Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | May 09, 2022 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | IONQ, INC. | |
Entity Central Index Key | 0001824920 | |
Current Fiscal Year End Date | --12-31 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | DE | |
Entity File Number | 001-39694 | |
Entity Tax Identification Number | 85-2992192 | |
Entity Address, Address Line One | 4505 Campus Drive | |
Entity Address, City or Town | College Park | |
Entity Address, State or Province | MD | |
Entity Address, Postal Zip Code | 20740 | |
City Area Code | 301 | |
Local Phone Number | 298-7997 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 198,140,446 | |
Warrant [Member] | ||
Entity Information [Line Items] | ||
Trading Symbol | IONQ WS | |
Title of 12(b) Security | Warrants, each exercisable for one share of common stock for $11.50 per share | |
Security Exchange Name | NYSE | |
Common Stock [Member] | ||
Entity Information [Line Items] | ||
Trading Symbol | IONQ | |
Title of 12(b) Security | Common stock, par value $0.0001 per share | |
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 86,751 | $ 399,025 |
Short-term investments | 329,157 | 123,443 |
Accounts receivable | 569 | 707 |
Prepaid expenses and other current assets | 5,826 | 6,442 |
Total current assets | 422,303 | 529,617 |
Long-term investments | 170,460 | 80,110 |
Property and equipment, net | 21,131 | 18,870 |
Operating lease right-of-use assets | 3,964 | 4,032 |
Intangible assets, net | 6,175 | 5,841 |
Other noncurrent assets | 3,418 | 3,558 |
Total Assets | 627,451 | 642,028 |
Current liabilities: | ||
Accounts payable | 1,967 | 1,882 |
Accrued expenses | 4,298 | 2,647 |
Current portion of operating lease liabilities | 573 | 568 |
Unearned revenue | 3,417 | 3,430 |
Current portion of stock option early exercise liabilities | 1,130 | 1,164 |
Total current liabilities | 11,385 | 9,691 |
Operating lease liabilities, net of current portion | 3,600 | 3,643 |
Unearned revenue, net of current portion | 489 | 1,533 |
Stock option early exercise liabilities, net of current portion | 1,686 | 1,969 |
Warrant liabilities | 20,508 | 33,962 |
Total liabilities | 37,668 | 50,798 |
Commitments and Contingencies (see Note 7) | ||
Stockholders' Equity: | ||
Common stock $0.0001 par value per share; 1,000,000,000 shares authorized; 196,393,948 and 195,630,975 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively | 20 | 19 |
Additional paid-in capital | 744,469 | 737,150 |
Accumulated deficit | (150,018) | (145,791) |
Accumulated other comprehensive loss | (4,688) | (148) |
Total stockholders' equity | 589,783 | 591,230 |
Total Liabilities and Stockholders' Equity | $ 627,451 | $ 642,028 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 196,393,948 | 195,630,975 |
Common stock, shares outstanding | 196,393,948 | 195,630,975 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue | $ 1,953 | $ 125 |
Costs and expenses: | ||
Cost of revenue (excluding depreciation and amortization) | 568 | 181 |
Research and development | 7,338 | 3,654 |
Sales and marketing | 1,871 | 227 |
General and administrative | 9,194 | 2,956 |
Depreciation and amortization | 1,266 | 445 |
Total operating costs and expenses | 20,237 | 7,463 |
Loss from operations | (18,284) | (7,338) |
Change in fair value of warrant liabilities | 13,448 | 0 |
Other income (expense), net | 609 | 3 |
Loss before benefit for income taxes | (4,227) | (7,335) |
Benefit for income taxes | 0 | 0 |
Net loss | $ (4,227) | $ (7,335) |
Net loss per share attributable to common stockholders - basic and diluted | $ (0.02) | $ (0.06) |
Weighted average shares used in computing net loss per share attributable to common stockholders – basic and diluted | 196,183,247 | 118,718,574 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (4,227) | $ (7,335) |
Other comprehensive loss, net of reclassification adjustments: | ||
Unrealized loss on available-for-sale securities, net | (4,540) | 0 |
Total other comprehensive loss | (4,540) | 0 |
Total comprehensive loss | $ (8,767) | $ (7,335) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Stockholders' Equity [Member] | Common Stock [Member]Stockholders' Equity [Member] | Common Stock [Member]Stockholders' Equity [Member]Restricted Stock Units (RSUs) [Member] | Additional Paid-In Capital [Member]Stockholders' Equity [Member] | Accumulated Deficit [Member]Stockholders' Equity [Member] | Accumulated Other Comprehensive Income MemberStockholders' Equity [Member] |
Balance at Dec. 31, 2020 | $ 53,703 | $ 3 | $ 93,305 | $ (39,605) | |||
Balance (in shares) at Dec. 31, 2020 | 118,146,795 | ||||||
Net loss attributable to common stockholders | $ (7,335) | (7,335) | (7,335) | ||||
Equity instruments issued in consideration for intellectual property and research and development arrangements | 1,644 | 1,644 | |||||
Stock Options Exercised | 194 | 194 | |||||
Stock Options Exercised (in shares) | 3,137,652 | 803,071 | |||||
Vesting of Restricted Common Stock | 185 | 185 | |||||
Vesting of Restricted Common Stock (in shares) | 77,192 | ||||||
Stock-based compensation | 1,475 | 1,475 | |||||
Balance at Mar. 31, 2021 | 49,866 | $ 3 | 96,803 | (46,940) | |||
Balance (in shares) at Mar. 31, 2021 | 119,027,058 | ||||||
Balance at Dec. 31, 2021 | $ 591,230 | 591,230 | $ 19 | 737,150 | (145,791) | $ (148) | |
Balance (in shares) at Dec. 31, 2021 | 195,630,975 | ||||||
Net loss attributable to common stockholders | $ (4,227) | (4,227) | (4,227) | ||||
Stock Options Exercised | 132 | $ 1 | 131 | ||||
Stock Options Exercised (in shares) | 453,225 | 453,225 | |||||
Vesting of Restricted Common Stock | 316 | 316 | |||||
Vesting of Restricted Common Stock (in shares) | 139,511 | ||||||
Stock-based compensation | 6,848 | 6,848 | |||||
Issuance of common stock from the settlement of restricted stock units shares | 168,750 | ||||||
Warrants exercised shares | 1,487 | ||||||
Warrants exercised | 24 | 24 | |||||
Other comprehensive loss | (4,540) | ||||||
Balance at Mar. 31, 2022 | $ 589,783 | $ 589,783 | $ 20 | $ 744,469 | $ (150,018) | $ (4,688) | |
Balance (in shares) at Mar. 31, 2022 | 196,393,948 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (4,227) | $ (7,335) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 1,266 | 445 |
Non-cash research and development arrangements | 130 | 242 |
Amortization of customer warrant | 0 | 72 |
Stock-based compensation | 6,672 | 1,431 |
Change in fair value of warrant liabilities | (13,448) | 0 |
Other, net | (490) | 61 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 138 | 318 |
Prepaid expenses and other current assets | 1,516 | (2,114) |
Other noncurrent assets | (69) | 165 |
Accounts payable | (291) | 1,734 |
Accrued expenses | 1,571 | 1,096 |
Operating lease liabilities | (34) | 12 |
Unearned revenue | (1,058) | (25) |
Net cash used in operating activities | (8,324) | (3,898) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (2,672) | (1,670) |
Capitalized software development costs | (457) | (302) |
Purchases of available-for-sale securities | (311,235) | 0 |
Maturities of available-for-sale securities | 10,400 | 0 |
Intangible asset acquisition costs | (134) | (182) |
Net cash used in investing activities | (304,098) | (2,154) |
Cash flows from financing activities: | ||
Proceeds from stock options exercised | 132 | 5,363 |
Proceeds from public warrants exercised | 16 | 0 |
Net cash provided by financing activities | 148 | 5,363 |
Net change in cash and cash equivalents | (312,274) | (689) |
Cash and cash equivalents at the beginning of the period | 399,025 | 36,120 |
Cash and cash equivalents at the end of the period | 86,751 | 35,431 |
Supplemental disclosures of non-cash investing and financing transactions: | ||
Issuance of common stock for intellectual property | 0 | 1,402 |
Property and equipment purchases in accounts payable and accrued expenses | 1,007 | 0 |
Intangible asset purchases in accounts payable and accrued expenses | 86 | 0 |
Noncash reclassification of warrant liabilities to equity upon exercise | $ 8 | $ 0 |
Description of Business
Description of Business | 3 Months Ended |
Mar. 31, 2022 | |
Description of Business | 1. DESCRIPTION OF BUSINESS IonQ, Inc. (“IonQ” or “the Company”), formerly known as dMY Technology Group, Inc. III (“dMY”), was incorporated in the state of Delaware in September 2020 and formed as a special purpose acquisition company for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. IonQ Quantum, Inc. (formerly known as IonQ, Inc., and referred to as “Legacy IonQ” herein), was incorporated in the state of Delaware in March 2015 and is headquartered in College Park, Maryland. On March 7, 2021, Legacy IonQ entered into an Agreement and Plan of Merger (the “Merger Agreement”) with dMY and Ion Trap Acquisition, Inc. (“Merger Sub”), a direct, wholly owned subsidiary of dMY. Pursuant to the Merger Agreement, on September 30, 2021 (“the Closing Date”), the Merger Sub was merged with and into Legacy IonQ with Legacy IonQ continuing as the surviving corporation following the Merger, becoming a wholly owned subsidiary of dMY and the separate corporate existence of the Merger Sub ceased (the “Business Combination”). Commensurate with the Business Combination, dMY changed its name to IonQ, Inc. and Legacy IonQ changed its name to IonQ Quantum, Inc. After the Business Combination, IonQ’s common stock and public warrants are traded on the New York Stock Exchange (“NYSE”) under the symbols “IONQ” and “IONQ WS,” respectively. Unless otherwise indicated, references in this Quarterly Report on Form10-Q to the “Company” and “IonQ” refer to the consolidated operations of IonQ, Inc. and IonQ Quantum, Inc. References to “dMY” refer to the company prior to the consummation of the Business Combination and references to “Legacy IonQ” refer to IonQ, Inc. prior to the consummation of the Business Combination. IonQ is engaged in quantum computing and develops general-purpose quantum computing systems designed to solve the world’s most complex problems, and transform business, society, and the planet for the better. To operate the quantum computing systems, the Company has developed custom hardware, custom firmware, and an operating system to orchestrate the quantum computers. Currently, the Company permits customers to use the quantum computing systems through a quantum-computing-as-a-service (“QCaaS”) platform. Business Combination While the legal acquirer in the Merger Agreement is dMY, for financial accounting and reporting purposes under accounting principles generally accepted in the United States of America (“U.S. GAAP”), Legacy IonQ is the accounting acquirer and the merger is accounted for as a “reverse recapitalization” (i.e., a capital transaction involving the issuance of stock by dMY for the stock of Legacy IonQ). For accounting purposes, the Business Combination was treated as the equivalent of Legacy IonQ issuing stock for the net assets of dMY, accompanied by a recapitalization. The net assets of dMY are stated at historical cost, and no goodwill or other intangible assets were recorded. Because Legacy IonQ was deemed the accounting acquirer in the Business Combination, the historical financial statements of Legacy IonQ are the historical financial statements of the Company upon the consummation of the Business Combination. As a result, the condensed consolidated financial statements included in this report reflect (i) the historical operating results of Legacy IonQ prior to the Business Combination; (ii) the combined results of dMY and Legacy IonQ following the close of the Business Combination on September 30, 2021; and (iii) the assets and liabilities of Legacy IonQ stated at their historical cost. In accordance with guidance applicable to these circumstances, the equity structure has been retroactively restated in all comparative periods to reflect the number of shares of the Company’s common stock, $0.0001 par value per share, issued to Legacy IonQ’s stockholders in connection with the Business Combination. As such, the shares and corresponding capital amounts and earnings per share related to Legacy IonQ convertible redeemable preferred stock and warrants and Legacy IonQ common stock prior to the Business Combination have been retroactively restated as shares reflecting the exchange ratio established in the Business Combination. Legacy IonQ’s convertible redeemable preferred stock and warrants previously classified as mezzanine equity were retroactively adjusted, converted into common stock, and reclassified to permanent equity because of the reverse recapitalization. All exercise prices for stock options and warrants have similarly been retroactively restated to reflect the exchange ratio established in the Business Combination. Segment Reporting The Company operates as one operating segment as its chief executive officer, who is the chief operating decision maker, reviews financial information on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Significant Accounting Policies The Company’s significant accounting policies, which are disclosed in the audited financial statements for the year ended December 31, 2021 and the notes thereto are included in the Company’s Annual Report on Form 10-K (the “Annual Report”) that was filed with the Securities and Exchange Commission (“SEC”) on March 28, 2022. Since the date of that filing, there have been no material changes to the Company’s significant accounting policies except as noted below. Basis of Preparation The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP as determined by the Financial Accounting Standards Board (“FASB”). Such condensed consolidated financial statements include the accounts of IonQ and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Unaudited Interim Financial Information The interim condensed consolidated financial statements included in this Quarterly Report on Form 10-Q have been prepared by the Company and are unaudited, pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures contained in this Quarterly Report on Form 10-Q comply with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), for a quarterly report and are adequate to make the information presented not misleading. The interim condensed consolidated financial statements included herein 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 interim condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto for the year ended December 31, 2021 included in the Annual Report. The condensed consolidated statements of operations and the condensed consolidated statements of comprehensive loss for the three months ended March 31, 2022, are not necessarily indicative of the results to be anticipated for the entire year ending December 31, 2022, or thereafter. All references to March 31, 2022 and 2021, in the notes to the condensed consolidated financial statements are unaudited. Emerging Growth Company The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act, until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, the Company’s condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. The Company remains an emerging growth company until the earliest of (i) December 31, 2025, (ii) the last day of the fiscal year in which the Company has total annual gross revenue of at least $1.07 billion, (iii) the last day of the fiscal year in which the Company is deemed to be a large accelerated filer, which means the market value of the Company’s common stock that is held by non-affiliates exceeds $700.0 million as of the prior June 30th or (iv) the date on which the Company has issued more than $1.0 billion in non-convertible debt securities during the prior three-year period. