D-Wave Quantum (QBTS) 10-Q 9 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Nov. 08, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-41468
Entity Registrant Name	D-WAVE QUANTUM INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	88-1068854
Entity Address, Address Line One	2650 East Bayshore Road
Entity Address, City or Town	Palo Alto
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94303
City Area Code	604
Local Phone Number	630-1428
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		113,401,611
Entity Central Index Key	0001907982
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common stock, par value $0.0001 per share
Document Information [Line Items]
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	QBTS
Security Exchange Name	NYSE
Warrants, each whole warrant exercisable for 1.4541326 shares of common stock at an exercise price of $11.50
Document Information [Line Items]
Title of 12(b) Security	Warrants, each whole warrant exercisable for 1.4541326 shares of common stock at an exercise price of $11.50
Trading Symbol	QBTS.WT
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash	$ 53,317	$ 7,065
Trade accounts receivable	763	757
Inventories	2,244	2,196
Prepaid expenses and other current assets	1,870	3,907
Total current assets	58,194	13,925
Property and equipment, net	1,879	2,294
Operating lease right-of-use assets	8,560	9,133
Intangible assets, net	195	244
Other noncurrent assets	1,351	1,351
Total assets	70,179	26,947
Current liabilities:
Trade accounts payable	1,541	3,756
Accrued expenses and other current liabilities	9,604	8,640
Loans payable, current	30,006	1,671
Deferred revenue, current	2,177	1,781
Total current liabilities	43,328	15,848
Warrant liabilities	1,971	1,892
Operating lease liabilities, net of current portion	6,884	7,301
Loans payable, noncurrent	9,108	7,811
Deferred revenue, noncurrent	92	9
Total liabilities	61,383	32,861
Commitments and contingencies (Note 11)
Stockholders' (deficit) equity:
Common stock par value $0.0001 per share; 675,000,000 shares authorized at September 30, 2023 and December 31, 2022; 155,288,763 shares and 113,335,530 shares issued and outstanding as of September 30, 2023 and December 31, 2022.	15	11
Additional paid-in capital	462,385	381,274
Accumulated deficit	(443,132)	(376,797)
Accumulated other comprehensive loss	(10,472)	(10,402)
Total stockholders' (deficit) equity	8,796	(5,914)
Total liabilities and stockholders’ equity	$ 70,179	$ 26,947

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	675,000,000	675,000,000
Common stock, issued (in shares)	155,288,763	113,335,530
Common stock, outstanding (in shares)	155,288,763	113,335,530

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenue		$ 2,562	$ 1,695	$ 5,852	$ 4,778
Cost of revenue		1,033	654	3,197	1,858
Total gross profit		1,529	1,041	2,655	2,920
Operating expenses:
Research and development		9,459	7,507	29,922	21,799
General and administrative		8,003	5,925	28,875	13,566
Sales and marketing		2,474	2,773	7,862	5,982
Total operating expenses		19,936	16,205	66,659	41,347
Loss from operations		(18,407)	(15,164)	(64,004)	(38,427)
Other income (expense), net:
Interest expense		(1,247)	(1,069)	(2,482)	(3,588)
Change in fair value of warrant liabilities		1,433	2,603	(79)	2,603
Government assistance		1,051	0	1,051	0
Change in fair value of Term Loan		1,701	0	1,356	0
Term Loan debt issuance costs		(725)	0	(2,118)	0
Lincoln Park Purchase Agreement issuance costs		0	(629)	0	(629)
Other income (expense), net		365	948	(59)	1,301
Total other income (expense), net		2,578	1,853	(2,331)	(313)
Net loss		$ (15,829)	$ (13,311)	$ (66,335)	$ (38,740)
Net loss per share, basic (in usd per share)		$ (0.12)	$ (0.11)	$ (0.50)	$ (0.32)
Net loss per share, diluted (in usd per share)		$ (0.12)	$ (0.11)	$ (0.50)	$ (0.32)
Weighted-average shares used in computing net loss per share, basic (in shares)	[1]	133,222,318	116,256,805	131,373,959	122,337,727
Weighted-average shares used in computing net loss per share, diluted (in shares)	[1]	133,222,318	116,256,805	131,373,959	122,337,727
Comprehensive loss:
Net loss		$ (15,829)	$ (13,311)	$ (66,335)	$ (38,740)
Foreign currency translation adjustment, net of tax		15	56	(70)	18
Comprehensive loss		$ (15,814)	$ (13,255)	$ (66,405)	$ (38,722)
[1]Weighted-average shares for the three and nine months ended September 30, 2022 have been retroactively restated to give effect to the Merger.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders’ (Deficit) Equity - USD ($) $ in Thousands	Total		ELOC	PIPE	Previously Reported	Revision of Prior Period, Adjustment	Non-redeemable convertible preferred stock		Non-redeemable convertible preferred stock Previously Reported	Non-redeemable convertible preferred stock Revision of Prior Period, Adjustment	Common stock		Common stock ELOC	Common stock PIPE	Common stock Previously Reported	Common stock Revision of Prior Period, Adjustment	Additional paid-in capital		Additional paid-in capital ELOC	Additional paid-in capital PIPE	Additional paid-in capital Previously Reported	Additional paid-in capital Revision of Prior Period, Adjustment	Accumulated deficit		Accumulated deficit Previously Reported	Accumulated deficit Revision of Prior Period, Adjustment	Accumulated other comprehensive loss		Accumulated other comprehensive loss Previously Reported	Accumulated other comprehensive loss Revision of Prior Period, Adjustment
Preferred stock, balance (in shares) at Dec. 31, 2021							122,564,333	[1]	137,765,828	(15,201,495)
Common stock, balance (in shares) at Dec. 31, 2021											2,817,498	[1]			3,166,949	(349,451)
Balance at Dec. 31, 2021	$ 3,020	[1]			$ 3,020	$ 0	$ 189,881	[1]	$ 189,881	$ 0	$ 0	[1]			$ 2,610	$ (2,610)	$ 148,850	[1]			$ 146,240	$ 2,610	$ (325,268)	[1]	$ (325,268)	$ 0	$ (10,443)	[1]	$ (10,443)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon conversion of D-Wave Systems preferred stock in connection with the Merger and Business Combination (in shares)							(122,564,333)				96,764,117
Issuance of common stock upon conversion of D-Wave Systems preferred stock in connection with the Merger and Business Combination							$ (189,881)				$ 10						189,871
Issuance of common stock (in shares)													381,540	5,816,528
Issuance of common stock			$ 3,271	$ 40,000										$ 1					$ 3,271	$ 39,999
Merger, net of redemptions and transaction costs (in shares)											4,327,512
Merger, net of redemptions and transaction costs	(16,242)																(16,242)
Exercise of warrants (in shares)											115,025
Exercise of warrants	910																910
Exercise of stock options (in shares)											155,137
Exercise of stock options	141																141
Stock-based compensation	3,355																3,355
Foreign currency translation adjustment, net of tax	18																										18
Net loss	(38,740)																						(38,740)
Preferred stock, balance (in shares) at Sep. 30, 2022							0
Common stock, balance (in shares) at Sep. 30, 2022											110,377,357
Balance at Sep. 30, 2022	(4,267)						$ 0				$ 11						370,155						(364,008)				(10,425)
Preferred stock, balance (in shares) at Jun. 30, 2022							122,564,333		137,765,828	(15,201,495)
Common stock, balance (in shares) at Jun. 30, 2022											2,972,635				3,341,327	(368,692)
Balance at Jun. 30, 2022	(20,732)				$ (20,732)	$ 0	$ 189,881		$ 189,881	$ 0	$ 0				$ 2,811	$ (2,811)	150,565				$ 147,754	$ 2,811	(350,697)		$ (350,697)	$ 0	(10,481)		$ (10,481)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon conversion of D-Wave Systems preferred stock in connection with the Merger and Business Combination (in shares)							(122,564,333)				96,764,117
Issuance of common stock upon conversion of D-Wave Systems preferred stock in connection with the Merger and Business Combination							$ (189,881)				$ 10						189,871
Issuance of common stock (in shares)													381,540	5,816,528
Issuance of common stock			$ 3,271	$ 40,000										$ 1					$ 3,271	$ 39,999
Merger, net of redemptions and transaction costs (in shares)											4,327,512
Merger, net of redemptions and transaction costs	(16,242)																(16,242)
Exercise of warrants (in shares)											115,025
Exercise of warrants	910																910
Stock-based compensation	1,781																1,781
Foreign currency translation adjustment, net of tax	56																										56
Net loss	(13,311)																						(13,311)
Preferred stock, balance (in shares) at Sep. 30, 2022							0
Common stock, balance (in shares) at Sep. 30, 2022											110,377,357
Balance at Sep. 30, 2022	$ (4,267)						$ 0				$ 11						370,155						(364,008)				(10,425)
Common stock, balance (in shares) at Dec. 31, 2022	113,335,530										113,335,530
Balance at Dec. 31, 2022	$ (5,914)										$ 11						381,274						(376,797)				(10,402)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)											39,487,104
Issuance of common stock	$ 61,346										$ 4						61,342
Exercise of stock options (in shares)	2,329,067										2,239,676
Exercise of stock options	$ 1,890																1,890
Issuance of common stock in connection with the ESPP (in shares)											226,453
Issuance of common stock in connection with the ESPP	273																273
Stock-based compensation	17,362																17,362
Short-swing profit settlement	244																244
Foreign currency translation adjustment, net of tax	(70)																										(70)
Net loss	$ (66,335)																						(66,335)
Common stock, balance (in shares) at Sep. 30, 2023	155,288,763										155,288,763
Balance at Sep. 30, 2023	$ 8,796										$ 15						462,385						(443,132)				(10,472)
Common stock, balance (in shares) at Jun. 30, 2023											128,028,658
Balance at Jun. 30, 2023	(27,893)										$ 12						409,885						(427,303)				(10,487)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)											26,247,450
Issuance of common stock	45,663										$ 3						45,660
Exercise of stock options (in shares)											786,202
Exercise of stock options	683																683
Issuance of common stock in connection with the ESPP (in shares)											226,453
Issuance of common stock in connection with the ESPP	273																273
Stock-based compensation	5,884																5,884
Foreign currency translation adjustment, net of tax	15																										15
Net loss	$ (15,829)																						(15,829)
Common stock, balance (in shares) at Sep. 30, 2023	155,288,763										155,288,763
Balance at Sep. 30, 2023	$ 8,796										$ 15						$ 462,385						$ (443,132)				$ (10,472)
[1]Shares of legacy non-redeemable convertible preferred stock and legacy common stock have been retroactively restated to give effect to the Merger.

