D-Wave Quantum (QBTS) 10-Q 14 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Nov. 13, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-41468
Entity Registrant Name	D-WAVE QUANTUM INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	88-1068854
Entity Address, Address Line One	2650 East Bayshore Road
Entity Address, City or Town	Palo Alto
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94303
City Area Code	604
Local Phone Number	630-1428
Entity Current Reporting Status	Yes
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		180,252,641
Entity Central Index Key	0001907982
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
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, 2024	Dec. 31, 2023
Current assets:
Cash	$ 29,274	$ 41,307
Trade accounts receivable, net of allowance for doubtful accounts of $225 and zero	1,456	1,652
Inventories	1,903	2,078
Prepaid expenses and other current assets	2,447	2,009
Total current assets	35,080	47,046
Property and equipment, net	3,414	2,551
Operating lease right-of-use assets	7,642	8,223
Intangible assets, net	436	179
Other non-current assets	2,989	1,357
Total assets	49,561	59,356
Current liabilities:
Trade accounts payable	696	1,465
Accrued expenses and other current liabilities	6,573	5,343
Current portion of operating lease liabilities	1,580	1,374
Loans payable, net, current (including $13,700 and $— as of September 30, 2024 and December 31, 2023, respectively, at fair value)	14,070	399
Deferred revenue, current	2,910	2,669
Total current liabilities	25,829	11,250
Warrant liabilities	1,611	1,630
Operating lease liabilities, net of current portion	6,966	7,028
Loans payable, net, non-current (including $— and $31,400 as of September 30, 2024 and December 31, 2023, respectively, at fair value)	32,013	63,850
Deferred revenue, non-current	57	79
Total liabilities	66,476	83,837
Commitments and contingencies (Note 10)
Stockholders' deficit:
Common stock, par value $0.0001 per share; 675,000,000 shares authorized at both September 30, 2024 and December 31, 2023; 207,963,593 shares and 161,113,744 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively.	20	16
Additional paid-in capital	534,527	469,081
Accumulated deficit	(540,863)	(483,061)
Accumulated other comprehensive loss	(10,599)	(10,517)
Total stockholders' deficit	(16,915)	(24,481)
Total liabilities and stockholders’ deficit	$ 49,561	$ 59,356

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Trade accounts receivable, net of allowance for doubtful accounts	$ 225	$ 0
Loans payable, net, current, fair value	13,700	0
Loans payable, net, non-current, fair value	$ 0	$ 31,400
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	675,000,000	675,000,000
Common stock, issued (in shares)	207,963,593	161,113,744
Common stock, outstanding (in shares)	207,963,593	161,113,744

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 1,870	$ 2,562	$ 6,518	$ 5,852
Cost of revenue	827	1,033	2,428	3,197
Total gross profit	1,043	1,529	4,090	2,655
Operating expenses:
Research and development	8,668	9,459	25,548	29,922
General and administrative	9,259	8,003	24,296	28,875
Sales and marketing	3,752	2,474	11,237	7,862
Total operating expenses	21,679	19,936	61,081	66,659
Loss from operations	(20,636)	(18,407)	(56,991)	(64,004)
Other income (expense), net:
Interest expense	(1,180)	(1,035)	(3,480)	(1,822)
Change in fair value of Term Loan	(1,559)	1,701	(635)	1,356
Term Loan debt issuance costs	0	(725)	0	(2,118)
Gain (loss) on investment in marketable equity securities	(8)	0	1,495	0
Change in fair value of warrant liabilities	476	1,433	19	(79)
Other income (expense), net	195	927	1,790	(34)
Total other income (expense), net	(2,076)	2,301	(811)	(2,697)
Net loss	$ (22,712)	$ (16,106)	$ (57,802)	$ (66,701)
Net loss per share, basic (in usd per share)	$ (0.11)	$ (0.12)	$ (0.32)	$ (0.51)
Net loss per share, diluted (in usd per share)	$ (0.11)	$ (0.12)	$ (0.32)	$ (0.51)
Weighted-average shares used in computing net loss per share, basic (in shares)	201,585,533	133,222,318	178,406,948	131,373,959
Weighted-average shares used in computing net loss per share, diluted (in shares)	201,585,533	133,222,318	178,406,948	131,373,959
Comprehensive loss:
Net loss	$ (22,712)	$ (16,106)	$ (57,802)	$ (66,701)
Foreign currency translation adjustment	(151)	15	(82)	(70)
Net comprehensive loss	$ (22,863)	$ (16,091)	$ (57,884)	$ (66,771)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders’ Deficit - USD ($) $ in Thousands	Total	Lincoln Park Purchase Agreement	At-the-Market Offering	Common stock	Common stock Lincoln Park Purchase Agreement	Common stock At-the-Market Offering	Additional paid-in capital	Additional paid-in capital Lincoln Park Purchase Agreement	Additional paid-in capital At-the-Market Offering	Accumulated deficit	Accumulated other comprehensive loss
Beginning balance (in shares) at Dec. 31, 2022				113,335,530
Beginning balance at Dec. 31, 2022	$ (29,463)			$ 11			$ 381,274			$ (400,346)	$ (10,402)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with the Lincoln Park Purchase Agreement (in shares)				39,487,104
Issuance of common stock in connection with the Lincoln Park Purchase Agreement	61,346			$ 4			61,342
Issuance of common stock in connection with the Employee Stock Purchase Plan (in shares)				226,453
Issuance of common stock in connection with the Employee Stock Purchase Plan	273						273
Exercise of stock options (in shares)				2,239,676
Exercise of stock options	1,890						1,890
Stock-based compensation	17,362						17,362
Short-swing profit settlement	244						244
Foreign currency translation adjustment, net of tax	(70)										(70)
Net loss	(66,701)									(66,701)
Ending balance (in shares) at Sep. 30, 2023				155,288,763
Ending balance at Sep. 30, 2023	(15,119)			$ 15			462,385			(467,047)	(10,472)
Beginning balance (in shares) at Jun. 30, 2023				128,028,658
Beginning balance at Jun. 30, 2023	(51,531)			$ 12			409,885			(450,941)	(10,487)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with the Lincoln Park Purchase Agreement (in shares)				26,247,450
Issuance of common stock in connection with the Lincoln Park Purchase Agreement	45,663			$ 3			45,660
Issuance of common stock in connection with the Employee Stock Purchase Plan (in shares)				226,453
Issuance of common stock in connection with the Employee Stock Purchase Plan	273						273
Exercise of stock options (in shares)				786,202
Exercise of stock options	683						683
Stock-based compensation	5,884						5,884
Foreign currency translation adjustment, net of tax	15										15
Net loss	(16,106)									(16,106)
Ending balance (in shares) at Sep. 30, 2023				155,288,763
Ending balance at Sep. 30, 2023	$ (15,119)			$ 15			462,385			(467,047)	(10,472)
Beginning balance (in shares) at Dec. 31, 2023	161,113,744			161,113,744
Beginning balance at Dec. 31, 2023	$ (24,481)			$ 16			469,081			(483,061)	(10,517)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with the Lincoln Park Purchase Agreement (in shares)					25,569,997	19,337,124
Issuance of common stock in connection with the Lincoln Park Purchase Agreement		$ 32,187	$ 20,688		$ 2	$ 2		$ 32,185	$ 20,686
Issuance of common stock in connection with the Employee Stock Purchase Plan (in shares)				262,777
Issuance of common stock in connection with the Employee Stock Purchase Plan	171						171
Issuance of common stock in connection with exercise of stock options and vesting of RSUs (in shares)				1,679,951
Issuance of common stock in connection with exercise of stock options and vesting of RSUs	$ 84						84
Exercise of stock options (in shares)	93,973
Stock-based compensation	$ 13,790						13,790
Tax withholding related to vesting of restricted stock units	(1,470)						(1,470)
Foreign currency translation adjustment, net of tax	(82)										(82)
Net loss	$ (57,802)									(57,802)
Ending balance (in shares) at Sep. 30, 2024	207,963,593			207,963,593
Ending balance at Sep. 30, 2024	$ (16,915)			$ 20			534,527			(540,863)	(10,599)
Beginning balance (in shares) at Jun. 30, 2024				186,073,087
Beginning balance at Jun. 30, 2024	(21,514)			$ 18			507,067			(518,151)	(10,448)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with the Lincoln Park Purchase Agreement (in shares)					10,621,447	11,058,026
Issuance of common stock in connection with the Lincoln Park Purchase Agreement		$ 11,899	$ 11,587		$ 1	$ 1		$ 11,898	$ 11,586
Issuance of common stock in connection with exercise of stock options and vesting of RSUs (in shares)				211,033
Issuance of common stock in connection with exercise of stock options and vesting of RSUs	41						41
Stock-based compensation	4,054						4,054
Tax withholding related to vesting of restricted stock units	(119)						(119)
Foreign currency translation adjustment, net of tax	(151)										(151)
Net loss	$ (22,712)									(22,712)
Ending balance (in shares) at Sep. 30, 2024	207,963,593			207,963,593
Ending balance at Sep. 30, 2024	$ (16,915)			$ 20			$ 534,527			$ (540,863)	$ (10,599)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders’ Deficit (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Statement of Stockholders' Equity [Abstract]
Proceeds from the issuance of common stock in at-the-market offerings, net of issuance costs	$ 223	$ 223

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (57,802)	$ (66,701)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	793	828
Stock-based compensation	11,784	17,362
Amortization of operating right-of-use assets	565	573
Provision for excess and obsolete inventory	89	35
Non-cash interest expense, net of cash paid for PIK interest	(1,350)	1,745
Change in fair value of Warrant liabilities	(19)	79
Change in fair value of Term Loan	635	(1,356)
Debt issuance costs netted from Term Loan proceeds	0	993
Gain on marketable securities	(1,495)	0
Unrealized foreign exchange gain	(810)	(40)
Change in operating assets and liabilities:
Trade accounts receivable	122	7
Inventories	(298)	(235)
Prepaid expenses and other current assets	(437)	2,035
Trade accounts payable	(822)	(2,267)
Accrued expenses and other current liabilities	3,268	965
Deferred revenue	219	479
Operating lease liability	292	(412)
Other non-current assets	606	0
Net cash used in operating activities	(44,660)	(45,910)
Cash flows from investing activities:
Purchase of property and equipment	(1,156)	(141)
Purchase of convertible note (Note 4)	(1,000)	0
Sales of marketable equity securities (Note 4)	254	0
Expenditures for internal-use software	(276)	(35)
Net cash used in investing activities	(2,178)	(176)
Cash flows from financing activities:
Proceeds from the issuance of common stock pursuant to the Lincoln Park Purchase Agreement	32,187	61,346
Proceeds from the issuance of common stock in at-the-market offerings, net of issuance costs of $223	20,688	0
Proceeds from the issuance of common stock upon exercise of stock options	84	1,890
Proceeds from common stock issued under the Employee Stock Purchase Plan	171	273
Proceeds from Term Loan	0	29,007
Proceeds from government assistance	0	1,487
Payment on directors and officers insurance financing arrangement	0	(1,449)
Payment of tax withheld pursuant to stock-based compensation settlements	(1,470)	0
Short swing profit settlement	0	244
Debt payment for Term Loan	(16,403)	0
Debt payment for TPC Loan	(370)	(390)
Net cash provided by financing activities	34,887	92,408
Effect of exchange rate changes on cash and cash equivalents	(82)	(70)
Net increase (decrease) in cash and cash equivalents	(12,033)	46,252
Cash and cash equivalents at beginning of period	41,307	7,065
Cash and cash equivalents at end of period	29,274	53,317
Supplemental disclosures of cash flow information:
Cash Paid for Interest	4,304	0
Supplemental disclosure of non-cash investing and financing activities:
Inventory applied to capital projects	385	152
Operating lease right-of-use assets exchanged for new operating lease obligations	796	0
Purchases of property and equipment included in accounts payable	96	53
Bonus settled in vested share based compensation awards	$ 2,006	$ 0

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Statement of Cash Flows [Abstract]
Proceeds from the issuance of common stock in at-the-market offerings, net of issuance costs	$ 223	$ 223