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP and the rules and regulations of the SEC requires management to make estimates and assumptions that affect the amounts reported in these condensed consolidated financial statements and accompanying notes. Significant estimates and judgments are inherent in the analysis and measurement of items including, but not limited to revenue recognition, capitalization of internally developed software and quantum computing costs, useful lives of long-lived assets, commitments and contingencies, fair value of available-for-sale securities, and forecasts and assumptions used in determining the fair value of historically granted common stock, stock options and warrants prior to the Business Combination. Management bases its estimates and assumptions on historical experience, expectations, forecasts, and on various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may differ and be affected by changes in those estimates. Fair Value Measurements The Company evaluates the fair value of certain assets and liabilities using the fair value hierarchy. Fair value is an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: • Level 1—Observable inputs, which include quoted prices in active markets; • Level 2—Observable inputs other than the quoted prices in active markets that are observable either directly or indirectly, such as quoted prices in markets that are not active, or other inputs such as broker quotes, benchmark yield curves, credit spreads and market interest rates for similar securities that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; • Level 3—Unobservable inputs that are supported by little or no market activity and that are based on management’s assumptions, including fair value measurements determined using pricing models, discounted cash flow methodologies or similar techniques. The Company’s assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy. For assets that are measured using quoted prices in active markets, the total fair value is the published market price per unit multiplied by the number of units held, without consideration of transaction costs. Assets and liabilities that are measured using significant other observable inputs are primarily valued by reference to quoted prices of similar assets or liabilities in active markets, adjusted for any terms specific to that asset or liability. Assets and liabilities that are measured at fair value on a non-recurring basis include property and equipment and intangible assets. The Company recognizes these items at fair value when they are considered to be impaired or upon initial recognition when acquired through a business combination or an asset acquisition. The fair value of these assets and liabilities are determined with valuation techniques using the best information available and may include quoted market prices, market comparables and discounted cash flow models. Due to their short-term nature, the carrying amounts reported in the Company’s condensed consolidated financial statements approximates the fair value for cash and cash equivalents, accounts receivable, accounts payable and accrued expenses. Cash and Cash Equivalents Cash and cash equivalents include cash in banks, checking deposits, money market funds, and certain commercial paper and U.S. government and agency securities. The Company considers all short-term highly liquid investments with an original maturity at the date of purchase of three months or less to be cash equivalents. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are non-interest bearing and represent amounts billed and currently due from customers at the gross invoiced amount as well as unbilled amounts related to unconditional rights for consideration to be received for services performed but not yet invoiced. A receivable is recorded when the Company has an unconditional right to receive payment. Accounts receivable consists of the following (in thousands): March 31, December 31, Billed accounts receivable $ 97 $ 261 Unbilled accounts receivable 472 446 Total accounts receivable $ 569 $ 707 On a periodic basis, management evaluates its accounts receivable and determines whether to provide an allowance or if any accounts should be written off. This assessment is based on management’s evaluation of past due receivables, collectability of specific accounts, historical loss experience and overall economic conditions. The Company did not have any allowance for doubtful accounts as of March 31, 2022 , Investments Management determines the appropriate classification of investments at the time of purchase based upon management’s intent with regard to such investments. Investments are classified as available-for-sale at the time of purchase if they are available to support either current or future operations. This classification is re-evaluated at each balance sheet date. Investments with remaining contractual maturities of one year or less from the balance sheet date, which are not considered cash equivalents, are classified as short-term investments, and those with remaining contractual maturities greater than one year from the balance sheet date are classified as long-term investments. All investments are recorded at their estimated fair value, and any unrealized gains and losses are recorded in accumulated other comprehensive loss. Realized gains and losses on sales and maturities of investments are determined based on the specific identification method and are recognized in the condensed consolidated statements of operations in other income (expense), net. The Company performs periodic evaluations to determine whether any declines in the fair value of investments below cost are other-than-temporary. The evaluation consists of qualitative and quantitative factors regarding the severity and duration of the unrealized loss, as well as the Company’s ability and intent to hold the investments until a forecasted recovery occurs. The impairments are considered to be other-than-temporary if they are related to deterioration in credit risk or if it is likely that the underlying securities will be sold prior to a full recovery of their cost basis. Other-than-temporary fair value impairments are determined based on the specific identification method and are reported in other income (expense), net in the condensed consolidated statements of operations. Property and Equipment, Net Property and equipment, net is stated at cost less accumulated depreciation. Historical cost of fixed assets is the cost as of the date acquired. Hardware and labor costs associated with the building of quantum computing systems are capitalized. Costs to maintain quantum computing systems are expensed as incurred. Depreciation and amortization are calculated using the straight-line method over the estimated useful lives of the assets. Intangible Assets, Net The Company’s intangible assets include website domain costs, patents, intellectual property and trademarks. Intangible assets with identifiable useful lives such as patents and intellectual property are initially valued at acquisition cost and are amortized over their estimated useful lives, which is generally 20 years, using the straight-line method. With respect to patents, acquisition costs include external legal and patent application costs. Intangible assets with indefinite useful lives are assessed for impairment at least annually. During the three months ended March 31, 2022 and 2021, the Company capitalized Capitalized Internally Developed Software Capitalized internally developed software, which is included in intangible assets, net, consists of costs to purchase and develop internal-use software, which the Company uses to provide services to its customers. The costs to purchase and develop internal-use software are capitalized from the time that the preliminary project stage is completed, and it is considered probable that the software will be used to perform the function intended, until the time the software is placed in service for its intended use. Any costs incurred during subsequent efforts to upgrade and enhance the functionality of the software are also capitalized. Once this software is ready for use as part of the Company’s service offerings, these costs are amortized on a straight-line basis over the estimated useful life of the software, which is typically assessed to be three years. During the three months ended March 31, 2022 and 2021, the Company capitalized $0.5 million and $0.3 million in internal-use software costs, respectively. The Company amortized $0.3 million and $0.1 million of capitalized internally developed software costs during the three months ended March 31, 2022 and 2021, respectively. Warrant Liabilities The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging.” For derivative financial instruments that are accounted for as liabilities, such as the public warrants, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued upon exercise or at each reporting date for the unexercised public warrants, with changes in the fair value reported in the condensed consolidated statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. The warrants of dMY assumed in the Business Combination are classified as liabilities and remeasured at each reporting period (as more fully described in Note 11). The determination of the fair value of the warrant liabilities may be subject to change as more current information becomes available and accordingly the actual results could differ significantly. Derivative warrant liabilities are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities. Revenue Recognition The Company derives revenue from providing access to its QCaaS and consulting services related to co-developing algorithms on the quantum computing systems. The Company applies the provisions of the FASB Accounting Standards Update (“ASU”), Revenue from Contracts with Customers (“ASC 606”), and all related applicable guidance. The core principle of ASC 606 is that an entity shall recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To support this core principle, the Company applies the following five step approach: 1. Identify the contract with the customer 2. Identify the performance obligations 3. Determine the transaction price 4. Allocate the transaction price to the performance obligations 5. Recognize revenue when (or as) the entity satisfies a performance obligation The Company has determined that its QCaaS contracts represent a combined, stand-ready performance obligation to provide access to its quantum computing systems together with related maintenance and support. The transaction price generally includes a variable fee based on usage of its quantum computing systems and may include a fixed fee for a minimum volume of usage to be made available over a defined period of access. Fixed fee arrangements may also include a variable component whereby customers pay an amount for usage over contractual minimums contained in the contracts. The Company has determined that contracts which contain consulting services related to co-developing quantum computing algorithms and the ability to use our quantum computing systems to run such algorithms represent a combined performance obligation that is satisfied over-time with revenue recognized based on the efforts incurred to date relative to the total expected effort. For contracts with a fixed transaction price, the fixed fee is recognized on a straight-line basis over the access period or associated measure of progress for our contracts for the co-development of quantum computing algorithms. For contracts without fixed fees, variable usage fees are billed and recognized during the period of such usage. As of March 31, 2022 and 2021, all of the revenue recognized by the Company was recognized based on transfer of service over time. There were no revenues recognized at a point in time. In arrangements with cloud service providers, the cloud service provider is considered the customer and IonQ does not have any contractual relationships with the cloud service providers’ end users. For these arrangements, revenue is recognized at the amount charged to the cloud service provider and does not reflect any mark-up to the end user. The Company may enter into multiple contracts with a single counterparty at or near the same time. The Company will combine contracts and account for them as a single contract when one or more of the following criteria are met: (i) the contracts are negotiated as a package with a single commercial objective; (ii) consideration to be paid in one contract depends on the price or performance of the other contract; and (iii) goods or services promised are a single performance obligation. Consideration payable to a customer includes cash amounts that an entity pays, or expects to pay, to the customer. For arrangements that contain consideration payable to a customer, the Company determines whether such payments are a reduction of the transaction price or a payment to the customer for a distinct good or service. The Company has entered into one revenue arrangement in which it granted warrants to the counterparty. Refer to Note 10 for further information on the customer warrants. The variable fees associated with the QCaaS are generally billed a month in arrears. Customers also have the ability to make advance payments. If a contract exists under ASC 606, advance payments are recorded as a contract liability until services are delivered or obligations are met and revenue is earned. Contract liabilities to be recognized in the succeeding 12-month period are classified as current and the remaining amounts are classified as non-current liabilities in the Company’s condensed consolidated balance sheets. As of March 31, 2022, approximately $21.3 million of revenue is expected to be recognized from remaining performance obligations that are unsatisfied (or partially unsatisfied) for non-cancelable contracts. The Company expects to recognize revenue of $7.1 million, $7.9 million and $6.3 million related to these remaining performance obligations in the remaining nine months ended December 31, 2022, the year ended December 31, 2023, and thereafter, respectively. Total unearned revenues unearned For contractual arrangements where consideration is paid up-front, the transfer of the quantum computing services is completed at the discretion of the customer as the customer chooses to use the services starting from the date of contract inception. As such, the up-front payment of consideration does not represent a significant financing component. Cost to Obtain a Contract Applying the practical expedient, the Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets is one year or less. For the three months ended March 31, 2022 and 2021, the Company has not incurred any material incremental costs of obtaining contracts. Stock-Based Compensation The Company measures and records the expense related to stock-based awards based on the fair value of those awards as determined on the date of grant. The Company recognizes stock-based compensation expense over the requisite service period of the individual grant, generally equal to the vesting period and uses the straight-line method to recognize stock-based compensation. The Company uses the Black-Scholes-Merton (“Black-Scholes”) option-pricing model to determine the fair value of stock awards and the estimated fair value for stock options. The Black-Scholes option-pricing model requires the use of subjective assumptions, which determine the fair value of share-based awards, including the fair value of the Company’s common stock, the option’s expected term, the price volatility of the underlying common stock, risk-free interest rates, and the expected dividend yield of the common stock. The assumptions used to determine the fair value of the stock awards represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment. The Company records forfeitures as they occur. Stock-based compensation cost for restricted stock units is measured based on the fair value of the Company’s common stock on the grant date. For awards with a performance-based vesting condition, the Company records stock-based compensation cost if it is probable that the performance condition will be achieved. The Company obtained third-party valuations to estimate the fair value of its common stock for awards granted prior to the Business Combination, for purposes of measuring stock-based compensation expense. The third-party valuations were prepared using methodologies, approaches, and assumptions consistent with the American Institute of Certified Public Accountants (“AICPA”) Accounting & Valuation Guide, Valuation of Privately-Held-Company Equity Securities Issued as Compensation. Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, investments, and trade accounts receivable. The Company maintains the majority of its cash, cash equivalents and investments with two financial institutions, both of which management believes to be financially sound and with minimal credit risk. The Company’s deposits periodically exceed amounts guaranteed by the Federal Deposit Insurance Corporation. The Company’s accounts receivable are derived from customers primarily located in the United States. The Company performs periodic evaluations of its customers’ financial condition and generally does not require its customers to provide collateral or other security to support accounts receivable and maintains an allowance for doubtful accounts. Credit losses historically have not been material. Significant customers are those which represent more than 10% of the Company’s total revenue. The Company’s revenue was primarily from two significant customers for the three months ended March 31, 2022. The Company’s revenue was from three significant customers for the three months ended March 31, 2021. Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding for the period. Diluted earnings per share is computed by dividing net income (loss) by the weighted average number of shares of common stock during the period, plus common stock equivalents, outstanding during the period. Earnings (loss) per share calculations for all periods have been retroactively restated to reflect the conversion of the Company’s convertible redeemable preferred stock and the equivalent number of shares reflecting the exchange ratio established in the Business Combination. The following table sets forth the computation of basic and diluted loss per share attributable to common stockholders (in thousands, except share and per share data): Three Months Ended 2022 2021 Numerator: Net loss available to common stockholders $ (4,227 ) $ (7,335 ) Denominator: Weighted average shares used in computing net loss per share attributable to common stockholders – basic and diluted 196,183,247 118,718,574 Net loss per share attributable to common stockholders – basic and diluted $ (0.02 ) $ (0.06 ) In periods with a reported net loss, the effects of anti-dilutive stock options, unvested restricted stock units, unvested restricted common stock and warrants are excluded and diluted loss per share is equal to basic loss per share. The following is a summary of the weighted average common stock equivalents for the securities outstanding during the respective periods that have been excluded from the computation of diluted net loss per common share, as their effect would be anti-dilutive: Three Months Ended 2022 2021 Common stock options outstanding 21,108,390 24,715,333 Warrants to purchase common stock 8,301,202 8,301,202 Public warrants 5,232,471 — Unvested restricted stock units 1,310,471 — Unvested common stock 1,351,261 — Total 37,303,795 33,016,535 Recently Issued Accounting Standards Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses In August 2020, the FASB issued ASU 2020-06, Debt, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity’s Own Equity (Subtopic 815-40) Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. |
Cash Equivalents and Investment
Cash Equivalents and Investments | 3 Months Ended |
Mar. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Cash Equivalents and Investments | 3. CASH EQUIVALENTS AND INVESTMENTS The following table summarizes the Company’s unrealized gains and losses and estimated fair value of cash equivalents and investments in available-for-sale securities recorded in the condensed consolidated balance sheets (in thousands): AS OF MARCH 31, 2022 AS OF DECEMBER 31, 2021 Amortized Cost Gross Gains Gross Losses Estimated Fair Value Amortized Gross Gross Estimated Cash and money market funds $ 40,261 $ — $ — $ 40,261 $ 123,690 $ — $ — $ 123,690 Commercial paper 251,909 1 (544 ) 251,366 203,628 — (21 ) 203,607 Corporate notes and bonds 205,195 2 (3,314 ) 201,883 80,060 2 (109 ) 79,953 Municipal bonds 6,905 — (156 ) 6,749 2,000 — — 2,000 US government and agency 86,787 — (678 ) 86,109 193,347 1 (20 ) 193,328 Total cash equivalents and investments $ 591,057 $ 3 $ (4,692 ) $ 586,368 $ 602,725 $ 3 $ (150 ) $ 602,578 Unrealized losses related to investments were primarily a result of interest rate fluctuations, and none of the investments held as of March 31, 2022 , The estimated fair value of the Company’s cash equivalents and investments in available-for-sale securities as of March 31, 2022, aggregated by investment category and classified by contractual maturity date, is as follows (in thousands): 1 Year or 1 Year or Total Cash and money market funds $ 40,261 $ — $ 40,261 Commercial paper 251,366 — 251,366 Corporate notes and bonds 48,396 153,487 201,883 Municipal bonds 1,997 4,752 6,749 US government and agency 73,888 12,221 86,109 Total $ 415,908 $ 170,460 $ 586,368 |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Fair Value Measurement | 4. FAIR VALUE MEASUREMENTS The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (in thousands): Fair Value Measured as of March 31, 2022: Level 1 Level 2 Level 3 Total Assets Cash equivalents: Cash and money market funds (1) $ 40,261 $ — $ — $ 40,261 Commercial paper — 46,490 — 46,490 Total cash equivalents 40,261 46,490 — 86,751 Short-term investments: Commercial paper — 204,876 — 204,876 Corporate notes and bonds — 48,396 — 48,396 Municipal bonds — 1,997 — 1,997 US government and agency — 73,888 — 73,888 Total short-term investments — 329,157 — 329,157 Long-term investments Corporate notes and bonds — 153,487 — 153,487 Municipal bonds — 4,752 — 4,752 US government and agency — 12,221 — 12,221 Total long-term investments — 170,460 — 170,460 Total Assets $ 40,261 $ 546,107 $ — $ 586,368 Liabilities Public warrants $ 20,508 $ — $ — $ 20,508 Fair Value Measured as of December 31, 2021: Level 1 Level 2 Level 3 Total Assets Cash equivalents: Ca sh and m (1) $ 123,690 $ — $ — $ 123,690 Commercial paper — 125,335 — 125,335 US government and agency — 150,000 — 150,000 Total cash equivalents 123,690 275,335 399,025 Short-term investments: Commercial paper — 78,272 — 78,272 Corporate notes and bonds — 14,818 — 14,818 Municipal bonds 2,000 2,000 US government and agency — 28,353 — 28,353 Total short-term investments — 123,443 — 123,443 Long-term investments Corporate notes and bonds — 65,135 — 65,135 US government and agency — 14,975 — 14,975 Total long-term investments — 80,110 — 80,110 Total Assets $ 123,690 $ 478,888 — $ 602,578 Liabilities Public warrants $ 33,962 $ — $ — $ 33,962 (1) Includes money market funds associated with the Company’s overnight investment sweep account. Transfers to/from Levels 1, 2 and 3 are recognized at the beginning of the reporting period. There were no transfers between levels during the period. On March 31, 2022, the closing trading price of the public warrants was |
Property And Equipment, Net
Property And Equipment, Net | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property And Equipment, Net | 5. PROPERTY AND EQUIPMENT, NET Property and equipment, net is composed of the following (in thousands): March 31, December 31, Computer equipment and acquired computer software $ 971 $ 840 Machinery, equipment, furniture and fixtures 6,104 5,497 Leasehold improvements 949 827 Quantum computing systems 17,504 15,151 Gross property and equipment 25,528 22,315 Less: accumulated depreciation (4,397 ) (3,445 ) Property and equipment, net $ 21,131 $ 18,870 Depreciation expense for the three months ended March 31, 2022 and 2021 was $1.0 million and $0.3 million, respectively. |
Agreements With UMD And DUKE
Agreements With UMD And DUKE | 3 Months Ended |
Mar. 31, 2022 | |
Agreement Disclosure [Abstract] | |
Agreements With UMD And DUKE | 6. AGREEMENTS WITH UMD AND DUKE Exclusive License Agreement The Company entered into an exclusive license agreement (“License Agreement”) in July 2016 with the University of Maryland (“UMD”) and Duke University (“Duke”). The License Agreement grants to the Company an exclusive, perpetual license (“Initial Patents”) to certain patents, know-how and other intellectual property utilized in trapped-ion quantum computing systems. The license granted to the Company is exclusive for all patents (and non-exclusive for other types of intellectual property), subject to certain governmental rights and retained rights by UMD and Duke and other non-profit institutions to use and practice the Licensed Patents (as defined below) and technology for internal research and other non-profit purposes. In exchange for the Initial Patents, UMD and Duke received an aggregate of 142,886 common shares after giving effect to the recapitalization. On February 1, 2021, the Company and UMD executed two amendments to the License Agreement granting exclusive rights to license additional intellectual property in exchange for a total of 257,198 common shares after giving effect to the recapitalization. Management evaluated the amendments and concluded that the arrangements qualify as equity-classified instruments and recorded an intangible asset and additional - Exclusive Option Agreements The Company also entered into an exclusive option agreement (“Option Agreement”) with each of UMD and Duke in 2016 whereby on the anniversary of the effective date of the License Agreement for a period of 5 years, the Company has the right to exclusively license additional intellectual property developed by UMD and Duke (the “Additional Patents” and together with the Initial Patents, the “Licensed Patents”) by exercising an annual option and issuing common shares each to Duke and UMD in consideration for the Additional Patents. The amount issued to UMD and Duke pursuant to the option over the 5-year term is equal to an aggregate of 642,995 common shares to each university after giving effect to the recapitalization. The Company may elect not to exercise the option if there was not a minimum number of intellectual property developed in a given year and then the Option Agreement would extend another year. In December 2020, the Company and Duke amended the Duke Option Agreement to provide for the issuance of the remaining 1,214,317 shares of common stock after giving effect to the recapitalization in consideration for research and development services through July 15, 2026. Under the terms of the amended Option Agreement, the issuance of shares is a nonrefundable upfront payment in exchange for research and development services by Duke whereby the Company will obtain rights to any potential future intellectual property developed during the term. As such, the fair value of the shares of common stock issued to Duke was recorded as a prepaid expense and is being amortized over the term of the arrangement as services are received. The Company recognized $0.1 million of research and development expense related to the agreement with Duke during each of the three months ended March 31, 2022 and 2021 . In February 2021, the Company and UMD amended the UMD Option Agreement to provide for the issuance of the remaining 128,599 shares of common stock after giving effect to the recapitalization to UMD as a nonrefundable upfront payment in exchange for research and development services by UMD and rights to any potential future intellectual property developed through July 2021. The fair value of the shares issued to UMD was $0.8 million. The Company recognized $0.2 million of research and development expense associated with the UMD Option Agreement amendment for the three months ended March 31, 2021. The UMD Option Agreement was fully amortized in 2021 and therefore no 2022. Additionally, under the terms of the License Agreement and Option Agreement, UMD was provided an exit guarantee if a sale or liquidation of the Company would occur that provides for the following: • acceleration of the issuance of common stock as if exercised through the License Agreement, • additional consideration equal to the consideration which a holder of one-half of one percent (0.5%) of the common stock of the Company, on a fully diluted basis, would have received in the sale to the extent it exceeds the amount UMD shall be entitled to as a result of ownership at the time of sale. The exit guarantee with UMD lapsed as a result of the Business Combination in September 2021. The useful life of the Licensed Patents derived from the License Agreement and the Option Agreement is the remaining legal life at the time of acquisition. The value of the Licensed Patents is based on the fair value of the common stock given as consideration on the effective date of each agreement and exercise of option. The asset is amortized over the useful life of the Licensed Patents. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies | 7. COMMITMENTS AND CONTINGENCIES Warranties and Indemnification The Company’s commercial services are typically warranted to perform in a manner consistent with general industry standards that are reasonably applicable and materially in accordance with the Company’s documentation under normal use and circumstances. The Company’s arrangements generally include certain provisions for indemnifying customers against liabilities if its products or services infringe third-party intellectual property rights. To date, the Company has not incurred any material costs as a result of such obligations and has not accrued any liabilities related to such obligations in the accompanying condensed consolidated financial statements. Litigation On January 12, 2021, dMY Technology Group, Inc. II, dMY Sponsor II, LLC, dMY, and dMY Sponsor III, LLC (“Sponsor”) accepted service of a lawsuit where they were named as counterclaim defendants in an underlying action by and between GTY Technology Holdings, Inc. (“GTY”), dMY Technology Holdings Inc., dMY Sponsor, LLC, dMY Sponsor II, LLC, dMY Technology Group Inc. II, dMY and Sponsor (collectively “dMY Defendants”) and Carter Glatt (“Glatt”) and Captains Neck Holdings LLC (“Captains Neck”), an entity of which Mr. Glatt is a member. The underlying lawsuit, filed by dMY Technology Group, Inc. and dMY Sponsor, LLC, seeks a declaratory judgment that Glatt and Captains Neck are not entitled to membership units of dMY Sponsor LLC, which was formed by Harry L. You, the co-founder and former President and Chief Financial Officer of GTY when Glatt was still working at GTY. The underlying lawsuit contains claims arising from Glatt’s termination of employment from GTY, including theft and misappropriation of confidential GTY information, breach of contract, breach of the duties of loyalty and fiduciary duty and conversion. Glatt responded to the underlying lawsuit by adding members of the Sponsor and officers of dMY as additional counterclaim defendants (collectively with the dMY Defendants Glatt and Captains neck, the “Counterclaim Defendants”) and adding Dune Acquisition Holdings LLC, a newly formed special purpose acquisition company, as a counterclaimant and asserting claims for breach of contract, fraudulent misrepresentation, negligent misrepresentation, tortious interference with business relations, quantum meruit and unjust enrichment. dMY, and now the Company, has never employed Glatt and has no business agreements with him. The Counterclaim Defendants have denied the claims against them and have filed a motion to dismiss the suit. Although the outcome of this matter cannot be predicted with certainty and the impact of the final resolution of this matter on the Company’s results of operations in a particular subsequent reporting period is not known, management does not believe that the resolution of this matter will have a material adverse effect on the Company’s future consolidated financial position, future results of operations or cash flows. |
Income Tax
Income Tax | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax | 8. INCOME TAX The Company had no provision for income taxes in any period presented. The effective tax rate for each period differs from the statutory rate primarily as a result of not recognizing a deferred tax asset for losses due to having a full valuation allowance against deferred tax assets. The realization of tax benefits of deferred tax assets is dependent upon future levels of taxable income, of an appropriate character, in the periods the items are expected to be deductible or taxable. Based on the available objective evidence, the Company does not believe it is more likely than not that the net deferred tax assets will be realizable. Accordingly, the Company has provided a full valuation allowance against the net deferred tax assets as of March 31, 2022, and December 31, 2021. The Company intends to maintain the remaining valuation allowance until sufficient positive evidence exists to support a reversal of, or decrease in, the valuation allowance. |
Convertible Redeemable Preferre
