Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 23, 2023 | Jun. 30, 2022 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
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 | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Shell Company | false | ||
Entity Ex Transition Period | false | ||
Entity Common Stock, Shares Outstanding | 201,551,436 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 675.6 | ||
ICFR Auditor Attestation 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 | ||
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, $0.0001 par value per share | ||
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 44,367 | $ 399,025 |
Short-term investments | 311,430 | 123,443 |
Accounts receivable | 3,292 | 707 |
Prepaid expenses and other current assets | 12,539 | 6,442 |
Total current assets | 371,628 | 529,617 |
Long-term investments | 182,001 | 80,110 |
Property and equipment, net | 26,014 | 18,870 |
Operating lease right-of-use assets | 3,753 | 4,032 |
Intangible assets, net | 8,944 | 5,841 |
Goodwill | 742 | 0 |
Other noncurrent assets | 4,910 | 3,558 |
Total Assets | 597,992 | 642,028 |
Current liabilities: | ||
Accounts payable | 3,055 | 1,882 |
Accrued expenses | 6,655 | 2,647 |
Current portion of operating lease liabilities | 591 | 568 |
Unearned revenue | 8,729 | 3,430 |
Current portion of stock option early exercise liabilities | 1,130 | 1,164 |
Total current liabilities | 20,160 | 9,691 |
Operating lease liabilities, net of current portion | 3,459 | 3,643 |
Unearned revenue, net of current portion | 1,201 | 1,533 |
Stock option early exercise liabilities, net of current portion | 839 | 1,969 |
Warrant liabilities | 3,819 | 33,962 |
Other noncurrent liabilities | 303 | 0 |
Total liabilities | 29,781 | 50,798 |
Commitments and contingencies (see Note 10) | ||
Stockholders' Equity: | ||
Common stock $0.0001 par value; 1,000,000,000 shares authorized; [0] and 195,630,975 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively | 20 | 19 |
Additional paid-in capital | 769,848 | 737,150 |
Accumulated deficit | (194,302) | (145,791) |
Accumulated other comprehensive loss | (7,355) | (148) |
Total stockholders' equity | 568,211 | 591,230 |
Total Liabilities and Stockholders' Equity | $ 597,992 | $ 642,028 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 199,862,123 | 195,630,975 |
Common stock, shares outstanding | 199,862,123 | 195,630,975 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue | $ 11,131 | $ 2,099 |
Costs and expenses: | ||
Cost of revenue (excluding depreciation and amortization) | 2,944 | 1,040 |
Research and development | 43,978 | 20,228 |
Sales and marketing | 8,385 | 3,233 |
General and administrative | 35,966 | 13,737 |
Depreciation and amortization | 5,604 | 2,548 |
Total operating costs and expenses | 96,877 | 40,786 |
Loss from operations | (85,746) | (38,687) |
Change in fair value of warrant liabilities | 30,136 | (63,332) |
Interest income, net | 7,093 | 64 |
Offering costs associated with warrants | 0 | (4,259) |
Other income (expense), net | 6 | 28 |
Loss before benefit for income taxes | (48,511) | (106,186) |
Benefit for income taxes | 0 | 0 |
Net loss | $ (48,511) | $ (106,186) |
Net loss per share attributable to common stockholders—basic | $ (0.25) | $ (0.77) |
Weighted average shares used in computing net loss per share attributable to common stockholders—basic | 197,727,642 | 137,609,620 |
Net loss per share attributable to common stockholders—diluted | $ (0.25) | $ (0.77) |
Weighted average shares used in computing net loss per share attributable to common stockholders—diluted | 197,727,642 | 137,609,620 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (48,511) | $ (106,186) |
Other comprehensive loss, net of reclassification adjustments: | ||
Change in unrealized loss on available-for-sale securities, net | (7,207) | (148) |
Total other comprehensive loss | (7,207) | (148) |
Total comprehensive loss | $ (55,718) | $ (106,334) |
Consolidated Statements of Chan
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 Income Member |
Balance at Dec. 31, 2020 | $ 53,703 | $ 3 | $ 93,305 | $ (39,605) | |
Balance (in shares) at Dec. 31, 2020 | 118,146,795 | ||||
Net loss | (106,186) | (106,186) | |||
Other comprehensive loss | (148) | $ (148) | |||
Equity instruments issued in consideration for intellectual property and research and development arrangements | 2,381 | 2,381 | |||
Equity instruments issued in consideration for intellectual property and research and development arrangements (in shares) | 385,797 | ||||
Stock options exercised | 288 | 288 | |||
Stock options exercised (in shares) | 1,044,199 | ||||
Vesting of restricted common stock | 1,068 | 1,068 | |||
Vesting of restricted common stock (in shares) | 1,259,074 | ||||
Merger and PIPE transaction, net of transaction costs, Value | 526,312 | $ 16 | 526,296 | ||
Merger and PIPE transaction, net of transaction costs, Shares | 70,300,768 | ||||
Stock-based compensation | 8,023 | 8,023 | |||
Warrants exercised shares | 4,494,342 | ||||
Warrants exercised | 105,789 | 105,789 | |||
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) | (48,511) | |||
Other comprehensive loss | (7,207) | (7,207) | |||
Stock options exercised | $ 1,059 | $ 1 | 1,058 | ||
Stock options exercised (in shares) | 2,239,490 | 2,239,490 | |||
Vesting of restricted common stock | $ 1,162 | 1,162 | |||
Vesting of restricted common stock (in shares) | 515,534 | ||||
Issuance of common stock from the settlement of restricted stock units | 473 | 473 | |||
Issuance of common stock from the settlement of restricted stock units shares | 1,474,592 | ||||
Stock-based compensation | 29,980 | 29,980 | |||
Warrants exercised shares | 1,532 | ||||
Warrants exercised | 25 | 25 | |||
Balance at Dec. 31, 2022 | $ 568,211 | $ 20 | $ 769,848 | $ (194,302) | $ (7,355) |
Balance (in shares) at Dec. 31, 2022 | 199,862,123 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities | ||
Net loss | $ (48,511) | $ (106,186) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 5,604 | 2,548 |
Non-cash research and development arrangements | 520 | 1,335 |
Amortization of customer warrant | 0 | 528 |
Offering costs associated with warrants | 0 | 4,259 |
Stock-based compensation | 31,456 | 7,748 |
Change in fair value of warrant liabilities | (30,136) | 63,332 |
Other, net | (1,136) | 101 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,510) | (317) |
Prepaid expenses and other current assets | (7,012) | (3,790) |
Accounts payable | 1,060 | 763 |
Accrued expenses | 1,344 | 1,259 |
Unearned revenue | 3,892 | 3,605 |
Other assets and liabilities | (269) | (1,722) |
Net cash used in operating activities | (44,698) | (26,537) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (9,336) | (7,783) |
Capitalized software development costs | (2,179) | (1,621) |
Intangible asset acquisition costs | (1,049) | (620) |
Purchases of available-for-sale securities | (605,689) | (203,761) |
Maturities and sales of available-for-sale securities | 310,045 | 0 |
Business acquired | (848) | 0 |
Net cash used in investing activities | (309,056) | (213,785) |
Cash flows from financing activities: | ||
Proceeds from stock options exercised | 1,059 | 5,457 |
Tax withholding receipts related to vested and released restricted stock units | 2,001 | 0 |
Tax withholding payments related to vested and released restricted stock units | (1,981) | 0 |
Proceeds from public warrants exercised | 17 | 26,070 |
Repurchase of early exercised stock options | 0 | (968) |
Proceeds from merger and PIPE transactions, net of transaction costs | 0 | 572,668 |
Net cash provided by financing activities | 1,096 | 603,227 |
Net change in cash, cash equivalents and restricted cash | (352,658) | 362,905 |
Cash, cash equivalents and restricted cash at the beginning of the period | 399,025 | 36,120 |
Cash, cash equivalents and restricted cash at the end of the period | 46,367 | 399,025 |
Supplemental disclosures of non-cash investing and financing transactions: | ||
Issuance of common stock for intellectual property | 0 | 1,567 |
Issuance of common stock for research and development arrangement | 0 | 814 |
Property and equipment purchases in accounts payable and accrued expenses | 485 | 553 |
Intangible asset purchases in accounts payable and accrued expenses | 164 | 83 |
Noncash reclassification of warrant liabilities to equity upon exercise | 8 | 79,719 |
Bonus settled in restricted stock units | $ 473 | $ 0 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2022 | |
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”). Commensurate 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 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. At the Closing Date, the consummation of the Merger provided approximately $636.0 million of gross proceeds, including $345.0 million from the PIPE investment in common stock at $10.00 per share. In connection with the Business Combination, Legacy IonQ and dMY incurred direct and incremental costs of approximately $52.0 million related to the equity issuance, consisting primarily of banking, legal, accounting, and other professional fees, which were recorded to additional paid-in Concurrently with the execution of the Merger Agreement, certain former dMY stockholders entered into a sponsor support agreement. Under the sponsor support agreement, and effective upon the consummation of the Business Combination, 10% of the dMY Class B common stock (or 750,000 shares), which were converted into shares of common stock at the consummation of the Business Combination, were unvested and subject to certain vesting and forfeiture provisions (the “Vesting Shares”). The Vesting Shares are accounted for as equity classified instruments and were included as merger consideration as part of the reverse recapitalization and recorded in additional paid-in 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
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 Emerging Growth Company The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it is (i) no longer an emerging growth company or (ii) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, the Company’s consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. The Company remains an emerging growth company until the earliest of (i) December 31, 2025, (ii) the last day of the fiscal year in which the Company has total annual gross revenue of at least $1.235 billion, (iii) the last day of the fiscal year in which the Company is deemed to be a large accelerated filer, which means the market value of the Company’s common stock that is held by non-affiliates no n-convertible Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP and regulations of the SEC requires management to make estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. Significant estimates and judgments are inherent in the analysis and measurement of items including, but not limited to: revenue recognition, capitalization of internally developed software and quantum computing costs, useful lives of long-lived assets, and fair value of available-for-sale 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 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 approximates 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, money market funds, and certain commercial paper and U.S. government and agency securities. 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 collateralizing letters of credit is included in other noncurrent assets in the consolidated balance sheets The following table provides a reconciliation of cash and restricted cash included in the consolidated balance sheets to the amounts included in the statements of cash flows (in thousands): 2022 2021 Cash and cash equivalents $ 44,367 $ 399,025 Restricted cash 2,000 — Total cash, cash equivalents and restricted cash in the consolidated statements of cash flows $ 46,367 $ 399,025 Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are non-interest 2022 2021 Billed accounts receivable $ 1,150 $ 261 Unbilled accounts receivable 2,142 446 Total accounts receivable $ 3,292 $ 707 On a periodic basis, management evaluates its accounts receivable and determines whether to provide an allowance or if any accounts should be written off. This assessment is based on management’s evaluation of the past due receivables, collectability of specific accounts, historical loss experience and overall economic conditions. The Company did not have any allowance for doubtful accounts as of December 31, 2022 and 2021. Materials and Supplies 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 or research and development efforts are expensed when consumed. The Company capitalized $1.3 million of materials and supplies to property and equipment for the year ended December 31, 2022. 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 re-evaluated The Company performs periodic evaluations to determine whether any declines in the fair value of investments below cost are other-than-temporary. The evaluation consists of qualitative and quantitative factors regarding the severity and duration of the unrealized loss, as well as the Company’s ability and intent to hold the investments until a forecasted recovery occurs. The impairments are considered to be other-than-temporary if they are related to deterioration in credit risk or if it is likely that the underlying securities will be sold prior to a full recovery of their cost basis. Other-than-temporary fair value 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. 