-of-use assets 3,452 3,753
Other noncurrent assets 805 1,325
Liabilities    
Accounts payable 6 29
Accrued expenses 124 0
Current operating lease liabilities 661 591
Unearned revenue 2,670 3,514
Non-current operating lease liabilities $ 3,181 $ 3,459
v3.24.0.1
Related Party Transactions - Schedule of Related Party Transactions (Parenthetical) (Detail) - Duke [Member] - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Related Party Transaction [Line Items]    
Prepaid expenses and other current assets $ 520,000 $ 520,000
Other noncurrent assets 805,000 1,325,000
Accounts payable 6,000 0
Accrued expenses 6,000 0
Sales and marketing   0
Research and development 500,000 500,000
General and administrative   $ 0
Maximum [Member]    
Related Party Transaction [Line Items]    
Sales and marketing 100,000  
General and administrative $ 100,000  
v3.24.0.1
Geographic Information - Additional Information (Detail)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
UNITED STATES | Geographic Concentration Risk [Member] | Revenue Benchmark [Member]    
Revenue From Contract With Customer Percentage 85.00% 82.00%