Business Combination (Tables)

3 Months Ended

Mar. 31, 2024

Business Combination and Asset Acquisition [Abstract]

Schedule of Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary fair values of assets acquired and liabilities assumed in the C2i Acquisition at the Closing Date (in thousands):


	Amount
Assets acquired:
Cash and cash equivalents	$	13,677
Prepaid expenses and other current assets	998
Property, plant and equipment, net	277
Right of use assets, operating leases	1,277
Intangible assets, net	31,500
Restricted cash	188
Total identifiable assets acquired	47,917
Accounts payable	(59)
Accrued Liabilities	(1,540)
Current portion of deferred revenue	(94)
Current portion of operating lease liabilities	(441)
Deferred tax liability	(726)
Operating lease liabilities, net of current portion	(836)
Net identifiable assets acquired	44,221
Goodwill	55,974
Total purchase price	$	100,195

Schedule of Intangible Assets Acquired

The preliminary fair value of the Company's intangible assets as of the acquisition date and the method used to value these assets as well as the estimated economic lives for amortizable intangible assets were as follows (in thousands, except useful life which is in years):

Fair Value

Estimated Useful Life

Valuation Method

Intangible Assets Acquired:

Developed Technology

25,300

Relief from royalty method

IPR&D assets

6,200

Indefinite

Multi-period excess earnings method

Total intangible assets acquired

31,500

Schedule of Pro Forma Financial Information

Further, adjustments related to transaction costs and stock- based compensation expense are also reflected in the pro forma financial information in the table below:


	For the three months ended March 31,
	2024		2023
Total revenue	$	96,844	$	82,422
Net loss	$	(4,019)	$	(20,087)