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 Machinery, equipment, furniture and fixtures Quantum computing systems Leasehold improvements Shorter of the lease term or the estimated useful life of the related asset 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 is not material for the year ended December 31, 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 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 ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term. Operating lease ROU assets also include the impact of any lease incentives. Amendments to a lease are 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 ROU 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, which is included in intangible assets, net, consists of costs to purchase and develop internal-use internal-use internal-use Goodwill Goodwill is the excess of the purchase price ove r 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 fiscal 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. impairment loss was recognized for the year ended December 31, 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, 2022 or 2021. 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 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 The classified as non-current liabilities as Revenue Recognition The Company derives revenue from providing access to its QCaaS, consulting services related to co-developing 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 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 may consist of a variable fee based on usage of its quantum computing systems or 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 with revenue recognized based on the efforts incurred to date relative to the total expected effort. For contracts with a fixed transaction price, the fixed fee is recognized on a straight-line basis over the access period or associated measure of progress for the Company’s consulting services contracts. For contracts without fixed fees, variable usage fees are billed and recognized during the period of such usage. Certain of the Company’s contracts contain multiple performance obligations, most commonly in contracts for specialized quantum computing systems 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. We determine standalone selling price based on the observable price of a product or service when we sell the products or services separately in similar circumstances and to similar customers. When the standalone selling price is not known, due to it being either highly variable or uncertain, the Company allocates the transaction price using the residual approach. Performance obligations are satisfied over time if the customer receives the benefits as we perform 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 we have a contractual right to payment for performance to date. Revenue is recognized on performance obligations satisfied over time based on the efforts incurred to date relative to the total expected effort. As of December 31, 2022 and 2021, substantially all of the revenue recognized by the Company 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 prov i mark-up 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. In 2019, the Company has entered into one revenue arrangement in which it granted warrants to the counterparty. Refer to Note 12 for further information on the customer warrants. 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 non-current As of December 31, 2022, approximately $ 30.5 non-cancelable The following table summarizes the changes in unearned revenue for the years ended December 31, 2022 and 2021 (in thousands): 2022 2021 Beginning balance $ 4,963 $ 1,358 Revenue recognized (4,216 ) (200 ) New deferrals, net 9,183 3,805 Ending balance $ 9,930 $ 4,963 For contractual arrangements where consideration is paid up-front, up-front 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, 2022 and 2021, total capitalized costs were $1.0 million and zero, respectively. Amortization expense was less than $0.1 million and zero for the years ended December 31, 2022 and 2021, respectively. Cost of Revenue Cost of revenue primarily consists of expenses related to delivering the Company’s services, including direct labor costs, direct service costs and allocated shared resources. Cost of revenue excludes depreciation and amortization related to the Company’s quantum computing systems and related software and developed technology. Research and Development Research and development expenses consist of personnel costs, including 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. In December 2020, the Company amended its option agreement with Duke University (“Duke”), and under this amendment, the Company issued common shares to Duke in consideration for research and development services through July 15, 2026. The amended arrangement is considered a research and development service arrangement and recorded as a prepayment based on the fair value of the common stock issued on the effective date of the amendment and amortized over the term of the arrangement as services are received. In February 2021, the Company and the University of Maryland (“UMD”) amended the option agreement with UMD pursuant to which the Company issued shares of common stock to UMD as a nonrefundable upfront payment in exchange for research and development services by UMD and rights to any potential future intellectual property developed through July 2021. The amended arrangement is considered a research a nd development service arrangement and recorded as a prepayment based on the fair value of the common stock issued on the effective date of the amendment and amortized over the term of the arrangement as services are received. Refer to Note 8 for further information on the Duke and UMD 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 $1.3 million and $1.1 million for the years ended December 31, 2022 and 2021, 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 fair value of stock awards and 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 share-based awards, including the fair value of the Company’s common stock, 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 awards 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 is measured based on the fair value of the Company’s common stock on the grant date. For awards with a performance-based vesting condition, the Company records stock-based compensation cost if it is probable that the performance condition will be achieved. 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. The Company obtained third-party valuations to estimate the fair value of its common stock for awards granted prior to the Business Combination, for purposes of measuring stock-based compensation expense. The third-party valuations were prepared using methodologies, approaches, and assumptions consistent with the American Institute of Certified Public Accountants (“AICPA”) Accounting & Va Income Taxes Income taxes are accounted for using the asset and liability method. Deferred income taxes are provided income The Company records a valuation allowance when it determines, based on available positive and negative evidence, that it is more-likely-than-not 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, the competitive environment, and general economic conditions. In addition, the Company considers 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 more-likely-than-not more-likely-than-not 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 two financial institutions. The Company’s deposits periodically exceed amounts guaranteed by the Federal Deposit Insurance Corporation. While the Company has not experienced any losses in such accounts, the recent 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 doubtful accounts. Credit losses historically have not been material. Significant customers are those that represent more than 10% of the Company’s total revenue. The Company’s revenue was primarily from three significant customers for the year ended December 31, 2022, and from two significant customers for the year ended December 31, 2021. 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, 2022 2021 Numerator: Net loss attributable to common stockholders $ (48,511 ) $ (106,186 ) Denominator: Weighted average shares used in computing net loss per share attributable to common stockholders—basic and diluted 197,727,642 137,609,620 Net loss per share attributable to common stockholders—basic and diluted $ (0.25 ) $ (0.77 ) 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 2022 2021 Common stock options outstanding 22,951,439 24,206,373 Warrants to purchase common stock 8,301,202 8,301,202 Public and private warrants 5,231,750 2,359,179 Unvested Vesting Shares — 129,452 Unvested restricted stock units 4,418,852 — Unvested common stock 1,158,095 1,407,500 Total 42,061,338 36,403,706 Recently Issued Accounting Standards Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, 2016-13 In August 2020, the FASB issued ASU 2020-06, 470-20) (Subtopic815-40) |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2022 | |
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 preliminary . |
Cash Equivalents, Restricted Ca
Cash Equivalents, Restricted Cash And Investments | 12 Months Ended |
Dec. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Cash Equivalents, Restricted Cash And Investments | 4. CASH EQUIVALENTS, RESTRICTED CASH AND INVESTMENTS The following table summarizes the Company’s unrealized gains and losses and estimated fair value of cash equivalents, restricted cash and investments in available-for-sale AS OF DECEMBER 31, 2022 AS OF DECEMBER 31, 2021 Amortized Gross Gross Estimated Amortized Gross Gross Estimated Cash and money market funds $ 46,367 $ — $ — $ 46,367 $ 123,690 $ — $ — $ 123,690 Commercial paper 130,141 — (443 ) 129,698 203,628 — (21 ) 203,607 Corporate notes and bonds 277,184 19 (5,993 ) 271,210 80,060 2 (109 ) 79,953 Municipal bonds 9,905 — (273 ) 9,632 2,000 — — 2,000 US government and agency 83,556 23 (688 ) 82,891 193,347 1 (20 ) 193,328 Total cash equivalents, restricted cash and investments $ 547,153 $ 42 $ (7,397 ) $ 539,798 $ 602,725 $ 3 $ (150 ) $ 602,578 Unrealized losses related to investments were primarily a result of interest rate fluctuations, and none of the investments held as of December 31, 2022, have been in a continuous unrealized loss position for greater than one year. As of December 31, 2022, the Company did not consider any of its available-for-sale The estimated fair value of the Company’s cash equivalents, restricted cash and investments in available-for-sale 1 Year or Less 1 Year or Greater Total Cash and money market funds $ 44,367 $ 2,000 $ 46,367 Commercial paper 129,698 — 129,698 Corporate notes and bonds 120,447 150,763 271,210 Municipal bonds 4,911 4,721 9,632 US government and agency 56,374 26,517 82,891 Total $ 355,797 $ 184,001 $ 539,798 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
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 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 bon ds — 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 Fair Value Measured as of Level 1 Level 2 Level 3 Total Assets: Cash, cash equivalents, and restricted cash: Cash and money market funds (1) $ 123,690 $ — $ — $ 123,690 Commercial paper — 125,335 — 125,335 US government and agency — 150,000 — 150,000 Total cash, cash equivalents and restricted cash 123,690 275,335 399,025 Short-term investments: Commercial paper — 78,272 — 78,272 Corporate notes and bonds — 14,818 — 14,818 Municipal bonds 2,000 2,000 US government and agency — 28,353 — 28,353 Total short-term investments — 123,443 — 123,443 Long-term investments : Corporate notes and bonds — 65,135 — 65,135 US government and agency — 14,975 — 14,975 Total long-term investments — 80,110 — 80,110 Total Assets $ 123,690 $ 478,888 $ — $ 602,578 Liabilities: Public warrants $ 33,962 $ — $ — $ 33,962 (1) Includes money market funds associated with the Company’s overnight investment sweep account and collateralizing letters of credit. The Company’s warrant liabilities are comprised of the public warrants. The private placement warrants were fully exercised as of December 31, 2021. Refer to Note 13 for further information. 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, 2022 and 2021. As of December 31, 2022, the public warrants were publicly traded at The private placement warrants were marked to fair value on the date of exercise. The fair value of the private placement warrants was determined using Level 3 inputs. Management determined the fair value of the private placement warrants using unobservable inputs in the Black-Scholes valuation model. Inherent in the valuation were assumptions related to expected stock-price volatility, expected term, risk-free interest rate and dividend yield. The Company estimated the volatility of its common stock warrants based on implied volatility from the Company’s traded warrants and from historical volatility of select peer company’s common stock that matches the expected remaining zero-coupon The expected life of the warrants was assumed to be equivalent to their remaining contractual term. The dividend rate was based on the historical rate, which the Company anticipate d The following table provides quantitative information regarding Level 3 fair value measurement inputs for the private placement warrants as of the date the private placement warrants were exercised. December 3, 2021 Exercise price $ 11.50 Stock price $ 18.78 Volatility 74.10 % Term 4.83 Risk-free rate 1.10 % Dividend yield — % The Company did not have any Level 3 assets or liabilities as of December 31, 2022 or 2021, as the private placement warrants were fully exercised. |
