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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________
FORM 10-Q
________________________
(Mark One)
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x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2024
OR
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o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ___________ and ____________
Commission file number 001-41468
________________________
D-WAVE QUANTUM INC.
(Exact name of registrant as specified in its charter)
________________________
| | | | | |
Delaware | 88-1068854 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| |
2650 East Bayshore Road, Palo Alto, California | 94303 |
(Address of Principal Executive Offices) | (Zip Code) |
(604) 630-1428
Registrant's telephone number, including area code
(Former name, former address and former fiscal year, if changed since last report)
________________________
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common stock, par value $0.0001 per share | QBTS | New York Stock Exchange |
Warrants, each whole warrant exercisable for 1.4541326 shares of common stock at an exercise price of $11.50 | QBTS.WT | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | |
Large accelerated filer | ☐ | | Accelerated filer | o |
Non-accelerated filer | x | | Smaller reporting company | x |
| | | Emerging growth company | x |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
APPLICABLE ONLY TO CORPORATE ISSUERS:
As of May 10, 2024, there were outstanding 126,380,683 shares of the registrant’s common stock, par value $0.0001 per share. In addition, there were 44,889,286 exchangeable shares outstanding as of May 10, 2024, which are convertible into shares of common stock on a one for one basis at any time for no consideration.
Table of Contents
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Part II. Other Information | |
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| Exhibits and Financial Statement Schedules | |
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this Quarterly Report on Form 10-Q (this “Report”) may constitute “forward-looking statements” within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Our forward-looking statements include, but are not limited to, statements regarding D-Wave Quantum’s and D-Wave Quantum’s management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. In some cases, you can identify forward-looking statements by the following words: “believe,” “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “trend,” “believe,” “estimate,” “predict,” “project,” “potential,” “seem,” “seek,” “future,” “outlook,” “forecast,” “projection,” “continue,” “ongoing,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties, and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. We caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, which are subject to a number of risks. Factors that might cause or contribute to a material difference include those risks discussed below and in Part I, Item 1A, “Risk Factors” in our most recent Annual Report on Form 10-K and our other filings with the Securities and Exchange Commission (the "SEC”). You should not place undue reliance on these forward-looking statements in making an investment decision with respect to the securities offered under this Report. These forward-looking statements are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability regarding future performance, events or circumstances. Many of the factors affecting actual performance, events and circumstances are beyond the control of D-Wave Quantum. As a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. All forward-looking statements set forth in this Report are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by the Company will be realized or, even if substantially realized, that they will have the expected consequence to or effects on the Company or its business or operations. The following discussion should be read in conjunction with the Company’s audited Consolidated Financial Statements and related notes thereto included our most recent Annual Report on Form 10-K. These forward-looking statements are based on information available as of the date of this Report, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties and are not predictions of actual performance. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Part I - Financial Information
Item 1. Financial Statements
D-Wave Quantum Inc.
Condensed Consolidated Balance Sheets
| | | | | | | | | | | |
| March 31, | | December 31, |
| 2024 | | 2023 |
(In thousands, except share and per share data) | (Unaudited) | | |
Assets | | | |
Current assets: | | | |
Cash | $ | 27,304 | | | $ | 41,307 | |
Trade accounts receivable, net | 1,735 | | | 1,652 | |
Inventories | 2,079 | | | 2,078 | |
Prepaid expenses and other current assets | 2,569 | | | 2,009 | |
Total current assets | 33,687 | | | 47,046 | |
Property and equipment, net | 2,909 | | | 2,551 | |
Operating lease right-of-use assets | 7,879 | | | 8,223 | |
Intangible assets, net | 302 | | | 179 | |
Other non-current assets | 3,828 | | | 1,357 | |
Total assets | $ | 48,605 | | | $ | 59,356 | |
| | | |
Liabilities and stockholders' deficit | | | |
Current liabilities: | | | |
Trade accounts payable | $ | 1,037 | | | $ | 1,465 | |
Accrued expenses and other current liabilities | 6,007 | | | 5,343 | |
Current portion of operating lease liabilities | 1,448 | | | 1,374 | |
Loans payable, net, current | 369 | | | 399 | |
Deferred revenue, current | 1,999 | | | 2,669 | |
Total current liabilities | 10,860 | | | 11,250 | |
Warrant liabilities | 4,282 | | | 1,630 | |
Operating lease liabilities, net of current portion | 6,978 | | | 7,028 | |
Loans payable, net, non-current (including $31,100 and $31,400 as of March 31, 2024 and December 31, 2023, respectively, at fair value) | 63,043 | | | 63,850 | |
Deferred revenue, non-current | 399 | | | 79 | |
Total liabilities | $ | 85,562 | | | $ | 83,837 | |
| | | |
Commitments and contingencies (Note 10) | | | |
Stockholders' deficit: | | | |
Common stock, par value $0.0001 per share; 675,000,000 shares authorized at both March 31, 2024 and December 31, 2023; 161,675,010 shares and 161,113,744 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively. | 16 | | | 16 | |
Additional paid-in capital | 473,870 | | | 469,081 | |
Accumulated deficit | (500,373) | | | (483,061) | |
Accumulated other comprehensive loss | (10,470) | | | (10,517) | |
Total stockholders' deficit | (36,957) | | | (24,481) | |
Total liabilities and stockholders’ deficit | $ | 48,605 | | | $ | 59,356 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
D-Wave Quantum Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
| | | | | | | | | | | | | |
| Three Months Ended March 31, |
(In thousands, except share and per share data) | 2024 | | 2023 | | |
Revenue | $ | 2,465 | | | $ | 1,583 | | | |
Cost of revenue | 806 | | | 1,162 | | | |
Total gross profit | 1,659 | | | 421 | | | |
Operating expenses: | | | | | |
Research and development | 8,525 | | | 10,915 | | | |
General and administrative | 7,566 | | | 11,296 | | | |
Sales and marketing | 3,084 | | | 2,900 | | | |
Total operating expenses | 19,175 | | | 25,111 | | | |
Loss from operations | (17,516) | | | (24,690) | | | |
Other income, net: | | | | | |
Interest expense | (1,140) | | | (212) | | | |
Change in fair value of Term Loan | 1,199 | | | — | | | |
Gain on investment in marketable equity securities | 1,660 | | | — | | | |
Change in fair value of warrant liabilities | (2,652) | | | 638 | | | |
Other income (expense), net | 1,137 | | | (142) | | | |
Total other income, net | 204 | | | 284 | | | |
Net loss | $ | (17,312) | | | $ | (24,406) | | | |
Net loss per share, basic and diluted | $ | (0.11) | | | $ | (0.20) | | | |
Weighted-average shares used in computing net loss per share, basic and diluted | 161,308,490 | | | 123,144,097 | | | |
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Comprehensive loss: | | | | | |
Net loss | $ | (17,312) | | | $ | (24,406) | | | |
Foreign currency translation adjustment, net of tax | 47 | | | (19) | | | |
Net comprehensive loss | $ | (17,265) | | | $ | (24,425) | | | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
D-Wave Quantum Inc.
Condensed Consolidated Statements of Stockholders’ Deficit
For the Three Months Ended March 31, 2024
(Unaudited)
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| Common stock | | Additional paid-in capital | | Accumulated deficit | | Accumulated other comprehensive loss | | Total stockholders' deficit |
(In thousands, except share data) | Shares | | Amount | | | | |
Balance at December 31, 2023 | 161,113,744 | | | 16 | | | 469,081 | | | (483,061) | | | (10,517) | | | (24,481) | |
Issuance of common stock under stock-based compensation plans | 561,266 | | | — | | | 8 | | | — | | | — | | | 8 | |
Stock-based compensation | — | | | — | | | 5,515 | | | — | | | — | | | 5,515 | |
Tax withholding related to vesting of restricted stock units | — | | | — | | | (734) | | | — | | | — | | | (734) | |
Foreign currency translation adjustment, net of tax | — | | | — | | | — | | | — | | | 47 | | | 47 | |
Net loss | — | | | — | | | — | | | (17,312) | | | — | | | (17,312) | |
Balances at March 31, 2024 | 161,675,010 | | | 16 | | | 473,870 | | | (500,373) | | | (10,470) | | | (36,957) | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
D-Wave Quantum Inc.
Condensed Consolidated Statements of Stockholders’ Deficit
For the Three Months Ended March 31, 2023
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common stock | | Additional paid-in capital | | Accumulated deficit | | Accumulated other comprehensive loss | | Total stockholders' deficit |
(In thousands, except share data) | Shares | | Amount | | | | |
Balances at December 31, 2022 | 113,335,530 | | | 11 | | | 381,274 | | | (400,346) | | | (10,402) | | | (29,463) | |
Issuance of common stock in connection with the Lincoln Park Purchase Agreement | 13,239,654 | | | 1 | | | 15,682 | | | — | | | — | | | 15,683 | |
Issuance of common stock under stock-based compensation plans | 598,368 | | | — | | | 546 | | | — | | | — | | | 546 | |
Stock-based compensation | — | | | — | | | 6,755 | | | — | | | — | | | 6,755 | |
Short-swing profit settlement | — | | | — | | | 244 | | | — | | | — | | | 244 | |
Foreign currency translation adjustment, net of tax | — | | | — | | | — | | | — | | | (19) | | | (19) | |
Net loss | — | | | — | | | — | | | (24,406) | | | — | | | (24,406) | |
Balances at March 31, 2023 | 127,173,552 | | | 12 | | | 404,501 | | | (424,752) | | | (10,421) | | | (30,660) | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
D-Wave Quantum Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
| | | | | | | | | | | | | |
| Three Months Ended March 31, |
(in thousands) | 2024 | | 2023 | | |
Cash flows from operating activities: | | | | | |
Net loss | $ | (17,312) | | | $ | (24,406) | | | |
Adjustments to reconcile net loss to cash used in operating activities: | | | | | |
Depreciation and amortization | 229 | | | 339 | | | |
Stock-based compensation | 3,509 | | | 6,755 | | | |
Amortization of operating right-of-use assets | 199 | | | 206 | | | |
Non-cash interest expense | 1,093 | | | 195 | | | |
Change in fair value of Warrant liabilities | 2,652 | | | (638) | | | |
Change in fair value of Term Loan | (1,199) | | | — | | | |
Gain on marketable securities | (1,660) | | | — | | | |
Unrealized foreign exchange loss (gain) | (994) | | | 84 | | | |
Change in operating assets and liabilities: | | | | | |
Trade accounts receivable | (42) | | | 215 | | | |
Inventories | (19) | | | (59) | | | |
Prepaid expenses and other current assets | (559) | | | 767 | | | |
Trade accounts payable | (538) | | | 1,858 | | | |
Accrued expenses and other current liabilities | 2,597 | | | 1,214 | | | |
Deferred revenue | (350) | | | 46 | | | |
Operating lease liability | 343 | | | (150) | | | |
Other non-current assets | (68) | | | — | | | |
Net cash used in operating activities | (12,119) | | | (13,574) | | | |
Cash flows from investing activities: | | | | | |
Purchase of property and equipment | (305) | | | (64) | | | |
Purchase of convertible note (Note 4) | (1,000) | | | — | | | |
Sales of marketable equity securities (Note 4) | 254 | | | — | | | |
Expenditures for internal-use software | (67) | | | — | | | |
Purchase of software | (87) | | | (12) | | | |
Net cash used in investing activities | (1,205) | | | (76) | | | |
Cash flows from financing activities: | | | | | |
Proceeds from Lincoln Park Purchase Agreement | — | | | 15,683 | | | |
Proceeds from issuance of common stock upon exercise of stock options | 8 | | | 546 | | | |
Payment of tax withheld for common stock issued under stock-based compensation plans | (734) | | | — | | | |
Short swing profit settlement | — | | | 244 | | | |
Debt payments | — | | | (881) | | | |
Net cash provided by (used in) financing activities | (726) | | | 15,592 | | | |
Effect of exchange rate changes on cash and cash equivalents | 47 | | | (19) | | | |
Net increase (decrease) in cash and cash equivalents | (14,003) | | | 1,923 | | | |
Cash and cash equivalents at beginning of period | 41,307 | | | 7,065 | | | |
Cash and cash equivalents at end of period | $ | 27,304 | | | $ | 8,988 | | | |
Supplemental disclosure of non-cash investing and financing activities: | | | | | |
Inventory applied to capital projects | $ | 18 | | | $ | — | | | |
Operating lease right-of-use assets recognized in exchange for new operating lease obligations | 365 | | | — | | | |
Purchases of property and equipment included in accounts payable | 234 | | | — | | | |
Bonus settled in vested share based compensation awards | 2,006 | | | — | | | |
| | | | | |
| | | | | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
D-Wave Quantum Inc.
Notes to Condensed Consolidated Financial Statements
1. DESCRIPTION OF BUSINESS
D-Wave Quantum Inc. ("D-Wave" or the “Company”) was incorporated under the General Corporation Law of the State of Delaware on January 24, 2022. The Company was formed for the purpose of effecting a merger between DPCM Capital, Inc. (“DPCM”), D-Wave Systems Inc. (“D-Wave Systems”), and certain other affiliated entities through a series of transactions (the “Merger”) pursuant to the definitive agreement entered into on February 7, 2022 (the “Transaction Agreement”). On August 5, 2022, in conjunction with the Merger, DPCM and D-Wave Systems became wholly-owned subsidiaries of, and are operated by, the Company. Upon the completion of the Merger, the Company succeeded to all of the operations of its predecessor, D-Wave Systems.
D-Wave is a commercial quantum computing company that provides customers with a full suite of professional services and web-based access to its superconducting quantum computer systems and integrated software environment through its cloud service, LeapTM. Historically, the Company has developed its own annealing superconducting quantum computer and associated software, and its current generation quantum system is the AdvantageTM system.
D-Wave has three operating facilities, which it leases, in North America. These facilities are located in Burnaby, British Columbia, Richmond, British Columbia, and Palo Alto, California.
2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The unaudited interim condensed consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial reporting and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosure normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to instructions, rules and regulations prescribed by the United States Securities and Exchange Commission ("SEC"). In the opinion of the Company, the unaudited financial information for the interim periods presented reflects all adjustments, which are normal and recurring, necessary for a fair presentation of the condensed consolidated statements of operations and comprehensive loss, condensed consolidated balance sheets, and condensed consolidated statements of cash flows. Interim results should not be regarded as indicative of results that may be expected for any other period or the entire year.
The interim condensed consolidated financial statements included herein have been prepared on the same basis as the audited annual consolidated financial statements and reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K as of and for the year ended December 31, 2023 filed with the SEC on March 29, 2024.
Principles of Consolidation
The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements upon consolidation.
Liquidity and Going Concern
The Company has prepared its condensed consolidated financial statements assuming that it will continue as a going concern. Since its inception, the Company has incurred net losses and negative cash flows from operations. As of March 31, 2024, the Company had an accumulated deficit of $500.4 million. For the three months ended March 31, 2024 and 2023, the Company incurred a net loss of $17.3 million and $24.4 million, respectively, and the Company had net cash outflows from operating activities of $12.1 million and $13.6 million, respectively. As of March 31, 2024, the Company had cash of $27.3 million and working capital (current assets less current liabilities) of $22.8 million. Additionally, total liabilities exceeded total assets at March 31, 2024 by $37.0 million. The Company expects to incur additional operating losses and negative cash flows from operating activities as it continues to expand its commercial operations and research and development programs.
On April 13, 2023 (the "Closing Date"), the Company finalized a Term Loan and Security Agreement ("Term Loan") with PSPIB Unitas Investments II Inc. ("PSPIB" or the "Lender"), a related party to the Company's largest shareholder. The Term Loan, outlined in Note 6 - Loans payable, net, provides $50.0 million in three tranches, with financial performance requirements. The first two tranches of $15.0 million each were disbursed on April 14, 2023, and July 13, 2023, respectively. The third tranche of $20.0 million is contingent on meeting specific criteria, including a non-dilutive financing closure. There can be no assurance that the Company will be able to meet the conditions necessary to draw on the third tranche. As of March 31, 2024, the Company was in compliance with the covenants under the Term Loan.
In conjunction with the Merger, the Company and D-Wave Systems entered into a purchase agreement with Lincoln Park Capital Fund, LLC ("Lincoln Park") on June 16, 2022 (the "Purchase Agreement") which provides D-Wave the sole right, but not the obligation, to direct Lincoln Park to buy specified dollar amounts up to $150 million of D-Wave's common stock, par value $0.0001 per share through November 1, 2025. The Purchase Agreement may provide the Company and D-Wave with additional liquidity to fund the business, subject to the conditions set forth in the agreement, including volume limitations tied to periodic market prices, ownership limitations restricting Lincoln Park from owning more than 9.9% of the then total outstanding share of common stock of the Company, par value $0.0001, (the "Common Shares") and a floor price of $1.00 at or below which the Company may not sell to Lincoln Park any Common Shares. When the Company sells shares to Lincoln Park, Lincoln Park may resell all, some, or none of those Common Shares at any time or from time to time in its discretion. During the three months ended March 31, 2024, the Company did not issue any Common Shares to Lincoln Park under the Purchase Agreement. In order for the Company to issue Common Shares under the Purchase Agreement, the Company's share price must be above the floor price of $1.00. There is no assurance that the floor price will not fall below $1.00 preventing the Company from being able to make sales to Lincoln Park in the future.
To the extent that sufficient capital is not obtained through the cash received in connection with the proceeds of the Term Loan or the issuance of Common Shares under the Purchase Agreement with Lincoln Park, management will be required to obtain additional capital through the issuance of debt and/or equity, or other arrangements. However, there can be no assurance that D-Wave will be able to raise additional capital when needed or under acceptable terms. The issuance of additional equity may dilute existing stockholders and newly issued shares may contain senior rights and preferences compared to the currently outstanding common stock. Any future debt may contain covenants and limit D-Wave’s ability to pay dividends or make other distributions to stockholders. If D-Wave is unable to obtain additional financing, operations will be scaled back or discontinued.
As of December 31, 2023, the Company was not in compliance with certain continued listing standards of the New York Stock Exchange ("NYSE"). On March 1, 2024, the NYSE provided D-Wave with a notification letter of recompliance based on a calculation of the Company’s average closing share price for the 30 trading days ended February 29, 2024, which reflected an average closing share price above the NYSE’s $1.00 minimum requirement. D-Wave will continue to be traded on the NYSE, subject to its continued compliance with all applicable listing standards.
If the Company is unable to maintain compliance with the continued listing standards of the NYSE and is not able to cure any violations within the time periods allotted by the NYSE, if any, it will result in the delisting of the Company’s common stock from the NYSE, which could negatively impact the trading price, trading volume and liquidity of, and have other material adverse effects on, the Company’s common stock and its ability to raise capital.
In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Codification (“ASC”) Topic 205-40, “Basis of Presentation—Going Concern”, management has determined that the Company's liquidity condition raises substantial doubt about the Company’s ability to continue as a going concern, which is considered to be for a period of one year from the issuance of these financial statements. These condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty. Such adjustments could be material.
Use of estimates
The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the Company’s condensed consolidated financial statements and accompanying notes as of the date of the condensed consolidated financial statements. The most significant estimates and assumptions are used in determining: (i) inputs used to recognize revenue over time relating to hours estimated to complete the remaining performance obligations, (ii) fair value of financial instruments, and (iii) long term revenue forecasts used in the accounting for the SIF Loan (see below and Note 6 for further information). These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts, and experience.
The Company’s accounting estimates and assumptions may change over time in response to risks and uncertainties, including uncertainty in the current economic environment due to inflation, increased interest rates, Ukraine/Russia conflict, the Israel-Hamas War, and any evolutions thereof. The change could be material in future periods. As of the date of issuance of these condensed consolidated financial statements, the Company is not aware of any specific event or circumstances that would require the Company to update estimates, judgments or revise the carrying value of any assets or liabilities. Actual results may differ from those estimates or assumptions.
Investment in securities
The Company holds investments in the equity securities of privately held companies, which are valued based on their original cost. Adjustments are made for observable price changes in orderly transactions involving identical or similar securities of the same issuer, as there are no quoted market prices available.
The Company also holds an investment in a convertible note (the "Note") of Zapata Computing, Inc. ("Zapata"). (see Note 4 for further information). The Company accounts for the Note as a loan receivable pursuant to ASC 310, as the Note does not meet the definition of a security. As of March 31, 2024, the common stock into which the Note is convertible was not readily convertible to cash, and so the conversion feature was not bifurcated from the debt host. The loan receivable was recorded at cost.
Sales of future revenues
On November 20, 2020, the Company entered into an agreement with the Canada Strategic Innovation Fund ("SIF"), wherein SIF committed to providing a conditionally repayable loan to the Company in the amount of up to C$40.0 million (the "SIF Loan"). The SIF Loan is conditionally repayable according to a revenue-based formula. See Note 6 for additional information concerning the SIF Loan.
The accounting treatment for the SIF Loan considers the "sale of future revenues" guidance outlined in ASC 470-10-25. The debt arising from the SIF Loan was recorded at face value and will be amortized using the effective interest method, leading to the accrual of interest expenses over the estimated term of the SIF Loan. The amortization schedule is based on projected cash flows derived from the Company's long-term revenue forecast. Subsequent changes in forecasted cash flows will be accounted for under the catch-up method, which entails adjusting the accrued interest portion of the principal balance through earnings to reflect the effective interest rate. The liability is classified as non-current, as the current forecast indicates that repayments will not commence within the 12 months following the balance sheet date.
As the SIF Loan is originated through a government program, a market rate of interest is not imputed in accordance with the scope limitations of ASC 835.
Term Loan fair value option election
The Company determined that it is eligible for the fair value option election in connection with the Term Loan. The Term Loan meets the definition of a “recognized financial liability” which is an acceptable financial instrument eligible for the fair value option under ASC 825. At the date of issuance, the fair value of the Term Loan was derived from the instrument’s implied discount rate at inception. The fair value option election was made to enhance the relevance and transparency of information presented related to the features embedded in the Term Loan.
Changes in the fair value of the Term Loan, other than changes associated with the Company's own credit risk, are recorded as gains or losses in the Company’s condensed consolidated statements of operations and comprehensive loss in each reporting period. Changes in fair value attributable to the Company's own credit risk are recorded in other comprehensive income or loss in the Company's condensed consolidated statements of operations and comprehensive loss in each reporting period; there have been no such changes for the three months ended March 31, 2024. Under the fair value option, debt issuance costs are recorded in other expense in the Company’s condensed consolidated statements of operations and comprehensive loss.
