PROPERTY AND EQUIPMENT, NET

3 Months Ended

Mar. 31, 2025

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 March 31, 2025		As of December 31, 2024
Quantum computer systems	$	13,781	$	14,471
Lab equipment	7,025		6,862
Computer equipment	4,808		4,701
Leasehold improvements	2,208		1,889
Furniture and fixtures	393		381
Construction-in-progress	600		836
Total property and equipment	28,815		29,140
Less: Accumulated depreciation	(24,816)		(25,007)
Total property and equipment, net	$	3,999	$	4,133

Depreciation expense for the three months ended March 31, 2025 and 2024 was $0.3 million and $0.2 million, respectively.