10-Q
Table of Contents
falseQ30001838359--12-31CANASDAQNASDAQShares of legacy Redeemable Convertible Series C Preferred Stock, Redeemable Convertible Series C-1 Preferred Stock, legacy Class A Common Stock, and legacy Class B Common Stock have been retroactively restated to give effect to the Business Combination.Weighted-average shares have been retroactively restated to give effect to the Business Combination.For discussion on the restatement adjustments, see Note 1 — Restatement of Condensed Consolidated Financial Statements and Immaterial Correction of Prior-Period ErrorsAs revised and discussed in Note 1 — Restatement of Condensed Consolidated Financial Statements and Immaterial Correction of Prior-Period ErrorsThe number of outstanding shares as of September 30, 2021 have been retrospectively adjusted to reflect the Exchange Ratio.The number of outstanding shares as of September 30, 2022 and September 30, 2021 does not include 1,340,310 and 1,608,359 shares, respectively, of Unvested Customer Warrants. 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utr:Y
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM
10-Q
 
 
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
or
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
                    
to
                    
Commission file number
001-40140
 
 
RIGETTI COMPUTING, INC.
(Exact name of registrant as specified in its charter)
 
 
 
 
Delaware
 
88-0950636
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification Number)
   
775 Heinz Avenue
Berkeley, CA
 
94710
(Address of principal executive offices)
 
(Zip Code)
(510)
210-5550
(Registrant’s telephone number, including area code)
 
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
 
Trading
Symbol(s)
 
Name of each exchange
on which registered
Common Stock, $0.0001 par value per share
 
RGTI
 
The Nasdaq Capital Market
Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share
 
RGTIW
 
The Nasdaq Capital Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d)
of
the Securities Exchange Act
of
1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    ☒  Yes    ☐  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    ☒  Yes    ☐  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule
12b-2
of the Exchange Act.
 
Large accelerated filer      Accelerated filer  
       
Non-accelerated
filer
     Smaller reporting company  
       
         Emerging growth company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule
12-2
of the Exchange Act).    ☐  Yes      No
As of November 18, 2022,
123,030,054
 
shares of the registrant’s Common Stock, par value $0.0001 per share, were issued and outstanding.
 
 
 


Table of Contents

RIGETTI COMPUTING, INC. AND SUBSIDIARIES FORM 10-Q

TABLE OF CONTENTS

 

     Page  

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

     1  

SUMMARY RISK FACTORS

     3  

PART I — FINANCIAL INFORMATION

     5  

Item 1. Financial Statements (Unaudited)

     5  

Condensed Consolidated Balance Sheets (Unaudited)

     5  

Condensed Consolidated Statements of Operations (Unaudited)

     6  

Condensed Consolidated Statements of Comprehensive Loss (Unaudited)

     7  

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ (Deficit) Equity (Unaudited)

     8  

Condensed Consolidated Statements of Cash Flows (Unaudited)

     10  

Notes to Condensed Consolidated Financial Statements (Unaudited)

     11  

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

     42  

Item 3. Quantitative and Qualitative Disclosures About Market Risks

     57  

Item 4. Controls and Procedures

     57  

PART II — OTHER INFORMATION

     59  

Item 1. Legal Proceedings

     59  

Item 1A. Risk Factors

     59  

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

     95  

Item 3. Defaults Upon Senior Securities

     96  

Item 4. Mine Safety Disclosures

     96  

Item 5. Other Information

     96  

Item 6. Exhibits

     96  

SIGNATURES

     99  

 

i


Table of Contents

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). This includes, without limitation, statements regarding the financial position, business strategy and the plans and objectives of management for future operations. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. We have based these forward-looking statements on our current expectations and projections about future events. Any statements that refer to projections, forecasts or other characterizations of future events or circumstances are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would” or the negative of such terms or other similar expressions.

These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q. We caution you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control.

