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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash

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

 

 

December 31,

 

 

December 31,

 

 

2024

 

 

2023

 

Cash and cash equivalents

 

$

54,393

 

 

$

35,665

 

Restricted cash

 

 

2,447

 

 

 

2,416

 

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

 

$

56,840

 

 

$

38,081

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

 

 

December 31,

 

 

December 31,

 

 

2024

 

 

2023

 

Billed accounts receivable

 

$

6,516

 

 

$

8,564

 

Unbilled accounts receivable

 

 

3,672

 

 

 

2,903

 

Total accounts receivable

 

$

10,188

 

 

$

11,467

 
Schedule of Excess and Obsolescence Reserve

The following table summarizes the activity in the Company’s excess and obsolescence reserve against materials and supplies (in thousands):

 

 

2024

 

 

2023

 

Beginning balance

 

$

65

 

 

$

—

 

Provisions

 

 

1,331

 

 

 

65

 

Recoveries

 

 

(55

)

 

 

—

 

Ending balance

 

$

1,341

 

 

$

65

 
Summary of Property Plant And Equipment Useful Life

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

 

Computer equipment and acquired computer software

 

3 – 5 years

Machinery, equipment, furniture and fixtures

 

4 – 7 years

Quantum computing systems

 

3 years

Leasehold improvements

 

Shorter of the lease term or the estimated useful life of the
related asset
Schedule of Earnings Per Share, Basic and Diluted

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

 

 

Year Ended
December 31,

 

Numerator:

 

2024

 

 

2023

 

 

2022

 

Net loss attributable to common stockholders

 

$

(331,647

)

 

$

(157,771

)

 

$

(48,511

)

Denominator:

 

 

 

 

 

 

 

 

 

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

 

 

213,029,365

 

 

 

202,576,492

 

 

 

197,727,642

 

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

 

$

(1.56

)

 

$

(0.78

)

 

$

(0.25

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

 

 

Year Ended
December 31,

 

 

2024

 

 

2023

 

 

2022

 

Common stock options outstanding

 

 

19,147,636

 

 

 

23,518,426

 

 

 

22,951,439

 

Warrants to purchase common stock

 

 

7,559,312

 

 

 

8,301,202

 

 

 

8,301,202

 

Public warrants

 

 

5,014,121

 

 

 

5,230,613

 

 

 

5,231,750

 

Unvested restricted stock units

 

 

16,203,257

 

 

 

13,726,782

 

 

 

4,418,852

 

Unvested performance-based restricted stock units

 

 

1,980,589

 

 

 

542,905

 

 

 

—

 

Unvested common stock

 

 

307,473

 

 

 

654,442

 

 

 

1,158,095

 

Total

 

 

50,212,388

 

 

 

51,974,370

 

 

 

42,061,338