Property And Equipment, Net
Property And Equipment, Net | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property And Equipment, Net | 6. PROPERTY AND EQUIPMENT, NET Property and equipment, net as of December 31, 2022 and 2021, are composed of the following (in thousands): 2022 2021 Computer equipment and acquired computer software $ 2,407 $ 840 Machinery, equipment, furniture and fixtures 7,506 5,497 Leasehold improvements 1,132 827 Quantum computing systems 22,430 15,151 Gross property and equipment 33,475 22,315 Less: accumulated depreciation (7,461 ) (3,445 ) Property and equipment, net $ 26,014 $ 18,870 Depreciation expense for the years ended December 31, 2022 and 2021 was $4.0 million and $1.7 million, respectively. |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2022 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible Assets, Net | 7. INTANGIBLE ASSETS, NET Intangible assets as of December 31, 2022 and 2021, are composed of the following (in thousands, except as otherwise noted): December 31, 2022 Weighted Remaining Useful Life Gross Accumulated Net 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 December 31, 2021 Weighted Gross Accumulated Net Patents 17.0 $ 3,555 $ (51 ) $ 3,504 Trademark Indefinite 82 — 82 Website and other 10.0 51 (11 ) 40 Internally developed software 2.3 3,297 (1,082 ) 2,215 Total $ 6,985 $ (1,144 ) $ 5,841 Total amortization expense for intangible assets for the years ended December 31, 2022 and 2021, was $1.6 million and $0.8 million, respectively. As of December 31, 2022, the projected annual amortization expense for the Company’s intangible assets is as follows (in thousands): Year ending December 31, 2023 $ 2,130 2024 1,646 2025 744 2026 124 2027 124 Thereafter 4,045 Total $ 8,813 |
Agreements With UMD And DUKE
Agreements With UMD And DUKE | 12 Months Ended |
Dec. 31, 2022 | |
Agreement Disclosure [Abstract] | |
Agreements With UMD And DUKE | 8. AGREEMENTS WITH UMD AND DUKE Exclusive License Agreement The Company entered into an exclusive license agreement (“License Agreement”) in July 2016 with UMD and Duke. The License Agreement grants to the Company an exclusive, perpetual license (“Initial Patents”) to certain patents, know-how trapped-ion non-exclusive non-profit institutions to use and practice the Licensed Patents (as defined below) and technology for internal research and other non-profit 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 giving effect to the recapitalization. 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 $ million. The shares for each executed amendment were issued during the year ended December , . Exclusive Option Agreements The Company also entered into an exclusive option agreement (“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 5-year In December 2020, the Company amended its option agreement with Duke, and under this amendment, the Company issued 1,214,317 common shares after giving effect to the recapitalization, 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, 2022 and 2021. In February 2021, the Company and UMD amended the UMD Option Agreement pursuant to which the Company issued the remaining 128,599 shares of common stock after giving effect to the recapitalization to UMD as a nonrefundable upfront payment in exchange for research and development services by UMD and rights to any potential future intellectual property developed through July 2021. The fair value of the shares issued to UMD was $0.8 million. The Company recognized $0.8 million of research and development expense associated with the UMD Option Agreement amendment for the year ended December 31, 2021. The UMD Option Agreement was fully amortized in 2021 and therefore no research and development expense was recognized for the year ended December 31, 2022. Additionally, under the terms of the License Agreement and Option Agreement, UMD was provided an exit guarantee if a sale or liquidation of the Company would occur that provides for the following: • acceleration of the issuance of common stock as if exercised through the License Agreement, • additional consideration equal to the consideration that one-half The exit guarantee with UMD lapsed as a result of the Business Combination in September 2021. 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 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Expenses | 9. ACCRUED EXPENSES Accrued expenses as of December 31, 2022 and 2021, are composed of the following (in thousands): 2022 2021 Accrued salaries and other payroll liabilities $ 4,935 $ 1,025 Accrued accounting and tax liabilities 250 700 Accrued expenses—other 1,470 922 Total accrued expenses $ 6,655 $ 2,647 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
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 financial statements. Shareholder Lawsuit In May 2022, a securities class action complaint captioned Leacock v. IonQ, Inc. et al No.8:22-cv-01306, Fisher v. IonQ, Inc No.8:22-cv-01306-DLB 10b-5 Glatt Litigation On January 12, 2021, dMY Technology Group, Inc. II, dMY Sponsor II, LLC, dMY, and dMY Sponsor 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 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022. 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 Liquidation In the event of our voluntary or involuntary liquidation, dissolution, distribution of assets or winding-up, 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 after giving effect to the recapitalization are as follows: As of December 31, 2022 2021 Stock options outstanding 24,716,270 22,133,210 Warrants to acquire common stock 8,301,202 8,301,202 Public warrants outstanding 5,231,486 5,233,018 Shares available for future grant 28,769,625 31,589,000 Total common stock reserved 67,018,583 67,256,430 |
Warrant Transaction Agreement
Warrant Transaction Agreement | 12 Months Ended |
Dec. 31, 2022 | |
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 a number of shares of common stock equal to the product (rounded down to the nearest whole number) of (a) the number of shares of Legacy IonQ common stock issuable upon conversion of a share of Legacy IonQ Series B-1 preferred stock and(b) the Exchange Ratio (as defined in the Super 8-K filed with the SEC on October 4, 2021), at an exercise price per share (rounded up to the nearest whole cent) equal to (i) the exercise price per share of such Legacy IonQ Warrant Shares divided by (ii) the Exchange Ratio. 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, 2022, the contract allows for the customer to acquire up to 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. During 2020, Warrant Shares with a fair value of $0.6 million vested. This fair value of the unamortized warrants was recorded within other noncurrent assets and the Warrant Shares are amortized over time as the related customer revenue is earned. During the year ended December 31, 2021, $0.5 million of the warrant amortization was recorded as a reduction of the related customer revenue. As of December 31, 2021, the contract asset was fully amortized, and therefore no warrant amortization was recorded as a reduction of the related customer revenue during the year ended December 31, 2022. |
Warrant Liabilities
Warrant Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Warrant Liabilities [Abstract] | |
Warrant Liabilities | 13. WARRANT LIABILITIES The Company assumed 11,500,000 warrants, comprised of 7,500,000 public warrants and 4,000,000 private placement warrants, on September 30, 2021 as part of the Business Combination. T and 5,233,018 of public warrants to purchase common stock outstanding as of December 31, 2022 and 2021, respectively. There were no private placement warrants outstanding as of December 31, 2022 and 2021. 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 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 No public warrants were redeemed by the Company as of December 31, 2022. Private placement warrants The private placement warrants were identical to the public warrants, except that the private placement warrants and the shares of common stock issuable upon exercise of the private placement warrants were not transferable, assignable, or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the private placement warrants were non-redeemable |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
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. Each Legacy IonQ stock option issued and outstanding immediately prior to the Business Combination was converted into an option to purchase shares of common stock of the Company equal to the product of (a) the number of shares of Legacy IonQ common stock subject to such Legacy IonQ stock option agreement immediately prior to the Business Combination and (b) the exchange ratio at an exercise price equal to the (i) the exercise price per share of such Legacy IonQ stock option divided by (ii) the exchange ratio. Such stock options 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, 2023, the number of shares reserved for issuance under the 2021 Plan increased by 13,587,593. For awards granted under the 2021 Plan, vesting terms range from one 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 limited Expected Term The Company has estimated the expected term of its employee 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 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 non-inflation-indexed Dividend Yield Fair Value of Underlying Common Stock initial The assumptions used to estimate the fair value of stock options granted during the years ended December 31, 2022 and 2021, are as follows: 2022 2021 Risk-free interest rate 2.60 % 0.96 % Expected term (in years) 5.82 6.26 Expected volatility 75.82 % 77.04 % Dividend yield — % — % The stock option activity is summarized in the following table: Number of Weighted Weighted Aggregate Outstanding as of December 31, 2021 22,133,210 $ 0.64 7.84 $ 377.58 Granted 4,974,350 8.28 Exercised (2,239,490 ) 0.47 Cancelled/ Forfeited (151,800 ) 0.66 Outstanding as of December 31, 2022 24,716,270 $ 2.19 7.32 $ 49.69 Exercisable as of December 31, 2022 11,484,369 $ 0.85 6.50 $ 31.49 Exercisable and expected to vest as of December 31, 2022 24,716,270 $ 2.19 7.32 $ 49.69 The following table summarizes additional information on stock option grants, vesting and exercises (in millions, except per share amounts): Year Ended December 31, 2022 2021 Total intrinsic value of options exercised $ 6.7 $ 54.4 Aggregate grant-date fair value of options vested $ 9.9 $ 7.4 Weighted-average grant date fair value per share for options granted $ 5.58 $ 5.83 Early Exercised Stock Options As of December 31, 2022 and 2021, there were 905,128 and 1,420,662 shares, respectively, subject to repurchase related to stock options early exercised and unvested. As of December 31, 2022 and 2021, the Company recorded a liability related to these shares subject to repurchase in the amount of $2.0 million and $3.1 million, respectively, in its consolidated balance sheets. During 2021, we exercised our right to repurchase 0.4 million shares related to the early exercise of stock options. The unvested shares were repurchased for $1.0 million from an employee in connection with the termination of their service. Restricted Stock Units The RSU activity is summarized in the following table: Number of Weighted Weighted Aggregate Outstanding as of December 31, 2021 — $ — — $ — Granted 10,891,685 7.34 Vested (1,472,683 ) 9.29 Forfeited (98,957 ) 9.01 Outstanding as of December 31, 2022 9,320,045 $ 7.02 3.21 $ 65.38 Expected to vest after December 31, 2022 9,279,045 $ 6.99 3.22 $ 64.85 During the year ended December 31, 2022, the Company granted 81,134 RSUs related to the settlement of an accrued bonus liability. Stock-Based Compensation Expense Total stock-based compensation expense for stock option awards and RSU awards, which are included in the consolidated financial statements, is as follows (in thousands): Years Ended December 31, 2022 2021 Cost of revenue $ 902 $ 62 Research and development 13,472 2,841 Sales and marketing 1,298 67 General and administrative 15,784 4,778 Stock-based compensation, net of amounts capitalized 31,456 7,748 Capitalized stock-based compensation—Intangibles and fixed assets 1,741 275 Total stock-based compensation $ 33,197 $ 8,023 Unrecognized Stock-Based Compensation A summary of our remaining unrecognized compensation expense and the weighted-average remaining amortization period as of December 31, 2022, related to our non-vested Unrecognized Weighted- Restricted stock units $ 61.3 1.6 Stock options $ 44.7 1.6 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, 2023. 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, 2022, no shares of common stock had been issued under the ESPP and no offering period had been set by the board of directors. