Core Insights - Rigetti Computing, Inc. reported first-quarter revenue of $1.47 million, which fell short of analyst expectations of $2.55 million, while earnings of 13 cents per share exceeded estimates for a loss of 6 cents per share [1] - Analyst N. Quinn Bolton lowered the price forecast from $17.00 to $15.00 but maintained a Buy rating [1] Revenue and Financial Performance - Revenue fell short of expectations due to pending reauthorization of the DOE Quantum Leadership Act [2] - Revenue estimates were revised down to $6.8 million for 2025 (from $13.5 million) and $15.0 million for 2026 (from $25.0 million) [4] Key Developments and Awards - DARPA selected Rigetti for its QBI program (Stage A) and the company received a $5.48 million AFOSR award for developing Alternating-Bias-Aided Annealing (ABAA) fabrication technology [2] - The company achieved optical control of superconducting qubits, which may reduce thermal load and physical footprint in future systems [3] - Rigetti is increasing its U.K. presence with three Innovate U.K. Quantum Mission Pilot Awards and completed a $35 million investment from Quanta Computer [3] Market Reaction - RGTI shares increased by 19.70% to $11.80 as of the last check on Wednesday [4]

Group 1: Momentum Stocks Overview - Momentum stocks are characterized by rapid upward trends compared to the market, driven by innovation, psychology, and market momentum [1] - Retail traders can capitalize on these stocks through chart reading and risk management, particularly in short-to-intermediate time frames [1] Group 2: Rigetti Computing - Rigetti Computing (RGTI) aims to build powerful quantum computers and has a current revenue of just over $1 million, projected to grow to $37.65 million next year [2] - Zacks Consensus Estimates indicate year-over-year growth of 159.30% for the next year, with current quarter estimates at $3.16 million [3] - RGTI has secured several government contracts, including one with DARPA, and is breaking out of a long base structure [3] Group 3: SoundHoundAI - SoundHoundAI (SOUN) is a leader in AI voice solutions and has a partnership with Nvidia, distinguishing it from slower-moving mega-cap tech stocks [7] Group 4: Carvana - Carvana (CVNA) was near bankruptcy in late 2022 but has since secured financing and transformed its fundamentals, with shares rising from single digits to over $300 [9][10] - The stock is currently breaking out and holds a Zacks Rank 2 (Buy) rating [10] Group 5: Market Opportunities - The current market environment presents significant opportunities in quantum computing and AI stocks for nimble traders seeking super performance [11]

Core Viewpoint - Rigetti Computing (RGTI) has faced significant challenges in its first-quarter 2025 earnings, with a 15% drop in shares following a substantial revenue decline of over 50% year-over-year, raising concerns about its operational efficiency and market position [1][2]. Financial Performance - RGTI reported an adjusted loss per share of 8 cents and revenues of $1.5 million, missing Zacks Consensus Estimates by 60% for earnings and 40.2% for revenues [1][2]. - Operating expenses increased to $22.1 million, primarily due to higher compensation and tax-related costs, indicating ongoing challenges in scaling operations efficiently [2]. Market Position and Stock Performance - RGTI shares have underperformed compared to the Zacks Computer & Technology sector and industry peers, with a year-to-date decline of 35.4%, while the broader sector has decreased by 4.5% [3][4]. - The stock is currently trading at a price-to-book (P/B) ratio of 22.2X, significantly higher than the industry average of 5.87X, suggesting that investors are valuing the company based on its potential rather than current financial performance [19]. Growth Opportunities - Rigetti achieved a significant scientific milestone by integrating a hybrid microwave-optical quantum transducer with a superconducting qubit, which could enhance the scalability of quantum systems [7]. - The company applied its "quantum preconditioning" algorithm to a real-world energy grid problem, demonstrating practical quantum advantage and enhancing classical optimizers' performance [8]. - Rigetti's cash position stands at $237.7 million, providing a financial cushion amid short-term pressures [2]. Strategic Developments - Rigetti secured a $5.5 million grant from the U.S. Air Force and a $35 million investment from Taiwan's Quanta Computer, indicating growing institutional confidence in its quantum capabilities [2][12]. - The company was selected for DARPA's Quantum Benchmarking Initiative, which is a strong endorsement of its technical vision and positions it at the forefront of national quantum computing efforts [10]. Future Projections - Sales are projected to rise by 36.4% in 2025 and 153.3% in 2026, with EPS expected to turn positive, indicating improved operational efficiency [14]. - The global quantum computing market is anticipated to grow at a CAGR of 20.5% from 2025 to 2030, positioning Rigetti to benefit from this expansion [9].

