Company: IONQ
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000950170-25-027722
Chunk: 57

Company: IonQ, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 6
Chunk 57
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 of 642,995 shares of common stock to each university. The Company may elect not to exercise the option if there was not a minimum number of intellectual property developed in a given year and then the Option Agreement would extend another year. In December 2020, the Company amended its Option Agreement with Duke, and under this amendment, the Company issued 1,214,317 shares of common stock to Duke in consideration for research and development services through July 15, 2026. Under the terms of the amended Option Agreement, the issuance of shares is a nonrefundable upfront payment in exchange for research and development services by Duke whereby the Company will obtain rights to any potential future intellectual property developed during 

F-23

 the term. As such, the fair value of the shares of common stock was recorded as a prepaid expense and is being amortized over the term of the arrangement as services are received. The Company recognized $0.5 million of research and development expense related to the agreement with Duke during each of the years ended December 31, 2024, 2023 and 2022. The useful life of the Licensed Patents derived from the License Agreement and the Option Agreement is the remaining legal life at the time of acquisition. The value of the Licensed Patents is based on the fair value of the common stock given as consideration on the effective date of each agreement and exercise of option. The asset is amortized over the useful life of the Licensed Patents. 10. OTHER BALANCE SHEET ACCOUNTS Prepaid expenses and other current assets are composed of the following (in thousands):  

         December 31,

         December 31,

         2024

         2023

         Materials and supplies
          
         $
         18,658

         $
         12,476

         Prepaid expenses

         4,890

         5,696

         Accrued interest receivable

         2,221

         2,109

         Other current assets

         2,556

         2,800

         Total prepaid expenses and other current assets
          
         $
         28,325

         $
         23,081

       Accrued expenses and other current liabilities are composed of the following (in thousands):  

         December 31,

         December 31,

         2024

         2023

         Accrued salaries and other payroll liabilities
          
         $
         10,368