The Term Loan is subject to certain repayment and prepayment provisions which the Company has considered in their valuation analysis. The valuation analysis performed as of March 31, 2024 did not consider any amendments to the Term Loan that occurred subsequent to March 31, 2024 (See Note 6). To estimate the fair value of the Term Loan under the optional prepayment scenario, we have utilized the binomial lattice model. Additionally, we have employed a Monte Carlo simulation model to forecast both the probability for an event of default in the valuation analysis which would result in a mandatory prepayment of the outstanding principal and accrued and unpaid interest and the probability of the issuance of Common Shares under the Purchase Agreement to determine the estimated proceeds to be paid to the Lender along with a mandatory prepayment premium of 10%.
Fair value of financial instruments
Certain assets and liabilities are carried at fair value under U.S. GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:
•Level 1—Quoted prices in active markets for identical assets or liabilities.
•Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.
•Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.
The categorization of a financial instrument within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company recognizes transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. The Company did not transfer any assets or liabilities in or out of Level 3 during the three months ended March 31, 2024 or 2023.
The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis as of March 31, 2024 and indicates the place in the fair value hierarchy of the valuation inputs the Company utilized to determine each such fair value (in thousands):
| | | | | | | | | | | |
Description | Level | | As of March 31, 2024 |
Liabilities: | | | |
Warrant Liabilities – Public Warrants | 1 | | $ | 2,370 | |
Warrant Liabilities – Private Placement Warrants | 2 | | $ | 1,912 | |
Term Loan | 3 | | $ | 31,100 | |
The Warrants are accounted for as liabilities in accordance with ASC 815-40 and are presented within warrant liabilities in the condensed consolidated balance sheets. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of warrant liabilities in the condensed consolidated statements of operations and comprehensive loss.
For periods subsequent to the detachment of the Public Warrants from the Units, the close price of the Public Warrants was used as the fair value of the Warrants as of each relevant date. The subsequent measurements of the Public Warrants after the detachment of the Public Warrants from the Units are classified as Level 1 fair value measurements due to the use of an observable market quote in an active market. The subsequent measurements of the Private Warrants after the detachment of the Public Warrants from the Units are classified as Level 2 fair value measurements due to the use of an observable market quote for the Public Warrants, which are considered to be a similar asset in an active market.
As noted above, the Company elected the fair value option for the Term Loan. The valuation of the Term Loan is classified as Level 3 fair measurements, attributable to the utilization of the Monte Carlo simulation, recognized as a Level 3 valuation technique.
Recent accounting pronouncements issued and adopted
No recently issued accounting pronouncements that the Company has adopted have had a material effect on the Company's results of operations, cash flows or financial condition.
Recent accounting pronouncements not yet adopted
Segment Reporting
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting--Improvements to Reportable Segment Disclosures, which requires incremental disclosures about a public entity’s reportable segments but does not change the definition of a segment or the guidance for determining reportable segments. The new guidance requires disclosure of significant segment expenses that are (1) regularly provided to (or easily computed from information regularly provided to) the chief operating decision maker and (2) included in the reported measure of segment profit or loss. The new standard also allows companies to disclose multiple measures of segment profit or loss if those measures are used to assess performance and allocate resources. The guidance will first be effective in our annual disclosures for the year ending December 31, 2024, and will be adopted retrospectively unless impracticable. Early adoption is permitted. We are in the process of assessing the impact of ASU 2023-07 on our disclosures.
Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires disaggregated information about our effective tax rate reconciliation as well as information on income taxes paid. The new guidance will first be effective in our annual disclosures for the year ending December 31, 2025, and should be applied on a prospective basis with the option to apply retrospectively. Early adoption is permitted. We are in the process of assessing the impact of ASU 2023-09 on our disclosures.
3. REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregation of revenue
Nature of Products and Services
The following table depicts the disaggregation of revenue by type of products or services and timing of transfer of products or services (in thousands):
| | | | | | | | | | | | | |
| Three Months Ended March 31, |
| 2024 | | 2023 | | |
Type of products or services | | | | | |
QCaaS | $ | 1,692 | | | $ | 1,168 | | | |
Professional services | 639 | | | 293 | | | |
Other revenue* | 134 | | | 122 | | | |
Total revenue | $ | 2,465 | | | $ | 1,583 | | | |
Timing of revenue recognition | | | | | |
Revenue recognized over time | $ | 2,405 | | | $ | 1,542 | | | |
Revenue recognized at a point in time | 60 | | | 41 | | | |
Total revenue | $ | 2,465 | | | $ | 1,583 | | | |
*Other revenue includes training, support, maintenance and printed circuit board sales. For the three months ended March 31, 2023, training and maintenance have been reclassified from professional services to other revenue.
Geographic Information
The following table presents a summary of revenue by geography for the years ended March 31, 2024 and 2023, based on customer location:
| | | | | | | | | | | | | |
| Three Months Ended March 31, |
| 2024 | | 2023 | | |
United States | $ | 723 | | | $ | 247 | | | |
Germany | 512 | | | 288 | | | |
Japan | 325 | | | 308 | | | |
Other | 905 | | | 740 | | | |
Total revenue | $ | 2,465 | | | $ | 1,583 | | | |
"Other" includes the rest of Europe, the Middle East, Africa, Asia, Canada and Australia where the revenue from a single country is not greater than 10% of total consolidated revenue. The Company has not had any sales in China, Russia or Ukraine.
Significant customers
The Company had significant customers during the three months ended March 31, 2024 and 2023. A significant customer is defined as one that comprises up to ten percent or more of total revenues in a particular year or ten percent of outstanding accounts receivable balance as of the period end.
The tables below present the significant customers on a percentage of total revenue basis for the three months ended March 31, 2024 and 2023.
| | | | | | | | | | | | | |
| Three Months Ended March 31, |
| 2024 | | 2023 | | |
Customer A | 18 | % | | 15 | % | | |
Customer B | — | | | 13 | % | | |
As of each of March 31, 2024 and 2023, there were three significant customers, respectively, that comprised ten percent or more of outstanding accounts receivable balances.
Contract balances
The following table provides information about account receivable, contract assets and liabilities as of March 31, 2024 and December 31, 2023 (in thousands):
| | | | | | | | | | | |
| As of March 31, 2024 | | As of December 31, 2023 |
Trade accounts receivable and contract assets, net: | | | |
Trade account receivable, excluding unbilled receivables | $ | 1,098 | | | $ | 644 | |
Contract asset for unbilled receivables | 637 | | | 1,008 | |
| | | |
Contract liabilities: | | | |
Deferred revenue, current | $ | 1,999 | | | $ | 2,669 | |
Deferred revenue, non-current | 399 | | | 79 | |
Customer deposit1 | 45 | | | 45 | |
Total contract liabilities | $ | 2,443 | | | $ | 2,793 | |
1Customer deposit is included in accrued expenses and other current liabilities on the condensed consolidated balance sheets.
The allowance for credit loss was immaterial as of March 31, 2024 and December 31, 2023. Write-offs were immaterial during the three months ended March 31, 2024 and 2023.
The revenue recognized in the condensed consolidated statements of operations and comprehensive loss that was included in the contract liability balance at the beginning of each period was $1.4 million and $1.2 million for the three months ended March 31, 2024 and 2023, respectively.
Changes in deferred revenue from contracts with customers were as follows (in thousands):
| | | | | | | | | | | |
| Three Months Ended March 31, |
| 2024 | | 2023 |
Balance at beginning of period | $ | 2,748 | | | $ | 1,790 | |
Deferral of revenue | 2,113 | | | 1,166 | |
Recognition of deferred revenue | (2,463) | | | (1,120) | |
Balance at end of period | $ | 2,398 | | | $ | 1,836 | |
Remaining performance obligations
A significant number of the Company’s product and service sales are short-term in nature with a contract term of one year or less. For those contracts, the Company has utilized the practical expedient in ASC 606-10-50-14 exempting the Company from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less.
As of March 31, 2024, the aggregate amount of remaining performance obligations that were unsatisfied or partially unsatisfied related to customer contracts was $7.4 million, of which approximately 57% is expected to be recognized to revenue in the next 12 months, 91% is expected to be recognized to revenue in the next two years and substantially all of the remainder will be recognized within three years. Revenues allocated to remaining performance obligations represents the transaction price of noncancellable orders for which service has not been performed, which include deferred revenue and the amounts that will be invoiced and recognized as revenues in future periods from open contracts and excludes unexercised renewals.
4. BALANCE SHEET DETAILS
Inventories
Inventories consisted of the following (in thousands):
| | | | | | | | | | | |
| As of March 31, 2024 | | As of December 31, 2023 |
Raw materials | $ | 2,054 | | | $ | 2,052 | |
Work-in-process | 25 | | | 26 | |
Total inventories | $ | 2,079 | | | $ | 2,078 | |
Prepaid expenses and other current assets
Prepaid expenses and other current assets consisted of the following (in thousands):
| | | | | | | | | | | |
| As of March 31, 2024 | | As of December 31, 2023* |
Prepaid services | $ | 736 | | | $ | 386 | |
Prepaid software | 588 | | | 543 | |
Prepaid insurance | 537 | | | 490 | |
Prepaid rent | 148 | | | 150 | |
Other | 560 | | | 440 | |
Total prepaid expenses and other current assets | $ | 2,569 | | | $ | 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
Other non-current assets consisted of the following (in thousands):
| | | | | | | | | | | |
| As of March 31, 2024 | | As of December 31, 2023 |
Investment in equity securities | $ | 2,574 | | | $ | 1,168 | |
Loan receivable | 1,021 | | | — | |
Long-term deposits | 189 | | | 189 | |
Contract acquisition costs | 44 | | | — | |
Total | $ | 3,828 | | | $ | 1,357 | |
On January 5, 2024, one of the Company's equity interest investments was acquired by another entity and based on the transaction terms, was considered an observable price change. 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 other income during the three months ended March 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. Simultaneously, Zapata purchased a multi-year subscription to the Company's Leap quantum cloud service. As part of the collaboration, the Company purchased a convertible Senior Secured Note (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.
Accrued expenses and other current liabilities
Accrued expenses and other current liabilities consisted of the following (in thousands):
| | | | | | | | | | | |
| As of March 31, 2024 | | As of December 31, 2023* |
Accrued compensation and related benefits | $ | 2,080 | | | $ | 3,245 | |
Accrued professional services | 1,420 | | | 1,092 | |
Other accruals | 2,507 | | | 1,006 | |
Total accrued expenses and other current liabilities | $ | 6,007 | | | $ | 5,343 | |
*Certain amounts presented in the table above as of December 31, 2023 have been reclassified to conform to the current period presentation.
5. PROPERTY AND EQUIPMENT, NET
Property and equipment, net consisted of the following (in thousands):
| | | | | | | | | | | |
| As of March 31, 2024 | | As of December 31, 2023 |
Quantum computer systems | $ | 13,712 | | | $ | 13,712 | |
Lab equipment | 6,822 | | | 6,839 | |
Computer equipment | 3,973 | | | 3,703 | |
Leasehold improvements | 1,075 | | | 1,075 | |
Furniture and fixtures | 381 | | | 381 | |
Construction-in-progress | 1,176 | | | 894 | |
Total property and equipment | 27,139 | | | 26,604 | |
Less: Accumulated depreciation | (24,230) | | | (24,053) | |
Total property and equipment, net | $ | 2,909 | | | $ | 2,551 | |
Depreciation expense for the three months ended March 31, 2024 and 2023 was $0.2 million and $0.3 million, respectively.
6. LOANS PAYABLE, NET
As of March 31, 2024 and December 31, 2023, loans payable, net, consisted of the SIF Loan, the TPC loan (as defined below) and the Term Loan. The following tables show the component of loans payable (in thousands):
| | | | | | | | | | | | | | | | | |
| Effective Interest Rate | | As of March 31, 2024 | | As of December 31, 2023 |
Loans payable, net, current: | | | | | |
TPC Loan, due 2024 | Interest free | | $ | 369 | | | $ | 399 | |
Total loans payable, net, current | | | $ | 369 | | | $ | 399 | |
Loans payable, net, non-current: | | | | | |
SIF Loan1 | Interest free | | $ | 31,574 | | | $ | 32,072 | |
Term Loan, due 2027 | 11.00% | | 31,100 | | | 31,400 | |
TPC Loan, due 2025 | Interest free | | 369 | | 378 |
Total loans payable, net, non-current | | | $ | 63,043 | | | $ | 63,850 | |
1Refer below for additional information on the SIF Loan repayment period and effective interest rate.
The following table shows the component of the Company's non-current indebtedness carried at fair value and amortized cost:
| | | | | | | | | | | |
| As of March 31, 2024 | | As of December 31, 2023 |
SIF Loan | $ | 31,574 | | | $ | 32,072 | |
TPC Loan, due 2025 | 369 | | | 378 | |
Total loans payable, net, non-current, at amortized cost | 31,943 | | | 32,450 | |
Fair value option - Term Loan | 31,100 | | | 31,400 | |
Total loans payable, net, non-current | $ | 63,043 | | | $ | 63,850 | |
TPC loan
In the period spanning 2010 through 2021, the Company received funding totaling C$12.5 million from Technology Partnerships Canada (the "TPC Loan"). On November 23, 2020, an amendment forgave C$5.0 million of unpaid accrued debt principal and interest from prior years. Additionally, the amendment waived the interest charge on the remaining C$2.5 million of principal and revised the repayment schedule to C$0.5 million due annually on each April 30 through 2025.
The estimated fair value of the TPC Loan (Level 2) at March 31, 2024 was $0.7 million. The fair value of the TPC Loan was valued using a discounted cash flow model, with key inputs relating to terms, discount rate and expectations for defaults and prepayments.
SIF Loan
On November 20, 2020, the Company entered into the SIF Loan. As of December 31, 2023, the Company had received the full C$40.0 million in eight tranches between November 2020 and December 2023. Funds from the SIF Loan are to be used for projects involving the adaptation of research findings for commercial applications that have the potential for market disruption; development of current product and services through the implementation of new or incremental technology that will enhance the Company’s competitive capability; and development of process improvements which reduce the environmental footprint of current production through the use of new or improved technologies.
Principal and interest amounts to be repaid under the SIF Loan are determined using a revenue-based formula, and are capped at 150% of the principal amount (the "Repayment Cap"). Repayments are due in up to 15 annual installments, commencing on April 30 of the second fiscal year following the fiscal year in which the Company first reports annual revenue of at least $70.0 million (the "Benchmark Year"). If the Company fails to reach $70.0 million in annual revenue after 14 years from origination, or if the total of the 15 revenue-based annual installments is less than the principal amount, any remaining repayment obligation will be forgiven.
Repayments of the SIF Loan can also be triggered upon default of the agreement, termination of the agreement, or upon a change of control that has not been approved by the Canadian government. As of March 31, 2024, the Company is not aware of events that would trigger default or termination of the agreement.
The gross proceeds of the SIF Loan were recorded as a liability related to the sale of future revenues (see Note 2 - Basis of Presentation and Summary of Significant Accounting Policies). As of March 31, 2024 and December 31, 2023, the Company calculated a weighted average effective interest rate for all tranches of 2.46% and 2.46%, respectively based on the most recent revenue projections at each reporting date.
The estimated fair value of the SIF Loan (Level 3) at March 31, 2024 was $5.1 million. The fair value of SIF Loan was valued using a discounted cash flow model, with significant assumptions relating to the amount and timing of future revenue for the Company and the appropriate discount rate.
Term Loan
On April 13, 2023, the Company entered into the Term Loan with PSPIB, a related party to the Company's largest shareholder. Under the Term Loan, term loans in aggregate principal amount of $50.0 million are to be made available to the Company in three tranches, subject to certain terms and conditions.
The Term Loan matures on March 31, 2027, is secured by a first-priority security interest in substantially all of the Company's assets and contains certain operational and financial covenants, including a financial covenant that measures the Company's revenue against certain minimum percentages of budgeted revenue per quarter. The Term Loan is subject to a 2% drawdown fee and requires that any proceeds from the issuance of Common Shares under the Purchase Agreement be applied towards the repayment of advances under the Term Loan. Such repayments are subject to a premium payment equal to 10% of the amount then prepaid to the Lender, in addition to the regular prepayment premium applicable on that date, except as modified by the amendment to the Term Loan as discussed below. The Term Loan is subject to a prepayment premium due to the Lender equal to 3% of the amount prepaid/repaid within the first year of the Closing Date, 2% in the second year, 1% in the third year and no prepayment premium thereafter. At the Company's discretion, the Term Loan bears interest on a monthly basis at either (i) 10.0% payable in cash, or (ii) 11.0% payable in kind ('PIK'), with the latter added to the principal value of the Term Loan. For the three months ended March 31, 2024, the Company recognized $0.9 million in PIK interest expense related to the Term Loan. The PIK interest expense is included in interest expense on the condensed consolidated statements of operations and comprehensive loss.
Prior to PSPIB's advance of the first tranche, the Company satisfied several closing conditions including the provision of a cash flow forecast and the board of directors' retention of an advisor. The first and second tranche of the Term Loan, each in an aggregate principal amount of $15.0 million, were advanced to D-Wave on April 14, 2023 and July 13, 2023, respectively, with the third tranche of $20.0 million to be made automatically available to the Company subject to the satisfaction of certain conditions. PSPIB has agreed to waive certain covenants under the Term Loan that the Company did not meet, including the minimum revenue financial covenant for the fiscal quarters ended June 30, 2023 and September 30, 2023. As of March 31, 2024, the Company was in compliance with the covenants of the Term Loan.
The availability of the third tranche is subject to the Company closing a $25.0 million non-dilutive financing on terms reasonably acceptable to the Lender, the intellectual property valuation report submitted as a condition precedent to the second tranche remaining satisfactory to the Lender and providing a board-approved operating budget for 2023 through 2027 by August 31, 2023 that is satisfactory to the Lender. The deadline to provide the operating budget was extended to December 31, 2023 from August 31, 2023 by the fourth amendment to the Term Loan dated October 6, 2023, and the budget was provided prior to the extended deadline. There can be no assurance that the Company will be able to meet the conditions necessary to draw on the third tranche.
The Term Loan was amended such that the Company may issue up to $50.0 million under the Purchase Agreement without the requirement to pay down the Term Loan to the extent that the proceeds under the Purchase Agreement were received prior to December 31, 2023. On February 7, 2024, the fifth amendment of the Term Loan was entered into to amend Section 1.1 “Permitted Investments” to include the investment in Zapata in the form of a senior secured promissory note (see Note 4 for further information). As amended, the Term Loan requires that any proceeds from the issuance of Common Shares under the Purchase Agreement in excess of $50.0 million shall be applied towards the repayment of advances under the Term Loan in addition to a premium payment equal to 10% of the amount then prepaid to the Lender. On April 16, 2024, the Term Loan was further amended that the Company may issue up to $30.0 million under the Purchase Agreement without the requirement to pay down the Term Loan to the extent that the proceeds under the Purchase Agreement are received between April 16, 2024 and September 30, 2024. Refer to Note 12 - Subsequent events for further details.
Any unrealized gain or loss on the Term Loan is included in change in fair value of term loan on the condensed consolidated statements of operations and comprehensive loss.
The Term Loan was classified as a Level 3 fair value measurement and measured using the binomial lattice model and the Monte Carlo simulation model. Key inputs for the simulations are summarized below.
| | | | | |
| As of March 31, 2024 |
Weighted-average risk-free rate | 5.47% Range: 5.46% to 5.49% |
Default Trigger Event probability | 5.00% on July 1 2024 |
ELOC financing trigger event probability | 25.00% from December 31, 2023 through July 1, 2024 |
Weighted-average market yield rate (Default Trigger Event) | 15.85% |
Weighted-average market yield rate (Call Option) | 14.38% Range: 11.86% to 15.74% |
Weighted-average market yield volatility | 5.00% |
The following table summarizes the difference between the fair value and the amortized cost of the Term Loan as of March 31, 2024:
| | | | | | | | | | | | | | | | | |
| Amortized Cost | | Unrealized Gains | | Fair Value |
Term Loan, due 2027 | $ | 32,939 | | | $ | 1,839 | | | $ | 31,100 | |
The following table summarizes the changes in the Term Loan:
| | | | | |
| Three months ended March 31, 2024 |
Beginning balance | $ | 31,400 | |
| |
PIK interest expenses | 899 | |
Change in fair value | (1,199) | |
Ending balance | $ | 31,100 | |
7. WARRANT LIABILITIES
Public and Private Warrants
In conjunction with the Merger, the Company assumed 10,000,000 DPCM public warrants (the "Public Warrants") and 8,000,000 DPCM private warrants (the "Private Warrants", collectively the "Warrants"). During the three months ended March 31, 2024, no DPCM public or private warrants were exercised.
As of March 31, 2024, the Company has 17,916,609 Warrants outstanding. As part of the Merger, each DPCM Public Warrant and Private Warrant that was issued and outstanding immediately prior to the Merger was automatically and irrevocably converted into one D-Wave Quantum warrant. The Warrants are subject to the terms and conditions of the warrant agreement entered into between DPCM, Continental Stock Transfer & Trust Company and the Company (the “Warrant Agreement Amendment” as specified in the Transaction Agreement).
Each such Warrant will be exercisable at an exercise price of $11.50 for 1.4541326 Common Shares, or an approximate exercise price per Common Share of $7.91, subject to adjustments. The Warrants may be exercised for a whole number of shares of the Company. No fractional shares will be issued upon exercise of the Warrants. The Warrants will expire on August 5, 2027, or earlier upon redemption or liquidation.
The Private Warrants are identical to the Public Warrants except that the Private Warrants are exercisable on a cashless basis and are non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.
The Company may redeem the Public 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 based on the redemption date and the fair market value of the Common Share;
• if, and only if, the last reported sales price of the shares of the Common Shares for any twenty (20) trading days within the thirty (30) trading-day period ending on the third trading day prior to the date on which a notice of redemption is given equals or exceeds $10.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalization and the like) (the "Reference Value");
•if the Reference Value is less than $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalization and the like), the Private Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above; and
• if, and only if, there is an effective registration statement covering the issuance of the Common Shares issuable upon exercise of the warrants and a current prospectus relating thereto available throughout the 30-day period after written notice of redemption is given, or an exemption from registration is available.
If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of the Common Shares issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, or recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuance of the Common Shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants.