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net loss	$ (66,335)	$ (38,740)
Adjustments to reconcile net loss to cash used in by operating activities:
Depreciation and amortization	828	1,038
Stock-based compensation	17,362	3,355
Amortization of operating right of use assets	573	493
Non-cash interest expense	2,405	1,616
Non-cash final fee payment for Venture Loan	0	1,808
Non-cash Lincoln Park Purchase Agreement issuance costs	0	629
Change in fair value of Warrant liabilities	79	(2,603)
Change in fair value of Term Loan	(1,356)	0
Debt issuance costs netted from Term Loan proceeds	993	0
Government assistance	(1,051)	0
Unrealized foreign exchange loss (gain)	(15)	(1,226)
Other non-cash activities	35	266
Change in operating assets and liabilities:
Trade accounts receivable	7	1
Research incentives receivable	0	1,448
Inventories	(235)	(684)
Deferred offering costs	0	1,250
Prepaid expenses and other current assets	2,035	(3,815)
Trade accounts payable	(2,267)	614
Accrued expenses and other current liabilities	965	1,704
Deferred revenue	479	(1,051)
Operating lease liabilities, net of current portion	(412)	(442)
Net cash used in operating activities	(45,910)	(34,339)
Cash flows from investing activities:
Purchase of property and equipment	(141)	(249)
Purchase of software	(35)	(67)
Net cash used in investing activities	(176)	(316)
Cash flows from financing activities:
Merger, net of redemption and transaction costs (Note 3)	0	4,100
Transaction costs paid directly by D-Wave Systems	0	(6,528)
Proceeds from exercise of public warrants	0	910
Proceeds from promissory note - related party	0	420
Payment on directors and officers financing arrangement	(1,449)	(864)
Proceeds from issuance of common stock in connection with ESPP	273	0
Proceeds from government assistance	1,487	3,124
Proceeds from issuance of common stock upon exercise of stock options	1,890	141
Proceeds from debt financing	29,007	19,870
Debt payments	(390)	(20,000)
Venture Loan interest and final payment fee	0	(1,808)
Government loan payment	0	(398)
Short swing profit settlement	244	0
Net cash provided by financing activities	92,408	38,967
Effect of exchange rate changes on cash and cash equivalents	(70)	(31)
Net increase in cash and cash equivalents	46,252	4,281
Cash and cash equivalents at beginning of period	7,065	9,483
Cash and cash equivalents at end of period	53,317	13,764
Supplemental disclosure of noncash investing and financial activities:
Transfer from inventory to property and equipment	152	0
Purchases of property and equipment included in accounts payable	53	0
Non-cash directors and officers insurance	0	2,893
Initial warrant liabilities recognized in connection with closing of the Merger	0	8,101
Non-cash Merger financing	0	5,713
Issuance of shares for payment of Lincoln Park Purchase Agreement commitment fee	0	3,271
Conversion of convertible preferred stock to common stock	0	189,871
PIPE
Cash flows from financing activities:
Proceeds from issuance of common stock	0	40,000
Lincoln Park Purchase Agreement
Cash flows from financing activities:
Proceeds from issuance of common stock	$ 61,346	$ 0

Description of business

Description of business	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of business	Description of business D-Wave Quantum Inc. ("D-Wave" or the “Company”) was incorporated under the General Corporation Law of the State of Delaware on January 24, 2022. The Company was formed for the purpose of effecting a merger between DPCM Capital, Inc. (“DPCM”), D-Wave Systems Inc. (“D-Wave Systems”), and certain other affiliated entities through a series of transactions (the “Merger”) pursuant to the definitive agreement entered into on February 7, 2022 (the “Transaction Agreement”). On August 5, 2022, in conjunction with the Merger, DPCM and D-Wave Systems became wholly-owned subsidiaries of, and are operated by, the Company. Upon the completion of the Merger, the Company succeeded to all of the operations of its predecessor, D-Wave Systems. D-Wave is a commercial quantum computing company that provides customers with a full suite of professional services and web-based access to its superconducting quantum computer systems and integrated software environment through its cloud service, Leap TM . Historically, the Company has developed its own annealing superconducting quantum computer and associated software, and its current generation quantum system is the Advantage TM system. D-Wave has three operating facilities, which it leases, in North America. These facilities are located in Burnaby, British Columbia, Richmond, British Columbia, and Palo Alto, California.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The unaudited interim condensed consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial reporting and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the condensed consolidated balance sheet as of December 31, 2022, has been derived from the audited consolidated financial statements at that date, but certain notes or other information that are normally required by U.S. GAAP have been omitted if they substantially duplicate the disclosures contained in the Company's annual audited consolidated financial statements. Certain information and footnote disclosure normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to instructions, rules and regulations prescribed by the United States Securities and Exchange Commission ("SEC"). In the opinion of the Company, the unaudited financial information for the interim periods presented reflects all adjustments, which are normal and recurring, necessary for a fair presentation of the consolidated statement of operations and comprehensive loss, balance sheet, and cash flows. Interim results should not be regarded as indicative of results that may be expected for any other period or the entire year. The interim condensed consolidated financial statements included herein have been prepared on the same basis as the audited annual consolidated financial statements and reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Annual Report on Form 10-K as of and for the year ended December 31, 2022 filed with the SEC. The condensed consolidated statement of operations and comprehensive loss for the three and nine month periods ended September 30, 2023 are not necessarily indicative of the results to be anticipated for the entire year ending December 31, 2023 or thereafter. All references to September 30, 2023 and 2022 in the notes to condensed consolidated financial statements are unaudited. Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements upon consolidation. Liquidity and going concern The Company has prepared its condensed consolidated financial statements assuming that it will continue as a going concern. Since its inception, the Company has incurred net losses and negative cash flows from operations. As of September 30, 2023, the Company had an accumulated deficit of $443.1 million. For the three and nine months ended September 30, 2023, the Company incurred a net loss of $15.8 million and $66.3 million, respectively. For the three and nine months ended September 30, 2022, the Company incurred a net loss of $13.3 million and $38.7 million, respectively. For the nine month period ended September 30, 2023 and 2022, the Company had net cash outflows from operating activities of $45.9 million and $34.3 million, respectively. As of September 30, 2023, the Company had $53.3 million of cash and working capital (current assets less current liabilities) of $14.9 million. The Company expects to incur additional operating losses and negative cash flows from operating activities as it continues to expand its commercial operations and research and development programs. On April 13, 2023, (the "Closing Date") the Company entered into the Term Loan and Security Agreement (the "Term Loan"), by and between the Co mpany and PSPIB Unitas Investments II Inc. ("PSPIB" or the "Lender"), a related party to the Company's largest shareholder. As further described in Note 7 - Loans payable, the Term Loan provides for an aggregate principal amount of $50.0 million to be made available to the Company in three tranches, subject to certain terms and conditions as defined in the Term Loan, including a financial covenant that measures the Company's revenue against certain minimum percentages of budgeted revenue per quarter. The first two tranches of the Term Loan, each amounting to $15.0 million in principal, were advanced to D-Wave on April 14, 2023 and July 13, 2023, respectively. The Lender agreed to modify certain conditions to the funding of the second tranche of the Term Loan, including delaying the delivery of a board-approved operating budget and plan for the Company’s fiscal years 2023 through 2027 to August 31, 2023 (later extended to December 31, 2023); modifying the condition that, prior to the funding of the second tranche,the Company shall have nominated an additional director that is either an employee of PSPIB or an independent director selected from PSPIB nominees to require such appointment at a later time at PSPIB’s option; and modifying notice deadline requirements for the r egistration or filings of intellectual property. PSPIB has also agreed to waive certain covenants under the Term Loan that the Company did not meet, including the minimum revenue financial covenant for the second and third fiscal quarters ended June 30, 2023 and September 30, 2023, respectively. The availability of the third tranche of $20.0 million is subject to the satisfaction of certain conditions, including the closing of a $25.0 million non-dilutive financing on terms reasonably acceptable to the Lender, the intellectual property valuation report submitted as a condition precedent to the second tranche remaining satisfactory to the Lender and the board-approved operating budget for 2023 through 2027 to be submitted by December 31, 2023, being satisfactory to the Lender. The deadline to provide the operating budget was extended to December 31, 2023 from August 31, 2023 by the fourth amendment to the Term Loan dated October 6, 2023. There can be no assurance that the Company will be able to meet the conditions necessary to draw on the third tranche or will be able to comply with the covenants of the Term Loan, or that PSPIB will agree to waive covenants under the Term Loan in the future. In conjunction with the Merger, the Company and D-Wave Systems entered into a purchase agreement with Lincoln Park on June 16, 2022 (the "Purchase Agreement" or the "Purchase Agreement") which provides D-Wave the sole right, but not the obligation, to direct Lincoln Park to buy specified dollar amounts up to $150 million of D-Wave's common stock, par value $0.0001 per share (the "Common Shares") through November 1, 2025. The Purchase Agreement may provide the Company and D-Wave with additional liquidity to fund the business, subject to the conditions set forth in the agreement, including volume limitations tied to periodic market prices, ownership limitations restricting Lincoln Park from owning more than 9.9% of the then total outstanding Common Shares and a floor price of $1.00 at or below which the Company may not sell to Lincoln Park any Common Shares. When the Company sells shares to Lincoln Park, Lincoln Park may resell all, some, or none of those Common Shares at any time or from time to time in its discretion. For the nine months ended September 30, 2023, the Company has received $61.3 million in proceeds through the issuance of 39,487,104 Common Shares to Lincoln Park under the Purchase Agreement. In order for the Company to issue Common Shares under the Purchase Agreement, the Company's share price must be above the floor price of $1.00 per share. There is no assurance that the floor price will not fall below $1.00 preventing the Company from being able to make sales to Lincoln Park in the future. To the extent that sufficient capital is not obtained through the cash received in connection with the proceeds of the Term Loan or the issuance of Common Shares under the Purchase Agreement with Lincoln Park, management will be required to obtain additional capital through the issuance of debt and/or equity, or other arrangements. However, there can be no assurance that D-Wave will be able to raise additional capital when needed or under acceptable terms. The issuance of additional equity may dilute existing stockholders and newly issued shares may contain senior rights and preferences compared to the currently outstanding common stock. Any future debt may contain covenants and limit D-Wave’s ability to pay dividends or make other distributions to stockholders. If D-Wave is unable to obtain additional financing, operations will be scaled back or discontinued. The Company is not currently in compliance with, and may be unable to regain and/or maintain compliance with, certain continued listing standards of the New York Stock Exchange ("NYSE"). If the Company is unable to cure any event of noncompliance with any continued listing standard of the NYSE within the applicable timeframe and other parameters set forth by the NYSE, or if the Company fails to maintain compliance with certain continued listing standards that do not provide for a cure period, it will result in the delisting of the Company’s common stock from the NYSE, which could negatively impact the trading price, trading volume and liquidity of, and have other material adverse effects on, the Company’s common stock and its ability to raise capital. In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Codification (“ASC”) Topic 205-40, “ Basis of Presentation—Going Concern” , management has determined that the Company's liquidity condition raises substantial doubt about the Company’s ability to continue as a going concern, which is considered to be for a period of one year from the issuance of these financial statements. These consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty. Such adjustments could be material. Use of estimates The preparation of the condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the Company’s condensed consolidated financial statements and accompanying notes as of the date of the condensed consolidated financial statements. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts, and experience. The Company’s accounting estimates and assumptions may change over time in response to risks and uncertainties, including uncertainty in the current economic environment due to inflation, increased interest rates, Ukraine/Russia conflict, the Israel-Hamas War, and any evolutions thereof. The change could be material in future periods. As of the date of issuance of these condensed consolidated financial statements, the Company is not aware of any specific event or circumstances that would require the Company to update estimates, judgments or revise the carrying value of any assets or liabilities. Actual results may differ from those estimates or assumptions. Debt The Company determined that it is eligible for the fair value option election in connection with the Term Loan. The Term Loan meets the definition of a “recognized financial liability” which is an acceptable financial instrument eligible for the fair value option under ASC 825-10-15-4 and does not meet the definition of any of the financial instruments found within ASC 825-10-15-5 that are not eligible for the fair value option. At the date of issuance, the fair value of the Term Loan is derived from the instrument’s implied discount rate at inception. Changes in the fair value of the Term Loan, other than changes associated with the Company's own credit risk, are recorded as gains or losses in the Company’s condensed consolidated statements of operations and comprehensive loss in each reporting period. Changes in fair value attributable to the Company's own credit risk are recorded in other comprehensive income or loss in the Company's condensed consolidated statements of operations and comprehensive loss in each reporting period; there have been no such changes for the three and nine months ended September 30, 2023. Under the fair value option, debt issuance costs are recorded in other expense in the Company’s condensed consolidated statements of operations and comprehensive loss. The Term Loan is subject to certain repayment and prepayment provisions which the Company has considered in their valuation analysis. The valuation analysis performed as of the issuance date on April 13, 2023 and September 30, 2023 did not consider any amendments to the Term Loan that occurred subsequent to September 30, 2023 (See Note 7). A Monte Carlo simulation model was utilized to forecast the probability of the issuance of Common Shares under the Purchase Agreement to determine the estimated proceeds to be paid to the Lender along with a mandatory prepayment premium of 10% . Additionally, the Company estimated the probability for an event of default in the valuation analysis which would result in a mandatory prepayment of the outstanding principal and accrued and unpaid interest. A binomial lattice model was utilized to determine the impact on the valuation of optional prepayments, in the event a mandatory prepayment does not occur. The Company assessed the fair value of the Term Loan at issuance date and as of September 30, 2023 resulting in unrealized gains of $1.7 million and $1.4 million for the three and nine months ended September 30, 2023, respectively. Fair value of financial instruments Certain assets and liabilities are carried at fair value under U.S. GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The categorization of a financial instrument within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company recognizes transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. The Company carries its marketable investments at cost, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments by the same issuer, as they represent investments in privately held companies for which there are no quoted market prices. As of September 30, 2023 and December 31, 2022, the carrying values of the Company's marketable investments were $1.2 million, respectively, and were reported in other noncurrent assets in the condensed consolidated balance sheets. The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis as of September 30, 2023 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value (in thousands): Description Level September 30, 2023 Liabilities: Warrant Liabilities – Public Warrants 1 $ 1,091 Warrant Liabilities – Private Placement Warrants 2 $ 880 Term Loan 3 $ 29,800 The Warrants are accounted for as liabilities in accordance with ASC 815-40 and are presented within warrant liabilities in the condensed consolidated balance sheets. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of warrant liabilities in the condensed consolidated statements of operations. For periods subsequent to the detachment of the Public Warrants from the Units, the close price of the Public Warrants was used as the fair value of the Warrants as of each relevant date. The subsequent measurements of the Public Warrants after the detachment of the Public Warrants from the Units are classified as Level 1 fair value measurements due to the use of an observable market quote in an active market. The subsequent measurements of the Private Warrants after the detachment of the Public Warrants from the Units are classified as Level 2 fair value measurements due to the use of an observable market quote for the Public Warrants, which are considered to be a similar asset in an active market. As of September 30, 2023, the liabilities for the Warrants were calculated by multiplying the quoted market price per DPCM Public Warrant of $0.11 by the 17,916,606 Warrants outstanding (see Note 8). The Company elected the fair value option for its Term Loan. This liability is deemed to be a Level 3 valuation. The Company adjusts the Term Loan to fair value with adjustments recorded in change in fair value of Term Loan on the accompanying condensed consolidated statements of operations and comprehensive loss. Government assistance The Company receives various forms of government assistance including (i) government grants (ii) investment credits, and (iii) government loans, for research and development initiatives from Canadian government agencies. During the three and nine months ended September 30, 2022, the Company recorded Scientific Research and Experimental Development (“SR&ED") investment tax credits of nil and $0.1 million, respectively, as an offset to its research and development expenses in its condensed consolidated statements of operations and comprehensive loss. Upon entering into the Transaction Agreement on February 7, 2022, the Company is no longer a Canadian Controlled Private Corporation. As a result, beginning February 7, 2022, SR&ED investment tax credits can be applied to reduce income taxes payable to the Canadian government and any such investment tax credits that are not realized will be reflected as investment tax credit carryforwards. During the three and nine months ended September 30, 2023, the Company did not record any SR&ED investment tax credits. Recent accounting pronouncements issued and adopted No recently issued accounting pronouncements that the Company has adopted have had a material effect on the Company's results of operations, cash flows or financial condition. Recent accounting pronouncements not yet adopted No other recently issued accounting pronouncements or effective during 2023 had, or are expected to have, a material impact on the Company’s results of operations, cash flows or financial condition.