Forward-looking statements in this Quarterly Report on Form 10-Q may include, for example, statements about:

 

   

our ability to achieve milestones, technological advancements, including with respect to executing on our technology roadmap and developing practical applications;

 

   

the sufficiency of our cash resources and our ability to raise additional capital;

 

   

the potential of quantum computing and estimated market size and market growth, including with respect to our long-term business strategy for quantum computing as a service (“Quantum Computing as a Service,” or “QCaaS”);

 

   

the success of our partnerships and collaborations;

 

   

our ability to accelerate our development of multiple generations of quantum processors;

 

   

customer concentration and the risk that a significant portion of our revenue currently depends on contracts with the public sector;

 

   

the outcome of any legal proceedings that may be instituted against us or others with respect to the Business Combination (as defined herein) or other matters;

 

   

our ability to execute on our business strategy, including monetization of our products;

 

   

our financial performance, growth rate and market opportunity, including our expectations with respect to future revenue;

 

   

our ability to maintain the listing of our Common Stock and Public Warrants on the Nasdaq Capital Market (“Nasdaq”), and the potential liquidity and trading of such securities;

 

   

the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, our ability to grow and manage growth profitably, maintain relationships with customers and suppliers and retain our management and key employees;

 

   

costs related to operating as a public company;

 

   

the restatement of our financial statements for the quarters ended March 31, 2022 and June 30, 2022 and our ability to establish and maintain effective internal controls over financial reporting, including our ability to remediate the existing material weakness in our internal controls;

 

   

changes in applicable laws or regulations;

 

1


Table of Contents
   

the possibility that we may be adversely affected by other economic, business, or competitive factors;

 

   

our estimates of expenses and profitability, future revenue, capital requirements and need for additional financing;

 

   

the evolution of the markets in which we compete;

 

   

our ability to implement our strategic initiatives, expansion plans and continue to innovate our existing services;

 

   

the expected use of proceeds of the Business Combination;

 

   

unfavorable conditions in our industry, the global economy or global supply chain (including any supply chain impacts from the ongoing military conflict involving Russia and Ukraine and sanctions related thereto), including rising inflation and interest rates and financial and credit market fluctuations;

 

   

changes in applicable laws or regulations;

 

   

our success in retaining or recruiting, or changes required in, our officers, key employees or directors, including our ability to attract and retain a new president and chief executive officer in connection with the departure of our prior president and chief executive officer, Chad Rigetti;

 

   

our ability to expand or maintain our existing customer base; and

 

   

the effect of COVID-19 on the foregoing.

Given these risks and uncertainties, you should not place undue reliance on these forward-looking statements.

Should one or more of the risks or uncertainties described in this Quarterly Report on Form 10-Q occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in the section entitled “Risk Factors” and in our periodic filings with the SEC. Our SEC filings are available publicly on the SEC’s website at www.sec.gov.

You should read this Quarterly Report on Form 10-Q completely and with the understanding that our actual future results, levels of activity and performance as well as other events and circumstances may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.

 

2


Table of Contents

SUMMARY RISK FACTORS

The following is a summary of select risks and uncertainties that could materially adversely affect us and our business, financial condition and results of operations. Before you invest in our securities, you should carefully consider all the information in this Quarterly Report on Form 10-Q, including matters set forth under the heading “Risk Factors.” These risks include the following, among others:

 

   

We are in our early stages and have a limited operating history, which makes it difficult to forecast our future results of operations, including our anticipated technical development milestones and potential future revenue.

 

   

We will require a significant amount of cash for expenditures as we invest in ongoing research and development and business operations and may need additional capital sooner than planned to pursue our business objectives and respond to business opportunities, challenges or unforeseen circumstances, and we cannot be sure that additional financing will be available. If we are unable to raise additional funding when needed, we may be required to delay, limit or substantially reduce our quantum computing development efforts.

 

   

We have a history of operating losses and expect to incur significant expenses and continuing losses for the foreseeable future.

 

   

Our operating results may be adversely affected by unfavorable economic and market conditions.

 

   

Even if the market in which we compete achieves anticipated growth levels, our business could fail to grow at similar rates, if at all.

 

   

Our ability to use net operating loss carryforwards and other tax attributes may be limited in connection with the Business Combination or other ownership changes.

 

   

We have not produced quantum computers with high qubit counts or at volume and face significant barriers in our attempts to produce quantum computers, including the need to invent and develop new technology. If we cannot successfully overcome those barriers, our business will be negatively impacted and could fail.