Group 1 - Rigetti Computing, Inc (NASDAQ: RGTI) is positioned in the quantum computing sector and has seen significant growth due to the industry's hype [1] - The focus is on identifying high-quality companies with a market capitalization of less than $10 billion, which presents substantial growth opportunities [1] - The ideal companies should exhibit a long-term capability for capital compounding, aiming for a compound annual growth rate that could yield tenfold returns or more [1] Group 2 - A long-term investment perspective is emphasized, suggesting that this approach may yield higher returns compared to market indices in a rapidly changing investment environment [1] - A conservative investment strategy is primarily adopted, with occasional pursuits of opportunities that present a favorable risk-reward ratio [1] - Investments are carefully considered and allocated proportionally within the portfolio to ensure overall stability [1]

Group 1 - The share count of the company continues to increase rapidly, while its revenue growth rates are considered uninteresting [1] - The marketplace highlights a portfolio of undervalued investment opportunities, focusing on stocks with rapid growth potential and top-quality management [2] - The marketplace is experiencing rapid growth, providing high-quality, actionable stock picks that emphasize value [3] Group 2 - The company aims to simplify investing by highlighting stocks that deliver strong gains, thereby helping to grow savings [3] - Members of the marketplace provide positive reviews, indicating satisfaction with the stock picks and overall service [3]

Rigetti Computing, Inc. (RGTI) came out with a quarterly loss of $0.08 per share versus the Zacks Consensus Estimate of a loss of $0.05. This compares to loss of $0.14 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -60%. A quarter ago, it was expected that this company would post a loss of $0.08 per share when it actually produced a loss of $0.08, delivering no surprise. Over the last four quarters, the company has surpassed ...

Financial Data and Key Metrics Changes - Revenues in Q1 2025 were $1,500,000, down from $3,100,000 in Q1 2024, indicating a significant decline [12] - Gross margins decreased to 30% in Q1 2025 from 49% in Q1 2024, primarily due to lower margins from a contract with the UK's NQCC [12] - Total operating expenses (OpEx) increased to $22,100,000 in Q1 2025 from $18,100,000 in the same period last year, driven by salary increases and higher stock compensation expenses [13] - The operating loss for Q1 2025 was $21,600,000, compared to $16,600,000 in the prior year [13] - The company recorded a net income of $42,600,000 in Q1 2025, a turnaround from a net loss of $20,800,000 in Q1 2024, largely due to favorable non-cash changes in derivative warrant and earn-out liabilities [14] Business Line Data and Key Metrics Changes - The company is focusing on advancing its utility-scale quantum computer concept through collaborations and government contracts, which are critical for future sales [4][5] - The NQCC contract is noted for having lower gross margins, but it is strategically important for the company to establish itself in the UK quantum ecosystem [50] Market Data and Key Metrics Changes - The company is actively participating in DARPA's quantum benchmarking initiative, which is crucial for advancing utility-scale quantum computing [4][27] - The interest in quantum computing remains primarily in R&D, with significant government contracts driving current sales, but commercial sales are expected to be several years away [39] Company Strategy and Development Direction - The company aims to scale up qubit counts using a chiplet approach, with plans to demonstrate over 100 qubits by the end of 2025 [16][18] - The focus is on achieving higher fidelity and faster gate speeds as part of the roadmap to utility-scale quantum computing [26][56] - The partnership with Quanta Computer is strategic, with a commitment of $250,000,000 over five years to support non-GPU hardware development [90] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the NQI reauthorization bill, which is expected to provide funding for quantum computing initiatives, although delays are anticipated [20][46] - The company is still in the R&D phase of quantum computing, with expectations that significant commercial sales will not materialize for another three to five years [39][41] Other Important Information - The company has received multiple awards to advance its quantum computing