Convertible Redeemable Preferred Stock And Stockholders' Equity | 3 Months Ended |
Mar. 31, 2022 | |
Convertible Redeemable Preferred Stock And Stockholders' Equity | 9. CONVERTIBLE REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY Our second amended and restated certificate of incorporation authorizes us to issue up to 1,000,000,000 shares of common stock, $0.0001 par value per share, and 20,000,000 shares of preferred stock, par value $0.0001 per share. Convertible Redeemable Preferred Stock Legacy IonQ’s convertible redeemable preferred stock previously classified as mezzanine equity was retroactively adjusted, converted into common stock, and reclassified to permanent equity because of the reverse recapitalization as described in Note 1. No shares of Legacy IonQ convertible redeemable preferred stock were issued during the three months ended March 31, 2021, requiring adjustment as a result of the reverse recapitalization. Preferred Stock Under our second amended and restated certificate of incorporation, our board of directors may, without further action by our stockholders, fix the rights, preferences, privileges and restrictions of up to an aggregate of 20,000,000 shares of preferred stock in one or more series and authorize their issuance. These rights, preferences and privileges could include dividend rights, conversion rights, voting rights, terms of redemption, liquidation preferences and the number of shares constituting any series or the designation of such series, any or all of which may be greater than the rights of common stock. Any issuance of preferred stock could adversely affect the voting power of holders of common stock and the likelihood that such holders would receive dividend payments and payments on liquidation. In addition, the issuance of preferred stock could have the effect of delaying, deterring or preventing a change of control or other corporate action. No shares of preferred stock have been issued as of March 31, 2022. Common Stock The terms, rights, preference, and privileges of the common stock are as follows: Voting Rights Except as otherwise required by law or as otherwise provided in any certificate of designation for any series of preferred stock, each holder of common stock possesses all voting power for the election of our directors and all other matters requiring stockholder action. Holders of common stock are entitled to one vote per share on matters to be voted on by stockholders. The Company’s certificate of incorporation and bylaws do not provide for cumulative voting rights. Dividends Subject to preferences that may be applicable to any then outstanding preferred stock, the holders of common stock may be entitled to receive dividends out of legally available funds if the board of directors, in its discretion, determines to issue dividends and then only at the times and in the amounts that the board of directors may determine. We do not anticipate paying any cash dividends in the foreseeable future. Liquidation In the event of our voluntary or involuntary liquidation, dissolution, distribution of assets or winding-up, the holders of common stock will be entitled to receive an equal amount per share of all of our assets of whatever kind available for distribution to stockholders, after the rights of the holders of the preferred stock, if any, have been satisfied. Rights and Preference Holders of the Company’s common stock have no preemptive or other subscription rights, and there are no sinking fund or redemption provisions applicable to the common stock. The rights, preferences, and privileges of the holders of common stock are subject to, and may be adversely affected by, the rights of the holders of shares of any series of the Company’s preferred stock that are or may be issued. |
Warrant Transaction Agreement
Warrant Transaction Agreement | 3 Months Ended |
Mar. 31, 2022 | |
Warrant Transaction Agreement [Abstract] | |
Warrant Transaction Agreement | 10. WARRANT TRANSACTION AGREEMENT In November 2019, contemporaneously with a revenue arrangement, the Company entered into a contract, pursuant to which the Company agreed to issue to a customer, warrants to acquire shares of Legacy IonQ Series B-1 preferred stock (the “Warrant Shares”), subject to certain vesting events. Upon closing of the Business Combination, these warrants exercisable for Legacy IonQ Series B-1 preferred stock were assumed by the Company and converted into a warrant to purchase a number of shares of common stock equal to the product (rounded down to the nearest whole number) of (a) the number of shares of Legacy IonQ common stock issuable upon conversion of a share of Legacy IonQ Series B-1 preferred stock and (b) the Exchange Ratio (as defined in the Super 8-K filed with the SEC on October 4, 2021, at an exercise price per share (rounded up to the nearest whole cent) equal to (i) the exercise price per share of such Legacy IonQ Warrant Shares divided by (ii) the Exchange Ratio. Except as specifically provided in the merger agreement, the Warrant Shares will have the same terms and be subject to the same conditions (including applicable vesting conditions) as set forth in the Legacy IonQ warrant agreement. As of March 31, 2022, the contract allows for the customer to acquire up to 8,301,202 shares of common stock in the Company. As the Warrant Shares were issued in connection with an existing commercial agreement with a customer, the value of the Warrant Shares were determined to be consideration payable to the customer and consequently are treated as a reduction to revenue recognized under the corresponding revenue arrangement. Approximately 6.5% of the Warrant Shares vested and became immediately exercisable in August 2020. The remaining Warrant Shares will vest and become exercisable upon satisfaction of certain milestones based on revenue generated under the commercial agreement with the customer, to the extent certain prepayments are made by the customer. The exercise price for the Warrant Shares is $1.38 per share and the warrant is exercisable through November 2029. The fair value of the Warrant Shares at the date of issuance was determined to be $8.7 million. During 2020, Warrant Shares with a fair value of $0.6 million vested. This fair value of the unamortized warrants is recorded within other noncurrent assets and the Warrant Shares are amortized over time as the related customer revenue is earned. During the three months ended March 31, 2022 and 2021, zero and $0.1 million of the warrant amortization was recorded as a reduction of the related customer revenue. As of December 31, 2021, the contract asset was fully amortized. |
Warrant Liabilities
Warrant Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Warrant Liabilities [Abstract] | |
Warrant Liabilities | 11. WARRANT LIABILITIES The Company assumed 7,500,000 of public warrants on September 30, 2021 , Public warrants The public warrants may be exercised on the later of (a) 30 days after the completion of a Business Combination or (b) 12 months from the closing of the Initial Public Offering of dMY; provided in each case that the Company has an effective registration statement under the Securities Act covering the shares of common stock issuable upon exercise of the public warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their public warrants on a cashless basis and such cashless exercise is exempt from registration under the Securities Act). The public warrants became exercisable on November 17, 2021. Redemption of warrants when the price per share of common stock equals or exceeds $18.00: Once the warrants become exercisable, the Company may redeem the outstanding warrants for cash: • in whole and not in part; • at a price of $0.01 per warrant; • upon a minimum of 30 days’ prior written notice of redemption; and • if, and only if, the closing price of common stock equals or exceeds $18.00 per share (as adjusted) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. Redemption of warrants for when the price per share of common stock equals or exceeds $10.00 Once the warrants become exercisable, the Company may redeem the outstanding warrants: • in whole and not in part; • at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to an agreed table based on the redemption date and the fair market value (as defined within the warrant agreement) of the common stock except as otherwise described within the warrant agreement; and upon a minimum of 30 days’ prior written notice of redemption; and • if, and only if, the closing price of common stock equals or exceeds $10.00 per public share (as adjusted) for any 20 trading days within the 30-trading day period ending three trading days before the Company sends notice of redemption to the warrant holders. No public warrants had been redeemed by the Company as of March 31, 2022. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |
Stock-Based Compensation | 12. STOCK-BASED COMPENSATION Equity Incentive Plans The Company has a 2015 Equity Incentive Plan (the “2015 Plan”) which provided for the grant of share-based compensation to certain officers, directors, employees, consultants, and advisors. Upon the Closing of the Business Combination, no further awards were made pursuant to the 2015 Plan and all outstanding Legacy IonQ stock options under the 2015 Plan were assumed by the Company. Each Legacy IonQ stock option issued and outstanding immediately prior to the Business Combination was converted into an option to purchase shares of common stock of the Company equal to the product of (a) the number of shares of Legacy IonQ common stock subject to such Legacy IonQ stock option agreement immediately prior to the Business Combination and (b) the exchange ratio at an exercise price equal to the (i) the exercise price per share of such Legacy IonQ stock option divided by (ii) the exchange ratio. Such stock options will continue to be governed by the terms of the 2015 Plan and the stock option agreements thereunder, until such outstanding options are exercised or until they terminate or expire by their terms. For awards granted under the 2015 Plan, vesting generally occurs over four to five years from the date of grant. In August 2021, the Company’s board of directors adopted the 2021 Equity Incentive Plan (the “2021 Plan”) and the stockholders approved the 2021 Plan in September 2021. The 2021 Plan became effective immediately upon the closing of the Business Combination. The 2021 Plan provides for the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards (“RSU”), performance awards and other forms of awards to employees, directors, and consultants. Initially, a maximum shares of common stock may be issued under the 2021 Plan. The number of shares of the Company’s common stock reserved for issuance under the 2021 Plan automatically increases on January 1 of each year, beginning on January 1, 2022 and continuing through and including January 1, 2031, of the Fully Diluted Common Stock (as defined in the 2021 Plan) outstanding on December 31 of the preceding year, or a lesser number of shares determined by the Company’s board of directors prior to such increase. As of January 1, 2022, the number of shares reserved for issuance under the 2021 Plan increased For awards granted under the 2021 Plan, vesting generally occurs over four years from the date of grant. As of March 31, 2022, we had 35,662,591 shares available for grant under the 2021 Plan. Under both equity incentive plans , Stock Options The Company estimates the fair value of stock options on the date of grant using the Black-Scholes option-pricing model. The Black-Scholes Expected Volatility—As the Company was privately held until 2021 and there has been no history of a public market for its common stock prior to closing the Business Combination, the expected volatility is based on the average historical stock price volatility of comparable publicly-traded companies in its industry peer group, financial, and market capitalization data. Expected Term—The expected term of the Company’s options represents the period that the stock-based awards are expected to be outstanding. The Company has estimated the expected term of its employee awards using the SAB Topic 14 Simplified Method allowed by the FASB and SEC, for calculating expected term as it has limited historical exercise data to provide a reasonable basis upon which to otherwise estimate expected term. Certain of the Company’s options began vesting prior to the grant date, in which case the Company uses the remaining vesting term at the grant date in the expected term calculation. Risk-Free Interest Rate—The Company estimates its risk-free interest rate by using the yield on actively traded non-inflation-indexed U.S. treasury securities with contract maturities equal to the expected term. Dividend Yield—The Company has not declared or paid dividends to date and does not anticipate declaring dividends. As such, the dividend yield has been estimated to be zero. Fair Value of Underlying Common Stock—For options granted under the 2015 Plan, because the Company’s common stock was not yet publicly traded on the date of grant, the Company estimated the fair value of common stock prior to closing the Business Combination. The board of directors considered numerous objective and subjective factors to determine the fair value of the Company’s common stock at each meeting in which awards are approved. The factors considered includes, but were not limited to: (i) the results of contemporaneous independent third-party valuations of the Company’s common stock; (ii) the prices, rights, preferences, and privileges of Legacy IonQ’s previously Convertible Redeemable Preferred Stock relative to those of its common stock; (iii) the lack of marketability of the Company’s common stock; (iv) actual operating and financial results; (v) current business conditions and projections; (vi) the likelihood of achieving a liquidity event, such as an initial public offering or sale of the Company, given prevailing market conditions; and (vii) precedent transactions involving the Company’s shares. For options granted under the 2021 Plan, the Company utilizes the closing stock price on the date of grant as the fair value of the common stock underlying such options. The assumptions used to estimate the fair value of stock options granted during the three months ended March 31, 2022 and 2021, are as follows: Three Months Ended March 31, 2022 2021 Ris k 1.76 % 0.96 % Expected Term (in years) 5.63 6.26 Expected Volatility 77.48 % 77.04 % Dividend Yield — % — % A summary of the stock option activity is as follows: Number of Weighted Weighted Aggregate Outstanding as of December 31, 2020 21,863,368 $ 0.34 8.67 $ 44.79 Granted 6,492,540 2.39 Exercised (3,137,652 ) 1.71 Cancelled/Forfeited — — Outstanding as of March 31, 2021 25,218,256 $ 0.70 8.70 $ 179.88 Number of Weighted Weighted Aggregate Outstanding as of December 31, 2021 22,133,210 $ 0.64 7.84 $ 377.58 Granted 1,352,170 12.87 Exercised (453,225 ) 0.29 Cancelled/Forfeited (70,523 ) 0.96 Outstanding as of March 31, 2022 22,961,632 $ 1.38 7.75 $ 261.76 Exercisable as of March 31, 2022 11,418,065 $ 0.70 7.40 $ 137.84 Exercisable and expected to vest at March 31, 2022 22,961,632 $ 1.38 7.75 $ 261.76 The following table summarizes additional information on stock option grants, vesting and exercises (in millions, except per share amounts): Three Months Ended March 31, 2022 2021 Total intrinsic value of options exercised $ 5.7 $ 19.2 Aggregate grant-date fair value of options vested $ 2.2 $ 0.7 Weighted-average grant date fair value per share for options granted $ 12.9 $ 5.1 Early Exercised Stock Options As of March 31, 2022 and December 31, 2021, there were 1,281,151 and 1,420,662 shares , , Restricted Stock Units A summary of RSU activity for the three months ended March 31, 2022, is summarized in the following table (in thousands, except time period and per share amounts): RSUs Weighted Weighted Aggregate Outstanding as of December 31, 2021 — $ — — $ — Granted 2,169,942 12.89 Vested (198,109 ) 12.93 Forfeited (2,000 ) 12.93 Outstanding as of March 31, 2022 1,969,833 $ 12.89 3.45 $ 25.39 Expected to vest after March 31, 2022 1,908,333 $ 12.89 3.56 $ 24.59 Stock-Based Compensation Expense Total stock-based compensation expense for stock option awards, RSU awards, and unvested restricted common stock which are included in the condensed consolidated financial statements is as follows (in thousands): Three Months Ended 2022 2021 Cost of revenue $ 104 $ — Research and development 1,698 454 Sales and marketing 73 — General and administrative 4,797 977 Stock-based compensation, net of amounts capitalized 6,672 1,431 Capitalized stock-based compensation – Intangibles and fixed assets 176 44 Total stock-based compensation $ 6,848 $ 1,475 Unrecognized Stock-Based Compensation A summary of our remaining unrecognized compensation expense and the weighted-average remaining amortization period at March 31, 2022, related to our non-vested stock options and RSU awards is presented below (in millions, except time period amounts): Three Months Ended March 31, 2022 Unrecognized Weighted- Restricted stock units $ 23.0 1.8 Stock options $ 39.4 1.9 Employee Stock Purchase Plan In August 2021, the Company’s board of directors adopted the Employee Stock Purchase Plan (the “ESPP”), which was subsequently approved by the Company’s stockholders in September 2021, and became effective upon the closing of the Business Combination. The ESPP is intended to qualify as an “employee stock purchase plan” within the meaning of Section 423 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”). The number of shares of common stock initially reserved for issuance under the ESPP was 5,354,000 shares. The ESPP provides for an annual increase on January 1 of each year, beginning on January 1, 2022 and continuing through and including January 1, 2031, equal to the lesser of (i) 1% of the fully diluted shares of common stock outstanding on the last day of the prior fiscal year, (ii) 10,708,000 shares, or (iii) a lesser number of shares determined by the Company’s board of directors prior to such increase. The board of directors elected not to approve the annual increase of ESPP shares on January 1, 2022. Under the terms of the ESPP, eligible employees can elect to acquire shares of the Company’s common stock through periodic payroll deductions during a series of offering periods. Purchases under the ESPP are affected on the last business day of each offering period at a 15% discount to the lower of closing price on that day or the closing price on the first day of the offering period. As of March 31, 2022 , shares of common stock had been issued under the ESPP and no offering period had been set by the board of directors. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transaction [Line Items] | |