Merger

Merger	9 Months Ended
	Sep. 30, 2023
Reverse Recapitalization [Abstract]
Merger	Merger On August 5, 2022, the Company completed the Merger. Upon the closing of the Merger, the following occurred: • Each non-redeeming share of DPCM Class A common stock was converted into the right to receive 1.4541326 Common Shares (the “Exchange Ratio”), such that 902,213 shares of DPCM Class A common stock that were not redeemed were exchanged for 1,311,937 Common Shares; • All outstanding warrants of DPCM were converted into the right to receive Warrants. Each such Warrant is exercisable for 1.4541326 Common Shares, at any time commencing on September 4, 2022, the date that is 30 days after the completion of the Merger. The number of Common Shares received upon the exercise of Warrants will be rounded down to the nearest whole number of Common Shares; • 3,015,575 shares of DPCM Class B common stock held by Sponsor and DPCM’s officers, directors and other special advisors were converted into Common Shares on a one-for-one basis; and • Pursuant to an arrangement effected under Part 9, Division 5 of the Business Corporations Act (British Columbia) (the “Arrangement”) all holders of outstanding non-redeemable convertible preferred shares of D-Wave Systems received equity interests in D-Wave in exchange for their equity interests in D-Wave Systems. The aggregate consideration paid to former shareholders of D-Wave Systems in connection with the Merger was approximately 99,736,752 Common Shares and Exchangeable Shares (as defined below) (excluding options of D-Wave Systems and warrants of D-Wave Systems). “Exchangeable Shares” refers to shares in the capital of D-Wave Quantum Technologies Inc., or ExchangeCo, an indirect Canadian subsidiary of D-Wave. The Exchangeable Shares are exchangeable from time to time, at the holder’s election, for Common Shares on a one-for-one basis. In connection with the Merger and concurrently with the execution of the Transaction Agreement, on February 7, 2022, DPCM and the Company entered into separate subscription agreements with a number of investors (each a "PIPE Investor"), pursuant to which the PIPE Investors agreed to purchase, and the Company agreed to sell to the PIPE Investors, a number of Common Shares (the “PIPE Shares”) equal to the aggregate purchase price for all Common Shares subscribed for by each PIPE Investor, divided by $10.00 and multiplied by the Exchange Ratio for an aggregate purchase price of $40.0 million (the “PIPE Investment”), such that the PIPE Investors purchased 5,816,528 PIPE Shares in the aggregate. The PIPE Investment closed simultaneously with the consummation of the Merger. On August 2, 2022, the DPCM shareholders voted to approve the Merger. Management determined that once this vote had occurred, it was probable that D-Wave Quantum Inc. would be required to pay Lincoln Park the Commitment Fee associated with the Purchase Agreement. As such, on August 2, 2022, D-Wave Quantum Inc. incurred a $2.6 million liability payable to Lincoln Park, which was the amount of cash contractually required to settle the Commitment Fee. Other than the Commitment Fee liability, D-Wave Quantum, Inc. had no other assets, liabilities, or operations prior to the closing of the Merger on August 5, 2022. The Merger was accounted for as a reverse recapitalization in accordance with U.S. GAAP. Under this method of accounting, DPCM was treated as the "acquired" company for financial reporting purposes. Accordingly, for accounting purposes, the Merger was treated as the equivalent of the Company issuing shares for the net assets of DPCM,

Revenue from contracts with cus

Revenue from contracts with customers	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue from contracts with customers	Revenue from contracts with customers Disaggregation of revenue The following table depicts the disaggregation of revenue by type of products or services and timing of transfer of products or services (in thousands): Three months ended September 30, 2023 2022 Type of products or services QCaaS $ 1,132 $ 1,346 Professional services 1,421 347 Other revenue 9 2 Total revenue $ 2,562 $ 1,695 Timing of revenue recognition Revenue recognized over time $ 2,506 $ 1,660 Revenue recognized at a point in time 56 35 Total revenue $ 2,562 $ 1,695 Nine months ended September 30, 2023 2022 Type of products or services QCaaS $ 3,333 $ 3,905 Professional services 2,482 812 Other revenue 37 61 Total revenue $ 5,852 $ 4,778 Timing of revenue recognition Revenue recognized over time $ 5,713 $ 4,618 Revenue recognized at a point in time 139 160 Total revenue $ 5,852 $ 4,778 Other revenue includes training and printed circuit board sales. The following tables present a summary of revenue by geography, based on the addresses of our customers, for the three and nine months ended September 30, 2023 and 2022 (in thousands): Three months ended September 30, 2023 2022 United States $ 1,083 $ 951 Japan 299 293 Germany 287 237 Switzerland 311 — Other 582 214 Total revenue $ 2,562 $ 1,695 Nine Months Ended September 30, 2023 2022 United States $ 1,814 $ 2,461 Japan 920 1,008 Germany 865 757 Switzerland 686 — Other 1,567 552 Total revenue $ 5,852 $ 4,778 "Other" includes the rest of Europe, the Middle East, Africa, Asia, Canada and Australia where the revenue from a single country is not greater tha n 10% of total consolidated revenue. The Company has not had any sales in China, Russia or Ukraine. Significant customers The Company had significant customers during the three and nine months ended September 30, 2023 and 2022. A significant customer is defined as one that comprises up to ten percent or more of total revenues in a particular year or ten percent of outstanding accounts receivable balance as of the year end. The tables below present the significant customers on a percentage of total revenue basis for the three and nine months ended September 30, 2023 and 2022. Three months ended September 30, 2023 2022 Customer A 13 % 15 % Customer B 9 % 11 % Customer C — % 10 % Customer D 12 % — % Customer E 12 % — % Nine Months Ended September 30, 2023 2022 Customer A 2 % 13 % Customer B 12 % 13 % Customer C 12 % — % As of September 30, 2023 and December 31, 2022, there were three and two significant customers that comprised ten percent or more of outstanding accounts receivable balances, respectively. All revenues derived from major customers above are located in the United States, Germany and other European countries during the three and nine month period ended September 30, 2023 and the United States and Germany during the three and nine month period ended September 30, 2022. Contract balances The following table provides information about account receivable, contract assets and liabilities as of September 30, 2023 and December 31, 2022 (in thousands): September 30, December 31, 2023 2022 Contract assets: Trade accounts receivable, excluding unbilled receivables $ 395 $ 757 Unbilled receivables 1 368 58 Total contract assets $ 763 $ 815 Contract liabilities: Deferred revenue, current $ 2,177 $ 1,781 Deferred revenue, noncurrent 92 9 Customer deposit 2 45 45 Total contract liabilities $ 2,314 $ 1,835 1 As of December 31, 2022, there was an immaterial amount of unbilled receivables classified as prepaid expenses and other current assets on the condensed consolidated balance sheets. 2 Customer deposit is included in "Accrued expenses and other current liabilities" on the condensed consolidated balance sheets. The allowance for doubtful accounts balance was nil as of September 30, 2023 and December 31, 2022, respectively. Changes in deferred revenue from contracts with customers were as follows (in thousands): Nine months ended September 30, 2023 Balance at beginning of period $ 1,790 Deferral of revenue 4,353 Recognition of deferred revenue (3,874) Balance at end of period $ 2,269 Total deferred revenue as of December 31, 2022 was $$1.8 million, of which $1.7 million was recognized as revenues during the nine months ended September 30, 2023. Remaining performance obligations A significant number of the Company’s product and service sales are short-term in nature with a contract term of one year or less. For those contracts, the Company has utilized the practical expedient in ASC 606-10-50-14 exempting the Company from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. As of September 30, 2023, the aggregate amount of remaining performance obligations that were unsatisfied or partially unsatisfied related to customer contracts was $4.4 million. This amount included deferred revenue on the Company’s condensed consolidated balance sheets, of which approximately 84% is expected to be recognized to revenue in the next 12 months.

