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Related Party Transactions
 12 Months Ended
Dec. 31, 2024
Related Party Transaction [Line Items]  
Related Party Transactions

20. RELATED PARTY TRANSACTIONS

Transactions with University of Maryland

The Company has contracts with UMD, including contracts to provide certain quantum computing services and facility access, to provide customized quantum computing hardware, and an operating lease. Following the departure of the Company's Chief Scientist, UMD is no longer considered a related party as of January 1, 2024. Revenue recognized from contracts entered into while UMD was a related party was $3.5 million, $4.6 million and $4.0 million for the years ended December 31, 2024, 2023 and 2022, respectively.

The Company had the following balances related to contracts entered into while UMD was a related party, as reflected in the consolidated balance sheets (in thousands):

 

 

 

December 31,

 

 

December 31,

 

 

2024

 

 

2023

 

Assets

 

 

 

 

 

 

Operating lease right-of-use asset

 

$

3,120

 

 

$

3,452

 

Liabilities

 

 

 

 

 

 

Current portion of operating lease liabilities

 

$

681

 

 

$

661

 

Unearned revenue

 

 

204

 

 

 

2,670

 

Operating lease liabilities, net of current portion

 

 

2,843

 

 

 

3,181

 

 

Transactions with Duke University

In July 2016, the Company entered into an exclusive license agreement (the “License Agreement”) and an exclusive option agreement (the “Option Agreement”) with 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 Agreement, has purchased research and development services. Following the departure of the Company's Chief Technology Officer, Duke is no longer considered a related party as of July 1, 2024.

The Company has the following balances related to agreements entered into while Duke was a related party, as reflected in the consolidated balance sheets (in thousands):

 

 

 

December 31,

 

 

December 31,

 

 

2024

 

 

2023

 

Assets

 

 

 

 

 

 

Prepaid expenses and other current assets

 

$

520

 

 

$

520

 

Other noncurrent assets

 

 

285

 

 

 

805