D-Wave Systems Warrant Transaction Agreements
In November 2020, contemporaneously with a revenue arrangement, D-Wave Systems entered into a contract pursuant to which D-Wave Systems agreed to cancel a previously issued warrant with a customer and replace it with a warrant to acquire up to 3,247,637 shares of its Class A Preferred Shares (the “Warrant Preferred Shares”), subject to certain vesting requirements. The warrant agreement was amended on August 5, 2022, contemporaneously with the closing of the Merger, to convert the Warrant Preferred Shares to a warrant to acquire up to 2,889,282 Common Shares of the Company in accordance with the Conversion Ratio of 0.889657 (the "Conversion Ratio") established in the Merger. The warrants vest based on various contractual milestones. As of the termination date of the agreement, approximately 40% of the warrants had vested, resulting in warrants exercisable into 1,155,713 Common Shares remaining after the termination date. The vested warrants will remain exercisable for up to 1,155,713 Common Shares at an exercise price of $2.16 per Common Share until November 29, 2026. As of March 31, 2024, no additional Warrant Preferred Shares were vested or probable of vesting.
8. STOCK-BASED COMPENSATION
2020 Equity Incentive Plan
In April 2020, the Board of Directors of D-Wave Systems approved the 2020 Equity Incentive Plan (the "2020 Plan") which provides for the grant of qualified ISO and NSO, restricted stock, RSU or other awards to the Company’s employees, officers, directors, advisors, and outside consultants. After the closing of the Merger effective August 5, 2022, no additional awards were issued under the 2020 Plan. Stock options granted under the 2020 Plan will be converted applying the Conversion Ratio to the underlying common stock at the exercise date.
2022 Equity Incentive Plan
On August 5, 2022, the shareholders approved the D-Wave Quantum Inc. 2022 Equity Incentive Plan (the “2022 Plan”), which became effective immediately upon the closing of the Merger. While the 2022 Plan allows for the issuance of awards with a service condition, a performance condition, a market condition, or some combination of the three, to date, the Company has only issued awards subject to a service condition. Awards issued under the 2022 Plan have vesting periods ranging from under one year to four years from the original grant date, and all awards issued to date under the 2022 Plan will expire ten years from the original grant date.
Share-based compensation awards are settled by issuing new shares.
Common stock option activity
The following table summarizes the Company’s stock option activity during the periods presented (in thousands except share and per share data):
| | | | | | | | | | | | | | | | | | | | | | | |
| Number of options | | Weighted average exercise price ($) | | Weighted average remaining contractual term (years) | | Aggregate intrinsic value ($) |
Outstanding as of December 31, 2023 | 11,464,447 | | 1.64 | | | 6.80 | | — | |
Granted | 2,921,082 | | 1.30 | | | — | | | — | |
Exercised | (10,443) | | 0.91 | | | — | | | 9 | |
Forfeited and expired | (122,179) | | 3.35 | | | — | | | — | |
Outstanding as of March 31, 2024 | 14,252,907 | | 1.56 | | | 7.23 | | 12,718 | |
Options exercisable as of March 31, 2024 | 11,573,180 | | 1.29 | | | 6.83 | | 11,406 | |
Options unvested as of March 31, 2024 | 2,679,727 | | 2.74 | | | 8.93 | | — | |
As of March 31, 2024, out of the total 14,252,907 options that have been issued and are currently outstanding, 10,447,710 options were granted under the 2020 Plan. These options will be converted applying the Conversion Ratio into a maximum of 9,294,878 Common Shares upon exercise.
Restricted stock unit awards
The following table summarizes the RSU activity and related information under the 2022 Plan:
| | | | | | | | | | | | | | | | | | | | | | | |
| Number of Outstanding | | Weighted average Grant Date Fair Value ($) | | Weighted average remaining contractual term (years) | | Aggregate intrinsic value ($) |
Unvested as of December 31, 2023 | 7,045,813 | | | 3.13 | | | 9.08 | | 6,201 | |
Granted | 5,362,486 | | | 1.79 | | | — | | | — | |
Forfeited and expired | (156,738) | | | 2.73 | | | — | | | — | |
Vested | (1,791,317) | | | 0.73 | | | — | | | — | |
Unvested as of March 31, 2024 | 10,460,244 | | | 2.86 | | | 12.55 | | 21,339 | |
Employee Stock Purchase Plan
During the three months ended March 31, 2024, no common shares were issued under the ESPP.
Stock-based compensation expense
The following table summarizes the stock-based compensation expense classified in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):
| | | | | | | | | | | | | |
| Three Months Ended March 31, |
| 2024 | | 2023 | | |
Cost of revenue | $ | 175 | | | $ | 377 | | | |
Research and development | 1,121 | | 2,760 | | |
General and administrative | 1,958 | | | 3,294 | | | |
Sales and marketing | 255 | | | 324 | | | |
Total stock-based compensation | $ | 3,509 | | | $ | 6,755 | | | |
As of March 31, 2024, total unrecognized stock-based compensation cost, net of estimated forfeitures, related to our unvested stock awards was $30.2 million. This amount is based on an estimated future forfeiture rate of 2.7% per year and will be recognized over a weighted-average period of approximately 1.67 years.
9. PROMISSORY NOTE - RELATED PARTY
Term Loan
On April 13, 2023, the Company entered into the Term Loan, by and between the Company and PSPIB, a related party to the Company's largest shareholder. Refer to Note 6 - Loans payable, net for further description of the Term Loan.
Promissory notes
On February 28, 2022, an affiliate of DPCM issued an unsecured promissory note of up to $1.0 million to the Sponsor (the "Affiliate Note") for additional working capital. $0.2 million was drawn on the Affiliate Note. As part of the Merger, the Company assumed and amended the Affiliate Note. The Affiliate Note had been fully repaid as of December 31, 2023.
Similarly, on April 13, 2022, DPCM obtained an unsecured promissory note of up to $1.0 million from the Sponsor (the "DPCM Note") for additional working capital. $0.2 million was drawn on the DPCM Note. The Company also assumed and amended this note. The Affiliate Note had been fully repaid as of December 31, 2023.
These transactions are considered related party transactions as they involve affiliates of the Company.
Short swing profit settlement
During the three months ended March 31, 2023, the Company recorded approximately $0.2 million related to the short swing profit settlement remitted by a shareholder of the Company under Section 16(b) of the Securities Exchange Act of 1934, as amended. The Company recognized the proceeds as an increase to additional paid-in-capital in the condensed consolidated statements of stockholders’ deficit, as well as in financing activities in the condensed consolidated statements of cash flows for the three months ended March 31, 2023.
10. COMMITMENTS AND CONTINGENCIES
Lease obligations
The Company primarily enters into leases for office space that are classified as operating leases. During the three months ended March 31, 2024 and 2023, total operating lease costs were $0.5 million and $0.4 million, respectively.
Litigation
From time to time, the Company may become involved in various legal proceedings in the ordinary course of its business and may be subject to third-party infringement claims.
In the normal course of business, the Company may agree to indemnify third parties with whom it enters into contractual relationships, including customers, lessors, and parties to other transactions with the Company, with respect to certain matters. The Company has agreed, under certain conditions, to hold these third parties harmless against specified losses, such as those arising from a breach of representations or covenants, other third-party claims that the Company’s products, when used for their intended purposes, infringe the intellectual property rights of such other third parties, or other claims made against certain parties. It is not possible to determine the maximum potential amount of liability under these indemnification obligations due to the Company’s limited history of prior indemnification claims and the unique facts and circumstances that are likely to be involved in each particular claim.
As of March 31, 2024 and 2023, the Company was not subject to any material litigation or pending litigation claims.
11. NET LOSS PER SHARE
The following table sets forth the computation of the basic and diluted net loss per share attributable to common stockholders for the three months ended March 31, 2024 and 2023 (in thousands, except share and per share data):
| | | | | | | | | | | | | |
| Three Months Ended March 31, |
| 2024 | | 2023 | | |
Numerator: | | | | | |
Net loss attributable to common stockholders - basic and diluted | $ | (17,312) | | | $ | (24,406) | | | |
Denominator: | | | | | |
Weighted-average common stock outstanding | 161,308,490 | | | 123,144,097 | | | |
Net loss per share attributable to common stockholders - basic and diluted | $ | (0.11) | | | $ | (0.20) | | | |
For the three months ended March 31, 2024 and 2023 the Company’s potentially dilutive securities were stock options, the Warrant Shares, the Public Warrants and Private Warrants and the unvested restricted stock unit awards.
Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods as the inclusion of all potential common shares outstanding would have been anti-dilutive.
Potentially dilutive securities (upon conversion) that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:
| | | | | | | | | | | | | |
| Three Months Ended March 31, |
| 2024 | | 2023 | | |
Public Warrants as converted to Common Shares (Note 7) | 14,420,065 | | | 14,420,065 | | | |
Private Warrants as converted to Common Shares (Note 7) | 11,633,060 | | | 11,633,060 | | | |
D-Wave Systems Warrant Shares as converted to Common Shares (Note 7) | 1,155,713 | | | 2,889,282 | | | |
Stock options issued and outstanding | 13,100,076 | | | 13,026,724 | | | |
Unvested restricted stock unit awards | 10,460,244 | | | — | | | |
Total | 50,769,158 | | | 41,969,131 | | | |
12. SUBSEQUENT EVENTS
The Company has evaluated all events occurring through May 13, 2024, the date on which the condensed consolidated financial statements were issued, and during which time, nothing has occurred outside the normal course of business operations that would require disclosure except the following:
Sixth Amendment to Term Loan
On April 16, 2024, the Company entered into the sixth amendment to the Term Loan (the “Amendment”) with PSPIB.
The Amendment provides for an additional period for which no prepayment of the advances under the Term Loan is required with respect to aggregate gross proceeds of up to $30 million received by the Company pursuant to the share issuances under the Purchase Agreement or the Universal Shelf (as defined in the Term Loan) between April 16, 2024 and September 30, 2024 (the "Second Prepayment Exemption"). Additionally, the Amendment allows for an additional prepayment premium exemption with respect to aggregate gross proceeds up to $20 million received by the Company pursuant to the Purchase Agreement or the Universal Shelf subsequently to the receipt of aggregate gross proceeds of $30 million under the Second Prepayment Exemption. Under such additional prepayment premium exemption, the additional premium included in the Prepayment Premium (as defined in the Term Loan) and equal to 10% of the amount then prepaid to PSPIB for any mandatory prepayment pursuant to Section 2.3(a)(ii) under the Purchase Agreement will not be applicable.
Subsequent to the Amendment, the Company issued 9,616,070 Common Shares in connection with the Purchase Agreement for total proceeds of $13.4 million.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
The following discussion is intended to assist you in understanding our present business and the results of operations together with our present financial condition. This section should be read in conjunction with our unaudited condensed consolidated financial statements and the accompanying notes contained in Part I, Item I of this Report, as well as our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 29, 2024. In this section, unless otherwise specified, the terms “we”, “our”, “us”, D-Wave" or the "Company" refer to D-Wave Quantum Inc. and its subsidiaries following the closing of the merger between DPCM Capital, Inc. ("DPCM"), D-Wave Systems Inc., and certain other affiliated entities through a series of transactions (the "Merger") on August 5, 2022 (the "Closing") while "D-Wave Systems" refers to D-Wave Systems Inc. prior to the Closing. All other capitalized terms have the meanings ascribed thereto elsewhere in this Report. All dollar amounts are expressed in thousands of United States dollars (“$”), unless otherwise indicated.
Overview
We are a commercial quantum computing company that provides customers with a full suite of professional services and web-based access to our superconducting quantum computer systems and integrated software environment through our LeapTM quantum cloud service. Historically, we have developed our own annealing superconducting quantum computer and associated software, and our current generation quantum system is the D-Wave AdvantageTM system. We are a leader in the development and delivery of quantum computing systems, software and services, and we are the world’s first commercial supplier of quantum computers—and the only company developing both annealing quantum computers and gate-model quantum computers.
Our business model is focused primarily on generating revenue from providing customers access to our quantum computing systems via the cloud in the form of quantum computing as a service ("QCaaS") products, and from providing professional services wherein we assist our customers in identifying and implementing quantum computing applications. We have three operating facilities, which we lease, in North America. These facilities are located in Burnaby, British Columbia, Richmond, British Columbia, and Palo Alto, California.
During the three months ended March 31, 2024 and 2023, we generated revenue totaling $2.5 million and $1.6 million, respectively. We have incurred significant operating losses since inception. For the three months ended March 31, 2024 and 2023, our net losses were $17.3 million and $24.4 million, respectively. We expect to continue to incur significant losses for the foreseeable future as we continue to invest in a number of research and development programs as well as a variety of go-to-market initiatives. As of March 31, 2024, we had an accumulated deficit of $500.4 million.
Macroeconomic Environment
Unfavorable conditions in the economy in the United States, Canada and abroad, including conditions resulting from changes in gross domestic product growth, financial and credit market fluctuations, banking collapses and related uncertainty, international trade relations, political turmoil, natural catastrophes, outbreaks of contagious diseases, warfare and terrorist attacks on the United States, Europe or elsewhere, including military actions affecting Russia, Ukraine, Israel or elsewhere, could cause a decrease in business investments on our products and negatively affect the growth of our business and our results of operations.
The recent trends towards rising inflation may materially adversely affect our business and corresponding financial position and cash flows. Inflationary factors, interest rates and overhead costs may adversely affect our operating results. High interest and inflation rates also present a recent challenge impacting the U.S. and Canadian economies and could make it more difficult for us to obtain traditional financing on acceptable terms, if at all, in the future. Although we do not believe that inflation has had a material impact on our financial position or results of operations to date, we may experience increases in the near future (especially if inflation rates remain high or continue to rise) on our operating costs, including our labor, due to supply chain constraints and employee availability and wage increases, which may result in additional stress on our working capital resources.
Key Components of Results of Operations
Revenue
We currently generate our revenue primarily through subscription sales to access our QCaaS cloud platform and professional services related to the development and implementation of quantum computing applications. QCaaS revenue is recognized on a ratable basis over the contract term, which generally ranges from one month to two years. Professional services revenue is recognized over time on a percentage of completion basis using the costs incurred input measure of progress.
We expect that QCaaS revenue, as a percentage of total revenue, will increase due to an increasing number of QCaaS agreements being driven by the completion of professional services engagements yielding production applications that require QCaaS services, as well as by customers that choose to access our Leap cloud service without utilizing our professional services organization.
Cost of Revenue
Our cost of revenue consists of all direct and indirect expenses related to providing our QCaaS offering and delivering our professional services, such as personnel-related expenses, including stock-based compensation, costs associated with maintaining the cloud platform on which we provide the QCaaS product and depreciation and amortization related to our quantum computing systems and related software.
We expect our total cost of revenue to trend upward in absolute dollars in future periods, corresponding to our anticipated growth in revenue and necessary to support our customers and to maintain the QCaaS cloud offering, operate our quantum computing systems, and to deliver our professional services. In the short term, decreases in share based compensation expenses may offset the expected long-term upward trend. We expect our cost of revenue as a percentage of total revenue to trend downward over time due to a higher mix of QCaaS revenue that has a lower cost to deliver compared to professional service revenue.
Operating Expenses
Our operating expenses consist of research and development, general and administrative, and sales and marketing expenses.
Research and Development
Research and development expenses consist primarily of personnel-related expenses, including salaries, benefits and stock-based compensation for personnel, fabrication costs, lab supplies, and cloud computing resources and allocated facility costs for our research and development functions. Unlike a standard computer, design and development efforts continue throughout the useful life of our quantum computing systems to ensure proper calibration and optimal functionality. Research and development expenses also include purchased hardware components, fabrication and software costs related to quantum computing systems constructed for research purposes that do not have a high probability of providing near-term future economic benefits, and may have no alternate future use. We currently do not capitalize any research and development expenses.
We expect our research and development expenses will trend upward on an absolute dollar basis for the foreseeable future as we continue to invest in research and development efforts to enhance the performance of our annealing quantum computers, to complete the development of our gate model quantum computer, and to broaden the functionality, improve the reliability, availability and scalability of our QCaaS cloud platform. If in the future we receive government grants and research incentives, which have historically offset a portion of research and development costs, these costs could decrease in absolute dollars. Also, in the short term, decreases in share based compensation expenses may offset the expected long-term upward trend.
General and Administrative
General and administrative expenses consist primarily of personnel-related expenses, including salaries, benefits and stock-based compensation for personnel and outside professional services expenses including legal, audit and accounting services, insurance, other administrative expenses and allocated facility costs for our administrative functions.
We expect our general and administrative expenses to decrease in absolute dollars in the near term due to significant investments in scaling up our ability to operate as a public company made in prior years. However, in longer term future periods we expect general and administrative expenses to increase in absolute dollars as we continue to invest in more comprehensive compliance and governance functions, increased IT security and compliance, and expanded internal controls over financial reporting in accordance with the Sarbanes-Oxley Act.
Sales and Marketing
Sales and marketing expenses consist primarily of personnel-related expenses, including salaries, benefits and stock-based compensation for personnel, direct advertising, marketing and promotional material costs, sales commission expense, consulting fees and allocated facility costs for our sales and marketing functions. We intend to continue to make significant investments in our sales and marketing organization to drive additional revenue, expand our global customer base, and broaden our brand awareness. We expect our sales and marketing expenses to continue to increase in absolute dollars for the foreseeable future. However, non-cash expenses like stock-based compensation could decrease these costs in the short term.
Results of Operations
The following table sets forth our results of operations for the periods indicated (in thousands):
| | | | | | | | | | | | | | | | |
| | Three Months Ended March 31, |
(In thousands, except share and per share data) | | 2024 | | 2023 | | |
Revenue | | $ | 2,465 | | | $ | 1,583 | | | |
Cost of revenue | | 806 | | | 1,162 | | | |
Total gross profit | | 1,659 | | | 421 | | | |
Operating expenses: | | | | | | |
Research and development | | 8,525 | | | 10,915 | | | |
General and administrative | | 7,566 | | | 11,296 | | | |
Sales and marketing | | 3,084 | | | 2,900 | | | |
Total operating expenses | | 19,175 | | | 25,111 | | | |
Loss from operations | | (17,516) | | | (24,690) | | | |
Other income, net: | | | | | | |
Interest expense | | (1,140) | | | (212) | | | |
Change in fair value of Term Loan | | 1,199 | | | — | | | |
Gain on investment in marketable equity securities | | 1,660 | | | — | | | |
Change in fair value of warrant liabilities | | (2,652) | | | 638 | | | |
Other income (expense), net | | 1,137 | | | (142) | | | |
Total other income, net | | 204 | | | 284 | | | |
Net loss | | $ | (17,312) | | | $ | (24,406) | | | |
Foreign currency translation adjustment, net of tax | | 47 | | | (19) | | | |
Net comprehensive loss | | $ | (17,265) | | | $ | (24,425) | | | |
Comparison of the Three Months Ended March 31, 2024 and 2023
Revenue
Revenue increased by $0.9 million, or 56%, to $2.5 million for the three months ended March 31, 2024 as compared to $1.6 million for the three months ended March 31, 2023, with the increase due primarily to an increase in QCaaS revenue of $0.5 million, due to an increase in the number of QCaaS customers and average revenue per QCaaS customer, as well as an increase of $0.3 million in professional services revenue, primarily driven by an increase in projects that enable our customers to identify and implement applications that leverage our QCaaS cloud platform.
Cost of Revenue
Cost of revenue decreased by $0.4 million, or 31%, to $0.8 million for the three months ended March 31, 2024 as compared to $1.2 million for the three months ended March 31, 2023. The decrease in cost of revenue was primarily driven by a decrease in non-cash stock-based compensation, personnel costs and quantum computing infrastructure costs of $0.2 million, $0.1 million and $0.1 million, respectively.
Operating Expenses
Research and Development Expenses
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | Change |
(In thousands, except percentages) | 2024 | | 2023 | | Amount | | % |
Research and development | $ | 8,525 | | | $ | 10,915 | | | $ | (2,390) | | | (22) | % |
Research and development expenses decreased by $2.4 million, or 22%, to $8.5 million for the three months ended March 31, 2024 compared to $10.9 million for the three months ended March 31, 2023. In particular, the decrease was primarily driven by decreases in stock-based compensation expenses of $1.6 million, fabrication expenses of $0.3 million, other personnel costs of $0.2 million and facilities expenses of $0.2 million.
General and Administrative Expenses
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | Change |
(In thousands, except percentages) | 2024 | | 2023 | | Amount | | % |
General and administrative | $ | 7,566 | | | $ | 11,296 | | | $ | (3,730) | | | (33) | % |
General and administrative expenses decreased by $3.7 million, or 33%, to $7.6 million for the three months ended March 31, 2024 as compared to $11.3 million for the three months ended March 31, 2023. The decrease was primarily driven by decreases in professional fees of $2.1 million, stock-based compensation expense of $1.3 million and insurance costs of $0.3 million, partially offset by an increase in personnel costs of $0.4 million.
Sales and Marketing Expenses
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | Change |
(In thousands, except percentages) | 2024 | | 2023 | | Amount | | % |
Sales and marketing | $ | 3,084 | | | $ | 2,900 | | | $ | 184 | | | 6 | % |
Sales and marketing expenses remained steady for the three months ended March 31, 2024, in comparison to the same period in 2023.
Other Income (Expense), net
Interest Expense
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | Change |
(In thousands, except percentages) | 2024 | | 2023 | | Amount | | % |
Interest expense | $ | (1,140) | | | $ | (212) | | | $ | (928) | | | 438 | % |
Interest expense increased by $0.9 million, or 438%, to $1.1 million for the three months ended March 31, 2024 as compared to $0.2 million for the three months ended March 31, 2023. The increase is primarily due to accrued interest related to the Term Loan, which commenced in the second quarter of 2023. Refer to Note 6 to the accompanying unaudited condensed consolidated financial statements for further details.
Change in fair value of Term Loan
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | Change |
(In thousands, except percentages) | 2024 | | 2023 | | Amount | | % |
Change in fair value of Term Loan | $ | 1,199 | | | $ | — | | | $ | 1,199 | | | n/a |
Change in fair value of Term Loan increased by $1.2 million for the three months ended March 31, 2024 as compared to zero for the three months ended March 31, 2023. As previously mentioned, on April 13, 2023, the Company entered into a Term Loan with PSPIB. The Company opted for the fair value option for accounting the Term Loan (see Note 2 to the accompanying condensed consolidated financial statements). Changes in the fair value of the Term Loan, excluding changes due to the Company's own credit risk, are recorded as gains or losses in the Company’s condensed consolidated statements of operations and comprehensive loss in each reporting period. The fair value of the Term Loan varies primarily based on the market yield rate, market yield volatility, probability for an event of default and the probability of the issuance of shares of D-Wave’s common stock, par value $0.0001, (the "Common Share") under a purchase agreement with Lincoln Park on June 16, 2022 (the "Purchase Agreement").