Related Party Transactions | 13. RELATED PARTY TRANSACTIONS Transactions with UMD and Duke As described in Note 6, the Company entered into a License Agreement and Option Agreement with UMD and Duke whereby the Company, in the normal course of business, has licensed certain intellectual property and, in the case of the Amendments to the Duke and UMD Option Agreements, has purchased research and development services. The Company considers these agreements to be related party transactions because the Company’s Co-Founder and Chief Technology Officer served as a professor at Duke and the Company’s Co-Founder and Chief Scientist served as a professor at UMD. During 2021, the Company’s Chief Scientist moved to Duke and each, in their role as professors at Duke, are leading the research subject to the License Agreement and Option Agreement with Duke as of March 31, 2022. In addition, the Company has an operating lease for office space with the UMD. In September 2021, the Company entered into a multiyear deal with UMD to provide certain quantum computing services and facility access related to the National Quantum Lab at UMD in exchange for payments totaling $ 14.0 million over 3 years. The Company’s results from transactions with related parties, as reflected in the condensed consolidated statements of operations and comprehensive loss are detailed below (in thousands). Except for $ million related to the amortization of a research and development arrangement with Duke in the months ended and , respectively, all transactions in the table below relate to the Company’s arrangements with UMD (in thousands): Three Months Ended 2022 2021 Revenue $ 992 $ — Cost of revenue 14 — Research and development (1) 271 540 Sales and marketing 32 — General and administrative 29 69 (1) Included in research and development expenses for the three months ended March 31, 2022 and 2021, respectively, is non-cash amortization associated with the Exclusive Option Agreements with UMD and Duke of $0.1 million and $0.3 million. Also included in research and development expenses is $0.2 million in allocated rent expense for each of the three months ended March 31, 2022 and 2021. The Company has the following balances related to transactions with related parties, as reflected in the condensed consolidated balance sheets (in thousands). Except for $0.5 million in prepaids expenses and other current assets as of March 31, 2022 and December 31, 2021, respectively, and $1.7 million million March 31, 2022 December 31, 2021 Assets Prepaid expenses and other current assets $ 587 $ 612 Operating lease right-of-use asset 3,964 4,032 Other noncurrent assets 1,715 1,845 Liabilities Accounts payable — 54 Current operating lease liabilities 573 568 Unearned revenue 1,829 2,821 Non-current operating lease liabilities 3,600 3,643 |
Geographic Information
Geographic Information | 3 Months Ended |
Mar. 31, 2022 | |
Geographic Areas, Revenues from External Customers [Abstract] | |
Geographic Areas Revenues From External Customers [Text Block] | 14. GEOGRAPHIC INFORMATION Revenue generated for customers located in the United States was approximately 87% and 60% of revenue for the three months ended March 31, 2022 and 2021, respectively. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Significant Accounting Policies | Significant Accounting Policies The Company’s significant accounting policies, which are disclosed in the audited financial statements for the year ended December 31, 2021 and the notes thereto are included in the Company’s Annual Report on Form 10-K (the “Annual Report”) that was filed with the Securities and Exchange Commission (“SEC”) on March 28, 2022. Since the date of that filing, there have been no material changes to the Company’s significant accounting policies except as noted below. |
Basis of Preparation | Basis of Preparation The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP as determined by the Financial Accounting Standards Board (“FASB”). Such condensed consolidated financial statements include the accounts of IonQ and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. |
Unaudited Interim Financial Information | Unaudited Interim Financial Information The interim condensed consolidated financial statements included in this Quarterly Report on Form 10-Q have been prepared by the Company and are unaudited, pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures contained in this Quarterly Report on Form 10-Q comply with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), for a quarterly report and are adequate to make the information presented not misleading. The interim condensed consolidated financial statements included herein 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 interim condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto for the year ended December 31, 2021 included in the Annual Report. The condensed consolidated statements of operations and the condensed consolidated statements of comprehensive loss for the three months ended March 31, 2022, are not necessarily indicative of the results to be anticipated for the entire year ending December 31, 2022, or thereafter. All references to March 31, 2022 and 2021, in the notes to the condensed consolidated financial statements are unaudited. |
Emerging Growth Company | Emerging Growth Company The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act, until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, the Company’s condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. The Company remains an emerging growth company until the earliest of (i) December 31, 2025, (ii) the last day of the fiscal year in which the Company has total annual gross revenue of at least $1.07 billion, (iii) the last day of the fiscal year in which the Company is deemed to be a large accelerated filer, which means the market value of the Company’s common stock that is held by non-affiliates exceeds $700.0 million as of the prior June 30th or (iv) the date on which the Company has issued more than $1.0 billion in non-convertible debt securities during the prior three-year period. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP and the rules and regulations of the SEC requires management to make estimates and assumptions that affect the amounts reported in these condensed consolidated financial statements and accompanying notes. Significant estimates and judgments are inherent in the analysis and measurement of items including, but not limited to revenue recognition, capitalization of internally developed software and quantum computing costs, useful lives of long-lived assets, commitments and contingencies, fair value of available-for-sale securities, and forecasts and assumptions used in determining the fair value of historically granted common stock, stock options and warrants prior to the Business Combination. Management bases its estimates and assumptions on historical experience, expectations, forecasts, and on various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may differ and be affected by changes in those estimates. |
Fair Value Measurements | Fair Value Measurements The Company evaluates the fair value of certain assets and liabilities using the fair value hierarchy. Fair value is an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: • Level 1—Observable inputs, which include quoted prices in active markets; • Level 2—Observable inputs other than the quoted prices in active markets that are observable either directly or indirectly, such as quoted prices in markets that are not active, or other inputs such as broker quotes, benchmark yield curves, credit spreads and market interest rates for similar securities that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; • Level 3—Unobservable inputs that are supported by little or no market activity and that are based on management’s assumptions, including fair value measurements determined using pricing models, discounted cash flow methodologies or similar techniques. The Company’s assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy. For assets that are measured using quoted prices in active markets, the total fair value is the published market price per unit multiplied by the number of units held, without consideration of transaction costs. Assets and liabilities that are measured using significant other observable inputs are primarily valued by reference to quoted prices of similar assets or liabilities in active markets, adjusted for any terms specific to that asset or liability. Assets and liabilities that are measured at fair value on a non-recurring basis include property and equipment and intangible assets. The Company recognizes these items at fair value when they are considered to be impaired or upon initial recognition when acquired through a business combination or an asset acquisition. The fair value of these assets and liabilities are determined with valuation techniques using the best information available and may include quoted market prices, market comparables and discounted cash flow models. Due to their short-term nature, the carrying amounts reported in the Company’s condensed consolidated financial statements approximates the fair value for cash and cash equivalents, accounts receivable, accounts payable and accrued expenses. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash in banks, checking deposits, money market funds, and certain commercial paper and U.S. government and agency securities. The Company considers all short-term highly liquid investments with an original maturity at the date of purchase of three months or less to be cash equivalents. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are non-interest bearing and represent amounts billed and currently due from customers at the gross invoiced amount as well as unbilled amounts related to unconditional rights for consideration to be received for services performed but not yet invoiced. A receivable is recorded when the Company has an unconditional right to receive payment. Accounts receivable consists of the following (in thousands): March 31, December 31, Billed accounts receivable $ 97 $ 261 Unbilled accounts receivable 472 446 Total accounts receivable $ 569 $ 707 On a periodic basis, management evaluates its accounts receivable and determines whether to provide an allowance or if any accounts should be written off. This assessment is based on management’s evaluation of past due receivables, collectability of specific accounts, historical loss experience and overall economic conditions. The Company did not have any allowance for doubtful accounts as of March 31, 2022 , |
Investment | Investments Management determines the appropriate classification of investments at the time of purchase based upon management’s intent with regard to such investments. Investments are classified as available-for-sale at the time of purchase if they are available to support either current or future operations. This classification is re-evaluated at each balance sheet date. Investments with remaining contractual maturities of one year or less from the balance sheet date, which are not considered cash equivalents, are classified as short-term investments, and those with remaining contractual maturities greater than one year from the balance sheet date are classified as long-term investments. All investments are recorded at their estimated fair value, and any unrealized gains and losses are recorded in accumulated other comprehensive loss. Realized gains and losses on sales and maturities of investments are determined based on the specific identification method and are recognized in the condensed consolidated statements of operations in other income (expense), net. The Company performs periodic evaluations to determine whether any declines in the fair value of investments below cost are other-than-temporary. The evaluation consists of qualitative and quantitative factors regarding the severity and duration of the unrealized loss, as well as the Company’s ability and intent to hold the investments until a forecasted recovery occurs. The impairments are considered to be other-than-temporary if they are related to deterioration in credit risk or if it is likely that the underlying securities will be sold prior to a full recovery of their cost basis. Other-than-temporary fair value impairments are determined based on the specific identification method and are reported in other income (expense), net in the condensed consolidated statements of operations. |
Property and Equipment, Net | Property and Equipment, Net Property and equipment, net is stated at cost less accumulated depreciation. Historical cost of fixed assets is the cost as of the date acquired. Hardware and labor costs associated with the building of quantum computing systems are capitalized. Costs to maintain quantum computing systems are expensed as incurred. Depreciation and amortization are calculated using the straight-line method over the estimated useful lives of the assets. |
Intangible Asset, Net | Intangible Assets, Net The Company’s intangible assets include website domain costs, patents, intellectual property and trademarks. Intangible assets with identifiable useful lives such as patents and intellectual property are initially valued at acquisition cost and are amortized over their estimated useful lives, which is generally 20 years, using the straight-line method. With respect to patents, acquisition costs include external legal and patent application costs. Intangible assets with indefinite useful lives are assessed for impairment at least annually. During the three months ended March 31, 2022 and 2021, the Company capitalized |