Balance sheet details

Balance sheet details	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance sheet details	Balance sheet details Accrued expenses and other current liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): September 30, December 31, 2023 2022 Accrued expenses: Accrued transaction costs $ — $ 2,459 Accrued professional services 2,642 1,858 Accrued compensation and related benefits 3,707 1,641 Other accruals 993 233 Other current liabilities: Other payroll expenses 722 451 Customer deposit 45 45 Current portion of operating lease liabilities 1,390 1,533 Promissory note, related party (Refer to Note 9 - Promissory note, related party) 105 420 Total accrued expenses and other current liabilities $ 9,604 $ 8,640 Prepaid expenses and other current assets consisted of the following (in thousands): September 30, December 31, 2023 2022 Prepaid expenses: Prepaid services $ 377 $ 391 Prepaid software 563 559 Prepaid rent 182 96 Prepaid commissions 87 268 Prepaid insurance 338 697 Other 142 89 Other current assets: Receivable research incentives 128 264 Security deposits 17 36 Directors and officers insurance 36 1,449 Unbilled receivables — 58 Total prepaid expenses and other current assets $ 1,870 $ 3,907

Property and equipment, net

Property and equipment, net	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Property and equipment, net	Property and equipment, net Property and equipment, net consisted of the following (in thousands): September 30, December 31, 2023 2022 Quantum computer systems $ 13,711 $ 13,714 Lab equipment 6,838 6,666 Computer equipment 3,614 3,545 Leasehold improvements 1,075 1,075 Furniture and fixtures 372 319 Construction-in-progress 119 86 Total property and equipment 25,729 25,405 Less: Accumulated depreciation (23,850) (23,111) Total Property and equipment, net $ 1,879 $ 2,294 Depreciation expense for the three month period ended September 30, 2023 and 2022 was $0.2 million and $0.3 million, respectively. Depreciation expense for the nine month period ended September 30, 2023 and 2022 was As of September 30, 2023 and December 31, 2022, substantially all of the Company’s long-lived assets, consisting of property and plant, net, and operating lease right-of-use assets, amount ing to $10.4 million and $11.4 million , respectively, are located in North America, principally in Canada.

Loans payable

Loans payable	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Loans payable	Loans payable As of September 30, 2023 and December 31, 2022 loans payable consisted of the refundable government loans. The following table shows the component of loans payable (in thousands): Interest Rate September 30, December 31, Loans payable, current: 2023 2022 Term Loan 1 11.00% $ 29,800 16 $ — TPC Loan, due 2024 Interest free 206 206 Financing of directors and officers insurance, due 2023 4.24% — 1,449 Other loans payable, current, due 2023 Interest free — 16 Total loans payable, current $ 30,006 $ 1,671 Loans payable, noncurrent: SIF Loan 1 Interest free $ 8,834 $ 7,293 TPC Loan, due 2025 Interest free 274 518 Total loans payable, noncurrent $ 9,108 $ 7,811 1 Refer below for additional information on the repayment period. SIF Loan On November 20, 2020, the Company entered into an agreement (the "SIF Loan") with the Strategic Innovation Fund ("SIF"), whereby SIF agreed to make a repayable contribution to the Company of up to C$40.0 million (the "Contribution”). Funds from the SIF Loan are to be used for projects involving the adaption of research findings for commercial applications that have the potential for market disruption; development of current product and services through the implementation of new or incremental technology that will enhance the Company’s competitive capability; and development of process improvements which reduce the environmental footprint of current production through the use of new or improved technologies. The annual repayment of the Contribution is calculated based upon a formula using the Company’s fiscal year revenue multiplied by a repayment rate. The contractual repayment period is 15 years and commences in the first year in which the Company reports annual revenue of $70.0 million (the “Benchmark Year”). In each of those years, an annual repayment amount is due. Each annual repayment must be paid by April 30 of the year following the year for which the annual repayment due will be calculated. If the Benchmark Year is not achieved within 14 years following the fiscal year in which the project is completed, the SIF Loan is forgiven. The SIF Loan is initially recorded at fair value, and subsequently at amortized cost. As the Contribution is interest free, the difference between the carrying value and initial fair value is recorded as government assistance on the consolidated statement of operations and comprehensive loss. The initial fair value of the SIF Loan is determined by using a discounted cash flow analysis for the loan, which requires a number of assumptions. The significant assumptions used in determining the discounted cash flows include estimating the amount and timing of future revenue for the Company and the appropriate discount rate. In determining the appropriate discount rates, the Company considered the weighted average cost of capital for the Company, risk adjusted based on the development risks of the Company’s product. Management used a discount rate of 26% to discount the SIF Loan. Should projected revenue not be achieved as predicted, the adjustment to the fair value of the SIF Loan could be material. On September 19, 2023, the Company received an additional SIF tranche in the amount of $1.5 million (C$2.0 million) and recognized a $1.1 million discount on the tranche as government assistance on the condensed consolidated statement of operations and comprehensive loss. At September 30, 2023, the carrying value of the loan approximates its fair valu e. The nominal amount of the SIF Loan is $28.0 million (C$38.0 million) as of September 30, 2023 . For the three months ended September 30, 2023, the Company recognized $0.4 million in interest expense and $0.2 million in foreign currency gains related to the SIF Loan. For the nine months ended September 30, 2023, the Company recognized $1.1 million in interest expense and $0.1 million in foreign currency gains related to the SIF Loan. Repayments of the SIF contributions could also be triggered upon default of the agreement, or termination of the agreement, or upon a change of control that has not been approved by the Canadian government. The Canadian government approved the transaction with DPCM conditionally on May 9, 2022, with all conditions being satisfied on the closing date of the Merger. Term Loan On April 13, 2023, the Company entered into the Term Loan with PSPIB. Under the Term Loan, term loans in aggregate principal amount of $50.0 million are to be made available to the Company in three tranches, subject to certain terms and conditions. The Term Loan matures on March 31, 2027, is secured by a first-priority security interest in substantially all of the Company's assets and contains certain operational and financial covenants, including a financial covenant that measures the Company's revenue against certain minimum percentages of budgeted revenue per quarter. The Term Loan is subject to a 2% drawdown fee and requires that any proceeds from the issuance of Common Shares under the Purchase Agreement be applied towards the repayment of advances under the Term Loan. Such repayments are subject to a premium payment equal to 10.0% of the amount then prepaid to the Lender, in addition to the regular prepayment premium applicable on that date, except as modified by the amendment to the Term Loan as discussed below. The Term Loan is subject to a prepayment premium due to the Lender equal to 3% of the amount prepaid/repaid within the first year of the Closing Date, 2% in the second year, 1% in the third year and no prepayment premium thereafter. At the Company's discretion, the Term Loan bears interest on a monthly basis at either (i) 10.0% payable in cash, or (ii) 11.0% payable in kind ('PIK'), with the latter added to the principal value of the Term Loan. For the three and nine months ended September 30, 2023 the Company recognized $0.8 million and $1.2 million in PIK interest expense related to the Term Loan, respectively. Prior to PSPIB's advance of the first tranche, the Company satisfied several closing conditions including the provision of a cash flow forecast and the board of directors' retention of an advisor. The first and second tranche of the Term Loan, each in an aggregate principal amount of $15.0 million, were advanced to D-Wave on April 14, 2023 and July 13, 2023, with the third tranche of $20.0 million to be made automatically available to the Company subject to the satisfaction of certain conditions. For the three and nine months ended September 30, 2023, the Company has recorded debt issuance cost of $2.1 million as other expense in its condensed consolidated statements of operations and comprehensive loss. PSPIB has agreed to waive certain covenants under the Term Loan that the Company did not meet, including the minimum revenue financial covenant for the fiscal quarters ended June 30, 2023 and September 30, 2023. As a result of not meeting the minimum revenue covenant, as of September 30, 2023 the Company assessed its ability to meet such covenant over the next 12 months in accordance with ASC Topic 470, " Debt " and determined that the Term Loan may be callable over this period. T herefore the Term Loan was classified as a current liability on the Company's consolidated balance sheets as of September 30, 2023. There can be no assurance that PSPIB will agree to waive the minimum revenue or other covenants under the Term Loan in the future. The availability of the third tranche is subject to the Company closing a $25.0 million non-dilutive financing on terms reasonably acceptable to the Lender, the intellectual property valuation report submitted as a condition precedent to the second tranche remaining satisfactory to the Lender and providing a board-approved operating budget for 2023 through 2027 by August 31, 2023 that is satisfactory to the Lender. The deadline to provide the operating budget was extended to December 31, 2023 from August 31, 2023 by the fourth amendment to the Term Loan dated October 6, 2023. There can be no assurance that the Company will be able to meet the conditions necessary to draw on the third tranche.