Gain on investment in marketable equity securities
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | Change |
(In thousands, except percentages) | 2024 | | 2023 | | Amount | | % |
Gain on investment in marketable equity securities | $ | 1,660 | | | $ | — | | | $ | 1,660 | | | n/a |
Gain on investment in marketable equity securities increased by $1.7 million for the three months ended March 31, 2024 as compared to zero for the three months ended March 31, 2023. On January 5, 2024, an investee of the Company was acquired for a combination of cash and stock in an orderly transaction. Consequently, the carrying value of the Company's investment was adjusted based on the consideration received, resulting in a net gain of $1.7 million.
Change in fair value of warrant liabilities
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | Change |
(In thousands, except percentages) | 2024 | | 2023 | | Amount | | % |
Change in fair value of warrant liabilities | $ | (2,652) | | | $ | 638 | | | $ | (3,290) | | | (516) | % |
Fair value of warrant liabilities increased by $2.7 million for the three months ended March 31, 2024 as compared to a decrease of $0.6 million for the three months ended March 31, 2023. The fair value of the warrant liabilities varies primarily with the trading price of the Public Warrants listed on the New York Stock Exchange (see Note 2 to the accompanying condensed consolidated financial statements).
Other income (expense), net
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | Change |
(In thousands, except percentages) | 2024 | | 2023 | | Amount | | % |
Other income (expense), net | $ | 1,137 | | | $ | (142) | | | $ | 1,279 | | | (901) | % |
Other income (expense), net increased by $1.3 million or 901%, to $1.1 million for the three months ended March 31, 2024 as compared to $(0.1) million for the three months ended March 31, 2023. The increase was primarily driven by the net impact of foreign exchange gains and losses of $1.1 million and increase in interest income of $0.2 million.
Liquidity and Capital Resources
Since its inception, the Company has incurred net losses and negative cash flows from operations. As of March 31, 2024, the Company had an accumulated deficit of $500.4 million. For the three months ended March 31, 2024 and 2023, the Company incurred a net loss of $17.3 million and $24.4 million, respectively, and the Company had net cash outflows from operating activities of $12.1 million and $13.6 million, respectively. As of March 31, 2024, the Company had cash of $27.3 million and working capital (current assets less current liabilities) of $22.8 million. Additionally, total liabilities exceeded total assets at March 31, 2024 by $37.0 million. The Company expects to incur additional operating losses and negative cash flows from operating activities as it continues to expand its commercial operations and research and development programs.
On April 13, 2023 (the "Closing Date"), the Company finalized a Term Loan and Security Agreement ("Term Loan") with PSPIB Unitas Investments II Inc. ("PSPIB" or the "Lender"), a related party to the Company's largest shareholder. The Term Loan, outlined in Note 6 - Loans payable, net, provides $50.0 million in three tranches, with financial performance requirements. The first two tranches of $15.0 million each were disbursed on April 14, 2023, and July 13, 2023, respectively. The third tranche of $20.0 million is contingent on meeting specific criteria, including a non-dilutive financing closure. There can be no assurance that the Company will be able to meet the conditions necessary to draw on the third tranche. As of March 31, 2024, the Company was in compliance with the covenants under the Term Loan.
In conjunction with the Merger, the Company and D-Wave Systems entered into the Purchase Agreement with Lincoln Park Capital Fund, LLC ("Lincoln Park") on June 16, 2022, which provides D-Wave the sole right, but not the obligation, to direct Lincoln Park to buy specified dollar amounts up to $150.0 million of D-Wave's common stock, par value $0.0001 per share through November 1, 2025. The Purchase Agreement may provide the Company and D-Wave with additional liquidity to fund the business, subject to the conditions set forth in the agreement, including volume limitations tied to periodic market prices, ownership limitations restricting Lincoln Park from owning more than 9.9% of the then total outstanding Common Shares and a floor price of $1.00 at or below which the Company may not sell to Lincoln Park any Common Shares. When the Company sells shares to Lincoln Park, Lincoln Park may resell all, some, or none of those Common Shares at any time or from time to time in its discretion. During the three months ended March 31, 2024, the Company did not issue any Common Shares to Lincoln Park under the Purchase Agreement. In order for the Company to issue Common Shares under the Purchase Agreement, the Company's share price must be above the floor price of $1.00. There is no assurance that the floor price will not fall below $1.00 preventing the Company from being able to make sales to Lincoln Park in the future.
To the extent that sufficient capital is not obtained through the cash received in connection with the proceeds of the Term Loan or the issuance of Common Shares under the Purchase Agreement with Lincoln Park, management will be required to obtain additional capital through the issuance of debt and/or equity, or other arrangements. However, there can be no assurance that D-Wave will be able to raise additional capital when needed or under acceptable terms. The issuance of additional equity may dilute existing stockholders and newly issued shares may contain senior rights and preferences compared to the currently outstanding common stock. Any future debt may contain covenants and limit D-Wave’s ability to pay dividends or make other distributions to stockholders. If D-Wave is unable to obtain additional financing, operations will be scaled back or discontinued.
As of December 31, 2023, the Company was not in compliance with certain continued listing standards of the New York Stock Exchange ("NYSE"). On March 1, 2024, the NYSE provided D-Wave with a notification letter of recompliance based on a calculation of the Company’s average closing share price for the 30 trading days ended February 29, 2024, which reflected an average closing share price above the NYSE’s $1.00 minimum requirement. D-Wave will continue to be traded on the NYSE, subject to its continued compliance with all applicable listing standards.
If the Company is unable to maintain compliance with the continued listing standards of the NYSE and is not able to cure any violations within the time periods allotted by the NYSE, if any, it will result in the delisting of the Company’s common stock from the NYSE, which could negatively impact the trading price, trading volume and liquidity of, and have other material adverse effects on, the Company’s common stock and its ability to raise capital.
In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Codification (“ASC”) Topic 205-40, “Basis of Presentation—Going Concern”, management has determined that the Company's liquidity condition raises substantial doubt about the Company’s ability to continue as a going concern, which is considered to be for a period of one year from the issuance of these financial statements. These condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty. Such adjustments could be material.
Cash Flows
The following table sets forth our cash flows for the periods indicated (in thousands): | | | | | | | | | | | | | |
| Three Months Ended March 31, |
| 2024 | | 2023 | | |
Net cash provided by (used in): | | | | | |
Operating Activities | $ | (12,119) | | | $ | (13,574) | | | |
Investing Activities | (1,205) | | | (76) | | | |
Financing Activities | (726) | | | 15,592 | | | |
Effect of exchange rate changes on cash and cash equivalents | 47 | | | (19) | | | |
Net increase (decrease) in cash and cash equivalents | $ | (14,003) | | | $ | 1,923 | | | |
Cash Flows Used in Operating Activities
Our cash flows from operating activities are significantly affected by the growth of our business, and are primarily related to research and development, sales and marketing and general and administrative activities. Our operating cash flows are also affected by our working capital needs to support growth in personnel-related expenditures and fluctuations in accounts payable, accounts receivable and other current assets and liabilities.
For the three months ended March 31, 2024, net cash used in operating activities was $12.1 million, a decrease of $1.5 million from $13.6 million for the three months ended March 31, 2023. The change is primarily due to a decrease in net loss of $7.1 million, offset by a decrease in noncash items of $3.1 million and a decrease in cash released from working capital of $2.5 million. The decrease in noncash items was primarily due to a decrease in stock-based compensation of $3.2 million, an increase in fair value of Term Loan of $1.2 million and a gain on marketable securities of $1.7 million, offset by a net increase in fair value of warrant liabilities of $3.3 million.
Cash Flows Used in Investing Activities
Net cash used in investing activities during the three months ended March 31, 2024 was $1.2 million, an increase of $1.1 million in cash used in investing activities from $0.1 million for the three months ended March 31, 2023. The increase is primarily due to purchase of convertible note of $1.0 million and an increase in purchase of property and equipment of $0.2 million. On February 8, 2024, the Company purchased a convertible Senior Secured Note with a principal amount of $1.0 million from Zapata. Refer to Note 2 and Note 4 to the unaudited condensed consolidated financial statements for further details.
Cash Flows Provided by (Used in) Financing Activities
Net cash used in financing activities during the three months ended March 31, 2024 was $0.7 million, a decrease of $16.3 million from cash provided by financing activities of $15.6 million for the three months ended March 31, 2023. The decrease is primarily due to absence of Common Shares issuance to Lincoln Park under the Purchase Agreement during the three months ended March 31, 2024 and the payment of tax withheld for common stock issued under stock-based compensation plans of $0.7 million.
Contractual Obligations and Commitments
As of March 31, 2024, there have been no material changes with regard to contractual obligations from those disclosed in our "Management's Discussion and Analysis on Financial Condition and Results of Operations—Contractual Obligations and Commitments" in our Annual Report on Form 10-K for the year ended December 31, 2023.
Critical Accounting Estimates
There have been no material changes to our critical accounting policies from those disclosed in our "Management's Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates" in our Annual Report on Form 10-K for the year ended December 31, 2023.
Recently Issued and Adopted Accounting Standards
A discussion of recent accounting pronouncements is included in Note 2 to our unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Not applicable to Smaller Reporting Companies.
Item 4. Controls and Procedures
Limitations on Effectiveness of Controls and Procedures
In designing and evaluating our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.
Evaluation of Disclosure Controls and Procedures
In accordance with the Exchange Act Rules 13a-15(e) and 15d-15(e), we carried out an evaluation, under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of March 31, 2024. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, due to a material weakness in our internal control over financial reporting specifically related to D-Wave’s control environment in relation to our financial statement close process (i.e., lack of sufficient accounting and financial reporting personnel with requisite knowledge and experience in the application of complex areas of GAAP and SEC rules to facilitate accurate and timely financial reporting and to perform sufficient review over certain financial statement areas), as previously disclosed in Item 9A of our Annual Report on Form 10-K for the year ended December 31, 2023, our disclosure controls and procedures were not effective as of the end of the period covered by this Report.
Notwithstanding the material weakness described above, we have concluded that our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q are fairly stated in all material respects in accordance with U.S. GAAP for the periods presented therein.
Remediation Efforts on Previously Reported Material Weakness
The Company is devoting significant time, attention, and resources to remediating the above material weakness. The Company has undertaken and continues to execute the following steps intended to remediate the material weakness described above and strengthen our internal controls, specifically:
•The Company hired experienced finance and accounting executives in the positions of SVP Finance, VP Corporate Controller, and Senior Manager of Financial Reporting and Technical Accounting.
•The Company continues to develop accounting personnel with a level of accounting knowledge and experience in the application of US GAAP commensurate with our financial reporting requirements and the complexity of our operations and transactions, including providing adequate training and supervision to our staff.
•The Company has engaged external specialists as needed to provide assistance in accounting for significant, non-routine or complex transactions.
•The Company has engaged external consultants to assist the Company in designing, implementing, and monitoring an appropriate system of internal control.
The Company has made significant progress in addressing the previously identified material weakness, however the material weakness will not be considered remediated until our remediation plan has been fully implemented, the applicable controls have operated for a sufficient period of time, and we have concluded, through testing, that the newly implemented and enhanced controls have been designed and operating effectively for a sufficient period of time.
Changes in Internal Control Over Financial Reporting
Other than the ongoing remediation to address the material weakness described above, there was no change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act), during the three months ended March 31, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
Part II
Item 1. Legal Proceedings
From time to time, we may become involved in legal proceedings arising in the ordinary course of business. There are currently no pending or threatened legal proceedings or claims against us that, in our opinion, are likely to have a material adverse effect on our business, operating results, financial condition or cash flows. Defending such proceedings is costly and can impose a significant burden on management and team members. The results of any future litigation cannot be predicted with certainty, but regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.
Item 1A. Risk Factors
There have been no material changes from the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on March 29, 2024.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
Securities Trading Plans of Directors and Executive Officers
During the three months ended March 31, 2024, none of the Company’s directors or officers adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement”, as such terms are defined under Item 408 of Regulation S-K.
Item 6. Exhibits and Financial Statement Schedules
| | | | | | | | | | | | | | | | | |
Exhibit No. | Description | Incorporated by Reference Exhibits |
| | Filer | Form | Exhibit | Filing Date |
10.1† | | D-Wave Quantum Inc. | 10-K | 10.66 | March 29, 2024 |
10.2† | | D-Wave Quantum Inc. | 10-K | 10.67 | March 29, 2024 |
10.3 | | D-Wave Quantum Inc. | 8-K | 10.1 | April 19, 2024 |
10.4†# | | D-Wave Quantum Inc. | 8-K | 10.2 | April 19, 2024 |
10.5†# | | D-Wave Quantum Inc. | 8-K | 10.3 | April 19, 2024 |
31.1* | | | | | |
31.2* | | | | | |
32.1** | | | | | |
32.2** | | | | | |
101.INS* | Inline XBRL Instance Document | | | | |
101.SCH* | Inline XBRL Taxonomy Extension Schema Document. | | | | |
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | | | | |
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document. | | | | |
101.LAB* | Inline XBRL Taxonomy Extension Labels Linkbase Document. | | | | |
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | | | | |
104* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | | | | |
* Filed herewith.
** Furnished with this report in accordance with Item 601(b)(32) of Regulation S-K, this exhibit is not deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section. Such certifications will not be deemed incorporated by reference into any filing under the Securities Act, except to the extent that the registrant specifically incorporates it by reference.
# Indicates management contract or compensatory plan or arrangement.
† Certain portions of this exhibit (indicated by “[*****]”) have been redacted pursuant to Regulation S-K, Item 601(a)(6).
Signatures
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | | | | | | | | | |
| D-Wave Quantum Inc. | |
| | | |
May 13, 2024 | By: | /s/ John M. Markovich | |
| | John M. Markovich | |
| | Chief Financial Officer | |
| | (Principal Financial and Accounting Officer) | |
| | | |
Exhibit 31.1
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002
I, Alan Baratz, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of D-Wave Quantum Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | | | | |
Dated: May 13, 2024 | By: | /s/ Alan Baratz |
| | Alan Baratz |
| | President and Chief Executive Officer |
| | (Principal Executive Officer) |
Exhibit 31.2
CERTIFICATION OF PRINCIPAL FINANCIAL AND ACCOUNTING OFFICER
PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002
I, John M. Markovich, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of D-Wave Quantum Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | | | | |
Dated: May 13, 2024 | By: | /s/ John M. Markovich |
| | John M. Markovich |
| | Chief Financial Officer |
| | (Principal Financial and Accounting Officer) |
Exhibit 32.1
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of D-Wave Quantum Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Alan Baratz, President & Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | | | | | | | |
Dated: May 13, 2024 | By: | /s/ Alan Baratz |
| | President and Chief Executive Officer |
| | (Principal Executive Officer) |
Exhibit 32.2
CERTIFICATION OF PRINCIPAL FINANCIAL AND ACCOUNTING OFFICER
PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of D-Wave Quantum Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, John M. Markovich, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | | | | | | | |
Dated: May 13, 2024 | By: | /s/ John M. Markovich |
| | Chief Financial Officer |
| | (Principal Financial and Accounting Officer) |
v3.24.1.1.u2
Cover - shares
|
3 Months Ended |
|
Mar. 31, 2024 |
May 10, 2024 |
Document Information [Line Items] |
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Document Type |
10-Q
|
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Document Quarterly Report |
true
|
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Document Period End Date |
Mar. 31, 2024
|
|
Document Transition Report |
false
|
|
Entity File Number |
001-41468
|
|
Entity Registrant Name |
D-WAVE QUANTUM INC.
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Tax Identification Number |
88-1068854
|
|
Entity Address, Address Line One |
2650 East Bayshore Road
|
|
Entity Address, City or Town |
Palo Alto
|
|
Entity Address, State or Province |
CA
|
|
Entity Address, Postal Zip Code |
94303
|
|
City Area Code |
604
|
|
Local Phone Number |
630-1428
|
|
Entity Current Reporting Status |
Yes
|
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Entity Interactive Data Current |
Yes
|
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Entity Filer Category |
Non-accelerated Filer
|
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Entity Small Business |
true
|
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Entity Emerging Growth Company |
true
|
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Entity Ex Transition Period |
false
|
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Entity Shell Company |
false
|
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Entity Common Stock, Shares Outstanding |
|
126,380,683
|
Entity Central Index Key |
0001907982
|
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Current Fiscal Year End Date |
--12-31
|
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Document Fiscal Year Focus |
2024
|
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Q1
|
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false
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Common stock, par value $0.0001 per share |
|
|
Document Information [Line Items] |
|
|
Title of 12(b) Security |
Common stock, par value $0.0001 per share
|
|
Trading Symbol |
QBTS
|
|
Security Exchange Name |
NYSE
|
|
Warrants, each whole warrant exercisable for 1.4541326 shares of common stock at an exercise price of $11.50 |
|
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|
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Title of 12(b) Security |
Warrants, each whole warrant exercisable for 1.4541326 shares of common stock at an exercise price of $11.50
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QBTS.WT
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NYSE
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v3.24.1.1.u2
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Current assets: |
|
|
Cash |
$ 27,304
|
$ 41,307
|
Trade accounts receivable, net |
1,735
|
1,652
|
Inventories |
2,079
|
2,078
|
Prepaid expenses and other current assets |
2,569
|
2,009
|
Total current assets |
33,687
|
47,046
|
Property and equipment, net |
2,909
|
2,551
|
Operating lease right-of-use assets |
7,879
|
8,223
|
Intangible assets, net |
302
|
179
|
Other non-current assets |
3,828
|
1,357
|
Total assets |
48,605
|
59,356
|
Current liabilities: |
|
|
Trade accounts payable |
1,037
|
1,465
|
Accrued expenses and other current liabilities |
6,007
|
5,343
|
Current portion of operating lease liabilities |
1,448
|
1,374
|
Loans payable, net, current |
369
|
399
|
Deferred revenue, current |
1,999
|
2,669
|
Total current liabilities |
10,860
|
11,250
|
Warrant liabilities |
4,282
|
1,630
|
Operating lease liabilities, net of current portion |
6,978
|
7,028
|
Loans payable, net, non-current (including $31,100 and $31,400 as of March 31, 2024 and December 31, 2023, respectively, at fair value) |
63,043
|
63,850
|
Deferred revenue, non-current |
399
|
79
|
Total liabilities |
85,562
|
83,837
|
Commitments and contingencies (Note 10) |
|
|
Stockholders' deficit: |
|
|
Common stock, par value $0.0001 per share; 675,000,000 shares authorized at both March 31, 2024 and December 31, 2023; 161,675,010 shares and 161,113,744 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively. |
16
|
16
|
Additional paid-in capital |
473,870
|
469,081
|
Accumulated deficit |
(500,373)
|
(483,061)
|
Accumulated other comprehensive loss |
(10,470)
|
(10,517)
|
Total stockholders' deficit |
(36,957)
|
(24,481)
|
Total liabilities and stockholders’ deficit |
$ 48,605
|
$ 59,356
|
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Mar. 31, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Loans payable, net, non-current, fair value |
$ 31,100
|
$ 31,400
|
Common stock, par value (in usd per share) |
$ 0.0001
|
$ 0.0001
|
Common stock, authorized (in shares) |
675,000,000
|
675,000,000
|
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161,675,010
|
161,113,744
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161,675,010
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161,113,744
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Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Income Statement [Abstract] |
|
|
Revenue |
$ 2,465
|
$ 1,583
|
Cost of revenue |
806
|
1,162
|
Total gross profit |
1,659
|
421
|
Operating expenses: |
|
|
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8,525
|
10,915
|
General and administrative |
7,566
|
11,296
|
Sales and marketing |
3,084
|
2,900
|
Total operating expenses |
19,175
|
25,111
|
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(17,516)
|
(24,690)
|
Other income, net: |
|
|
Interest expense |
(1,140)
|
(212)
|
Change in fair value of Term Loan |
1,199
|
0
|
Gain on investment in marketable equity securities |
1,660
|
0
|
Change in fair value of warrant liabilities |
(2,652)
|
638
|
Other income (expense), net |
1,137
|
(142)
|
Total other income, net |
204
|
284
|
Net loss |
$ (17,312)
|
$ (24,406)
|
Net loss per share, basic (in usd per share) |
$ (0.11)
|
$ (0.20)
|
Net loss per share, diluted (in usd per share) |
$ (0.11)
|
$ (0.20)
|
Weighted-average shares used in computing net loss per share, basic (in shares) |
161,308,490
|
123,144,097
|
Weighted-average shares used in computing net loss per share, diluted (in shares) |
161,308,490
|
123,144,097
|
Comprehensive loss: |
|
|
Net loss |
$ (17,312)
|
$ (24,406)
|
Foreign currency translation adjustment, net of tax |
47
|
(19)
|
Net comprehensive loss |
$ (17,265)
|
$ (24,425)
|
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v3.24.1.1.u2
Condensed Consolidated Statements of Stockholders’ Deficit - USD ($) $ in Thousands |
Total |
Common stock |
Additional paid-in capital |
Accumulated deficit |
Accumulated other comprehensive loss |
Common stock, balance (in shares) at Dec. 31, 2022 |
|
113,335,530
|
|
|
|
Opening Balance at Dec. 31, 2022 |
$ (29,463)
|
$ 11
|
$ 381,274
|
$ (400,346)
|
$ (10,402)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Issuance of common stock in connection with the Lincoln Park Purchase Agreement (in shares) |
|
13,239,654
|
|
|
|
Issuance of common stock in connection with the Lincoln Park Purchase Agreement |
15,683
|
$ 1
|
15,682
|
|
|
Issuance of common stock under stock-based compensation plans (in shares) |
|
598,368
|
|
|
|
Issuance of common stock under stock-based compensation plans |
546
|
|
546
|
|
|
Stock-based compensation |
6,755
|
|
6,755
|
|
|
Short-swing profit settlement |
244
|
|
244
|
|
|
Foreign currency translation adjustment, net of tax |
(19)
|
|
|
|
(19)
|
Net loss |
(24,406)
|
|
|
(24,406)
|
|
Common stock, balance (in shares) at Mar. 31, 2023 |
|
127,173,552
|
|
|
|
Closing Balance at Mar. 31, 2023 |
$ (30,660)
|
$ 12
|
404,501
|
(424,752)
|
(10,421)
|
Common stock, balance (in shares) at Dec. 31, 2023 |
161,113,744
|
161,113,744
|
|
|
|
Opening Balance at Dec. 31, 2023 |
$ (24,481)
|
$ 16
|
469,081
|
(483,061)
|
(10,517)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Issuance of common stock under stock-based compensation plans (in shares) |
|
561,266
|
|
|
|
Issuance of common stock under stock-based compensation plans |
8
|
$ 0
|
8
|
|
|
Stock-based compensation |
5,515
|
|
5,515
|
|
|
Tax withholding related to vesting of restricted stock units |
(734)
|
|
(734)
|
|
|
Foreign currency translation adjustment, net of tax |
47
|
|
|
|
47
|
Net loss |
$ (17,312)
|
|
|
(17,312)
|
|
Common stock, balance (in shares) at Mar. 31, 2024 |
161,675,010
|
161,675,010
|
|
|
|
Closing Balance at Mar. 31, 2024 |
$ (36,957)
|
$ 16
|
$ 473,870
|
$ (500,373)
|
$ (10,470)
|
X |
- DefinitionAdjustments to Additional Paid in Capital, Short Swing Profit Settlement
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v3.24.1.1.u2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Cash flows from operating activities: |
|
|
Net loss |
$ (17,312)
|
$ (24,406)
|
Adjustments to reconcile net loss to cash used in operating activities: |
|
|
Depreciation and amortization |
229
|
339
|
Stock-based compensation |
3,509
|
6,755
|
Amortization of operating right-of-use assets |
199
|
206
|
Non-cash interest expense |
1,093
|
195
|
Change in fair value of Warrant liabilities |
2,652
|
(638)
|
Change in fair value of Term Loan |
(1,199)
|
0
|
Gain on marketable securities |
(1,660)
|
0
|
Unrealized foreign exchange loss (gain) |
(994)
|
84
|
Change in operating assets and liabilities: |
|
|
Trade accounts receivable |
(42)
|
215
|
Inventories |
(19)
|
(59)
|
Prepaid expenses and other current assets |
(559)
|
767
|
Trade accounts payable |
(538)
|
1,858
|
Accrued expenses and other current liabilities |
2,597
|
1,214
|
Deferred revenue |
(350)
|
46
|
Operating lease liability |
343
|
(150)
|
Other non-current assets |
(68)
|
0
|
Net cash used in operating activities |
(12,119)
|
(13,574)
|
Cash flows from investing activities: |
|
|
Purchase of property and equipment |
(305)
|
(64)
|
Purchase of convertible note (Note 4) |
(1,000)
|
0
|
Sales of marketable equity securities (Note 4) |
254
|
0
|
Expenditures for internal-use software |
(67)
|
0
|
Purchase of software |
(87)
|
(12)
|
Net cash used in investing activities |
(1,205)
|
(76)
|
Cash flows from financing activities: |
|
|
Proceeds from Lincoln Park Purchase Agreement |
0
|
15,683
|
Proceeds from issuance of common stock upon exercise of stock options |
8
|
546
|
Payment of tax withheld for common stock issued under stock-based compensation plans |
(734)
|
0
|
Short swing profit settlement |
0
|
244
|
Debt payments |
0
|
(881)
|
Net cash provided by (used in) financing activities |
(726)
|
15,592
|
Effect of exchange rate changes on cash and cash equivalents |
47
|
(19)
|
Net increase (decrease) in cash and cash equivalents |
(14,003)
|
1,923
|
Cash and cash equivalents at beginning of period |
41,307
|
7,065
|
Cash and cash equivalents at end of period |
27,304
|
8,988
|
Supplemental disclosure of non-cash investing and financing activities: |
|
|
Inventory applied to capital projects |
18
|
0
|
Operating lease right-of-use assets recognized in exchange for new operating lease obligations |
365
|
0
|
Purchases of property and equipment included in accounts payable |
234
|
0
|
Bonus settled in vested share based compensation awards |
$ 2,006
|
$ 0
|
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v3.24.1.1.u2
DESCRIPTION OF BUSINESS
|
3 Months Ended |
Mar. 31, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
DESCRIPTION OF BUSINESS |
1. DESCRIPTION OF BUSINESS D-Wave Quantum Inc. ("D-Wave" or the “Company”) was incorporated under the General Corporation Law of the State of Delaware on January 24, 2022. The Company was formed for the purpose of effecting a merger between DPCM Capital, Inc. (“DPCM”), D-Wave Systems Inc. (“D-Wave Systems”), and certain other affiliated entities through a series of transactions (the “Merger”) pursuant to the definitive agreement entered into on February 7, 2022 (the “Transaction Agreement”). On August 5, 2022, in conjunction with the Merger, DPCM and D-Wave Systems became wholly-owned subsidiaries of, and are operated by, the Company. Upon the completion of the Merger, the Company succeeded to all of the operations of its predecessor, D-Wave Systems. D-Wave is a commercial quantum computing company that provides customers with a full suite of professional services and web-based access to its superconducting quantum computer systems and integrated software environment through its cloud service, LeapTM. Historically, the Company has developed its own annealing superconducting quantum computer and associated software, and its current generation quantum system is the AdvantageTM system. D-Wave has three operating facilities, which it leases, in North America. These facilities are located in Burnaby, British Columbia, Richmond, British Columbia, and Palo Alto, California.