technologies, including a $5,480,000 grant for chip fabrication technology development [5][67] - The integration of optical signaling is seen as a critical advancement for scaling quantum systems, with expectations for implementation in the next few years [76][80] Q&A Session Summary Question: Progress on chip tiling and timelines - Management confirmed confidence in the chiplet approach to achieve 36 qubits by mid-year and over 100 by the end of 2025, with promising data supporting this strategy [16][17] Question: Updates on the NQI Reauthorization Act - Management indicated bipartisan support for the NQI reauthorization, but noted that it has not yet passed, with funding expected to take additional time to flow after approval [20][46] Question: Details on the DARPA contract - The DARPA Quantum Benchmarking Initiative is critical for achieving utility-scale quantum computing, with specific milestones related to qubit counts and fidelity required to progress to the next phase [25][26] Question: Customer interest in quantum processors - Management noted that while interest exists, the current environment is primarily R&D-focused, with significant sales unlikely until quantum advantage is achieved [39][41] Question: Optical signaling and its importance - Management highlighted the significance of optical signaling for future scalability, with a transition expected from coax to fiber optic cables in the coming years [76][80] Question: Revenue recognition from NQCC and Air Force contracts - Revenue from the NQCC opportunity is expected to be recognized over the next year, while the Air Force contract is projected to contribute approximately $1,000,000 over the upcoming year [81][82] Question: Future milestones with Quanta Computer - The partnership with Quanta is expected to evolve, with Quanta taking on more R&D responsibilities for control systems and hardware components over the next year [90][93]

Financial Data and Key Metrics Changes - Revenues in Q1 2025 were $1,500,000, down from $3,100,000 in Q1 2024, indicating a significant decline [12] - Gross margins decreased to 30% in Q1 2025 from 49% in Q1 2024, primarily due to lower margin revenues from a contract with the UK's NQCC [12] - Total operating expenses (OpEx) increased to $22,100,000 in Q1 2025 from $18,100,000 in the same period last year, driven by salary increases, new hires, and higher stock compensation expenses [13] - The operating loss for Q1 2025 was $21,600,000, compared to $16,600,000 in the prior year [13] - The company recorded a net income of $42,600,000 in Q1 2025, a turnaround from a net loss of $20,800,000 in Q1 2024, largely due to favorable non-cash changes in derivative warrant and earn-out liabilities [14] Business Line Data and Key Metrics Changes - The company is focusing on advancing its utility scale quantum computer concept, collaborating with Riverlane on quantum error correction technology [4][5] - The consortium for the AFOSR award aims to develop chip fabrication technology, with a total award of $5,480,000 [5] Market Data and Key Metrics Changes - The company is actively participating in DARPA's quantum benchmarking initiative, which is critical for advancing utility scale quantum computing [4][28] - The interest in quantum computing remains primarily in R&D, with significant government contracts driving current sales [38][41] Company Strategy and Development Direction - The company is pursuing a chiplet approach to scale qubit counts, aiming for 36 qubits by mid-2025 and over 100 qubits by the end of 2025 [16][18] - The strategy includes enhancing quantum error correction capabilities and integrating digital chip-based technology with existing systems [8][9] - The partnership with Quanta Computer is strategic, focusing on non-GPU hardware components, which will allow the company to concentrate on QPU development [91][94] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the NQI reauthorization bill, which is expected to pass with bipartisan support, although funding may take additional time to materialize [21][48] - The company anticipates that achieving quantum advantage will take at least three to five years, with current efforts focused on R&D and technology milestones [38][42] Other Important Information - The company has closed a $35,000,000 investment from Quanta Computer, which strengthens their strategic collaboration [10][90] - The company is exploring optical signaling as a future technology to improve scalability and reduce thermal load in quantum systems [78][81] Q&A Session