Warrant liabilities

Warrant liabilities	9 Months Ended
	Sep. 30, 2023
Other Liabilities Disclosure [Abstract]
Warrant liabilities	Warrant liabilities Public and Private Warrants In conjunction with the Merger, the Company assumed 10,000,000 DPCM public warrants and 8,000,000 DPCM private warrants. During the nine months ended September 30, 2023, no DPCM public or private warrants were exercised. As of September 30, 2023, the Company has 17,916,606 Warrants outstanding. As part of the Merger, as described in Note 3 - Merger , each DPCM Public Warrant and Private Warrant that was issued and outstanding immediately prior to the Merger was automatically and irrevocably converted into one D-Wave Quantum warrant. The Warrants are subject to the terms and conditions of the warrant agreement entered into between DPCM, Continental Stock Transfer & Trust Company and the Company (the “Warrant Agreement Amendment” as specified in the Transaction Agreement). Each such Warrant will be exercisable at an exercise price of $11.50 for 1.4541326 Common Shares, or an approximate exercise price per Common Share of $7.91, subject to adjustments. The Warrants may be exercised for a w hole number of shares of the Company. No fractional shares will be issued upon exercise of the Warrants. The Warrants will expire on August 5, 2027, or earlier upon redemption or liquidation. The Private Warrants are identical to the Public Warrants except that the Private Warrants are exercisable on a cashless basis and are non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. The Company may redeem the Public Warrants: • in whole and not in part; • at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption; provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares based on the redemption date and the fair market value of the Common Share; • if, and only if, the last reported sales price of the shares of the Common Shares for any twenty (20) trading days within the thirty (30) trading-day period ending on the third trading day prior to the date on which a notice of redemption is given equals or exceeds $10.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalization and the like) (the "Reference Value"); • if the Reference Value is less than $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalization and the like), the Private Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above; and • if, and only if, there is an effective registration statement covering the issuance of the Common Shares issuable upon exercise of the warrants and a current prospectus relating thereto available throughout the 30-day period after written notice of redemption is given, or an exemption from registration is available. If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the Warrant Agreement Amendment. The exercise price and number of the Common Shares issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, or recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuance of the Common Shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants. D-Wave Systems Warrant Transaction Agreements In November 2020, contemporaneously with a revenue arrangement, D-Wave Systems entered into a contract pursuant to which D-Wave Systems agreed to cancel a previously issued warrant with a customer and replace it with a warrant to acquire up to 3,247,637 shares of its Class A Preferred Shares (the “Warrant Preferred Shares”), subject to certain vesting requirements. The warrant agreement was amended on August 5, 2022, contemporaneously with the closing of the Merger, to convert the Warrant Preferred Shares to a warrant to acquire up to 2,889,282 Common Shares of the Company in accordance with the Conversion Ratio (as defined below). The agreement was terminated November 28, 2022 and as a result, any unvested Warrant Preferred Shares will not vest and become exercisable. As of the termination date of November 28, 2022, approximately 40% of the warrants to acquire up to 2,889,282 Common Shares had vested, resulting in 1,155,713 Common Shares available to be issued after the termination date. The vested warrants will remain exercisable for up to 1,155,713 Common Shares at an exercise price of $2.16 per Common Share until November 29, 2026.

Related party

Related party	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Related party	Related party Promissory notes In 2022, DPCM and one of its affiliates entered into two unsecured promissory notes of up to $1.0 million each with the Sponsor (the "DPCM Notes"). The purpose of the DPCM Notes was to provide DPCM with additional working capital. All amounts drawn on the DPCM Notes were provided directly to DPCM. The DPCM Notes are not convertible and bear no interest. The principal balance of the DPCM Notes was originally due and payable upon the earlier of the date on which DPCM consummates its initial business combination, or the date that the winding up of DPCM is effective. A total of $0.4 million has been drawn on the DPCM Notes, of which $0.1 million remains outstanding as of September 30, 2023. In connection with the Merger, the DPCM Notes were assumed by the Company and were amended and restated effective December 31, 2022. The amended and restated notes have identical terms as the DPCM Notes except that the Company must pay the principal balance in equal installments on December 31, 2022, March 31, 2023, and June 30, 2023. In February 2023, these DPCM Notes were further amended and restated such that the Company must pay the principal balance in four equal installments on each of April 30, 2023, June 30, 2023, August 31, 2023, and October 31, 2023. Only the installment due on October 31, 2023 remains unpaid as of September 30, 2023. The execution of the amended and restated DPCM Notes are related party transactions as these notes are payable to affiliates of the Company. Short swing profit settlement For the nine months ended September 30, 2023, the Company recorded approximately $0.2 million related to the short swing profit settlement remitted by a shareholder of the Company under Section 16(b) of the Securities Exchange Act of 1934, as amended. The Company recognized the proceeds as an increase to additional paid-in-capital in the condensed consolidated balance sheets as of September 30, 2023, and in the condensed consolidated statements of stockholder's (deficit) equity, as well as in cash provided by financial activities in the condensed consolidated statement of cash flows, for the nine months ended September 30, 2023.

Stock-based compensation

Stock-based compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based compensation	Stock-based compensation For the nine months ended September 30, 2023 and 2022, stock-based compensation is associated with stock options, restricted stock units ("RSUs"), and the Company's Employee Stock Purchase Plan ("ESPP"). Common stock option activity The following table summarizes the Company’s stock option activity during the periods presented (in thousands except share and per share data): Number of options outstanding Weighted average exercise price ($) Weighted average remaining contractual term (years) Aggregate intrinsic value ($) Balance as of December 31, 2022 15,387,546 $ 1.76 7.12 $ 8,763 Granted — — — — Exercised (2,329,067) 0.81 — 144 Forfeited (1,019,743) 3.57 — — Expired (388,956) 2.36 — — Balance as of September 30, 2023 11,649,780 $ 1.66 7.32 $ 1,618 Options exercisable as of September 30, 2023 9,809,565 $ 1.24 7.13 $ 1,438 Options unvested as of September 30, 2023 1,840,072 $ 3.89 8.35 $ 180 As of September 30, 2023, out of the total 11,649,780 options that have been issued and are currently outstanding, 10,587,799 options were originally granted under the 2020 Equity Incentive Plan (the "2020 Plan"). These options will be converted applying the conversion ratio of 0.889657 (the "Conversion Ratio") into 9,419,509 Common Shares upon exercise. The aggregate intrinsic value of stock options was calculated as the difference between the exercise price of the stock options and the estimated fair value of the Common Shares for those stock options that had exercise prices lower than the fair value of the Common Shares. As of September 30, 2023, total unrecognized compensation cost related to unvested stock option grants was approximately $5.6 million. This amount is expected to be recognized over a weighted average period of approximately 0.81 years. The total fair values of the stock options vested during the nine months ended September 30, 2023 and 2022 was $3.1 million and $3.1 million respectively. Restricted stock unit awards RSUs granted to employees under D-Wave's 2022 Equity Incentive Plan (the "2022 Plan") generally vest 25% on the first anniversary of the grant date, and then 6.25% each quarter subsequent to the first anniversary for twelve quarters. RSUs granted to members of the Board of Directors are subject to a service condition, and generally will be fully vested on the date of the Company's 2024 annual shareholder meeting. The following table summarizes the RSU activity and related information under the 2022 Plan : Number of Outstanding Weighted average Grant Date Fair Value ($) Unvested as of December 31, 2022 8,143,304 $ 5.69 Granted 4,423,933 0.89 Forfeited (1,446,883) 4.63 Vested (167,605) 4.02 Unvested as of September 30, 2023 10,952,749 $ 3.93 Expected to vest as of September 30, 2023 10,436,290 $ 3.97 As of September 30, 2023, the unrecognized stock-based compensation cost related to the RSUs was $24.3 million, which is expected to be recognized over a weighted-average period of 2.38 years. Employee Stock Purchase Plan In August 2022, the Company established the 2022 Employee Stock Purchase Plan (the "ESPP"). During the nine months ended September 30, 2023, 226,453 shares of common stock were issued under the ESPP. Stock-based compensation expense The following table summarizes the stock-based compensation expense classified in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands): Three months ended September 30, 2023 2022 Cost of revenue $ 353 $ 45 Research and development 2,347 360 General and administrative 2,913 644 Sales and marketing 271 732 Total stock-based compensation $ 5,884 $ 1,781 Nine months ended September 30, 2023 2022 Cost of revenue $ 963 $ 80 Research and development 6,771 536 General and administrative 8,849 1,948 Sales and marketing 779 791 Total stock-based compensation $ 17,362 $ 3,355

Commitments and contingencies

Commitments and contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies Leases The Company primarily enters into leases for office space that are classified as operating leases. During each of the nine months ended September 30, 2023,and 2022, total operating lease costs were $1.1 million. Litigation From time to time, the Company may become involved in various legal proceedings in the ordinary course of its business and may be subject to third-party infringement claims. In the normal course of business, the Company may agree to indemnify third parties with whom it enters into contractual relationships, including customers, lessors, and parties to other transactions with the Company, with respect to certain matters. The Company has agreed, under certain conditions, to hold these third parties harmless against specified losses, such as those arising from a breach of representations or covenants, other third-party claims that the Company’s products when used for their intended purposes infringe the intellectual property rights of such other third parties, or other claims made against certain parties. It is not possible to determine the maximum potential amount of liability under these indemnification obligations due to the Company’s limited history of prior indemnification claims and the unique facts and circumstances that are likely to be involved in each particular claim. As of September 30, 2023 and 2022, the Company was not subject to any material litigation or pending litigation claims.

Net loss per share

Net loss per share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Net loss per share	Net loss per share As a result of the Merger (see Note 3), for the three months ended September 30, 2022, the Company has retroactively adjusted the weighted average shares outstanding prior to August 5, 2022 to give effect to the Conversion Ratio used to determine the number of Common Shares into which they were converted. The following table sets forth the computation of the basic and diluted net loss per share attributable to common stockholders for the three and nine months ended September 30, 2023 and 2022 (in thousands, except share and per share data): For the three months ended September 30, 2023 2022 Numerator: Net loss attributable to common stockholders - basic and diluted $ (15,829) $ (13,311) Denominator: Weighted-average common stock outstanding 133,222,318 116,256,805 Net loss per share attributable to common stockholders - basic and diluted $ (0.12) $ (0.11) For the nine months ended September 30, 2023 2022 Numerator: Net loss attributable to common stockholders - basic and diluted $ (66,335) $ (38,740) Denominator: Weighted-average common stock outstanding 131,373,959 122,337,727 Net loss per share attributable to common stockholders - basic and diluted $ (0.50) $ (0.32) As of September 30, 2023 and 2022, the Company’s potentially dilutive securities were stock options, the Warrant Shares, and the Public Warrants and Private Warrants. Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods as the inclusion of all potential common shares outstanding would have been anti-dilutive. Potentially dilutive securities (upon conversion) that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: As of September 30, 2023 2022 Public Warrants as converted to Common Shares (Note 8) 14,420,064 14,426,301 Private Warrants as converted to Common Shares (Note 8) 11,633,061 11,633,060 D-Wave Systems Warrant Shares as converted to Common Shares (Note 8) 1,155,713 2,889,282 Options to purchase common stock as converted to Common Shares 1 9,419,509 13,532,543 Options to purchase Common Shares under the 2022 Equity Incentive Plan 1,061,981 1,500,081 Unvested restricted stock unit awards 10,952,749 — Total 48,643,077 43,981,267 1 Stock options granted under the 2020 Plan will be converted applying the Conversion Ratio to the underlying common stock at the exercise date.