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v3.24.1.1.u2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The unaudited interim condensed consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial reporting and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosure normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to instructions, rules and regulations prescribed by the United States Securities and Exchange Commission ("SEC"). In the opinion of the Company, the unaudited financial information for the interim periods presented reflects all adjustments, which are normal and recurring, necessary for a fair presentation of the condensed consolidated statements of operations and comprehensive loss, condensed consolidated balance sheets, and condensed consolidated statements of cash flows. Interim results should not be regarded as indicative of results that may be expected for any other period or the entire year. The interim condensed consolidated financial statements included herein have been prepared on the same basis as the audited annual consolidated financial statements and reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K as of and for the year ended December 31, 2023 filed with the SEC on March 29, 2024. Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements upon consolidation. Liquidity and Going Concern The Company has prepared its condensed consolidated financial statements assuming that it will continue as a going concern. Since its inception, the Company has incurred net losses and negative cash flows from operations. As of March 31, 2024, the Company had an accumulated deficit of $500.4 million. For the three months ended March 31, 2024 and 2023, the Company incurred a net loss of $17.3 million and $24.4 million, respectively, and the Company had net cash outflows from operating activities of $12.1 million and $13.6 million, respectively. As of March 31, 2024, the Company had cash of $27.3 million and working capital (current assets less current liabilities) of $22.8 million. Additionally, total liabilities exceeded total assets at March 31, 2024 by $37.0 million. The Company expects to incur additional operating losses and negative cash flows from operating activities as it continues to expand its commercial operations and research and development programs. On April 13, 2023 (the "Closing Date"), the Company finalized a Term Loan and Security Agreement ("Term Loan") with PSPIB Unitas Investments II Inc. ("PSPIB" or the "Lender"), a related party to the Company's largest shareholder. The Term Loan, outlined in Note 6 - Loans payable, net, provides $50.0 million in three tranches, with financial performance requirements. The first two tranches of $15.0 million each were disbursed on April 14, 2023, and July 13, 2023, respectively. The third tranche of $20.0 million is contingent on meeting specific criteria, including a non-dilutive financing closure. There can be no assurance that the Company will be able to meet the conditions necessary to draw on the third tranche. As of March 31, 2024, the Company was in compliance with the covenants under the Term Loan. In conjunction with the Merger, the Company and D-Wave Systems entered into a purchase agreement with Lincoln Park Capital Fund, LLC ("Lincoln Park") on June 16, 2022 (the "Purchase Agreement") which provides D-Wave the sole right, but not the obligation, to direct Lincoln Park to buy specified dollar amounts up to $150 million of D-Wave's common stock, par value $0.0001 per share through November 1, 2025. The Purchase Agreement may provide the Company and D-Wave with additional liquidity to fund the business, subject to the conditions set forth in the agreement, including volume limitations tied to periodic market prices, ownership limitations restricting Lincoln Park from owning more than 9.9% of the then total outstanding share of common stock of the Company, par value $0.0001, (the "Common Shares") and a floor price of $1.00 at or below which the Company may not sell to Lincoln Park any Common Shares. When the Company sells shares to Lincoln Park, Lincoln Park may resell all, some, or none of those Common Shares at any time or from time to time in its discretion. During the three months ended March 31, 2024, the Company did not issue any Common Shares to Lincoln Park under the Purchase Agreement. In order for the Company to issue Common Shares under the Purchase Agreement, the Company's share price must be above the floor price of $1.00. There is no assurance that the floor price will not fall below $1.00 preventing the Company from being able to make sales to Lincoln Park in the future. To the extent that sufficient capital is not obtained through the cash received in connection with the proceeds of the Term Loan or the issuance of Common Shares under the Purchase Agreement with Lincoln Park, management will be required to obtain additional capital through the issuance of debt and/or equity, or other arrangements. However, there can be no assurance that D-Wave will be able to raise additional capital when needed or under acceptable terms. The issuance of additional equity may dilute existing stockholders and newly issued shares may contain senior rights and preferences compared to the currently outstanding common stock. Any future debt may contain covenants and limit D-Wave’s ability to pay dividends or make other distributions to stockholders. If D-Wave is unable to obtain additional financing, operations will be scaled back or discontinued. As of December 31, 2023, the Company was not in compliance with certain continued listing standards of the New York Stock Exchange ("NYSE"). On March 1, 2024, the NYSE provided D-Wave with a notification letter of recompliance based on a calculation of the Company’s average closing share price for the 30 trading days ended February 29, 2024, which reflected an average closing share price above the NYSE’s $1.00 minimum requirement. D-Wave will continue to be traded on the NYSE, subject to its continued compliance with all applicable listing standards. If the Company is unable to maintain compliance with the continued listing standards of the NYSE and is not able to cure any violations within the time periods allotted by the NYSE, if any, it will result in the delisting of the Company’s common stock from the NYSE, which could negatively impact the trading price, trading volume and liquidity of, and have other material adverse effects on, the Company’s common stock and its ability to raise capital. In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Codification (“ASC”) Topic 205-40, “Basis of Presentation—Going Concern”, management has determined that the Company's liquidity condition raises substantial doubt about the Company’s ability to continue as a going concern, which is considered to be for a period of one year from the issuance of these financial statements. These condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty. Such adjustments could be material. Use of estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the Company’s condensed consolidated financial statements and accompanying notes as of the date of the condensed consolidated financial statements. The most significant estimates and assumptions are used in determining: (i) inputs used to recognize revenue over time relating to hours estimated to complete the remaining performance obligations, (ii) fair value of financial instruments, and (iii) long term revenue forecasts used in the accounting for the SIF Loan (see below and Note 6 for further information). These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts, and experience. The Company’s accounting estimates and assumptions may change over time in response to risks and uncertainties, including uncertainty in the current economic environment due to inflation, increased interest rates, Ukraine/Russia conflict, the Israel-Hamas War, and any evolutions thereof. The change could be material in future periods. As of the date of issuance of these condensed consolidated financial statements, the Company is not aware of any specific event or circumstances that would require the Company to update estimates, judgments or revise the carrying value of any assets or liabilities. Actual results may differ from those estimates or assumptions. Investment in securities The Company holds investments in the equity securities of privately held companies, which are valued based on their original cost. Adjustments are made for observable price changes in orderly transactions involving identical or similar securities of the same issuer, as there are no quoted market prices available. The Company also holds an investment in a convertible note (the "Note") of Zapata Computing, Inc. ("Zapata"). (see Note 4 for further information). The Company accounts for the Note as a loan receivable pursuant to ASC 310, as the Note does not meet the definition of a security. As of March 31, 2024, the common stock into which the Note is convertible was not readily convertible to cash, and so the conversion feature was not bifurcated from the debt host. The loan receivable was recorded at cost. Sales of future revenues On November 20, 2020, the Company entered into an agreement with the Canada Strategic Innovation Fund ("SIF"), wherein SIF committed to providing a conditionally repayable loan to the Company in the amount of up to C$40.0 million (the "SIF Loan"). The SIF Loan is conditionally repayable according to a revenue-based formula. See Note 6 for additional information concerning the SIF Loan. The accounting treatment for the SIF Loan considers the "sale of future revenues" guidance outlined in ASC 470-10-25. The debt arising from the SIF Loan was recorded at face value and will be amortized using the effective interest method, leading to the accrual of interest expenses over the estimated term of the SIF Loan. The amortization schedule is based on projected cash flows derived from the Company's long-term revenue forecast. Subsequent changes in forecasted cash flows will be accounted for under the catch-up method, which entails adjusting the accrued interest portion of the principal balance through earnings to reflect the effective interest rate. The liability is classified as non-current, as the current forecast indicates that repayments will not commence within the 12 months following the balance sheet date. As the SIF Loan is originated through a government program, a market rate of interest is not imputed in accordance with the scope limitations of ASC 835. Term Loan fair value option election The Company determined that it is eligible for the fair value option election in connection with the Term Loan. The Term Loan meets the definition of a “recognized financial liability” which is an acceptable financial instrument eligible for the fair value option under ASC 825. At the date of issuance, the fair value of the Term Loan was derived from the instrument’s implied discount rate at inception. The fair value option election was made to enhance the relevance and transparency of information presented related to the features embedded in the Term Loan. Changes in the fair value of the Term Loan, other than changes associated with the Company's own credit risk, are recorded as gains or losses in the Company’s condensed consolidated statements of operations and comprehensive loss in each reporting period. Changes in fair value attributable to the Company's own credit risk are recorded in other comprehensive income or loss in the Company's condensed consolidated statements of operations and comprehensive loss in each reporting period; there have been no such changes for the three months ended March 31, 2024. Under the fair value option, debt issuance costs are recorded in other expense in the Company’s condensed consolidated statements of operations and comprehensive loss. The Term Loan is subject to certain repayment and prepayment provisions which the Company has considered in their valuation analysis. The valuation analysis performed as of March 31, 2024 did not consider any amendments to the Term Loan that occurred subsequent to March 31, 2024 (See Note 6). To estimate the fair value of the Term Loan under the optional prepayment scenario, we have utilized the binomial lattice model. Additionally, we have employed a Monte Carlo simulation model to forecast both the probability for an event of default in the valuation analysis which would result in a mandatory prepayment of the outstanding principal and accrued and unpaid interest and the probability of the issuance of Common Shares under the Purchase Agreement to determine the estimated proceeds to be paid to the Lender along with a mandatory prepayment premium of 10%. Fair value of financial instruments Certain assets and liabilities are carried at fair value under U.S. GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: •Level 1—Quoted prices in active markets for identical assets or liabilities. •Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. •Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The categorization of a financial instrument within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company recognizes transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. The Company did not transfer any assets or liabilities in or out of Level 3 during the three months ended March 31, 2024 or 2023. The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis as of March 31, 2024 and indicates the place in the fair value hierarchy of the valuation inputs the Company utilized to determine each such fair value (in thousands): | | | | | | | | | | | | Description | Level | | As of March 31, 2024 | Liabilities: | | | | Warrant Liabilities – Public Warrants | 1 | | $ | 2,370 | | Warrant Liabilities – Private Placement Warrants | 2 | | $ | 1,912 | | Term Loan | 3 | | $ | 31,100 | |
The Warrants are accounted for as liabilities in accordance with ASC 815-40 and are presented within warrant liabilities in the condensed consolidated balance sheets. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of warrant liabilities in the condensed consolidated statements of operations and comprehensive loss. For periods subsequent to the detachment of the Public Warrants from the Units, the close price of the Public Warrants was used as the fair value of the Warrants as of each relevant date. The subsequent measurements of the Public Warrants after the detachment of the Public Warrants from the Units are classified as Level 1 fair value measurements due to the use of an observable market quote in an active market. The subsequent measurements of the Private Warrants after the detachment of the Public Warrants from the Units are classified as Level 2 fair value measurements due to the use of an observable market quote for the Public Warrants, which are considered to be a similar asset in an active market. As noted above, the Company elected the fair value option for the Term Loan. The valuation of the Term Loan is classified as Level 3 fair measurements, attributable to the utilization of the Monte Carlo simulation, recognized as a Level 3 valuation technique. Recent accounting pronouncements issued and adopted No recently issued accounting pronouncements that the Company has adopted have had a material effect on the Company's results of operations, cash flows or financial condition. Recent accounting pronouncements not yet adopted Segment Reporting In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting--Improvements to Reportable Segment Disclosures, which requires incremental disclosures about a public entity’s reportable segments but does not change the definition of a segment or the guidance for determining reportable segments. The new guidance requires disclosure of significant segment expenses that are (1) regularly provided to (or easily computed from information regularly provided to) the chief operating decision maker and (2) included in the reported measure of segment profit or loss. The new standard also allows companies to disclose multiple measures of segment profit or loss if those measures are used to assess performance and allocate resources. The guidance will first be effective in our annual disclosures for the year ending December 31, 2024, and will be adopted retrospectively unless impracticable. Early adoption is permitted. We are in the process of assessing the impact of ASU 2023-07 on our disclosures. Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires disaggregated information about our effective tax rate reconciliation as well as information on income taxes paid. The new guidance will first be effective in our annual disclosures for the year ending December 31, 2025, and should be applied on a prospective basis with the option to apply retrospectively. Early adoption is permitted. We are in the process of assessing the impact of ASU 2023-09 on our disclosures.
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v3.24.1.1.u2
REVENUE FROM CONTRACTS WITH CUSTOMERS
|
3 Months Ended |
Mar. 31, 2024 |
Revenue from Contract with Customer [Abstract] |
|
REVENUE FROM CONTRACTS WITH CUSTOMERS |
3. REVENUE FROM CONTRACTS WITH CUSTOMERS Disaggregation of revenue Nature of Products and Services The following table depicts the disaggregation of revenue by type of products or services and timing of transfer of products or services (in thousands): | | | | | | | | | | | | | | | Three Months Ended March 31, | | 2024 | | 2023 | | | Type of products or services | | | | | | QCaaS | $ | 1,692 | | | $ | 1,168 | | | | Professional services | 639 | | | 293 | | | | Other revenue* | 134 | | | 122 | | | | Total revenue | $ | 2,465 | | | $ | 1,583 | | | | Timing of revenue recognition | | | | | | Revenue recognized over time | $ | 2,405 | | | $ | 1,542 | | | | Revenue recognized at a point in time | 60 | | | 41 | | | | Total revenue | $ | 2,465 | | | $ | 1,583 | | | |
*Other revenue includes training, support, maintenance and printed circuit board sales. For the three months ended March 31, 2023, training and maintenance have been reclassified from professional services to other revenue. Geographic Information The following table presents a summary of revenue by geography for the years ended March 31, 2024 and 2023, based on customer location: | | | | | | | | | | | | | | | Three Months Ended March 31, | | 2024 | | 2023 | | | United States | $ | 723 | | | $ | 247 | | | | Germany | 512 | | | 288 | | | | Japan | 325 | | | 308 | | | | Other | 905 | | | 740 | | | | Total revenue | $ | 2,465 | | | $ | 1,583 | | | |
"Other" includes the rest of Europe, the Middle East, Africa, Asia, Canada and Australia where the revenue from a single country is not greater than 10% of total consolidated revenue. The Company has not had any sales in China, Russia or Ukraine. Significant customers The Company had significant customers during the three months ended March 31, 2024 and 2023. A significant customer is defined as one that comprises up to ten percent or more of total revenues in a particular year or ten percent of outstanding accounts receivable balance as of the period end. The tables below present the significant customers on a percentage of total revenue basis for the three months ended March 31, 2024 and 2023. | | | | | | | | | | | | | | | Three Months Ended March 31, | | 2024 | | 2023 | | | Customer A | 18 | % | | 15 | % | | | Customer B | — | | | 13 | % | | |
As of each of March 31, 2024 and 2023, there were three significant customers, respectively, that comprised ten percent or more of outstanding accounts receivable balances. Contract balances The following table provides information about account receivable, contract assets and liabilities as of March 31, 2024 and December 31, 2023 (in thousands): | | | | | | | | | | | | | As of March 31, 2024 | | As of December 31, 2023 | Trade accounts receivable and contract assets, net: | | | | Trade account receivable, excluding unbilled receivables | $ | 1,098 | | | $ | 644 | | Contract asset for unbilled receivables | 637 | | | 1,008 | | | | | | Contract liabilities: | | | | Deferred revenue, current | $ | 1,999 | | | $ | 2,669 | | Deferred revenue, non-current | 399 | | | 79 | | Customer deposit1 | 45 | | | 45 | | Total contract liabilities | $ | 2,443 | | | $ | 2,793 | |
1Customer deposit is included in accrued expenses and other current liabilities on the condensed consolidated balance sheets. The allowance for credit loss was immaterial as of March 31, 2024 and December 31, 2023. Write-offs were immaterial during the three months ended March 31, 2024 and 2023. The revenue recognized in the condensed consolidated statements of operations and comprehensive loss that was included in the contract liability balance at the beginning of each period was $1.4 million and $1.2 million for the three months ended March 31, 2024 and 2023, respectively. Changes in deferred revenue from contracts with customers were as follows (in thousands): | | | | | | | | | | | | | Three Months Ended March 31, | | 2024 | | 2023 | Balance at beginning of period | $ | 2,748 | | | $ | 1,790 | | Deferral of revenue | 2,113 | | | 1,166 | | Recognition of deferred revenue | (2,463) | | | (1,120) | | Balance at end of period | $ | 2,398 | | | $ | 1,836 | |
Remaining performance obligations A significant number of the Company’s product and service sales are short-term in nature with a contract term of one year or less. For those contracts, the Company has utilized the practical expedient in ASC 606-10-50-14 exempting the Company from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. As of March 31, 2024, the aggregate amount of remaining performance obligations that were unsatisfied or partially unsatisfied related to customer contracts was $7.4 million, of which approximately 57% is expected to be recognized to revenue in the next 12 months, 91% is expected to be recognized to revenue in the next two years and substantially all of the remainder will be recognized within three years. Revenues allocated to remaining performance obligations represents the transaction price of noncancellable orders for which service has not been performed, which include deferred revenue and the amounts that will be invoiced and recognized as revenues in future periods from open contracts and excludes unexercised renewals.
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- DefinitionThe entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.