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	1. DESCRIPTION OF BUSINESS D-Wave Quantum Inc. ("D-Wave" or the “Company”) was incorporated under the General Corporation Law of the State of Delaware on January 24, 2022. The Company was formed for the purpose of effecting a merger between DPCM Capital, Inc. (“DPCM”), D-Wave Systems Inc. (“D-Wave Systems”), and certain other affiliated entities through a series of transactions (the “Merger”) pursuant to the definitive agreement entered into on February 7, 2022 (the “Transaction Agreement”). On August 5, 2022, in conjunction with the Merger, DPCM and D-Wave Systems became wholly-owned subsidiaries of, and are operated by, the Company. Upon the completion of the Merger, the Company succeeded to all of the operations of its predecessor, D-Wave Systems. D-Wave is a commercial quantum computing company that provides customers with a full suite of professional services and web-based access to its superconducting quantum computer systems and integrated software environment through its Leap TM quantum cloud service. 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, 2024
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The unaudited interim condensed consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial reporting and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to instructions, rules and regulations prescribed by the United States Securities and Exchange Commission ("SEC"). In the opinion of the Company, the unaudited financial information for the interim periods presented reflects all adjustments, which are normal and recurring, necessary for a fair presentation of the condensed consolidated statements of operations and comprehensive loss, condensed consolidated balance sheets, and condensed consolidated statements of cash flows. Interim results should not be regarded as indicative of results that may be expected for any other period or the entire year. The interim condensed consolidated financial statements included herein have been prepared on the same basis as the audited annual consolidated financial statements and reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K as of and for the year ended December 31, 2023 filed with the SEC on March 29, 2024. Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned su bsidiaries. 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, 2024, the Company had an accumulated de ficit of $540.9 million. For the three months ended September 30, 2024 and 2023, the Company incurred a net loss of $22.7 million and $16.1 million, respectively. For the nine months ended September 30, 2024 and 2023, the Company incurred a net loss of $57.8 million and $66.7 million, respectively. For the nine months ended September 30, 2024 and 2023, the Company had net cash outflows from operating activities of $44.7 million and $45.9 million, respectively. As of September 30, 2024, the Company had cash of $29.3 million and working capital (current assets less current liabilities) of $9.3 million. Additionally, total liabilities exceeded total assets at September 30, 2024 by $16.9 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 finalized a Term Loan and Security Agreement ("Term Loan") with PSPIB Unitas Investments II Inc. ("PSPIB" or the "Lender"), a related party to the Company's largest shareholder. The Term Loan, outlined in Note 6 - Loans payable, net, provides $50.0 million in three tranches, with financial performance requirements. The first two tranches of $15.0 million each were disbursed on April 14, 2023, and July 13, 2023, respectively. The third tranche of $20.0 million is contingent on meeting specific criteria, including a non-dilutive financing closure. As of September 30, 2024, the Company had prepaid $21.1 million of the Term Loan, including $16.4 million in principal and $4.2 million in accrued PIK interest. The remaining balance as of September 30, 2024 was $13.7 million at amortized cost. The Term Loan was subsequently repaid in full on October 22, 2024. In conjunction with the Merger, the Company and D-Wave Systems entered into a purchase agreement with Lincoln Park Capital Fund, LLC ("Lincoln Park") on June 16, 2022 (the "Purchase Agreement") which provides D-Wave the sole right, but not the obligation, to direct Lincoln Park to buy specified dollar amounts up to $150 million of D-Wave's common stock, par value $0.0001 per share through November 1, 2025 . The Purchase Agreement may provide the Company and D-Wave with additional liquidity to fund the business, subject to the conditions set forth in the agreement, including volume limitations tied to periodic market prices, ownership limitations restricting Lincoln Park from owning more than 9.9% of the then total outstanding share of common stock of the Company, par value $0.0001, (the "Common Shares") and a floor price of $1.00 at or below which the Company may not sell to Lincoln Park any Common Shares. When the Company sells shares to Lincoln Park, Lincoln Park may resell all, some, or none of those Common Shares at any time or from time to time in its discretion. During the nine months ended September 30, 2024, the Company has received $32.2 million in proceeds through the issuance of 25,569,997 Common Shares to Lincoln Park under the Purchase Agreement. In order for the Company to issue Common Shares under the Purchase Agreement, the Company's share price must be above the floor price of $1.00. There is no assurance that the floor price will not fall below $1.00 preventing the Company from being able to make sales to Lincoln Park in the future. As of September 30, 2024, D-Wave had $49.9 million of issuance capacity under the Purchase Agreement. On May 24, 2024, the Company entered into an at-the-market sales agreement (the “ATM Agreement”) with Needham & Company, LLC, B. Riley Securities, Inc. and Roth Capital Partners, LLC (collectively, the “Agents”), pursuant to which the Company may sell from time to time, at its option, shares of the Company’s common stock, par value $0.0001 per share, through or to the Agents, as sales agent or principal. In accordance with the terms of the ATM Agreement, the Company may offer and sell shares of its common stock having an aggregate offering price of up to $100.0 million from time to time through or to the Agents, as sales agent or principal. During the nine months ended September 30, 2024, the Company has received $20.7 million in net proceeds through the issuance of 19,337,124 Common Shares under the Sales Agreement. As of September 30, 2024, D-Wave had $79.1 million of issuance capacity under the ATM Agreement. The sale of shares of the Company’s common stock under the ATM Agreement will be made by any method permitted that is deemed to be an “at-the-market” equity offering as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended (the “Securities Act”), including sales made directly on the New York Stock Exchange ("NYSE") or any other trading market for the Company’s common stock. Subject to the terms and conditions of the Sales Agreement, the Agents will use commercially reasonable efforts to sell the shares of the Company’s common stock from time to time, based upon the Company’s instructions. The compensation payable to the Agents as sales agent shall be up to 3.0% of the gross sales price of the shares sold through or to the Agents pursuant to the ATM Agreement. In addition, the Company will reimburse the Agents for certain expenses incurred in connection with the ATM Agreement, and the Company has agreed in the ATM Agreement to provide indemnification and contribution to the Agents against certain liabilities, including liabilities under the Securities Act. The Company is not obligated to make any sales of shares of common stock under the ATM Agreement. The offering of common stock pursuant to the ATM Agreement will terminate upon (a) the election of the Agents upon the occurrence of certain adverse events, (b) five 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 and the ATM Agreement, 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 sufficient financing, operations will be scaled back or discontinued. On October 2, 2024, the Company was notified by the NYSE that it was 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. On November 1, 2024, the Company received notification from the NYSE that it had regained compliance within the applicable cure period. In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Codification (“ASC”) Topic 205-40, “ Basis of Presentation—Going Concern” , management has determined that the Company's liquidity condition raises substantial doubt about the Company’s ability to continue as a going concern, which is considered to be for a period of one year from the issuance of these financial statements. These condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty. Such adjustments could be material. Use of estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the Company’s condensed consolidated financial statements and accompanying notes as of the date of the condensed consolidated financial statements. The most significant estimates and assumptions are used in determining: (i) inputs used to recognize revenue over time relating to hours estimated to complete the remaining performance obligations, (ii) fair value of financial instruments, and (iii) long term revenue forecasts used in the accounting for the SIF Loan (see below and Note 6 for further information). These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts, and experience. The Company’s accounting estimates and assumptions may change over time in response to risks and uncertainties, including uncertainty in the current economic environment due to inflation, increased interest rates, Ukraine/Russia conflict, the Israel-Hamas War, and any evolutions thereof. The change could be material in future periods. As of the date of issuance of these condensed consolidated financial statements, the Company is not aware of any specific event or circumstances that would require the Company to update estimates, judgments or revise the carrying value of any assets or liabilities. Actual results may differ from those estimates or assumptions. Investment in securities The Company holds investments in the equity securities of privately held companies, which are valued based on their original cost. Adjustments are made for observable price changes in orderly transactions involving identical or similar securities of the same issuer, as there are no quoted market prices available. The Company also holds an investment in a convertible note (the "Note") of Zapata Computing, Inc. ("Zapata"). The Company accounted for the Note as a loan receivable pursuant to ASC 310, as the Note did not meet the definition of a security. On April 1, 2024, Zapata stock began trading on the Nasdaq and as such became readily convertible to cash. The Company then bifurcated the conversion feature at fair value. On October 11, 2024, Zapata announced that it was insolvent and would cease operations. Considering this and other financial information available prior to the balance sheet date, the Note was provisionally determined to be uncollectible, and the Company has recognized a credit loss provision for the entire balance owed of $1.0 million as of September 30, 2024. The charge was recorded within general and administrative expenses in the condensed consolidated statements of operations and comprehensive loss. The Company is one of two senior-most secured creditors to Zapata. The Note is secured by substantially all of Zapata's assets, including cash accounts, accounts receivables, inventory, contract rights and general intangibles, intellectual property, and equipment, as set forth in the security agreements pertaining to the Note. A collateral agent is acting on behalf of the Company to manage, hold, and enforce any liens on the collateral granted by Zapata in favor of the Company to secure its obligations or liabilities under the Note and related security agreements. Any recoveries will be recognized when the fair value of the collateral accruing to the Company becomes determinable. Sales of future revenues On November 20, 2020, the Company entered into an agreement with the Canada Strategic Innovation Fund ("SIF"), wherein SIF committed to providing a conditionally repayable loan to the Company in the amount of up to C$40.0 million (the "SIF Loan"). The SIF Loan is conditionally repayable according to a revenue-based formula. See Note 6 for additional information concerning the SIF Loan. The accounting treatment for the SIF Loan considers the "sale of future revenues" guidance promulgated by ASC 470-10-25. The debt arising from the SIF Loan was recorded at face value and will be amortized using the effective interest method, leading to the accrual of interest expenses over the estimated term of the SIF Loan. The amortization schedule is based on projected cash flows derived from the Company's long-term revenue forecast. Subsequent changes in forecasted cash flows will be accounted for under the catch-up method, which entails adjusting the accrued interest portion of the principal balance through earnings to reflect the currently projected effective interest rate. The liability is classified as non-current, as the current forecast indicates that repayments will not commence within the 12 months following the balance sheet date. As the SIF Loan is originated through a government program, a market rate of interest is not imputed in accordance with the scope limitations of ASC 835. Term Loan fair value option election The Company determined that it is eligible for the fair value option election in connection with the Term Loan. The Term Loan meets the definition of a “recognized financial liability” which is an acceptable financial instrument eligible for the fair value option under ASC 825. At the date of issuance, the fair value of the Term Loan was derived from the instrument’s implied discount rate at inception. The fair value option election was made to enhance the relevance and transparency of information presented related to the features embedded in the Term Loan. Changes in the fair value of the Term Loan, other than changes associated with the Company's own credit risk, are recorded as gains or losses in the Company’s condensed consolidated statements of operations and comprehensive loss in each reporting period. Changes in fair value attributable to the Company's own credit risk are recorded in other comprehensive income or loss in the Company's condensed consolidated statements of operations and comprehensive loss in each reporting period; there have been no such changes for the nine months ended September 30, 2024. Under the fair value option, debt issuance costs were 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 September 30, 2024 did not consider any amendments to the Term Loan that occurred subsequent to September 30, 2024 (See Note 6). To estimate the fair value of the Term Loan under the optional prepayment scenario, we have utilized the binomial lattice model. Additionally, we have employed a Monte Carlo simulation model to forecast both the probability for an event of default in the valuation analysis which would result in a mandatory prepayment of the outstanding principal and accrued and unpaid interest and the probability of the issuance of Common Shares under the Purchase Agreement to determine the estimated proceeds to be paid to the Lender subject to a mandatory prepayment premium of 10%. Fair value of financial instruments Certain assets and liabilities are carried at fair value under U.S. GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The categorization of a financial instrument within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company recognizes transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. The Company did not transfer any assets or liabilities in or out of Level 3 during the nine months ended September 30, 2024 or 2023. The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis as of September 30, 2024 and indicates the place in the fair value hierarchy of the valuation inputs the Company utilized to determine each such fair value (in thousands): Description Level As of September 30, 2024 Liabilities: Warrant Liabilities – Public Warrants 1 $ 719 Warrant Liabilities – Private Placement Warrants 2 $ 892 Term Loan 3 $ 13,700 The Warrants are accounted for as liabilities in accordance with ASC 815-40 and are presented within warrant liabilities in the condensed consolidated balance sheets. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of warrant liabilities in the condensed consolidated statements of operations and comprehensive loss. For periods subsequent to the detachment of the Public Warrants from the Units, the close price of the Public Warrants was used as the fair value of the Warrants as of each relevant date. The subsequent measurements of the Public Warrants after the detachment of the Public Warrants from the Units are classified as Level 1 fair value measurements due to the use of an observable market quote in an active market. The subsequent measurements of the Private Warrants after the detachment of the Public Warrants from the Units are classified as Level 2 fair value measurements due to the use of an observable market quote for the Public Warrants, which are considered to be a similar asset in an active market. As noted above, the Company elected the fair value option for the Term Loan. The valuation of the Term Loan is classified as Level 3 fair measurements, attributable to the utilization of the Monte Carlo simulation, recognized as a Level 3 valuation technique. Recent accounting pronouncements issued and adopted No recently issued accounting pronouncements that the Company has adopted have had a material effect on the Company's results of operations, cash flows or financial condition. Recent accounting pronouncements not yet adopted Segment Reporting In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting--Improvements to Reportable Segment Disclosures, which requires incremental disclosures about a public entity’s reportable segments but does not change the definition of a segment or the guidance for determining reportable segments. The new guidance requires disclosure of significant segment expenses that are (1) regularly provided to (or easily computed from information regularly provided to) the chief operating decision maker and (2) included in the reported measure of segment profit or loss. The new standard also allows companies to disclose multiple measures of segment profit or loss if those measures are used to assess performance and allocate resources. The guidance will first be effective in our annual disclosures for the year ending December 31, 2024, and will be adopted retrospectively unless impracticable. Early adoption is permitted. We are in the process of assessing the impact of ASU 2023-07 on our disclosures. Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires disaggregated information about our effective tax rate reconciliation as well as information on income taxes paid. The new guidance will first be effective in our annual disclosures for the year ending December 31, 2025, and should be applied on a prospective basis with the option to apply retrospectively. Early adoption is permitted. We are in the process of assessing the impact of ASU 2023-09 on our disclosures. Climate Disclosures In March 2024, the SEC adopted new climate rules that require a wide range of climate-related disclosures, including material climate-related risks, information on climate-related targets or goals that are material to the registrant’s business, results of operations or financial condition, Scope 1 and Scope 2 greenhouse gas emissions on a phased-in basis by large accelerated filers and accelerated filers when those emissions are material and the filing of an attestation report covering the same, and disclosure of the financial statement effects of severe weather events and other natural conditions including costs and losses. Compliance dates under the final rule are phased in by registrant category. Multiple lawsuits have been filed challenging the SEC’s new climate rules, which have been consolidated and will be heard in the U.S. Court of Appeals for the Eighth Circuit. In April 2024, the SEC issued an order staying the final rules until judicial review is complete. The Company is currently evaluating the impact of the final rules on its disclosures.

