GQ BIO THERAPEUTICS ACQUISITION (Tables)

6 Months Ended

Jun. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Reconciliation of Purchase Price to Total Consideration Transferred

The following table reconciles the purchase price for the remaining 81% ownership to the total fair value of the GQ Bio Acquisition (in thousands):


Fair Value of Purchase Price Consideration	Amount
Cash consideration paid at closing	$	17,604
Indemnification holdback	5,676
Cash payment of GQ Bio Acquisition transaction expenses	919
Settlement of previously invested note receivable	5,322
Settlement of pre-existing receivable	1,055
Purchase price consideration of 81% of GQ Bio	30,576
Prior 19% equity investment ownership of GQ Bio realized upon business combination	8,315
Total fair value of the GQ Bio Acquisition	$	38,891

The following tables set forth the preliminary allocation of the GQ Bio Acquisition purchase price to the estimated fair value of the net assets acquired at the acquisition date (in thousands):


	Amounts Recognized at the Acquisition Date (as Previously Reported) (a)		Measurement Period Adjustments (b)		Amounts Recognized at the Acquisition Date (as Adjusted)
ASSETS ACQUIRED
Cash and cash equivalents	$	1,884	$	—	$	1,884
Accounts receivable	900		—		900
Prepaid expenses and other assets	120		383		503
Fixed assets	364		—		364
Right-of-use assets	1,374		—		1,374
In-process research and development (IPR&D)	22,500		—		22,500
Other noncurrent assets	56		—		56
Total assets	$	27,198	$	383	$	27,581
LIABILITIES ASSUMED
Accounts payable	$	1,037	$	(39)	$	998
Accrued expenses	91		191		282

Lease liabilities	1,374		—		1,374
Deferred tax liability	6,750		(2,664)		4,086
Other liabilities	49		—		49
Total liabilities	9,301		(2,512)		6,789
Total identifiable net assets acquired	17,897		2,895		20,792
Goodwill	20,763		(2,664)		18,099
Total fair value of the GQ Bio Acquisition	$	38,660	$	231	$	38,891

(a) As previously reported in the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2025.

(b) Represents an adjustment to a deferred tax liability, unrecorded liabilities related to pre-acquisition expenses that were paid by the Company in 2025.