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes | 15. INCOME TAXES The current and deferred components of the provision for income taxes for both Federal, State and foreign jurisdictions are zero for both of the years ended December 31, 2022 and 2021. 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: Years Ended December 31, 2022 2021 U.S . 21.0 % 21.0 % State and local income taxes 7.4 % 1.2 % R&D tax credits 5.9 % 1.7 % Stock-based compensation -5.1 % -0.6 % Warrant expense 13.0 % -12.5 % Change in tax rates 0.4 % -2.1 % Provision to return and deferred tax adjustments 10.9 % — Valuation allowance -53.4 % -8.1 % Other -0.1 % -0.6 % 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 as of December 31, 2022 and 2021, were as follows (in thousands): 2022 2021 Deferred tax assets: Accrued bonus $ 1,018 $ 310 Unearned — 281 Stock-based compensation 2,965 1,002 Accrued expenses 152 119 Warrant expenses 149 138 Depreciation and amortization 2,725 170 Other 1,955 809 Lease liabilities 1,068 1,023 R&D credit carryforwards 6,240 3,781 Net operating loss carryforwards 24,836 14,148 Capitalized R&D costs 8,262 — Total deferred tax assets 49,370 21,781 Valuation allowance (48,212 ) (20,388 ) Total deferred tax assets , 1,158 1,393 Deferred tax liabilities: Right of use assets (989 ) (979 ) Capitalized R&D costs — (414 ) Other (169 ) — Total deferred tax liabilities (1,158 ) (1,393 ) 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): 2022 2021 Beginning balance $ 20,388 $ 9,747 Charged to costs and expenses 25,925 10,677 Charged (credited) to other accounts 1,899 (36 ) Ending balance $ 48,212 $ 20,388 The Company had pre-tax U.S. federal and state net operating loss carryforwards of approximately $96.3 million and $69.5 million, respectively, as of December 31, 2022. The Company’s net operating loss carryforwards generated prior to January 1, 2018 of $ 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, 2022, the Company had U.S. federal and state tax credit carryforwards of $ million. The tax credit carryforwards will expire between 2025 and 204 2 The deductibility of such credits and net operating losses (“NOL”) may be limited. Under Section s 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 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, 2022 and 2021, 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, 2022 and 2021. The net increase in the valuation allowance of $27.8 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 9 1 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | 16. LEASES The Company has one operating lease for its corporate headquarters with UMD that is also used for its research and development functions. As of December 31, 2022 and 2021, the weighted-average remaining lease term was years and years, respectively. The weighted-average discount rate was % at both December 31, 2022 and 2021. The components of lease cost were as follows (in thousands): 2022 2021 Operating lease cost (1) Fixed lease cost $ 763 $ 763 Short-term cost 79 13 Total operating lease cost $ 842 $ 776 (1) The lease costs are reflected in the consolidated statements of operations as follows (in thousands): Year Ended December 31, 2022 2021 Cost of revenue $ 53 $ 45 Research and development 612 613 Sales and marketing 46 8 General and administrative 131 110 Total $ 842 $ 776 Supplemental cash flow and other information related to operating leases was as follows (in thousands): Year Ended December 31 2022 2021 Cash payments included in the measurement of operating lease liabilities $ 644 $ 561 As of December 31, 2022, maturities of operating lease liabilities are as follows (in thousands): Amount Year Ending December 31, 2023 $ 671 2024 750 2025 772 2026 795 2027 819 Thereafter 2,532 Total lease payments 6,339 Less: imputed interest (2,289 ) Present value of operating lease liabilities $ 4,050 In December 2022, the Company entered into a lease agreement for approximately 65,000 square feet in Bothell, Washington, which will commence in 2023 and expire in 2030, with total future lease payments of approximately $9.7 million. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
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 % 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 $ million and $ million to the 401(k) Plan for the years ended December 31, 2022 and 2021, respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
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 Co-founder In addition, the Company has an operating lease for office space with UMD. In Sep tember 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 3 years. Over the term of the contract, the Company estimates that it will make payments to UMD of approximately $ 1.4 million, including a pledge to establish the IonQ Endowed Professorship in the College of Computer, Mathematical and Natural Sciences at UMD with a 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 for $ million related to the amortization of a research and development arrangement with Duke for each of the years ended December 31, 2022 and 2021, all transactions in the table below relate to the Company’s arrangements with UMD (in thousands): Year Ended December 31, 2022 2021 Revenue $ 4,022 $ 1,179 Cost of revenue 51 35 Research and development (1) 1,082 1,949 Sales and marketing 131 8 General and administrative 117 218 (1) Included in research and development expenses is non-cash amortization associated with the Exclusive Option Agreements with UMD and Duke of $ million and $ million for the years ended December 31, 2022 and 2021, respectively. Also included in research and development expenses is $ million in allocated rent expense for each of the years ended December 31, 2022 and 2021. The Company has the following balances related to transactions with related parties, as reflected in the consolidated balance sheets. Except for $ million prepaid expenses and other current assets as of both December 31, 2022 and 2021, and $ million and $ million in other noncurrent assets as of December 31, 2022 and 2021, respectively, which relate to prepaid services to Duke under the Option agreement, all transactions in the table below relate to the Company’s arrangements with UMD (in thousands): December 31, 2022 2021 Assets Prepaid expenses and other current assets $ 529 $ 612 Operating lease right-of-use 3,753 4,032 Other noncurrent assets 1,325 1,845 Liabilities Accounts payable 29 54 Current operating lease liabilities 591 568 Unearned revenue 3,514 2,821 Non-current 3,459 3,643 |
Geographic Information
Geographic Information | 12 Months Ended |
Dec. 31, 2022 | |
Geographic Areas, Revenues from External Customers [Abstract] | |
Geographic Information | 19. GEOGRAPHIC INFORMATION Revenue generated for customers located in the United States was approximately % and % of revenue for the years ended December 31, 2022 and 2021, respectively. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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 |
Emerging Growth Company | Emerging Growth Company The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it is (i) no longer an emerging growth company or (ii) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, the Company’s consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. The Company remains an emerging growth company until the earliest of (i) December 31, 2025, (ii) the last day of the fiscal year in which the Company has total annual gross revenue of at least $1.235 billion, (iii) the last day of the fiscal year in which the Company is deemed to be a large accelerated filer, which means the market value of the Company’s common stock that is held by non-affiliates no n-convertible |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP and regulations of the SEC requires management to make estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. Significant estimates and judgments are inherent in the analysis and measurement of items including, but not limited to: revenue recognition, capitalization of internally developed software and quantum computing costs, useful lives of long-lived assets, and fair value of available-for-sale |
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 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 approximates 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, money market funds, and certain commercial paper and U.S. government and agency securities. 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 collateralizing letters of credit is included in other noncurrent assets in the consolidated balance sheets The following table provides a reconciliation of cash and restricted cash included in the consolidated balance sheets to the amounts included in the statements of cash flows (in thousands): 2022 2021 Cash and cash equivalents $ 44,367 $ 399,025 Restricted cash 2,000 — Total cash, cash equivalents and restricted cash in the consolidated statements of cash flows $ 46,367 $ 399,025 |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are non-interest 2022 2021 Billed accounts receivable $ 1,150 $ 261 Unbilled accounts receivable 2,142 446 Total accounts receivable $ 3,292 $ 707 On a periodic basis, management evaluates its accounts receivable and determines whether to provide an allowance or if any accounts should be written off. This assessment is based on management’s evaluation of the past due receivables, collectability of specific accounts, historical loss experience and overall economic conditions. The Company did not have any allowance for doubtful accounts as of December 31, 2022 and 2021. |
Materials and Supplies | Materials and Supplies 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 or research and development efforts are expensed when consumed. The Company capitalized $1.3 million of materials and supplies to property and equipment for the year ended December 31, 2022. |
Investment | 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 re-evaluated The Company performs periodic evaluations to determine whether any declines in the fair value of investments below cost are other-than-temporary. The evaluation consists of qualitative and quantitative factors regarding the severity and duration of the unrealized loss, as well as the Company’s ability and intent to hold the investments until a forecasted recovery occurs. The impairments are considered to be other-than-temporary if they are related to deterioration in credit risk or if it is likely that the underlying securities will be sold prior to a full recovery of their cost basis. Other-than-temporary fair value 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. 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 Machinery, equipment, furniture and fixtures Quantum computing systems Leasehold improvements Shorter of the lease term or the estimated useful life of the related asset 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 is not material for the year ended December 31, 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 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 ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term. Operating lease ROU assets also include the impact of any lease incentives. Amendments to a lease are 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 ROU |
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, which is included in intangible assets, net, consists of costs to purchase and develop internal-use internal-use internal-use |
Goodwill | Goodwill Goodwill is the excess of the purchase price ove r 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 fiscal 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. impairment loss was recognized for the year ended December 31, 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, 2022 or 2021. |
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 |
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 The classified as non-current liabilities as |