REVENUE FROM CONTRACTS WITH CUS

REVENUE FROM CONTRACTS WITH CUSTOMERS	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
REVENUE FROM CONTRACTS WITH CUSTOMERS	3. REVENUE FROM CONTRACTS WITH CUSTOMERS Disaggregation of revenue Nature of Products and Services The following table depicts the disaggregation of revenue by type of products or services and timing of transfer of products or services (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Type of products or services QCaaS $ 1,599 $ 1,132 $ 5,071 $ 3,333 Professional services 271 1,338 1,305 2,234 Other revenue* — 92 142 285 Total revenue $ 1,870 $ 2,562 $ 6,518 $ 5,852 Timing of revenue recognition Revenue recognized over time $ 1,856 $ 2,506 $ 6,480 $ 5,713 Revenue recognized at a point in time 14 56 38 139 Total revenue $ 1,870 $ 2,562 $ 6,518 $ 5,852 *Other revenue includes support, maintenance and printed circuit board sales. For the three and nine months ended September 30, 2023, maintenance revenues have been reclassified from professional services to other revenue. Geographic Information The following table presents a summary of revenue by geography for the three and nine months ended September 30, 2024 and 2023, based on customer location (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 United States $ 484 $ 1,083 $ 1,845 $ 1,814 Germany 483 287 1,488 865 Canada 230 — 775 — Japan 175 299 610 920 Switzerland 197 311 501 686 Other 301 582 1,299 1,567 Total revenue $ 1,870 $ 2,562 $ 6,518 $ 5,852 "Other" includes the rest of Europe, the Middle East, Africa, Asia and Australia where the revenue from a single country is not greater than 10% of total consolidated revenue. The Company has not had any sales in China, Russia or Ukraine. Significant customers A significant customer is defined as one that comprises up to ten percent or more of total revenues in a particular year or ten percent of outstanding accounts receivable balance as of the period end. The tables below present the significant customers on a percentage of total revenue basis for the three and nine months ended September 30, 2024 and 2023. Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Customer A — % 13 % — % 14 % Customer B 19 % — % 18 % 11 % Customer C — % — % — % 10 % Customer D — % 12 % — % 12 % Customer E 11 % 12 % — % 12 % As of each of September 30, 2024 and 2023, there were three and three significant customers, respectively, that comprised ten percent or more of outstanding accounts receivable balances. Contract balances The following table provides information about account receivable, contract assets and liabilities as of September 30, 2024 and December 31, 2023 (in thousands): As of September 30, 2024 As of December 31, 2023 Trade accounts receivable and contract assets, net: Trade account receivable, excluding unbilled receivables $ 867 $ 644 Contract asset for unbilled receivables 589 1,008 Contract acquisition costs 200 — Total contract assets $ 1,656 $ 1,652 Contract liabilities: Deferred revenue, current $ 2,910 $ 2,669 Deferred revenue, non-current 57 79 Customer deposit 1 45 45 Total contract liabilities $ 3,012 $ 2,793 1 Customer deposit is included in accrued expenses and other current liabilities on the condensed consolidated balance sheets. The allowance for credit losses related to trade accounts receivable was $0.2 million as of September 30, 2024 and December 31, 2023. Write-offs were immaterial during the three months ended September 30, 2024 and 2023. The revenue recognized in the condensed consolidated statements of operations and comprehensive loss that was included in the contract liability balance at the beginning of each period was $1.8 million and $1.7 million for the nine months ended September 30, 2024 and 2023, respectively. Changes in deferred revenue from contracts with customers were as follows (in thousands): Nine Months Ended September 30, 2024 2023 Balance at beginning of period $ 2,748 $ 1,790 Deferral of revenue 6,768 4,353 Recognition of deferred revenue (6,549) (3,874) Balance at end of period $ 2,967 $ 2,269 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, 2024, the aggregate amount of remaining performance obligations that were unsatisfied or partially unsatisfied related to customer contracts was $4.0 million, of which approximately 64% is expected to be recognized to revenue in the next 12 months, 95% is expected to be recognized to revenue in the next two years, 100% is expected to be recognized within three years. Revenues allocated to remaining performance obligations represents the transaction price of noncancellable orders for which service has not been performed, which include deferred revenue and the amounts that will be invoiced and recognized as revenues in future periods from open contracts and excludes unexercised renewals.

BALANCE SHEET DETAILS

BALANCE SHEET DETAILS	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BALANCE SHEET DETAILS	4. BALANCE SHEET DETAILS Inventories Inventories consisted of the following (in thousands): As of September 30, 2024 As of December 31, 2023 Raw materials $ 1,886 $ 2,052 Work-in-process 17 26 Total inventories $ 1,903 $ 2,078 Prepaid expenses and other current assets Prepaid expenses and other current assets consisted of the following (in thousands): As of September 30, 2024 As of December 31, 2023* Prepaid services $ 531 $ 386 Prepaid software 941 543 Prepaid insurance 353 490 Prepaid rent 135 150 Other 487 440 Total prepaid expenses and other current assets $ 2,447 $ 2,009 *Certain amounts presented in the table above as of December 31, 2023 have been reclassified to conform to the current period presentation. Other non-current assets Other non-current assets consisted of the following (in thousands): As of September 30, 2024 As of December 31, 2023 Investment in equity securities $ 2,574 $ 1,168 Long-term deposits 215 189 Contract acquisition costs 200 — Total $ 2,989 $ 1,357 On January 5, 2024, one of the Company's equity investments was acquired by another entity and the transaction was determined to result in an observable price change in the equity. Consequently, the carrying value of the Company's investment was adjusted based on the consideration received, resulting in a net gain of approximately $1.7 million, recorded in gain (loss) on investment in marketable equity securities during the nine months ended September 30, 2024. On February 8, 2024, the Company entered into a collaboration arrangement with Zapata to develop and bring to market commercial applications that combine generative AI and quantum computing technologies. As part of the collaboration, the Company purchased the Note with a principal amount of $1.0 million from Zapata. The Note matures on December 15, 2026, and bears interest at 15% per annum. The Note is prepayable without penalty after December 15, 2025 or if the aggregate value of Zapata's convertible notes outstanding falls below $3.0 million. The Note is convertible into Zapata common stock at the Company's option at a conversion price of $8.50, subject to adjustment for stock splits, recapitalizations, and other similar corporate transactions. On April 1, 2024 the conversion feature associated with the Note was bifurcated from the debt host instrument in connection with the underlying stock becoming readily convertible to cash as the result of a de-SPAC transaction. As a result, the fair value of the conversion feature of $0.2 million was given separate recognition. As of September 30, 2024, the fair value of the conversion feature was immaterial, resulting in a loss of $0.2 million recorded to change in fair value of marketable securities on the condensed consolidated statement of operations and comprehensive loss. On October 11, 2024, Zapata announced that it was insolvent and would cease operations. Considering this and other financial information available prior to the balance sheet date, the Note was provisionally determined to be uncollectible, and the Company has recognized a credit loss provision for the entire balance owed of $1.0 million as of September 30, 2024. The charge was recorded within general and administrative expenses in the condensed consolidated statements of operations and comprehensive loss. See Note 2 for additional discussion of the Note and the Company's collateral rights to substantially all of Zapata's assets. Accrued expenses and other current liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): As of September 30, 2024 As of December 31, 2023* Accrued compensation and related benefits $ 3,894 $ 3,245 Accrued professional services 585 1,092 Other accruals 2,094 1,006 Total accrued expenses and other current liabilities $ 6,573 $ 5,343 *Certain amounts presented in the table above as of December 31, 2023 have been reclassified to conform to the current period presentation.