Capitalized Internally Developed Software | Capitalized Internally Developed Software Capitalized internally developed software, which is included in intangible assets, net, consists of costs to purchase and develop internal-use software, which the Company uses to provide services to its customers. The costs to purchase and develop internal-use software are capitalized from the time that the preliminary project stage is completed, and it is considered probable that the software will be used to perform the function intended, until the time the software is placed in service for its intended use. Any costs incurred during subsequent efforts to upgrade and enhance the functionality of the software are also capitalized. Once this software is ready for use as part of the Company’s service offerings, these costs are amortized on a straight-line basis over the estimated useful life of the software, which is typically assessed to be three years. During the three months ended March 31, 2022 and 2021, the Company capitalized $0.5 million and $0.3 million in internal-use software costs, respectively. The Company amortized $0.3 million and $0.1 million of capitalized internally developed software costs during the three months ended March 31, 2022 and 2021, respectively. |
Warrant Liabilities | Warrant Liabilities The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging.” For derivative financial instruments that are accounted for as liabilities, such as the public warrants, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued upon exercise or at each reporting date for the unexercised public warrants, with changes in the fair value reported in the condensed consolidated statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. The warrants of dMY assumed in the Business Combination are classified as liabilities and remeasured at each reporting period (as more fully described in Note 11). The determination of the fair value of the warrant liabilities may be subject to change as more current information becomes available and accordingly the actual results could differ significantly. Derivative warrant liabilities are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities. |
Revenue Recognition | Revenue Recognition The Company derives revenue from providing access to its QCaaS and consulting services related to co-developing algorithms on the quantum computing systems. The Company applies the provisions of the FASB Accounting Standards Update (“ASU”), Revenue from Contracts with Customers (“ASC 606”), and all related applicable guidance. The core principle of ASC 606 is that an entity shall recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To support this core principle, the Company applies the following five step approach: 1. Identify the contract with the customer 2. Identify the performance obligations 3. Determine the transaction price 4. Allocate the transaction price to the performance obligations 5. Recognize revenue when (or as) the entity satisfies a performance obligation The Company has determined that its QCaaS contracts represent a combined, stand-ready performance obligation to provide access to its quantum computing systems together with related maintenance and support. The transaction price generally includes a variable fee based on usage of its quantum computing systems and may include a fixed fee for a minimum volume of usage to be made available over a defined period of access. Fixed fee arrangements may also include a variable component whereby customers pay an amount for usage over contractual minimums contained in the contracts. The Company has determined that contracts which contain consulting services related to co-developing quantum computing algorithms and the ability to use our quantum computing systems to run such algorithms represent a combined performance obligation that is satisfied over-time with revenue recognized based on the efforts incurred to date relative to the total expected effort. For contracts with a fixed transaction price, the fixed fee is recognized on a straight-line basis over the access period or associated measure of progress for our contracts for the co-development of quantum computing algorithms. For contracts without fixed fees, variable usage fees are billed and recognized during the period of such usage. As of March 31, 2022 and 2021, all of the revenue recognized by the Company was recognized based on transfer of service over time. There were no revenues recognized at a point in time. In arrangements with cloud service providers, the cloud service provider is considered the customer and IonQ does not have any contractual relationships with the cloud service providers’ end users. For these arrangements, revenue is recognized at the amount charged to the cloud service provider and does not reflect any mark-up to the end user. The Company may enter into multiple contracts with a single counterparty at or near the same time. The Company will combine contracts and account for them as a single contract when one or more of the following criteria are met: (i) the contracts are negotiated as a package with a single commercial objective; (ii) consideration to be paid in one contract depends on the price or performance of the other contract; and (iii) goods or services promised are a single performance obligation. Consideration payable to a customer includes cash amounts that an entity pays, or expects to pay, to the customer. For arrangements that contain consideration payable to a customer, the Company determines whether such payments are a reduction of the transaction price or a payment to the customer for a distinct good or service. The Company has entered into one revenue arrangement in which it granted warrants to the counterparty. Refer to Note 10 for further information on the customer warrants. The variable fees associated with the QCaaS are generally billed a month in arrears. Customers also have the ability to make advance payments. If a contract exists under ASC 606, advance payments are recorded as a contract liability until services are delivered or obligations are met and revenue is earned. Contract liabilities to be recognized in the succeeding 12-month period are classified as current and the remaining amounts are classified as non-current liabilities in the Company’s condensed consolidated balance sheets. As of March 31, 2022, approximately $21.3 million of revenue is expected to be recognized from remaining performance obligations that are unsatisfied (or partially unsatisfied) for non-cancelable contracts. The Company expects to recognize revenue of $7.1 million, $7.9 million and $6.3 million related to these remaining performance obligations in the remaining nine months ended December 31, 2022, the year ended December 31, 2023, and thereafter, respectively. Total unearned revenues unearned For contractual arrangements where consideration is paid up-front, the transfer of the quantum computing services is completed at the discretion of the customer as the customer chooses to use the services starting from the date of contract inception. As such, the up-front payment of consideration does not represent a significant financing component. Cost to Obtain a Contract Applying the practical expedient, the Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets is one year or less. For the three months ended March 31, 2022 and 2021, the Company has not incurred any material incremental costs of obtaining contracts. |
Stock-Based Compensation | Stock-Based Compensation The Company measures and records the expense related to stock-based awards based on the fair value of those awards as determined on the date of grant. The Company recognizes stock-based compensation expense over the requisite service period of the individual grant, generally equal to the vesting period and uses the straight-line method to recognize stock-based compensation. The Company uses the Black-Scholes-Merton (“Black-Scholes”) option-pricing model to determine the fair value of stock awards and the estimated fair value for stock options. The Black-Scholes option-pricing model requires the use of subjective assumptions, which determine the fair value of share-based awards, including the fair value of the Company’s common stock, the option’s expected term, the price volatility of the underlying common stock, risk-free interest rates, and the expected dividend yield of the common stock. The assumptions used to determine the fair value of the stock awards represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment. The Company records forfeitures as they occur. Stock-based compensation cost for restricted stock units is measured based on the fair value of the Company’s common stock on the grant date. For awards with a performance-based vesting condition, the Company records stock-based compensation cost if it is probable that the performance condition will be achieved. The Company obtained third-party valuations to estimate the fair value of its common stock for awards granted prior to the Business Combination, for purposes of measuring stock-based compensation expense. The third-party valuations were prepared using methodologies, approaches, and assumptions consistent with the American Institute of Certified Public Accountants (“AICPA”) Accounting & Valuation Guide, Valuation of Privately-Held-Company Equity Securities Issued as Compensation. |
Concentration of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, investments, and trade accounts receivable. The Company maintains the majority of its cash, cash equivalents and investments with two financial institutions, both of which management believes to be financially sound and with minimal credit risk. The Company’s deposits periodically exceed amounts guaranteed by the Federal Deposit Insurance Corporation. The Company’s accounts receivable are derived from customers primarily located in the United States. The Company performs periodic evaluations of its customers’ financial condition and generally does not require its customers to provide collateral or other security to support accounts receivable and maintains an allowance for doubtful accounts. Credit losses historically have not been material. Significant customers are those which represent more than 10% of the Company’s total revenue. The Company’s revenue was primarily from two significant customers for the three months ended March 31, 2022. The Company’s revenue was from three significant customers for the three months ended March 31, 2021. |
Earnings (Loss) Per Share | Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding for the period. Diluted earnings per share is computed by dividing net income (loss) by the weighted average number of shares of common stock during the period, plus common stock equivalents, outstanding during the period. Earnings (loss) per share calculations for all periods have been retroactively restated to reflect the conversion of the Company’s convertible redeemable preferred stock and the equivalent number of shares reflecting the exchange ratio established in the Business Combination. The following table sets forth the computation of basic and diluted loss per share attributable to common stockholders (in thousands, except share and per share data): Three Months Ended 2022 2021 Numerator: Net loss available to common stockholders $ (4,227 ) $ (7,335 ) Denominator: Weighted average shares used in computing net loss per share attributable to common stockholders – basic and diluted 196,183,247 118,718,574 Net loss per share attributable to common stockholders – basic and diluted $ (0.02 ) $ (0.06 ) In periods with a reported net loss, the effects of anti-dilutive stock options, unvested restricted stock units, unvested restricted common stock and warrants are excluded and diluted loss per share is equal to basic loss per share. The following is a summary of the weighted average common stock equivalents for the securities outstanding during the respective periods that have been excluded from the computation of diluted net loss per common share, as their effect would be anti-dilutive: Three Months Ended 2022 2021 Common stock options outstanding 21,108,390 24,715,333 Warrants to purchase common stock 8,301,202 8,301,202 Public warrants 5,232,471 — Unvested restricted stock units 1,310,471 — Unvested common stock 1,351,261 — Total 37,303,795 33,016,535 |
Recently Issued Accounting Standards Not Yet Adopted | Recently Issued Accounting Standards Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses In August 2020, the FASB issued ASU 2020-06, Debt, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity’s Own Equity (Subtopic 815-40) Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Summary of Loans and Financing Receivable | Accounts receivable consists of the following (in thousands): March 31, December 31, Billed accounts receivable $ 97 $ 261 Unbilled accounts receivable 472 446 Total accounts receivable $ 569 $ 707 |
Schedule of Earnings Per Share, Basic and Diluted | Three Months Ended 2022 2021 Numerator: Net loss available to common stockholders $ (4,227 ) $ (7,335 ) Denominator: Weighted average shares used in computing net loss per share attributable to common stockholders – basic and diluted 196,183,247 118,718,574 Net loss per share attributable to common stockholders – basic and diluted $ (0.02 ) $ (0.06 ) |
Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following is a summary of the weighted average common stock equivalents for the securities outstanding during the respective periods that have been excluded from the computation of diluted net loss per common share, as their effect would be anti-dilutive: Three Months Ended 2022 2021 Common stock options outstanding 21,108,390 24,715,333 Warrants to purchase common stock 8,301,202 8,301,202 Public warrants 5,232,471 — Unvested restricted stock units 1,310,471 — Unvested common stock 1,351,261 — Total 37,303,795 33,016,535 |
Cash Equivalents and Investme_2
Cash Equivalents and Investments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Summary of Unrealized Gains and Losses and Estimated Fair Value of Cash Equivalents and Investments | The following table summarizes the Company’s unrealized gains and losses and estimated fair value of cash equivalents and investments in available-for-sale securities recorded in the condensed consolidated balance sheets (in thousands): AS OF MARCH 31, 2022 AS OF DECEMBER 31, 2021 Amortized Cost Gross Gains Gross Losses Estimated Fair Value Amortized Gross Gross Estimated Cash and money market funds $ 40,261 $ — $ — $ 40,261 $ 123,690 $ — $ — $ 123,690 Commercial paper 251,909 1 (544 ) 251,366 203,628 — (21 ) 203,607 Corporate notes and bonds 205,195 2 (3,314 ) 201,883 80,060 2 (109 ) 79,953 Municipal bonds 6,905 — (156 ) 6,749 2,000 — — 2,000 US government and agency 86,787 — (678 ) 86,109 193,347 1 (20 ) 193,328 Total cash equivalents and investments $ 591,057 $ 3 $ (4,692 ) $ 586,368 $ 602,725 $ 3 $ (150 ) $ 602,578 |
Schedule of Cash and Cash Equivalent and Investment in Available for Sale Securities | The estimated fair value of the Company’s cash equivalents and investments in available-for-sale securities as of March 31, 2022, aggregated by investment category and classified by contractual maturity date, is as follows (in thousands): 1 Year or 1 Year or Total Cash and money market funds $ 40,261 $ — $ 40,261 Commercial paper 251,366 — 251,366 Corporate notes and bonds 48,396 153,487 201,883 Municipal bonds 1,997 4,752 6,749 US government and agency 73,888 12,221 86,109 Total $ 415,908 $ 170,460 $ 586,368 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Summary of fair value measurements on a recurring basis and the level of inputs | The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (in thousands): Fair Value Measured as of March 31, 2022: Level 1 Level 2 Level 3 Total Assets Cash equivalents: Cash and money market funds (1) $ 40,261 $ — $ — $ 40,261 Commercial paper — 46,490 — 46,490 Total cash equivalents 40,261 46,490 — 86,751 Short-term investments: Commercial paper — 204,876 — 204,876 Corporate notes and bonds — 48,396 — 48,396 Municipal bonds — 1,997 — 1,997 US government and agency — 73,888 — 73,888 Total short-term investments — 329,157 — 329,157 Long-term investments Corporate notes and bonds — 153,487 — 153,487 Municipal bonds — 4,752 — 4,752 US government and agency — 12,221 — 12,221 Total long-term investments — 170,460 — 170,460 Total Assets $ 40,261 $ 546,107 $ — $ 586,368 Liabilities Public warrants $ 20,508 $ — $ — $ 20,508 Fair Value Measured as of December 31, 2021: Level 1 Level 2 Level 3 Total Assets Cash equivalents: Ca sh and m (1) $ 123,690 $ — $ — $ 123,690 Commercial paper — 125,335 — 125,335 US government and agency — 150,000 — 150,000 Total cash equivalents 123,690 275,335 399,025 Short-term investments: Commercial paper — 78,272 — 78,272 Corporate notes and bonds — 14,818 — 14,818 Municipal bonds 2,000 2,000 US government and agency — 28,353 — 28,353 Total short-term investments — 123,443 — 123,443 Long-term investments Corporate notes and bonds — 65,135 — 65,135 US government and agency — 14,975 — 14,975 Total long-term investments — 80,110 — 80,110 Total Assets $ 123,690 $ 478,888 — $ 602,578 Liabilities Public warrants $ 33,962 $ — $ — $ 33,962 (1) Includes money market funds associated with the Company’s overnight investment sweep account. |