Summary Question: Progress on chip tiling and timelines - Management confirmed confidence in the chiplet approach to achieve 36 qubits by mid-2025 and over 100 by the end of 2025, with promising data supporting this strategy [16][17] Question: Updates on the DARPA contract - The DARPA Quantum Benchmarking Initiative is crucial for utility scale quantum computing, with specific milestones related to qubit count and fidelity required to progress to the next phase [26][28] Question: Revenue from DARPA phases - Phase A of the DARPA project includes a $1,000,000 award, with expectations for increased funding in subsequent phases [34] Question: Customer interest in quantum processors - Current interest remains in R&D, with significant government funding impacting the conversion of interest into orders [40][41] Question: Optical signaling and its roadmap - Optical signaling is a key element for future scalability, with expectations to transition from coax to fiber optic cables in the next three to four years [78][81] Question: NQCC revenue recognition timeframe - Revenue from the NQCC opportunity is expected to be recognized over the next year, with a similar timeline for the Air Force contract [84]

Financial Data and Key Metrics Changes - Revenues in Q1 2025 were $1,500,000, down from $3,100,000 in Q1 2024, indicating a significant decline [12] - Gross margins decreased to 30% in Q1 2025 from 49% in Q1 2024, primarily due to lower margins from a contract with the UK's NQCC [12] - Total operating expenses (OpEx) increased to $22,100,000 in Q1 2025 from $18,100,000 in the same period last year, driven by salary increases, new hires, and higher stock compensation expenses [13] - The operating loss for Q1 2025 was $21,600,000, compared to $16,600,000 in the prior year [13] - The company recorded a net income of $42,600,000 in Q1 2025, a turnaround from a net loss of $20,800,000 in the previous year, largely due to favorable non-cash changes in derivative warrant and earn-out liabilities [14] Business Line Data and Key Metrics Changes - The company is focusing on advancing its utility scale quantum computer concept through collaborations and government contracts, which are critical for future sales [4][5] - The NQCC contract is noted for its lower gross margin profile, impacting overall profitability [12] Market Data and Key Metrics Changes - The company has been awarded multiple contracts, including a $1,000,000 award from DARPA for the Quantum Benchmarking Initiative, which is seen as strategically important despite its relatively small monetary value [34] - Interest in quantum computing remains primarily in R&D, with significant reliance on government contracts and academic research funding [41] Company Strategy and Development Direction - The company aims to demonstrate a chiplet approach to scale qubit counts, targeting over 100 qubits by the end of 2025 [16][19] - The strategy includes collaborations with various institutions to enhance quantum error correction capabilities and improve chip fabrication technology [5][6] - The company is optimistic about the NQI reauthorization, which is expected to provide funding for quantum computing initiatives, although delays in passing the bill are noted [22][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the chiplet approach as a means to scale up qubit counts, emphasizing its importance for the entire industry [19] - The company is optimistic about the future of quantum computing, although it acknowledges that achieving quantum advantage is still several years away [39] - Management highlighted the strategic importance of government contracts and collaborations in driving future growth [41][42] Other Important Information - The company has closed a $35,000,000 investment from Quanta Computer, which is expected to strengthen their partnership and reduce R&D costs in non-QPU hardware areas [10][96] - The company is exploring optical signaling as a future technology to improve scalability and reduce thermal load in quantum computing systems [80][84] Q&A Session Summary Question: Progress on chip tiling to reach 36 qubits - Management confirmed that the chiplet approach is critical for scaling qubit counts and expressed confidence in achieving the target by mid-year [16][19] Question: Updates on NQI Reauthorization Act - Management noted bipartisan support for the NQI reauthorization but indicated that it has not yet passed, with funding expected to take additional time to flow [21][50] Question: Details on the DARPA contract - The