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT, NET	5. PROPERTY AND EQUIPMENT, NET Property and equipment, net consisted of the following (in thousands): As of September 30, 2024 As of December 31, 2023 Quantum computer systems $ 13,965 $ 13,712 Lab equipment 6,865 6,839 Computer equipment 4,361 3,703 Leasehold improvements 1,890 1,075 Furniture and fixtures 381 381 Construction-in-progress 677 894 Total property and equipment 28,139 26,604 Less: Accumulated depreciation (24,725) (24,053) Total property and equipment, net $ 3,414 $ 2,551 Depreciation expense for the three months ended September 30, 2024 and 2023 was $0.2 million and $0.2 million , respectivel y. Depreciation expense for the nine months ended September 30, 2024 and 2023 was $0.7 million and $0.7 million , respectivel

LOANS PAYABLE, NET

LOANS PAYABLE, NET	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
LOANS PAYABLE, NET	6. LOANS PAYABLE, NET As of September 30, 2024 and December 31, 2023, loans payable, net, consisted of the SIF Loan, the TPC loan (as defined below) and the Term Loan. The following tables show the component of loans payable (in thousands): Effective Interest Rate As of September 30, 2024 As of December 31, 2023 Loans payable, net, current: TPC Loan, current Interest free $ 370 $ 399 Term Loan, due 2027 11.00% 13,700 — Total loans payable, net, current $ 14,070 $ 399 Loans payable, net, non-current: SIF Loan Variable 1 $ 32,013 $ 32,072 Term Loan, due 2027 11.00% — 31,400 TPC Loan, non-current Interest free — 378 Total loans payable, net, non-current $ 32,013 $ 63,850 1 Refer below for additional information on the SIF Loan repayment period and effective interest rate. The following table shows the component of the Company's indebtedness carried at fair value and amortized cost (in thousands): As of September 30, 2024 As of December 31, 2023 TPC Loan, current $ 370 $ 399 Total loans payable, net, current, at amortized cost 370 399 Fair value option - Term Loan 13,700 — Total loans payable, net, current $ 14,070 $ 399 As of September 30, 2024 As of December 31, 2023 SIF Loan $ 32,013 $ 32,072 TPC Loan, non-current — 378 Total loans payable, net, non-current, at amortized cost 32,013 32,450 Fair value option - Term Loan — 31,400 Total loans payable, net, non-current $ 32,013 $ 63,850 TPC loan During the period spanning 2010 through 2021, the Company received funding totaling C$12.5 million from Technology Partnerships Canada (the "TPC Loan"). On November 23, 2020 , an amendment forgave C$5.0 million of unpaid accrued debt principal and interest from prior years. Additionally, the amendment waived the interest charge on the remaining C$2.5 million of principal and revised the repayment schedule to C$0.5 million due annually on each April 30 through 2025. The estimated fair value of the TPC Loan (Level 2) at September 30, 2024 was $0.3 million . The fair value of the TPC Loan was valued using a discounted cash flow model, with key inputs relating to terms, discount rate and expectations for defaults and prepayments. As the TPC Loan is originated through a government program, a market rate of interest is not imputed in accordance with the scope limitations of ASC 835. SIF Loan On November 20, 2020, the Company entered into the SIF Loan. As of December 31, 2023, the Company had received the full C$40.0 million in eight tranches between November 2020 and December 2023. Funds from the SIF Loan were used for projects involving the adaptation of research findings for commercial applications that have the potential for market disruption; development of current product and services through the implementation of new or incremental technology that will enhance the Company’s competitive capability; and development of process improvements which reduce the environmental footprint of current production through the use of new or improved technologies. Principal and interest amounts to be repaid under the SIF Loan are determined using a revenue-based formula, and are capped at 150% of the principal amount (the "Repayment Cap"). Repayments are due in up to 15 annual installments, commencing on April 30 of the second fiscal year following the fiscal year in which the Company first reports annual revenue of at least $70.0 million (the "Benchmark Year"). If the Company fails to reach $70.0 million in annual revenue after 14 years from origination, or if the total of the 15 revenue-based annual installments is less than the principal amount, any remaining repayment obligation will be forgiven. Repayments of the SIF Loan can also be triggered upon default of the agreement, termination of the agreement, or upon a change of control that has not been approved by the Canadian government. As of September 30, 2024, the Company is not aware of any events that would trigger default or termination of the agreement. The gross proceeds of the SIF Loan were recorded as a liability related to the sale of future revenues (see Note 2 - Basis of Presentation and Summary of Significant Accounting Policies). As of September 30, 2024 and December 31, 2023, the Company calculated a weighted average effective interest rate for all tranches of 2.46% and 2.46%, respectively based on the most recent revenue projections at each reporting date. The estimated fair value of the SIF Loan (Level 3) at September 30, 2024 was $6.7 million . The fair value of SIF Loan was valued using a discounted cash flow model, with significant assumptions relating to the amount and timing of future revenues and the appropriate discount rate. Term Loan On April 13, 2023, the Company entered into the Term Loan with PSPIB, a related party to the Company's largest shareholder. Under the Term Loan, term loans in aggregate principal amount of $50.0 million are to be made available to the Company in three tranches, subject to certain terms and conditions. The Term Loan was subsequently repaid in full on October 22, 2024. The Term Loan matures on March 31, 2027, is secured by a first-priority security interest in substantially all of the Company's assets and contains certain operational and financial covenants, including a financial covenant that measures the Company's revenue against certain minimum percentages of budgeted revenue per quarter. The Term Loan is subject to a 2% drawdown fee and requires that any proceeds from the issuance of Common Shares under the Purchase Agreement be applied towards the repayment of advances under the Term Loan. Such repayments are subject to a premium payment equal to 10% of the amount then prepaid to the Lender, in addition to the regular prepayment premium applicable on that date, except as modified by the amendment to the Term Loan as discussed below. The Term Loan is subject to a prepayment premium due to the Lender equal to 3% of the amount prepaid/repaid within the first year of the Closing Date, 2% in the second year, 1% in the third year and no prepayment premium thereafter. At the Company's discretion, the Term Loan bears interest on a monthly basis at either (i) 10.0% payable in cash, or (ii) 11.0% payable in kind ('PIK'), with the latter added to the principal value of the Term Loan. For the three months ended September 30, 2024 and 2023, t he Company recognized $0.4 million and $0.8 million, respectively, in PIK interest expense related to the Term Loan. For the nine months ended September 30, 2024 and 2023, t he Company recognized $2.2 million and $1.2 million, respectively, in PIK interest expense related to the Term Loan. The PIK interest expense is included in interest expense on the condensed consolidated statements of operations and comprehensive loss. Prior to PSPIB's advance of the first tranche, the Company satisfied several closing conditions including the provision of a cash flow forecast and the board of directors' retention of an advisor. The first and second tranche of the Term Loan, each in an aggregate principal amount of $15.0 million, were advanced to D-Wave on April 14, 2023 and July 13, 2023, respectively, with the third tranche of $20.0 million to be made automatically available to the Company subject to the satisfaction of certain conditions. PSPIB has waived 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, 2024, June 30, 2023 and September 30, 2023. The availability of the third tranche is subject to the Company closing a $25.0 million non-dilutive financing on terms reasonably acceptable to the Lender, the intellectual property valuation report submitted as a condition precedent to the second tranche remaining satisfactory to the Lender and providing a board-approved operating budget for 2023 through 2027 by August 31, 2023 that is satisfactory to the Lender. The deadline to provide the operating budget was extended to December 31, 2023 from August 31, 2023 by the fourth amendment to the Term Loan dated October 6, 2023, and the budget was provided prior to the extended deadline. The Term Loan was amended to allow the Company to issue up to $50.0 million under the Purchase Agreement without needing to pay down the Term Loan if the proceeds were received before December 31, 2023. On February 7, 2024, a fifth amendment was made to include the investment in Zapata via a senior secured promissory note as a "Permitted Investment." Any proceeds from issuing Common Shares under the Purchase Agreement exceeding $50.0 million must be used to repay the Term Loan, plus a 10% premium on the prepaid amount. On April 16, 2024, the Company entered into the sixth amendment to the Term Loan with PSPIB. The amendment provides an additional period during which no prepayment of the advances under the Term Loan is required for up to $30.0 million in gross proceeds received by the Company from share issuances under the Purchase Agreement or the Company’s $175 million shelf registration statement on Form S-3, which became effective on May 24, 2024, between April 16, 2024, and September 30, 2024 (the "Second Prepayment Exemption"). Additionally, the amendment allows for a prepayment premium exemption for up to $20.0 million in gross proceeds received after the $30.0 million Second Prepayment Exemption. Under this exemption, the additional 10% prepayment premium will not apply for any mandatory prepayment from proceeds from the issuance of Common Shares under the ELOC. As of September 30, 2024, the Company had prepaid $21.1 million of the Term Loan, including $16.4 million in principal and $4.2 million in accrued PIK interest. The remaining balance as of September 30, 2024 was $13.7 million measured at amortized cost. Any unrealized gain or loss on the Term Loan is included in change in fair value of Term Loan on the condensed consolidated statements of operations and comprehensive loss. The Term Loan was classified as a Level 3 fair value measurement and measured using the binomial lattice model and the Monte Carlo simulation model. Key inputs for the simulations are summarized below. As of September 30, 2024 Weighted-average risk-free rate 4.83% Range: 4.72% to 4.93% Default Trigger Event probability 5.00% on April 1, 2025 ELOC financing trigger event probability 10.00% from November 1, 2025 through January 1, 2025 ATM financing trigger event probability 40.00% from November 1, 2025 through January 1, 2025 Weighted-average market yield rate (Default Trigger Event) 12.11% Weighted-average market yield rate (Call Option) 11.76% Range: 11.38% to 12.46% Weighted-average market yield volatility 5.00% The following table summarizes the difference between the fair value and the amortized cost of the Term Loan as of September 30, 2024 (in thousands): Amortized Cost Unrealized Gains Fair Value Term Loan, due 2027 $ 13,710 $ 10 $ 13,700 The following table summarizes the changes in the carrying value of the Term Loan (in thousands): Nine months ended September 30, 2024 Beginning balance $ 31,400 PIK interest expenses 2,231 Change in fair value 635 Payments (20,566) Ending balance $ 13,700

WARRANT LIABILITIES

WARRANT LIABILITIES	9 Months Ended
	Sep. 30, 2024
Other Liabilities Disclosure [Abstract]
WARRANT LIABILITIES	7. WARRANT LIABILITIES Public and Private Warrants In conjunction with the Merger, the Company assumed 10,000,000 DPCM public warrants (the "Public Warrants") and 8,000,000 DPCM private warrants (the "Private Warrants", collectively the "Warrants"). During the nine months ended September 30, 2024, no DPCM public or private warrants were exercised. As of September 30, 2024, the Company has 17,916,609 Warrants outstanding. As part of the Merger, each DPCM Public Warrant and Private Warrant that was issued and outstanding immediately prior to the Merger was automatically and irrevocably converted into one D-Wave Quantum warrant. The Warrants are subject to the terms and conditions of the warrant agreement entered into between DPCM, Continental Stock Transfer & Trust Company and the Company (the “Warrant Agreement Amendment” as specified in the Transaction Agreement). Each such Warrant will be exercisable at an exercise price of $11.50 for 1.4541326 Common Shares, or an approximate exercise price per Common Share of $7.91, subject to adjustments. The Warrants may be exercised for a whole number of shares of the Company. No fractional shares will be issued upon exercise of the Warrants. The Warrants will expire on August 5, 2027, or earlier upon redemption or liquidation. The Private Warrants are identical to the Public Warrants except that the Private Warrants are exercisable on a cashless basis and are non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. The Company may redeem the Public Warrants: • in whole and not in part; • at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption; provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares based on the redemption date and the fair market value of the Common Shares; • if, and only if, the last reported sales price of the shares of the Common Shares for any twenty (20) trading days within the thirty (30) trading-day period ending on the third trading day prior to the date on which a notice of redemption is given equals or exceeds $10.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalization and the like) (the "Reference Value"); • if the Reference Value is less than $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalization and the like), the Private Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above; and • if, and only if, there is an effective registration statement covering the issuance of the Common Shares issuable upon exercise of the warrants and a current prospectus relating thereto available throughout the 30-day period after written notice of redemption is given, or an exemption from registration is available. If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of the Common Shares issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, or recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuance of the Common Shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants. D-Wave Systems Warrant Transaction Agreements In November 2020, contemporaneously with a revenue arrangement, D-Wave Systems entered into a contract pursuant to which D-Wave Systems agreed to cancel a previously issued warrant with a customer and replace it with a warrant to acquire up to 3,247,637 shares of its Class A Preferred Shares (the “Warrant Preferred Shares”), subject to certain vesting requirements. The warrant agreement was amended on August 5, 2022, contemporaneously with the closing of the Merger, to convert the Warrant Preferred Shares to a warrant to acquire up to 2,889,282 Common Shares of the Company in accordance with the Conversion Ratio of 0.889657 (the "Conversion Ratio") established in the Merger. The warrants vest based on various contractual milestones. The warrant agreement was terminated on November 28, 2022. As of the termination date of the agreement, approximately 40% of the warrants had vested, resulting in warrants exercisable into 1,155,713 Common Shares remaining after the termination date. The vested warrants will remain exercisable for up to 1,155,713 Common Shares at an exercise price of $2.16