 

   

Any future generations of hardware and software developed to demonstrate narrow quantum advantage and broad quantum advantage and the anticipated release of an 84 qubit system, 336 qubit system, 1,000+ qubit system and 4,000+ qubit system, each of which is an important anticipated milestone for our technical roadmap and commercialization, in addition to other anticipated milestones and other aspects of our technical roadmap and development and commercialization plans may not occur on our anticipated timeline or at all.

 

   

The quantum computing industry is competitive on a global scale and we may not be successful in competing in this industry or establishing and maintaining confidence in our long-term business prospects among current and future partners and customers.

 

   

Our business is currently dependent upon our relationship with our cloud providers. There are no assurances that we will be able to commercialize quantum computers from our relationships with cloud providers.

 

   

We depend on a limited number of customers for a significant percentage of our revenue and the loss or temporary loss of a major customer for any reason could harm our financial condition.

 

   

A significant portion of our revenue depends on contracts with the public sector, and our failure to receive and maintain government contracts or changes in the contracting or fiscal policies of the public sector could have a material adverse effect on our business.

 

   

We rely on access to high performance third party classical computing through public clouds, high performance computing centers and on-premises computing infrastructure to deliver performant quantum solutions to customers. We may not be able to maintain high quality relationships and connectivity with these resources which could make it harder for us to reach customers or deliver solutions in a cost-effective manner.

 

3


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We depend on certain suppliers to source products. Failure to maintain our relationship with any of these suppliers, or a failure to replace any supplier, could have a material adverse effect on our business, financial position, results of operations and cash flows.

 

   

Our system depends on the use of certain development tools, supplies, equipment and production methods. If we are unable to procure the necessary tools, supplies and equipment to build our quantum systems, or are unable to do so on a timely and cost-effective basis, and in sufficient quantities, we may incur significant costs or delays which could negatively affect our operations and business.

 

   

Even if we are successful in developing quantum computing systems and executing our strategy, competitors in the industry may achieve technological breakthroughs which render our quantum computing systems obsolete or inferior to other products.

 

   

We may be unable to reduce the cost of developing quantum computers, which may prevent us from pricing quantum systems competitively.

 

   

The quantum computing industry is in its early stages and volatile, and if it does not develop, if it develops slower than we expect, if it develops in a manner that does not require use of our quantum computing solutions, if we encounter negative publicity or if our solution does not drive commercial engagement, the growth of our business will be harmed.

 

   

If our computers fail to achieve quantum advantage, or if any of our competitors achieve quantum advantages ahead of us, our business, financial condition and future prospects may be harmed.

 

   

We could suffer disruptions, outages, defects and other performance and quality problems with our quantum computing systems, our production technology partners or with the public cloud, data centers and internet infrastructure on which we rely.

 

   

We have identified a material weakness in our internal control over financial reporting, which has resulted in the need for us to restate our financial statements for the first and second quarters of 2022, and may identify additional material weaknesses in the future. If we fail to remediate this material weakness or otherwise fail to establish and maintain effective control over financial reporting, it may adversely affect our ability to accurately and timely report our financial results, and may adversely affect investor confidence, our reputation, our ability to raise additional capital, and our business operations and financial condition.

 

   

System security and data protection breaches, as well as cyber-attacks, including state-sponsored attacks, could disrupt our operations, which may damage our reputation and adversely affect our business.

 

   

Our failure to obtain, maintain and protect our intellectual property rights could impair our ability to protect and commercialize our proprietary products and technology and cause us to lose our competitive advantage.

 

   

Delaware law and our Certificate of Incorporation and Bylaws contain certain provisions, including anti-takeover provisions, that limit the ability of stockholders to take certain actions and could delay or discourage takeover attempts that stockholders may consider favorable.

 

   

Our warrants, including our Public Warrants, Private Warrants and other warrants we have issued, are accounted for as liabilities and the changes in value of our warrants could have a material effect on our financial results.