Subsequent events

Subsequent events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent events	Subsequent events The Company has evaluated subsequent events through the filing of this Report, and determined that there have been no events that have occurred that would require adjustments to our disclosures in the condensed consolidated financial statements, except for the following: On October 20, 2023, the Company was notified by the New York Stock Exchange (the “NYSE”) that it is not in compliance with Section 802.01C of the NYSE Listed Company Manual because the average closing price of the Company’s Common Stock was less than $1.00 over a consecutive 30 trading-day period. The notice does not result in the

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited interim condensed consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial reporting and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the condensed consolidated balance sheet as of December 31, 2022, has been derived from the audited consolidated financial statements at that date, but certain notes or other information that are normally required by U.S. GAAP have been omitted if they substantially duplicate the disclosures contained in the Company's annual audited consolidated financial statements. Certain information and footnote disclosure normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to instructions, rules and regulations prescribed by the United States Securities and Exchange Commission ("SEC"). In the opinion of the Company, the unaudited financial information for the interim periods presented reflects all adjustments, which are normal and recurring, necessary for a fair presentation of the consolidated statement of operations and comprehensive loss, balance sheet, and cash flows. Interim results should not be regarded as indicative of results that may be expected for any other period or the entire year. The interim condensed consolidated financial statements included herein have been prepared on the same basis as the audited annual consolidated financial statements and reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Annual Report on Form 10-K as of and for the year ended December 31, 2022 filed with the SEC.
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements upon consolidation.
Use of estimates	Use of estimates The preparation of the condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the Company’s condensed consolidated financial statements and accompanying notes as of the date of the condensed consolidated financial statements. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts, and experience.
Debt	Debt The Company determined that it is eligible for the fair value option election in connection with the Term Loan. The Term Loan meets the definition of a “recognized financial liability” which is an acceptable financial instrument eligible for the fair value option under ASC 825-10-15-4 and does not meet the definition of any of the financial instruments found within ASC 825-10-15-5 that are not eligible for the fair value option. At the date of issuance, the fair value of the Term Loan is derived from the instrument’s implied discount rate at inception. Changes in the fair value of the Term Loan, other than changes associated with the Company's own credit risk, are recorded as gains or losses in the Company’s condensed consolidated statements of operations and comprehensive loss in each reporting period. Changes in fair value attributable to the Company's own credit risk are recorded in other comprehensive income or loss in the Company's condensed consolidated statements of operations and comprehensive loss in each reporting period; there have been no such changes for the three and nine months ended September 30, 2023. Under the fair value option, debt issuance costs are recorded in other expense in the Company’s condensed consolidated statements of operations and comprehensive loss. The Term Loan is subject to certain repayment and prepayment provisions which the Company has considered in their valuation analysis. The valuation analysis performed as of the issuance date on April 13, 2023 and September 30, 2023 did not consider any amendments to the Term Loan that occurred subsequent to September 30, 2023 (See Note 7). A Monte Carlo simulation model was utilized to forecast the probability of the issuance of Common Shares under the Purchase Agreement to determine the estimated proceeds to be paid to the Lender along with a mandatory prepayment premium of 10%
Fair value of financial instruments	Fair value of financial instruments Certain assets and liabilities are carried at fair value under U.S. GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The categorization of a financial instrument within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company recognizes transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. The Warrants are accounted for as liabilities in accordance with ASC 815-40 and are presented within warrant liabilities in the condensed consolidated balance sheets. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of warrant liabilities in the condensed consolidated statements of operations. For periods subsequent to the detachment of the Public Warrants from the Units, the close price of the Public Warrants was used as the fair value of the Warrants as of each relevant date. The subsequent measurements of the Public Warrants after the detachment of the Public Warrants from the Units are classified as Level 1 fair value measurements due to the use of an observable market quote in an active market. The subsequent measurements of the Private Warrants after the detachment of the Public Warrants from the Units are classified as Level 2 fair value measurements due to the use of an observable market quote for the Public Warrants, which are considered to be a similar asset in an active market. As of September 30, 2023, the liabilities for the Warrants were calculated by multiplying the quoted market price per DPCM Public Warrant of $0.11 by the 17,916,606 Warrants outstanding (see Note 8).
Government assistance	Government assistance The Company receives various forms of government assistance including (i) government grants (ii) investment credits, and (iii) government loans, for research and development initiatives from Canadian government agencies.
Recent accounting pronouncements issued and adopted, and not yet adopted	Recent accounting pronouncements issued and adopted No recently issued accounting pronouncements that the Company has adopted have had a material effect on the Company's results of operations, cash flows or financial condition. Recent accounting pronouncements not yet adopted No other recently issued accounting pronouncements or effective during 2023 had, or are expected to have, a material impact on the Company’s results of operations, cash flows or financial condition.

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Liabilities measured at fair value on a recurring basis	The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis as of September 30, 2023 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value (in thousands): Description Level September 30, 2023 Liabilities: Warrant Liabilities – Public Warrants 1 $ 1,091 Warrant Liabilities – Private Placement Warrants 2 $ 880 Term Loan 3 $ 29,800

Revenue from contracts with c_2

Revenue from contracts with customers (Tables)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of revenue	The following table depicts the disaggregation of revenue by type of products or services and timing of transfer of products or services (in thousands): Three months ended September 30, 2023 2022 Type of products or services QCaaS $ 1,132 $ 1,346 Professional services 1,421 347 Other revenue 9 2 Total revenue $ 2,562 $ 1,695 Timing of revenue recognition Revenue recognized over time $ 2,506 $ 1,660 Revenue recognized at a point in time 56 35 Total revenue $ 2,562 $ 1,695 Nine months ended September 30, 2023 2022 Type of products or services QCaaS $ 3,333 $ 3,905 Professional services 2,482 812 Other revenue 37 61 Total revenue $ 5,852 $ 4,778 Timing of revenue recognition Revenue recognized over time $ 5,713 $ 4,618 Revenue recognized at a point in time 139 160 Total revenue $ 5,852 $ 4,778 The following tables present a summary of revenue by geography, based on the addresses of our customers, for the three and nine months ended September 30, 2023 and 2022 (in thousands): Three months ended September 30, 2023 2022 United States $ 1,083 $ 951 Japan 299 293 Germany 287 237 Switzerland 311 — Other 582 214 Total revenue $ 2,562 $ 1,695 Nine Months Ended September 30, 2023 2022 United States $ 1,814 $ 2,461 Japan 920 1,008 Germany 865 757 Switzerland 686 — Other 1,567 552 Total revenue $ 5,852 $ 4,778
Significant customers	The tables below present the significant customers on a percentage of total revenue basis for the three and nine months ended September 30, 2023 and 2022. Three months ended September 30, 2023 2022 Customer A 13 % 15 % Customer B 9 % 11 % Customer C — % 10 % Customer D 12 % — % Customer E 12 % — % Nine Months Ended September 30, 2023 2022 Customer A 2 % 13 % Customer B 12 % 13 % Customer C 12 % — %
Accounts receivable, contract assets and liabilities, and changes in deferred revenue	The following table provides information about account receivable, contract assets and liabilities as of September 30, 2023 and December 31, 2022 (in thousands): September 30, December 31, 2023 2022 Contract assets: Trade accounts receivable, excluding unbilled receivables $ 395 $ 757 Unbilled receivables 1 368 58 Total contract assets $ 763 $ 815 Contract liabilities: Deferred revenue, current $ 2,177 $ 1,781 Deferred revenue, noncurrent 92 9 Customer deposit 2 45 45 Total contract liabilities $ 2,314 $ 1,835 1 As of December 31, 2022, there was an immaterial amount of unbilled receivables classified as prepaid expenses and other current assets on the condensed consolidated balance sheets. 2 Customer deposit is included in "Accrued expenses and other current liabilities" on the condensed consolidated balance sheets. The allowance for doubtful accounts balance was nil as of September 30, 2023 and December 31, 2022, respectively. Changes in deferred revenue from contracts with customers were as follows (in thousands): Nine months ended September 30, 2023 Balance at beginning of period $ 1,790 Deferral of revenue 4,353 Recognition of deferred revenue (3,874) Balance at end of period $ 2,269

Balance sheet details (Tables)

Balance sheet details (Tables)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued expenses and other liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): September 30, December 31, 2023 2022 Accrued expenses: Accrued transaction costs $ — $ 2,459 Accrued professional services 2,642 1,858 Accrued compensation and related benefits 3,707 1,641 Other accruals 993 233 Other current liabilities: Other payroll expenses 722 451 Customer deposit 45 45 Current portion of operating lease liabilities 1,390 1,533 Promissory note, related party (Refer to Note 9 - Promissory note, related party) 105 420 Total accrued expenses and other current liabilities $ 9,604 $ 8,640
Prepaid expenses and other current assets	Prepaid expenses and other current assets consisted of the following (in thousands): September 30, December 31, 2023 2022 Prepaid expenses: Prepaid services $ 377 $ 391 Prepaid software 563 559 Prepaid rent 182 96 Prepaid commissions 87 268 Prepaid insurance 338 697 Other 142 89 Other current assets: Receivable research incentives 128 264 Security deposits 17 36 Directors and officers insurance 36 1,449 Unbilled receivables — 58 Total prepaid expenses and other current assets $ 1,870 $ 3,907

Property and equipment, net (Ta

Property and equipment, net (Tables)	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Property and equipment, net	Property and equipment, net consisted of the following (in thousands): September 30, December 31, 2023 2022 Quantum computer systems $ 13,711 $ 13,714 Lab equipment 6,838 6,666 Computer equipment 3,614 3,545 Leasehold improvements 1,075 1,075 Furniture and fixtures 372 319 Construction-in-progress 119 86 Total property and equipment 25,729 25,405 Less: Accumulated depreciation (23,850) (23,111) Total Property and equipment, net $ 1,879 $ 2,294

Loans payable (Tables)

Loans payable (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Components of loans payable	The following table shows the component of loans payable (in thousands): Interest Rate September 30, December 31, Loans payable, current: 2023 2022 Term Loan 1 11.00% $ 29,800 16 $ — TPC Loan, due 2024 Interest free 206 206 Financing of directors and officers insurance, due 2023 4.24% — 1,449 Other loans payable, current, due 2023 Interest free — 16 Total loans payable, current $ 30,006 $ 1,671 Loans payable, noncurrent: SIF Loan 1 Interest free $ 8,834 $ 7,293 TPC Loan, due 2025 Interest free 274 518 Total loans payable, noncurrent $ 9,108 $ 7,811 1 Refer below for additional information on the repayment period.

