Stock-based compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Assumptions used to estimate fair value of stock options granted

The assumptions used to estimate the fair value of stock options granted during the nine months ended September 30, 2022 and 2021 are as follows:

	Nine months ended September 30,
	2022	2021
	(As Restated)
Expected dividend yield	—	—
Expected volatility	36.6%	56.3%
Expected term (years)	6.1	6.1
Risk-free interest rate	3.0%	0.9%

Stock option activity

The following table summarizes the Company’s stock option activity during the periods presented, as restated (in thousands except share and per share data):

	Number of options outstanding			Weighted average exercise price ($)		Weighted average remaining contractual term (years)		Aggregate intrinsic value ($)
Balance as of December 31, 2021		16,336,134		$	0.81		8.55	$	80,179
Granted		1,500,081			10.07
Exercised		(174,378	)		0.81				1,700
Forfeited		(939,712	)		0.81
Expired		(11,077	)		0.81
Balance as of September 30, 2022		16,711,048			1.64		6.64		107,359
Options exercisable as of September 30, 2022		12,088,661			0.84		5.96		85,053
Options unvested as of September 30, 2022		4,563,380			3.78		8.50		21,889

Preferred stock warrants outstanding and exercisable

As of September 30, 2022, the following preferred stock warrants of D-Wave Systems were outstanding and exercisable:

	Number of warrants outstanding		Weighted average exercise price ($)		Expiry Date	Number exercisable
		3,247,637	$	1.92	29-Nov-26		1,299,055
Total, September 30, 2022		3,247,637	$	1.92			1,299,055

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,
	2022		2021
	(As Restated)
Cost of revenue	$	45	$	10
Research and development		360		51
General and administrative		644		113
Sales and marketing		732		51
Total stock-based compensation	$	1,781	$	225

	Nine months ended September 30,
	2022		2021
	(As Restated)
Cost of revenue	$	80	$	24
Research and development		536		126
General and administrative		1,948		278
Sales and marketing		791		127
Total stock-based compensation		3,355		555