 

   

Sales of our securities, or perceptions of sales, by us or holders of our securities in the public markets or otherwise, including in connection with our committed equity financing with B. Riley Principal Capital II LLC, or B. Riley, could cause the market price for our Common Stock to decline and future issuances of securities may adversely affect us, our Common Stock and may be dilutive to existing stockholders.

 

   

There can be no assurance that we will be able to comply with the continued listing standards of Nasdaq.

 

   

Our warrants may be out of the money at the time they become exercisable and they may expire worthless.

 

   

With the approval by the holders of at least 50% of the then-outstanding Public Warrants, we may amend the terms of the warrants in a manner that may be adverse to holders.

 

   

We are highly dependent on our ability to attract and retain senior executive leadership and other key employees, such as quantum physicists, software engineers and other key technical employees, which is critical to our success. If we fail to retain or attract senior management, engineers and other key employees, such failure could negatively impact our business.

 

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P20DP20DP30DP30DP20DP20DP30DP30D
PART I — FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
RIGETTI COMPUTING, INC
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
 
(In thousands, except share and per share amounts)
 
 
  
September 30,
 
 
December 31,
 
 
  
2022
 
 
2021
 
Assets
  
 
Current assets:
  
 
Cash and cash equivalents
   $ 73,837     $ 11,729  
Available-for-sale
investments
     87,186         —  
Accounts receivable
     2,295       1,543  
Prepaid expenses and other current assets
     3,633       1,351  
Forward contract - assets
     1,930         —  
Deferred offering costs
     742       3,449  
    
 
 
   
 
 
 
Total current assets
     169,623       18,072  
Property and equipment, net
     37,440       22,497  
Restricted cash
     117       317  
Other assets
     129       165  
Goodwill
     5,377       5,377  
    
 
 
   
 
 
 
Total assets
   $ 212,686     $ 46,428  
    
 
 
   
 
 
 
Liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)
                
Current liabilities:
                
Accounts payable
   $ 1,726     $ 1,971  
Accrued expenses and other current liabilities
     6,934       3,806  
Deferred revenue
     811       985  
Debt - current portion
     6,834       575  
Forward contract - liabilities
       —       230  
    
 
 
   
 
 
 
Total current liabilities
     16,305       7,567  
Debt - net of current portion
     22,999       24,216  
Derivative warrant liabilities
     4,046       4,355  
Earn-out
liabilities
     2,995           
Other liabilities
     436       295  
    
 
 
   
 
 
 
Total liabilities
     46,781       36,433  
Commitments and contingencies (Note 6)
                
Redeemable convertible preferred stock*, par value $0.0001 per share; 0 shares and 80,974,757 shares authorized at September 30, 2022 and December 31, 2021, respectively; 0 shares and 77,696,679 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively
              81,523  
Stockholders’ equity (deficit):
                
Preferred Stock, par value $0.0001 per share; 10,000,000 shares and
0
shares authorized at September 30, 2022 and December 31, 2021, respectively; 0 shares and 0 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively
                  
Common stock*, par value $0.0001 per share; 1,000,000,000 shares and 134,050,472 shares authorized at September 30, 2022 and December 31, 2021, respectively; 122,739,804 shares and 18,221,069 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively
     12       2  
Additional
paid-in
capital
     422,200       135,549  
Accumulated other comprehensive gain (loss)
     (527     52  
Accumulated deficit
     (255,780     (207,131
    
 
 
   
 
 
 
Total stockholders’ equity (deficit)
     165,905       (71,528
    
 
 
   
 
 
 
Total liabilities, redeemable convertible preferred stock and stockholders’ equity
   $ 212,686     $ 46,428  
    
 
 
   
 
 
 
 
*
Shares of legacy Redeemable Convertible Series C Preferred Stock, Redeemable Convertible
Series C-1
Preferred Stock, legacy Class A Common Stock, and legacy Class B Common Stock have been retroactively restated
to
give effect to the Business Combination.
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
 
5

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RIGETTI COMPUTING, INC
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
 
(In thousands, except for share and per share amounts)
 
    
Three Months Ended
   
Nine Months Ended
 
    
September 30,
   
September 30,
 
    
2022
   
2021
   
2022
   
2021
 
Revenue
   $ 2,804     $ 2,919     $ 7,042     $ 6,818  
Cost of revenue
     776       446       2,063       1,083  
    