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	8. STOCK-BASED COMPENSATION 2020 Equity Incentive Plan In April 2020, the Board of Directors of D-Wave Systems approved the 2020 Equity Incentive Plan (the "2020 Plan") which provides for the grant of qualified ISO and NSO, restricted stock, RSU or other awards to the Company’s employees, officers, directors, advisors, and outside consultants. After the closing of the Merger effective August 5, 2022, no additional awards were issued under the 2020 Plan. Stock options granted under the 2020 Plan will be converted applying the Conversion Ratio to the underlying common stock at the exercise date. 2022 Equity Incentive Plan On August 5, 2022, the shareholders approved the D-Wave Quantum Inc. 2022 Equity Incentive Plan (the “2022 Plan”), which became effective immediately upon the closing of the Merger. While the 2022 Plan allows for the issuance of awards with a service condition, a performance condition, a market condition, or some combination of the three, to date, the Company has only issued awards subject to a service condition. Awards issued under the 2022 Plan have vesting periods ranging from under one year to four years from the original grant date, and all awards issued to date under the 2022 Plan will expire ten years from the original grant date. Share-based compensation awards are settled by issuing new shares. Common stock option activity The following table summarizes the Company’s stock option activity during the periods presented (in thousands except share and per share data): Number of options Weighted average exercise price ($) Weighted average remaining contractual term (years) Aggregate intrinsic value ($) Outstanding as of 12/31/2023* 10,300,567 1.73 6.81 — Granted 2,921,082 1.30 — — Exercised (93,973) 0.89 — 46 Forfeited and expired (251,530) 3.68 — — Outstanding as of September 30, 2024 12,876,146 1.60 6.78 897 Options exercisable as of September 30, 2024 10,825,039 1.38 6.42 824 Options unvested as of September 30, 2024 2,051,107 4.10 8.71 73 *As of December 31, 2023, a total of 10,547,844 options had been issued and remained outstanding under the 2020 Plan. The number of options, along with the weighted average exercise price and weighted average remaining contractual term shown in the table above, have been adjusted using the Conversion Ratio applied to these 10,547,844 options. Restricted stock unit awards The following table summarizes the RSU activity and related information under the 2022 Plan (in thousands except share and per share data): Number of RSUs Weighted average Grant Date Fair Value ($) Aggregate intrinsic value ($) Unvested as of December 31, 2023 7,045,813 3.13 6,201 Granted 6,028,616 1.72 — Forfeited and expired (286,226) 2.98 — Vested (2,661,261) 0.99 — Unvested as of September 30, 2024 10,126,942 2.86 9,954 Employee Stock Purchase Plan During the three months ended September 30, 2024, zero common shares were issued under the Employee Stock Purchase Plan. During the nine months ended September 30, 2024, 262,777 common shares were issued under the Employee Stock Purchase Plan. 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, Nine Months Ended September 30, 2024 2023 2024 2023 Cost of revenue $ 159 $ 353 $ 487 $ 963 Research and development 1,312 2,347 3,744 6,771 General and administrative 2,084 2,913 6,289 8,849 Sales and marketing 499 271 1,264 779 Total stock-based compensation $ 4,054 $ 5,884 $ 11,784 $ 17,362 As of September 30, 2024, total unrecognized stock-based compensation cost, net of estimated forfeitures, related to our unvested stock awards was $22.4 million. This amount is based on an estimated future forfeiture rate of 2.7% per year and will be recognized over a weighted-average period of approximately 2.15 years.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	9. RELATED PARTY TRANSACTIONS Term Loan On April 13, 2023, the Company entered into the Term Loan, by and between the Company and PSPIB, a related party to the Company's largest shareholder. Refer to Note 6 - Loans payable, net for further description of the Term Loan. Promissory notes On February 28, 2022, an affiliate of DPCM issued an unsecured promissory note of up to $1.0 million to the Sponsor (the "Affiliate Note") for additional working capital. $0.2 million was drawn on the Affiliate Note. As part of the Merger, the Company assumed and amended the Affiliate Note. The Affiliate Note had been fully repaid as of December 31, 2023. Similarly, on April 13, 2022, DPCM obtained an unsecured promissory note of up to $1.0 million from the Sponsor (the "DPCM Note") for additional working capital. $0.2 million was drawn on the DPCM Note. The Company also assumed and amended this note. The Affiliate Note had been fully repaid as of December 31, 2023. These transactions are considered related party transactions as they involve affiliates of the Company. Short swing profit settlement During the nine months ended September 30, 2023, the Company recorded approximately $0.2 million related to a short swing profit settlement remitted by a shareholder of the Company under Section 16(b) of the Securities Exchange Act of 1934, as amended. The Company recognized the proceeds as an increase to additional paid-in-capital in the condensed consolidated statements of stockholders’ deficit, as well as in financing activities in the condensed consolidated statements of cash flows for the nine months ended September 30, 2023.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	10. COMMITMENTS AND CONTINGENCIES Lease obligations The Company primarily enters into leases for office space that are classified as operating leases. During the three months ended September 30, 2024 and 2023, total operating lease costs were $0.5 million and $0.4 million, respectively. During the nine months ended September 30, 2024 and 2023, total operating lease costs were $1.5 million and $1.1 million, respectively. Litigation From time to time, the Company may become involved in various legal proceedings in the ordinary course of its business and may be subject to third-party infringement claims. In the normal course of business, the Company may agree to indemnify third parties with whom it enters into contractual relationships, including customers, lessors, and parties to other transactions with the Company, with respect to certain matters. The Company has agreed, under certain conditions, to hold these third parties harmless against specified losses, such as those arising from a breach of representations or covenants, other third-party claims that the Company’s products, when used for their intended purposes, infringe the intellectual property rights of such other third parties, or other claims made against certain parties. It is not possible to determine the maximum potential amount of liability under these indemnification obligations due to the Company’s limited history of prior indemnification claims and the unique facts and circumstances that are likely to be involved in each particular claim. As of September 30, 2024, 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, 2024
Earnings Per Share [Abstract]
NET LOSS PER SHARE	11. NET LOSS PER SHARE The following table sets forth the computation of the basic and diluted net loss per share attributable to common stockholders for the three and nine months ended September 30, 2024 and 2023 (in thousands, except share and per share data): Three Months Ended September 30, 2024 2023 Numerator: Net loss attributable to common stockholders - basic and diluted $ (22,712) $ (16,106) Denominator: Weighted-average common stock outstanding 201,585,533 133,222,318 Net loss per share attributable to common stockholders - basic and diluted $ (0.11) $ (0.12) Nine Months Ended September 30, 2024 2023 Numerator: Net loss attributable to common stockholders - basic and diluted $ (57,802) $ (66,701) Denominator: Weighted-average common stock outstanding 178,406,948 131,373,959 Net loss per share attributable to common stockholders - basic and diluted $ (0.32) $ (0.51) For the nine months ended September 30, 2024 and 2023 the Company’s potentially dilutive securities were stock options, the Warrant Shares, the Public Warrants and Private Warrants and the unvested restricted stock unit awards. Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods as the inclusion of all potential common shares outstanding would have been anti-dilutive. Potentially dilutive securities (upon conversion) that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: Nine Months Ended September 30, 2024 2023 Public Warrants as converted to Common Shares (Note 7) 14,420,065 14,420,065 Private Warrants as converted to Common Shares (Note 7) 11,633,060 11,633,060 D-Wave Systems Warrant Shares as converted to Common Shares (Note 7) 1,155,713 2,889,282 Stock options issued and outstanding 12,876,146 11,311,698 Unvested restricted stock unit awards 10,126,942 — Total 50,211,926 40,254,105

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	12. SUBSEQUENT EVENTS The Company has evaluated all events occurring through November 14, 2024, the date on which the condensed consolidated financial statements were issued, and during which time, nothing has occurred outside the normal course of business operations that would require disclosure except the following: Issuance of Common Shares Subsequent to September 30, 2024, the Company has issued 3,683,698 Common Shares in connection with the Purchase Agreement for total proceeds of $3.8 million. Subsequent to September 30, 2024, the Company has issued 11,440,100 Common Shares in connection with the ATM Agreement for total proceeds of $12.5 million. Repayment of Term Loan On October 22, 2024, the Company fully repaid and extinguished the Term Loan. NYSE Listing Standards Compliance On November 1, 2024, the NYSE provided D-Wave with a notification letter of recompliance based on a calculation of the Company’s average closing share price for the 30 trading days ended October 31, 2024, which reflected an average closing share price above the NYSE’s $1.00 minimum requirement. D-Wave will continue to be traded on the NYSE, subject to its continued compliance with all applicable listing standards.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (22,712)	$ (16,106)	$ (57,802)	$ (66,701)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BASIS OF PRESENTATION AND SUM_2

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2024
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. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to instructions, rules and regulations prescribed by the United States Securities and Exchange Commission ("SEC"). In the opinion of the Company, the unaudited financial information for the interim periods presented reflects all adjustments, which are normal and recurring, necessary for a fair presentation of the condensed consolidated statements of operations and comprehensive loss, condensed consolidated balance sheets, and condensed consolidated statements of cash flows. Interim results should not be regarded as indicative of results that may be expected for any other period or the entire year. The interim condensed consolidated financial statements included herein have been prepared on the same basis as the audited annual consolidated financial statements and reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K as of and for the year ended December 31, 2023 filed with the SEC on March 29, 2024.
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned su bsidiaries. 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 consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the Company’s condensed consolidated financial statements and accompanying notes as of the date of the condensed consolidated financial statements. The most significant estimates and assumptions are used in determining: (i) inputs used to recognize revenue over time relating to hours estimated to complete the remaining performance obligations, (ii) fair value of financial instruments, and (iii) long term revenue forecasts used in the accounting for the SIF Loan (see below and Note 6 for further information). These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts, and experience.
Investment in securities	Investment in securities The Company holds investments in the equity securities of privately held companies, which are valued based on their original cost. Adjustments are made for observable price changes in orderly transactions involving identical or similar securities of the same issuer, as there are no quoted market prices available. The Company also holds an investment in a convertible note (the "Note") of Zapata Computing, Inc. ("Zapata"). The Company accounted for the Note as a loan receivable pursuant to ASC 310, as the Note did not meet the definition of a security. On April 1, 2024, Zapata stock began trading on the Nasdaq and as such became readily convertible to cash. The Company then bifurcated the conversion feature at fair value. On October 11, 2024, Zapata announced that it was insolvent and would cease operations. Considering this and other financial information available prior to the balance sheet date, the Note was provisionally determined to be uncollectible, and the Company has recognized a credit loss provision for the entire balance owed of $1.0 million as of September 30, 2024. The charge was recorded within general and administrative expenses in the condensed consolidated statements of operations and comprehensive loss.
Sales of future revenues and Term Loan fair value option election	Sales of future revenues On November 20, 2020, the Company entered into an agreement with the Canada Strategic Innovation Fund ("SIF"), wherein SIF committed to providing a conditionally repayable loan to the Company in the amount of up to C$40.0 million (the "SIF Loan"). The SIF Loan is conditionally repayable according to a revenue-based formula. See Note 6 for additional information concerning the SIF Loan. The accounting treatment for the SIF Loan considers the "sale of future revenues" guidance promulgated by ASC 470-10-25. The debt arising from the SIF Loan was recorded at face value and will be amortized using the effective interest method, leading to the accrual of interest expenses over the estimated term of the SIF Loan. The amortization schedule is based on projected cash flows derived from the Company's long-term revenue forecast. Subsequent changes in forecasted cash flows will be accounted for under the catch-up method, which entails adjusting the accrued interest portion of the principal balance through earnings to reflect the currently projected effective interest rate. The liability is classified as non-current, as the current forecast indicates that repayments will not commence within the 12 months following the balance sheet date. As the SIF Loan is originated through a government program, a market rate of interest is not imputed in accordance with the scope limitations of ASC 835. Term Loan fair value option election The Company determined that it is eligible for the fair value option election in connection with the Term Loan. The Term Loan meets the definition of a “recognized financial liability” which is an acceptable financial instrument eligible for the fair value option under ASC 825. At the date of issuance, the fair value of the Term Loan was derived from the instrument’s implied discount rate at inception. The fair value option election was made to enhance the relevance and transparency of information presented related to the features embedded in the Term Loan. Changes in the fair value of the Term Loan, other than changes associated with the Company's own credit risk, are recorded as gains or losses in the Company’s condensed consolidated statements of operations and comprehensive loss in each reporting period. Changes in fair value attributable to the Company's own credit risk are recorded in other comprehensive income or loss in the Company's condensed consolidated statements of operations and comprehensive loss in each reporting period; there have been no such changes for the nine months ended September 30, 2024. Under the fair value option, debt issuance costs were 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 September 30, 2024 did not consider any amendments to the Term Loan that occurred subsequent to September 30, 2024 (See Note 6). To estimate the fair value of the Term Loan under the optional prepayment scenario, we have utilized the binomial lattice model. Additionally, we have employed a Monte Carlo simulation model to forecast both the probability for an event of default in the valuation analysis which would result in a mandatory prepayment of the outstanding principal and accrued and unpaid interest and the probability of the issuance of Common Shares under the Purchase Agreement to determine the estimated proceeds to be paid to the Lender subject to 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 Company did not transfer any assets or liabilities in or out of Level 3 during the nine months ended September 30, 2024 or 2023. The Warrants are accounted for as liabilities in accordance with ASC 815-40 and are presented within warrant liabilities in the condensed consolidated balance sheets. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of warrant liabilities in the condensed consolidated statements of operations and comprehensive loss. For periods subsequent to the detachment of the Public Warrants from the Units, the close price of the Public Warrants was used as the fair value of the Warrants as of each relevant date. The subsequent measurements of the Public Warrants after the detachment of the Public Warrants from the Units are classified as Level 1 fair value measurements due to the use of an observable market quote in an active market. The subsequent measurements of the Private Warrants after the detachment of the Public Warrants from the Units are classified as Level 2 fair value measurements due to the use of an observable market quote for the Public Warrants, which are considered to be a similar asset in an active market.
Recent accounting pronouncements issued and adopted and not yet adopted	Recent accounting pronouncements issued and adopted No recently issued accounting pronouncements that the Company has adopted have had a material effect on the Company's results of operations, cash flows or financial condition. Recent accounting pronouncements not yet adopted Segment Reporting In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting--Improvements to Reportable Segment Disclosures, which requires incremental disclosures about a public entity’s reportable segments but does not change the definition of a segment or the guidance for determining reportable segments. The new guidance requires disclosure of significant segment expenses that are (1) regularly provided to (or easily computed from information regularly provided to) the chief operating decision maker and (2) included in the reported measure of segment profit or loss. The new standard also allows companies to disclose multiple measures of segment profit or loss if those measures are used to assess performance and allocate resources. The guidance will first be effective in our annual disclosures for the year ending December 31, 2024, and will be adopted retrospectively unless impracticable. Early adoption is permitted. We are in the process of assessing the impact of ASU 2023-07 on our disclosures. Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires disaggregated information about our effective tax rate reconciliation as well as information on income taxes paid. The new guidance will first be effective in our annual disclosures for the year ending December 31, 2025, and should be applied on a prospective basis with the option to apply retrospectively. Early adoption is permitted. We are in the process of assessing the impact of ASU 2023-09 on our disclosures. Climate Disclosures In March 2024, the SEC adopted new climate rules that require a wide range of climate-related disclosures, including material climate-related risks, information on climate-related targets or goals that are material to the registrant’s business, results of operations or financial condition, Scope 1 and Scope 2 greenhouse gas emissions on a phased-in basis by large accelerated filers and accelerated filers when those emissions are material and the filing of an attestation report covering the same, and disclosure of the financial statement effects of severe weather events and other natural conditions including costs and losses. Compliance dates under the final rule are phased in by registrant category. Multiple lawsuits have been filed challenging the SEC’s new climate rules, which have been consolidated and will be heard in the U.S. Court of Appeals for the Eighth Circuit. In April 2024, the SEC issued an order staying the final rules until judicial review is complete. The Company is currently evaluating the impact of the final rules on its disclosures.