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v3.24.1.1.u2
BALANCE SHEET DETAILS
|
3 Months Ended |
Mar. 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 March 31, 2024 | | As of December 31, 2023 | Raw materials | $ | 2,054 | | | $ | 2,052 | | Work-in-process | 25 | | | 26 | | Total inventories | $ | 2,079 | | | $ | 2,078 | |
Prepaid expenses and other current assets Prepaid expenses and other current assets consisted of the following (in thousands): | | | | | | | | | | | | | As of March 31, 2024 | | As of December 31, 2023* | Prepaid services | $ | 736 | | | $ | 386 | | Prepaid software | 588 | | | 543 | | Prepaid insurance | 537 | | | 490 | | Prepaid rent | 148 | | | 150 | | Other | 560 | | | 440 | | Total prepaid expenses and other current assets | $ | 2,569 | | | $ | 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 Other non-current assets consisted of the following (in thousands): | | | | | | | | | | | | | As of March 31, 2024 | | As of December 31, 2023 | Investment in equity securities | $ | 2,574 | | | $ | 1,168 | | Loan receivable | 1,021 | | | — | | Long-term deposits | 189 | | | 189 | | Contract acquisition costs | 44 | | | — | | Total | $ | 3,828 | | | $ | 1,357 | |
On January 5, 2024, one of the Company's equity interest investments was acquired by another entity and based on the transaction terms, was considered an observable price change. 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 other income during the three months ended March 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. Simultaneously, Zapata purchased a multi-year subscription to the Company's Leap quantum cloud service. As part of the collaboration, the Company purchased a convertible Senior Secured Note (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. Accrued expenses and other current liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): | | | | | | | | | | | | | As of March 31, 2024 | | As of December 31, 2023* | Accrued compensation and related benefits | $ | 2,080 | | | $ | 3,245 | | Accrued professional services | 1,420 | | | 1,092 | | Other accruals | 2,507 | | | 1,006 | | Total accrued expenses and other current liabilities | $ | 6,007 | | | $ | 5,343 | |
*Certain amounts presented in the table above as of December 31, 2023 have been reclassified to conform to the current period presentation.
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v3.24.1.1.u2
PROPERTY AND EQUIPMENT, NET
|
3 Months Ended |
Mar. 31, 2024 |
Property, Plant and Equipment [Abstract] |
|
PROPERTY AND EQUIPMENT, NET |
5. PROPERTY AND EQUIPMENT, NET Property and equipment, net consisted of the following (in thousands): | | | | | | | | | | | | | As of March 31, 2024 | | As of December 31, 2023 | Quantum computer systems | $ | 13,712 | | | $ | 13,712 | | Lab equipment | 6,822 | | | 6,839 | | Computer equipment | 3,973 | | | 3,703 | | Leasehold improvements | 1,075 | | | 1,075 | | Furniture and fixtures | 381 | | | 381 | | Construction-in-progress | 1,176 | | | 894 | | Total property and equipment | 27,139 | | | 26,604 | | Less: Accumulated depreciation | (24,230) | | | (24,053) | | Total property and equipment, net | $ | 2,909 | | | $ | 2,551 | |
Depreciation expense for the three months ended March 31, 2024 and 2023 was $0.2 million and $0.3 million, respectively.
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- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
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v3.24.1.1.u2
LOANS PAYABLE, NET
|
3 Months Ended |
Mar. 31, 2024 |
Debt Disclosure [Abstract] |
|
LOANS PAYABLE, NET |
6. LOANS PAYABLE, NET As of March 31, 2024 and December 31, 2023, loans payable, net, consisted of the SIF Loan, the TPC loan (as defined below) and the Term Loan. The following tables show the component of loans payable (in thousands): | | | | | | | | | | | | | | | | | | | Effective Interest Rate | | As of March 31, 2024 | | As of December 31, 2023 | Loans payable, net, current: | | | | | | TPC Loan, due 2024 | Interest free | | $ | 369 | | | $ | 399 | | Total loans payable, net, current | | | $ | 369 | | | $ | 399 | | Loans payable, net, non-current: | | | | | | SIF Loan1 | Interest free | | $ | 31,574 | | | $ | 32,072 | | Term Loan, due 2027 | 11.00% | | 31,100 | | | 31,400 | | TPC Loan, due 2025 | Interest free | | 369 | | 378 | Total loans payable, net, non-current | | | $ | 63,043 | | | $ | 63,850 | |
1Refer below for additional information on the SIF Loan repayment period and effective interest rate. The following table shows the component of the Company's non-current indebtedness carried at fair value and amortized cost: | | | | | | | | | | | | | As of March 31, 2024 | | As of December 31, 2023 | SIF Loan | $ | 31,574 | | | $ | 32,072 | | TPC Loan, due 2025 | 369 | | | 378 | | Total loans payable, net, non-current, at amortized cost | 31,943 | | | 32,450 | | Fair value option - Term Loan | 31,100 | | | 31,400 | | Total loans payable, net, non-current | $ | 63,043 | | | $ | 63,850 | |
TPC loan In the period spanning 2010 through 2021, the Company received funding totaling C$12.5 million from Technology Partnerships Canada (the "TPC Loan"). On November 23, 2020, an amendment forgave C$5.0 million of unpaid accrued debt principal and interest from prior years. Additionally, the amendment waived the interest charge on the remaining C$2.5 million of principal and revised the repayment schedule to C$0.5 million due annually on each April 30 through 2025. The estimated fair value of the TPC Loan (Level 2) at March 31, 2024 was $0.7 million. The fair value of the TPC Loan was valued using a discounted cash flow model, with key inputs relating to terms, discount rate and expectations for defaults and prepayments. SIF Loan On November 20, 2020, the Company entered into the SIF Loan. As of December 31, 2023, the Company had received the full C$40.0 million in eight tranches between November 2020 and December 2023. Funds from the SIF Loan are to be used for projects involving the adaptation of research findings for commercial applications that have the potential for market disruption; development of current product and services through the implementation of new or incremental technology that will enhance the Company’s competitive capability; and development of process improvements which reduce the environmental footprint of current production through the use of new or improved technologies. Principal and interest amounts to be repaid under the SIF Loan are determined using a revenue-based formula, and are capped at 150% of the principal amount (the "Repayment Cap"). Repayments are due in up to 15 annual installments, commencing on April 30 of the second fiscal year following the fiscal year in which the Company first reports annual revenue of at least $70.0 million (the "Benchmark Year"). If the Company fails to reach $70.0 million in annual revenue after 14 years from origination, or if the total of the 15 revenue-based annual installments is less than the principal amount, any remaining repayment obligation will be forgiven. Repayments of the SIF Loan can also be triggered upon default of the agreement, termination of the agreement, or upon a change of control that has not been approved by the Canadian government. As of March 31, 2024, the Company is not aware of events that would trigger default or termination of the agreement. The gross proceeds of the SIF Loan were recorded as a liability related to the sale of future revenues (see Note 2 - Basis of Presentation and Summary of Significant Accounting Policies). As of March 31, 2024 and December 31, 2023, the Company calculated a weighted average effective interest rate for all tranches of 2.46% and 2.46%, respectively based on the most recent revenue projections at each reporting date. The estimated fair value of the SIF Loan (Level 3) at March 31, 2024 was $5.1 million. The fair value of SIF Loan was valued using a discounted cash flow model, with significant assumptions relating to the amount and timing of future revenue for the Company and the appropriate discount rate. Term Loan On April 13, 2023, the Company entered into the Term Loan with PSPIB, a related party to the Company's largest shareholder. Under the Term Loan, term loans in aggregate principal amount of $50.0 million are to be made available to the Company in three tranches, subject to certain terms and conditions. The Term Loan matures on March 31, 2027, is secured by a first-priority security interest in substantially all of the Company's assets and contains certain operational and financial covenants, including a financial covenant that measures the Company's revenue against certain minimum percentages of budgeted revenue per quarter. The Term Loan is subject to a 2% drawdown fee and requires that any proceeds from the issuance of Common Shares under the Purchase Agreement be applied towards the repayment of advances under the Term Loan. Such repayments are subject to a premium payment equal to 10% of the amount then prepaid to the Lender, in addition to the regular prepayment premium applicable on that date, except as modified by the amendment to the Term Loan as discussed below. The Term Loan is subject to a prepayment premium due to the Lender equal to 3% of the amount prepaid/repaid within the first year of the Closing Date, 2% in the second year, 1% in the third year and no prepayment premium thereafter. At the Company's discretion, the Term Loan bears interest on a monthly basis at either (i) 10.0% payable in cash, or (ii) 11.0% payable in kind ('PIK'), with the latter added to the principal value of the Term Loan. For the three months ended March 31, 2024, the Company recognized $0.9 million in PIK interest expense related to the Term Loan. The PIK interest expense is included in interest expense on the condensed consolidated statements of operations and comprehensive loss. Prior to PSPIB's advance of the first tranche, the Company satisfied several closing conditions including the provision of a cash flow forecast and the board of directors' retention of an advisor. The first and second tranche of the Term Loan, each in an aggregate principal amount of $15.0 million, were advanced to D-Wave on April 14, 2023 and July 13, 2023, respectively, with the third tranche of $20.0 million to be made automatically available to the Company subject to the satisfaction of certain conditions. PSPIB has agreed to waive certain covenants under the Term Loan that the Company did not meet, including the minimum revenue financial covenant for the fiscal quarters ended June 30, 2023 and September 30, 2023. As of March 31, 2024, the Company was in compliance with the covenants of the Term Loan. The availability of the third tranche is subject to the Company closing a $25.0 million non-dilutive financing on terms reasonably acceptable to the Lender, the intellectual property valuation report submitted as a condition precedent to the second tranche remaining satisfactory to the Lender and providing a board-approved operating budget for 2023 through 2027 by August 31, 2023 that is satisfactory to the Lender. The deadline to provide the operating budget was extended to December 31, 2023 from August 31, 2023 by the fourth amendment to the Term Loan dated October 6, 2023, and the budget was provided prior to the extended deadline. There can be no assurance that the Company will be able to meet the conditions necessary to draw on the third tranche. The Term Loan was amended such that the Company may issue up to $50.0 million under the Purchase Agreement without the requirement to pay down the Term Loan to the extent that the proceeds under the Purchase Agreement were received prior to December 31, 2023. On February 7, 2024, the fifth amendment of the Term Loan was entered into to amend Section 1.1 “Permitted Investments” to include the investment in Zapata in the form of a senior secured promissory note (see Note 4 for further information). As amended, the Term Loan requires that any proceeds from the issuance of Common Shares under the Purchase Agreement in excess of $50.0 million shall be applied towards the repayment of advances under the Term Loan in addition to a premium payment equal to 10% of the amount then prepaid to the Lender. On April 16, 2024, the Term Loan was further amended that the Company may issue up to $30.0 million under the Purchase Agreement without the requirement to pay down the Term Loan to the extent that the proceeds under the Purchase Agreement are received between April 16, 2024 and September 30, 2024. Refer to Note 12 - Subsequent events for further details. Any unrealized gain or loss on the Term Loan is included in change in fair value of term loan on the condensed consolidated statements of operations and comprehensive loss. The Term Loan was classified as a Level 3 fair value measurement and measured using the binomial lattice model and the Monte Carlo simulation model. Key inputs for the simulations are summarized below. | | | | | | | As of March 31, 2024 | Weighted-average risk-free rate | 5.47% Range: 5.46% to 5.49% | Default Trigger Event probability | 5.00% on July 1 2024 | ELOC financing trigger event probability | 25.00% from December 31, 2023 through July 1, 2024 | Weighted-average market yield rate (Default Trigger Event) | 15.85% | Weighted-average market yield rate (Call Option) | 14.38% Range: 11.86% to 15.74% | Weighted-average market yield volatility | 5.00% |
The following table summarizes the difference between the fair value and the amortized cost of the Term Loan as of March 31, 2024: | | | | | | | | | | | | | | | | | | | Amortized Cost | | Unrealized Gains | | Fair Value | Term Loan, due 2027 | $ | 32,939 | | | $ | 1,839 | | | $ | 31,100 | |
The following table summarizes the changes in the Term Loan: | | | | | | | Three months ended March 31, 2024 | Beginning balance | $ | 31,400 | | | | PIK interest expenses | 899 | | Change in fair value | (1,199) | | Ending balance | $ | 31,100 | |
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v3.24.1.1.u2
WARRANT LIABILITIES
|
3 Months Ended |
Mar. 31, 2024 |
Other Liabilities Disclosure [Abstract] |
|
WARRANT LIABILITIES |
7. WARRANT LIABILITIES
Public and Private Warrants In conjunction with the Merger, the Company assumed 10,000,000 DPCM public warrants (the "Public Warrants") and 8,000,000 DPCM private warrants (the "Private Warrants", collectively the "Warrants"). During the three months ended March 31, 2024, no DPCM public or private warrants were exercised. As of March 31, 2024, the Company has 17,916,609 Warrants outstanding. As part of the Merger, each DPCM Public Warrant and Private Warrant that was issued and outstanding immediately prior to the Merger was automatically and irrevocably converted into one D-Wave Quantum warrant. The Warrants are subject to the terms and conditions of the warrant agreement entered into between DPCM, Continental Stock Transfer & Trust Company and the Company (the “Warrant Agreement Amendment” as specified in the Transaction Agreement). Each such Warrant will be exercisable at an exercise price of $11.50 for 1.4541326 Common Shares, or an approximate exercise price per Common Share of $7.91, subject to adjustments. The Warrants may be exercised for a whole number of shares of the Company. No fractional shares will be issued upon exercise of the Warrants. The Warrants will expire on August 5, 2027, or earlier upon redemption or liquidation. The Private Warrants are identical to the Public Warrants except that the Private Warrants are exercisable on a cashless basis and are non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. The Company may redeem the Public 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 based on the redemption date and the fair market value of the Common Share; • if, and only if, the last reported sales price of the shares of the Common Shares for any twenty (20) trading days within the thirty (30) trading-day period ending on the third trading day prior to the date on which a notice of redemption is given equals or exceeds $10.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalization and the like) (the "Reference Value"); •if the Reference Value is less than $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalization and the like), the Private Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above; and • if, and only if, there is an effective registration statement covering the issuance of the Common Shares issuable upon exercise of the warrants and a current prospectus relating thereto available throughout the 30-day period after written notice of redemption is given, or an exemption from registration is available. If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of the Common Shares issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, or recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuance of the Common Shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants. D-Wave Systems Warrant Transaction Agreements In November 2020, contemporaneously with a revenue arrangement, D-Wave Systems entered into a contract pursuant to which D-Wave Systems agreed to cancel a previously issued warrant with a customer and replace it with a warrant to acquire up to 3,247,637 shares of its Class A Preferred Shares (the “Warrant Preferred Shares”), subject to certain vesting requirements. The warrant agreement was amended on August 5, 2022, contemporaneously with the closing of the Merger, to convert the Warrant Preferred Shares to a warrant to acquire up to 2,889,282 Common Shares of the Company in accordance with the Conversion Ratio of 0.889657 (the "Conversion Ratio") established in the Merger. The warrants vest based on various contractual milestones. As of the termination date of the agreement, approximately 40% of the warrants had vested, resulting in warrants exercisable into 1,155,713 Common Shares remaining after the termination date. The vested warrants will remain exercisable for up to 1,155,713 Common Shares at an exercise price of $2.16 per Common Share until November 29, 2026. As of March 31, 2024, no additional Warrant Preferred Shares were vested or probable of vesting.
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v3.24.1.1.u2
STOCK-BASED COMPENSATION
|
3 Months Ended |
Mar. 31, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
STOCK-BASED COMPENSATION |
8. STOCK-BASED COMPENSATION 2020 Equity Incentive Plan In April 2020, the Board of Directors of D-Wave Systems approved the 2020 Equity Incentive Plan (the "2020 Plan") which provides for the grant of qualified ISO and NSO, restricted stock, RSU or other awards to the Company’s employees, officers, directors, advisors, and outside consultants. After the closing of the Merger effective August 5, 2022, no additional awards were issued under the 2020 Plan. Stock options granted under the 2020 Plan will be converted applying the Conversion Ratio to the underlying common stock at the exercise date. 2022 Equity Incentive Plan On August 5, 2022, the shareholders approved the D-Wave Quantum Inc. 2022 Equity Incentive Plan (the “2022 Plan”), which became effective immediately upon the closing of the Merger. While the 2022 Plan allows for the issuance of awards with a service condition, a performance condition, a market condition, or some combination of the three, to date, the Company has only issued awards subject to a service condition. Awards issued under the 2022 Plan have vesting periods ranging from under one year to four years from the original grant date, and all awards issued to date under the 2022 Plan will expire ten years from the original grant date. Share-based compensation awards are settled by issuing new shares. Common stock option activity The following table summarizes the Company’s stock option activity during the periods presented (in thousands except share and per share data): | | | | | | | | | | | | | | | | | | | | | | | | | Number of options | | Weighted average exercise price ($) | | Weighted average remaining contractual term (years) | | Aggregate intrinsic value ($) | Outstanding as of December 31, 2023 | 11,464,447 | | 1.64 | | | 6.80 | | — | | Granted | 2,921,082 | | 1.30 | | | — | | | — | | Exercised | (10,443) | | 0.91 | | | — | | | 9 | | Forfeited and expired | (122,179) | | 3.35 | | | — | | | — | | Outstanding as of March 31, 2024 | 14,252,907 | | 1.56 | | | 7.23 | | 12,718 | | Options exercisable as of March 31, 2024 | 11,573,180 | | 1.29 | | | 6.83 | | 11,406 | | Options unvested as of March 31, 2024 | 2,679,727 | | 2.74 | | | 8.93 | | — | |
As of March 31, 2024, out of the total 14,252,907 options that have been issued and are currently outstanding, 10,447,710 options were granted under the 2020 Plan. These options will be converted applying the Conversion Ratio into a maximum of 9,294,878 Common Shares upon exercise. Restricted stock unit awards The following table summarizes the RSU activity and related information under the 2022 Plan: | | | | | | | | | | | | | | | | | | | | | | | | | Number of Outstanding | | Weighted average Grant Date Fair Value ($) | | Weighted average remaining contractual term (years) | | Aggregate intrinsic value ($) | Unvested as of December 31, 2023 | 7,045,813 | | | 3.13 | | | 9.08 | | 6,201 | | Granted | 5,362,486 | | | 1.79 | | | — | | | — | | Forfeited and expired | (156,738) | | | 2.73 | | | — | | | — | | Vested | (1,791,317) | | | 0.73 | | | — | | | — | | Unvested as of March 31, 2024 | 10,460,244 | | | 2.86 | | | 12.55 | | 21,339 | |
Employee Stock Purchase Plan During the three months ended March 31, 2024, no common shares were issued under the ESPP. Stock-based compensation expense The following table summarizes the stock-based compensation expense classified in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands): | | | | | | | | | | | | | | | Three Months Ended March 31, | | 2024 | | 2023 | | | Cost of revenue | $ | 175 | | | $ | 377 | | | | Research and development | 1,121 | | 2,760 | | | General and administrative | 1,958 | | | 3,294 | | | | Sales and marketing | 255 | | | 324 | | | | Total stock-based compensation | $ | 3,509 | | | $ | 6,755 | | | |
As of March 31, 2024, total unrecognized stock-based compensation cost, net of estimated forfeitures, related to our unvested stock awards was $30.2 million. This amount is based on an estimated future forfeiture rate of 2.7% per year and will be recognized over a weighted-average period of approximately 1.67 years.
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v3.24.1.1.u2
PROMISSORY NOTE - RELATED PARTY
|
3 Months Ended |
Mar. 31, 2024 |
Related Party Transactions [Abstract] |
|
PROMISSORY NOTE - RELATED PARTY |
9. PROMISSORY NOTE - RELATED PARTY Term Loan On April 13, 2023, the Company entered into the Term Loan, by and between the Company and PSPIB, a related party to the Company's largest shareholder. Refer to Note 6 - Loans payable, net for further description of the Term Loan. Promissory notes On February 28, 2022, an affiliate of DPCM issued an unsecured promissory note of up to $1.0 million to the Sponsor (the "Affiliate Note") for additional working capital. $0.2 million was drawn on the Affiliate Note. As part of the Merger, the Company assumed and amended the Affiliate Note. The Affiliate Note had been fully repaid as of December 31, 2023. Similarly, on April 13, 2022, DPCM obtained an unsecured promissory note of up to $1.0 million from the Sponsor (the "DPCM Note") for additional working capital. $0.2 million was drawn on the DPCM Note. The Company also assumed and amended this note. The Affiliate Note had been fully repaid as of December 31, 2023. These transactions are considered related party transactions as they involve affiliates of the Company. Short swing profit settlement During the three months ended March 31, 2023, the Company recorded approximately $0.2 million related to the short swing profit settlement remitted by a shareholder of the Company under Section 16(b) of the Securities Exchange Act of 1934, as amended. The Company recognized the proceeds as an increase to additional paid-in-capital in the condensed consolidated statements of stockholders’ deficit, as well as in financing activities in the condensed consolidated statements of cash flows for the three months ended March 31, 2023.
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v3.24.1.1.u2
COMMITMENTS AND CONTINGENCIES
|
3 Months Ended |
Mar. 31, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
10. COMMITMENTS AND CONTINGENCIES Lease obligations The Company primarily enters into leases for office space that are classified as operating leases. During the three months ended March 31, 2024 and 2023, total operating lease costs were $0.5 million and $0.4 million, respectively. Litigation From time to time, the Company may become involved in various legal proceedings in the ordinary course of its business and may be subject to third-party infringement claims. In the normal course of business, the Company may agree to indemnify third parties with whom it enters into contractual relationships, including customers, lessors, and parties to other transactions with the Company, with respect to certain matters. The Company has agreed, under certain conditions, to hold these third parties harmless against specified losses, such as those arising from a breach of representations or covenants, other third-party claims that the Company’s products, when used for their intended purposes, infringe the intellectual property rights of such other third parties, or other claims made against certain parties. It is not possible to determine the maximum potential amount of liability under these indemnification obligations due to the Company’s limited history of prior indemnification claims and the unique facts and circumstances that are likely to be involved in each particular claim. As of March 31, 2024 and 2023, the Company was not subject to any material litigation or pending litigation claims.