 
 
   
 
 
   
 
 
   
 
 
 
Total gross profit
     2,028       2,473       4,979       5,735  
Operating expenses:
                                
Research and development
     17,365       7,484       44,040       21,915  
Sales and marketing
     1,960       782       4,922       1,738  
General and administrative
     14,027       3,376       38,371       8,608  
    
 
 
   
 
 
   
 
 
   
 
 
 
Total operating expenses
     33,352       11,642       87,333       32,261  
    
 
 
   
 
 
   
 
 
   
 
 
 
Loss from operations
     (31,324     (9,169     (82,354     (26,526
    
 
 
   
 
 
   
 
 
   
 
 
 
Other income (expense), net:
                                
Interest expense
     (1,436     (589     (3,811     (1,077
Interest income
     1,042       2       1,172       9  
Change in fair value of derivative warrant liabilities
     8,103                19,853           
Change in fair value of
earn-out
liability
     4,860                17,418           
Transaction costs
                       (927         
Other income (expense)
                                (23
    
 
 
   
 
 
   
 
 
   
 
 
 
Total other income (expense), net
     12,569       (587     33,705       (1,091
Net loss before provision for income taxes
     (18,755     (9,756     (48,649     (27,617
Provision for income taxes
                                    
    
 
 
   
 
 
   
 
 
   
 
 
 
Net loss
   $ (18,755   $ (9,756   $ (48,649   $ (27,617
    
 
 
   
 
 
   
 
 
   
 
 
 
Net loss per share attribute to common stockholders—basic and diluted
   $ (0.16   $ (0.43   $ (0.51   $ (1.25
Weighted average shares used in computing net loss per share attributable to common stockholders – basic and diluted*
     118,571,295       22,554,422       95,690,821       22,129,715  
 
*
Weighted-average shares have been retroactively restated to give effect to the Business Combination.
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
 
6

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RIGETTI COMPUTING, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED)
 
(In thousands)
 
    
Three Months Ended
   
Nine Months Ended
 
    
September 30,
   
September 30,
 
    
2022
   
2021
   
2022
   
2021
 
Net loss
   $ (18,755   $ (9,756   $ (48,649   $ (27,617
Other comprehensive gain (loss):
                                
Foreign currency translation gain (loss)
     (270     (6     (223     44  
Change in unrealized loss on
available-for-sale
securities
     (356              (356         
    
 
 
   
 
 
   
 
 
   
 
 
 
Comprehensive loss
   $ (19,381   $ (9,762   $ (49,228   $ (27,573
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements
 
7

Table of Contents
RIGETTI COMPUTING, INC.
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ (DEFICIT) EQUITY (UNAUDITED)
 
(In thousands)
 
    
Redeemable Convertible

Preferred Stock
   
Common Stock
    
Additional

Paid-In

Capital
   
Accumulated

Other
Comprehensive
Gain (Loss)
   
Accumulated

Deficit
   
Total

Stockholders’
(Deficit)
Equity
 
    
Shares
   
Amount
   
Shares
   
Amount
 
                                                 
   
(In thousands, except share and per share data)
 
Balance, December 31, 2021
 
 
98,726,505
 
 
$
81,523
 
 
 
23,153,127
 
 
$
—  
 
 
$
135,551
 
 
$
52
 
 
$
(207,131
 
$
(71,528
Retroactive application of Business Combination (Note 3)
 
 
(21,029,826
 
 
—  
 
 
 
(4,932,058
 
 
2
 
 
 
(2
 
 
—  
 
 
 
—  
 
 
 
—  
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Adjusted balance, beginning of period*
 
 
77,696,679
 
 
 
81,523
 
 
 
18,221,069
 
 
 
2
 
 
 
135,549
 
 
 
52
 
 
 
(207,131
 
 
(71,528
Issuance of common stock upon conversion of legacy Series C and Series
C-1
preferred stock in connection with the Business Combination (Note 3)
 
 
(77,696,679
 
 
(81,523
 
 
57,380,563
 
 
 
6
 
 
 
81,517
 
 
 
