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Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 2025
Acquisitions |
Schedule of preliminary purchase price and allocation | The preliminary purchase price consideration consists of the Company’s shares of common stock issued as of the Closing Date and the additional stock-based compensation related to the fair value of replacement awards attributable to pre-combination services, and is calculated as follows (in thousands, except share and per share data):
​ | ​ | ​ | ​
Implied shares of common stock issued to holders of ACELYRIN common stock | ​ | ​ | 48,653,549
Closing price per share of common stock as of Closing Date | ​ | $ | 4.78
Consideration transferred for share exchange | ​ | $ | 232,564
Fair value of replacement awards attributable to pre-combination services | ​ | $ | 5,513
Total preliminary purchase price consideration | ​ | $ | 238,077
The following table presents the preliminary purchase price allocation of the fair value of the net assets acquired and liabilities assumed as of the Closing Date (in thousands):
​ | ​ | ​ | ​
Assets Acquired |  | ​ |
Cash and cash equivalents | ​ | $ | 49,155
Restricted cash | ​ |  | 367
Marketable securities | ​ |  | 333,436
Research and development prepaid expenses | ​ |  | 958
Prepaid credit voucher for clinical manufacturing | ​ | ​ | 11,376
Other prepaid expenses and current assets | ​ |  | 8,081
Restricted cash, non-current | ​ |  | 220
Property and equipment, net | ​ |  | 420
Intangible assets | ​ | ​ | 50,959
Operating lease right-of-use assets, net | ​ |  | 4,349
Other assets, non-current | ​ |  | 744
Total assets | ​ | $ | 460,065
Liabilities Assumed | ​ |  |
Accounts payable | ​ | $ | (6,518)
Research and development accrued expenses | ​ |  | (3,546)
Other accrued expenses and current liabilities | ​ |  | (5,688)
Operating lease liabilities, current | ​ |  | (1,390)
Operating lease liabilities, non-current | ​ |  | (6,238)
Deferred income tax liability | ​ |  | (10,701)
Total liabilities | ​ |  | (34,081)
Fair value of net assets | ​ | $ | 425,984
Purchase consideration | ​ | ​ | 238,077
Gain on bargain purchase | ​ | $ | 187,907
Schedule of pro forma information | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended September 30, | ​ | Nine Months Ended September 30,
​ |  | 2025 | ​ | 2024 | ​ | 2025 |  | 2024
Total revenue | ​ | $ | 2,066 | ​ | $ | — | ​ | $ | 22,121 | ​ | $ | —
Net income (loss) | ​ | ​ | (104,452) | ​ | ​ | (141,667) | ​ | ​ | (380,973) | ​ | ​ | (222,102)

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