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Equity Method Investment

9 Months Ended

Sep. 30, 2023

Equity Method Investment

Equity Method Investment

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5. Equity Method Investment

As of September 30, 2023 and December 31, 2022, the Company’s ownership interest in Angel was approximately 49.7%, excluding 7% of Angel’s equity reserved for issuance under the Angel ESOP. The Company recognized its share of losses in Angel for the total amount of $0.9 million and $3.9 million as loss from equity method investment on the consolidated statement of operations for the three and nine months ended September 30, 2023, respectively.

Summary Financial Information

Summary financial information for Angel Pharmaceuticals is as follows:

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​	​	​	As of	​	​	As of
Balance Sheet Data		September 30, 2023		​	December 31, 2022
​		(in thousands)
Current assets	​	$	18,765	​	$	29,062
Non-current assets	​		1,329	​		1,652
Current liabilities	​		1,613	​		6,293
Non-current liabilities	​		686	​		985
Stockholders' equity	​	​	17,795	​	​	23,436

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Three Months Ended

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Nine Months Ended

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September 30,

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September 30,

Statement of Operations Data

2023

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2022

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2023

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2022

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(in thousands)

Revenue

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$

—

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$

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$

—

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$

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Gross Profit

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—

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—

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—

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—

Net loss

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(1,016)

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(3,204)

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(4,565)

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(6,402)

Share of loss from investments accounted for using the equity method

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(865)

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(2,730)

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(3,880)

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(5,367)

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X

- References

No definition available.

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- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 323
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481543/323-740-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 323
-Publisher FASB
-URI https://asc.fasb.org//323/tableOfContent

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