Related Party Transactions |
3 Months Ended |
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Mar. 31, 2026 | |
| Related Party Transaction [Line Items] | |
| Related Party Transactions | 14. Related Party Transactions Transactions with Universities University of Colorado-Boulder The Company considers the University of Colorado-Boulder to be a related party because the Company’s Co-Founder and Chief Science Officer concurrently serves as a professor at the University of Colorado-Boulder. The Company sponsors research projects and utilizes laboratory equipment at the University of Colorado-Boulder. Under these contracts, the Company recognized no service revenue, and cost of services of $4 thousand and $17 thousand during the three months ended March 31, 2026 and 2025, respectively. Expenses relate to research and development and use of laboratory equipment. There were no accounts receivable or accrued liabilities outstanding as of March 31, 2026 and December 31, 2025. University of Wisconsin-Madison The Company’s Chief Scientist for Quantum Information concurrently serves as a professor at the University of Wisconsin-Madison. In his role as a researcher and professor at the university, he has been granted patents held by WARF. Additionally, in June 2016, the Company entered into a research agreement with the Board of Regents of the University of Wisconsin System on behalf of the University of Wisconsin-Madison to provide research, data and findings in accordance with the terms of the contract and subsequent amendments. The Company recorded $138 thousand and $125 thousand of research and development expenses in each of the three months ended March 31, 2026 and 2025, respectively. Total accrued liabilities of $0.1 million and $0.3 million were outstanding as of March 31, 2026 and December 31, 2025, respectively. As of March 31, 2026, the Company had incurred $4.6 million of its total $5.1 million committed funding. Other Transactions The Company entered into a consulting agreement with the spouse of a member of the Company’s management to provide consulting services on various research and development and customer contracts. The Company paid $20 thousand for three months ended March 31, 2025. No such expenses were incurred for the three months ended March 31, 2026. There were no accounts payable outstanding as of March 31, 2026 and December 31, 2025. The Company occasionally enters into consulting agreements with members of the Company’s Board of Directors and/or investors in the Company to serve in executive roles based on the business’ needs. In 2025, the Compan entered into a consulting agreement with Grant Dollens, a member of Legacy Infleqtion’s Board of Directors and the previous Interim Chief Financial Officer of Infleqtion. Under the terms of the agreement, Mr. Dollens provided financial and accounting services to the y Company and received compensation at a rate of $15 thousand per month. The consulting agreement with Mr. Dollens ended in the fourth quarter of 2025 upon the Company hiring its current Chief Financial Officer. Under this agreement, the Company paid Mr. Dollens $36 thousand and $0 for the three months ended March 31, 2026 and 2025, respectively. Total accounts payable of $0 and $36 thousand were outstanding as of March 31, 2026 and December 31, 2025, respectively. During 2025, the Company engaged DRS Daylight Solutions, Inc., (“DRS Daylight”) to provide engineering and programming services to the Company. At that time, Mr. Day was a member of Legacy Infleqtion’s Board of Director and served as an executive of DRS Daylight. Mr. Day subsequently departed DRS Daylight and joined Monarch Quantum, a company controlled by Mr. Day, and the Company transitioned the services agreement to Monarch. Mr. Day resigned from the Board in the fourth quarter of 2025. Under the terms of these arrangements, Mr. Day provided engineering and programming services to the Company. The Company On December 21, 2025, Eric Bjornholt was appointed to the Company’s Board of Directors. Mr. Bjornholt serves as the Chief Financial Officer of Microchip Technology Inc. During the year ended December 31, 2025, the Company purchased laboratory equipment from Microchip Technology Inc. The Company paid $64 thousand and $0 in the three months ended March 31, 2026 and 2025, respectively. Total accounts payable of $0 and $64 thousand were outstanding as of March 31, 2026 and December 31, 2025, respectively.
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