Revenue Recognition | Revenue Recognition The Company derives revenue from providing access to its QCaaS, consulting services related to co-developing 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 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 may consist of a variable fee based on usage of its quantum computing systems or 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 with revenue recognized based on the efforts incurred to date relative to the total expected effort. For contracts with a fixed transaction price, the fixed fee is recognized on a straight-line basis over the access period or associated measure of progress for the Company’s consulting services contracts. For contracts without fixed fees, variable usage fees are billed and recognized during the period of such usage. Certain of the Company’s contracts contain multiple performance obligations, most commonly in contracts for specialized quantum computing systems 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. We determine standalone selling price based on the observable price of a product or service when we sell the products or services separately in similar circumstances and to similar customers. When the standalone selling price is not known, due to it being either highly variable or uncertain, the Company allocates the transaction price using the residual approach. Performance obligations are satisfied over time if the customer receives the benefits as we perform 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 we have a contractual right to payment for performance to date. Revenue is recognized on performance obligations satisfied over time based on the efforts incurred to date relative to the total expected effort. As of December 31, 2022 and 2021, substantially all of the revenue recognized by the Company 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 prov i mark-up 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. In 2019, the Company has entered into one revenue arrangement in which it granted warrants to the counterparty. Refer to Note 12 for further information on the customer warrants. 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 non-current As of December 31, 2022, approximately $ 30.5 non-cancelable The following table summarizes the changes in unearned revenue for the years ended December 31, 2022 and 2021 (in thousands): 2022 2021 Beginning balance $ 4,963 $ 1,358 Revenue recognized (4,216 ) (200 ) New deferrals, net 9,183 3,805 Ending balance $ 9,930 $ 4,963 For contractual arrangements where consideration is paid up-front, up-front 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, 2022 and 2021, total capitalized costs were $1.0 million and zero, respectively. Amortization expense was less than $0.1 million and zero for the years ended December 31, 2022 and 2021, respectively. |
Cost of Revenue | Cost of Revenue Cost of revenue primarily consists of expenses related to delivering the Company’s services, including direct labor costs, direct service costs and allocated shared resources. Cost of revenue excludes depreciation and amortization related to the Company’s quantum computing systems and related software and developed technology. |
Research and Development | Research and Development Research and development expenses consist of personnel costs, including 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. In December 2020, the Company amended its option agreement with Duke University (“Duke”), and under this amendment, the Company issued common shares to Duke in consideration for research and development services through July 15, 2026. The amended arrangement is considered a research and development service arrangement and recorded as a prepayment based on the fair value of the common stock issued on the effective date of the amendment and amortized over the term of the arrangement as services are received. In February 2021, the Company and the University of Maryland (“UMD”) amended the option agreement with UMD pursuant to which the Company issued shares of common stock to UMD as a nonrefundable upfront payment in exchange for research and development services by UMD and rights to any potential future intellectual property developed through July 2021. The amended arrangement is considered a research a nd development service arrangement and recorded as a prepayment based on the fair value of the common stock issued on the effective date of the amendment and amortized over the term of the arrangement as services are received. Refer to Note 8 for further information on the Duke and UMD 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 $1.3 million and $1.1 million for the years ended December 31, 2022 and 2021, 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 fair value of stock awards and 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 share-based awards, including the fair value of the Company’s common stock, 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 awards 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 is measured based on the fair value of the Company’s common stock on the grant date. For awards with a performance-based vesting condition, the Company records stock-based compensation cost if it is probable that the performance condition will be achieved. 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. The Company obtained third-party valuations to estimate the fair value of its common stock for awards granted prior to the Business Combination, for purposes of measuring stock-based compensation expense. The third-party valuations were prepared using methodologies, approaches, and assumptions consistent with the American Institute of Certified Public Accountants (“AICPA”) Accounting & Va |
Income Taxes | Income Taxes Income taxes are accounted for using the asset and liability method. Deferred income taxes are provided income The Company records a valuation allowance when it determines, based on available positive and negative evidence, that it is more-likely-than-not 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, the competitive environment, and general economic conditions. In addition, the Company considers 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 more-likely-than-not more-likely-than-not |
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 two financial institutions. The Company’s deposits periodically exceed amounts guaranteed by the Federal Deposit Insurance Corporation. While the Company has not experienced any losses in such accounts, the recent 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 doubtful accounts. Credit losses historically have not been material. Significant customers are those that represent more than 10% of the Company’s total revenue. The Company’s revenue was primarily from three significant customers for the year ended December 31, 2022, and from two significant customers for the year ended December 31, 2021. |
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, 2022 2021 Numerator: Net loss attributable to common stockholders $ (48,511 ) $ (106,186 ) Denominator: Weighted average shares used in computing net loss per share attributable to common stockholders—basic and diluted 197,727,642 137,609,620 Net loss per share attributable to common stockholders—basic and diluted $ (0.25 ) $ (0.77 ) 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 2022 2021 Common stock options outstanding 22,951,439 24,206,373 Warrants to purchase common stock 8,301,202 8,301,202 Public and private warrants 5,231,750 2,359,179 Unvested Vesting Shares — 129,452 Unvested restricted stock units 4,418,852 — Unvested common stock 1,158,095 1,407,500 Total 42,061,338 36,403,706 |
Recently Issued Accounting Standards Not Yet Adopted | Recently Issued Accounting Standards Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, 2016-13 In August 2020, the FASB issued ASU 2020-06, 470-20) (Subtopic815-40) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Summary Of a Reconciliation Of Cash And Restricted Cash | The following table provides a reconciliation of cash and restricted cash included in the consolidated balance sheets to the amounts included in the statements of cash flows (in thousands): 2022 2021 Cash and cash equivalents $ 44,367 $ 399,025 Restricted cash 2,000 — Total cash, cash equivalents and restricted cash in the consolidated statements of cash flows $ 46,367 $ 399,025 |
Summary of Loans and Financing Receivable | Accounts receivable consists of the following at December 31, 2022 and 2021 (in thousands): 2022 2021 Billed accounts receivable $ 1,150 $ 261 Unbilled accounts receivable 2,142 446 Total accounts receivable $ 3,292 $ 707 |
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 Machinery, equipment, furniture and fixtures Quantum computing systems 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, 2022 and 2021 (in thousands): 2022 2021 Beginning balance $ 4,963 $ 1,358 Revenue recognized (4,216 ) (200 ) New deferrals, net 9,183 3,805 Ending balance $ 9,930 $ 4,963 |
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, 2022 2021 Numerator: Net loss attributable to common stockholders $ (48,511 ) $ (106,186 ) Denominator: Weighted average shares used in computing net loss per share attributable to common stockholders—basic and diluted 197,727,642 137,609,620 Net loss per share attributable to common stockholders—basic and diluted $ (0.25 ) $ (0.77 ) |
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 2022 2021 Common stock options outstanding 22,951,439 24,206,373 Warrants to purchase common stock 8,301,202 8,301,202 Public and private warrants 5,231,750 2,359,179 Unvested Vesting Shares — 129,452 Unvested restricted stock units 4,418,852 — Unvested common stock 1,158,095 1,407,500 Total 42,061,338 36,403,706 |
Cash Equivalents, Restricted _2
Cash Equivalents, Restricted Cash And Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 equivalents, restricted cash and investments in available-for-sale AS OF DECEMBER 31, 2022 AS OF DECEMBER 31, 2021 Amortized Gross Gross Estimated Amortized Gross Gross Estimated Cash and money market funds $ 46,367 $ — $ — $ 46,367 $ 123,690 $ — $ — $ 123,690 Commercial paper 130,141 — (443 ) 129,698 203,628 — (21 ) 203,607 Corporate notes and bonds 277,184 19 (5,993 ) 271,210 80,060 2 (109 ) 79,953 Municipal bonds 9,905 — (273 ) 9,632 2,000 — — 2,000 US government and agency 83,556 23 (688 ) 82,891 193,347 1 (20 ) 193,328 Total cash equivalents, restricted cash and investments $ 547,153 $ 42 $ (7,397 ) $ 539,798 $ 602,725 $ 3 $ (150 ) $ 602,578 |
Schedule of Cash and Cash Equivalent and Investment in Available for Sale Securities | The estimated fair value of the Company’s cash equivalents, restricted cash and investments in available-for-sale 1 Year or Less 1 Year or Greater Total Cash and money market funds $ 44,367 $ 2,000 $ 46,367 Commercial paper 129,698 — 129,698 Corporate notes and bonds 120,447 150,763 271,210 Municipal bonds 4,911 4,721 9,632 US government and agency 56,374 26,517 82,891 Total $ 355,797 $ 184,001 $ 539,798 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 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 bon ds — 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 Fair Value Measured as of Level 1 Level 2 Level 3 Total Assets: Cash, cash equivalents, and restricted cash: Cash and money market funds (1) $ 123,690 $ — $ — $ 123,690 Commercial paper — 125,335 — 125,335 US government and agency — 150,000 — 150,000 Total cash, cash equivalents and restricted cash 123,690 275,335 399,025 Short-term investments: Commercial paper — 78,272 — 78,272 Corporate notes and bonds — 14,818 — 14,818 Municipal bonds 2,000 2,000 US government and agency — 28,353 — 28,353 Total short-term investments — 123,443 — 123,443 Long-term investments : Corporate notes and bonds — 65,135 — 65,135 US government and agency — 14,975 — 14,975 Total long-term investments — 80,110 — 80,110 Total Assets $ 123,690 $ 478,888 $ — $ 602,578 Liabilities: Public warrants $ 33,962 $ — $ — $ 33,962 (1) Includes money market funds associated with the Company’s overnight investment sweep account and collateralizing letters of credit. |
Summary of fair value measurements inputs | The following table provides quantitative information regarding Level 3 fair value measurement inputs for the private placement warrants as of the date the private placement warrants were exercised. December 3, 2021 Exercise price $ 11.50 Stock price $ 18.78 Volatility 74.10 % Term 4.83 Risk-free rate 1.10 % Dividend yield — % |
Property And Equipment, Net (Ta
Property And Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Summary Of Property And Equipment, Net | Property and equipment, net as of December 31, 2022 and 2021, are composed of the following (in thousands): 2022 2021 Computer equipment and acquired computer software $ 2,407 $ 840 Machinery, equipment, furniture and fixtures 7,506 5,497 Leasehold improvements 1,132 827 Quantum computing systems 22,430 15,151 Gross property and equipment 33,475 22,315 Less: accumulated depreciation (7,461 ) (3,445 ) Property and equipment, net $ 26,014 $ 18,870 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Summary of Intangible Assets | Intangible assets as of December 31, 2022 and 2021, are composed of the following (in thousands, except as otherwise noted): December 31, 2022 Weighted Remaining Useful Life Gross Accumulated Net 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 December 31, 2021 Weighted Gross Accumulated Net Patents 17.0 $ 3,555 $ (51 ) $ 3,504 Trademark Indefinite 82 — 82 Website and other 10.0 51 (11 ) 40 Internally developed software 2.3 3,297 (1,082 ) 2,215 Total $ 6,985 $ (1,144 ) $ 5,841 |
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, 2022 and 2021, was $1.6 million and $0.8 million, respectively. As of December 31, 2022, the projected annual amortization expense for the Company’s intangible assets is as follows (in thousands): Year ending December 31, 2023 $ 2,130 2024 1,646 2025 744 2026 124 2027 124 Thereafter 4,045 Total $ 8,813 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Liabilities | Accrued expenses as of December 31, 2022 and 2021, are composed of the following (in thousands): 2022 2021 Accrued salaries and other payroll liabilities $ 4,935 $ 1,025 Accrued accounting and tax liabilities 250 700 Accrued expenses—other 1,470 922 Total accrued expenses $ 6,655 $ 2,647 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 after giving effect to the recapitalization are as follows: As of December 31, 2022 2021 Stock options outstanding 24,716,270 22,133,210 Warrants to acquire common stock 8,301,202 8,301,202 Public warrants outstanding 5,231,486 5,233,018 Shares available for future grant 28,769,625 31,589,000 Total common stock reserved 67,018,583 67,256,430 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |