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v3.24.1.1.u2
NET LOSS PER SHARE
|
3 Months Ended |
Mar. 31, 2024 |
Earnings Per Share [Abstract] |
|
NET LOSS PER SHARE |
11. NET LOSS PER SHARE The following table sets forth the computation of the basic and diluted net loss per share attributable to common stockholders for the three months ended March 31, 2024 and 2023 (in thousands, except share and per share data): | | | | | | | | | | | | | | | Three Months Ended March 31, | | 2024 | | 2023 | | | Numerator: | | | | | | Net loss attributable to common stockholders - basic and diluted | $ | (17,312) | | | $ | (24,406) | | | | Denominator: | | | | | | Weighted-average common stock outstanding | 161,308,490 | | | 123,144,097 | | | | Net loss per share attributable to common stockholders - basic and diluted | $ | (0.11) | | | $ | (0.20) | | | |
For the three months ended March 31, 2024 and 2023 the Company’s potentially dilutive securities were stock options, the Warrant Shares, the Public Warrants and Private Warrants and the unvested restricted stock unit awards. Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods as the inclusion of all potential common shares outstanding would have been anti-dilutive. Potentially dilutive securities (upon conversion) that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: | | | | | | | | | | | | | | | Three Months Ended March 31, | | 2024 | | 2023 | | | Public Warrants as converted to Common Shares (Note 7) | 14,420,065 | | | 14,420,065 | | | | Private Warrants as converted to Common Shares (Note 7) | 11,633,060 | | | 11,633,060 | | | | D-Wave Systems Warrant Shares as converted to Common Shares (Note 7) | 1,155,713 | | | 2,889,282 | | | | Stock options issued and outstanding | 13,100,076 | | | 13,026,724 | | | | Unvested restricted stock unit awards | 10,460,244 | | | — | | | | Total | 50,769,158 | | | 41,969,131 | | | |
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v3.24.1.1.u2
SUBSEQUENT EVENTS
|
3 Months Ended |
Mar. 31, 2024 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
12. SUBSEQUENT EVENTS The Company has evaluated all events occurring through May 13, 2024, the date on which the condensed consolidated financial statements were issued, and during which time, nothing has occurred outside the normal course of business operations that would require disclosure except the following: Sixth Amendment to Term Loan On April 16, 2024, the Company entered into the sixth amendment to the Term Loan (the “Amendment”) with PSPIB. The Amendment provides for an additional period for which no prepayment of the advances under the Term Loan is required with respect to aggregate gross proceeds of up to $30 million received by the Company pursuant to the share issuances under the Purchase Agreement or the Universal Shelf (as defined in the Term Loan) between April 16, 2024 and September 30, 2024 (the "Second Prepayment Exemption"). Additionally, the Amendment allows for an additional prepayment premium exemption with respect to aggregate gross proceeds up to $20 million received by the Company pursuant to the Purchase Agreement or the Universal Shelf subsequently to the receipt of aggregate gross proceeds of $30 million under the Second Prepayment Exemption. Under such additional prepayment premium exemption, the additional premium included in the Prepayment Premium (as defined in the Term Loan) and equal to 10% of the amount then prepaid to PSPIB for any mandatory prepayment pursuant to Section 2.3(a)(ii) under the Purchase Agreement will not be applicable. Subsequent to the Amendment, the Company issued 9,616,070 Common Shares in connection with the Purchase Agreement for total proceeds of $13.4 million.
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v3.24.1.1.u2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
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3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
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Basis of Presentation |
Basis of Presentation The unaudited interim condensed consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial reporting and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosure normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to instructions, rules and regulations prescribed by the United States Securities and Exchange Commission ("SEC"). In the opinion of the Company, the unaudited financial information for the interim periods presented reflects all adjustments, which are normal and recurring, necessary for a fair presentation of the condensed consolidated statements of operations and comprehensive loss, condensed consolidated balance sheets, and condensed consolidated statements of cash flows. Interim results should not be regarded as indicative of results that may be expected for any other period or the entire year. The interim condensed consolidated financial statements included herein have been prepared on the same basis as the audited annual consolidated financial statements and reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K as of and for the year ended December 31, 2023 filed with the SEC on March 29, 2024.
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Principles of Consolidation |
Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements upon consolidation.
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Use of estimates |
Use of estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the Company’s condensed consolidated financial statements and accompanying notes as of the date of the condensed consolidated financial statements. The most significant estimates and assumptions are used in determining: (i) inputs used to recognize revenue over time relating to hours estimated to complete the remaining performance obligations, (ii) fair value of financial instruments, and (iii) long term revenue forecasts used in the accounting for the SIF Loan (see below and Note 6 for further information). These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts, and experience. The Company’s accounting estimates and assumptions may change over time in response to risks and uncertainties, including uncertainty in the current economic environment due to inflation, increased interest rates, Ukraine/Russia conflict, the Israel-Hamas War, and any evolutions thereof. The change could be material in future periods. As of the date of issuance of these condensed consolidated financial statements, the Company is not aware of any specific event or circumstances that would require the Company to update estimates, judgments or revise the carrying value of any assets or liabilities. Actual results may differ from those estimates or assumptions.
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Investment in securities |
Investment in securities The Company holds investments in the equity securities of privately held companies, which are valued based on their original cost. Adjustments are made for observable price changes in orderly transactions involving identical or similar securities of the same issuer, as there are no quoted market prices available. The Company also holds an investment in a convertible note (the "Note") of Zapata Computing, Inc. ("Zapata"). (see Note 4 for further information). The Company accounts for the Note as a loan receivable pursuant to ASC 310, as the Note does not meet the definition of a security. As of March 31, 2024, the common stock into which the Note is convertible was not readily convertible to cash, and so the conversion feature was not bifurcated from the debt host. The loan receivable was recorded at cost.
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Sales of future revenues and Term Loan fair value option election |
Sales of future revenues On November 20, 2020, the Company entered into an agreement with the Canada Strategic Innovation Fund ("SIF"), wherein SIF committed to providing a conditionally repayable loan to the Company in the amount of up to C$40.0 million (the "SIF Loan"). The SIF Loan is conditionally repayable according to a revenue-based formula. See Note 6 for additional information concerning the SIF Loan. The accounting treatment for the SIF Loan considers the "sale of future revenues" guidance outlined in ASC 470-10-25. The debt arising from the SIF Loan was recorded at face value and will be amortized using the effective interest method, leading to the accrual of interest expenses over the estimated term of the SIF Loan. The amortization schedule is based on projected cash flows derived from the Company's long-term revenue forecast. Subsequent changes in forecasted cash flows will be accounted for under the catch-up method, which entails adjusting the accrued interest portion of the principal balance through earnings to reflect the effective interest rate. The liability is classified as non-current, as the current forecast indicates that repayments will not commence within the 12 months following the balance sheet date. As the SIF Loan is originated through a government program, a market rate of interest is not imputed in accordance with the scope limitations of ASC 835. Term Loan fair value option election The Company determined that it is eligible for the fair value option election in connection with the Term Loan. The Term Loan meets the definition of a “recognized financial liability” which is an acceptable financial instrument eligible for the fair value option under ASC 825. At the date of issuance, the fair value of the Term Loan was derived from the instrument’s implied discount rate at inception. The fair value option election was made to enhance the relevance and transparency of information presented related to the features embedded in the Term Loan. Changes in the fair value of the Term Loan, other than changes associated with the Company's own credit risk, are recorded as gains or losses in the Company’s condensed consolidated statements of operations and comprehensive loss in each reporting period. Changes in fair value attributable to the Company's own credit risk are recorded in other comprehensive income or loss in the Company's condensed consolidated statements of operations and comprehensive loss in each reporting period; there have been no such changes for the three months ended March 31, 2024. Under the fair value option, debt issuance costs are recorded in other expense in the Company’s condensed consolidated statements of operations and comprehensive loss. The Term Loan is subject to certain repayment and prepayment provisions which the Company has considered in their valuation analysis. The valuation analysis performed as of March 31, 2024 did not consider any amendments to the Term Loan that occurred subsequent to March 31, 2024 (See Note 6). To estimate the fair value of the Term Loan under the optional prepayment scenario, we have utilized the binomial lattice model. Additionally, we have employed a Monte Carlo simulation model to forecast both the probability for an event of default in the valuation analysis which would result in a mandatory prepayment of the outstanding principal and accrued and unpaid interest and the probability of the issuance of Common Shares under the Purchase Agreement to determine the estimated proceeds to be paid to the Lender along with a mandatory prepayment premium of 10%.
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Fair value of financial instruments |
Fair value of financial instruments Certain assets and liabilities are carried at fair value under U.S. GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: •Level 1—Quoted prices in active markets for identical assets or liabilities. •Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. •Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The categorization of a financial instrument within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company recognizes transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. The Company did not transfer any assets or liabilities in or out of Level 3 during the three months ended March 31, 2024 or 2023. The Warrants are accounted for as liabilities in accordance with ASC 815-40 and are presented within warrant liabilities in the condensed consolidated balance sheets. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of warrant liabilities in the condensed consolidated statements of operations and comprehensive loss. For periods subsequent to the detachment of the Public Warrants from the Units, the close price of the Public Warrants was used as the fair value of the Warrants as of each relevant date. The subsequent measurements of the Public Warrants after the detachment of the Public Warrants from the Units are classified as Level 1 fair value measurements due to the use of an observable market quote in an active market. The subsequent measurements of the Private Warrants after the detachment of the Public Warrants from the Units are classified as Level 2 fair value measurements due to the use of an observable market quote for the Public Warrants, which are considered to be a similar asset in an active market. As noted above, the Company elected the fair value option for the Term Loan.
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Recent accounting pronouncements issued and adopted and not yet adopted |
Recent accounting pronouncements issued and adopted No recently issued accounting pronouncements that the Company has adopted have had a material effect on the Company's results of operations, cash flows or financial condition. Recent accounting pronouncements not yet adopted Segment Reporting In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting--Improvements to Reportable Segment Disclosures, which requires incremental disclosures about a public entity’s reportable segments but does not change the definition of a segment or the guidance for determining reportable segments. The new guidance requires disclosure of significant segment expenses that are (1) regularly provided to (or easily computed from information regularly provided to) the chief operating decision maker and (2) included in the reported measure of segment profit or loss. The new standard also allows companies to disclose multiple measures of segment profit or loss if those measures are used to assess performance and allocate resources. The guidance will first be effective in our annual disclosures for the year ending December 31, 2024, and will be adopted retrospectively unless impracticable. Early adoption is permitted. We are in the process of assessing the impact of ASU 2023-07 on our disclosures. Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires disaggregated information about our effective tax rate reconciliation as well as information on income taxes paid. The new guidance will first be effective in our annual disclosures for the year ending December 31, 2025, and should be applied on a prospective basis with the option to apply retrospectively. Early adoption is permitted. We are in the process of assessing the impact of ASU 2023-09 on our disclosures.
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v3.24.1.1.u2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
Liabilities measured at fair value on a recurring basis |
The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis as of March 31, 2024 and indicates the place in the fair value hierarchy of the valuation inputs the Company utilized to determine each such fair value (in thousands): | | | | | | | | | | | | Description | Level | | As of March 31, 2024 | Liabilities: | | | | Warrant Liabilities – Public Warrants | 1 | | $ | 2,370 | | Warrant Liabilities – Private Placement Warrants | 2 | | $ | 1,912 | | Term Loan | 3 | | $ | 31,100 | |
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- DefinitionTabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.
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v3.24.1.1.u2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Revenue from Contract with Customer [Abstract] |
|
Disaggregation of revenue |
The following table depicts the disaggregation of revenue by type of products or services and timing of transfer of products or services (in thousands): | | | | | | | | | | | | | | | Three Months Ended March 31, | | 2024 | | 2023 | | | Type of products or services | | | | | | QCaaS | $ | 1,692 | | | $ | 1,168 | | | | Professional services | 639 | | | 293 | | | | Other revenue* | 134 | | | 122 | | | | Total revenue | $ | 2,465 | | | $ | 1,583 | | | | Timing of revenue recognition | | | | | | Revenue recognized over time | $ | 2,405 | | | $ | 1,542 | | | | Revenue recognized at a point in time | 60 | | | 41 | | | | Total revenue | $ | 2,465 | | | $ | 1,583 | | | |
*Other revenue includes training, support, maintenance and printed circuit board sales. For the three months ended March 31, 2023, training and maintenance have been reclassified from professional services to other revenue. The following table presents a summary of revenue by geography for the years ended March 31, 2024 and 2023, based on customer location: | | | | | | | | | | | | | | | Three Months Ended March 31, | | 2024 | | 2023 | | | United States | $ | 723 | | | $ | 247 | | | | Germany | 512 | | | 288 | | | | Japan | 325 | | | 308 | | | | Other | 905 | | | 740 | | | | Total revenue | $ | 2,465 | | | $ | 1,583 | | | |
|
Significant customers |
The tables below present the significant customers on a percentage of total revenue basis for the three months ended March 31, 2024 and 2023. | | | | | | | | | | | | | | | Three Months Ended March 31, | | 2024 | | 2023 | | | Customer A | 18 | % | | 15 | % | | | Customer B | — | | | 13 | % | | |
|
Contract balances and revenue recognized |
The following table provides information about account receivable, contract assets and liabilities as of March 31, 2024 and December 31, 2023 (in thousands): | | | | | | | | | | | | | As of March 31, 2024 | | As of December 31, 2023 | Trade accounts receivable and contract assets, net: | | | | Trade account receivable, excluding unbilled receivables | $ | 1,098 | | | $ | 644 | | Contract asset for unbilled receivables | 637 | | | 1,008 | | | | | | Contract liabilities: | | | | Deferred revenue, current | $ | 1,999 | | | $ | 2,669 | | Deferred revenue, non-current | 399 | | | 79 | | Customer deposit1 | 45 | | | 45 | | Total contract liabilities | $ | 2,443 | | | $ | 2,793 | |
1Customer deposit is included in accrued expenses and other current liabilities on the condensed consolidated balance sheets. Changes in deferred revenue from contracts with customers were as follows (in thousands): | | | | | | | | | | | | | Three Months Ended March 31, | | 2024 | | 2023 | Balance at beginning of period | $ | 2,748 | | | $ | 1,790 | | Deferral of revenue | 2,113 | | | 1,166 | | Recognition of deferred revenue | (2,463) | | | (1,120) | | Balance at end of period | $ | 2,398 | | | $ | 1,836 | |
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v3.24.1.1.u2
BALANCE SHEET DETAILS (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Inventories |
Inventories consisted of the following (in thousands): | | | | | | | | | | | | | As of March 31, 2024 | | As of December 31, 2023 | Raw materials | $ | 2,054 | | | $ | 2,052 | | Work-in-process | 25 | | | 26 | | Total inventories | $ | 2,079 | | | $ | 2,078 | |
|
Prepaid expenses and other current assets |
Prepaid expenses and other current assets consisted of the following (in thousands): | | | | | | | | | | | | | As of March 31, 2024 | | As of December 31, 2023* | Prepaid services | $ | 736 | | | $ | 386 | | Prepaid software | 588 | | | 543 | | Prepaid insurance | 537 | | | 490 | | Prepaid rent | 148 | | | 150 | | Other | 560 | | | 440 | | Total prepaid expenses and other current assets | $ | 2,569 | | | $ | 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 noncurrent assets |
Other non-current assets consisted of the following (in thousands): | | | | | | | | | | | | | As of March 31, 2024 | | As of December 31, 2023 | Investment in equity securities | $ | 2,574 | | | $ | 1,168 | | Loan receivable | 1,021 | | | — | | Long-term deposits | 189 | | | 189 | | Contract acquisition costs | 44 | | | — | | Total | $ | 3,828 | | | $ | 1,357 | |
|
Accrued expenses and other current liabilities |
Accrued expenses and other current liabilities consisted of the following (in thousands): | | | | | | | | | | | | | As of March 31, 2024 | | As of December 31, 2023* | Accrued compensation and related benefits | $ | 2,080 | | | $ | 3,245 | | Accrued professional services | 1,420 | | | 1,092 | | Other accruals | 2,507 | | | 1,006 | | Total accrued expenses and other current liabilities | $ | 6,007 | | | $ | 5,343 | |
*Certain amounts presented in the table above as of December 31, 2023 have been reclassified to conform to the current period presentation.
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v3.24.1.1.u2
PROPERTY AND EQUIPMENT, NET (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Property, Plant and Equipment [Abstract] |
|
Property and equipment, net |
Property and equipment, net consisted of the following (in thousands): | | | | | | | | | | | | | As of March 31, 2024 | | As of December 31, 2023 | Quantum computer systems | $ | 13,712 | | | $ | 13,712 | | Lab equipment | 6,822 | | | 6,839 | | Computer equipment | 3,973 | | | 3,703 | | Leasehold improvements | 1,075 | | | 1,075 | | Furniture and fixtures | 381 | | | 381 | | Construction-in-progress | 1,176 | | | 894 | | Total property and equipment | 27,139 | | | 26,604 | | Less: Accumulated depreciation | (24,230) | | | (24,053) | | Total property and equipment, net | $ | 2,909 | | | $ | 2,551 | |
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v3.24.1.1.u2
LOANS PAYABLE, NET (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Debt Disclosure [Abstract] |
|
Components of loans payable |
The following tables show the component of loans payable (in thousands): | | | | | | | | | | | | | | | | | | | Effective Interest Rate | | As of March 31, 2024 | | As of December 31, 2023 | Loans payable, net, current: | | | | | | TPC Loan, due 2024 | Interest free | | $ | 369 | | | $ | 399 | | Total loans payable, net, current | | | $ | 369 | | | $ | 399 | | Loans payable, net, non-current: | | | | | | SIF Loan1 | Interest free | | $ | 31,574 | | | $ | 32,072 | | Term Loan, due 2027 | 11.00% | | 31,100 | | | 31,400 | | TPC Loan, due 2025 | Interest free | | 369 | | 378 | Total loans payable, net, non-current | | | $ | 63,043 | | | $ | 63,850 | |
1Refer below for additional information on the SIF Loan repayment period and effective interest rate. The following table shows the component of the Company's non-current indebtedness carried at fair value and amortized cost: | | | | | | | | | | | | | As of March 31, 2024 | | As of December 31, 2023 | SIF Loan | $ | 31,574 | | | $ | 32,072 | | TPC Loan, due 2025 | 369 | | | 378 | | Total loans payable, net, non-current, at amortized cost | 31,943 | | | 32,450 | | Fair value option - Term Loan | 31,100 | | | 31,400 | | Total loans payable, net, non-current | $ | 63,043 | | | $ | 63,850 | |
The following table summarizes the changes in the Term Loan: | | | | | | | Three months ended March 31, 2024 | Beginning balance | $ | 31,400 | | | | PIK interest expenses | 899 | | Change in fair value | (1,199) | | Ending balance | $ | 31,100 | |
|
Schedule of fair value assumptions |
The Term Loan was classified as a Level 3 fair value measurement and measured using the binomial lattice model and the Monte Carlo simulation model. Key inputs for the simulations are summarized below. | | | | | | | As of March 31, 2024 | Weighted-average risk-free rate | 5.47% Range: 5.46% to 5.49% | Default Trigger Event probability | 5.00% on July 1 2024 | ELOC financing trigger event probability | 25.00% from December 31, 2023 through July 1, 2024 | Weighted-average market yield rate (Default Trigger Event) | 15.85% | Weighted-average market yield rate (Call Option) | 14.38% Range: 11.86% to 15.74% | Weighted-average market yield volatility | 5.00% |
|
Schedule of fair value and the amortized cost |
The following table summarizes the difference between the fair value and the amortized cost of the Term Loan as of March 31, 2024: | | | | | | | | | | | | | | | | | | | Amortized Cost | | Unrealized Gains | | Fair Value | Term Loan, due 2027 | $ | 32,939 | | | $ | 1,839 | | | $ | 31,100 | |
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v3.24.1.1.u2
STOCK-BASED COMPENSATION (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Stock option activity |