—  
 
 
 
—  
 
 
 
81,523
 
Issuance of common stock upon exercise of legacy Rigetti stock options
 
 
—  
 
 
 
—  
 
 
 
1,123,539
 
 
 
—  
 
 
 
574
 
 
 
—  
 
 
 
—  
 
 
 
574
 
Issuance of common stock upon exercise of legacy Rigetti common stock warrants
 
 
—  
 
 
 
—  
 
 
 
2,234,408
 
 
 
—  
 
 
 
28
 
 
 
—  
 
 
 
—  
 
 
 
28
 
Issuance of common stock through Business Combination and PIPE financing, net of transaction costs and derivative liabilities, as restated (Note 3) (1)
 
 
—  
 
 
 
—  
 
 
 
34,850,706
 
 
 
3
 
 
 
159,535
 
 
 
—  
 
 
 
—  
 
 
 
159,538
 
Stock-based compensation
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
11,481
 
 
 
—  
 
 
 
—  
 
 
 
11,481
 
Foreign currency translation gain
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
9
 
 
 
—  
 
 
 
9
 
Net loss, as restated (1)
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(17,642
 
 
(17,642
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balance, March 31, 2022, as restated (1)
 
 
—  
 
 
$
—  
 
 
 
113,810,285
 
 
$
11
 
 
$
388,684
 
 
$
61
 
 
$
(224,773
 
$
163,983
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Issuance of common stock upon exercise of stock options
 
 
—  
 
 
 
—  
 
 
 
229,606
 
 
 
—  
 
 
 
62
 
 
 
—  
 
 
 
—  
 
 
 
62
 
Issuance of common stock upon exercise of common stock warrants
 
 
—  
 
 
 
—  
 
 
 
1,702,210
 
 
 
—  
 
 
 
5,011
 
 
 
—  
 
 
 
—  
 
 
 
5,011
 
Issuance of common stock upon release of RSUs
 
 
—  
 
 
 
—  
 
 
 
1,360,634
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
Reclassification of loan and security agreement warrants to equity
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
6,370
 
 
 
—  
 
 
 
—  
 
 
 
6,370
 
Settlement of the first tranche of forward contract
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(3,305
 
 
—  
 
 
 
—  
 
 
 
(3,305
Stock-based compensation
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
11,041
 
 
 
—  
 
 
 
—  
 
 
 
11,041
 
Capitalization of deferred costs to equity upon share issuance
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(848
 
 
—  
 
 
 
—  
 
 
 
(848
Foreign currency translation gain
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
38
 
 
 
—  
 
 
 
38
 
Net loss, as restated (1)
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(12,252
 
 
(12,252
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balance, June 30, 2022, as restated (1)
 
 
  
 
 
$
  
 
 
 
117,102,735
 
 
$
11
 
 
$
407,015
 
 
$
99
 
 
$
(237,025
 
$
170,100
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Issuance of common stock upon exercise of stock options
 
 
—  
 
 
 
—  
 
 
 
1,126,152
 
 
 
1
 
 
 
305
 
 
 
—  
 
 
 
—  
 
 
 
306
 
Issuance of common stock upon exercise of common stock warrants
 
 
—  
 
 
 
—  
 
 
 
859,767
 
 
 
—  
 
 
 
9
 
 
 
—  
 
 
 
—  
 
 
 
9
 
Issuance of common stock upon release of RSUs
 
 
—  
 
 
 
—  
 
 
 
3,480,142
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
Issuance of common stock pursuant to the Common Stock Purchase Agreement
B. Riley
 
 
—  
 
 
 
—  
 
 
 
171,008
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
Stock-based compensation
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
15,121
 
 
 
—  
 
 
 
—  
 
 
 
15,121
 
Capitalization of deferred costs to equity upon share issuance
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(250
 
 
—  
 
 
 
—  
 
 
 
(250
Other comprehensive loss
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(626
 
 
—  
 
 
 
(626
Net loss
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(18,755
 
 
(18,755
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balance, September 30, 2022
 
 
  
 
 
$
  
 
 