BASIS OF PRESENTATION AND SUM_3

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Schedule of 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, 2024 and indicates the place in the fair value hierarchy of the valuation inputs the Company utilized to determine each such fair value (in thousands): Description Level As of September 30, 2024 Liabilities: Warrant Liabilities – Public Warrants 1 $ 719 Warrant Liabilities – Private Placement Warrants 2 $ 892 Term Loan 3 $ 13,700

REVENUE FROM CONTRACTS WITH C_2

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of 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, Nine Months Ended September 30, 2024 2023 2024 2023 Type of products or services QCaaS $ 1,599 $ 1,132 $ 5,071 $ 3,333 Professional services 271 1,338 1,305 2,234 Other revenue* — 92 142 285 Total revenue $ 1,870 $ 2,562 $ 6,518 $ 5,852 Timing of revenue recognition Revenue recognized over time $ 1,856 $ 2,506 $ 6,480 $ 5,713 Revenue recognized at a point in time 14 56 38 139 Total revenue $ 1,870 $ 2,562 $ 6,518 $ 5,852 *Other revenue includes support, maintenance and printed circuit board sales. For the three and nine months ended September 30, 2023, maintenance revenues have been reclassified from professional services to other revenue. The following table presents a summary of revenue by geography for the three and nine months ended September 30, 2024 and 2023, based on customer location (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 United States $ 484 $ 1,083 $ 1,845 $ 1,814 Germany 483 287 1,488 865 Canada 230 — 775 — Japan 175 299 610 920 Switzerland 197 311 501 686 Other 301 582 1,299 1,567 Total revenue $ 1,870 $ 2,562 $ 6,518 $ 5,852
Schedule of 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, 2024 and 2023. Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Customer A — % 13 % — % 14 % Customer B 19 % — % 18 % 11 % Customer C — % — % — % 10 % Customer D — % 12 % — % 12 % Customer E 11 % 12 % — % 12 %
Schedule of Contract Balances and Revenue Recognized	The following table provides information about account receivable, contract assets and liabilities as of September 30, 2024 and December 31, 2023 (in thousands): As of September 30, 2024 As of December 31, 2023 Trade accounts receivable and contract assets, net: Trade account receivable, excluding unbilled receivables $ 867 $ 644 Contract asset for unbilled receivables 589 1,008 Contract acquisition costs 200 — Total contract assets $ 1,656 $ 1,652 Contract liabilities: Deferred revenue, current $ 2,910 $ 2,669 Deferred revenue, non-current 57 79 Customer deposit 1 45 45 Total contract liabilities $ 3,012 $ 2,793 1 Customer deposit is included in accrued expenses and other current liabilities on the condensed consolidated balance sheets. Changes in deferred revenue from contracts with customers were as follows (in thousands): Nine Months Ended September 30, 2024 2023 Balance at beginning of period $ 2,748 $ 1,790 Deferral of revenue 6,768 4,353 Recognition of deferred revenue (6,549) (3,874) Balance at end of period $ 2,967 $ 2,269

BALANCE SHEET DETAILS (Tables)

BALANCE SHEET DETAILS (Tables)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Inventories	Inventories consisted of the following (in thousands): As of September 30, 2024 As of December 31, 2023 Raw materials $ 1,886 $ 2,052 Work-in-process 17 26 Total inventories $ 1,903 $ 2,078
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following (in thousands): As of September 30, 2024 As of December 31, 2023* Prepaid services $ 531 $ 386 Prepaid software 941 543 Prepaid insurance 353 490 Prepaid rent 135 150 Other 487 440 Total prepaid expenses and other current assets $ 2,447 $ 2,009 *Certain amounts presented in the table above as of December 31, 2023 have been reclassified to conform to the current period presentation.
Schedule of Other Noncurrent Assets	Other non-current assets consisted of the following (in thousands): As of September 30, 2024 As of December 31, 2023 Investment in equity securities $ 2,574 $ 1,168 Long-term deposits 215 189 Contract acquisition costs 200 — Total $ 2,989 $ 1,357
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): As of September 30, 2024 As of December 31, 2023* Accrued compensation and related benefits $ 3,894 $ 3,245 Accrued professional services 585 1,092 Other accruals 2,094 1,006 Total accrued expenses and other current liabilities $ 6,573 $ 5,343 *Certain amounts presented in the table above as of December 31, 2023 have been reclassified to conform to the current period presentation.

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): As of September 30, 2024 As of December 31, 2023 Quantum computer systems $ 13,965 $ 13,712 Lab equipment 6,865 6,839 Computer equipment 4,361 3,703 Leasehold improvements 1,890 1,075 Furniture and fixtures 381 381 Construction-in-progress 677 894 Total property and equipment 28,139 26,604 Less: Accumulated depreciation (24,725) (24,053) Total property and equipment, net $ 3,414 $ 2,551

LOANS PAYABLE, NET (Tables)

LOANS PAYABLE, NET (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Components of Loans Payable	The following tables show the component of loans payable (in thousands): Effective Interest Rate As of September 30, 2024 As of December 31, 2023 Loans payable, net, current: TPC Loan, current Interest free $ 370 $ 399 Term Loan, due 2027 11.00% 13,700 — Total loans payable, net, current $ 14,070 $ 399 Loans payable, net, non-current: SIF Loan Variable 1 $ 32,013 $ 32,072 Term Loan, due 2027 11.00% — 31,400 TPC Loan, non-current Interest free — 378 Total loans payable, net, non-current $ 32,013 $ 63,850 1 Refer below for additional information on the SIF Loan repayment period and effective interest rate. The following table shows the component of the Company's indebtedness carried at fair value and amortized cost (in thousands): As of September 30, 2024 As of December 31, 2023 TPC Loan, current $ 370 $ 399 Total loans payable, net, current, at amortized cost 370 399 Fair value option - Term Loan 13,700 — Total loans payable, net, current $ 14,070 $ 399 As of September 30, 2024 As of December 31, 2023 SIF Loan $ 32,013 $ 32,072 TPC Loan, non-current — 378 Total loans payable, net, non-current, at amortized cost 32,013 32,450 Fair value option - Term Loan — 31,400 Total loans payable, net, non-current $ 32,013 $ 63,850 The following table summarizes the changes in the carrying value of the Term Loan (in thousands): Nine months ended September 30, 2024 Beginning balance $ 31,400 PIK interest expenses 2,231 Change in fair value 635 Payments (20,566) Ending balance $ 13,700
Schedule of Fair Value Assumptions	The Term Loan was classified as a Level 3 fair value measurement and measured using the binomial lattice model and the Monte Carlo simulation model. Key inputs for the simulations are summarized below. As of September 30, 2024 Weighted-average risk-free rate 4.83% Range: 4.72% to 4.93% Default Trigger Event probability 5.00% on April 1, 2025 ELOC financing trigger event probability 10.00% from November 1, 2025 through January 1, 2025 ATM financing trigger event probability 40.00% from November 1, 2025 through January 1, 2025 Weighted-average market yield rate (Default Trigger Event) 12.11% Weighted-average market yield rate (Call Option) 11.76% Range: 11.38% to 12.46% Weighted-average market yield volatility 5.00%
Schedule of Fair Value and the Amortized Cost	The following table summarizes the difference between the fair value and the amortized cost of the Term Loan as of September 30, 2024 (in thousands): Amortized Cost Unrealized Gains Fair Value Term Loan, due 2027 $ 13,710 $ 10 $ 13,700

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	The following table summarizes the Company’s stock option activity during the periods presented (in thousands except share and per share data): Number of options Weighted average exercise price ($) Weighted average remaining contractual term (years) Aggregate intrinsic value ($) Outstanding as of 12/31/2023* 10,300,567 1.73 6.81 — Granted 2,921,082 1.30 — — Exercised (93,973) 0.89 — 46 Forfeited and expired (251,530) 3.68 — — Outstanding as of September 30, 2024 12,876,146 1.60 6.78 897 Options exercisable as of September 30, 2024 10,825,039 1.38 6.42 824 Options unvested as of September 30, 2024 2,051,107 4.10 8.71 73 *As of December 31, 2023, a total of 10,547,844 options had been issued and remained outstanding under the 2020 Plan. The number of options, along with the weighted average exercise price and weighted average remaining contractual term shown in the table above, have been adjusted using the Conversion Ratio applied to these 10,547,844 options.
Schedule of RSU Activity and Related Information	The following table summarizes the RSU activity and related information under the 2022 Plan (in thousands except share and per share data): Number of RSUs Weighted average Grant Date Fair Value ($) Aggregate intrinsic value ($) Unvested as of December 31, 2023 7,045,813 3.13 6,201 Granted 6,028,616 1.72 — Forfeited and expired (286,226) 2.98 — Vested (2,661,261) 0.99 — Unvested as of September 30, 2024 10,126,942 2.86 9,954
Schedule of 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, Nine Months Ended September 30, 2024 2023 2024 2023 Cost of revenue $ 159 $ 353 $ 487 $ 963 Research and development 1,312 2,347 3,744 6,771 General and administrative 2,084 2,913 6,289 8,849 Sales and marketing 499 271 1,264 779 Total stock-based compensation $ 4,054 $ 5,884 $ 11,784 $ 17,362