The following table summarizes the Company’s stock option activity during the periods presented (in thousands except share and per share data): | | | | | | | | | | | | | | | | | | | | | | | | | Number of options | | Weighted average exercise price ($) | | Weighted average remaining contractual term (years) | | Aggregate intrinsic value ($) | Outstanding as of December 31, 2023 | 11,464,447 | | 1.64 | | | 6.80 | | — | | Granted | 2,921,082 | | 1.30 | | | — | | | — | | Exercised | (10,443) | | 0.91 | | | — | | | 9 | | Forfeited and expired | (122,179) | | 3.35 | | | — | | | — | | Outstanding as of March 31, 2024 | 14,252,907 | | 1.56 | | | 7.23 | | 12,718 | | Options exercisable as of March 31, 2024 | 11,573,180 | | 1.29 | | | 6.83 | | 11,406 | | Options unvested as of March 31, 2024 | 2,679,727 | | 2.74 | | | 8.93 | | — | |
|
RSU activity and related information |
The following table summarizes the RSU activity and related information under the 2022 Plan: | | | | | | | | | | | | | | | | | | | | | | | | | Number of Outstanding | | Weighted average Grant Date Fair Value ($) | | Weighted average remaining contractual term (years) | | Aggregate intrinsic value ($) | Unvested as of December 31, 2023 | 7,045,813 | | | 3.13 | | | 9.08 | | 6,201 | | Granted | 5,362,486 | | | 1.79 | | | — | | | — | | Forfeited and expired | (156,738) | | | 2.73 | | | — | | | — | | Vested | (1,791,317) | | | 0.73 | | | — | | | — | | Unvested as of March 31, 2024 | 10,460,244 | | | 2.86 | | | 12.55 | | 21,339 | |
|
Stock-based compensation expense |
The following table summarizes the stock-based compensation expense classified in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands): | | | | | | | | | | | | | | | Three Months Ended March 31, | | 2024 | | 2023 | | | Cost of revenue | $ | 175 | | | $ | 377 | | | | Research and development | 1,121 | | 2,760 | | | General and administrative | 1,958 | | | 3,294 | | | | Sales and marketing | 255 | | | 324 | | | | Total stock-based compensation | $ | 3,509 | | | $ | 6,755 | | | |
|
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v3.24.1.1.u2
NET LOSS PER SHARE (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Earnings Per Share [Abstract] |
|
Computation of basic and diluted net loss per share |
The following table sets forth the computation of the basic and diluted net loss per share attributable to common stockholders for the three months ended March 31, 2024 and 2023 (in thousands, except share and per share data): | | | | | | | | | | | | | | | Three Months Ended March 31, | | 2024 | | 2023 | | | Numerator: | | | | | | Net loss attributable to common stockholders - basic and diluted | $ | (17,312) | | | $ | (24,406) | | | | Denominator: | | | | | | Weighted-average common stock outstanding | 161,308,490 | | | 123,144,097 | | | | Net loss per share attributable to common stockholders - basic and diluted | $ | (0.11) | | | $ | (0.20) | | | |
|
Potentially dilutive securities |
Potentially dilutive securities (upon conversion) that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: | | | | | | | | | | | | | | | Three Months Ended March 31, | | 2024 | | 2023 | | | Public Warrants as converted to Common Shares (Note 7) | 14,420,065 | | | 14,420,065 | | | | Private Warrants as converted to Common Shares (Note 7) | 11,633,060 | | | 11,633,060 | | | | D-Wave Systems Warrant Shares as converted to Common Shares (Note 7) | 1,155,713 | | | 2,889,282 | | | | Stock options issued and outstanding | 13,100,076 | | | 13,026,724 | | | | Unvested restricted stock unit awards | 10,460,244 | | | — | | | | Total | 50,769,158 | | | 41,969,131 | | | |
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v3.24.1.1.u2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)
|
|
|
3 Months Ended |
|
|
|
|
Feb. 07, 2024 |
Apr. 13, 2023
USD ($)
tranche
|
Mar. 31, 2024
USD ($)
$ / shares
|
Mar. 31, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
tranche
$ / shares
|
Dec. 31, 2023
CAD ($)
tranche
|
Jul. 13, 2023
USD ($)
|
Jun. 16, 2022
USD ($)
$ / shares
|
Nov. 20, 2020
CAD ($)
|
Accounting Policies [Line Items] |
|
|
|
|
|
|
|
|
|
Accumulated deficit |
|
|
$ 500,373,000
|
|
$ 483,061,000
|
|
|
|
|
Net loss |
|
|
17,312,000
|
$ 24,406,000
|
|
|
|
|
|
Net cash outflows from operations |
|
|
12,119,000
|
$ 13,574,000
|
|
|
|
|
|
Cash |
|
|
27,304,000
|
|
$ 41,307,000
|
|
|
|
|
Working capital deficit |
|
|
22,800,000
|
|
|
|
|
|
|
Total liabilities exceeded assets |
|
|
$ 37,000,000
|
|
|
|
|
|
|
ELOC, right to sell common stock |
|
|
|
|
|
|
|
$ 150,000,000
|
|
Common stock, par value (in usd per share) | $ / shares |
|
|
$ 0.0001
|
|
$ 0.0001
|
|
|
$ 0.0001
|
|
ELOC, ownership restriction percentage |
|
|
|
|
|
|
|
9.90%
|
|
ELOC, floor stock price (in usd per share) | $ / shares |
|
|
|
|
|
|
|
$ 1.00
|
|
Term Loan, due 2027 | Line of credit |
|
|
|
|
|
|
|
|
|
Accounting Policies [Line Items] |
|
|
|
|
|
|
|
|
|
Face amount |
|
$ 50,000,000
|
|
|
|
|
|
|
|
Debt, number of tranches | tranche |
|
3
|
|
|
|
|
|
|
|
Debt, premium payment, percentage of amount prepaid |
10.00%
|
10.00%
|
|
|
|
|
|
|
|
Term Loan, due 2027 | Line of credit | Debt Instrument, Tranche One |
|
|
|
|
|
|
|
|
|
Accounting Policies [Line Items] |
|
|
|
|
|
|
|
|
|
Face amount |
|
$ 15,000,000
|
|
|
|
|
|
|
|
Term Loan, due 2027 | Line of credit | Debt Instrument, Tranche Two |
|
|
|
|
|
|
|
|
|
Accounting Policies [Line Items] |
|
|
|
|
|
|
|
|
|
Face amount |
|
|
|
|
|
|
$ 15,000,000
|
|
|
Term Loan, due 2027 | Line of credit | Debt Instrument, Tranche Three |
|
|
|
|
|
|
|
|
|
Accounting Policies [Line Items] |
|
|
|
|
|
|
|
|
|
Face amount |
|
$ 20,000,000
|
|
|
|
|
|
|
|
SIF Loan |
|
|
|
|
|
|
|
|
|
Accounting Policies [Line Items] |
|
|
|
|
|
|
|
|
|
Face amount |
|
|
|
|
|
$ 40,000,000
|
|
|
$ 40,000,000
|
Debt, number of tranches | tranche |
|
|
|
|
8
|
8
|
|
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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Liabilities: |
|
|
Warrants |
$ 4,282
|
$ 1,630
|
Term Loan |
31,100
|
31,400
|
Term Loan, due 2027 | Line of credit |
|
|
Liabilities: |
|
|
Term Loan |
31,100
|
$ 31,400
|
Fair Value, Inputs, Level 1 | Public Warrants |
|
|
Liabilities: |
|
|
Warrants |
2,370
|
|
Fair Value, Inputs, Level 2 | Private Warrants |
|
|
Liabilities: |
|
|
Warrants |
1,912
|
|
Fair Value, Inputs, Level 3 | Term Loan, due 2027 | Line of credit |
|
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|
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REVENUE FROM CONTRACTS WITH CUSTOMERS - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
|
Revenue recognized |
$ 1.4
|
$ 1.2
|
Remaining performance obligation |
$ 7.4
|
|
Remaining performance obligation, percentage to be recognized in next 12 months |
57.00%
|
|
Remaining performance obligation, percentage to be recognized in next two years |
91.00%
|
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 |
|
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Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
|
Remaining performance obligation, period |
3 years
|
|
Three customers | Accounts receivable | Customer concentration risk |
|
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
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Concentration risk, percentage |
10.00%
|
10.00%
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v3.24.1.1.u2
REVENUE FROM CONTRACTS WITH CUSTOMERS - Receivables, Contract Assets and Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Trade accounts receivable and contract assets, net: |
|
|
Trade account receivable, excluding unbilled receivables |
$ 1,098
|
$ 644
|
Contract asset for unbilled receivables |
637
|
1,008
|
Contract liabilities: |
|
|
Deferred revenue, current |
1,999
|
2,669
|
Deferred revenue, non-current |
399
|
79
|
Customer deposit |
45
|
45
|
Total contract liabilities |
$ 2,443
|
$ 2,793
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REVENUE FROM CONTRACTS WITH CUSTOMERS - Change in Deferred Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Contract With Customer, Liability [Roll Forward] |
|
|
Balance at beginning of period |
$ 2,748
|
$ 1,790
|
Deferral of revenue |
2,113
|
1,166
|
Recognition of deferred revenue |
(2,463)
|
(1,120)
|
Balance at end of period |
$ 2,398
|
$ 1,836
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BALANCE SHEET DETAILS - Narrative (Details) - USD ($)
|
|
3 Months Ended |
|
Jan. 05, 2024 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Feb. 08, 2024 |
Debt Instrument [Line Items] |
|
|
|
|
Gain (loss) on investments |
$ 1,700,000
|
$ 1,660,000
|
$ 0
|
|
Zapata Senior Secured Convertible Notes |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Note receivable, principal amount |
|
|
|
$ 1,000,000
|
Note receivable, interest rate |
|
|
|
15.00%
|
Note receivable, prepayable without penalty, aggregate value, maximum |
|
|
|
$ 3,000,000
|
Note receivable, conversion price (in usd per share) |
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v3.24.1.1.u2
BALANCE SHEET DETAILS - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
Accrued compensation and related benefits |
$ 2,080
|
$ 3,245
|
Accrued professional services |
1,420
|
1,092
|
Other accruals |
2,507
|
1,006
|
Total accrued expenses and other current liabilities |
$ 6,007
|
$ 5,343
|
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PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
Total property and equipment |
$ 27,139
|
$ 26,604
|
Less: Accumulated depreciation |
(24,230)
|
(24,053)
|
Total property and equipment, net |
2,909
|
2,551
|
Quantum computer systems |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total property and equipment |
13,712
|
13,712
|
Lab equipment |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total property and equipment |
6,822
|
6,839
|
Computer equipment |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total property and equipment |
3,973
|
3,703
|
Leasehold improvements |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total property and equipment |
1,075
|
1,075
|
Furniture and fixtures |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total property and equipment |
381
|
381
|
Construction-in-progress |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total property and equipment |
$ 1,176
|
$ 894
|
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v3.24.1.1.u2
LOANS PAYABLE, NET - Components of Loans Payable (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Apr. 13, 2023 |
Debt Instrument [Line Items] |
|
|
|
Total loans payable, net, current |
$ 369
|
$ 399
|
|
Total loans payable, net, non-current |
63,043
|
63,850
|
|
Total loans payable, net, non-current, at amortized cost |
31,943
|
32,450
|
|
Fair value option - Term Loan |
31,100
|
31,400
|
|
TPC Government Loans | Other notes payable |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Total loans payable, net, current |
369
|
399
|
|
Total loans payable, net, non-current |
369
|
378
|
|
Total loans payable, net, non-current, at amortized cost |
369
|
378
|
|
SIF Loan | Other notes payable |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Total loans payable, net, non-current |
31,574
|
32,072
|
|
Total loans payable, net, non-current, at amortized cost |
$ 31,574
|
32,072
|
|
Term Loan, due 2027 | Line of credit |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Interest rate |
11.00%
|
|
10.00%
|
Total loans payable, net, non-current |
$ 31,100
|
31,400
|
|
Fair value option - Term Loan |
$ 31,100
|
$ 31,400
|
|
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v3.24.1.1.u2
LOANS PAYABLE, NET - Narrative (Details)
|
|
|
|
|
3 Months Ended |
144 Months Ended |
|
|
|
|
|
Apr. 16, 2024
USD ($)
|
Feb. 07, 2024
USD ($)
|
Apr. 13, 2023
USD ($)
tranche
|
Nov. 20, 2020
USD ($)
installment
|
Mar. 31, 2024
USD ($)
|
Dec. 31, 2021
CAD ($)
|
Dec. 31, 2023
CAD ($)
tranche
|
Oct. 06, 2023
USD ($)
|
Jul. 13, 2023
USD ($)
|
Nov. 23, 2020
CAD ($)
|
Nov. 20, 2020
CAD ($)
|
TPC Government Loans | Fair Value, Inputs, Level 2 |
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
|
|
|
$ 700,000
|
|
|
|
|
|
|
TPC Government Loans | Other notes payable |
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Proceeds from loan |
|
|
|
|
|
$ 12,500,000
|
|
|
|
|
|
Debt forgiven |
|
|
|
|
|
|
|
|
|
$ 5,000,000
|
|
Debt forgiveness, interest waived principal |
|
|
|
|
|
|
|
|
|
2,500,000
|
|
Annual principal payment |
|
|
|
|
|
|
|
|
|
$ 500,000
|
|
SIF Loan |
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Face amount |
|
|
|
|
|
|
$ 40,000,000
|
|
|
|
$ 40,000,000
|
Debt, number of tranches | tranche |
|
|
|
|
|
|
8
|
|
|
|
|
Repayment rate |
|
|
|
150.00%
|
|
|
|
|
|
|
150.00%
|
Repayment, number of installments | installment |
|
|
|
15
|
|
|
|
|
|
|
|
Repayment benchmark year, revenue |
|
|
|
$ 70,000,000
|
|
|
|
|
|
|
|
Repayment benchmark year, period |
|
|
|
14 years
|
|
|
|
|
|
|
14 years
|
Weighted average effective interest rate |
|
|
|
|
2.46%
|
|
2.46%
|
|
|
|
|
SIF Loan | Fair Value, Inputs, Level 2 |
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Loans, fair value |
|
|
|
|
$ 5,100,000
|
|
|
|
|
|
|
Term Loan, due 2027 | Line of credit |
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Face amount |
|
|
$ 50,000,000
|
|
|
|
|
|
|
|
|
Debt, number of tranches | tranche |
|
|
3
|
|
|
|
|
|
|
|
|
Loans, fair value |
|
|
|
|
$ 31,100,000
|
|
|
|
|
|
|
Debt, drawdown fee percentage |
|
|
2.00%
|
|
|
|
|
|
|
|
|
Debt, premium payment, percentage of amount prepaid |
|
10.00%
|
10.00%
|
|
|
|
|
|
|
|
|
Interest rate |
|
|
10.00%
|
|
11.00%
|
|
|
|
|
|
|
Debt, interest rate, payable in kind |
|
|
11.00%
|
|
|
|
|
|
|
|
|
PIK interest expenses |
|
|
|
|
$ 899,000
|
|
|
|
|
|
|
Debt, subject to closing non-dilutive financing, amount |
|
|
$ 25,000,000
|
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock, over which debt repayment is required and premium percentage does not apply |
|
|
|
|
|
|
|
$ 50,000,000
|
|
|
|
Proceeds from issuance of common stock threshold, over which debt repayment is required and prepayment premium percentage applies |
|
$ 50,000,000
|
|
|
|
|
|
|
|
|
|
Term Loan, due 2027 | Line of credit | Subsequent Event |
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Debt, premium payment, percentage of amount prepaid |
10.00%
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock, over which debt repayment is required and premium percentage does not apply |
$ 30,000,000
|
|
|
|
|
|
|
|
|
|
|
Term Loan, due 2027 | Line of credit | Debt Instrument, Repayment Period One |
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Debt, prepayment premium, percentage |
|
|
3.00%
|
|
|
|
|
|
|
|
|
Term Loan, due 2027 | Line of credit | Debt Instrument, Repayment Period Two |
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Debt, prepayment premium, percentage |
|
|
2.00%
|
|
|
|
|
|
|
|
|
Term Loan, due 2027 | Line of credit | Debt Instrument, Repayment Period Three |
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Debt, prepayment premium, percentage |
|
|
1.00%
|
|
|
|
|
|
|
|
|
Term Loan, due 2027 | Line of credit | Debt Instrument, Tranche One |
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Face amount |
|
|
$ 15,000,000
|
|
|
|
|
|
|
|
|
Term Loan, due 2027 | Line of credit | Debt Instrument, Tranche Two |
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Face amount |
|
|
|
|
|
|
|
|
$ 15,000,000
|
|
|
Term Loan, due 2027 | Line of credit | Debt Instrument, Tranche Three |
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Face amount |
|
|
$ 20,000,000
|
|
|
|
|
|
|
|
|
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v3.24.1.1.u2
LOANS PAYABLE, NET - Schedule of Fair Value Assumptions (Details) - Level 3 - Term Loan - Line of credit
|
Mar. 31, 2024 |
Weighted-average risk-free rate |
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
Debt instrument, measurement input |
0.0547
|
Default Trigger Event probability |
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
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Weighted-average market yield rate (Call Option) |
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Debt instrument, measurement input |
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v3.24.1.1.u2
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|
|
3 Months Ended |
|
|
|
Aug. 05, 2022
$ / shares
shares
|
Mar. 31, 2024
USD ($)
day
$ / shares
shares
|
Nov. 28, 2022
shares
|
Nov. 30, 2020
$ / shares
shares
|
Aug. 13, 2020 |
Class of Warrant or Right [Line Items] |
|
|
|
|
|
Warrants exercised (in shares) |
|
0
|
|
|
|
Warrants outstanding (in shares) |
|
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|
|
|
|
Number of warrants into which each warrant was converted (in shares) |
|
1
|
|
|
|
Warrants, exercise price, prior to exchange ratio (in usd per share) | $ / shares |
|
$ 11.50
|
|
|
|
Exchange ratio |
1.4541326
|
|
|
|
|
Warrants, exercise price (in usd per share) | $ / shares |
|
7.91
|
|
|
|
Warrants, redemption price (in usd per share) | $ / shares |
|
$ 0.10
|
|
|
|
Warrants, redemption notice period |
|
30 days
|
|
|
|
Warrants, redemption share price threshold trading days | day |
|
20
|
|
|
|
Warrants, redemption share price threshold consecutive trading days |
|
30 days
|
|
|
|
Sale of stock, price (in usd per share) | $ / shares |
$ 10.00
|
|
|
|
|
Reference value (in usd per share) | $ / shares |
|
$ 18.00
|
|
|
|
Warrants, number of shares issuable (in shares) |
|
|
1,155,713
|
|
|
Conversion ratio |
0.889657
|
|
|
|
|
Public Warrants |
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
Merger, warrants assumed (in shares) |
10,000,000
|
|
|
|
|
Private Warrants |
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
Merger, warrants assumed (in shares) |
8,000,000
|
|
|
|
|
Preferred stock warrants |
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
Warrants, exercise price (in usd per share) | $ / shares |
|
|
|
$ 2.16
|
|
Warrants, number of shares issuable (in shares) |
2,889,282
|
|
|
3,247,637
|
|
Warrants vested, percentage |
|
|
|
|
40.00%
|
Warrants vested, fair value | $ |
|
$ 0
|
|
|
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v3.24.1.1.u2
STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended |
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Expiration period |
10 years
|
|
Outstanding (in shares) |
14,252,907
|
11,464,447
|
Shares to be issued upon exercise (in shares) |
9,294,878
|
|
Unrecognized compensation cost related to unvested stock awards |
$ 30.2
|
|
Future forfeiture rate (as a percent) |
2.70%
|
|
Period for recognition of compensation cost |
1 year 8 months 1 day
|
|
Equity Incentive Plan 2020 |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Outstanding (in shares) |
10,447,710
|
|
Minimum |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Vesting period |
1 year
|
|
Maximum |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Vesting period |
4 years
|
|
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v3.24.1.1.u2
STOCK-BASED COMPENSATION - Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
12 Months Ended |
Mar. 31, 2024 |
Dec. 31, 2023 |
Number of options |
|
|
Balance (in shares) |
11,464,447
|
|
Granted (in shares) |
2,921,082
|
|
Exercised (in shares) |
(10,443)
|
|
Forfeited (in shares) |
(122,179)
|
|
Balance (in shares) |
14,252,907
|
11,464,447
|
Exercisable (in shares) |
11,573,180
|
|
Unvested (in shares) |
2,679,727
|
|
Weighted average exercise price ($) |
|
|
Balance (in usd per share) |
$ 1.64
|
|
Granted (in usd per share) |
1.30
|
|
Exercised (in usd per share) |
0.91
|
|
Forfeited (in usd per share) |
3.35
|
|
Balance (in usd per share) |
1.56
|
$ 1.64
|
Exercisable (in usd per share) |
1.29
|
|
Unvested (in usd per share) |
$ 2.74
|
|
Weighted average remaining contractual term (years) |
|
|
Balance |
7 years 2 months 23 days
|
6 years 9 months 18 days
|
Exercisable |
6 years 9 months 29 days
|
|
Unvested |
8 years 11 months 4 days
|
|
Aggregate intrinsic value ($) |
|
|
Balance |
$ 12,718
|
$ 0
|
Exercised |
9
|
|
Exercisable |
11,406
|
|
Unvested |
$ 0
|
|
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v3.24.1.1.u2
STOCK-BASED COMPENSATION - RSU Awards (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
12 Months Ended |
Mar. 31, 2024 |
Dec. 31, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] |
|
|
Weighted average remaining contractual term (years) |
12 years 6 months 18 days
|
9 years 29 days
|
RSUs |
|
|
Number of Outstanding |
|
|
Unvested (in shares) |
7,045,813
|
|
Granted (in shares) |
5,362,486
|
|
Forfeited (in shares) |
(156,738)
|
|
Vested (in shares) |
(1,791,317)
|
|
Unvested (in shares) |
10,460,244
|
7,045,813
|
Weighted average Grant Date Fair Value ($) |
|
|
Unvested (in usd per share) |
$ 3.13
|
|
Granted (in usd per share) |
1.79
|
|
Forfeited (in usd per share) |
2.73
|
|
Vested (in usd per share) |
0.73
|
|
Unvested (in usd per share) |
$ 2.86
|
$ 3.13
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] |
|
|
Aggregate intrinsic value |
$ 21,339
|
$ 6,201
|
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v3.24.1.1.u2
STOCK-BASED COMPENSATION - Stock-based compensation expense (Details) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
Total stock-based compensation |
$ 3,509
|
$ 6,755
|
Cost of revenue |
|
|
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
Total stock-based compensation |
175
|
377
|
Research and development |
|
|
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
Total stock-based compensation |
1,121
|
2,760
|
General and administrative |
|
|
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
Total stock-based compensation |
1,958
|
3,294
|
Sales and marketing |
|
|
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
Total stock-based compensation |
$ 255
|
$ 324
|
X |
- DefinitionAmount of expense for award under share-based payment arrangement. Excludes amount capitalized.
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v3.24.1.1.u2
NET LOSS PER SHARE - Computation (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Numerator: |
|
|
Net loss attributable to common stockholders - basic |
$ (17,312)
|
$ (24,406)
|
Net loss attributable to common stockholders - diluted |
$ (17,312)
|
$ (24,406)
|
Denominator: |
|
|
Weighted-average common stock outstanding, basic (in shares) |
161,308,490
|
123,144,097
|
Weighted-average common stock outstanding, diluted (in shares) |
161,308,490
|
123,144,097
|
Net loss per share attributable to common stockholders - basic (in usd per share) |
$ (0.11)
|
$ (0.20)
|
Net loss per share attributable to common stockholders - diluted (in usd per share) |
$ (0.11)
|
$ (0.20)
|
X |
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v3.24.1.1.u2
NET LOSS PER SHARE - Potentially Dilutive Securities (Details) - shares
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Potentially dilutive securities (in shares) |
50,769,158
|
41,969,131
|
Warrants | Public Warrants |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Potentially dilutive securities (in shares) |
14,420,065
|
14,420,065
|
Warrants | Private Warrants |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Potentially dilutive securities (in shares) |
11,633,060
|
11,633,060
|
Warrants | Common Share Warrants |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Potentially dilutive securities (in shares) |
1,155,713
|
2,889,282
|
Options |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Potentially dilutive securities (in shares) |
13,100,076
|
13,026,724
|
RSUs |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Potentially dilutive securities (in shares) |
10,460,244
|
0
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X |
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v3.24.1.1.u2
SUBSEQUENT EVENTS (Details) - USD ($)
|
|
|
|
1 Months Ended |
|
Apr. 16, 2024 |
Feb. 07, 2024 |
Apr. 13, 2023 |
May 13, 2024 |
Oct. 06, 2023 |
Term Loan, due 2027 | Line of credit |
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
Proceeds from issuance of common stock, over which debt repayment is required and premium percentage does not apply |
|
|
|
|
$ 50,000,000
|
Debt, premium payment, percentage of amount prepaid |
|
10.00%
|
10.00%
|
|
|
Subsequent Event |
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
Issuance of stock (in shares) |
|
|
|
9,616,070
|
|
Proceeds from stock issuance |
|
|
|
$ 13,400,000
|
|
Subsequent Event | Term Loan, due 2027 | Line of credit |
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
Proceeds from issuance of common stock, over which debt repayment is required and premium percentage does not apply |
$ 30,000,000
|
|
|
|
|
Additional proceeds from issuance of common stock, over which debt repayment is required and premium percentage does not apply |
$ 20,000,000
|
|
|
|
|
Debt, premium payment, percentage of amount prepaid |
10.00%
|
|
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|
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D Wave Quantum (NYSE:QBTS)
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D Wave Quantum (NYSE:QBTS)
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