Summary of Share Based Payment Award Stock Options Valuation Assumptions | The assumptions used to estimate the fair value of stock options granted during the years ended December 31, 2022 and 2021, are as follows: 2022 2021 Risk-free interest rate 2.60 % 0.96 % Expected term (in years) 5.82 6.26 Expected volatility 75.82 % 77.04 % Dividend yield — % — % |
Summary of the Stock Option Activity | The stock option activity is summarized in the following table: Number of Weighted Weighted Aggregate Outstanding as of December 31, 2021 22,133,210 $ 0.64 7.84 $ 377.58 Granted 4,974,350 8.28 Exercised (2,239,490 ) 0.47 Cancelled/ Forfeited (151,800 ) 0.66 Outstanding as of December 31, 2022 24,716,270 $ 2.19 7.32 $ 49.69 Exercisable as of December 31, 2022 11,484,369 $ 0.85 6.50 $ 31.49 Exercisable and expected to vest as of December 31, 2022 24,716,270 $ 2.19 7.32 $ 49.69 |
Summary of Stock-based Compensation Expenses for Stock Options and Unvested Common Stock | Total stock-based compensation expense for stock option awards and RSU awards, which are included in the consolidated financial statements, is as follows (in thousands): Years Ended December 31, 2022 2021 Cost of revenue $ 902 $ 62 Research and development 13,472 2,841 Sales and marketing 1,298 67 General and administrative 15,784 4,778 Stock-based compensation, net of amounts capitalized 31,456 7,748 Capitalized stock-based compensation—Intangibles and fixed assets 1,741 275 Total stock-based compensation $ 33,197 $ 8,023 |
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, 2022 2021 Total intrinsic value of options exercised $ 6.7 $ 54.4 Aggregate grant-date fair value of options vested $ 9.9 $ 7.4 Weighted-average grant date fair value per share for options granted $ 5.58 $ 5.83 |
Summary of restricted stock unit ("RSU") activity | The RSU activity is summarized in the following table: Number of Weighted Weighted Aggregate Outstanding as of December 31, 2021 — $ — — $ — Granted 10,891,685 7.34 Vested (1,472,683 ) 9.29 Forfeited (98,957 ) 9.01 Outstanding as of December 31, 2022 9,320,045 $ 7.02 3.21 $ 65.38 Expected to vest after December 31, 2022 9,279,045 $ 6.99 3.22 $ 64.85 |
Smmary of Unrecognized Stock-Based Compensation | A summary of our remaining unrecognized compensation expense and the weighted-average remaining amortization period as of December 31, 2022, related to our non-vested Unrecognized Weighted- Restricted stock units $ 61.3 1.6 Stock options $ 44.7 1.6 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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: Years Ended December 31, 2022 2021 U.S . 21.0 % 21.0 % State and local income taxes 7.4 % 1.2 % R&D tax credits 5.9 % 1.7 % Stock-based compensation -5.1 % -0.6 % Warrant expense 13.0 % -12.5 % Change in tax rates 0.4 % -2.1 % Provision to return and deferred tax adjustments 10.9 % — Valuation allowance -53.4 % -8.1 % Other -0.1 % -0.6 % Effective tax rate 0.0 % 0.0 % |
Summary of net deferred tax assets | Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2022 and 2021, were as follows (in thousands): 2022 2021 Deferred tax assets: Accrued bonus $ 1,018 $ 310 Unearned — 281 Stock-based compensation 2,965 1,002 Accrued expenses 152 119 Warrant expenses 149 138 Depreciation and amortization 2,725 170 Other 1,955 809 Lease liabilities 1,068 1,023 R&D credit carryforwards 6,240 3,781 Net operating loss carryforwards 24,836 14,148 Capitalized R&D costs 8,262 — Total deferred tax assets 49,370 21,781 Valuation allowance (48,212 ) (20,388 ) Total deferred tax assets , 1,158 1,393 Deferred tax liabilities: Right of use assets (989 ) (979 ) Capitalized R&D costs — (414 ) Other (169 ) — Total deferred tax liabilities (1,158 ) (1,393 ) 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): 2022 2021 Beginning balance $ 20,388 $ 9,747 Charged to costs and expenses 25,925 10,677 Charged (credited) to other accounts 1,899 (36 ) Ending balance $ 48,212 $ 20,388 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Lease, Cost [Abstract] | |
Summary of Components of lease cost | The components of lease cost were as follows (in thousands): 2022 2021 Operating lease cost (1) Fixed lease cost $ 763 $ 763 Short-term cost 79 13 Total operating lease cost $ 842 $ 776 |
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, 2022 2021 Cost of revenue $ 53 $ 45 Research and development 612 613 Sales and marketing 46 8 General and administrative 131 110 Total $ 842 $ 776 |
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 2022 2021 Cash payments included in the measurement of operating lease liabilities $ 644 $ 561 |
Summary of maturities of operating lease liabilities | As of December 31, 2022, maturities of operating lease liabilities are as follows (in thousands): Amount Year Ending December 31, 2023 $ 671 2024 750 2025 772 2026 795 2027 819 Thereafter 2,532 Total lease payments 6,339 Less: imputed interest (2,289 ) Present value of operating lease liabilities $ 4,050 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |
Schedule of Related Party Transactions | Year Ended December 31, 2022 2021 Revenue $ 4,022 $ 1,179 Cost of revenue 51 35 Research and development (1) 1,082 1,949 Sales and marketing 131 8 General and administrative 117 218 (1) Included in research and development expenses is non-cash amortization associated with the Exclusive Option Agreements with UMD and Duke of $ million and $ million for the years ended December 31, 2022 and 2021, respectively. Also included in research and development expenses is $ million in allocated rent expense for each of the years ended December 31, 2022 and 2021. The Company has the following balances related to transactions with related parties, as reflected in the consolidated balance sheets. Except for $ million prepaid expenses and other current assets as of both December 31, 2022 and 2021, and $ million and $ million in other noncurrent assets as of December 31, 2022 and 2021, respectively, which relate to prepaid services to Duke under the Option agreement, all transactions in the table below relate to the Company’s arrangements with UMD (in thousands): December 31, 2022 2021 Assets Prepaid expenses and other current assets $ 529 $ 612 Operating lease right-of-use 3,753 4,032 Other noncurrent assets 1,325 1,845 Liabilities Accounts payable 29 54 Current operating lease liabilities 591 568 Unearned revenue 3,514 2,821 Non-current 3,459 3,643 |
Description of Business - Addi
Description of Business - Additional Information (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) segment $ / shares shares | Dec. 31, 2021 USD ($) $ / shares | |
Organization Business And Basis Of Presentation [Line Items] | ||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 |
Number of operating segment | segment | 1 | |
Offering Costs Associated With Warrants | $ 0 | $ 4,259 |
DMY TECHNOLOGY GROUP, INC. III [Member] | ||
Organization Business And Basis Of Presentation [Line Items] | ||
Business Combination, gross proceeds | $ 636,000 | |
Business Acquisition, Share Price | $ / shares | $ 10 | |
Business Acquisition, Transaction Costs | $ 52,000 | |
IONQDmy Technology Group Inc [Member] | ||
Organization Business And Basis Of Presentation [Line Items] | ||
Offering Costs Associated With Warrants | $ 4,300 | |
Common Class B [Member] | Sponsor Support Agreement [Member] | Vesting Shares [Member] | ||
Organization Business And Basis Of Presentation [Line Items] | ||
Percentage of conversion of stock at the consummation of the business combination | 10% | |
Number of shares converted into shares of common stock at the consummation of Business combination | shares | 750,000 | |
Pipe Shares [Member] | DMY TECHNOLOGY GROUP, INC. III [Member] | ||
Organization Business And Basis Of Presentation [Line Items] | ||
Initial Public Offering, private placement gross proceeds | $ 345,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Summary Of a Reconciliation Of Cash And Restricted Cash (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents [Abstract] | |||
Cash and cash equivalents | $ 44,367 | $ 399,025 | |
Restricted cash | 2,000 | 0 | |
Total cash, cash equivalents and restricted cash in the consolidated statements of cash flows | $ 46,367 | $ 399,025 | $ 36,120 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Loans and Financing Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 3,292 | $ 707 |
Billed Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | 1,150 | 261 |
Unbilled Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 2,142 | $ 446 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Property Plant And Equipment Useful Life (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
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, Estimated Useful Lives | Shorter of the lease term or the estimated useful life of the related asset |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Summary of Changes in Unearned Revenue (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred Revenue [Abstract] | ||
Beginning balance | $ 4,963 | $ 1,358 |
Revenue recognized | (4,216) | (200) |
New deferrals, net | 9,183 | 3,805 |
Ending balance | $ 9,930 | $ 4,963 |
Summary of Significant Accoun_8
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, 2022 | Dec. 31, 2021 | |
Numerator: | ||
Net loss attributable to common stockholders | $ (48,511) | $ (106,186) |
Denominator: | ||
Weighted average shares used in computing net loss per share attributable to common stockholders – Basic | 197,727,642 | 137,609,620 |
Net loss per share attributable to common stockholders - Basic | $ (0.25) | $ (0.77) |
Weighted average shares used in computing net loss per share attributable to common stockholders – Diluted | 197,727,642 | 137,609,620 |
Net loss per share attributable to common stockholders - Diluted | $ (0.25) | $ (0.77) |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 42,061,338 | 36,403,706 |
Common stock options outstanding | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 22,951,439 | 24,206,373 |
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 and private warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 5,231,750 | 2,359,179 |
Unvested Vesting Shares | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 129,452 |
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 | 4,418,852 | 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 | 1,158,095 | 1,407,500 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Significant Accounting Policies [Line Items] | ||
Amortization of intangible assets | $ 1,600 | $ 800 |
Allowance for doubtful accounts | 0 | 0 |
Impairment of Long-Lived Assets to be Disposed of | 0 | 0 |
Advertising Expense | 1,300 | 1,100 |
Revenues | 1,235,000 | |
Capitalized contract cost | 1,300 | |
Letters of credit outstanding amount | 2,000 | |
Goodwill, impairment loss | $ 0 | |
Percentage Of Remaining Performance Obligation | 60% | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Explanation | twelve months | |
Capitalized Commissions [Member] | ||
Significant Accounting Policies [Line Items] | ||
Capitalized contract cost | $ 1,000 | 0 |
Capitalized contract cost amortization expense | 100 | $ 0 |
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 | 30,500 | |
Minimum [Member] | ||
Significant Accounting Policies [Line Items] | ||
Market value of the Company's common stock | $ 700,000 | |
Revenue Benchmark [Member] | Revenue from Rights Concentration Risk [Member] | Minimum [Member] | ||
Significant Accounting Policies [Line Items] | ||
Concentration risk, percentage | 10% | |
Software and Software Development Costs [Member] | ||
Significant Accounting Policies [Line Items] | ||
Intangible asset capitalized during period | $ 3,200 | $ 1,700 |
Finite lived intangible asset, useful life | 3 years | |
Internally Developed Software [Member] | ||
Significant Accounting Policies [Line Items] | ||
Amortization of intangible assets | $ 1,500 | $ 800 |
Non Convertible Debt Securities [Member] | ||
Significant Accounting Policies [Line Items] | ||
Proceeds from Issuance of Debt | $ 1,000,000 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - Entangled Networks Limited [Member] $ in Millions | Dec. 30, 2022 USD ($) |
Business Acquisition [Line Items] | |
Cash consideration | $ 1 |
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 |
Cash Equivalents, Restricted _3
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, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | $ 547,153 | $ 602,725 |
Gross Unrealized Gains | 42 | 3 |
Gross Unrealized Losses | (7,397) | (150) |
Estimated Fair Value | 539,798 | 602,578 |
Cash and money market funds [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 46,367 | 123,690 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 46,367 | 123,690 |
Commercial Paper [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 130,141 | 203,628 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (443) | (21) |
Estimated Fair Value | 129,698 | 203,607 |
Corporate Notes And Bonds [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 277,184 | 80,060 |
Gross Unrealized Gains | 19 | 2 |
Gross Unrealized Losses | (5,993) | (109) |
Estimated Fair Value | 271,210 | 79,953 |
Municipal Bonds [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 9,905 | 2,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (273) | 0 |