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of 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, 2024 and 2023 (in thousands, except share and per share data): Three Months Ended September 30, 2024 2023 Numerator: Net loss attributable to common stockholders - basic and diluted $ (22,712) $ (16,106) Denominator: Weighted-average common stock outstanding 201,585,533 133,222,318 Net loss per share attributable to common stockholders - basic and diluted $ (0.11) $ (0.12) Nine Months Ended September 30, 2024 2023 Numerator: Net loss attributable to common stockholders - basic and diluted $ (57,802) $ (66,701) Denominator: Weighted-average common stock outstanding 178,406,948 131,373,959 Net loss per share attributable to common stockholders - basic and diluted $ (0.32) $ (0.51)
Schedule of 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: Nine Months Ended September 30, 2024 2023 Public Warrants as converted to Common Shares (Note 7) 14,420,065 14,420,065 Private Warrants as converted to Common Shares (Note 7) 11,633,060 11,633,060 D-Wave Systems Warrant Shares as converted to Common Shares (Note 7) 1,155,713 2,889,282 Stock options issued and outstanding 12,876,146 11,311,698 Unvested restricted stock unit awards 10,126,942 — Total 50,211,926 40,254,105

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details)	Sep. 30, 2024 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)				3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares	Apr. 16, 2024 USD ($)	Apr. 13, 2023 USD ($) tranche	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($)	May 24, 2024 USD ($)	Dec. 31, 2023 USD ($) tranche $ / shares	Dec. 31, 2023 CAD ($) tranche	Jul. 13, 2023 USD ($)	Apr. 14, 2023 USD ($)	Jun. 16, 2022 USD ($) $ / shares	Nov. 20, 2020 CAD ($)
Accounting Policies [Line Items]
Accumulated deficit	$ 540,863,000			$ 540,863,000		$ 540,863,000			$ 483,061,000
Net loss				22,712,000	$ 16,106,000	57,802,000	$ 66,701,000
Net cash outflows from operations						44,660,000	$ 45,910,000
Cash	29,274,000			29,274,000		29,274,000			$ 41,307,000
Working capital deficit	9,300,000			9,300,000		9,300,000
Net assets	$ 16,900,000			$ 16,900,000		$ 16,900,000
Common stock, par value (in usd per share) | $ / shares	$ 0.0001			$ 0.0001		$ 0.0001			$ 0.0001
Credit loss	$ 1,000,000
Term Loan, due 2027
Accounting Policies [Line Items]
Interest payments	4,200,000			$ 4,200,000		$ 4,200,000
Debt Instrument, Repaid, Principal						16,400,000
Debt Instrument, Repaid, Amount	21,100,000			21,100,000		21,100,000
Term Loan, due 2027 | Line of credit
Accounting Policies [Line Items]
Face amount			$ 50,000,000
Debt, number of tranches | tranche			3
Amortized Cost	13,710,000			13,710,000		13,710,000
Proceeds from stock issuance		$ 175,000,000
Debt, premium payment, percentage of amount prepaid		10%	10%
Term Loan, due 2027 | Line of credit | Debt Instrument, Tranche Two
Accounting Policies [Line Items]
Face amount											$ 15,000,000
Term Loan, due 2027 | Line of credit | Debt Instrument, Tranche One
Accounting Policies [Line Items]
Face amount			$ 15,000,000									$ 15,000,000
Term Loan, due 2027 | Line of credit | Debt Instrument, Tranche Three
Accounting Policies [Line Items]
Face amount			$ 20,000,000
("Lincoln Park") ("The Purchase Agreement")
Accounting Policies [Line Items]
ELOC, right to sell common stock	49,900,000			49,900,000		49,900,000							$ 150,000,000
Common stock, par value (in usd per share) | $ / shares													$ 0.0001
ELOC, ownership restriction percentage													9.90%
ELOC, floor stock price (in usd per share) | $ / shares													$ 1
Proceeds from stock issuance						$ 32,200,000
Issuance of stock (in shares) | shares						25,569,997
The ATM Agreement
Accounting Policies [Line Items]
ELOC, right to sell common stock	$ 79,100,000			$ 79,100,000		$ 79,100,000
Proceeds from stock issuance						$ 20,700,000
Issuance of stock (in shares) | shares						19,337,124
Debt instrument, aggregate offering price								$ 100,000,000
Sale of stock commission percentage on gross sales	0.030			0.030		0.030
Period of advance notice from the Company to the Agent						5 days
Period of advance notice from the Agent to the Company						5 days
SIF Loan
Accounting Policies [Line Items]
Face amount										$ 40,000,000				$ 40,000,000
Debt, number of tranches | tranche									8	8

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, 2024	Dec. 31, 2023
Liabilities:
Warrants	$ 1,611	$ 1,630
Term Loan	0	31,400
Term Loan, due 2027 | Line of credit
Liabilities:
Term Loan	0	$ 31,400
Fair Value, Inputs, Level 1 | Public Warrants
Liabilities:
Warrants	719
Fair Value, Inputs, Level 2 | Private Warrants
Liabilities:
Warrants	892
Fair Value, Inputs, Level 3 | Term Loan, due 2027 | Line of credit
Liabilities:
Term Loan	$ 13,700

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,870	$ 2,562	$ 6,518	$ 5,852
United States
Disaggregation of Revenue [Line Items]
Total revenue	484	1,083	1,845	1,814
Germany
Disaggregation of Revenue [Line Items]
Total revenue	483	287	1,488	865
Canada
Disaggregation of Revenue [Line Items]
Total revenue	230	0	775	0
Japan
Disaggregation of Revenue [Line Items]
Total revenue	175	299	610	920
Switzerland
Disaggregation of Revenue [Line Items]
Total revenue	197	311	501	686
Other
Disaggregation of Revenue [Line Items]
Total revenue	301	582	1,299	1,567
Revenue recognized over time
Disaggregation of Revenue [Line Items]
Total revenue	1,856	2,506	6,480	5,713
Revenue recognized at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	14	56	38	139
QCaaS
Disaggregation of Revenue [Line Items]
Total revenue	1,599	1,132	5,071	3,333
Professional services
Disaggregation of Revenue [Line Items]
Total revenue	271	1,338	1,305	2,234
Other revenue
Disaggregation of Revenue [Line Items]
Total revenue	$ 0	$ 92	$ 142	$ 285

REVENUE FROM CONTRACTS WITH C_4

REVENUE FROM CONTRACTS WITH CUSTOMERS - Significant Customers (Details) - Revenue benchmark - Customer concentration risk	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Customer A
Concentration Risk [Line Items]
Concentration risk, percentage	0%	13%	0%	14%
Customer B
Concentration Risk [Line Items]
Concentration risk, percentage	19%	0%	18%	11%
Customer C
Concentration Risk [Line Items]
Concentration risk, percentage	0%	0%	0%	10%
Customer D
Concentration Risk [Line Items]
Concentration risk, percentage	0%	12%	0%	12%
Customer E
Concentration Risk [Line Items]
Concentration risk, percentage	11%	12%	0%	12%

REVENUE FROM CONTRACTS WITH C_5

REVENUE FROM CONTRACTS WITH CUSTOMERS - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) customer	Sep. 30, 2023 USD ($) customer	Dec. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Number of customers | customer	3	3
Allowance for credit losses	$ 0.2		$ 0.2
Revenue recognized	1.8	$ 1.7
Remaining performance obligation	$ 4
Remaining performance obligation, percentage to be recognized in next 12 months	64%
Remaining performance obligation, percentage to be recognized in next two years	95%
Revenue, Remaining Performance Obligation, Percentage To Be Recognized In Years One , Two and Three	100%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, period	3 years
Two Customers | Accounts receivable | Customer concentration risk
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Concentration risk, percentage	10%	10%
Three Customers | Accounts receivable | Customer concentration risk
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Concentration risk, percentage	10%	10%

REVENUE FROM CONTRACTS WITH C_6

REVENUE FROM CONTRACTS WITH CUSTOMERS - Receivables, Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Trade accounts receivable and contract assets, net:
Trade account receivable, excluding unbilled receivables	$ 867	$ 644
Contract asset for unbilled receivables	589	1,008
Contract acquisition costs	200	0
Total contract assets	1,656	1,652
Contract liabilities:
Deferred revenue, current	2,910	2,669
Deferred revenue, non-current	57	79
Customer deposit	45	45
Total contract liabilities	$ 3,012	$ 2,793

REVENUE FROM CONTRACTS WITH C_7

REVENUE FROM CONTRACTS WITH CUSTOMERS - Change in Deferred Revenue (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Contract With Customer, Liability [Roll Forward]
Balance at beginning of period	$ 2,748	$ 1,790
Deferral of revenue	6,768	4,353
Recognition of deferred revenue	(6,549)	(3,874)
Balance at end of period	$ 2,967	$ 2,269

BALANCE SHEET DETAILS - Invento

BALANCE SHEET DETAILS - Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 1,886	$ 2,052
Work-in-process	17	26
Total inventories	$ 1,903	$ 2,078

BALANCE SHEET DETAILS - Prepaid

BALANCE SHEET DETAILS - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid services	$ 531	$ 386
Prepaid software	941	543
Prepaid insurance	353	490
Prepaid rent	135	150
Other	487	440
Total prepaid expenses and other current assets	$ 2,447	$ 2,009

BALANCE SHEET DETAILS - Other N

BALANCE SHEET DETAILS - Other Noncurrent Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Investment in equity securities	$ 2,574	$ 1,168
Long-term deposits	215	189
Contract acquisition costs	200	0
Total	$ 2,989	$ 1,357

BALANCE SHEET DETAILS - Narrati

BALANCE SHEET DETAILS - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		9 Months Ended
	Sep. 30, 2024	Jan. 05, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Apr. 01, 2024	Feb. 08, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Gain (loss) on investments		$ 1,700	$ (8)	$ 0	$ 1,495	$ 0
Note receivable, principal amount								$ 1,000
Note receivable, interest rate								15%
Note receivable, prepayable without penalty, aggregate value, maximum								$ 3,000
Note receivable, conversion price (in usd per share)								$ 8.50
Fair value conversion feature	$ 0		0		0		$ 200
Marketable securities	200		$ 200		$ 200
Credit loss	$ 1,000

BALANCE SHEET DETAILS - Accrued

BALANCE SHEET DETAILS - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued compensation and related benefits	$ 3,894	$ 3,245
Accrued professional services	585	1,092
Other accruals	2,094	1,006
Total accrued expenses and other current liabilities	$ 6,573	$ 5,343

PROPERTY AND EQUIPMENT, NET (De

PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 28,139		$ 28,139		$ 26,604
Less: Accumulated depreciation	(24,725)		(24,725)		(24,053)
Total property and equipment, net	3,414		3,414		2,551
Depreciation expense	200	$ 200	700	$ 700
Quantum computer systems
Property, Plant and Equipment [Line Items]
Total property and equipment	13,965		13,965		13,712
Lab equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	6,865		6,865		6,839
Computer equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	4,361		4,361		3,703
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	1,890		1,890		1,075
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	381		381		381
Construction-in-progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 677		$ 677		$ 894