DARPA Quantum Benchmarking Initiative is crucial for developing utility scale quantum computing, with specific milestones related to qubit fidelity and gate speed [27][90] Question: Customer interest in acquiring processors - Management stated that interest remains high, but funding issues are currently hindering conversion to orders [41][42] Question: Timeframe for the 36 qubit QPU upgrade - Management indicated that the upgrade could occur in the second half of the year, depending on the demonstration of the chiplet approach [51][54] Question: Importance of optical signaling - Management emphasized the significance of optical signaling for future scalability and the transition from coax to fiber optic cables [80][84] Question: Revenue recognition from NQCC and Air Force contracts - Management expects revenue from the NQCC contract to be recognized over the next year, with the Air Force contract contributing approximately $1,000,000 over its three-year term [87]

PART I — FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The company shifted to a $42.6 million net income in Q1 2025, driven by non-cash gains, while total assets declined and operating cash use remained stable [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheets | Account | March 31, 2025 ($ thousands) | December 31, 2024 ($ thousands) | Change | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Cash and cash equivalents | 37,162 | 67,674 | ▼ $30,512 | | Available-for-sale investments | 171,966 | 149,488 | ▲ $22,478 | | Total current assets | 214,361 | 206,758 | ▲ $7,603 | | Total assets | 269,138 | 284,787 | ▼ $15,649 | | **Liabilities & Equity** | | | | | Total current liabilities | 11,392 | 11,867 | ▼ $475 | | Derivative warrant liabilities | 39,576 | 93,095 | ▼ $53,519 | | Earn-out liabilities | 4,114 | 45,897 | ▼ $41,783 | | Total liabilities | 62,010 | 158,198 | ▼ $96,188 | | Total stockholders' equity | 207,128 | 126,589 | ▲ $80,539 | - The significant decrease in total liabilities was primarily driven by a reduction in the fair value of **derivative warrant liabilities (down $53.5 million)** and **earn-out liabilities (down $41.8 million)**[19](index=19&type=chunk) [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Condensed Consolidated Statements of Operations | Metric | Q1 2025 ($ thousands) | Q1 2024 ($ thousands) | Change | | :--- | :--- | :--- | :--- | | Revenue | 1,472 | 3,052 | ▼ 51.8% | | Gross Profit | 442 | 1,500 | ▼ 70.5% | | Research and development | 15,455 | 11,471 | ▲ 34.7% | | Loss from operations | (21,632) | (16,585) | ▲ 30.4% | | Change in fair value of derivative warrant liabilities | 53,262 | (2,583) | Favorable | | Change in fair value of earn-out liabilities | 8,837 | (1,621) | Favorable | | **Net income (loss)** | **42,619** | **(20,773)** | **Favorable** | | **EPS - basic** | **$0.15** | **($0.14)** | **Favorable** | | **EPS - diluted** | **$0.13** | **($0.14)** | **Favorable** | - A shift to net income was driven by a **$62.1 million non-cash gain** from fair value changes, masking a wider operating loss from lower revenue and higher R&D expenses[21](index=21&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Condensed Consolidated Statements of Cash Flows | Cash Flow Activity | Q1 2025 ($ thousands) | Q1 2024 ($ thousands) | | :--- | :--- | :--- | | Net cash used in operating activities | (13,651) | (13,139) | | Net cash (used in) provided by investing activities | (23,609) | 6,220 | | Net cash provided by financing activities | 6,935 | 20,710 | | **Net (decrease) increase in cash** | **(30,512)** | **13,706** | - Cash and cash equivalents **decreased by $30.5 million** in Q1 2025, contrasting with a $13.7 million increase in Q1 2024, due to cash used in operations and investing[26](index=26&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Key notes detail accounting policies, a new collaboration with Quanta, and significant revenue concentration from government entities - The company believes existing cash, cash equivalents, and available-for-sale investments are sufficient to meet anticipated operating cash needs for **at least the next 12 months**[40](index=40&type=chunk) - In February 2025, the company entered into a five-year Collaboration Agreement with Quanta Computer Inc, involving **mutual investment commitments of at least $250.0 million each**[134](index=134&type=chunk)[135](index=135&type=chunk)[137](index=137&type=chunk) - During Q1 2025, the vesting of Sponsor Vesting Shares led to a **$32.9 million earn-out liability** being reclassified