 
122,739,804
 
 
$
12
 
 
$
422,200
 
 
$
(527
 
$
(255,780
 
$
165,905
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
For discussion on the restatement adjustments, see Note 1 — Restatement of Condensed Consolidated Financial Statements and Immaterial Correction of Prior-Period Errors
*
Shares of legacy Redeemable Convertible Series C Preferred Stock, Redeemable Convertible
Series C-1
Preferred Stock, legacy Class A Common Stock, and legacy Class B Common Stock have been retroactively restated to give effect to the Business Combination.
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
 
8


Table of Contents
RIGETTI COMPUTING, INC.
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ (DEFICIT) EQUITY (UNAUDITED) (CONTINUED)
 
(In thousands)
 
    
Redeemable Convertible

Preferred Stock
    
Common Stock
    
Additional

Paid-In

Capital
   
Accumulated

Other

Comprehensive

Gain (Loss)
   
Accumulated

Deficit
   
Total

Stockholders’
(Deficit)
Equity
 
    
Shares
   
Amount
    
Shares
   
Amount
 
                                                 
    
(In thousands, except share and per share data)
 
Balance, December 31, 2020
 
 
98,726,505
 
 
$
81,523
 
 
 
20,975,317
 
 
$
—  
 
 
$
133,144
 
 
$
5
 
 
$
(165,405
 
$
(32,256
Retroactive application of Business Combination (Note 3)
 
 
(21,029,826
 
 
—  
 
 
 
(4,467,972
 
 
2
 
 
 
(2
 
 
—  
 
 
 
—  
 
 
 
—  
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Adjusted balance, beginning of period*
 
 
77,696,679
 
 
 
81,523
 
 
 
16,507,345
 
 
 
2
 
 
 
133,142
 
 
 
5
 
 
 
(165,405
 
 
(32,256
Issuance of common stock upon exercise of stock options
 
 
—  
 
 
 
—  
 
 
 
118,566
 
 
 
—  
 
 
 
26
 
 
 
—  
 
 
 
—  
 
 
 
26
 
Stock-based compensation
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
597
 
 
 
—  
 
 
 
—  
 
 
 
597
 
Foreign currency translation gain
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
52
 
 
 
—  
 
 
 
52
 
Net loss
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(7,787
 
 
(7,787
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balance, March 31, 2021
 
 
77,696,679
 
 
$
81,523
 
 
 
16,625,911
 
 
$
2
 
 
$
133,765
 
 
$
57
 
 
$
(173,192
 
$
(39,368
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Issuance of common stock upon exercise of stock options
 
 
—  
 
 
 
—  
 
 
 
338,979
 
 
 
—  
 
 
 
90
 
 
 
—  
 
 
 
—  
 
 
 
90
 
Issuance of common stock upon exercise of common stock warrants
 
 
—  
 
 
 
—  
 
 
 
111,229
 
 
 
—  
 
 
 
1
 
 
 
—  
 
 
 
—  
 
 
 
1
 
Stock-based compensation
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
521
 
 
 
—  
 
 
 
—  
 
 
 
521
 
Foreign currency translation loss
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(2
 
 
—  
 
 
 
(2
Net loss
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(10,074
 
 
(10,074
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balance, June 30, 2021
 
 
77,696,679
 
 
$
81,523
 
 
 
17,076,119
 
 
$
2
 
 
$
134,377
 
 
$
55
 
 
$
(183,266
 
$
(48,832
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Issuance of common stock upon exercise of stock options
 
 
—  
 
 
 
—  
 
 
 
491,628
 
 
 
—  
 
 
 
139
 
 
 
—  
 
 
 
—  
 
 
 
139
 
Issuance of common stock upon exercise of common stock warrants
 
 
—  
 
 
 
—  
 
 
 
16,684
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
Stock-based compensation
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
518
 
 
 
—  
 
 
 
—  
 
 
 
518
 
Foreign currency translation loss
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(6
 
 
—  
 
 
 
(6
Net loss
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(9,756
 
 
(9,756
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balance, September 30, 2021
 
 
77,696,679
 
 
$
81,523
 
 
 
17,584,431
 
 
$
2
 
 
$
135,034
 
 
$
49
 
 
$
(193,022
 
$
(57,937