LOANS PAYABLE, NET - Components

LOANS PAYABLE, NET - Components of Loans Payable (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Apr. 13, 2023
Debt Instrument [Line Items]
Total loans payable, net, current	$ 14,070	$ 399
Total loans payable, net, non-current	32,013	63,850
Total loans payable, net, current, at amortized cost	370	399
Total loans payable, net, non-current, at amortized cost	32,013	32,450
Fair value option - Term Loan	13,700	0
Fair value option - Term Loan	0	31,400
TPC Loan, current | Other notes payable
Debt Instrument [Line Items]
Total loans payable, net, current	370	399
Total loans payable, net, non-current	0	378
Total loans payable, net, current, at amortized cost	370	399
Total loans payable, net, non-current, at amortized cost	0	378
SIF Loan | Other notes payable
Debt Instrument [Line Items]
Total loans payable, net, non-current	32,013	32,072
Total loans payable, net, non-current, at amortized cost	$ 32,013	32,072
Term Loan, due 2027 | Line of credit
Debt Instrument [Line Items]
Interest rate	11%		10%
Total loans payable, net, current	$ 13,700	0
Total loans payable, net, non-current	0	31,400
Fair value option - Term Loan	13,700	0
Fair value option - Term Loan	$ 0	$ 31,400

LOANS PAYABLE, NET - Narrative

LOANS PAYABLE, NET - Narrative (Details)

3 Months Ended

9 Months Ended

144 Months Ended

Apr. 16, 2024 USD ($)

Apr. 13, 2023 USD ($) tranche

Nov. 20, 2020 USD ($) installment

Sep. 30, 2024 USD ($)

Sep. 30, 2023 USD ($)

Sep. 30, 2024 USD ($)

Sep. 30, 2023 USD ($)

Dec. 31, 2021 CAD ($)

Dec. 31, 2023 USD ($) tranche

Dec. 31, 2023 CAD ($) tranche

Jul. 13, 2023 USD ($)

Apr. 14, 2023 USD ($)

Nov. 23, 2020 CAD ($)

Nov. 20, 2020 CAD ($)

TPC Loan, current | Fair Value, Inputs, Level 2

Debt Instrument [Line Items]

Loans

$ 300,000

$ 300,000

TPC Loan, current | Other notes payable

Debt Instrument [Line Items]

Proceeds from loan

$ 12,500,000

Debt forgiven

$ 5,000,000

Debt forgiveness, interest waived principal

2,500,000

Annual principal payment

$ 500,000

SIF Loan

Debt Instrument [Line Items]

Face amount

$ 40,000,000

$ 40,000,000

Debt, number of tranches | tranche

8

8

Repayment rate

150%

150%

Repayment, number of installments | installment

15

Repayment benchmark year, revenue

$ 70,000,000

Repayment benchmark year, period

14 years

14 years

Weighted average effective interest rate

2.46%

2.46%

2.46%

2.46%

SIF Loan | Fair Value, Inputs, Level 2

Debt Instrument [Line Items]

Loans, fair value

$ 6,700,000

$ 6,700,000

Term Loan, due 2027

Debt Instrument [Line Items]

Interest payments

4,200,000

4,200,000

Term Loan, due 2027 | Line of credit

Debt Instrument [Line Items]

Face amount

$ 50,000,000

Debt, number of tranches | tranche

3

Loans, fair value

$ 13,700,000

$ 13,700,000

Debt, drawdown fee percentage

2%

Debt, premium payment, percentage of amount prepaid

10%

10%

Interest rate

10%

11%

11%

Debt, interest rate, payable in kind

11%

PIK interest expenses

$ 400,000

$ 800,000

$ 2,231,000

$ 1,200,000

Debt, subject to closing non-dilutive financing, amount

$ 25,000,000

Proceeds from issuance of common stock, over which debt repayment is required and premium percentage does not apply

$ 30,000,000

$ 50,000,000

Proceeds from stock issuance

175,000,000

Additional proceeds from issuance of common stock, over which debt repayment is required and premium percentage does not apply

$ 20,000,000

Term Loan, due 2027 | Line of credit | Debt Instrument, Tranche Two

Debt Instrument [Line Items]

Face amount

$ 15,000,000

Term Loan, due 2027 | Line of credit | Debt Instrument, Tranche One

Debt Instrument [Line Items]

Face amount

15,000,000

$ 15,000,000

Term Loan, due 2027 | Line of credit | Debt Instrument, Tranche Three

Debt Instrument [Line Items]

Face amount

$ 20,000,000

Term Loan, due 2027 | Line of credit | Debt Instrument, Repayment Period One

Debt Instrument [Line Items]

Debt, prepayment premium, percentage

3%

Term Loan, due 2027 | Line of credit | Debt Instrument, Repayment Period Two

Debt Instrument [Line Items]

Debt, prepayment premium, percentage

2%

Term Loan, due 2027 | Line of credit | Debt Instrument, Repayment Period Three

Debt Instrument [Line Items]

Debt, prepayment premium, percentage

1%

LOANS PAYABLE, NET - Schedule o

LOANS PAYABLE, NET - Schedule of Fair Value Assumptions (Details) - Level 3 - Term Loan - Line of credit	Sep. 30, 2024
Weighted-average risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	0.0483
Default Trigger Event probability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	0.0500
ELOC financing trigger event probability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	0.1000
ATM financing trigger event probability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	0.4000
Weighted-average market yield rate (Call Option)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	0.1176
Weighted-average market yield volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	0.0500
Weighted-average market yield rate (Default Trigger Event)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	0.1211
Minimum | Weighted-average risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	0.0472
Minimum | Weighted-average market yield rate (Call Option)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	0.1138
Maximum | Weighted-average risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	0.0493
Maximum | Weighted-average market yield rate (Call Option)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	0.1246

LOANS PAYABLE, NET - Schedule_2

LOANS PAYABLE, NET - Schedule of Fair Value and the Amortized Cost (Details) - Term Loan, due 2027 - Line of credit $ in Thousands	Sep. 30, 2024 USD ($)
Debt Instrument [Line Items]
Amortized Cost	$ 13,710
Unrealized Gains	10
Fair Value	$ 13,700

LOANS PAYABLE, NET - Schedule_3

LOANS PAYABLE, NET - Schedule of Changes in Loans (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Loans payable
Change in fair value		$ (1,559)	$ 1,701	$ (635)	$ 1,356
Term Loan | Line of credit
Loans payable
Beginning balance				31,400
PIK interest expenses		400	$ 800	2,231	$ 1,200
Change in fair value				635
Payments	$ (20,566)
Ending balance	$ 13,700	$ 13,700		$ 13,700

WARRANT LIABILITIES (Details)

WARRANT LIABILITIES (Details)		9 Months Ended
	Aug. 05, 2022 $ / shares shares	Sep. 30, 2024 USD ($) day $ / shares shares	Nov. 28, 2022	Nov. 30, 2020 shares
Class of Warrant or Right [Line Items]
Warrants exercised (in shares)		0
Warrants outstanding (in shares)		17,916,609
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
Reference value (in usd per share) | $ / shares		$ 18
Warrants, number of shares issuable (in shares)		1,155,713
Conversion ratio	0.889657
Public Warrants
Class of Warrant or Right [Line Items]
Merger, warrants assumed (in shares)	10,000,000
Private Warrants
Class of Warrant or Right [Line Items]
Merger, warrants assumed (in shares)	8,000,000
Preferred stock warrants
Class of Warrant or Right [Line Items]
Warrants, exercise price (in usd per share) | $ / shares		$ 2.16
Warrants, number of shares issuable (in shares)	2,889,282			3,247,637
Warrants vested, percentage			40%
Warrants vested, fair value | $		$ 0

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expiration period		10 years
Outstanding (in shares)	12,876,146	12,876,146	10,300,567
Unrecognized compensation cost related to unvested stock awards	$ 22.4	$ 22.4
Future forfeiture rate (as a percent)		2.70%
Period for recognition of compensation cost		2 years 1 month 24 days
Equity Incentive Plan 2020
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding (in shares)			10,547,844
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares issued under ESPP (in shares)	0	262,777
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period		1 year
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period		4 years

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Number of options
Beginning balance (in shares)	10,300,567
Granted (in shares)	2,921,082
Exercised (in shares)	(93,973)
Forfeited (in shares)	(251,530)
Ending balance (in shares)	12,876,146	10,300,567
Exercisable (in shares)	10,825,039
Unvested (in shares)	2,051,107
Weighted  average  exercise  price  ($)
Beginning balance (in usd per share)	$ 1.73
Granted (in usd per share)	1.30
Exercised (in usd per share)	0.89
Forfeited (in usd per share)	3.68
Ending balance (in usd per share)	1.60	$ 1.73
Exercisable (in usd per share)	1.38
Unvested (in usd per share)	$ 4.10
Weighted average remaining contractual term (years)
Balance	6 years 9 months 10 days	6 years 9 months 21 days
Exercisable	6 years 5 months 1 day
Unvested	8 years 8 months 15 days
Aggregate intrinsic value ($)
Balance	$ 897	$ 0
Exercised	46
Exercisable	824
Unvested	$ 73

STOCK-BASED COMPENSATION - RSU

STOCK-BASED COMPENSATION - RSU Awards (Details) - RSUs - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Number of RSUs
Unvested, beginning balance (in shares)	7,045,813
Granted (in shares)	6,028,616
Forfeited (in shares)	(286,226)
Vested (in shares)	(2,661,261)
Unvested, ending balance (in shares)	10,126,942
Weighted average Grant Date Fair Value ($)
Unvested, beginning balance (in usd per share)	$ 3.13
Granted (in usd per share)	1.72
Forfeited (in usd per share)	2.98
Vested (in usd per share)	0.99
Unvested, ending balance (in usd per share)	$ 2.86
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Aggregate intrinsic value	$ 9,954	$ 6,201

STOCK-BASED COMPENSATION - St_2

STOCK-BASED COMPENSATION - Stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 4,054	$ 5,884	$ 11,784	$ 17,362
Cost of revenue
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	159	353	487	963
Research and development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	1,312	2,347	3,744	6,771
General and administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	2,084	2,913	6,289	8,849
Sales and marketing
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 499	$ 271	$ 1,264	$ 779

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2024	Apr. 13, 2022	Feb. 28, 2022
Related Party Transaction [Line Items]
Short-swing profit settlement	$ 244
Affiliated Entity | Affiliate Note
Related Party Transaction [Line Items]
Unsecured promissory note				$ 1,000
Cumulative amount drawn		$ 200
Affiliated Entity | DCPM Note
Related Party Transaction [Line Items]
Unsecured promissory note			$ 1,000
Cumulative amount drawn		$ 200
Beneficial Owner
Related Party Transaction [Line Items]
Short-swing profit settlement	$ 200

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 0.5	$ 0.4	$ 1.5	$ 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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net loss attributable to common stockholders - basic	$ (22,712)	$ (16,106)	$ (57,802)	$ (66,701)
Net loss attributable to common stockholders - diluted	$ (22,712)	$ (16,106)	$ (57,802)	$ (66,701)
Denominator:
Weighted-average common stock outstanding, basic (in shares)	201,585,533	133,222,318	178,406,948	131,373,959
Weighted-average common stock outstanding, diluted (in shares)	201,585,533	133,222,318	178,406,948	131,373,959
Net loss per share attributable to common stockholders - basic (in usd per share)	$ (0.11)	$ (0.12)	$ (0.32)	$ (0.51)
Net loss per share attributable to common stockholders - diluted (in usd per share)	$ (0.11)	$ (0.12)	$ (0.32)	$ (0.51)

NET LOSS PER SHARE - Potentiall

NET LOSS PER SHARE - Potentially Dilutive Securities (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	50,211,926	40,254,105
Warrants | Public Warrants as converted to Common Shares (Note 7)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	14,420,065	14,420,065
Warrants | Private Warrants as converted to Common Shares (Note 7)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	11,633,060	11,633,060
Warrants | D-Wave Systems Warrant Shares as converted to Common Shares (Note 7)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	1,155,713	2,889,282
Stock options issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	12,876,146	11,311,698
Unvested restricted stock unit awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	10,126,942	0

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event $ in Millions	1 Months Ended
	Nov. 14, 2024 USD ($) shares
Purchase Agreement
Subsequent Event [Line Items]
Issuance of stock (in shares) | shares	3,683,698
Proceeds from stock issuance | $	$ 3.8
The ATM Agreement
Subsequent Event [Line Items]
Issuance of stock (in shares) | shares	11,440,100
Proceeds from stock issuance | $	$ 12.5