to additional paid-in capital[60](index=60&type=chunk)[90](index=90&type=chunk) Customer Revenue Concentration | Customer Concentration (Revenue) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Customer B | 14% | 11% | | Customer C | 69% | 29% | | Sales to government entities | 89.5% | 97.4% | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a 52% revenue decline and wider operating loss, while highlighting technology milestones and sufficient liquidity for the next 12 months [Overview and Recent Developments](index=40&type=section&id=Overview%20and%20Recent%20Developments) - The long-term business model focuses on QPU sales and QCaaS, though **development contracts currently constitute the majority of revenues**[144](index=144&type=chunk) - A significant collaboration with Quanta Computer Inc involves **mutual investment commitments of at least $250 million each** over five years to advance Rigetti's product roadmap[152](index=152&type=chunk) - The 2025 technology roadmap includes releasing a 36-qubit system and a >100-qubit system, targeting a **2x reduction in error rates** from late 2024 levels[150](index=150&type=chunk) [Results of Operations](index=45&type=section&id=Results%20of%20Operations) - **Revenue decreased by $1.6 million (52%)** in Q1 2025, mainly from a reduction in collaborative research contracts pending reauthorization of the National Quantum Initiative Act[164](index=164&type=chunk) - **Research and development expenses increased by $4.0 million (35%)** year-over-year, driven by higher salaries and stock-based compensation[170](index=170&type=chunk)[171](index=171&type=chunk) - Net income of $42.6 million was driven by **non-cash gains of $53.3 million and $8.8 million** from changes in fair value of warrant and earn-out liabilities, respectively[163](index=163&type=chunk)[178](index=178&type=chunk)[181](index=181&type=chunk) [Liquidity and Capital Resources](index=49&type=section&id=Liquidity%20and%20Capital%20Resources) - As of March 31, 2025, the company had an **accumulated deficit of $512.1 million** and expects to incur additional losses for the foreseeable future[146](index=146&type=chunk)[183](index=183&type=chunk) - Management believes **existing cash and investments are sufficient** to meet operating cash needs for at least the next 12 months[184](index=184&type=chunk) - **Net cash used in operating activities was $13.7 million** for Q1 2025, slightly higher than the $13.1 million used in Q1 2024[193](index=193&type=chunk)[194](index=194&type=chunk) - Long-term cash requirements include a commitment to invest **at least $250.0 million over five years** as part of the Collaboration Agreement with Quanta[187](index=187&type=chunk) [Quantitative and Qualitative Disclosures About Market Risks](index=34&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risks) The company is exempt from market risk disclosures as a smaller reporting company - As a smaller reporting company, Rigetti is **exempt from providing quantitative and qualitative disclosures** about market risk[212](index=212&type=chunk) [Controls and Procedures](index=34&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes in internal controls - The principal executive officer and principal financial officer concluded that the company's **disclosure controls and procedures were effective** as of March 31, 2025[214](index=214&type=chunk) - **No material changes** occurred in the company's internal control over financial reporting during the three months ended March 31, 2025[215](index=215&type=chunk) PART II — OTHER INFORMATION [Legal Proceedings](index=34&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any material legal proceedings - As of the filing date, Rigetti is **not involved in any material legal proceedings**[217](index=217&type=chunk) [Risk Factors](index=34&type=section&id=Item%201A.%20Risk%20Factors) This section refers to the company's latest Annual Report on Form 10-K for a detailed discussion of risk factors - For a detailed discussion of risk factors, the company directs readers to its **most recent Annual Report on Form 10-K**[218](index=218&type=chunk) [Other Information](index=35&type=section&id=Item%205.%20Other%20Information) Three board members adopted Rule 10b5-1 trading plans for selling company securities during the quarter - In March 2025, **three directors adopted Rule 10b5-1 trading plans** for the future sale of company common stock and, in one case, warrants[222](index=222&type=chunk)[223](index=223&type=chunk)[224](index=224&type=chunk)