Property And Equipment, Net (Ta
Property And Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Summary Of Property And Equipment, Net | Property and equipment, net is composed of the following (in thousands): March 31, December 31, Computer equipment and acquired computer software $ 971 $ 840 Machinery, equipment, furniture and fixtures 6,104 5,497 Leasehold improvements 949 827 Quantum computing systems 17,504 15,151 Gross property and equipment 25,528 22,315 Less: accumulated depreciation (4,397 ) (3,445 ) Property and equipment, net $ 21,131 $ 18,870 Depreciation expense for the three months ended March 31, 2022 and 2021 was $1.0 million and $0.3 million, respectively. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |
Summary of Share Based Payment Award Stock Options Valuation Assumptions | The assumptions used to estimate the fair value of stock options granted during the three months ended March 31, 2022 and 2021, are as follows: Three Months Ended March 31, 2022 2021 Ris k 1.76 % 0.96 % Expected Term (in years) 5.63 6.26 Expected Volatility 77.48 % 77.04 % Dividend Yield — % — % |
Summary of the Stock Option Activity | A summary of the stock option activity is as follows: Number of Weighted Weighted Aggregate Outstanding as of December 31, 2020 21,863,368 $ 0.34 8.67 $ 44.79 Granted 6,492,540 2.39 Exercised (3,137,652 ) 1.71 Cancelled/Forfeited — — Outstanding as of March 31, 2021 25,218,256 $ 0.70 8.70 $ 179.88 Number of Weighted Weighted Aggregate Outstanding as of December 31, 2021 22,133,210 $ 0.64 7.84 $ 377.58 Granted 1,352,170 12.87 Exercised (453,225 ) 0.29 Cancelled/Forfeited (70,523 ) 0.96 Outstanding as of March 31, 2022 22,961,632 $ 1.38 7.75 $ 261.76 Exercisable as of March 31, 2022 11,418,065 $ 0.70 7.40 $ 137.84 Exercisable and expected to vest at March 31, 2022 22,961,632 $ 1.38 7.75 $ 261.76 |
Summary of Stock-based Compensation Expenses for Stock Options and Unvested Restricted Shares | Total stock-based compensation expense for stock option awards, RSU awards, and unvested restricted common stock which are included in the condensed consolidated financial statements is as follows (in thousands): Three Months Ended 2022 2021 Cost of revenue $ 104 $ — Research and development 1,698 454 Sales and marketing 73 — General and administrative 4,797 977 Stock-based compensation, net of amounts capitalized 6,672 1,431 Capitalized stock-based compensation – Intangibles and fixed assets 176 44 Total stock-based compensation $ 6,848 $ 1,475 |
Summary of stock option grants, vesting and exercises | The following table summarizes additional information on stock option grants, vesting and exercises (in millions, except per share amounts): Three Months Ended March 31, 2022 2021 Total intrinsic value of options exercised $ 5.7 $ 19.2 Aggregate grant-date fair value of options vested $ 2.2 $ 0.7 Weighted-average grant date fair value per share for options granted $ 12.9 $ 5.1 |
Summary of restricted stock unit ("RSU") activity | The following table summarizes additional information on stock option grants, vesting and exercises (in millions, except per share amounts): Three Months Ended March 31, 2022 2021 Total intrinsic value of options exercised $ 5.7 $ 19.2 Aggregate grant-date fair value of options vested $ 2.2 $ 0.7 Weighted-average grant date fair value per share for options granted $ 12.9 $ 5.1 Early Exercised Stock Options As of March 31, 2022 and December 31, 2021, there were 1,281,151 and 1,420,662 shares , , Restricted Stock Units A summary of RSU activity for the three months ended March 31, 2022, is summarized in the following table (in thousands, except time period and per share amounts): RSUs Weighted Weighted Aggregate Outstanding as of December 31, 2021 — $ — — $ — Granted 2,169,942 12.89 Vested (198,109 ) 12.93 Forfeited (2,000 ) 12.93 Outstanding as of March 31, 2022 1,969,833 $ 12.89 3.45 $ 25.39 Expected to vest after March 31, 2022 1,908,333 $ 12.89 3.56 $ 24.59 |
Smmary of Unrecognized Stock-Based Compensation | A summary of our remaining unrecognized compensation expense and the weighted-average remaining amortization period at March 31, 2022, related to our non-vested stock options and RSU awards is presented below (in millions, except time period amounts): Three Months Ended March 31, 2022 Unrecognized Weighted- Restricted stock units $ 23.0 1.8 Stock options $ 39.4 1.9 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transaction [Line Items] | |
Schedule of Related Party Transactions | Three Months Ended 2022 2021 Revenue $ 992 $ — Cost of revenue 14 — Research and development (1) 271 540 Sales and marketing 32 — General and administrative 29 69 (1) Included in research and development expenses for the three months ended March 31, 2022 and 2021, respectively, is non-cash amortization associated with the Exclusive Option Agreements with UMD and Duke of $0.1 million and $0.3 million. Also included in research and development expenses is $0.2 million in allocated rent expense for each of the three months ended March 31, 2022 and 2021. The Company has the following balances related to transactions with related parties, as reflected in the condensed consolidated balance sheets (in thousands). Except for $0.5 million in prepaids expenses and other current assets as of March 31, 2022 and December 31, 2021, respectively, and $1.7 million million March 31, 2022 December 31, 2021 Assets Prepaid expenses and other current assets $ 587 $ 612 Operating lease right-of-use asset 3,964 4,032 Other noncurrent assets 1,715 1,845 Liabilities Accounts payable — 54 Current operating lease liabilities 573 568 Unearned revenue 1,829 2,821 Non-current operating lease liabilities 3,600 3,643 |
Description of Business - Addi
Description of Business - Additional Information (Detail) | 3 Months Ended | ||
Mar. 31, 2022segment$ / shares | Dec. 31, 2021$ / shares | Sep. 30, 2021$ / shares | |
Organization Business And Basis Of Presentation [Line Items] | |||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Number of operating segment | segment | 1 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Summary of Loans and Financing Receivable (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 569 | $ 707 |
Billed Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | 97 | 261 |
Unbilled Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 472 | $ 446 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Earnings Per Share, Basic and Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Numerator: | ||
Net loss available to common stockholders | $ (4,227) | $ (7,335) |
Denominator: | ||
Weighted average shares used in computing net loss per share attributable to common stockholders – basic and diluted | 196,183,247 | 118,718,574 |
Net loss per share attributable to common stockholders – basic and diluted | $ (0.02) | $ (0.06) |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 37,303,795 | 33,016,535 |
Common stock options outstanding | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 21,108,390 | 24,715,333 |
Warrants to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 8,301,202 | 8,301,202 |
Unvested common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 1,351,261 | 0 |
Public warrants Member [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 5,232,471 | 0 |
Unvested Restricted Stock Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 1,310,471 | 0 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Significant Accounting Policies [Line Items] | ||||||
Finite lived intangible asset, useful life | 20 years | |||||
Unearned revenues | $ 3,900 | $ 5,000 | ||||
Unearned revenues, revenue recognized | 1,200 | |||||
Allowance for doubtful accounts | 0 | $ 0 | ||||
Revenues | 1,070,000 | |||||
ASC 606 [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Revenue, remaining performance obligation, amount | 21,300 | |||||
ASC 606 [Member] | Subsequent Event [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Revenue, remaining performance obligation, amount | $ 6,300 | $ 7,900 | $ 7,100 | |||
Minimum [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Market value of the Company's common stock | $ 700,000 | |||||
Revenue Benchmark [Member] | Revenue from Rights Concentration Risk [Member] | Minimum [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Concentration risk, percentage | 10.00% | |||||
Intellectual Property [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Intangible asset capitalized during period | $ 100 | $ 1,500 | ||||
Software and Software Development Costs [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Intangible asset capitalized during period | $ 500 | 300 | ||||
Finite lived intangible asset, useful life | 3 years | |||||
Internally Developed Software [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Amortization of intangible assets | $ 300 | $ 100 | ||||
Non Convertible Debt Securities [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Proceeds from Issuance of Debt | $ 1,000,000 |
Cash Equivalents and Investme_3
Cash Equivalents and Investments - Summary of Unrealized Gains and Losses and Estimated Fair Value of Cash Equivalents and Investments (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | $ 591,057 | $ 602,725 |
Gross Unrealized Gains | 3 | 3 |
Gross Unrealized Losses | (4,692) | (150) |
Estimated Fair Value | 586,368 | 602,578 |
Cash and money market funds [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 40,261 | 123,690 |
Estimated Fair Value | 40,261 | 123,690 |
Commercial Paper [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 251,909 | 203,628 |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | (544) | (21) |
Estimated Fair Value | 251,366 | 203,607 |
Corporate Notes And Bonds [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 205,195 | 80,060 |
Gross Unrealized Gains | 2 | 2 |
Gross Unrealized Losses | (3,314) | (109) |
Estimated Fair Value | 201,883 | 79,953 |
Municipal Bonds [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 6,905 | 2,000 |
Gross Unrealized Losses | (156) | |
Estimated Fair Value | 6,749 | 2,000 |
US Government Corporations and Agencies Securities [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 86,787 | 193,347 |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | (678) | (20) |
Estimated Fair Value | $ 86,109 | $ 193,328 |
Cash Equivalents and Investme_4
Cash Equivalents and Investments - Schedule of Cash and Cash Equivalent and Investment in Available for Sale Securities (Detail) $ in Thousands | Mar. 31, 2022USD ($) |
Cash and Cash Equivalents [Line Items] | |
1 Year or Less | $ 415,908 |
1 Year or Greater | 170,460 |
Total | 586,368 |
Cash and money market funds [Member] | |
Cash and Cash Equivalents [Line Items] | |
1 Year or Less | 40,261 |
Total | 40,261 |
Commercial Paper [Member] | |
Cash and Cash Equivalents [Line Items] | |
1 Year or Less | 251,366 |
Total | 251,366 |
Corporate Notes And Bonds [Member] | |
Cash and Cash Equivalents [Line Items] | |
1 Year or Less | 48,396 |
1 Year or Greater | 153,487 |
Total | 201,883 |
Municipal Bonds [Member] | |
Cash and Cash Equivalents [Line Items] | |
1 Year or Less | 1,997 |
1 Year or Greater | 4,752 |
Total | 6,749 |
US government and agency [Member] | |
Cash and Cash Equivalents [Line Items] | |
1 Year or Less | 73,888 |
1 Year or Greater | 12,221 |
Total | $ 86,109 |
Cash Equivalents and Investme_5
Cash Equivalents and Investments - Additional Information (Detail) $ in Thousands | Mar. 31, 2022USD ($) |
Cash and Cash Equivalents [Abstract] | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 0 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of fair value measurements on a recurring basis and the level of inputs (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Assets: | |||
Total Assets | $ 546,107 | ||
Fair Value, Recurring [Member] | |||
Assets: | |||
Cash and cash equivalents | 86,751 | $ 399,025 | |
Total Assets | 586,368 | 602,578 | |
Liabilities: | |||
Public warrants | 20,508 | 33,962 | |
Fair Value, Recurring [Member] | Short-term Investments [Member] | |||
Assets: | |||
Investments | 329,157 | 123,443 | |
Fair Value, Recurring [Member] | Other Long-term Investments [Member] | |||
Assets: | |||
Investments | 170,460 | 80,110 | |
Cash and money market funds [Member] | Fair Value, Recurring [Member] | |||
Assets: | |||
Cash and cash equivalents | [1] | 40,261 | 123,690 |
Commercial Paper [Member] | Fair Value, Recurring [Member] | |||
Assets: | |||
Cash and cash equivalents | 46,490 | 125,335 | |
Commercial Paper [Member] | Fair Value, Recurring [Member] | Short-term Investments [Member] | |||
Assets: | |||
Investments | 204,876 | 78,272 | |
Municipal Bonds [Member] | Fair Value, Recurring [Member] | Short-term Investments [Member] | |||
Assets: | |||
Investments | 1,997 | 2,000 | |
Municipal Bonds [Member] | Fair Value, Recurring [Member] | Other Long-term Investments [Member] | |||
Assets: | |||
Investments | 4,752 | ||
Corporate Notes And Bonds Member [Member] | Fair Value, Recurring [Member] | Short-term Investments [Member] | |||
Assets: | |||
Investments | 48,396 | 14,818 | |
Corporate Notes And Bonds Member [Member] | Fair Value, Recurring [Member] | Other Long-term Investments [Member] | |||
Assets: | |||
Investments | 153,487 | 65,135 | |
US Government Corporations and Agencies Securities [Member] | Fair Value, Recurring [Member] | |||
Assets: | |||
Cash and cash equivalents | 150,000 | ||
US Government Corporations and Agencies Securities [Member] | Fair Value, Recurring [Member] | Short-term Investments [Member] | |||
Assets: | |||
Investments | 73,888 | 28,353 | |
US Government Corporations and Agencies Securities [Member] | Fair Value, Recurring [Member] | Other Long-term Investments [Member] | |||
Assets: | |||
Investments | 12,221 | 14,975 | |
Quoted Prices in Active Markets (Level 1) [Member] | Fair Value, Recurring [Member] | |||
Assets: | |||
Cash and cash equivalents | 40,261 | 123,690 | |
Total Assets | 40,261 | 123,690 | |
Liabilities: | |||
Public warrants | 20,508 | 33,962 | |
Quoted Prices in Active Markets (Level 1) [Member] | Cash and money market funds [Member] | Fair Value, Recurring [Member] | |||
Assets: | |||
Cash and cash equivalents | [1] | 40,261 | 123,690 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Recurring [Member] | |||
Assets: | |||
Cash and cash equivalents | 46,490 | 275,335 | |
Total Assets | 478,888 | ||
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Recurring [Member] | Short-term Investments [Member] | |||
Assets: | |||
Investments | 329,157 | 123,443 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Recurring [Member] | Other Long-term Investments [Member] | |||
Assets: | |||
Investments | 170,460 | 80,110 | |
Significant Other Observable Inputs (Level 2) [Member] | Commercial Paper [Member] | Fair Value, Recurring [Member] | |||
Assets: | |||
Cash and cash equivalents | 46,490 | 125,335 | |
Significant Other Observable Inputs (Level 2) [Member] | Commercial Paper [Member] | Fair Value, Recurring [Member] | Short-term Investments [Member] | |||
Assets: | |||
Investments | 204,876 | 78,272 | |
Significant Other Observable Inputs (Level 2) [Member] | Municipal Bonds [Member] | Fair Value, Recurring [Member] | Short-term Investments [Member] | |||
Assets: | |||
Investments | 1,997 | 2,000 | |
Significant Other Observable Inputs (Level 2) [Member] | Municipal Bonds [Member] | Fair Value, Recurring [Member] | Other Long-term Investments [Member] | |||
Assets: | |||
Investments | 4,752 | ||
Significant Other Observable Inputs (Level 2) [Member] | Corporate Notes And Bonds Member [Member] | Fair Value, Recurring [Member] | Short-term Investments [Member] | |||
Assets: | |||
Investments | 48,396 | 14,818 | |
Significant Other Observable Inputs (Level 2) [Member] | Corporate Notes And Bonds Member [Member] | Fair Value, Recurring [Member] | Other Long-term Investments [Member] | |||