Estimated Fair Value | 9,632 | 2,000 |
US Government Corporations and Agencies Securities [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 83,556 | 193,347 |
Gross Unrealized Gains | 23 | 1 |
Gross Unrealized Losses | (688) | (20) |
Estimated Fair Value | $ 82,891 | $ 193,328 |
Cash Equivalents, Restricted _4
Cash Equivalents, Restricted Cash And Investments - Schedule of Cash and Cash Equivalent and Investment in Available for Sale Securities (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Cash and Cash Equivalents [Line Items] | |
1 Year or Less | $ 355,797 |
1 Year or Greater | 184,001 |
Total | 539,798 |
Cash and money market funds [Member] | |
Cash and Cash Equivalents [Line Items] | |
1 Year or Less | 44,367 |
1 Year or Greater | 2,000 |
Total | 46,367 |
Commercial Paper [Member] | |
Cash and Cash Equivalents [Line Items] | |
1 Year or Less | 129,698 |
1 Year or Greater | 0 |
Total | 129,698 |
Corporate Notes And Bonds [Member] | |
Cash and Cash Equivalents [Line Items] | |
1 Year or Less | 120,447 |
1 Year or Greater | 150,763 |
Total | 271,210 |
Municipal Bonds [Member] | |
Cash and Cash Equivalents [Line Items] | |
1 Year or Less | 4,911 |
1 Year or Greater | 4,721 |
Total | 9,632 |
US government and agency [Member] | |
Cash and Cash Equivalents [Line Items] | |
1 Year or Less | 56,374 |
1 Year or Greater | 26,517 |
Total | $ 82,891 |
Cash Equivalents, Restricted _5
Cash Equivalents, Restricted Cash And Investments - Additional Information (Detail) | Dec. 31, 2022 USD ($) |
Cash and Cash Equivalents [Abstract] | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 0 |
Fair Value Measurements - Summa
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, 2022 | Dec. 31, 2021 | |
Assets: | |||
Cash and cash equivalents | $ 46,367 | $ 399,025 | |
Total Assets | 539,798 | 602,578 | |
Liabilities: | |||
Public warrants | 3,819 | 33,962 | |
Short-term Investments [Member] | |||
Assets: | |||
Investments | 311,430 | 123,443 | |
Other Long-term Investments [Member] | |||
Assets: | |||
Investments | 182,001 | 80,110 | |
Cash and money market funds [Member] | |||
Assets: | |||
Cash and cash equivalents | [1] | 46,367 | 123,690 |
Commercial Paper [Member] | |||
Assets: | |||
Cash and cash equivalents | 125,335 | ||
Commercial Paper [Member] | Short-term Investments [Member] | |||
Assets: | |||
Investments | 129,698 | 78,272 | |
Municipal Bonds [Member] | Short-term Investments [Member] | |||
Assets: | |||
Investments | 4,911 | 2,000 | |
Municipal Bonds [Member] | Other Long-term Investments [Member] | |||
Assets: | |||
Investments | 4,721 | ||
Corporate Notes And Bonds [Member] | Short-term Investments [Member] | |||
Assets: | |||
Investments | 120,447 | 14,818 | |
Corporate Notes And Bonds [Member] | Other Long-term Investments [Member] | |||
Assets: | |||
Investments | 150,763 | 65,135 | |
US government and agency | |||
Assets: | |||
Cash and cash equivalents | 150,000 | ||
US government and agency | Short-term Investments [Member] | |||
Assets: | |||
Investments | 56,374 | 28,353 | |
US government and agency | Other Long-term Investments [Member] | |||
Assets: | |||
Investments | 26,517 | 14,975 | |
Quoted Prices in Active Markets (Level 1) [Member] | |||
Assets: | |||
Cash and cash equivalents | 46,367 | 123,690 | |
Total Assets | 46,367 | 123,690 | |
Liabilities: | |||
Public warrants | 3,819 | 33,962 | |
Quoted Prices in Active Markets (Level 1) [Member] | Cash and money market funds [Member] | |||
Assets: | |||
Cash and cash equivalents | [1] | 46,367 | 123,690 |
Significant Other Observable Inputs (Level 2) [Member] | |||
Assets: | |||
Cash and cash equivalents | 0 | 275,335 | |
Total Assets | 493,431 | 478,888 | |
Significant Other Observable Inputs (Level 2) [Member] | Short-term Investments [Member] | |||
Assets: | |||
Investments | 311,430 | 123,443 | |
Significant Other Observable Inputs (Level 2) [Member] | Other Long-term Investments [Member] | |||
Assets: | |||
Investments | 182,001 | 80,110 | |
Significant Other Observable Inputs (Level 2) [Member] | Commercial Paper [Member] | |||
Assets: | |||
Cash and cash equivalents | 125,335 | ||
Significant Other Observable Inputs (Level 2) [Member] | Commercial Paper [Member] | Short-term Investments [Member] | |||
Assets: | |||
Investments | 129,698 | 78,272 | |
Significant Other Observable Inputs (Level 2) [Member] | Municipal Bonds [Member] | Short-term Investments [Member] | |||
Assets: | |||
Investments | 4,911 | 2,000 | |
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 | 120,447 | 14,818 | |
Significant Other Observable Inputs (Level 2) [Member] | Corporate Notes And Bonds [Member] | Other Long-term Investments [Member] | |||
Assets: | |||
Investments | 150,763 | 65,135 | |
Significant Other Observable Inputs (Level 2) [Member] | US government and agency | |||
Assets: | |||
Cash and cash equivalents | 150,000 | ||
Significant Other Observable Inputs (Level 2) [Member] | US government and agency | Short-term Investments [Member] | |||
Assets: | |||
Investments | 56,374 | 28,353 | |
Significant Other Observable Inputs (Level 2) [Member] | US government and agency | Other Long-term Investments [Member] | |||
Assets: | |||
Investments | $ 26,517 | $ 14,975 | |
[1]Includes money market funds associated with the Company’s overnight investment sweep account and collateralizing letters of credit. |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of fair value measurements inputs (Detail) - Fair Value, Inputs, Level 3 [Member] | Dec. 31, 2021 |
Exercise Price | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrants and rights outstanding, measurement input | 11.5 |
Stock Price | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrants and rights outstanding, measurement input | 18.78 |
Volatility | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrants and rights outstanding, measurement input | 0.741 |
Term | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrants and rights outstanding, measurement input | 4.83 |
Risk-free rate | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrants and rights outstanding, measurement input | 0.011 |
Measurement Input, Expected Dividend Rate [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrants and rights outstanding, measurement input | 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | Dec. 31, 2022 $ / 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 | $ 0.73 |
Property And Equipment, Net - S
Property And Equipment, Net - Summary Of Property And Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | $ 33,475 | $ 22,315 |
Less: accumulated depreciation | (7,461) | (3,445) |
Property and equipment, net | 26,014 | 18,870 |
Computer equipment and acquired computer software | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | 2,407 | 840 |
Machinery, equipment, furniture, and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | 7,506 | 5,497 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | 1,132 | 827 |
Quantum computing systems [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | $ 22,430 | $ 15,151 |
Property And Equipment, Net - A
Property And Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 4 | $ 1.7 |
Intangible Assets, Net - Summar
Intangible Assets, Net - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Intangible Assets Finite And Indefinite Lived [Line Items] | ||
Finite-Lived Intangible Assets, Gross Carrying Amount | $ 11,655 | $ 6,985 |
Finite-Lived Intangible Assets, Accumulated Amortization | (2,711) | (1,144) |
Finite-Lived Intangible Assets, Net Amount | 8,813 | |
Intangible assets, Net Amount | $ 8,944 | $ 5,841 |
Patents [Member] | ||
Disclosure Of Intangible Assets Finite And Indefinite Lived [Line Items] | ||
Weighted Average Remaining Useful Life (Years) | 16 years 6 months | 17 years |
Finite-Lived Intangible Assets, Gross Carrying Amount | $ 4,438 | $ 3,555 |
Finite-Lived Intangible Assets, Accumulated Amortization | (146) | (51) |
Finite-Lived Intangible Assets, Net Amount | 4,292 | 3,504 |
Trade Names [Member] | ||
Disclosure Of Intangible Assets Finite And Indefinite Lived [Line Items] | ||
Intangible Assets, Gross Carrying Amount | 131 | 82 |
Indefinite-lived Intangible Assets | $ 131 | $ 82 |
Website and Other [Member] | ||
Disclosure Of Intangible Assets Finite And Indefinite Lived [Line Items] | ||
Weighted Average Remaining Useful Life (Years) | 9 years 7 months 6 days | 10 years |
Finite-Lived Intangible Assets, Gross Carrying Amount | $ 220 | $ 51 |
Finite-Lived Intangible Assets, Accumulated Amortization | (17) | (11) |
Finite-Lived Intangible Assets, Net Amount | $ 203 | $ 40 |
Software Development [Member] | ||
Disclosure Of Intangible Assets Finite And Indefinite Lived [Line Items] | ||
Weighted Average Remaining Useful Life (Years) | 2 years 2 months 12 days | 2 years 3 months 18 days |
Finite-Lived Intangible Assets, Gross Carrying Amount | $ 6,548 | $ 3,297 |
Finite-Lived Intangible Assets, Accumulated Amortization | (2,548) | (1,082) |
Finite-Lived Intangible Assets, Net Amount | $ 4,000 | $ 2,215 |
Developed Technology [Member] | ||
Disclosure Of Intangible Assets Finite And Indefinite Lived [Line Items] | ||
Weighted Average Remaining Useful Life (Years) | 2 years | |
Finite-Lived Intangible Assets, Gross Carrying Amount | $ 318 | |
Finite-Lived Intangible Assets, Net Amount | $ 318 |
Intangible Assets, Net - Additi
Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Finite lived intangible assets amortization expense | $ 1.6 | $ 0.8 |
Intangible Assets, Net - Summ_2
Intangible Assets, Net - Summary of the Projected Annual Amortization Expense for the Company's Intangible Assets (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
2023 | $ 2,130 |
2024 | 1,646 |
2025 | 744 |
2026 | 124 |
2027 | 124 |
Thereafter | 4,045 |
Total | $ 8,813 |
Agreements With UMD And DUKE -
Agreements With UMD And DUKE - Additional information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Feb. 01, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Feb. 04, 2021 | |
Agreement Disclosure [Line Items] | |||||
Common stock, capital shares reserved for future issuance | 67,018,583 | 67,256,430 | |||
Research and development expense | $ 43,978 | $ 20,228 | |||
Percentage of common stock holding | 0.50% | ||||
Common Stock [Member] | |||||
Agreement Disclosure [Line Items] | |||||
Stock issued during the period purchase of assets | 385,797 | ||||
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] | University Of Maryland [Member] | |||||
Agreement Disclosure [Line Items] | |||||
Research and development expense | $ 0 | $ 800 | |||
Option agreement indexed to equity, shares available for issuance, fair value | $ 800 | ||||
Amended Option Agreement [Member] | University Of Maryland [Member] | Common Stock [Member] | |||||
Agreement Disclosure [Line Items] | |||||
Option agreement, remaining number of shares available for issuance | 128,599 | ||||
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 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accrued Liabilities, Current [Abstract] | ||
Accrued salaries and other payroll liabilities | $ 4,935 | $ 1,025 |
Accrued accounting and tax liabilities | 250 | 700 |
Accrued expenses—other | 1,470 | 922 |
Total accrued expenses | $ 6,655 | $ 2,647 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
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 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Company's Common Stock Reserved for Future Issuance (Detail) - shares | Dec. 31, 2022 | Dec. 31, 2021 |
Class of Stock [Line Items] | ||
Common shares reserved for future issuance | 67,018,583 | 67,256,430 |
Stock Options Outstanding [Member] | ||
Class of Stock [Line Items] | ||
Common shares reserved for future issuance | 24,716,270 | 22,133,210 |
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 | 5,231,486 | 5,233,018 |
Shares Available for Future Grant [Member] | ||
Class of Stock [Line Items] | ||
Common shares reserved for future issuance | 28,769,625 | 31,589,000 |
Warrant Transaction Agreement -
Warrant Transaction Agreement - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | 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 | ||||
Warrant amortization | $ 0 | $ 0.5 | |||
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 | ||||
Fair value of warrants vested | $ 0.6 |
Warrant Liabilities - Additiona
Warrant Liabilities - Additional Information (Detail) - $ / shares | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Aug. 18, 2020 | |
Warrant issue price | $ 11.5 | |||
Public Warrants [Member] | ||||
Number of warrants or rights outstanding | 5,231,486 | 5,233,018 | 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 | |||
Public Warrants [Member] | dMY TECHNOLOGY GROUP, INC. III [Member] | ||||
Number of warrants or rights outstanding | 11,500,000 | |||
Private Placement Warrants [Member] | ||||
Threshold period for warrants will not be transferable, assignable or salable after the completion of a business combination | 30 days | |||
Class of warrant exercised on cashless basis | 4,000,000 | |||
Net issuance on warrant | 2,200,000 | |||
Private Placement Warrants [Member] | dMY TECHNOLOGY GROUP, INC. III [Member] | ||||
Number of warrants or rights outstanding | 4,000,000 | |||
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 | 18 | ||
Common Class A [Member] | Public Warrants [Member] | Minimum [Member] | Redemption Price Two [Member] | ||||