Stock-based compensation (Table

Stock-based compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock option activity	The following table summarizes the Company’s stock option activity during the periods presented (in thousands except share and per share data): Number of options outstanding Weighted average exercise price ($) Weighted average remaining contractual term (years) Aggregate intrinsic value ($) Balance as of December 31, 2022 15,387,546 $ 1.76 7.12 $ 8,763 Granted — — — — Exercised (2,329,067) 0.81 — 144 Forfeited (1,019,743) 3.57 — — Expired (388,956) 2.36 — — Balance as of September 30, 2023 11,649,780 $ 1.66 7.32 $ 1,618 Options exercisable as of September 30, 2023 9,809,565 $ 1.24 7.13 $ 1,438 Options unvested as of September 30, 2023 1,840,072 $ 3.89 8.35 $ 180
RSU activity	The following table summarizes the RSU activity and related information under the 2022 Plan : Number of Outstanding Weighted average Grant Date Fair Value ($) Unvested as of December 31, 2022 8,143,304 $ 5.69 Granted 4,423,933 0.89 Forfeited (1,446,883) 4.63 Vested (167,605) 4.02 Unvested as of September 30, 2023 10,952,749 $ 3.93 Expected to vest as of September 30, 2023 10,436,290 $ 3.97
Stock-based compensation expense	The following table summarizes the stock-based compensation expense classified in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands): Three months ended September 30, 2023 2022 Cost of revenue $ 353 $ 45 Research and development 2,347 360 General and administrative 2,913 644 Sales and marketing 271 732 Total stock-based compensation $ 5,884 $ 1,781 Nine months ended September 30, 2023 2022 Cost of revenue $ 963 $ 80 Research and development 6,771 536 General and administrative 8,849 1,948 Sales and marketing 779 791 Total stock-based compensation $ 17,362 $ 3,355

Net loss per share (Tables)

Net loss per share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Computation of basic and diluted net loss per share	The following table sets forth the computation of the basic and diluted net loss per share attributable to common stockholders for the three and nine months ended September 30, 2023 and 2022 (in thousands, except share and per share data): For the three months ended September 30, 2023 2022 Numerator: Net loss attributable to common stockholders - basic and diluted $ (15,829) $ (13,311) Denominator: Weighted-average common stock outstanding 133,222,318 116,256,805 Net loss per share attributable to common stockholders - basic and diluted $ (0.12) $ (0.11) For the nine months ended September 30, 2023 2022 Numerator: Net loss attributable to common stockholders - basic and diluted $ (66,335) $ (38,740) Denominator: Weighted-average common stock outstanding 131,373,959 122,337,727 Net loss per share attributable to common stockholders - basic and diluted $ (0.50) $ (0.32)
Potentially dilutive securities	Potentially dilutive securities (upon conversion) that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: As of September 30, 2023 2022 Public Warrants as converted to Common Shares (Note 8) 14,420,064 14,426,301 Private Warrants as converted to Common Shares (Note 8) 11,633,061 11,633,060 D-Wave Systems Warrant Shares as converted to Common Shares (Note 8) 1,155,713 2,889,282 Options to purchase common stock as converted to Common Shares 1 9,419,509 13,532,543 Options to purchase Common Shares under the 2022 Equity Incentive Plan 1,061,981 1,500,081 Unvested restricted stock unit awards 10,952,749 — Total 48,643,077 43,981,267 1 Stock options granted under the 2020 Plan will be converted applying the Conversion Ratio to the underlying common stock at the exercise date.

Description of business (Detail

Description of business (Details)	Sep. 30, 2023 facility
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating facilities	3

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) - USD ($)			3 Months Ended		9 Months Ended
	Jul. 20, 2023	Apr. 13, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Jun. 16, 2022
Debt Instrument [Line Items]
Accumulated deficit			$ 443,132,000		$ 443,132,000		$ 376,797,000
Net loss			15,829,000	$ 13,311,000	66,335,000	$ 38,740,000
Net cash outflows from operations					45,910,000	34,339,000
Cash			53,317,000		53,317,000		$ 7,065,000
Working capital			$ 14,900,000		$ 14,900,000
ELOC, right to sell common stock (in shares)								$ 150,000,000
Common stock, par value (in usd per share)			$ 0.0001		$ 0.0001		$ 0.0001	$ 0.0001
ELOC, ownership restriction percentage								9.90%
ELOC, floor stock price (in usd per share)								$ 1
Proceeds from stock issuance					$ 61,300,000
Issuance of stock (in shares)					39,487,104
Premium payment, percentage of amount prepaid from common stock issuance proceeds	10%
Unrealized gain on term loan			$ (1,701,000)	0	$ (1,356,000)	0
Marketable investments			$ 1,200,000		$ 1,200,000		$ 1,200,000
Warrants, quoted price (in usd per share)			$ 0.11		$ 0.11
Warrants outstanding (in shares)			17,916,606		17,916,606
SR&ED investment tax credit			$ 0	$ 0	$ 0	$ 100,000
Term Loan | Line of credit
Debt Instrument [Line Items]
Face amount		$ 50,000,000
Non-dilutive financing		$ 25,000,000
Premium payment, percentage of amount prepaid from common stock issuance proceeds		10%
Unrealized gain on term loan			$ (1,700,000)		$ (1,400,000)
Term Loan | Line of credit | Debt tranche one
Debt Instrument [Line Items]
Face amount		$ 15,000,000
Term Loan | Line of credit | Debt tranche three
Debt Instrument [Line Items]
Face amount		$ 20,000,000

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Liabilities:
Warrants	$ 1,971	$ 1,892
Level 1 | Public Warrants
Liabilities:
Warrants	1,091
Level 2 | Private Warrants
Liabilities:
Warrants	880
Level 3 | Line of credit | Term Loan
Liabilities:
Term Loan	$ 29,800

Merger (Details)

Merger (Details) $ / shares in Units, $ in Millions	Aug. 05, 2022 $ / shares shares	Feb. 07, 2022 USD ($) $ / shares shares	Aug. 02, 2022 USD ($)
Schedule Of Reverse Recapitalization [Line Items]
Exchange ratio	1.4541326
Conversion ratio	1
Sale of stock, price (in usd per share) | $ / shares	$ 10	$ 10
Commitment fee liability | $			$ 2.6
PIPE
Schedule Of Reverse Recapitalization [Line Items]
Proceeds from Issuance of Private Placement | $		$ 40
Issuance of common stock (in shares)		5,816,528
DCPM Class A common stock
Schedule Of Reverse Recapitalization [Line Items]
Stock exchanged in exchange of common stock (in shares)	902,213
DPCM Capital, Inc. Stockholders | DCPM Class A common stock
Schedule Of Reverse Recapitalization [Line Items]
Stock issued in exchange of common stock (in shares)	1,311,937
DPCM Capital, Inc. Stockholders | DCPM Class B common stock
Schedule Of Reverse Recapitalization [Line Items]
Stock issued in exchange of common stock (in shares)	3,015,575
Conversion ratio	1
D-Wave Systems Inc. Stockholders
Schedule Of Reverse Recapitalization [Line Items]
Aggregate consideration paid (in shares)	99,736,752

Revenue from contracts with c_3

Revenue from contracts with customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,562	$ 1,695	$ 5,852	$ 4,778
United States
Disaggregation of Revenue [Line Items]
Total revenue	1,083	951	1,814	2,461
Japan
Disaggregation of Revenue [Line Items]
Total revenue	299	293	920	1,008
Germany
Disaggregation of Revenue [Line Items]
Total revenue	287	237	865	757
Switzerland
Disaggregation of Revenue [Line Items]
Total revenue	311	0	686	0
Other
Disaggregation of Revenue [Line Items]
Total revenue	582	214	1,567	552
Revenue recognized over time
Disaggregation of Revenue [Line Items]
Total revenue	2,506	1,660	5,713	4,618
Revenue recognized at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	56	35	139	160
QCaaS
Disaggregation of Revenue [Line Items]
Total revenue	1,132	1,346	3,333	3,905
Professional services
Disaggregation of Revenue [Line Items]
Total revenue	1,421	347	2,482	812
Other revenue
Disaggregation of Revenue [Line Items]
Total revenue	$ 9	$ 2	$ 37	$ 61

Revenue from contracts with c_4

Revenue from contracts with customers - Significant Customers (Details) - Revenue - Customer concentration risk	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Customer A
Concentration Risk [Line Items]
Concentration risk, percentage (more than for accounts receivable)	13%	15%	2%	13%
Customer B
Concentration Risk [Line Items]
Concentration risk, percentage (more than for accounts receivable)	9%	11%	12%	13%
Customer C
Concentration Risk [Line Items]
Concentration risk, percentage (more than for accounts receivable)	0%	10%	12%	0%
Customer D
Concentration Risk [Line Items]
Concentration risk, percentage (more than for accounts receivable)	12%	0%
Customer E
Concentration Risk [Line Items]
Concentration risk, percentage (more than for accounts receivable)	12%	0%

Revenue from contracts with c_5

Revenue from contracts with customers - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue	$ 2,269	$ 1,790
Revenue recognized	1,700
Remaining performance obligation	$ 4,400
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	84%
Remaining performance obligation, period	12 months
Two customers | Accounts Receivable | Customer concentration risk
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Concentration risk, percentage		10%
Four customers | Accounts Receivable | Customer concentration risk
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Concentration risk, percentage	10%

Revenue from contracts with c_6

Revenue from contracts with customers - Receivables, Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Contract assets:
Trade accounts receivable, excluding unbilled receivables	$ 395	$ 757
Unbilled receivables	368	58
Trade accounts receivable	763	815
Contract liabilities:
Deferred revenue, current	2,177	1,781
Deferred revenue, noncurrent	92	9
Customer deposit	45	45
Total contract liabilities	$ 2,314	$ 1,835

Revenue from contracts with c_7

Revenue from contracts with customers - Change in Deferred Revenue (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Contract With Customer, Liability [Roll Forward]
Balance at beginning of period	$ 1,790
Deferral of revenue	4,353
Recognition of deferred revenue	(3,874)
Balance at end of period	$ 2,269

Balance sheet details - Accrued

Balance sheet details - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accrued expenses:
Accrued transaction costs	$ 0	$ 2,459
Accrued professional services	2,642	1,858
Accrued compensation and related benefits	3,707	1,641
Other accruals	993	233
Other current liabilities:
Other payroll expenses	722	451
Customer deposit	45	45
Current portion of operating lease liabilities	1,390	1,533
Promissory note, related party (Refer to Note 9 - Promissory note, related party)	105	420
Total accrued expenses and other current liabilities	$ 9,604	$ 8,640
Current portion of operating lease liabilities, location	Total accrued expenses and other current liabilities	Total accrued expenses and other current liabilities

Balance sheet details - Prepaid

Balance sheet details - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Prepaid expenses:
Prepaid services	$ 377	$ 391
Prepaid software	563	559
Prepaid rent	182	96
Prepaid commissions	87	268
Prepaid insurance	338	697
Other	142	89
Other current assets:
Receivable research incentives	128	264
Security deposits	17	36
Directors and officers insurance	36	1,449
Unbilled receivables	0	58
Total prepaid expenses and other current assets	$ 1,870	$ 3,907

