XML 118 R13.htm IDEA: XBRL DOCUMENT v3.25.0.1
BALANCE SHEET DETAILS
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BALANCE SHEET DETAILS
4. BALANCE SHEET DETAILS
Inventories
Inventories consisted of the following (in thousands):
As of December 31,
20242023
Raw materials$1,677 $2,052 
Work-in-process9 26 
Total inventories$1,686 $2,078 
Prepaid expenses and other current assets
Prepaid expenses and other current assets consisted of the following (in thousands):
As of December 31,
20242023
Prepaid services$977 $386 
Prepaid software845 543 
Prepaid insurance382 490 
Prepaid rent156 150 
Other1,594 440 
Total prepaid expenses and other current assets$3,954 $2,009 
*Certain amounts presented in the table above as of December 31, 2023 have been reclassified to conform to the current period presentation.
Other non-current assets, net
Other non-current assets, net consisted of the following (in thousands):
As of December 31,
20242023
Investment in equity securities$2,574 $1,168 
Long-term deposits181 189 
Contract acquisition costs, net174 — 
Total $2,929 $1,357 
On January 5, 2024, one of the Company's equity investments was acquired by another entity and the transaction was determined to result in an observable price change in the equity security. Consequently, the carrying value of the Company's investment was adjusted based on the consideration received, resulting in a net gain of approximately $1.7 million, recorded in gain (loss) on investment in marketable equity securities on the consolidated statements of operations and comprehensive loss during the year ended December 31, 2024.
On February 8, 2024, the Company entered into a collaboration arrangement with Zapata to develop and bring to market commercial applications that combine generative AI and quantum computing technologies. As part of the collaboration, the Company purchased the Note with a principal amount of $1.0 million from Zapata. The Note matures on December 15, 2026, and bears interest at 15% per annum. The Note is prepayable without penalty after December 15, 2025 or if the aggregate value of Zapata's convertible notes outstanding falls below $3.0 million. The Note is convertible into Zapata common stock at the Company's option at a conversion price of $8.50, subject to adjustment for stock splits, recapitalizations, and other similar corporate transactions.
On April 1, 2024 the conversion feature associated with the Note was bifurcated from the debt host instrument in connection with the underlying stock becoming readily convertible to cash as the result of a de-SPAC transaction. As a result, the fair value of the conversion feature of $0.2 million was given separate recognition. As of December 31, 2024, the fair value of the conversion feature was immaterial, resulting in a loss of $0.2 million recorded to gain (loss) on investment in marketable equity securities on the consolidated statements of operations and comprehensive loss.
On October 11, 2024, Zapata announced that it was insolvent and would cease operations. Considering this and other financial information available prior to the balance sheet date, the Note was provisionally determined to be uncollectible, and the Company has recognized a credit loss provision for the entire balance owed of $1.0 million as of December 31, 2024. The charge was recorded within general and administrative expenses in the consolidated statements of operations and comprehensive loss. See Note 2 for additional discussion of the Note and the Company's collateral rights to substantially all of Zapata's assets.
Accrued expenses and other current liabilities
Accrued expenses and other current liabilities consisted of the following (in thousands):
As of December 31,
20242023
Accrued compensation and related benefits$5,499 $3,245 
Accrued professional services529 1,092 
Other accruals2,756 1,006 
Total accrued expenses and other current liabilities$8,784 $5,343 
*Certain amounts presented in the table above as of December 31, 2023 have been reclassified to conform to the current period presentation.