Assets: | |||
Investments | 153,487 | 65,135 | |
Significant Other Observable Inputs (Level 2) [Member] | US Government Corporations and Agencies Securities [Member] | Fair Value, Recurring [Member] | |||
Assets: | |||
Cash and cash equivalents | 150,000 | ||
Significant Other Observable Inputs (Level 2) [Member] | US Government Corporations and Agencies Securities [Member] | Fair Value, Recurring [Member] | Short-term Investments [Member] | |||
Assets: | |||
Investments | 73,888 | 28,353 | |
Significant Other Observable Inputs (Level 2) [Member] | US Government Corporations and Agencies Securities [Member] | Fair Value, Recurring [Member] | Other Long-term Investments [Member] | |||
Assets: | |||
Investments | $ 12,221 | $ 14,975 | |
[1] | Includes money market funds associated with the Company’s overnight investment sweep account. |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | Mar. 31, 2022$ / shares |
Public Warrants [Member] | |
Schedule Of Changes In The Fair Value Of Warrant Liabilities [Line Items] | |
Trading price of warrants | $ 3.92 |
Property And Equipment, Net - S
Property And Equipment, Net - Summary Of Property And Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | $ 25,528 | $ 22,315 |
Less: accumulated depreciation | (4,397) | (3,445) |
Property and equipment, net | 21,131 | 18,870 |
Computer equipment and acquired computer software | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | 971 | 840 |
Machinery, equipment, furniture, and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | 6,104 | 5,497 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | 949 | 827 |
Quantum computing systems [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | $ 17,504 | $ 15,151 |
Property And Equipment, Net - A
Property And Equipment, Net - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 1 | $ 0.3 |
Agreements With UMD And DUKE -
Agreements With UMD And DUKE - Additional information (Detail) - USD ($) $ in Thousands | Feb. 04, 2021 | Feb. 01, 2021 | Mar. 31, 2022 | Mar. 31, 2021 |
Agreement Disclosure [Line Items] | ||||
Research and development expense | $ 7,338 | $ 3,654 | ||
Percentage of common stock holding | 0.50% | |||
Option Agreement [Member] | ||||
Agreement Disclosure [Line Items] | ||||
Agreement, option to extend | extend another year | |||
Option Agreement [Member] | University Of Maryland [Member] | ||||
Agreement Disclosure [Line Items] | ||||
Agreement term | 5 years | |||
Common stock, capital shares reserved for future issuance | 642,995 | |||
Option Agreement [Member] | Duke [Member] | ||||
Agreement Disclosure [Line Items] | ||||
Research and development expense | $ 100 | $ 100 | ||
Option Agreement [Member] | University Of Maryland And Duke [Member] | Patents [Member] | Initial Patents Received [Member] | ||||
Agreement Disclosure [Line Items] | ||||
Stock issued during the period purchase of assets | 142,886 | |||
Amended License Agreement [Member] | University Of Maryland [Member] | ||||
Agreement Disclosure [Line Items] | ||||
Option agreement indexed to equity, shares available for issuance, fair value | $ 1,600 | |||
Amended License Agreement [Member] | University Of Maryland [Member] | Common Stock [Member] | ||||
Agreement Disclosure [Line Items] | ||||
Stock issued during the period purchase of assets | 257,198 | |||
Amended Option Agreement [Member] | University Of Maryland [Member] | ||||
Agreement Disclosure [Line Items] | ||||
Research and development expense | $ 200 | |||
Option agreement indexed to equity, shares available for issuance, fair value | $ 800 | |||
Amended Option Agreement [Member] | University Of Maryland [Member] | Common Stock [Member] | ||||
Agreement Disclosure [Line Items] | ||||
Option agreement, remaining number of shares available for issuance | 128,599 | |||
Amended Option Agreement [Member] | University Of Maryland And Duke [Member] | ||||
Agreement Disclosure [Line Items] | ||||
Research and development expense | $ 0 |
Income Tax - Additional Informa
Income Tax - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Line Items] | ||
Provision for income taxes | $ 0 | $ 0 |
Convertible Redeemable Prefer_2
Convertible Redeemable Preferred Stock And Stockholders' Equity - Additional Information (Detail) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Class of Stock [Line Items] | |||
Preferred stock, shares authorized | 20,000,000 | ||
Preferred stock, shares issued | 0 | ||
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 | |
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Amended And Restated Certificate Of Incorporation [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock, par or stated value per share | $ 0.0001 | ||
Preferred stock, shares authorized | 20,000,000 | ||
Common stock, shares authorized | 1,000,000,000 | ||
Common stock, par value | $ 0.0001 |
Warrant Transaction Agreement -
Warrant Transaction Agreement - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2020 | Aug. 31, 2020 | |
Warrant Transaction Agreement [Abstract] | ||||
Class of warrant or right, number of securities called by warrants or rights | 8,301,202 | |||
Warrant amortization | $ 0 | $ 0.1 | ||
Percent of warrant shares will vest and be immediately exercisable | 6.50% | |||
Class of warrant or right, exercise price of warrants or rights | $ 1.38 | |||
Fair value of the warrant shares | $ 8.7 | |||
Fair value of warrants vested | $ 0.6 |
Warrant Liabilities - Additiona
Warrant Liabilities - Additional Information (Detail) - $ / shares | 3 Months Ended | ||
Mar. 31, 2022 | Sep. 30, 2021 | Aug. 18, 2020 | |
Warrant issue price | $ 11.50 | ||
Public Warrants [Member] | |||
Number of warrants or rights outstanding | 5,231,531 | 7,500,000 | |
Public Warrants will become exercisable | on the later of (a) 30 days after the completion of a Business Combination or (b) 12 months from the closing of the Initial Public Offering | ||
Public warrant for redemption price | at a price of $0.01 per warrant | ||
Public warrants expire date | upon a minimum of 30 days’ prior written notice of redemption | ||
Public Warrants [Member] | Common Class A [Member] | Redemption Price One [Member] | |||
Redemption price of warrants per unit | $ 0.01 | ||
Number of consecutive trading days for which the stock price is to be maintained | 20 days | ||
Number of trading days | 30 days | ||
Public Warrants [Member] | Common Class A [Member] | Redemption Price Two [Member] | |||
Redemption price of warrants per unit | 0.10 | ||
Number of consecutive trading days for which the stock price is to be maintained | 20 days | ||
Number of trading days | 30 days | ||
Public Warrants [Member] | Common Class A [Member] | Minimum [Member] | Redemption Price One [Member] | |||
Share price | 18 | ||
Public Warrants [Member] | Common Class A [Member] | Minimum [Member] | Redemption Price Two [Member] | |||
Share price | $ 10 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary Of Share Based Payment Award Stock Options Valuation Assumptions (Detail) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | ||
Risk- Free Interest Rate | 1.76% | 0.96% |
Expected Term (in years) | 5 years 7 months 17 days | 6 years 3 months 3 days |
Expected Volatility | 77.48% | 77.04% |
Dividend Yield | 0.00% | 0.00% |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of the Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Option Shares, Beginning Balance | 22,133,210 | 21,863,368 | 21,863,368 | |
Number of Option Shares, Granted | 1,352,170 | 6,492,540 | ||
Number of Option Shares, Exercised | (453,225) | (3,137,652) | ||
Number of Option Shares, Cancelled/ Forfeited | (70,523) | 0 | ||
Number of Option Shares, Ending Balance | 22,961,632 | 25,218,256 | 22,133,210 | 21,863,368 |
Number of Option Shares, Exercisable | 11,418,065 | |||
Number of Option Shares, Exercisable and expected to vest | 22,961,632 | |||
Weighted Average Exercise Price, Beginning Balance | $ 0.64 | $ 0.34 | $ 0.34 | |
Weighted Average Exercise Price, Granted | 12.87 | 2.39 | ||
Weighted Average Exercise Price, Exercised | 0.29 | 1.71 | ||
Weighted Average Exercise Price, Cancelled/ Forfeited | 0.96 | 0 | ||
Weighted Average Exercise Price, Ending Balance | 1.38 | $ 0.70 | $ 0.64 | $ 0.34 |
Weighted Average Exercise Price, Exercisable | 0.70 | |||
Weighted Average Exercise Price, Exercisable and expected to vest | $ 1.38 | |||
Weighted-average Remaining Contractual Term, Outstanding | 7 years 9 months | 8 years 8 months 12 days | 7 years 10 months 2 days | 8 years 8 months 1 day |
Weighted-average Remaining Contractual Term, Exercisable | 7 years 4 months 24 days | |||
Weighted-average Remaining Contractual Term, Exercisable and expected to vest | 7 years 9 months | |||
Aggregate Intrinsic Value, Outstanding | $ 261,760 | $ 179,880 | $ 377,580 | $ 44,790 |
Aggregate Intrinsic Value, Exercisable | 137,840 | |||
Aggregate Intrinsic Value, Exercisable and expected to vest | $ 261,760 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Aug. 31, 2021 | Aug. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2022 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||
Weighted-average remaining contractual term outstanding | 7 years 9 months | 8 years 8 months 12 days | 7 years 10 months 2 days | 8 years 8 months 1 day | ||||
Stock subject to repurchase related to stock options early exercised and unvested | 1,281,151 | 1,281,151 | 1,420,662 | |||||
Stock repurchase program, remaining authorized repurchase amount | $ 2.8 | $ 2.8 | $ 3.1 | |||||
2015 Equity Incentive Plan [Member] | ||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||
Weighted-average remaining contractual term outstanding | 10 years | |||||||
Share based compensation arrangement by share based payment award cumulative annual increase percentage | 5.00% | |||||||
2021 Equity Incentive Plan [Member] | ||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||
Shares reserved for issuances | 12,947,703 | |||||||
Number of Shares Available for Grant | 35,662,591 | 35,662,591 | ||||||
Number of shares per employees under share based compensation | 26,235,000 | |||||||
Employee Stock Purchase Plan [Member] | ||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||||
Shares reserved for issuances | 5,354,000 | 5,354,000 | ||||||
Number of shares issued under share based compensation | 0 | |||||||
Share Based Compensation Arrangement, Cumulative Annual Increase,Shares | 10,708,000 | 10,708,000 | ||||||
Share Based Compensation Arrangement, Cumulative Annual Increase Percentage Of fully Diluted Shares Of Common stock outstanding | 1.00% | 1.00% | ||||||
Percentage of discount to the lower of closing price on that day or the closing price on the first day of the offering period | 15.00% |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Stock-based Compensation Expenses for Stock Options and Unvested Restricted Shares (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 6,848 | $ 1,475 |
Cost of Sales [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 104 | 0 |
Research and Development Expense [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 1,698 | 454 |
Selling and Marketing Expense [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 73 | 0 |
General and Administrative Expense [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 4,797 | 977 |
Stock-based Compensation, Net Of Amounts Capitalized [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 6,672 | 1,431 |
Capitalized Stock-based Compensation – Intangibles And Fixed Assets [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 176 | $ 44 |
Stock-Based Compensation - Su_4
Stock-Based Compensation - Summary of stock option grants, vesting and exercises (Detail) - USD ($) $ / shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | ||
Total intrinsic value of options exercised | $ 5.7 | $ 19.2 |
Aggregate grant-date fair value of options vested | $ 2.2 | $ 0.7 |
Weighted-average grant date fair value per share for options granted | $ 12.9 | $ 5.1 |
Stock-Based Compensation - Su_5
Stock-Based Compensation - Summary of restricted stock unit ("RSU") activity (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022USD ($)customers$ / sharesshares | Mar. 31, 2021$ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020shares | |
Number of Option Shares, Beginning Balance | 22,133,210 | 21,863,368 | 21,863,368 | |
RSUs, Granted | 1,352,170 | 6,492,540 | ||
RSUs, Forfeited | (70,523) | 0 | ||
Number of Option Shares, Ending Balance | 22,961,632 | 25,218,256 | 22,133,210 | 21,863,368 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | $ 12,900,000 | $ 5,100,000 | ||
Weighted Average Remaining Contractual Term (Years), Beginning Balance | 7 years 9 months | 8 years 8 months 12 days | 7 years 10 months 2 days | 8 years 8 months 1 day |
Restricted Stock Units (RSUs) [Member] | ||||
Number of Option Shares, Beginning Balance | 0 | |||
RSUs, Granted | 2,169,942 | |||
RSUs, Vested | (198,109) | |||
RSUs, Forfeited | (2,000) | |||
Number of Option Shares, Ending Balance | 1,969,833 | 0 | ||
RSUs, Vested and expected to vest as of March 31, 2022 | 1,908,333 | |||
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 0 | |||
Weighted Average Grant Date Fair Value, Granted | $ / shares | 12.89 | |||
Weighted Average Grant Date Fair Value, Vested | $ / shares | $ 12.93 | |||
Weighted Average Grant Date Fair Value, Forfeited | customers | 12.93 | |||
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 12.89 | $ 0 | ||
Weighted Average Grant Date Fair Value, Expected to vest | customers | 12.89 | |||
Weighted Average Remaining Contractual Term (Years), Beginning Balance | ||||
Weighted Average Remaining Contractual Term (Years), Ending Balance | 3 years 5 months 12 days | |||
Weighted Average Remaining Contractual Term (Years), Expected to vest | 3 years 6 months 21 days | |||
Aggregate Fair Value (in millions), Beginning Balance | $ | $ 25,390 | $ 0 | ||
Aggregate Fair Value (in millions), Ending Balance | $ | 25,390 | $ 0 | ||
Aggregate Fair Value (in millions), Expected to vest | $ | $ 24,590 |
Stock-Based Compension - Smmary
Stock-Based Compension - Smmary of Unrecognized Stock-Based Compensation (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Restricted Stock Units (RSUs) [Member] | |
Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items] | |
Unrecognized Expense | $ 23 |
Weighted- Average Amortization Period (Years) | 1 year 9 months 18 days |
Share-based Payment Arrangement, Option [Member] | |
Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items] | |
Unrecognized Expense | $ 39.4 |
Weighted- Average Amortization Period (Years) | 1 year 10 months 24 days |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Research and development | $ 7,338 | $ 3,654 | |
Sales and marketing | 1,871 | 227 | |
General and administrative | 9,194 | 2,956 | |
UMD and Duke [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue | 992 | 0 | |
Cost of revenue | 14 | ||
Research and development | 271 | 540 | |
Sales and marketing | 32 | ||
General and administrative | 29 | $ 69 | |
Assets | |||
Prepaid expenses and other current assets | 587 | $ 612 | |
Operating lease right-of-use asset | 3,964 | 4,032 | |
Other noncurrent assets | 1,715 | 1,845 | |
Liabilities | |||
Accounts payable | 0 | 54 | |
Current operating lease liabilities | 573 | 568 | |
Unearned revenue | 1,829 | 2,821 | |
Non-current operating lease liabilities | $ 3,600 | $ 3,643 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Related party transaction, Term | 3 years | ||
Allocated rent expense | $ 0.2 | $ 0.2 | |
Duke [Member] | |||
Related Party Transaction [Line Items] | |||
Amortization Of A Reserch And Development Arrangement | 0.1 | 0.1 | |
UMD [Member] | |||
Related Party Transaction [Line Items] | |||
Related party transaction, amounts of transaction | 14 | ||
Related party transaction, estimated price | 12.6 | ||
UMD [Member] | Duke [Member] | |||
Related Party Transaction [Line Items] | |||
Non-cash amortization associated with the exclusive option agreements | 0.1 | $ 0.3 | |
Option Agreement [Member] | Duke [Member] | |||
Related Party Transaction [Line Items] | |||
Prepaid expenses and other current assets | 0.5 | $ 0.5 | |
Other noncurrent assets | $ 1.7 | $ 1.8 |
Geographic Information - Additi
Geographic Information - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
UNITED STATES | Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | ||
Revenue From Contract With Customer Percentage | 87.00% | 60.00% |