Property and equipment, net (De

Property and equipment, net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 25,729		$ 25,729		$ 25,405
Less: Accumulated depreciation	(23,850)		(23,850)		(23,111)
Total Property and equipment, net	1,879		1,879		2,294
Depreciation expense	200	$ 300	700	$ 1,000
North America
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	10,400		10,400		11,400
Quantum computer systems
Property, Plant and Equipment [Line Items]
Total property and equipment	13,711		13,711		13,714
Lab equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	6,838		6,838		6,666
Computer equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	3,614		3,614		3,545
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	1,075		1,075		1,075
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	372		372		319
Construction-in-progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 119		$ 119		$ 86

Loans payable - Components (Det

Loans payable - Components (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Apr. 13, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total loans payable, current	$ 30,006		$ 1,671
Total loans payable, noncurrent	$ 9,108		7,811
Line of credit | Term Loan
Debt Instrument [Line Items]
Interest rate	11%	10%
Total loans payable, current	$ 29,800		0
Other notes payable | TPC Loan
Debt Instrument [Line Items]
Total loans payable, current	206		206
Total loans payable, noncurrent	$ 274		518
Other notes payable | Directors and Officers Insurance financing
Debt Instrument [Line Items]
Interest rate	4.24%
Total loans payable, current	$ 0		1,449
Other notes payable | Other loans
Debt Instrument [Line Items]
Total loans payable, current	0		16
Other notes payable | SIF Loan
Debt Instrument [Line Items]
Total loans payable, noncurrent	$ 8,834		$ 7,293

Loans payable - Narrative (Deta

Loans payable - Narrative (Details)					3 Months Ended		9 Months Ended
	Sep. 19, 2023 USD ($)	Jul. 20, 2023 USD ($)	Apr. 13, 2023 USD ($)	Nov. 20, 2020 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 CAD ($)	Sep. 19, 2023 CAD ($)	Nov. 20, 2020 CAD ($)
Debt Instrument [Line Items]
Government assistance					$ 1,051,000	$ 0	$ 1,051,000	$ 0
Unrealized foreign exchange gain							15,000	1,226,000
Premium payment, percentage of amount prepaid from common stock issuance proceeds		10%
Debt issuance costs					725,000	$ 0	2,118,000	$ 0
ELOC, right to sell common stock, amount		$ 50,000,000
SIF Loan | Other notes payable
Debt Instrument [Line Items]
Face amount	$ 1,500,000				28,000,000		28,000,000		$ 38,000,000	$ 2,000,000	$ 40,000,000
Term				15 years
Repayment benchmark year, revenue				$ 70,000,000
Repayment benchmark year, period				14 years							14 years
Discount percentage				26%							26%
Government assistance	$ 1,100,000
Interest expense					400,000		1,100,000
Unrealized foreign exchange gain					200,000		100,000
Term Loan | Line of credit
Debt Instrument [Line Items]
Face amount			$ 50,000,000
Interest expense					$ 800,000		$ 1,200,000
Drawdown fee percentage			2%
Premium payment, percentage of amount prepaid from common stock issuance proceeds			10%
Interest rate			10%		11%		11%		11%
Interest rate, PIK			11%
Debt issuance costs					$ 2,100,000		$ 2,100,000
Non-dilutive financing			$ 25,000,000
Term Loan | Line of credit | Debt repayment period one
Debt Instrument [Line Items]
Prepayment premium percentage			3%
Term Loan | Line of credit | Debt repayment period two
Debt Instrument [Line Items]
Prepayment premium percentage			2%
Term Loan | Line of credit | Debt repayment period three
Debt Instrument [Line Items]
Prepayment premium percentage			1%
Term Loan | Line of credit | Debt tranche one
Debt Instrument [Line Items]
Face amount			$ 15,000,000
Term Loan | Line of credit | Debt tranche three
Debt Instrument [Line Items]
Face amount			$ 20,000,000

Warrant liabilities (Details)

Warrant liabilities (Details)			9 Months Ended
	Nov. 28, 2022 $ / shares shares	Aug. 05, 2022 day $ / shares shares	Sep. 30, 2023 shares	Feb. 07, 2022 $ / shares	Nov. 30, 2020 shares
Class of Warrant or Right [Line Items]
Warrants exercised (in shares)			0
Warrants outstanding (in shares)			17,916,606
Number of warrants into which each warrant was converted (in shares)		1
Warrants, exercise price, prior to exchange ratio (in usd per share) | $ / shares		$ 11.50
Exchange ratio		1.4541326
Warrants, exercise price (in usd per share) | $ / shares		$ 7.91
Warrants, redemption price (in usd per share) | $ / shares		$ 0.10
Warrants, redemption notice period		30 days
Warrants, redemption share price threshold trading days | day		20
Warrants, redemption share price threshold consecutive trading days		30 days
Sale of stock, price (in usd per share) | $ / shares		$ 10		$ 10
Reference value (in usd per share) | $ / shares		$ 18
Warrants, number of shares issuable (in shares)	1,155,713
Public Warrants
Class of Warrant or Right [Line Items]
Merger, warrants assumed (in shares)		10,000,000
Private Warrants
Class of Warrant or Right [Line Items]
Merger, warrants assumed (in shares)		8,000,000
Preferred stock warrants
Class of Warrant or Right [Line Items]
Warrants, number of shares issuable (in shares)	2,889,282	2,889,282			3,247,637
Warrants vested, percentage	40%
Vest Warrants
Class of Warrant or Right [Line Items]
Exercise price (in usd per share) | $ / shares	$ 2.16

Related party (Details)

Related party (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Unsecured promissory notes, outstanding	$ 105	$ 420
Short-swing profit settlement	244
Affiliated Entity
Related Party Transaction [Line Items]
Unsecured promissory notes, maximum		$ 1,000
Unsecured promissory notes, amount drawn	400
Unsecured promissory notes, outstanding	100
Shareholder
Related Party Transaction [Line Items]
Short-swing profit settlement	$ 200

Stock-based compensation - Stoc

Stock-based compensation - Stock Options Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Number of options outstanding
Balance (in shares) | shares	15,387,546
Granted (in shares) | shares	0
Exercised (in shares) | shares	(2,329,067)
Forfeited (in shares) | shares	(1,019,743)
Expired (in shares) | shares	(388,956)
Balance (in shares) | shares	11,649,780	15,387,546
Options exercisable (in shares) | shares	9,809,565
Options unvested (in shares) | shares	1,840,072
Weighted  average  exercise  price  ($)
Balance (in usd per share) | $ / shares	$ 1.76
Granted (in usd per share) | $ / shares	0
Exercised (in usd per share) | $ / shares	0.81
Forfeited (in usd per share) | $ / shares	3.57
Expired (in usd per share) | $ / shares	2.36
Balance (in usd per share) | $ / shares	1.66	$ 1.76
Options exercisable (in usd per share) | $ / shares	1.24
Options unvested (in usd per share) | $ / shares	$ 3.89
Weighted average remaining contractual term (years)
Balance	7 years 3 months 25 days	7 years 1 month 13 days
Options exercisable	7 years 1 month 17 days
Options unvested	8 years 4 months 6 days
Aggregate intrinsic value ($)
Balance | $	$ 1,618	$ 8,763
Exercised | $	144
Options exercisable | $	1,438
Options unvested | $	$ 180

Stock-based compensation - Narr

Stock-based compensation - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022 USD ($)	Dec. 31, 2022 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding (in shares)	11,649,780		15,387,546
Conversion ratio	0.889657
Shares to be issued upon exercise (in shares)	9,419,509
Unrecognized compensation cost, stock options | $	$ 5.6
Fair value of stock options vested | $	$ 3.1	$ 3.1
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock-based compensation cost, period for recognition	9 months 21 days
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock-based compensation cost, period for recognition	2 years 4 months 17 days
Unrecognized stock-based compensation cost | $	$ 24.3
RSUs | Employees | Tranche one
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	25%
RSUs | Employees | Tranche two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	6.25%
Employee stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares issued to date (in shares)	226,453
Equity Incentive Plan 2020
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding (in shares)	10,587,799

Stock-based compensation - RSU

Stock-based compensation - RSU Activity and Related Information (Details) - RSUs	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Number of Outstanding
Unvested (in shares) | shares	8,143,304
Granted (in shares) | shares	4,423,933
Forfeited (in shares) | shares	(1,446,883)
Vested (in shares) | shares	(167,605)
Unvested (in shares) | shares	10,952,749
Expected to vest (in shares) | shares	10,436,290
Weighted average Grant Date Fair Value ($)
Unvested (in usd per share) | $ / shares	$ 5.69
Granted (in usd per share) | $ / shares	0.89
Forfeited (in usd per share) | $ / shares	4.63
Vested (in usd per share) | $ / shares	4.02
Unvested (in usd per share) | $ / shares	3.93
Expected to vest (in usd per share) | $ / shares	$ 3.97

Stock-based compensation - St_2

Stock-based compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 5,884	$ 1,781	$ 17,362	$ 3,355
Cost of revenue
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	353	45	963	80
Research and development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	2,347	360	6,771	536
General and administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	2,913	644	8,849	1,948
Sales and marketing
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 271	$ 732	$ 779	$ 791

Commitment and Contingencies (D

Commitment and Contingencies (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Lease cost	$ 1.1	$ 1.1

Net loss per share - Computatio

Net loss per share - Computation (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net loss attributable to common stockholders - basic		$ (15,829)	$ (13,311)	$ (66,335)	$ (38,740)
Net loss attributable to common stockholders - diluted		$ (15,829)	$ (13,311)	$ (66,335)	$ (38,740)
Denominator:
Weighted-average common stock outstanding, basic (in shares)	[1]	133,222,318	116,256,805	131,373,959	122,337,727
Weighted-average common stock outstanding, diluted (in shares)	[1]	133,222,318	116,256,805	131,373,959	122,337,727
Net loss per share attributable to common stockholders - basic (in usd per share)		$ (0.12)	$ (0.11)	$ (0.50)	$ (0.32)
Net loss per share attributable to common stockholders - diluted (in usd per share)		$ (0.12)	$ (0.11)	$ (0.50)	$ (0.32)
[1]Weighted-average shares for the three and nine months ended September 30, 2022 have been retroactively restated to give effect to the Merger.

Net loss per share - Potentiall

Net loss per share - Potentially Dilutive Securities (Details) - shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	48,643,077	43,981,267
Warrants | Public Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	14,420,064	14,426,301
Warrants | Private Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	11,633,061	11,633,060
Preferred stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	1,155,713	2,889,282
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	9,419,509	13,532,543
Equity Incentive Plan 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	1,061,981	1,500,081
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	10,952,749	0

Subsequent events (Details)

Subsequent events (Details) - Subsequent Event	Oct. 20, 2023 $ / shares
Subsequent Event [Line Items]
ELOC, stock price, minimum (in usd per share)	$ 1
ELOC, consecutive trading day period	30 days