Share price | $ 10 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary Of Share Based Payment Award Stock Options Valuation Assumptions (Detail) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | ||
Risk- Free Interest Rate | 2.60% | 0.96% |
Expected Term (in years) | 5 years 9 months 25 days | 6 years 3 months 3 days |
Expected Volatility | 75.82% | 77.04% |
Dividend Yield | 0% | 0% |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of the Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Option Shares, Beginning Balance | 22,133,210 | |
Number of Option Shares, Granted | 4,974,350 | |
Number of Option Shares, Exercised | (2,239,490) | |
Number of Option Shares, Cancelled/ Forfeited | (151,800) | |
Number of Option Shares, Ending Balance | 24,716,270 | |
Number of Option Shares, Exercisable | 11,484,369 | |
Number of Option Shares, Exercisable and expected to vest | 24,716,270 | |
Weighted Average Exercise Price, Beginning Balance | $ 0.64 | |
Weighted Average Exercise Price, Granted | $ 8.28 | |
Weighted Average Exercise Price, Exercised | 0.47 | |
Weighted Average Exercise Price, Cancelled/ Forfeited | 0.66 | |
Weighted Average Exercise Price, Ending Balance | 2.19 | |
Weighted Average Exercise Price, Exercisable | 0.85 | |
Weighted Average Exercise Price, Exercisable and expected to vest | $ 2.19 | |
Weighted-average Remaining Contractual Term, Outstanding | 7 years 3 months 25 days | 7 years 10 months 2 days |
Weighted-average Remaining Contractual Term, Exercisable | 6 years 6 months | |
Weighted-average Remaining Contractual Term, Exercisable and expected to vest | 7 years 3 months 25 days | |
Aggregate Intrinsic Value, Outstanding | $ 49,690 | $ 377,580 |
Aggregate Intrinsic Value, Exercisable | 31,490 | |
Aggregate Intrinsic Value, Exercisable and expected to vest | $ 49,690 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of stock option grants, vesting and exercises (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | ||
Total intrinsic value of options exercised | $ 6.7 | $ 54.4 |
Aggregate grant-date fair value of options vested | $ 9.9 | $ 7.4 |
Weighted-average grant date fair value per share for options granted | $ 5.58 | $ 5.83 |
Stock-Based Compensation - Su_4
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, 2022 | Dec. 31, 2021 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 33,197 | $ 8,023 |
Cost of Sales [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 902 | 62 |
Research and Development Expense [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 13,472 | 2,841 |
Selling and Marketing Expense [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 1,298 | 67 |
General and Administrative Expense [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 15,784 | 4,778 |
Stock-based Compensation, Net Of Amounts Capitalized [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 31,456 | 7,748 |
Capitalized Stock-based Compensation – Intangibles And Fixed Assets [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 1,741 | $ 275 |
Stock-Based Compensation - Su_5
Stock-Based Compensation - Summary of restricted stock unit ("RSU") activity (Detail) - Restricted Stock Units (RSUs) [Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares shares | |
Number of Option Shares, Beginning Balance | 0 |
RSUs, Granted | 10,891,685 |
RSUs, Vested | (1,472,683) |
RSUs, Forfeited | (98,957) |
Number of Option Shares, Ending Balance | 9,320,045 |
RSUs, Vested and expected to vest as of December 31, 2022 | 9,279,045 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 0 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 7.34 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 9.29 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 9.01 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 7.02 |
Weighted Average Grant Date Fair Value, Expected to vest | 6.99 |
Weighted Average Remaining Contractual Term (Years), Ending Balance | 3 years 2 months 15 days |
Weighted Average Remaining Contractual Term (Years), Expected to vest | 3 years 2 months 19 days |
Aggregate Fair Value (in millions), Beginning Balance | $ | $ 0 |
Aggregate Fair Value (in millions), Ending Balance | $ | 65,380 |
Aggregate Fair Value (in millions), Expected to vest | $ | $ 64,850 |
Stock-Based Compensation - Su_6
Stock-Based Compensation - Summary of Unrecognized Stock-Based Compensation (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Restricted Stock Units (RSUs) [Member] | |
Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items] | |
Unrecognized Expense | $ 61.3 |
Weighted- Average Amortization Period (Years) | 1 year 7 months 6 days |
Share-based Payment Arrangement, Option [Member] | |
Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items] | |
Unrecognized Expense | $ 44.7 |
Weighted- Average Amortization Period (Years) | 1 year 7 months 6 days |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Aug. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2023 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Shares reserved for issuances | 67,018,583 | 67,256,430 | ||
Weighted-average remaining contractual term outstanding | 7 years 3 months 25 days | 7 years 10 months 2 days | ||
Stock subject to repurchase related to stock options early exercised and unvested | 905,128 | 1,420,662 | ||
Stock repurchase program, remaining authorized repurchase amount | $ 2 | $ 3.1 | ||
Stock Repurchased and Retired During Period, Shares | 400,000 | |||
Stock Repurchased and Retired During Period, Value | $ 1 | |||
Time Based Restricted Stock Units RSU [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share based compensation arrangement by share based payment award, Equity instruments other than options, Grants in period | 81,134 | |||
2015 Equity Incentive Plan [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Weighted-average remaining contractual term outstanding | 10 years | |||
Share based compensation arrangement by share based payment award cumulative annual increase percentage | 5% | |||
2021 Equity Incentive Plan [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Number of Shares Available for Grant | 23,415,625 | |||
2021 Equity Incentive Plan [Member] | Subsequent Event [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Shares reserved for issuances | 13,587,593 | |||
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% | |||
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% |
Income Taxes - Summary of recon
Income Taxes - Summary of reconciliation of the statutory federal income tax rate (benefit) and effective tax rate (benefit) (Detail) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
U.S federal statutory income tax rate | 21% | 21% |
State and local income taxes | 7.40% | 1.20% |
R&D tax credits | 5.90% | 1.70% |
Stock- based compensation | (5.10%) | (0.60%) |
Warrant expense | 13% | (12.50%) |
Change in tax rates | 0.40% | (2.10%) |
Provision to return and deferred tax adjustments | 10.90% | 0% |
Valuation allowance | (53.40%) | (8.10%) |
Other | (0.10%) | (0.60%) |
Effective tax rate | 0% | 0% |
Income Taxes - Summary of net
Income Taxes - Summary of net deferred tax assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | |||
Accrued bonus | $ 1,018 | $ 310 | |
Unearned revenue | 0 | 281 | |
Stock-based compensation | 2,965 | 1,002 | |
Accrued expenses | 152 | 119 | |
Warrant expenses | 149 | 138 | |
Depreciation and amortization | 2,725 | 170 | |
Other | 1,955 | 809 | |
Lease liabilities | 1,068 | 1,023 | |
Capitalized R&D costs | 8,262 | 0 | |
R&D credit carryforwards | 6,240 | 3,781 | |
Net operating loss carryforwards | 24,836 | 14,148 | |
Total deferred tax assets | 49,370 | 21,781 | |
Valuation allowance | (48,212) | (20,388) | $ (9,747) |
Total deferred tax assets net of valuation allowance | 1,158 | 1,393 | |
Deferred tax liabilities: | |||
Right of use assets | (989) | (979) | |
Capitalized R&D costs | 0 | (414) | |
Other | (169) | 0 | |
Total deferred tax liabilities | (1,158) | (1,393) | |
Net deferred tax assets (liabilities) | $ 0 | $ 0 |
Income Taxes - Summary of Valua
Income Taxes - Summary of Valuation Allowance against its Gross Deferred Tax Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Beginning balance | $ 20,388 | $ 9,747 |
Charged to costs and expenses | 10,677 | 25,925 |
Charged (credited) to other accounts | 1,899 | (36) |
Ending balance | $ 48,212 | $ 20,388 |
Income Tax - Additional Informa
Income Tax - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2017 | |
Income Tax Disclosure [Line Items] | |||
Provision for income taxes | $ 0 | $ 0 | |
Net operating loss carryforwards | $ 1,100 | ||
Tax credit carry forward | $ 6,300 | ||
Percentage of stock owned by shareholder | 5% | ||
Percentage of increase of stock owned By shareholder | 50% | ||
Testing Period In which Shareholding Increase By Shareholder Considered | 3 years | ||
Valuation allowance deferred tax asset increase amount | $ 27,800 | ||
Years of statute of limitations by major tax Jurisdictions | 3 years | ||
U.S Federal [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforwards | $ 96,300 | ||
State [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforwards | $ 69,500 |
Leases - Summary Of Components
Leases - Summary Of Components Of Lease Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Lease, Cost [Abstract] | ||
Fixed lease cost | $ 763 | $ 763 |
Short-term lease cost | 79 | 13 |
Total operating lease cost | $ 842 | $ 776 |
Leases - Summary Of Lease Costs
Leases - Summary Of Lease Costs Are Reflected In The Statements Of Operations And Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Lease Costs Are Reflected In The Statements Of Operations And Comprehensive Loss [Line Items] | ||
Lease, Cost | $ 842 | $ 776 |
Cost of revenue | ||
Disclosure Of Lease Costs Are Reflected In The Statements Of Operations And Comprehensive Loss [Line Items] | ||
Lease, Cost | 53 | 45 |
Research and development | ||
Disclosure Of Lease Costs Are Reflected In The Statements Of Operations And Comprehensive Loss [Line Items] | ||
Lease, Cost | 612 | 613 |
Sales and marketing | ||
Disclosure Of Lease Costs Are Reflected In The Statements Of Operations And Comprehensive Loss [Line Items] | ||
Lease, Cost | 46 | 8 |
General and administrative | ||
Disclosure Of Lease Costs Are Reflected In The Statements Of Operations And Comprehensive Loss [Line Items] | ||
Lease, Cost | $ 131 | $ 110 |
Leases - Summary Of Supplementa
Leases - Summary Of Supplemental Cash Flow And Other Information Related To Operating Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | ||
Cash payments included in the measurement of operating lease liabilities | $ 644 | $ 561 |
Leases - Summary Of Maturities
Leases - Summary Of Maturities Of Operating Lease Liabilities (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2023 | $ 671 |
2024 | 750 |
2025 | 772 |
2026 | 795 |
2027 | 819 |
Thereafter | 2,532 |
Total lease payments | 6,339 |
Less: imputed interest | (2,289) |
Present value of operating lease liabilities | $ 4,050 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | ||
weighted-average remaining lease term | 8 years | 9 years |
weighted-average discount rate | 11.90% | 11.90% |
Lease expiration year | 2030 | |
Total future lease payments | $ 9.7 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 100% | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0.9 | $ 0.5 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Detail) - UMD and Duke [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | ||
Revenue | $ 4,022 | $ 1,179 |
Cost of revenue | 51 | 35 |
Research and development | 1,082 | 1,949 |
Sales and marketing | 131 | 8 |
General and administrative | 117 | 218 |
Assets | ||
Prepaid expenses and other current assets | 529 | 612 |
Operating lease right-of-use asset | 3,753 | 4,032 |
Other noncurrent assets | 1,325 | 1,845 |
Liabilities | ||
Accounts payable | 29 | 54 |
Current operating lease liabilities | 591 | 568 |
Unearned revenue | 3,514 | 2,821 |
Non-current operating lease liabilities | $ 3,459 | $ 3,643 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Jul. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | |
Related Party Transaction [Line Items] | ||||
Related party transaction, Term | 3 years | |||
Allocated rent expense | $ 0.6 | $ 0.6 | ||
Duke [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amortization Of A Reserch And Development Arrangement | 0.5 | 0.5 | ||
UMD [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, amounts of transaction | 14 | |||
Related party transaction, estimated price | 12.6 | |||
Transaction price | $ 0.7 | |||
Contractual obligation | $ 1.4 | |||
Contractual obligation including pledge to establish endowed professorship contribution | $ 1 | |||
UMD [Member] | Duke [Member] | ||||
Related Party Transaction [Line Items] | ||||
Non-cash amortization associated with the exclusive option agreements | 0.5 | 1.3 | ||
Option Agreement [Member] | Duke [Member] | ||||
Related Party Transaction [Line Items] | ||||
Prepaid expenses and other current assets | 0.5 | 0.5 | ||
Other noncurrent assets | $ 1.3 | $ 1.8 |
Geographic Information - Additi
Geographic Information - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
UNITED STATES | Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | ||
Revenue From Contract With Customer Percentage | 82% | 90% |