Stock-based compensation (Tables)

12 Months Ended

Dec. 31, 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 years ended December 31, 2022, 2021 and 2020 are as follows:

	Year ended December 31,
	2022		2021		2020
Expected dividend yield	—		—		—
Expected volatility	36.6	%	56.3	%	45.0	%
Expected term (years)	6.1		8.5		9.4
Risk-free interest rate	3.0	%	0.9	%	0.43	%

Stock option activity

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

	Number of options	Weighted  average  exercise  price  ($)	Weighted average remaining contractual term (years)	Aggregate intrinsic value ($)
Outstanding as of December 31, 2020	12,654,807	0.81	9.38	—
Granted	4,369,866	0.82	—	—
Exercised	(105,203)	0.81	—	—
Cancelled	(171,204)	0.81	—	—
Forfeited	(412,132)	0.81	—	—
Outstanding as of December 31, 2021	16,336,134	0.81	8.55	80,179
Granted	1,500,081	10.07	—	—
Exercised	(1,380,609)	0.81	—	1,981
Forfeited	(1,050,228)	1.43	—	—
Expired	(17,832)	0.81	—	—
Outstanding as of December 31, 2022	15,387,546	1.76	7.12	8,763
Options exercisable as of December 31, 2022	11,309,426	0.89	6.53	7,056
Options unvested as of December 31, 2022	4,076,090	3.86	8.74	1,706

Preferred stock warrants outstanding and exercisable

As of December 31, 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, December 31, 2022	3,247,637	1.92		1,299,055

RSU activity and related information

The following table summarizes the RSU activity and related information under the 2022 Plan:

	Number of Outstanding	Weighted average Grant Date Fair Value ($)
Unvested as of December 31, 2021	—	$	—
Granted	8,278,317	5.72
Forfeited	(135,013)	0.12
Vested	—	—
Unvested as of December 31, 2022	8,143,304	$	5.69

Stock-based compensation expense

The following table summarizes the stock-based compensation expense classified in the consolidated statements of operations and comprehensive loss as follows (in thousands):

	Year ended December 31,
	2022		2021		2020
Cost of revenue	$	379	$	41	$	49
Research and development	3,141		297		1,464
General and administrative	2,615		1,164		1,346
Sales and marketing	3,029		237		130
Total stock-based compensation	$	9,164	$	1,739	$	2,989